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The
ttailway & Industrial Compendium
State & Municipal Compendium
VOL. 122.
Public Utility Compendium
Railway Earnings Section
SATURDAY, MARCH 13 1926
Bank and Quotation Sectiog
Bankers' Convention Sectios
NO. 3168.
companies of the United States Steel Corporation.
steadily diminishing. On Dec. 31 1925 the
keep
PUBLISHED WEEKLY
total was 5,033,364 tons; from this there was a deTerms of Subscription—Payable in Advance
Including Postage—
12 Mos. 6 Mos cline to 4,882,739 tons on Jan. 31, and now there haEr
Within Continental United States except Alaska
$6.00
$10.00
In Dominion of Canada
6.75 been a further drop to 4,616,822 tons on Feb. 28
11.50
Other foreign countries, U. S. Possessions and
territories
7.75
13.50
NOTICE.—On account of the fluctuations
1926. At this latter figure comparison is with 5,284,exchange,
rates
of
the
in
remittances for European subscriptions and
advertisemen
made
be
must
ts
In New York funds.
771 tons on Feb. 28 1925, with 4,912,901 tons on
Subscription includes following Supplements—
Feb. 29 1924 and with no le'ss than 7,283,989 tons
COMPZND1171113-SECTIONS—
PUBLIC UTILITY (semi-annually)
BANK AND QUOTATION (monthly)
on Feb. 28 1923, at which last mentioned date the
RAILWAY & INDUSTRIAL (1101111-811D.)
RAILWAY
(monthly)
STalls AND MUNICIPAL(semi-annually) BANKERS'EARNINGS
CONVENTION (yearly)
steel trade was enjoying a state of exceptional prosTerms of Advertising
perity.
Transient display matter per agate line
45 cents
Contract and Card rates
On request
There are other considerations, however, apart
CHICAGO OssIci—In charge of Fred. H. Gray, Western
Ropresentative.
208 South La Salle Street. Telephone Harrison 5616.
trade conditions, that are influencing the
from
LONDON. 0/mil—Edwards & Smith. 1 Drapers' Gardens,
London. H. 0.
course of security values. Credit and money are in
WILLIAMB. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York
over-abundant supply and employment for them
Published every Saturday morning by WILLIAM
must
be found, so we have on the one hand growing
B.
DANA
COMPANY
.
President and Editor, Jacob Seibert: Business Manager,
William D. Riggs:
Treas. William Dana Seibert: Sec. Herbest D.
Seibert. Addresses of all. Office of Co. speculation in stocks and other things, and on the
other hand a constant demand for investments. This
The Financial Situation.
latter demand is being met by financial interests
The outlook in the security markets has again with new security issues, some of the highest
grades,
brightened. The recovery in the stock market, and in addition, the present week the United
Stateswhich came at the close of last week, after the utter Government has appeared with a $500,000,
000 offer-collapse in the early part of that week, continued ing of long-term bonds. These long-ter
m Treasuvthrough the present week and on the whole the mar- bonds bear only 33
4% interest and are dated Marchket has enjoyed a remarkable rally. Indeed, during 15 1926 and payable March 15 1956,
but redeemablethe last two days the advances have been so pro- at the option of the United States at
par and accrued
nounced, and the market has shown so much vim and interest on and after March 15 1946.
The rate of
energy, as to suggest that it might soon be sailing interest is the lowest prescribed in any
long-term
along in the same old way as it has during the last offering by the United States since
the offering of
two or three years barring the setbacks it has ex- the First Liberty Loan 3y2s in 1917,
and which were
perienced at times.
completely exempt from all forms of taxes, includThere has evidently been very confident buying ing the surtaxes, an exemptio
n not enjoyed by the'
by those who always flock into the market after a present issue. Yet subscriptions exceeded
by $100,big break, on the theory that bargains are then to
be 000,000 the amount of the offering. Early in the
had. On the other hand, the financial interests week $14,000,000 bonds of
the Port of New York
which had to come to the rescue last week when Authority were offered. These
bear 4/
1
2% interest,
prices were tumbling with such frightful rapidity and the whole amount was subscribed for
before the
and take over the holdings of the cliques and pools public announcement of their appearan
ce. Also,
who were no longer able to carry their loads, have during the present week $14,000,0
00 short-term Fedbeen gradually feeding out the stocks which
they eral Intermediate Credit Banks debentures, exempt
thus had to take over under the compulsion of neces- from all Federal income, State,
municipal and local
sity. It is testimony to the strength of the market taxation, came on the market,
and though they were
that it was able to absorb the heavy holdings thus offered at figures yielding
only 3.50% to 3.90%, they
fed out to it without interrupting its onward march. found ready takers.
Activity in trade is undoubtedly slackening
Under this stimulus, it is not surprising that the
somewhat. Evidence of this is found in the iron
and stock market should respond with higher prices,
steel industry. Production is still extremely large especiall
y after the violent collapse of the past few
and yet somewhat below the maximum of other re- weeks.
It is to be noted, too, that buying this week:
cent months, though stillsomewhatlarger than in the has
been much more discriminating on the whole,
corresponding periods of last year. Steel ingot
pro- though the strength of the market has been general
duction in February averaged 158,131 tons per day, and there
has been some slight evidence of speculaagainst 159,752 tons per day in January, but com- tive manipula
tion and speculative excesses which_
paring with 156,510 tons per day in February 1925. might easily become
a new menace. The railroad:
The unfilled orders on the books of the subsidiary stocks have been prime favorites and a few of them,
The Throutue
1358
THE CHRONICLE •
among which may be mentioned Delaware & Hudson
and Chesapeake & Ohio, have actually established
new high records for the year. The Nickel Plate
decision of the Inter-State Commerce Commission,
handed down last week, has undoubtedly been the
main factor in this revival of interest in the railroad
list. All the stocks involved in that merger have
moved upward with great rapidity. It is taken for
granted that the Van Sweringens will undertake to
arrange a new scheme of consolidation which will
avoid the objections raised by the Commerce Cornemission.
It so happens, too, that all the holders of the different properties which are embraced in the scheme
are counting upon getting more favorable terms for
their particular road or system in any new arrangement than was offered to them in the original proposition. Besides this, the Pere Marquette Railway,
which is one of the constituents in the proposed uni•
fication plan, has the present week increased its
dividend declaration. The quarterly dividend has
been raised from 1% to 11/
2%, placing the stock on
a basis of 6% per annum, and in addition an extra
dividend of $2 per share has been declared.
On further consideration of the decision of the
Commerce Commission it appears that greater difficulties may be encountered in overcoming the objections of the Commission than has been supposed.
The different members of the Commission are far
from unanimous in their views regarding the different phases of the scheme. This lack of unanimity is
pointed out with great cogency in a letter which appeared in the "Evening Post" of this city the present
week and which we reproduce below without further
!!
comment:
[vol.. 122.
vided only that they are in the public interest and
not otherwise devoid of merit.
The Department of Agriculture at Washington
issued this week its usual statement of farm reserves
of grain on March 1, and, as expected, wheat reserves are low, the amount in reserve at that date
this year being somewhat above trade expectations,
but very much less than for the corresponding date
of the past twenty-five years. Wheat reserves in
farmers' hands are now placed at 99,279,000 bushels, which contrasts with 112,042,000 bushels a year
ago. In many former years the figures have exceeded 150,000,000 or 200,000,000 bushels. In part
the reduced yield of wheat from the crop harvested
in 1925 is responsible for the smaller reserves now
held. The yield of wheat last year, including both
winter and spring crops, was only 669,395,000 bushels. For the previous year the production was 872,673,000 bushels, which was somewhat nearer normal. Farm reserves on March 1 this year were
14.8% of last year's crop of wheat, while for the
preceding year the corresponding ratio was 13.0%,
the latter the lowest for many years. For the two
years prior to the one last named the ratios were
respectively, 17.3% and 17.9%, which were more
nearly normal, although in some years the ratios
have exceeded 20% or even 25%. With a reduced
carryover of wheat from the harvest of 1924, and the
smaller yield of 1925, a considerable falling off in
farm reserves on March 1 this year is not unnatural,
and this notwithstanding the fact that exports of
wheat were greatly reduced in 1925.
On the other hand, corn on the farms this year
amounts to 1,318,793,000 bushels, or 45.5% of last
year's crop, as against only 759,471,000 bushels a
To the Editor of the Evening Post:
year ago, or 32.8% of the yield of 1924, which it will
Sir: Newspaper analyses of the Nickel Plate de- be remembered was very much reduced in quantity
c4ion are not as accurate and illuminating as seem and of poor grade, compared with March 1 1924, two
desirable. Generally speaking, it seems to be over- years ago, the corn carryover then was 1,153,847,000
looked that the long opinion represents the views of bushels, or 38.7% of the yield for the preceding year,
only three Commissioners—Messrs. Meyer, Esch and 1923, which was 3,053,557,000 bushels. Since 1912
Cox. There are eleven Commissioners, of whoin
the carryover of corn shown for this year has been
three—Messrs. Hall, Taylor and Woodlock—did not
only once, the latter being in 1921, the year
exceeded
participate in the decision, leaving eight who acted
the record yield of corn, when the ratio of
following
in the case.
Of these, one, Mr. Lewis, favored the consolida- farm reserves was 48.8%. The portion of the 1925
tion on all grounds. Three—Messrs. Meyer, Esch crop of corn merchantable was 78.7%; for the preand Cox—favored the merger on transportation ceding year, when the crop was reduced and of poor
grounds, but condemned it on financial grounds.
grade, the corresponding figures were only 66.0%.
Four Commissioners—Messrs. Eastman, Malan- Oats in farmers' hands March 1 this year were 577,amy, Aitchison and Campbell—were not satisfied 964,000 bushels, or 38.4% of last year's harvest; the
that the desirability of the plan, from a transporta- figures for the preceding year were, respectively,
tion point of view, had been established. And Mr.
bushels, or 35.9%. Rye shows a loss in
Aitchison, with whom Mr. Campbell agreed, declared 546,656,000
is a
that the undesirability of the merger from a trans- farm reserves this year, while for barley there
gain.
portation point of view had been demonstrated.
In summary, seven Commissioners out of eight
condemned the merger on financial grounds, two of
The political situation in Europe has been still
them condemned it on transportation grounds and further unsettled by the squabbling at the League of
two more held that on the record before them it Nations sessions in Geneva as to what Powers should
would have to be condemned on transportation be admitted at this time to the League Council. Acgrounds.
cording to the latest dispatches from the seat of the
H. T. NEWCOMB.
Scarsdale, March 3 1926.
conference it is hoped by some of the Powers to seto-day on admitting Germany. The
On one thing, however, everybody is agreed. The cure a vote
has fallen once again and been reNickel Plate merger or unification, which the Com- French Cabinet
for the ninth time by Aristide Briand. Paris
merce Commission has-rejected, stands in a class all formed
appears to entertain grave doubts as to the probabilby itself. Features are attached to it which are not
its lasting long.
common to railroad consolidations generally. Nor ity of
is anyone inclined to believe that the Commerce ComThe downfall of a European Cabinet has been far
mission will raise opposition to railroad mergers or
from an uncommon event, particularly in the years
railroad consolidations of the ordinary kind—pro-
MAR. 131926.]
rr
THE CHRONICLE
since the ending of the Great War. It is difficult,
however, to recall an event of this kind that came
at a more critical time or caused greater apprehension as to its effects upon political and financial affairs, than the defeat of Aristide Briand, Premier
of France, and his Cabinet and their resignation.
This great misfortune befell France and her people
early on the morning of March 6, following an allnight session of the Chamber of Deputies. It seems
that "the Government made the tax on sales provision of its financial bill a question of confidence in
t4e, Government. It was defeated by a vote of 274 to
22I and immediately afterward M. Briand tendered
his resignation and that of the other members of the
Cabinet to 'President Doumergue." In explaining
further how the adverse vote came about, the Associated Press correspondent in Paris said that "the
Socialists, Communists and the Conservative minority voted against the Government. The Premier's warning that it was a bad time to provoke a
Ministerial crisis failed to impress the Chamber.
The Deputies, recalling that the last election was
decided by dissatisfied taxpayers, voted in their own
electoral interests, regardless of what might happen
at Geneva or elsewhere. The fate of the Ministry
was sealed when the leaders of the Conservative
minority announced they were unwilling to substitute themselves for the Government's Radical Socialist majority and vote unpopular legislation when
the Government failed to take a sufficiently energetic attitude to bring its own supporters into
line.
In describing the event and commenting upon its
possible effects, the Paris representative of the New
York "Times" said in a cable dispatch on the evening of March 6: "When, in the murky beginning
of a dismal day, Aristide Briand, his shoulders more
stooped than ever and his face white and drawn with
fatigue, walked out of the French Chamber of Deputies this morning after the keystone of his fiscal bill
had been defeated there began what may well be the
most serious Governmental crisis in the history of
the Third Republic. Because of its deep-seated
causes, before it is over this crisis may do tremendous harm to France at home and abroad. One need
be no pessimist to say the situation is most discouraging. What is the situation, domestic and foreign,
on which the present Paris muddle may have such
effect? At home, with an unbalanced budget due to
failure to impose taxation sufficient to carry the
enormous burden of the war debt of France, the
Chamber is divided against itself to an extent which
has rendered it impotent. There is a majority
neither to the Right, in Centre nor to the Left. The
bloc of the Left parties, having more than half the
votes, will not support a Right Government, has
proved over and over again that it is incapable of
governing itself, and now has rejected the best Centre Government which may well be imagined. For
let there be no illusion that M. Briand fell on a fluke
vote. Breaking with French parliamentary practice, breaking with his own practice, the man who
eight times before had been Premier had been put in
a minority eleven times in the past month. He stuck
to power against his policies and against his wishes
because he wished, for the country's sake, to avoid
the crisis which is now upon France. There is no
question about his being beaten."
1359
Taking up the probable effect upon the foreign relations of the French Government, particularly at
the sessions of the League of Nations Council that
have been held at Geneva this week; the "Times"
correspondent said: "From the point of. view of
exterior affairs the present crisis is equally ill-timed.
Under the leadership of M. Briand, France has
turned from the Poincare policy of force to the Locarno policy of conciliation. There is no unanimity
about it, but M. Briand has carried his policy along
successfully. Now, on the eve of the meeting of the
League of Nations which is to admit Germany and
bring the Locarno system into effect with its guarantees for France, the French Premier, who hap
directed all the work, loses his job. True enough,
M. Briand goes to Geneva to-night. True enough,
the French Chamber, whatever it did to his tax
measures, approved Locarno by an overwhelming
vote. But it would be folly to believe France can
exert her full strength at Geneva when she has no
Government, when her delegates merely represent a
hold-over regime. Suppose M. Poincare were called
to power, and suppose by some turn not yet apparent he were installed by the Chamber. Who supposes he would have M. Briand's devotion to the religion of Locafto?"
President Doumergue and his associates in the
French Government realized that France must have
another Cabinet as soon as possible, both because of
the fiscal and political situations at home, and also
because of the necessity of France having a representative clothed with full power at the League of
Nations conference at Geneva. In describing the
situation in political circles in Paris the New York
"Times" representative at that centre cabled Monday evening that "everybody is trying to get M.
Briand to take on again the job they threw him out
of on Saturday morning. Where there was malicious
intrigue there is now repentance, and where there
was cowardly abstention there is now supplication.
To their entreaties M. Briand's only reply so far has
been: 'They broke a platter on my head, and now
they are counting on me to stick the pieces together.'
That he wants to remain Foreign Minister and hurry.
back as quickly as possible to Geneva is certain, but
it will take a lot of persuasion to get him to accept
again the leadership of a Government which in the
Chamber has no majority and can at any moment by
a combination of minorities blast plans of national
importance. The chances are indeed strong that he
will not accept unless he gets pledges from both the
Right and Left that there will not be a repetition of
Saturday morning's coup. 'What a life!' was his
greeting to the newspapermen in the court of the
Elysee when he arrived this morning from Geneva
to see the President.
have not even had time to
shave.'"
The New York "Herald Tribune" correspondent
in the Frnech capital, cabling the same evening, said
that "President Doumergue devoted a busy day today to consultations with political leaders of the
Chamber of Deputies and the Senate, and on their
almost unanimous advice he is expected to ask Aristide Briand to-morrow to form another Ministry.
Nothing has yet developed in the chaotic situation
in which France finds herself to indicate that the
popular man of Locarno has changed or can be persuaded to change his determination not to make another attempt to survive the destructive activities
1360
THE CHRONICLE
OZ the present Chamber. M. Briand, returning from
Geneva this morning, saw the President only to report the results of his conversations with statesmen
assembled for the meeting of the League of Nations
Council."
In keeping with the predictions that he would be
asked to form another Cabinet, and contrary to expectations as to his acceptance, M. Briand was
asked by President Doumergue to form another
Cabinet, and agreed to undertake the task. The Paris
representative of the Associated Press cabled Tuesday evening that "Aristide Briand, veteran French
statesman, to-day accepted a mandate from President Doumergue to form his ninth Cabinet to succeed his Ministry which fell last Saturday." Continuing, he pointed out that "once more M. Briand
proved to be the only French leader willing to attempt to lead the country out of the financial bog
in which it has been floundering." Carrying his
account still further, the Associated Press correspondent reported that "as he left the Elysee Palace
this afternoon, after notifying the President of his
acceptance, he said: 'In view of the present situation of my country, I have told the President I did
not feel I had the right to refuse to attempt the task
he did me the great honor to offer me. I will do my
best to form a Cabinet and hope to give President
Doumergue a definite answer this evening.'"
Even at that time it was expected that M. Briand
would serve as Foreign Minister as well as Premier,
and it was stated that probably Joseph Caillaux
would be asked to serve again as Finance Minister.
This latter proved to be incorrect, as he declined to
accept, and "Raoul Peret, former President of the
Chamber of Deputies, was given the portfolio."
According to the Paris representative of the New
York "Herald Tribune," in a dispatch early Wednesday morning, "Aristide Briand definitely completed
the formation of his ninth Cabinet shortly after
2 o'clock this morning." He added that "up to the
last moment M. Briand expected that Joseph Caillaux—universally hailed as the only man capable
of coping with the French fiscal difficulties—would
accept the finance portfolio, despite his reluctance
to assume the post without the Premiership. But
Caillaux was found unwilling to co-operate with the
Briand Ministry." Speaking specifically about the
new Finance Minister, the same correspondent
added that"M.Peret was considered as a possibility
for the Premiership, and, although without special
financial experience, he is expected, through his popularity both in the Chamber and Senate, to instill
confidence in the new Cabinet which Paul Doumer,
former Finance Minister, failed to inspire."
In his account of the quick selection of a new
Cabinet—his ninth—by M. Briand, the Paris representative of the New York "Times" said: "M. Briand is for the ninth time Premier of France. He is
also once more Foreign Minister of France. At near
2 o'clock this morning he had made a new Cabinet
and obtained the approval of the President of the
Republic. nits once more the wizard Breton has
saved the situation." Calling attention to the
changes in the Cabinet he observed that "Raoul
Peret, Finance Minister with Andre Fallieres, son
of the former President of the Republic as UnderSecretary; Louis Malyy, Minister of the Interior;
Pierre Laval, Minister of Justice and Lucien Lamou-
[VoL. 122.
reux, Education Minister, are practically all the
changes in the Government, but they are of great
political significance." Continuing his comment, he
said: "Practically all of M. Herriot's party members have been sacrificed and the new Ministry is
further to the Right than formerly. It will not be
until after the League business at Geneva is finished
that the political effect of this move will be apparent and Geneva is all that matters now. The new
Cabinet's greatest strength, which in some measure
compensates for its political weakness, lies in the
inclusion of M. Malvy, who was President of the
Finance Commission of the Chamber; M. Lamoureux, who was reporter of the Commission, and M.
Fallieres, its Secretary, who were jointly responsible
for the taxation bill which after so many vicissitudes
obtained eventual approval and was wrecked only
when M. Doumer added the tax on payments in the
final effort to get a surplus balance. These three,
with Raoul Peret, will form the competent Financial Committee within the Cabinet. They have had
experience of what can and what cannot be done,
and if the personality of M. Briand and the authority of M. Herriot can prevent a further outbreak they
may be able to bring order and strength into the
financial situation. What the fate of the Cabinet
will be after the Geneva meeting is over it is difficult to foresee. Last night's councils were sometimes stormy. The Radical Socialists are incensed
by the dropping of MM. Chautremps and Renoult
and the consequent refusal of M. Daladier to take
part and it will need all of M. Herriot's authority in
favor of the Government to keep the party in control.
M. Briand has gone too far to the Right to satisfy
the Left and not quite far enough to give satisfaction
to the minority, which on Saturday morning caused
his defeat. At best his new Cabinet will most probably be able only to struggle along, now tacking to
the Right, now veering to the Left, to keep affloat, most of the time only by the skill of
its pilot."
As he had announced, Premier Briand left Paris
Wednesday evening for Geneva. According to cable
dispatches from the French capital that evening,
there was a notable lack of confidence as to what the
new Cabinet would be able to accomplish. The New
York "Herald Tribune" correspondent said that,
"with what is already known as his 'Geneva Cabinet' duly installed, Premier Aristide Briand left
Paris to-night to take his place at the meeting of the
League of Nations, where his presence has been
anxiously awaited. Briand leaves the country somewhat startled at the rapidity with which he made up
his Ministry, skeptical as to the fate of the new Government when the financial question is taken up, but
relieved that the immediate crisis is over. It cannot
be said that there is any great enthusiasm felt in
political circles over what is virtually a continuation of the former Ministry. While the necessity of
quick action because of the Geneva imbroglio is appreciated, and a sort of temporary truce has been
declared while the Premier unties the international
knot which threatens to strangle the Locarno spiril
at the same time it is realized the spectre of finances
cannot be downed. Raoul Peret, successor to Clementel, de Monzie, Caillaux, Painleve, Loucheur
and Doumer, is not a financial expert and has had
no fiscal experiences. He has had a long political
career as a Deputy Minister and President of the
MAR. 13 1926.]
THE CHRONICLE
Chamber of Deputies. Belonging to a small Centre
group he is popular in the Lower House and holds
the confidence of the Senate because of his moderate
tendencies. He will endeavor to have passed by
both Houses the financial measures and thus obtain
immediately at least some of the funds necessary to
replenish the Treasruy. M. Peret said to-day that
he planned to go to London to talk over the British
debt, as M. Doumer had intended to do. When
asked about the United States the Finance Minister
said France was represented there by a man who
was succeeding very well, Ambassador Berenger.
M.Peret is not expected to draw up any comprehenb3ve plan of fiscal reform, but will concentrate on
the restoration of confidence and the passage of the
budget without providing for amortization of the
national debt. This would eliminate the necessity
of new taxes at this moment, but it is merely staving
off the 'evil hour.' If the Ministry survives long
enough it will have to bring in a general fiscal program."
Commenting upon the Premier's departure and
the situation in Paris, the New York "Times" representative said in a dispatch, also on Wednesday evening: "Premier Briand has gone back to Geneva,
leaving the new-made Cabinet at work and scheduled to appear before Parliament next Tuesday. The
imperious necessity for his presence in the discussion of the enlargement of the League Council has
taken precedence over all regular procedure, for
normally the Government should be presented to
Parliament and voted on before any such important
mission is undertaken as that which M. Briand has
embarked on. There are some who declare such
procedure is unconstitutional and many who prophesy that the new Ministry will not last a month after
the Premier returns. But M. Briand is not in the
mood to worry about either little irregularities of
procedure or what will happen after Geneva is finished with. He came back to Paris to re-form a
Government enabling him to get along with the job
he has in hand, and everything else can wait. At one
moment last night he came perilously near failing.
For a time he could not find either a Finance Minister or a Minister of the Interior, but he braved all
criticism and gave these two important posts to M.
Peret and M. Malvy with the comforting thought
that one appointment would be compensation for the
other. To-day he admitted that 'if I had not succeeded last night, I never would have done it,' and
that comment is the best which can be made on the
situation."
Evidently there is still great uncertainty in Paris
as to how long the present Briand Cabinet will last
and what it will accomplish. Cabling Thursday evening, the New York "Times" representative said:
"The eyes of all political France are turned to Geneva in eagerness and anxiety about what will happen there and in curiosity to see whether the results
will justify Premier Briand's hurry in selecting q
Cabinet which took no account of the internal political situation and was framed, every one says now,
simply and solely to enable the Premier to get away.
In the lobbies of the Chamber this afternoon there
was more discussion and excitement than on the da..!the Government fell. It is believed the case of Poland is all but irretrievably lost and interest now
centres in whether and how the League itself and
Locarno will survive this struggle."
1361
The New York "Herald Tribune" added that "M.
Caillaux in an interview to-day explained that he
had refused the portfolio of Minister of Finance because, in order to obtain satisfactory results, the
Minister of Finance must also be Premier. He declared he had a financial plan so comprehensive that
it had gone beyond the frontiers of the Ministry of
Finance and even national territory, and upon it
would depend the mechanism of public life."
The effect of the technical defeat of the Briand
Cabinet, which resulted in the resigning, upon the
eve of the League of Nations meeting at Geneva, was
immediate. The Paris correspondent of the New
York "Times" cabled from Geneva on the evening of
March 7 that "the League of Nations meeting for the
admission of Germany opened to-day in a manner as
discouraging as the weather. It rained all day.
Not only was no progress whatsoever made toward
deciding the issue of membership in the League Council, but it became at once apparent that the French
Government crisis was holding up the negotiations
in a most complicated manner. Aristide Briand,
who fell from his post of Premier of France yesterday morning, to-day took the stand that he had no
power to make new proposals or concessions and
to-night he leaves for Paris in the hope that a French
Government can be formed to-morrow so that he can
return to Geneva Tuesday with the powers of French
Foreign Minister. The meeting to-day was one of
the most discouraging which the League ever had.
With Germany applying for membership to bring
into effect the treaties of Locarno it was found that
not only was the issue of the Council membership in
deadlock but that the most important country involved, namely France, was for the moment hopelessly crippled by not having a Government."
Continuing his account and comments,the "Times"
correspondent said: "Through the intercession of
Sir Austen Chamberlain it was suggested that inasmuch as M. Briand was returning to Paris tonight, if a French Government was formed quickly,
perhaps to-morrow, M. Briand could return on Tuesday with powers to negotiate a compromise. The
matter was left there. It is at once evident that unless there is a change in program little progress can
be made until a new French Government is formed.
As matters stand to-night the Germans say they will
not agree to enter the League next Wednesday unless the question of Council membership is settled in
advance to their satisfaction, which means that Germany will enter alone or not at all. Until a new
French Foreign Minister has power to alter the instructions of the French delegation the French delegates remaining must rest on the position that other
additions to the Council cannot be made, and inasmuch as the question of Council seats must be ruled
on by the Council itself, and inasmuch as it votes by
unanimity, maintenance of this position by the
French means a veto on the admission of Germany
alone to the Council."
He added, however, that "in the meantime the
Foreign Minister of Spain, with a hefty delegation,
is in Geneva waiting for the honor of accepting for
his country a permanent place on the Council, and
the Spanish delegates are intimating that if the
honor is not accorded them they may go home
quickly. The Swedish delegation is definitely opposing admission of any one to the Council except Germany. The Brazilians are putting forward their
1362
THE CHRONICLE
[vol.. 122
claims.. The Chinese delegation, too, is pressing the standings were not binding upon the absent League
claims of the Celestial Empire, which claims this members and that several of these had 'already ex,
evening appear to resemble lost hope in a fog."
pressed decided disapproval of Germany's demand
for her admission alone to the Council's permanent
A still more discouraging picture was painted by membership. Dr. Luther and Dr. Stresemann inthe Paris representative of the New York "Herald sisted on their well-known theory that Germany had
Tribune," in a long cablegram the same evening not desired to enter the League, but had promised to
(March 7) from the seat of the League meeting. In do so on certain conditions, in view of the fact that
part he said: "The dove of peace, and with it all it would facilitate the peace of Europe. They dethe spirit of international accord, took a long flight clared that they could not now face their electorate
up Lake Leman this afternoon at the moment when with any substitute for their announced policy.
the signatories of the Locarno treaty assembled in Deadlocked, the conference amicably adjourned unSir Austen Chamberlain's suite in the Geneva Hotel til it would be possible for M. Briand, who departed
to discuss the dangerous and delicate question of for Paris, to return to Geneva for further discusenlarging the Council of the League of Nations. It sions."
was an extremely bad day for the much heralded
‘Locarno spirit' and one only slightly better for the
In a more detailed account of the proceedings at
prestige of the League. It combined all the concen- the opening session on Monday, March 8, the Assotrated acrimony of the last three weeks in which ciated Press representative in Geneva said: "The
Europe had quarreled over Poland's demand to be special session of the League of Nations Assembly
allowed a seat in the Council coincident with Ger- was opened at 3.10 o'clock this afternoon with Vismany and Germany's refusal to enter the League on count Ishii in the chair. The galleries were crowded.
this basis. Spain and Brazil, also contenders for Viscount Ishii said the special session, the first in
permanent seats in the Council, reiterated to-night the history of the League, was of the highest signifithat they had determined to withdraw from the cance to the people of the whole world. The crisis
League unless their demands were granted. To-day's over the membership question in the League of Namomentous conference resulted in exactly nothing tions Council drew such crowds to the lobbies of the
except to prolong all hope of any agreement for at League's palace to-day that the delegates to the
least some days and to embitter all parties engaged Council had difficulty in forcing their way into the
in the present battle. The French Ministerial crisis chamber, where they began a private session under
was conveniently used as an excuse to postpone a the presidency of Viscount Ishii for preliminary exdiscussion, which, if continued to-morrow, might amination of the regular agenda. The general atpossibly result in the withdrawal by Germany of her mosphere to-day confirmed the earlier impression of
demand to become a member of the League."
the gravity of the situation provoked by the scramCommenting upon Germany's attitude toward ble for places on the Council. The hum of conversathe League of Nations, although not a member of tion in the corridors became so deafening after the
that body, the Associated Press correspondent in opening of the Council session that Viscount Ishii
Berlin said in a dispatch dated March 7 on the eve sent out a messenger beseeching silence, declaring
of the Geneva meeting of the League: "Germany, the noise prevented the delegates from hearing one
like the United States, has co-operated very consid- another as they sat around the table. A mass of
erably with the League of Nations, though not a rumors touching on the crisis occupied the crowd,
member of that organization. Her expected election which was composed of diplomats, delegates to the
at the Assembly opening to-morrow brings to a cli- League Assembly, newspaper men and members of
max the long period of hope by friends of the League the general public. These rumors ranged from prewho have always insisted that the organization can dictions that the situation was hopeless and the
never become a really effective power for interna- League doomed to rosy forecasts that the whole mattional good until all of the great nations are affili- ter would soon be clarified."
ated with it. Germany's entrance will leave as great
Cabling later the same evening, the representative
Powers outside the membership roll only the United of the New York "Times" at the Geneva conference
States and Russia."
asserted that "the situation at Geneva remains tonight in a state of complete confusion. Nervousness
The formal sessions of the League of Nations is growing as the representatives of fifty nations
Assembly began on Monday afternoon, March 8. are waiting on a solution of the Governmental crisis
The representative in Geneva of the New York "Eve- in Paris. Unless the French capital reaches a speedy
ning Post" cabled that afternoon that, "with the decision and sends delegates here empowered to necrisis over the admission of Germany unabated, the gotiate the highly explosive issue of membership in
League of Nations Assembly met this afternoon. the League Council it is impossible to tell what turns
The preliminary conference of Sir Austen Chamber- things may take. To-day the League Assembly,
lain, British Foreign Minister; Aristide Briand, de- called to admit Germany to the League, met and
feated French Premier; Chancellor Luther and For- named commissions which to-morrow are scheduled
eign Minister Stresemann of Germany, Signor Scia- to meet and pass on the German application' for
loa of Italy and Senor Grandi of Spain has reduced League membership. This is according to the schedthe assurance of Germany regarding its unobstructed ule, which calls for the formal admission of Gerentrance. With force and unity, these representa- many on Wednesday. These two commissions are
tives of Great Britain, France and Italy have made due to call the Germans before them to-morrow mornit plain to the Germans they would not sacrifice the ing to enable reports to be made to the Assembly on
interests of the members of the League to the terms Wednesday morning. In view of the Germans'
Germany has stipulated for her admission to a per- stand that they do not wish to join the League until
manent seat in the Council. They joined in explain assured that they alone will enter the Council, a reing to the German Ministers that the Locarno under- port spread this afternoon that the Reich delegates
MAR. 13 1926.]
THE CHRONICLE
1363
Commenting at length on the alleged lack of inter. would refuse to appear before the commissions tomorrow. However, at the headquarters of the Ger- est in the proceedings, the Geneva correspondent of
man delegation it was said to-night that the Ger- the New York "Evening Post" said in a dispatcb,
mans had decided to go before the commission to- also Tuesday evening (March 9), that "at none of
morrow, relying on the written word of the Council the meetings was there any movement to arouse inmembers that place on the Council would be given terest to overcome the general lassitude regarding
to Germany."
the question of enlarging the Council, for which the
•
delegates were convoked from all parts of the world.
The report of the New York "Herald Tribune" rep- The machinery is assembled and is all ready for acresentative furnished some additional sidelights on tion, but the date when it will serve its purpose is
the delicate situation at Geneva. He said that "Ger- unknown. The atmosphere of boredom is permeated
many still sat on the doorstep of the League of Na- with the confusion caused by the presence of numtions to-day while the League itself remained locked bers of Germans, who crowded into the League Palin one of the most difficult international situations ace and Reformation Hall, where the Assembly met,
since the World War. That this situation, far from their speech almost drowning the sound of any
moving toward a settlement, had become aggravated other. There was some interest in the election of
since yesterday's angry meeting of the signatories the President of the Assembly for this special sesof the Locarno Treaty cannot be doubted. An inci- sion, but the choice of former Premier Alfonso da
dent connected with the formal opening of the ex- Costa of Portugal, which was enhanced by a glowing
traordinary meeting of the League Assembly this oratorical effort on his part, did not disturb the
afternoon served to accentuate the fear that unless listlessness."
something is done soon the German delegation will
threaten to pack up its baggage and return to BerCable advices from Berlin as early in the week as
lin. Viscount Ishii, in his capacity of President of Monday stressed the idea that Germany was disthe Assembly, hailed the opening of the special ses- tinctly displeased over the Geneva situation. The
sion of that body as 'an event of the highest degree representative in the German capital of the New
of significance,' and when the Japanese statesman York "Times" said in a wireless dispatch, Mar. 8,
added, 'a great nation has asked to be admitted to that "Germany is thoroughly displeased with what
the League,' there was not a stir nor a cheer from has gone on so far at Geneva. At the Wilhelmthe hundreds of delegates of more than fifty nations strasse as well as in the Reichstag lobbies impresassembled in the great hall. Germany had expected sions are prevalent that not only has the Reich Govthat the Assembly would rise and applaud as one ernment been betrayed by a Briand-Chamberlain
man. The dead silence in the Assembly was not de- plot to enlarge the League Councli simultaneously
signed, however, as an affront to Germany. It was with Germany's entry, but the German delegation
the result of the anxious and uncomfortable feeling itself has been humiliated by the Genevan tactics of
which pervades this session of the League. The re- its Locarno partners. Postponement of Germany's
sponsibility for this sentiment has not been fixed. admission to the Council is regarded here to-night as
Instead of Germany taking her place with an appro- inevitable, and is denounced by the Nationalist and
priate international welcome, possibly four days will anti-Leaguers as deliberate, and insults are heaped
elapse before it is known whether she may enter the on Sir Austen Chamberlain quite as much as on the
League at all." Continuing, he said: "This situa- French Chamber's untimely overthrow of the Briand
tion, the 'Herald Tribune' learned from Germans Cabinet."
• to-night, is becoming intolerable and German public
The cable dispatches from Geneva late Tuesday
opinion may yet force Chancellor Luther and For- evening (Mar. 9) indicated that the League proceedeign Minister Stresemann to leave Geneva. No ings were still at a practical standstill, pending the
light could be thrown to-day on a possible solution selection of a French Cabinet and the hope that forof the conflict over the enlargement of the Council. mer Premier Briand will be able to return as ForIt is already evident that whatever this solution may eign Minister. The New York "Times" representabe---if any—will be bad for the League and will un- tive said: "Delegates to the special meeting of the
favorably affect the Locarno agreements. When the League of Nations called to admit Germany
spent
'Herald Tribune' correspondent asked Sir Austen to-day keeping in touch with the political situation
Chamberlain, the British Foreign Secretary, if there in Paris, and the latest reports give rise to the
hope
was any sign of a settlement, his reply was: 'I am that M. Briand will be back in Geneva as French
completely in the dark. I know as little of what the Premier on Thursday morning to permit
resumption
outcome will be as you do.'"
of progress here, which is held up because there is
no French Government. There were a great many
Word came from 431eneva Tuesday afternoon, private conversations to-day and a
whole crop of
through an Associated Press dispatch that, "on the plans dealing with the ticklish situation which
has
proposal of Sir Austen Chamberlain, the British arisen because of the desire of other
nations than
Foreign Secretary, the commission named by the Germany to join the League Council when the Reich
League of Nations Assembly to consider Germany's get its seat. However, officially the matter stands
application for membership adjourned this after- where it did Sunday." According
to a special Paris
noon immediately after it had convened. No date cable dispatch to the New York "Times" early
for a new meeting was set. Sir Austen pointed out Wednesday morning, "late last night M. Briand told
that the situation concerning the allotment of Coun- the newspapermen that he would be at the League
cil seats has not yet been clarified. As Premier meeting to-morrow morning, leaving Paris toBriand of France is expected to return to Geneva night."
Thursday, Sir Austen remarked that the sub-comReferring more directly to what occurred at Gemittee might possibly be convened to-morrow (Mar.
neva on Tuesday the New York "Herald Tribune"
10)."
1364
THE CHRONICLE
[Vox,. 122.
"Herald Tribune" representative indicated that Germany had won a decisive victory. In part he said:
"Germany'won her fight to-day hands down for entering the Council" of the League of Nations unaccompanied by Poland, Spain or Brazil. This
clean-cut victori- for German diplomacy, the first
notable advantage of the kind she has won since prewar- days, will be consummated to-morrow when
Premier Briand arrives here from Paris. It is expected that Germany will be received formally into
the League on Friday, and that her inception into
the Council as a permanent member, on a basis of
equality with Great Britain, France, Italy and
Japan, the four charter members, will follow on Saturday. It was announced to-day that Chancellor
Luther and Foreign Minister Stresemann, who head
the German delegation, will leave Geneva for Berlin
on Saturday night. The Reich statesmen won their
fight by 'sitting tight,' knowing that there would be a
limit to the endurance of the battle among the other
signatories of the Locarno agreement over the question of the enlargement of the Council and that the
element of time favored Germany. All hope of enlarging the Council against German desire fled today when Dr. Luther and Dr. Stresemann, who had
been called into conference with Sir Austen Chamberlain for Great Britain; M. Paul-Boncour for
France and Vittorio Scialoia for Italy, stood their
ground and even hinted that unless the League
statesmen soon settled their differences the Reich
•
Progress appears to have been made at Geneva on delegates would be forced by public opinion at home
Wednesday while the arrival of Premier and Foreign to leave Geneva."
Minister Briand of France was being awaited. The
It would seem from an Associated Press dispatch
Associa ted Press representative cabled that evening
that "it is learned Foreign Minister Stresemann of from the seat of the conference the next day (Mar.
Germ q ny.told the Allied statesmen at this morning's 11) that the "Herald Tribune" correspondent had
conference that if Germany were unable to enter the not been altogether correctly informed, or at least
League Council alone, her delegates would be obliged had been too positive in his statements, and someto return to Berlin, as anything else would be a vio- what premature with respect to Germany going into
lation of their mandate. Afterward, French circles the League on her own terms. At any rate, the Asallowed it to be understood France would no longer sociated Press representative outlined the developinsist upon the candidacies of Spain and Poland for ments of the day in a dispatch from Geneva Mar. 11
permanent Council seats at this time, as it would in part as follows: "The members of the Council of
cause too great a crisis. The members of the Council the League of Nations closed a long secret, informal
met privately this afternoon to discuss the member- session this evening without reaching an agreement
ship issue. The question was referred to the Council on the troublesome question of the reconstruction
at a conference earlier in the day of representatives of the Council. During the session, it was learned,
of the nations signatory to the Locarno treaties. The both Spain and Brazil maintained their insistence
sub-committee of the Assembly, under the chairman- they be elected to permanent seats at the same time
ship of Sir Austen Chamberlain, unanimously rec- that Germany received such a seat. After the sesommended Germany's admission to the League, as sion, M.Paul-Boncour, French delegate, declared no
it found she had fulfilled all the necessary conditions accord had been reached. M. Boncour said it had
to membership. The Allied Conference of Ambassa- been arranged to have another meeting of
dors notified the League Germany had given effec- the Rhine pact signatories to-morrow morntive guarantees concerning her armaments." The ing (Friday, Mar. 12) and of the Council in the
correspondent added that"the conference of Locarno afternoon. Meanwhile, a supreme appeal will be
pact signatories was attended by Austen Chamber- made to M. Unden of Sweden not to oppose enlarge
lain, Chancellor Luther and Foreign Minister Strese- ment of the Council and to the Germans, likewise,
mann of Germany, N. Paul-Boncour of France, For- thus enabling the simultaneous entrance of Brazil
eign Minister Vandervelde of Belgium and Signor and Spain as permanent Council members. M.PaulScoialoia of Italy. After the conference Dr. Strese- Boncour added that he and M. Loucheur would go
mann said,'the conversations continue,' but declined immediately to see Chancellor Luther and Dr. Streseto enter into details. M. Paul-Boncour was more mann to explain the proposed arrangement. Preexpansive, saying: 'We have decided to transfer the mier Briand arrived at 9.15 a. m. and immediately
negotiations, which have been conducted by the sig- conferred with M. Paul-Boncour and M. Loucheur,
natories of the Rhine pact, to all the members of the who described for him the Council controversy since his departure for Paris. The Assembly's full politCouncil.'"
ical committee to-day approved the sub-committee's
Elaborating the foregoing statements in a later report recommending Germany's admission to the
dispatch the same evening (Mar. 10), the New York League."
representative cabled that evening that "the
damage to the prestige of the representatives
of the Allied Powers here, and to the League
itself, with the continued deadlock over the
question of the enlargement of the League
Council while Uermany awaits admission, drove the
Allied envoys into contact with the German delegation to-day seeking some sort of a compromise. Sir
Austen Chamberlain, British Foreign Secretary,
sought out Dr. Gustav Stresemann, German Foreign
Minister, and conferred with him nearly two hours
late to-day. Before dinner to-night Dr. Stresemann
cross Lake Leman for a talk with M. Paul-Boncour,
France's chief delegate in the absence of Aristide
Briand. The upshot of the conferences was that the
Locarno signatories of the Rhine pact will meet
again to-morrow to continue the notable battle which
began Sunday and vt
h resulted in an absolute
deadlock. Neither ,
ncellor Luther nor Dr.
Stresemann conce
single point to-day. The
conversion betwees 'r. Stresemann and M. PaulBoncou r io-night was the result of a telephone call
from M Briand in Paris to M. Paul-Boncour suggesting a conference With the Germans. The French
delegate ,
:might from the German foreign Minister
some compromise of the German position by which
an Allied agreement to Germany's entry into the
League would not appear as a diplomatic defeat for
France."
4
MAR. 13 1926.)
THE CHRONICLE
1365
Commenting in a later dispatch Thursday evening Locarno accords this morning, included giving Poon the failure of the delegates from the different na- land a non-permanent seat on the Council. The
tions to reach an agreement, the New.York "Times" suggestion was advanced that Poland provisionally
representative said: "To-morrow promises to be receive a non-perma!lent seat at once through the
the crucial day of this League 424 Nations session process of increasing the six non-permanent memcalled to put the seal on the brotherly love compacts bers of the Council to • -Nen. The Polish Premier,
of Locarno and which has descended to the level of Count Skrzynski,interviewed after the meeting said:
a free-for-all political squabble. To-day the Assem-, T do not know the exact solution proposed, but I
bly Committee on Admissions reported unanimously feel confident reason will prevail.' Another suggesin favor of the admission of Germany, and a meet- tion was that Poland, by special arrangement, reing of the Assembly has been called for Saturday ceive a provisional seat with the understanding she
morning. Meanwhile the issue of the Council seats must take her chances for election as a non-permais no nearer solution, and without that solution Ger- nent member when the election takes place in Sepmany will not join the League. The German dele- tember. Had the Germans agreed to any provisional
gates repeat to-night that unless there is a settle- admission of Poland, friends of M. Unden, the
ment on Saturday, Chancellor Luther and Foreign Swedish Foreign Minister, declared he would not
Minister Stresemann will get on their special car have carried his opposition to enlargement of the
waiting at the railroad station and roll away from Council to the extreme limit of preventing Poland
Geneva. A movement was started to-night among from entering under special conditions. Spain prethe smaller nations to vote Germany into the League viously had definitely decided to resign from the
at Si nrday's meeting. This is rather indicative League of Nations unless awarded a permanent seat
than important beco use it is obvious that the larger in the Council."
natiom can find a way to halt such a movement. It
is perhaps intended as a gesture by, the smaller
Word came from Geneva Wednesday afternoon
nations to let the big Powers know they are tired that tentative dates had been set for both the Preof waiting."
liminary Disarmament Conference and the EcoIn his account the same evening, the New York nomic Conference. The representative at that cen"Herald Tribune" representative presented still tre of the New York "Evening Post" said that "it
other features of the situation that he regarded as was virtually settled at a meeting of Viscount Cecil
especially serious. In part he said: "The big inter- of Chelwood, representing Great Britain, and M.
national battle over seats in the Council of the Paul-Boncour, representing France, that the PreLeague of Nations, like a small fire which spreads liminary Disarmament Conference would meet at
into a dangerous conflagration, assumed a more se- Geneva May 17. The date for the Economic Conferrious turn to-day with the arrival at Geneva of Pre- ence was tentatively fixed for April 20. The decimier Briand of France. As was cabled yesterday, sion of -the French and British delegates must be
Germany has won, hands down, her fight to enter approved by the Council of the League of Nations,
the Council alone during the present session, but the but it appears certain that the dates scheduled will
unyielding attitude of various nations in the League be approved without dissension." He stated also
outside the framework of the Locarno accord has that "it will not be necessary for the Council to wait
created another serious deadlock. The first stage until Germany has taken seat inasmuch as Germany
of the battle is over. Germany's insistence upon her had no part in arranging for the disarmament meetunattended League entry has been accepted by the ing. The uncertainty surrounding the entrance of
Allies, but the problem France and England are fac- Germany into the League is not going to affect the
ing is, what can be done with Brazil, Poland and disarmament plans; therefore it is likely that the
Spain threatening to leave the League unless satis- Council will formally set the date at its present sesfied, and especially Brazil's reiterated threat to op- sion."
pose Germany's entrance into the Council at all."
The Premier was quoted direct as saying "in subThe outstanding feature of the British trade figstance" at the meeting of the League Council Thurs- ures for February was the big decrease in imports;
day afternoon, "do you realize, gentlemen, that we compared both with January of this year and Feb
now have deliberation not upon permanent seats in ruary of last year. The amount was £20,849,850 less
the Council, but on peace or war? If there is a fail- in the former instance and £14,307,961 in the second..
ure here, it is failure of the Locarno agreements— Total exports showed an increase of £3,907,478 over
Europe again divided into two or three camps, the January of this year, but a decrease of £7,157,976 in
spirit of revenge stirred up in Europe and in five comparison with February 1925. The following figyears a new world conflict."
ures show the chief features of the statement for
The latest developments at Geneva yesterday February and the first two months of this year comavailable here before going to press were given in an pared with the corresponding periods of last year:
Associated Press dispatch last evening. It was
1926—Februar0-1925.
1926— Jan.1-Feb.28-1925British goods
£62.810,000 £69,330,355 £123,190,474 £138,380,889
stated that "Germany's representatives to-night re- Export,
Re-export,foreign goods_ __ 13,220,000
27,141,260
13.857,621
24.962.048
jected the proposals advanced by the Allied statesTotal exports
£76,030.000 £83,187,976 £148,152,522 £165,522,149
men for settlement of the dispute over the reorgani- Imports
96,840,000 110,147,901
214.529.450 239.055,006.
zation of the League of Nations Council. Premier Excess ofImports
£20,810,000 £26,959,985 £66,377,928 £73,532,851
Briand of France announced that the Germans had
found the proposals unacceptable, but he hoped new
According to cable advices received on Thursday,
conversations might be held. M. Briand said the the National Bank of Belgium has increased its disoffer made to Germany represented the extreme limit count rate from 7% to 71/
2%. Aside from this, how
of possible concessions by the Allies. It was under- ever, no change has been noted in official bank
stood that these proposals, discussed in a closed rates'at leading European centres from 8% in Bermeeting of representatives of the signatories of the lin; 7% in Itayl; 6% in Paris and Norway; 51/2%
1366
THE CHRONICLE
[Von. 122.
944,000 francs. The French Government repaid
250,000,000 francs to the Bank, reducing the total
of advances to the State to 33,650,000,000 francs.
During the week silver advanced 22,000 francs,
trade advances increased 71,463,000 francs and
treasury deposits rose 27,902,000 francs, while, on
the other hand, bills discounted decreased 1,185,611,000 francs and general deposits fell 12,170,000
francs. Comparison of the different items in this
week's return with the figures of last week and the
corresponding dates in both 1925 and 1924 are as
Another though a small,gain in gold (£41,480) was follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
reported by the Bank of England in its statement
Changes
Status as of
of
reserve
the
while
10,
for Week.
Mar. 10 1926. Mar. 111925. Mar. 12 1924.
for the week ending March
Francs,
Cold Holdings—Francs.
Francs.
Francs,
gold and notes in the banking department increased In France
Inc.
31,350 3,683,956,018 3,681,583,928 3,677.167,335
Unchanged
Abroad
1,864,320,907
circula1,864,320,907
note
in
1,884,320,907
decrease
a
of
result
a
as
£516,000
Inc.
31,350 5,548,286,925 5,545,904.836 5,541,488,243
tion of £474,000. The proportion of reserve to lia- Total
Inc.
22,000
297,694,431
338,831,283
307,470,325
bilities again advanced, to 20.20%, another new high Silver
Bills discounted_ _Dec.1,185,611.000 3,065,823,412 5,756,010,134 4,499,766,457
Inc. 71,463,000 2,524,273,426 3,053,305,745 2,481,345,539
point for the current year. This compares with Trade advances_ _ _Dec
113,916,000 52,051,497,385 40,880524,375 39,265,944,000
Note circulation_
2% last year and 1814% in Treasury deposits_ _ Inc. 27.902,000 37,066,516 13,136,553 17,050,826
1
19.72% last week, 19/
1924. Material changes were reported in all of the General deposits.—Dec.12,170,000 2.824,268,002 2.040,737,096 2,405,796,640
deposit and loan items. Public deposits increased
The Imperial Bank of Germany in its statement,
£3,210,000; other deposits fell £3,515,000. Loans on
as of March 6, reported a decline in note cirbut
issued
£1,280,000,
expanded
Government securities
of 92,618,000 marks, but at the same time
The
culation
£2,091,000.
declined
securities
loans on other
Bank's gold holdings amount to £145,592,532, as an expansion in other maturing obligations of 128,against £128,609,102 a year ago (before the transfer 851,000 marks. Other liabilities, however, fell 80,to the Bank of England of the £27,000,000 gold for- 411,000 marks. On the assets's side, there was a remerly held by the Redemption Account of the Cur- duction in holdings of bills of exchange and checks
rency Note issue), and £128,098,237 a year earlier. of 186,312,000 marks, and in advances of 20,704,000
Reserve aggregates £24,096,000, which compares marks. Deposits held abroad increased 17,355,000
with £24,158,987 last year and £22,806,527 the year marks, reserve in foreign cuarencies 7,504,000 marks
before. Note circulation is now £141,246,000 as and silver and other coins, 551,000 marks. Increases
against £124,200,115 in 1925 and £125,041,710 a year were also shown of 9,060,000 marks in notes on other
earlier, while loans amount to £74,182,000, in com- banks, 649,000 marks in investments and 122,560,000
parison with £78,160,435 and £72,157,996 one and marks in other assets. Gold and bullion holdings
two years ago, respectively. Notwithstanding ru- showed a gain of 22,514,000 marks, which brought
mors of an impending reduction in the bank rate, the Bank's gold reserve up to 1,404,902,000 marks, as
the official minimum discount has not been changed compared with 785,169,000 marks in 1925 and 464,from 5%. Clearings through the London banks for 803,000 marks a year earlier. Note circulation agthe week were £777,879,000, against £880,284,000 a gregates 2,729,707,000 marks.
week ago and £826,050,000 last year. We append
Additions to gold reserves, both locally and naherewith comparisons of the different items of the
tionally, with reductions in rediscounts, constituted
Bank of England return for a series of years:
the chief features of the weekly statements of the
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1922.
1925.
1924.
1923.
1926.
Federal Reserve banks, issued at the close of busiMarch 10. March 11. March 12. March 14. March 15.
E
ness on Thursday. Actual figures for the banks as
6141.248,000 124,200,115 125,041.710 122,995,975 121,758.195
Circulation
16.756.000 13,687,603 19,270,772 15,623,156 18,936.311 a group show that gold holdings expanded $34,300,Public deposits
102,523,000 110.460,075 105,597.418 109.495.119 115,612.833
Other deposits
000. Rediscounts of paper secured by Government
Governm't securities 39.294,000 40,096.830 48,182,455 48.451,700 47,134,317
74.182.000 7.160,435 72,157,996 70,649.980 60.133.383 obligations fell off no less than $55,500,000, and
Other securities_ _
25,467,246
Reserve notes es coin 24.096.000 24,158,987 22,806.527 24.262.802
128.775,441 "other" bills $25,200,000. The result was to draw
Coin and bullion...2145.592.532 128.609,102 128,098,237 127,508,777
Proportion of reserve
down total bills discounted to $502,425,000, as
1814%
1844%
1844%
1954%
20.20%
to liabilities
444%
4%
3%
against $583,214,000 last week. Holdings of bills
5%
5%
Bank rate
*Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion bought in the open market diminished $1,100,000.
Previously held as security for currency note issues and which was transferred to the
Holdings of Government securities heavily inBank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, includes £27,000,000 of Bank creased. In total bills and securities (earning asbullion
of England notes issued in return for the same amount of gold coin and
sets) there was a drop of $49,000,000. Deposits fell
held up to that time in redemption account of currency note issue.
off $21,000,000, while member bank reserve accounts
• The Bank of France the present week shows a gain of declined $14,700,000. At New York a gain in gold
31,350 francs in the gold item, bringing the total of $2,300,000 was shown. Rediscounting of Governbut
of the gold holdings up to 5,548,286,925 francs which ment secured paper decreased $16,700,000,
that
bills
"other"
so
increased
;
slightly—$190,000
correcompares with 5,545,904,836 francs for the
sponding date last year and with 5,541,488,243francs total bills discounted for the week fell $16,500,000.
A small increase in open market purchases occurred,
the year before. Of these amounts, 1,864,320,907
namely $1,800,000. Total bills and securities were
the
of
years
1926,
each
in
abroad
francs were held
reduced
$7,700,000, and deposits declined $7,500,000.
francs
of
113,916,000
contraction
1925 and 1924. A
was
a contraction of $4,300,000 in member
There
occurred in note circulation, reducing the total notes
reserve
accounts. The amount of Federal Rebank
in circulation to 52,051,497,385 francs. For thesame
actual circulation increased $142,000
in
notes
serve
time last year notes in circulation stood at 40,880,but declined $3,600,000 for the SysYork,
New
at
024,375 francs and for the year previous at 39,265,-
2% in
1
in Denmark; 5% in London and Madrid; 4/
2% in Holland and Switzerland.
1
Sweden, and 3/
Open market discounts in London were firm and
4% for short bills, against
moved up to 4%@43
2%,and to 4%@4 7-16% for three months'
4 746@4/
1
bills, compared with 4%70 a week ago. Call money
0, but closed unwas also strong, touching 4%7
open market disthe
Paris
At
4%.
/
41
changed at
4% and in
count rate continues to be quoted at 41/
Switzerland at 2%, unchanged.
a
MAR. 13 1926.]
THE CHRONICLE
tem. As to the reserve ratios, the combination of
increased gold holdings and smaller deposits,
brought about advances. The ratio for the banks
as a group moved up to 74.6%, a gain of 1.4%, while
locally there was a gain of 0.8%, to 78.8%.
Last Saturday's statement of New York Clearing
House banks and trust companies indicated recovery from the recent month-end strain and an addition to surplus reserves of more than $10,000,000.
The outstanding features of the report were a decline in loans of $73,132,000 and a shrinkage in net
demand deposits of $39,463,000. This brought the
grand total of the net deposits to $4,408,815,000,
which is exclusive of Government deposits to the
amount of $44,537,000. Time deposits, on the other
hand, increased $1,664,000, to $560,439,000. Other
changes included an increase in cash in own vaults
by members of the Federal Reserve Bank of $750,000, to $48,888,000 (not counted as reserve); a falling off in the reserve in own vaults of State banks
and trust companies of $49,000, and of $440,000 in
the reserves kept by these institutions in other depositories. There was an expangion of $5,458,000 in
the reserves kept by members with the Federal Reserve Bank, which, in combination with the drawing
down in deposits, brought about a gain in surplus
reserves of $10,200,640, bringing excess reserves up
to $14,874,840, from $4,674,200 week earlier. The
figures here given for surplus reserves are based on
legal reserve requirements of 13% against demand
deposits for member banks of the Federal Reserve,
but not including $48,888,000 cash in own vaults
held by these member banks on Saturday last.
1367
scale. Mergers of large corporations and financial
institutions are announced at frequent intervals, the
financing of which will involve considerable borrowing for short periods at least. Apparently there
has been no material change in the commercial demand for funds.
Referring to money rates in detail, loans on call
ranged between 4 and 43/2% this week, in comparison
with 432@53 last week. Monday the high was
432%, the low 4%, with 4
the rate for renewals.
On Tuesday there was a decline to 434% as the renewal basis; the low was 4% and 434% the maximum.
Wednesday call funds renewed as low as 4%, which
was also the low; though before the close a small
During the reflurry sent the rate up to 4
mainder of the week, that is, on Thursday and Friday, there was no range, all loans on call being
negotiated at 434%.
In time money there has been very little doing and
the market has been dull and featureless. The
range of prices was not changed from 4%@5% for all
periods from sixty days to six months, with the bulk
of the business transacted at 49@4 8%. A few
banks, however, were unwilling to put out money
under 5%.
Mercantile paper rates were steady at 434% for
four to six months' names of choice quality, against
434@432% last week. Names not so well known still
require 4
New England mill paper and the
shorter choice names are usually dealt in at 434%.
Most of the limited demand is still coming from
out-of-town institutions. Offerings continue light.
Banks' and bankers' acceptances remain at the
levels previously current. Trading has not been
active and the aggregate turnover attained only
moderate proportions. There are no new developments to report. For call loans against bankers'
acceptances the posted rate of the American Acceptance Council has been reduced from 4% to 33
4%.
The Acceptance Council makes the discount rate
on prime bankers' acceptances eligible for purchase
by the Federal Reserve banks 3%% bid and 3%%
asked for bills running 30 days, 33
4% bid and
3%% asked for 60 and 90 days, 334% bid and 33
4%
asked for 120 days, 4%% bid and 4% asked for 150
days and 180 days. Open market quotations are as
follows:
The local money market has been relatively quiet
and has fluctuated within a narrow range, or from
2 to 4%. As the week drew toward a close
about 41/
—particularly on Thursday—the tone was a little
4%, all day.
firmer, but with one rate, 41/
same
rate
The
prevailed yesterday. It was reported that for the moment out-of-town institutions
appeared a little less inclined to send their surplus
SPOT DELIVERY.
funds to New York. It is assumed that call money
90 Days.
30 Lays.
60 Days.
will be firmer 'until after the middle of the month. Prime eligible Ms
3M@3%
3Si ig35i
3@3
As there will be a large shifting of accounts preparaFOR DELIVERY WITHIN THIRTY DAYS.
tory to tax payments on the 15th, even a temporary
wombs
3% bid
tile no. ..ember bank,
34 bid
flurry would not cause surprise. By many authorities the continued dulness of time money, at pr ctically unchanged rates, is regarded as the b
There have been no changes this week in Federal
barometer of the money market, considered broadly. Reserve Bank rates. The following is the schedule
It was fully expected, both in Washington and New of rates now in effect for the various classes of paper
York, that the $500,000,000 Treasury 334% bonds, at the different Reserve banks:
offered at 100%, announcement of which was made
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
on March 7, would be largely oversubscribed. The
MARCH 12 1928.
subscriptions were about $600,000,000; the books
Payer MaturinO—
were closed on March 11. The heavy liquidation in
After 90 After 6
Days. bus
but
stocks that appeared to have culminated on March 3,
Within 90 Days.
Within 6 Wirhin 9
RESERVE
Months. Months,
must have reduced brokers' loans materially, for the FEDERAL
BANK.
Com'rcial Secured
time being at least. This was shown definitely by
Ariel d/ by U. S. Bankers' Trade AprIctd.• Aoricull
Livestock Govertet AcceyAccepand
and
made
figures
public
yesterday by the Federal
the
Payer. Obtloalances.
lances. Livestock LIvestock
Hons.
n.eJ.
Paper.
Paper.
Reserve Board for 61 reporting member banks in
Boston
4
4
4
4
4
4
4
4
New York
4
4
New York City for the week ended March 3. They Philadelphia
4
4
4
4
4
4
4
4
4
4
4
disclosed a decrease of $60,939,000 in comparison Cleveland
4
4
4
4
Richmond
4
4
4
4
4
4
Atlanta
4
4
4
4
4
with Feb. 24. Announcement was made late yester- Chicago
4
4
4
4
4
4
4
4
4
Louis
4
4
4
day afternoon that on March 15 the Government St.
4
4
4
Minneapolis
4
4
4
4
4
City
4
ECanissa
4
4
4
would withdraw $63,000,000 from institutions in Dallas
4
4
4
4
4
4
Ilan Francisco
4
4
4
4
4
4
this Federal Reserve district. This has to do di
•Including bankers acceptances drawn for an agricultural purpose and secUr
rectly with the interest payments on that date. oy warehouse receipts. gro.
•
Corporation financing has continued on a good-sized
, ;
1368
THE CHRONICLE
[you 122.
The sterling exchange market gave a better ac- the Dominion is contemplating shipments of about
count of itself and for the first time in some weeks $50,000,000 this year for account of the Federal
small gains were scored that carried demand bills up Reserve Bank; initial consignments of about $7,000,to 4 85 29-32, or about N of a cent over last week's 000 have already been made earlier in the year.
low point. Fairly good buying developed, and, The Bank of England continues to buy gold in small
while the market at no time could be called really quantities. Sales of sovereigns to the amount of
active, trading for a time at least was brisk. In the some £40,000 for shipment to India and the Straits
early dealings London cable rates came higher, and Settlements were reported.
this, as usual, acted as a stimulus upon local sentiMovements in Continental exchange, relatively
ment. Moreover, offerings of commercial bills conwere narrow, although irregular price
speaking,
sterling
in
aided
maintaining
which
of
all
tinue light;
levels. There is very little in the way of important fluctuations were of frequent occurrence, notably in
news developments to report. Speculators are still francs, and krone, and the undertone of the market
either completely out of the foreign exchange market, was nervous, as well as somewhat depressed. Attenor else dabbling in.the Continental exchanges where tion was focussed almost from the start upon the
fluctuations are wider and of greater frequency, and action of French francs in response to news of the fall
consequently afford better opportunities for quick of the Briand Government at the end of last week.
turns and the accumulation of profits. Futures in However, after a preliminary drop of 13 points, to
sterling during the first half of the week mere steadier, 3 60, quotations steadied and francs rallied to 3 623;
which led to the belief that spot sterling was due for a subsequently there was a temporary renewed decline
rise. Few, if any, bankers, however, appeared will- to 3 5732, then a 10-point advance to 3 673, with
ing either to hazard opinions upon the course of the close at 3 633. In many respects the course
sterling in the immediate future or take a definite of the franc market this week was regarded
position in the market. Later in the week, when it as remarkable, since a combination of cirdeveloped that the British Bank rate was not to be cumstances almost parallel to those prevailing
changed, curiously enough, reaction set in, though at present sent franc rates two years ago to the
y
the close was steady. Sterling bills made their low of all time, namely,3 42. The chief contributor
of
be
covering
to
were
said
the
firmness
for
causes
was
there
in
larger
volume and
appearance
governa falling off in the inquiry. Less talk is heard short accounts on an extensive scale, also
had
M.
Briand
of the probability of a lowering of the Bank rate mental support. Laier on, news that
a
good
created
another
form
Cabinet
at this time, it being argued that such a step consented to
would undoubtedly accelerate the return flow of impression, but this was soon nullified when the
American balances from London to this side. The unsatisfactory make-up of the new ministry was
institution appears to be holding its own, so far as disclosed. Reaction set in then on fears that the
that
gold reserves are concerned. The British labor situ- ministry's tenure of office would be brief and
financial
a
up
prospects
for
of
clearing
France's
elean
tion remains unsettled, and therefore is still
muddle appeared more remote than ever. Some
ment of doubt, if not of actual depression.
ent was apparently derived from the
encouragem
exchange
sterling
Referring to the day-to-day rates,
with
which a Cabinet had been formed,
quickness
demand
with
easier,
on Saturday last was slightly
an
thus
preventing
interval of panicky selling of francs
at
transfers
cable
rate),
(one
quoted at 4 85.7-16
in the absence of government
occurs
that
invariably
was
trading
3-16;
82
4
at
days
sixty
4 85 13-16 and
but
it
could
not be denied that hopes of
leadership,
quiet and featureless. On Monday, after a weak
a
passing
are waning and all indicabalanced
budget
opening, the market steadied and the range of quoto
a
or
more
point
tions
less protracted period of
85%@
4
8@4 85% for demand,
tations was 4 859/
and
wearisome
discussion
bickerings regarding the
for
823/i
823'g@4
8 for cable transfers and 4
4 863/
of
the
provisions
ill-fated
finance bills. What
covershort
for
it
sixty days. Brisk buying, some of
a
went
good
perhaps
way
in
stabilizing quotations
to
up
Tuesday
on
/.purposes, sent demand
was
the
week
lack
of
interference.
this
speculative
1-16@
86
4
to
transfers
4 85 11-16@4 85%, cable
coma
Dealers
showed
on
to
undertake
disinclinati
9-16;
82
7-16@4
82
4
to
days
4 86 3-16 and sixty
the
of
any
sort
and
mitments
are
awaiting
said
to
be
offerlighter
Wednesday
active.
trading was more
before
of
pending
outcome
developments in France
ings induced firmness and quotations advanced to
s. In the final dealings
on
new
taking
commitment
9-32
86
863/@4
4
demand,
for
29-32
4 85%@4 85
market
on
whole
waited
the Geneva Conference.
the
2@4 82 21-32 for sixty
for cable transfers and 4 823/
of
the
branches
Other
Continental exchange
falling
days. Reaction set in on Thursday, on a
were
market
quiescent.
lire continue inItalian
demand
off in the buying inquiry, and the range for
weak,
having
and
ruled
abo've 4.00
a
active
shade
transfers
cable
was lowered to 4 85 11-16@4 853 for
stationthe
week.
throughout
Antwerp
were
francs
7-16
82
4
to
/s, and for sixty days
to 4 86 1-16@4 861
lower.
light
on
4.533,
at
trading,
closing
ary
though
and
firmer
was
undertone
2. On Friday the
@4 823/
preand
Austrian
at
German
currencies
remained
23-32@
85
4
were
rates
slightly higher; quoted
weak
figures.
nominal
Greek
vious
turned
drachmae
for
5-32
86
3-32@4
86
4
demand,
4 85 25-32 for
declined to 1.35%, notwithstanding rumors that
cable transfers and 4 82 15-32@4 82 17-32 for sixty and
has opened a $10,000,000 credit in Greece for
days. Closing quotations were 4 82 17-32.for sixty Italy
of Italian merchandise, but recovered
purchase
days, 4 85 25-32 for demand and 4 86 5-32 for cable the
loss
before the close. In the minor
the
of
part
at
Commercial sight bills finished
transfers.
Central
on
European countries rates were
exchanges
at
days
4 85 21-32, sixty days at 4 82 1-32, ninety
and
trading
dull, except for Polish zloties,
stable
fairly
at
(sixty days)
4 81 9-32, documents for payment
from
down
moved
13.00 to 12.70.
which
17-32.
bills at 4 84
4 82 9-32 and seven-day grain
rate
on Paris closed at 133.28,
check
London
The
21-32.
Cotton and grain bills closed at 4 85
a
with
130.47
week ago. In New York,
compared
as
for
engaged
been
as having
I No gold was reported
is understood that sight bills,pnithe French centre finished at 3.63%,
import or export this week. It
MAIL 13 19261
THE CHRONICLE
against 3.73; cable transfers at 3.64%, against 3.74;
commercial sight bills at 3.62%, against 3.72, and
3 against 3.67 a
commercial sixty days at 3.57%,
week ago. Antwerp francs closed the week at
4.52% for checks and at 4.537A for cable transfers,
as compared with 4.53%@4.543, last week. Final
quotations in Berlin marks were not changed from
23.81 (one rate) for both checks and cable transfers,
while Austrian kronen continue to be quoted at
0.00141A, the same as heretofore. Lire finished at
4.00% for bankers' sight bills and at 4.013
% for cable
transfers. This compares with 4.003
%
% and 4.013
a week earlier. Exchange on Czechoslovakia closed
at 2.96%, against 2.96%; on Bucharest at 0.421
%,
and on Finland at 2.52%, against 2.52. Polish
zloties closed at 12.70 (unchanged from the previous
week). Greek exchange finished at 1.39% for checks
and at 1.393% for cable transfers, as compared with
1.4134 and 1.413
% a week earlier.
In the former neutral exchanges trading was quiet
but irregular with attention still centred upon the
gyrations in Norwegian krone. Government attempts to depress values have apparently met with
scant sticcess, and the quotation opened at 21.39, up
15 points, then steadily climbed-with occasiona
sharp setbacks-to 21.863/
2. Norwegian kroner w
in brisk demand in London, largely for, specu
account. It is understood that the authorities are
contemplating more drastic measures to stem the
tide of speculation and lower quotations. Rumor has
had it that a bill has been proposed that will stop payment on foreign deposits in Norway, also that permission will be given to issue bank notes against foreign currency purchased by the Bank of Norway.
Undoubtedly either one of these measures would
prove effective, but they are regarded as impracticable and objectionable, if not destructive. Danish exchange moved in sympathy, though gains were on a
smaller scale. The range was 25.89 to 26.26.
Swedish exchange was steady, without essential
change. Dutch guilders were inactive but stronger
and the quotation moved back to 40.10 for a time,
thus putting a stop to rumors of gold exports from
Holland. Before the close there was a partial decline to 40.043/2. Swiss francs were dull but steady at
the levels of last week and the same is true of Spanish
pesetas, which ruled at around 14.06 to 14.083.
Bankers' sight on Amsterdam closed at 40.053%,
against 40.073'; cable transfers at 40.073
%, against
3 against
40.093/
2;.commercial sight bills at 39.97%,
39.993/2,and commercial sixty days at 39.613%, against
39.693/ a week ago. Swiss francs finished at 19.243/i
for bankers' sight bills and at 19.253/ for cable
transfers, which compares with 19.243
% and 19.253%
a week earlier. Copenhagen checks closed at 26.26
and cable transfers at 26.30, against 25.88 and 25.92.
Checks on Sweden finished at 26.78 and cable
transfers at 26.82, against 26.78 and 26.82, while
checks on Norway closed at21.86 and cable transfers
at 21.903/2, against 21.243/i and 21.283/i the previous
week. Spanish pesetas closed at 14.08 for checks
and at 14.10 for cable transfers. This compares
with 14.09 and 14.11 the preceding week.
1369
week. Brazilian milreis were weaker also and finished
it 14.43 for checks and at 14.48 for cable transfers,
against 14.53 and 14.58 last week. Chilean exchange was easier, closing at 12.01, against 12.03,
but exchange on Peru was strong and finished at
3.90, against 3.84 a week ago.
Far Eastern change was quiet and easier with the
feature of the week a further drop to 45 for Japanese yen. The Chinese currencies also dropped as a
result of a fresh outbreak of hostilities. Hong
Kong closed at 563@56%, against 57 5-16@57%
5;
Shanghai at 733'@7334, against 733@73; Yokohama at 45%@4532, against 45.45@45.75; Manila
at 493%@49 15-16, against 49%@493%; Singapore at
563%@57 (unchanged); Bombay at 37@373 (unchanged), and Calcutta at 36%@37, against 363%@
37:
ements of Section 522 of the
Pursuant to the r
Tariff Act of 19 ,the Federal Reserve Bank is now
to the Secretary of the Treasury the
certifying d
for cable transfers in the differen counbuying r
tries • he world. We give below a record fo the
just past:
w
ON EXCHANGE RATES CERTIFIED BY FEDERAL RESERV
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
MARCH 6 1926 TO MARCH 12 1926. INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Country and Monet
Unit.
Mar. 6. Mar. 8. Mar. 9. Mar.10. Mar.11. Mar.12.
$
EUROPEAustria. sch1111ng•--- 14.067
Belgium. franc
.4054
Bulgaria, lev
.007175
Czechoslovakia, kron .029616
Denmark, krone
.2591
England. Pound
4.8580
Mg
Finland. markka
.025215
.0361
France.franc
Germany. reichsmark. .2380
.014130
Greece, drachma
Holland, guilder
.4009
Hungary. Peng()
.1754
Italy, lira
.0401
Norway. krone
.2134
Poland. zloty
.1275
Portugal, escudo
.0515
Rumania.len
.004290
Spain, peseta
.1410
Sweden, krona
.2681
Switzerland, franc
.1925
Yugoslavia, dinar__ _ _ .017608
ASIAChinaChefoo. tael
17546
Hankow,tael
.7503
Shanghai, tad
7271
Tientsin, tael
.7650
Hong Kong. dollar- .5694
Mexican dollar
.5310
Tientsin or Pelyang.
dollar
5379
Yuan, dollar
.5504
India, rupee
.3671
Japan, yen
.4502
Stngapore(S.S.),do
.5654
NORTH AMER.Canada, dollar
.994743
Cuba, peso
.999750
Mexico, peso
.485500
Newfoundland. dollar .992438
SOUTH AMER.Argentina, peso (gold) .9170
Brazil. mllrels
.1469
Chile, peso (paper)
.1207
fTrntrnav man
1 n97.1
$
14.065
.0454
.007156
.029620
-2593
8
14.055
.0454
.007216
.029617
.2595
8
14.054
.0454
.007181
.029618
.2609
11
14.058
.0454
007178
.029616
.2624
4.8580
4.8609
.025216 .025214
.0360
.0365
.2380
.2381
.014122 .013950
.4010
.4009
.1755
.1754
.0401
.0401
.2136
.2151
.1289
.1281
.0511
.0513
.004297 .004263
.1409
.1410
.2681
.2682
.1925
.1925
.017605 .017613
4.8621
.025223
.0385
.2380
.013685
.4008
.1756
.0401
.2163
.1272
.0512
.004271
.1410
.2681
.1925
.017613
4.8608
.025219
.0363
.2380
.013591
.4008
.1754
.0402
.2176
.1275
.0512
.001241
.1410
.2681
.1925
.017619
4.8608
.025215
.0365
.2380
.013723
.4007
.1755
.0402
.2176
.1258
.0512
.004233
.1410
.2681
.1925
.017611
.7583
.7516
.7290
.7692
.5680
.5328
.7600
.7531
.7304
.7704
.5643
.5354
.7592
.7522
.7294
.7696
.5583
.5303
.7590
.7520
.7295
.7694
.5588
.5390
.7588
.7519
.7290
.7692
.5594
.5303
.5396
.5521
.3670
.4482
.5663
.5458
.5588
.3672
.4501
.5663
.5363
.5458
.3671
.4528
.5663
.5321
.5483
.3670
.4515
.5663
.5354
.5483
.3871
.4526
.5663
.995156
.999531
.485167
.992875
.996466
.999719
.485000
.994500
.996719 ..996790
.999594 .999594
.485000 .485000
.994313 .994188
.9168
.1468
.1207
.9173
.1470
.1206
.9141
.1468
.1206
.9137
.1457
.1203
1 11972
1 11212
1 0258
1.0246
.994813
1.000063
.485167
.992750
•One schilling is equivalent to
.9088
.1456
.1206
1 0256
10.000 vapor crowns.
The New York Clearing House banks, in their
operations with interior'banking institutions, have
gained $3,635,556 net in cash as a result of the currency movements for the week ended Mar. 11.
Their receipts from the interior have aggregated
$4,826,756, while the shipments have reached $1,191,200, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Into
Banks.
Week Ended March 11.
Banks'Interior movement
South American exchange was quiet with rates
maintained up till Wednesday when there was a
slump of 62 points, which carried Argentine paper
pesos to 39.75 for checks and to 39.80 for cable
transfers, in comparison with 40.37 and 40.42 last
$
14.054
.4054
.007188
.029616
.2594
1
$4.826.756
Out of
Banks.
Gain or Lou
to Banks.
51.191.200 Gain 83.635.558
As the Sub-Treasury was taken over'y the Federal Reserve Bank on Dec. 6 1920, it .9 no longer
possible to show the e_fect of Go- lment operations on the Clearine House instit•-. ,,ns. The Federal Reserve Bank of New York - 'ereditor at the
Clearing House each day as folio..
1370
THE CHRONICLE
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE RANA
AT CLEARING HOUSE.
[VOL. 122.
decisively by making a pending vote a vote of confidence. Shortly before, it had seemed as if real progSaturday, Monday
Tuesday. Wedriestrit. Thursday. Friday,
Aggregate
Mar. 6. Mar. 8. Mar. 9. Mar. 10. Mar. 11. Mar. 12.
ress was being made with the budget. On Feb. 27
for Week.
the
1
$
Senate, by an overwhelming majority, had ac8
8
6
$
$
81.000.000 95,000,160 75.006 000 84.000.000 73.000 000 81.000.000 Cr 489.000 000
cepted
the crucial proposal of M. Doumer's plan,
Note.—'The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country In he operation of
namely,
a tax on transactions, the receipts from
the Federal Reserve System's par cohectlon scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations w th the Clearing
which were counted upon by M. Doumer to provide
House institutions, as only the Items payable in New York City a e represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do immediate funds sufficient to enable the Governnot pass through the Clearing House but arc deposited with the Federal Reserve
ment to cope with the financial crisis, and repay
Bank for collection for the account of the local Clearing House banks.
some of its borrowings from the Bank of France.
The following table indicates the amount of bul- The reversal of a vote by which a proposed tax on
lion in the principal European banks:
exports, expected to yield 400,000,000 francs, had
been dropped, afforded further evidence of Senate
March 11 1926.
March 12 1925.
Banks of—
support.
The Chamber of Deputies, on the other
Gold.
Sneer.
Total.
Gold.
Barer.
Tolal.
hand, although it voted by a large majority to ratify
England __ 145,562,532
145,552,532 128,669,102
128,669,102
France a_ _ 147,358,641 13,120,000 160.478,641 147,262,182 12,240,000 159.102.182 the Locarno treaties in response to M. Briand's eloGermany c 54,953,800 d994,600 55,948,400 35,803,400
994.600 36,798,000 quent appeal, was
apparently hopelessly at odds
Aus -Hun b2,000,000
b2,000,000 b2,000,000
b2,000,000
Spain
101,475,000 26.612,000 128,087,000 101,440,000 26,370,000 127,810,000
Italy
35,687,000 3.410,000 39,097,000 35,584,000 3,366,000 38,950,000 within itself as well as with the Government on the
Netheri'ds 35,898,000 2,176,000 38,074.000 42,040,000 1,717,000
Nat. Belg_ 10,954,000 3.658.000 14,612,000 10,891,000 2,990.000 43,757.000 question of financial policy, and a combination of
Switzerl'd_ 16,678,000 3,702,000 20.380,000 19,219,000 3,587,000 13.881,000
22,806,000 Socialists
Sweden.._ 12,763.000
and Nationalists, reinforced by Commu12,763.000 13,004,000
13,004,000
Denmark
11,623,000
842,000 12,465,000 11,637,000
916,000 12,556,000
Norway
8,180,000
8,180,000 8,180.000
8,180,000 nists and dissenting Radical Socialists, sent the GovTotal week 583,162,973 54,514,600637,677,573 155.669.684
ernment to defeat. The reporter of the budget, M.
Prey. week 573,563,239 54,333,600627,926,839555,560,51S 52,183.600 607,853.284
52,185,600607,746,118
Lucien Lamoureux, a financial expert, who was a
a Gold heidings of the Bank of France this year are exclusive
held abroad. b No recent figures. c Gold holdings of the Bank ofof £74,572,838 member of the Caillaux Debt Commission which visGermany
this
year are exclusive of £14,165,600 held abroad. d As of Oct.
7 1924.
ited this country last September, warned the Chamber on March 3 that delay in passing the budget was
The French Crisis and the League.
costing the Treasury 20,000,000 francs a day, and
A week ago to-day, under the exigencies of politics, that a quarter of the estimated deficit last October,
the eighth Briand Ministry, which took office at the or about 1,200,000,000 francs, had already been piled
end of last November, was defeated in the Chamber up on that account, but party politics and personal
of Deputies and resigned. On Tuesday, also under retaliation prevailed, and the Ministry was ousted.
the exigencies of politics, M. Briand for the ninth
In the reconstitution of the Ministry, M. Doumer,
time consented to form a Ministry, and the next day the tenth Minister of Finance to hold office since the
the composition of the new Ministry was announced. beginning of 1925, has been dropped, the Finance
Such kaleidoscopic transitions from Government to portfolio being given to M. Raoul Peret, formerly
Government, although not wholly unknown in President of the Chamber and at one time President
France, are very uncommon in the political experi- of the Finance Committee of that House. As Presience of other European countries, and even for dent of the Chamber M. Peret commanded general
France the situation, for various reasons, is extraor- respect for his ability, courtesy and fairness, but his
dinary.
powers as a Minister have yet to be demonstrated.
The political exigencies which toppled the Briand Politically, the most important appointment is that
Ministry to its fall on Saturday were not the same of M. Louis Malvy as Minister of the Interior. It
as those which, three days later, led M. Briand to was M. Malvy who, in August 1918,following a trial
consent to trying his hand once more at governing on the general charge of "defeatist" activities, was
France. M. Briand went out of office because, try found guilty by the Senate of "misunderstanding,
as he might, he could not command support in the violating and betraying his duties as Minister of the
Chamber for the Doumer budget in the face of party Interior," and sentenced to five years' banishment.
chaos. He essayed the task of forming a new Min- A. beneficiary, like M. Caillaux, of later amnesty,
istry, on the other hand, not because of any assur- M. Malvy has.for some time been a member of the
ance of greater or different support for the budget Chamber of Deputies, and since last September has
than before, but simply because, his political ene- presided over the Finance Committee of that body
mies themselves being judges, he was regarded as and been a recognized leader of the Radicals. Taken
the only man who, as Premier, would have any as a wht le, the new Ministry is a compromise, as any
chance whatever of continuing in office long enough French Ministry must apparently be in the existing
to carry through a financial program and aid in set- state of parties. The appointment of M. Malvy to
tling the controversy at Gerieva over Germany and his old post as Minister of the Interior, and that of
the League. The party leaders who contributed to his M.Lamoureux to the portfolio of Public Instruction,
defeat were among those who, a few hours later, are d-bilbtless intended as a sop to the Radicals who
were either telling President Doumergue directly, or assisted in M. Briand's overthrow.
letting him know indirectly, that M. Briand ought to
Until the Ministerial declaration of policy shall
continue as Premier. To be treated as a scapegoat have [Ten laid before the French Parliament on
and hailed as a possible savior, all within the space Tuesday, the outlook for the new Ministry is only a
of three days, is an experience which few statesmen matter of prophecy. No one, apparently, expects
except M. Briand have enjoyed.
that the Ministry will enjoy a long lease of life, alThe overthrow of the recent Ministry, although it though the general approval with which M. Briand's
came suddenly at the last, was not wholly unex- continuance in power has been received ought, it
pected,for its hold upon the Chamber has never been would seem, to have added somewhat to his personal
strong, and on several occasions it has had to swal- prestige. There are ominous rumors of opposition
low adverse votes. Not until the session of March in the Senate to M. Malvy, but the Senate accepted
5-6, however, did M. Briand challenge his opponents M. Caillaux when he was given the Ministry of Fl-
MAR. 13 1926.]
THE CHRONICTA1
1371
nance, and since most people in France now seem The following inquiries must be affirmatively andisposed to look upon the trial and conviction of swered: Does the general record of the industry
M. Caillaux and M. Malvy as due primarily to the justify the issuance of new securities to the public?
political and personal animosities stirred up by the Will the proposed merger tend to stabilize prices,
war, it is entirely possible that the Senate will ac- improve labor conditions, improve its public service,
cept M. Malvy out of regard to the financial dis- discourage over-exansion and destructive competitresses of the nation. The Socialists, together with tion? Do the proposed constituent companies lend
a section of the Radicals, still hanker for a capital themselves to economic central management? Are
levy, and if M. Peret and the Cabinet adhere to the the plants up-to-date, favorably located as to raw
general principles of the Doumer budget, especially materials, labor and proximity to largest consumers'
the proposed tax on transactions, the financial bat- markets? Can a well-balanced administrative ortle will not be long in being resumed. Meantime ganization be selected from the proposed constituFrance is without a budget which should have been ent companies? If it will do all these things, we
voted in December, the financial crisis has not been should be able to go ahead with the merger."
met, significant popular opposition to certain new
Our first thought, having in mind this statement
taxes and to a tender treatment of the farmers has of requirements wrought out of practical experience,
shown itself in the country, and the deficit runs on is that our so-called "trusts" are more the result of
at the rate of 20,000,000 francs a day. The one economic necessity than of personal fortune-building
bright spot in the situation is the record increase in desire. It does not follow that manipulation may not
revenue in January: totaling some 4,000,639,000 exist sometimes for the sole purpose of exploitation.
francs, and representing mainly payments of ar- Yet behind and in all our industrial enterprise is the
rears of income and other taxes made to avoid the element of profit. And this is a legitimate, a force10% levy to be imposed upon such taxes as remain ful, and inescapable urge. Business men are not
primarily philanthropists for the simple reason that
unpaid after Jan. 31 last.
Unfortunately for France, the Ministerial crisis very, very few of them are born rich. Industry and
has been complicated by the acute controversy at commerce are the means whereby the vast majority
Geneva over the admission of Germany to the League live. And profit is just this living—for otherwise,
of Nations, and over the assignment to it of a per- be the basis of an industry large or small, the owner
manent seat in the Council. Nothing has yet hap- and operator without profit would soon eat up his
pened to indicate that France, which in this case substance and then cease to be. But while profit, as
means M. Briand, has abandoned its support of Po- thus denominated, leads to expansion, growth and
land's claim to a permanent seat in the Council, or transformation (the merger is in natural line with
that the claims of Spain or Brazil are likely to be this), profit must be conserved and reinvested or the
definitely withdrawn. The adoption by a sub-com- machine, however well made, will wear out. We are
mittee of the Assembly of the League on Thursday not, therefore, to banish from our minds the worthy
of a report recommending the admission of Germany and highly necessary element of profit in consolidato the League, is good as far as it goes, but it does tions, but for our own interest and for the interests
not dispose of the Council controversy, and none of that follow ours, we are to square the proposed new
the compromises that have been suggested amounts company with the fundamental essentials as set out
to anything more than a postponement of the main in the statement we have just quoted.
issue. It is hardly to be expected that GerIn the present instance we are desirous of doing
many, under the circumstances, will enter the this for the reason that public, and more often politLeague with much enthusiasm, or that its confidence ical, comment frequent regards the consolidated corin the good faith of the Locarno statesmen will be poration as a means of stock or bond issuance for
enhanced when assurances, cordially tendered with the purpose of money-making manipulation alone.
one hand, are suddenly met by new conditions pre- If this is true in a majority of cases, this that the
sented with the other. • There is as little of the "Lo- public has been led far too often to believe, then our
carno spirit" in what is happening at Geneva as whole industrial structure is a house of cards and
there is in what has been happening in France. It will fall under the first great "depression" that
is a game of vulgar politics, partisan, self-seeking comes along. But,keeping in mind the legitimacy of
and narrow-minded, in either case. It is a regret- profit in the launching of large undertakings, the
table situation for the League, because the prestige profit in prospective earnings and stock values, we
of the League, none too high at best, has unquestion- must ask whether mere manipulation can adequately
ably been dimmed, and it is an equally regrettable explain the present trend toward consolidations and
situation for France because, if M. Briand is de- whether such an urge, such a motive, would not defeated at Geneva in his attempt to enlarge the Coun- feat itself before it had time to become a well-defined
cil at Germany's expense, his chance of continuing motive. There are two ways of answering this question. One is out of experience; and the other is out
long as Premier may be further jeopardized.
of the reaction to that experience. Without naming
well-known consolidated corporations that have
Consolidated Corporations—Beneficent
stood
the test of time, it may be said of them that
Agencies of Progress.
In our issue of Feb. 20 we printed a statement by they proved by their worth their right to exist. To
Harold Roberts, Vice-President of Milliken & Rob- do this they must have largely met the requirements
erts, Inc., New York, on the general subject of mer- enumerated above. Not only this, but they have withgers. Speaking of consolidations, Mr. Roberts gave stood political assaults crystallized into law. And
certain essential elements of strength as follows: they are to-day going concerns able to hold their own
"In this new program of consolidation, certain defi- against any and all competition. More, not only
nite points must be determined to assure the creation have they not throttled competition, but they have
of a sound consolidation—one in which the economic induced it. Not only are they not monopolies, but
forecast will be promptly and definitely realizable. they have proved that in the natural and inevitable
1372
THE CHRONICLE
Tdavancement of a people they have been unable to
absorb into themselves the energies of a people and
the resources of a nation. On this basis, out of this
experience, has the present trend been builded.
However, this has not been done without outside
difficulties, without breasting a prejudice, that, formulated by politics into law, constituted an interference in which the State (the nation under an InterState Commerce Anti-Trust Act) became the chief
aggressor. It will suffice to say that at first there
was the political cry of oppression. This changed
•to "good" trusts and "bad" trusts. And this changed
into an acceptance tacitly of the good in "consolidation" as the people's interests are affected. And
from this, through the war experience of the necessity of what we may term in economics maximum
production at minimum cost. If good in war, why
not good in peace? If able to prove worth in the
midst of partisan political assault by actual service,
why not a continuance to meet new and enlarged demands and conditions? Hence the present trend!
It is well to have a guide. It is well to know the
safe foundations. In the midst of a free competition
that cannot be curbed it is well to know the elements
of strength. And we are speaking now of consolidations that actually take over properties into one
management and ownership that is active and not
perfunctory. This eliminates holding companies
and voting-stock agencies, that are controlling but
not actively investing and really industrially operative, from our present consideration. And in this
sense we have to ask what is a consolidated corporation? Is it other than a simple corporation of larger
mould? Is it not, as is the simple corporation, "an
artificial person with perpetual life and limited lia• bility"? Is it not an organism under State law
through approved articles of association? Is it not
a unified business enterprise brought into existence
through the demand for increased production and
larger markets? And if it is, and thus a creature of
the State, (distinct from nation), ought it to become
the prey of "anti-trust laws" that have their dubious genesis in a national constitutional right to
regulate commerce between the States? Industry
eventuates in commerce, but it is not commerce. Production, if it is service to a people, requires a free
distribution across and beyond State lines. And
any law which restricts this is in itself in "restraint
of trade." We allude to this only to show that the
cry "monopoly" is in economics false and futile, and
that the tendency of Federal control is thus to bring
monopoly into existence through restriction.
We pass this to say that the consolidated corporation, the trust, big business, call it what you will, is
an inevitable development of the time. And before
we go further, it must appear as we proceed that it
is an instrumentality of contact with the world, not
otherwise to be paralleled, that makes for the peace,
and, in proportion to its freedom, for the comity of
nations. Why inevitable? For powerful, compelling
reasons. Resources are scattered over wide territory in a domain like ours. Population congests in
cities, congesting accumulated wealth. Agriculture
is more primal than manufacture. If,the possibilities of the two lie in the same territory so much the
better, so much the saving in cost. But wealth,
saved-up labor, though we have many millionaires,
is not in sufficiently large units, is not sufficiently
equably distributed to permit of maximum production at minimum cost. There may be here and there
[Vol.. 122.
an exception to the rule. The corporation, gathering
together the savings of the thrifty, unifying and energizing, to the wider distribution of comforts, necessities and luxuries, becomes in the nature of things,
a necessity. •In the same way, from the same cause,
for the same reason, the consolidated corporation
comes into being. And if it lives it is by service. It
may eliminate the middleman—but middlemen asindividual industrialists cannot perform the same
service, even if we leave cost and volume out of the
equation. The consolidated corporation, a corporation of larger mould, is the result of a larger requirement of a larger population.
And now we come to the essentials. It is most
important, as we conceive it, to consider this question: "Will the proposed merger tend to stabilize
prices, improve labor conditions, improve public service, discourage over-expansion and destructive competition ?" If would appear, that "stabilization of
prices," if it be or become, is more an effect than a
cause, so long as free competition exists. If it is declared an original or essential purpose of consolidation to fix (stabilize) price, it opens the way to just
the political denunciation and obloquy which is
heaped upon the word "monopoly." In so far as service or maximum production at minimum cost does
set price in that far the consolidated corporation legitimately does so. But it is a purpose not of intent
but of avoidance. A consolidated corporation in order actually to fix price must be so all-absorbing as
to prevent competition. Our greatest consolidations, as has been abundantly shown, do not, and in
the nature of things cannot, prevent competition.
And competition, not consolidation, really sets price.
Competition leaves the people free. Great corporations are met by other great corporations. As industry expands across State lines, so it does across
national lines. It is the shutting out of foreign competition by tariff and immigration laws which fixes
price, as much as may be, far more than the size of
the consolidated corporation.
No set of men and interests engaged in a merger
can say what is over-expansion or what is destructive competition. The resultant saving in cost in no
way prevents competition. Rather it induces by
emulation. • The combination of units that naturally
draw together is met by the like combination of other
units by a like law of natural affinity. Larger units
compete as do lesser. And the final and total result
is lessened cost price, but not a fixed selling price,
for competition being free does not admit of a confession of inferiority in management or a voluntary
pooling of profits by which the naturally strong corporation surrenders to the weak. And it is to be observed that when law comes in to control in these
circumstances it furnishes a means of fixing price
rather than otherwise. We need not speak of "working conditions"—these grow ever better and are not
a product of consolidation per se—they are the product of growth and development, be the concern large
or small. When it comes to model factories, towns,
recreations, etc., we pass from business into philanthropy. Normal conditions regard health and service. Nor are consolidations made to pay higher
wages, though this may be an effect.
We recur now to the consolidated corporation in
relation to foreign competition, foreign trade. Every
nation in Europe is seeking foreign markets. They
are an imperative need. In some instances direct
subventions are granted by Government in encour-
MAR. 13 1926.]
THE pHRONTCLE
agement thereof. If African and South Ameri
can
markets are open prizes, they are open to
us. If we
are to meet this world competition it must
be by free
organization, consolidation. If we are to
trade with
friendly peoples across seas, in Europ
e or South
America, anywhere, in fact, we must
consolidate in
order to meet, not only lower labor costs,
but the
power of Governments to favor and subsid
ize. We
have ability and genius for production.
We may
lack in foreign trade experience. But
only the
strong, not the timid and weak, will
venture into
foreign fields.
Consolidated corporations, such as we are
now
witnessing, are our means for reaching
the world's
markets. They have come to stay. This
is the verdid of economics. It is the voice of free
endeavor.
It is the sense of a new epoch in "business."
It is the
answer to saturation at home. Are they essent
ial
friends or enemies of the people? The answe
r lies
not in politics, not in statecraft, but in
the use to
which they are put by the free buyers and consu
mers
of to-day. Do they sound the death-knell to individual effort, small business, the feasibility of initiative, invention, the local prosperity? Look
at the
wants and needs of mankind—as various as
the
minds of men, as multitudinous as the bounti
es of
Providence!
1373
what to expect in the line of progress. These
movements will evidently be very different from
ours, and
our history and present conditions must be
but
slowly and imperfectly instructive or convincing
to
them.. They have severally, and in their own circumstances and with their individual inheritanctr
and limitiations, to work out their own salvation. We
certainly can have no good excuse in our different
condition to be supercilious or harsh in our judgment of them, to see in their plight evidence of racial
inferiority, or to conclude that their only hope of
independence and prosperity lies in reverting to some
form of autocratic or monarchical rule, as with Mussolini arid Kemal.
Turning to ourselves, we can readily see how much
we, for all our 150 years of democracy, have still V..
learn of the forces which work against the democracy embodied in our institutions or with which we
have to contend if we are to secure national strength
and deserve emulation.
Some of these forces arise out of purely material
conditions. In 1834 the friendly French historian,
De Tocqueville, that he might write his account of
"Democracy in America," made a prolonged visit
and wrote that he was amazed at the rapid progress
that had been made. It was to him "a land of wonders where everything was in perpetual motion, and
the people in a perpetual state of feverish agitation."
Democracy in Its Struggle for Recognition
Fifty years later, Lord Bryce, the student of constiTo-day.
tutional history, said of us: "The men seemed to be
General Chang's demand that Manchuria
shall driven to and fro by a fire in the heart. Time seemed
set up an "autonomous republic," which means
an too short for what they had to do, and results alindependent autocracy, is only the latest twist
given ways to come short of their desires. It seemed as if
to the ideal of democratic government
prevailing in everything must be done in their lifetime."
the Orient. With the close of the war the
We know that two great factors had come into
voice of
the world was for Democracy. Out of
hand and being; one, the opening for us of a vast area of proeverywhere Democracy was to accomplish
a new de. duptive and unoccupied territory such as nowhere
liverance. It was Aladdin's lamp, and
the lid was Presented itself to the European nations; the other,
off; and one had only to watch results.
the invention of the new machines which were to be
Now all that has changed. Of the
new States revolutionary in the civilized world; as,for example,
which were supposed to be ripe for
political email- StePhenson's locomotive engine, Perkins's machine
cipation and independence Czechoslovak
ia is the one making 200,000 nails a day, Evans's grain elevator,
that has made the most progress, and Forei Min_ and the introd
uction of steel rolls for making flour,
gn
ister Benes has been the leader in the
new move. Whittemore's device for carding wool, Whitney's
ment. His testimony to-day, speaking
officially in cotton gin doing the work of 1,000 negro laborers,
the "Morning Post" of London, is that
"proof is and the series of labor-saving and man-relieving deyet to be given by the new States that their consti_ vices that have
followed in their wake, appearing
tutions are more in keeping with
the democratic contemporaneously with the advance of the new sciideal than was the old world before
1914." "The ences which characterize the century.
new political methods which must be establ
These, in turn, have quickened human activity,
ished in
the nations if they are to incorporate a new Euro. mental
as well as physical; witness the advance from
pean and world order have not yet taken deep
root Darwin to Kelvin, from Herschel to Einstein, from
in the hearts and minds of the nations." "Problems Morse to
Marconi, even from Pasteur to the bioloraised by the war, especially those of financ
e and gists of to-day, or in another direction, from Naproduction, as well as the political, are
yet to be smith's steam hammer to the numerous mighty masettled; and there are still the crises and confus
ion chines in the steel works everywhere. Add the revowhich follow every war; forces are at work which
lutionary change in business development, the elabwe had hoped to see buried. In short, the new vs- orate
organization, the concentration of power in
tern cannot be accepted equally by all." Conse- great corpor
ations, in industry, in finance, in trade,
quently, Czechoslovakia has had to resort to the old alway
s with refined administration; all contributmethods of protective alliances. One has only to ing
to the "feverish agitation," "the perpetual moturn for corroborative evidence to the Baltic, and tion," the feelin
g that "everything had to be done in
the Balkan States, Poland, Turkey, Greece and one's lifetime,"
which the earlier observers noted.
China, each in its individual condition, not to men- All conspire
to show that America is conscious that
tion older experiments in France, Mexico and South much is yet to be done
before our institutions and
America.
ways, even the best approved, are complete.
It will be asked: What has this to do with the
The visible experience is that with each new genUnited States? It certainly should be of value in eration the State, not simpl
y America, but all the
helping us to form opinion of the European situa- civilized States, have a
new supply of leaders arising
tion, economically as well as politically, and to know from what may be called the lower classes.
These
1374
THE CHRONICLE
are to be seen coming to the front. It has long been
noted in every form of ancient or modern government. Through all history, especially in modern,
outstanding men in exceptional hours are seen arising out of humble or little regarded origins. In
older Governments royal lines or family descent may
postpone the change or limit its period of opportunity, but in a new democracy there is always a sense
of overshadowing danger threatening the State when
war is imminent and all voices give place to the
military, or when the experiment of self-government
is new and the citizens without experience or trained
leaders whom they can trust, fall into the hands of
the incompetent and of demagogues ever ready for
the opportunity. In various forms this is the habitual experience among the new democracies to
which the war has given rise. It is not without confirmation in older republics both ancient and modern.
With us a lobby is always at hand when Congress
or the Legislature is in session. When the lobby is
not supporting some individual or party interest it
is furthering some social scheme or academic theory
of society or Governmental duty for which the advocacy is often as sentimental and uninformed as it is
ardent. In this case the advocates claim to speak
with the voice of the people and their influence is
measured by the numbers and persistency of the
crowd. It is easy for Congressmen and legislators
to pass bills which time will prove to be ill-advised
and injurious, because they can be amended or reversed, while they have themselves made friends'and
often successful exchanges. But such evil legislation leaves its mark.
[voL. 122.
The conclusion is that the form of Democracy of
which we are proud and for which we stand sponsor
in the eyes of the world so far from relieving us from
the need of constant examination and reconstruction
is proved by its own continuous experience to be exposed to the same tests under which younger republics have come to face grave peril and even revolutionary upheaval. The world's cause so far is ours;
as ours in this relation is theirs.* And the Italian
maxim, "Who moves carefully moves safely—"Chi
va piano va sano—is a counsel both of policy and of
wisdom.
*A fundamental principle which Prime Minister Stresemann in hie official communication to the "Morning Post" announces as determining the
"firm policy of Germany to co-operate actively in international problems
now pressing for solution."
The Women's Bureau of the United States
Department of Labor—Correction.
The following letter is self-explanatory:
U. S. Department of Labor—Women's Bureau.
Washington, March 10 1926.
The Editor, Commercial and Financial Chronicle,
New York, N. Y.
Dear Sir:
In your article of Feb. 20, discussing the clash between
the two points of view in regard to the status of women in
industry an error was made. The article refers to "The
Women's Bureau of the American Federation of Labor."
The Women's Bureau is a Government bureau in the
Department of Labor. The American Federation of Labor
has no Women's Bureau.
I am sure you would like to have this mistake called to
your attention.
Very truly yours,
MARY ANDERSON, Director.
Railroad Gross and Net Earnings for January
Our compilation of the gross and net earnings of
United States railroads for the first month of the
calendar year 1926 serves to emphasize anew the
adverse influence upon railroad revenues exerted by
certain unfavorable features in different sections of
the country the presence of which has been noted in
previous months and the effects of which will be
noticeable in the returns for still another month
—that is, until at least the end of February, and
some of them even longer. It will no doubt be a surprise to most persons to learn that the grand aggregate of the gross earnings for January 1926 is not
quite equal to that for January last year and yet
such is the case. Current comment, based upon the
exceptionally good statements of a few large systems in enjoyment of special favoring circumstances
and conditions, had conveyed quite the contrary impression. Even the net earnings are only slightly
larger, speaking of the roads collectively, than was
the case last year, notwithstanding the growing efficiency of operations.
Among the adverse features which have operated
to impair railroad income the present year, first and
foremost place must, of course, be assigned to the
strike of the miners in the anthracite regions. This
strike is now a thing of the past, but it was not until
Feb. 12 that terms for a settlement between the
miners and the coal operators were agreed upon and
signed, and not until Feb. 18 that there was
actual resumption of work at the mines. The shortened grain yield in portions of the West was also
an adverse circumstance, which continued to be felt
in January and will remain an influence through
February and doubtless also through subsequent
months. In addition, there was one other circumstance applicable to all roads alike in every part of
the United States which acted to reduce railroad
revenues in January the present year. We allude to
the fact that January this year had five Sundays,
besides New Year's Day as a holiday, leaving, therefore, only 25 full working days, whereas January
1925 had only four Sundays in addition to the New
Year's holiday, leaving 26 working days in the month
at that time. Except for the reduction in the number of working days, results would not have been so
uniformly smaller than a year ago. The effects of
the coal strike and the diminished grain yield would
nevertheless have left their impress upon railroad
revenues in the case of the roads directly affected;
and it is no more difficult than in previous months
to point to roads and systems which suffered losses
—and losses of great magnitude, too—as the direct
result of the strike in the anthracite regions. As a
matter of fact, no carrier serving the anthracite
districts of Pennsylvania escaped heavy losses on account of that depressing labor trouble.
Thus the Lackawanna, as compared with a year
ago, falls $1,666,489 behind in gross and $860,649 in
net; the Lehigh Valley $1,544,586 in gross and
$1,044,869 in net; the Delaware & Hudson $1,374,158 in gross and $816,532 in net; the Reading
$1,082,660 in gross and $737,055 in net; the Central
of New Jersey $905,768 in gross and $777,944 in net;
the New York Ontario & Western $435,956 in gross
MAR. 13 1926.]
THE CHRONICLE
1375
It is well enough to note that weather conditions
and $141,427 in net; the Lehigh & New England
$172,246 in gross and $87,204 in net; the Central the present year did not impose much of an obstacle
New England $168,400 in gross and $84,422 in net; to railroad operations over any large sections of the
the New York Susquehanna & Western $79,426 in country. Last year the railroads were advantaged
gross and $10,740 in net. And these illustrations in the same way. Bad weather was somewhat of a
could be continued to the end, that is until they in- drawback then on certain lines here in the East,
cluded every anthracite carrier of any consequence. though not to any great extent for the country as
The Erie also is a large anthracite carrier, but was a whole. There were repeated snow storms in these
able to offset in part its loss of anthracite tonnage parts in the month in 1925, and in New York City
by a greatly enlarged traffic in bituminous coal. the fall of snow was the heaviest of any January in
Nevertheless, it reports $583,162 loss in gross and the history of the local weather bureau, reaching
$259,618 loss in net.
26.2 inches. A storm which came toward the end of
The grain roads, too, suffered in many cases- de- the month-that is Thursday, Jan. 29, and extending
creases in gross and in a number of instances, also, into Friday, Jan. 30-proved particularly mischievdecreases in net, particularly in the Southwest. The ous in New York State. The New York Central Railwheat crop of 1925 was smaller than in the previous road reported it as the worst in its history, especially
season, and while that is not true regarding the between Albany and Rochester, causing considerable
spring wheat States of the Northwest, all Western delay in the running of trains. The Twentieth CenStates suffered alike from the diminished export tury train from Chicago was almost 16 hours late in
movement of the staple, which in turn operated to reaching the Grand Central Terminal in New York
restrict shipments to market. A year ago the for- City. It was due at 9.40 a. m., but did not arrive
eign demand for our wheat, for example, was large until 1.18 and 1.33 the following morning (Saturand urgent and at very high prices. The present day), coming in two sections. The area of disturbyear the demand was poor, with values much lower. ance, however, in this way was very much circumAmong Southwestern roads, which, by the way, did scribed, being confined largely to New York and
exceptionally well in January 1925, the Atchison New England, while elsewhere in the northern part
has a decrease of $1,015,783 in gross and of $589,948 of the country the winter was comparatively mild,
in net. It should be pointed out that the Southwest- and little complaint was heard of obstruction beern roads with more or less mileage in Texas suf- cause of snow and ice or because of extreme cold.
fered because of the diminished cotton yield in Texas, In 1924, as the present year, mild weather conditions
that State having failed to raise a crop of cotton of prevailed nearly everywhere in January in the
the huge dimensions of that of the preceding year. United States, though in 1923, on the other hand, the
And as bearing on that point it deserves to be noted winter during January, and also a great part of Febthat the Gulf Colorado & Santa Fe, which forms part ruary, was of exceptional severity, heavy snowfalls
of the Atchison System, standing by itself has a having then made it difficult and unusually expendecrease of $680,057 in gross and of $312,284 in net. sive to operate the railroads all through New EngThe Rock Island has $311,854 decrease in gross, with land and the northern part of New York, as also to
$493,566 in net; the Missouri Pacific $284,102 in some extent in other parts of the country.
gross, but $158,227 gain in net; the Missouri Kansas
What gives additional significance to the present
& Texas $363,356 decrease in gross and $145,738 in year's indifferent exhibit is that we are comparing
net. Other roads in the same part of the country with figures a year ago which in themselves were
might be mentioned with a closely similar showing. a disappointment and failed to reflect adequately
The Southern Pacific, on the other hand, which the revival in business which followed as a result of
reaches down into the same territory, while having the election two months before of President Coollost $17,886 in gross has $531,243 gain in net idge. As explained by us at the time, the showing
Among Northwestern roads, the Milwaukee & St. made by our compilations in January 1925 was satPaul reports $780,740 decrease in gross and $649,- isfactory chiefly because of the renewed testimony it
006 decrease in net and the Chicago & North West- afforded of the increased efficiency and economy
ern has $379,632 decrease in gross, but $78,491 in- with which the roads were being operated. The
crease in net. Similarly, the Burlington & Quincy gross earnings showed only moderate improvement,
falls $886,607 behind in gross, but has bettered its namely $15,866,417, or 3.30%, but the improvement
net by $192,466. The Great Northern, while losing in the net then reached $17,341,704, or 20.73%, ex4162,330 in gross, has added $31,514 to its net, and penses having been slightly reduced. If we go furthe Northern Pacific, while losing $352,692 in gross ther back we find that the gain in the gross in Januhas added $113,365 to net. The Union Pacific has ary 1925 did not suffice to wipe out the loss in gross
gained $117,317 in gross and $56,390 in net.
earnings sustained in January 1924. In the case of
Enough has been said to show the part played by the net earnings, however, this remark does not apthe two special sets of unfavorable conditions, and ply. The January 1925 improvement in the net, we
when account is taken at the same time of the fact have seen, is $17,341,704. On the other hand, the
that the month the present year also contained one loss in net in January 1924 was no more than 0,412,less working day, it is not surprising that the results 390. The mild weather in 1924, as compared with
for the railroads as a whole do not make a better the exceptionally severe weather the previous year,
comparison with a year ago. The changes, however, enabled the managers greatly to reduce expenses at
between 1926 and 1925 are not very large, as already that time, thereby offsetting the greater part of the
noted. In the gross there is a loss of $3,960,038, or loss in gross receipts, then sustained, while in 1925,
0.82%, and in the net a gain of $946,994, or only as has already been shown, still greater efficiency
0.93%, as will be seen by the following:
of operation permitted a further saving in expenses.
Month of Jan.(187 roadv)Inc. (+) or Dec. (-)
1928.
1925.
reference to the 1924
Mlles of road
236,944
+346 0.14 Moreover, it is to be said, with
235,699
Gross earnings
3480,062,657 3484,022.695 -53,960,038 0.82
losses
in
that these were in
both
gross
and
net,
Operating expense.;
1.36
377,791,780
382,698,812 -4,907,032
Ratio &expenses to earnings_ -._
78.33%,•
7871%
favorable results
extraordinarily
comparison
with
earnings
+3946,994 0 93
Net
5102,270,877 3101.323.883
1376
THE CHRONICLE
[VOL 122.
in January 1923. In reviewing the Janua
ry state- the inter-State Commerce Commission
on Dec. 23
Anent of the last mentioned year we referred
to it as 1919. The addition in that way was rough
ly $53,000,The most encouraging monthly exhibit it
had been 000, and both gross and net were enlarg
ed to the exour privilege to present in a long time. Reviv
al in tent of this $53,000,000. With that item elimin
ated
trade, we noted, had added substantially
to the there would have been at that time
instead of the
traffic of the roads, thereby swelling the gross
reve- $101,000,000 increase in gross an increa
se of only
nues, while at the same time operating expenses,
$48,000,000, and the net earning; would have
rethough showing continued augmentation, had not
corded an actual loss of about $3,000,000. Furthe
rincreased to such an extent as to absorb the whole
more, the gain in January 1919, too, was depriv
ed of
of the gain in gross. As compared with the same
much of its significance by the fact that
it constimonth of 1922, there was then an improvement of
no tuted simply recovery (and only partial
recovery at
less than $105,816,364 in the gross, and of $35,012,892
that) from the extreme losses sustained in Janua
ry
in the net. On the other hand, however, the very
1918, when the weather conditions encoun
tered were
large gain in gross in 1923 was merely a recovery of
the worst experienced in the entire histor
y of railwhat had been lost in the gross in the two preceding
roading in this country. That was the time
when
years, namely 1922 and 1921, though in the net the
the United States was engaged in the prosecution
of
1923 improvement was additional to an improvemen
t the war against Germany, and when intens
ely cold
in 1922, the two successive gains in net reflecting
the weather prevailed, with freight congestion
and traftransformation effected as regards expenses with
fic embargoes and blockades reported
everywhere.
the relinquishment of Government control of
the To state the situation in a nutshell, our
January 1919
properties.
compilations showed $111,420,819 increase in
gross
The reason for the loss in gross in January 1922
and $22,340,495 increase in net, but following
$11,was, of course, that at that time the country was
608,126 decrease in gross and no less than $66,436,still suffering intense depression in business, and
574 decrease in net in January 1918. Below we furthe falling off in January 1921, which amounted to nish
a summary of the January comparisons for each
$33,226,587, was due to much the same circumstance.
year back to 1906. For 1911, for 1910 and for 1909
In January 1921 the United States was in the earlier
we use the totals of the Inter-State Commerce Comstages of that intense prostration of trade from
mission, which then were more comprehensive than
which the country was still suffering at the beginour own, but for the preceding years we give the rening of 1922, and as a consequence there was a
sub- sults just as registered by our own tables each year—
stantial reduction in the gross receipts
in that a portion of the railroad mileage of the country
bemonth, notwithstanding the much higher rate scheding always unrepresented in the totals in these earules, both passenger and freight, put in force
the pre- lier years, owing to the refusal at that time of some
vious August (1920). The shrinkage in the
gross in of the roads to give out monthly figures for
pubJanuary 1921 was $33,226,587 and it was
followed lication.
by a further shrinkage of $75,303,279 in Janua
ry
1922, and 'it should be noted that the January
Gross Earnings.
Net Earnings.
1923 Year.
gain of $105,816,364, though large, did not entire
Year
Year
Increase
or
Year
Year
Increase or
ly
Given.
Preceding.
Decrease.
Given.
Preceding
Decrease.
wipe out the antecedent loss. In the net, however,
Jan.
$
$
$
$
$
$
... 128,566,9
as already stated, the 1923 improvement followed a 1906
68 106.741,980 +21,824,988 38,673.261 26,996,77
2 +11.676,497
1907.. 133,840,696 123,669.663 +10.176,038 36.287,04
4 37,096.91
—809,874
135,127,093 155.152,717 —20.025,92: 29,659.241 41.155,58 8
substantial improvement in the net in 1922 also. We 1908,.
7 —11,496,340
1900_. 182.970,018 173.352.791
+9.617,216 '.0.295,376 11.036,611 +9.258,762
_. 211,041.039 183,264.062 +27.776,971 57.909,651 '0.491.08
have already pointed out that the gross in 1922 fell 1910
( +6,918,577
1911 _. 215.056,017 210.808,247
+4.248.776. 53,890.651 57.373.9(8 —3.983,309
1912 __ 210.709,771 213,145,078 —2.490,307 15.990.70
off no less than $75,303,279. That reduction in gross 1913__
7 52,9(0.920 —7.019.714
246,663.737 208,535,0(0 +38.128.671 14.277,16, 65.905.38
7 +18.781.777
1914 _ _ 233.073.83 299.978.641 —16.881.807 12.799 861'
"5.201,44
revenues was accompanied by a cut in the expenses 1915
__ 220.282.196 236,880,747 —16.598.551 71.582,991 52,973.97 1 —12.951.572
.
—880,982
1916 __ 267.043.635 290 703,591 +46.810,066 78.899,816
51.552,397 +27,397.913
in the prodigious amount of $104,392,928, yielding, 1917
_ _ '07,961,074 267.115.98
: +90.818,78: 87.798.90
191$,, 282.394.667 494,01,2.791 —11.608.12, 17,038,706 79.099.573 +8,679.331
8 —66,436.579
hence, a gain in the net of $29,089,649. Contrari- 1919 __ 395,552.020 284,131.201 +111,420,81P 36,222.168 83.475.27
1920,, 499.706,127 392.927.367 +101.778.76085.908.709 13.881.679 +22,390,496
36,099,05
!
wise, in 1921 the showing was a poor one, both in the 1921
+49.009.654
__ 469,789,502 503.011.120 —33,226.587
7 88,803.107 —0,361.362
1922 __ 393,892.52.9 169.195,801 —75.303,27, 28,451,79
57,421,60
gross and in the net, and particularly in the latter. 1923 ....
50.816,521 395,000,157 +105.8111.36 "3.279,68' 18,331.0.56 +29,089,699
58.266,79, +35.012.892
1924 __ 467.887.013 501.997.837 —33.610.82
483.190.642 167,329,227 +17.856.917 83.053.861 13,366,251 —9,912,390
And it is the poor results of that year and of the 1925._
101022978 83.680 77, +17.391,704
..
4110 062.657 181,022.690 —3,060.038
1929
102270877 101323883
+096.994
years preceding that has made possible the better net Note—In 1908 the returns
were based on 157,12 n Iles of road:
In 1909, 231,970.
In
1910. 239.808; In 1911, 242,479; In 1912.
the carriers have enjoyed since then. The simple 243,732:
237.888; In 1913, 235,907; In 1919.
In 1915, 246,950; In 1916. 247,620: In 1917.
248.977; In 1918, 204,046; It
1910. 232,655; In 1920, 232.511; In 1921, 232,492:
truth of the matter is that owing to the prodigious In
In 1922,235,395; In 1023,235,678:
1924, 238,699; In 1925, 236,149; In 1926.
236 944
expansion in the expenses, the net had got down to
In the case of the separate roads or system
s, we
the vanishing point. In brief, our statement for have already indica
ted the changes from a year ago
January 1921 showed $33,226,587 loss in gross, not- for the anthracite
carriers and the Western grain
withstanding the much higher rates, and this was roads. With refere
nce to the rest of the country it
attended by an augmentation of $27,124,775 in ex- is only necessary
to say that Southern roads, as in
penses, the two combined causing a loss in net in other months, were
favored beyond all others and
the huge sum of $60,351,362.
give an exceptionally good account of themse
lves.
It is true, on the other hand, that there were sub- Improvement is the rule
nearly everywhere in the
etantial gains in January of the two years immedi- Southern States
east of the Mississippi River and
ately preceding, namely in January 1920 and Janu- south of the Ohio, and
the gains for the prominent
ary 1919. In January 1920 our compilations showed systems are not only genera
l but of large magnitude.
an increase over January 1919 of $101,778,760 in the And the remark applies
to the net as well as the
gross, and of $49,809,654 in the net, though a special gross. There are a few
decreases, but they are incircumstance accounted for the magnitude of the consequential and of
little significance. As regards
gains. In other words, in the January 1920 total the large East and West trunk
lines, in the territory
there was included an estimate covering back mail between the Atlantic seaboard and
the Great Lakes,
pay for the years 1918 and 1919, accruing to the the Pennsylvania on the lines direct operat
ly
ed east
Railroad Administration as a result of a decision of and west of Pittsburgh, shows
$1,032,853 gain in
MAR. 13 1926.]
THE CHRONICLE
1377
gross and $892,416 gain in net. In January last what has already been said above, and we accordyear the Pennsylvania on the lines directly operated ingly insert our summary by groups in the usual
reported $2,650,882 increase in gross with $321,348 form without further comment:
decrease in net. The New York Central the present
SUMMARY BY GROUPS.
Gross Earninos
year has $683,022 increase in gross and $666,501 ininc.(+) or Dec.(-)
Seaton or Group1926.
1925.
January$
-446,186 2.17
crease in net. This is for the New York Central it- Group 1(0 roads), New England
20,209,661 20,655.847
Group 2(33 roads),East & Middle_ ._144.490.730 148.962.612 --4.471.882 3.00
-239.827 0.58
43,025.023 43,264.850
self. Including the various auxiliary and controlled Group 1(27 roads), Middle West
Groups 4 & 5(34 roads), Southern.... 82.847,984 75,098,294 4-7,749.690 10.31
-3,552.375 3.80
roads, the result is $133,873 gain in gross and $156,- Groups6 & 7(28 roads), Northwest_ _.90,010.753 93,563.128
Groups 8& 9(46 roads), Southwest
75,192,000 78.379,612 -3,187,612 407
+188,154 0.78
roads),
24,098.352
(10
Pacific
Coast.
24,286,506
Group
10
_
_
.
net.
in
Last
the
year in January
648
combined lines
480.062.657 484.022,695 -3.960.038 0.82
of the New York Central showed $777,477 increase in • Total(187 roads)
Net Earnincs
--Mileage-gross and $892,164 increase in net. The Baltimore Section or Group-1926.
Ins.(+) or Dec.(-)
1925.
January1926. 1925.
5
+281.487 7.31
& Ohio this time has an unusually good statement, Group 1
3.848,169
7,204
4,129.656
7.372
34.657 34,726
22.588,276 24.042.175 -1,453,899 6.05
2
reporting $1,423,721 addition to gross and $1,159,733 Group
-29,723 0.28
15,996 15.991
10.720,951 10,750,674
Group 3
Groups 4 de 5
39.358 39,138 22.967.533 18.940.112 +4,018,421 21.2
-665.359 3.49
81
2
addition to net. Doubtless the Baltimore & Ohio Groups 6 & 7
9..0
89
19
8..7
73
18.434.372 14
67,203 67,275
18,253,41'6 19.815,240 -1.561.774 7.89
55,432 55,073
Groups 8 & 9
+357.841 7.42
moved a much heavier tonnage of bituminous coal, Group 10
17,094 17.024
5,176,623
+946.994 0.93
236,944 236,599 102.270.877 101.323.883
-owing to the anthracite miners' strike. Last year in Total
NOTE.-Group I Includes all of the New England States.
January the Baltimore & Ohio had a decrease of Group
II includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo, also al. cf New Jersey, De.aware and Mary.and, and
$371,765 in gross, but an increase of $574,479 in the the
extreme northern portion of West Virginia.
Group III includes all of Ohio and Indiana, all of Michigan except the northern
net. In the following we show all changes for the peninsula,
and that portion of New Ycrk and Pennsywania west of Buffalo and
separate roads for amounts in excess of $100,000, Pittsburgh.
Groups IV and V combined include the Southern States south of the Ohio and
whether increases or decreases, and in both gross east of the Mississippi River.
Groups VI and VII combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
and net:
all cf Montana, Wyoming
PRINCIPAL CHANGES IN GROSS EARNINGS FOR JANUARY.
Decrease.
Increase.
$ 905.768
Atlantic Coast Lines_ _ _ 51,541,614 Central New Jersey
886.607
Baltimore & Ohio
1,423.721 Chicago Burl & Quincy_ _
Seaboard Air Line
730,740
1,253,191 Chic Mil & St Paul_ __
583.162
Pennsylvania
a1,032,853 Erie (3)
453.196
Florida East Coast
986.443 Boston & Maine
425,956
Chesapeake & Ohio
918.517 N Y Out & Western....
413.434
Norfolk & Western
708.947 C C0 & St Louis
379,632
New York Ce it-al
b68'3,022 Chicago & North Western
363.356
Louisville t: Nashville..
574.731 Missouri-Kan-Tex (2).
356.082
Southern Ry
519,273 Tri .ity & Brazos Valley.
352.692
Illinois Co .tml
337,635 No-thern Pacific
311.851
Cent-el of Gen-ela
318,330 Chicago RI & Pac (2)..
28%102
Alt131-eet S uthern
247.557 Missouri Pacific
Grand Trunk Western252,653
237.629 Minneapolis & St Paul.,.
GeorgiaSou & Florida__
219,537
207.379 Ella Joliet & Eastern..
Texas & Pacific
216.223
194.292 ChicSt P Minn & Om_ _ _
Buffalo Roehester & Pitts
213.326
182.829 Be isemer & Lake Erie..
Western Maryland
202.056
179,692 Pittsburgh & Lake Erie_
Michigan Central
195,271
165.216 Minn St P & S SM
Monongahela
139.274 Chicago & Alton
186.229
Union Pacific (4)__
117.317 Lehigh & New England172 2 6
Wheeling & Lake Erie
168.403
111.469 Central New England.._ _
Kansas City Southern
165.887
103,857 Colorado & South (2)._
162.330
Great Northern
Total (26 roads)
146,659
$12.171,838 Term Ry Ass'n of St L.
_
St Louis-San Fran (3).139.264
Decrease. K C Mex & Orient
133.945
Del Lack & Western..- _ _ $1,666,489 NYNH& Hartford,,_
112.963
Lehigh Valley
1.514,586 Los Angeles & Salt Lake..
108.635
Delaware & Hudson_ __ _ 1.374,158 Galveston Wharf
101.828
Reading
1.082.660
Atchison Top & S Fe (3)- 1.015.783
Total (44 roads)
$16.027.709
Note -All the figures in the above are on the basis of the returns filei
with the Into -State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the separate
returns so as to make the results co dorm as nearly as possible to those
given in the statements furnished by the companies themselves.
a This 19 the result for the Pennsylvania RR. (I 'eluding the former
Pennsylvania Company. the Pittsburgh Cincinnati Chicago & St. Louis
and the Grand Rapids & Indiana).
b The New York Central proper shows $683.022 increase. Including
the various auxiliary and coat-oiled roads, lice the Michigan Central, the
"Big Four." &c.. the whole going to form the Now York Central System,
the result is a gain of $133,873.
PRINCIPAL CHANGES IN NET EARNINGS FOR JANUARY.
Increase.'
Baltimore & Ohio
$1.159,733 Lehigh Valley
51.044,859
Atlantic Coast Lines- _ _
961.287 Del Lack & Western_ __ _
85
19
9
.861,6
Pennsylvania
0892.416Delaware & Hudson _ _ _ _
816.532
New York Central
0666,501 I Central New Jersey
777,914
Norfolk & Western
625.912 Reading
Seaboard Air LI te
60).279 Chicago Milw & St Paul_
.0
05
05
6
6
74
37
9.
Chesapeake & Ohio
549.154 Atchison Top & S Fe (3)
589.948
Southern Pacific (4)_
531.243 Chicago R I & Pac (2)._
493.566
Louisville & Nashville
391,813 0 C C & St Louis
Denver & Rio Gr West
316.028 Elgin Joliet & Eastern.
.
3
40
86
1;408
39
7
Illinois Central
302.782 Trinity & Brag Valley
269.246
Florida East Coast
297.427 Erie (3)
Grand Trunk Western__
253,207 Los Angeles & Salt Lake_
25
48
9.'9
62
18
8
Central of Georgia
221,793 Chic St P Minn & Om
187.007
Chicago Burl & Quincy
192,466 Bessemer & Lake Erie....
175.491
Missouri Pacific
158.227 Missouri-Kan-Texas (2).
145.738
Wabash
154,615 NY Oat az Western....
141.427
Southern Railway
146,059 Colorado Southern (2)
137.984
Pacific
Texas Ss
141.381 Chicago & Alton
Michigan Central
132.987 Minneapolis & St Louis65
86
2
1
12
38
1 ..3
Boston & Maine
130,418 N 0 Tex & Mexico (2)...
128.078
Northern Pacific
115,365 Yazoo & Miss Valley
123.172
Kansas City Southern
113,035 Perm Ry Ass'n of St L.
102,519
Union RR (Penn)
112,944
Wheeling & Lake Erie.110.533
Total (29 roads)
$8,939,341
Long Island
100.692
Total (29 roads)
$9.378.297
a This is the result for the Pennsylvania RR. (Including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago
& St. Louis and
the Grand Rapids & Indiana).
O These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled
roads, like the Michigan Central, the "Big Four," &c., the result is an increase of $156.648.
Arranging the roads now in groups or geographical divisions according to their location, it is found
that every leading division, except the Southern and
the Pacific Coast, registers a decrease in the gross
and the same is true also in the case of the net, except that here the New England group also has a
slight increase in the net. All this follows from
mei Missouri north of St. Louis and Kansas City, also
Ind Nebraska. together with Colorado north of a .me parallel to the State mine
passing through Denver.
Groups VIII and IX combined include alt cf Kansas, Oklahoma. Arkansas and
!Indian Territcry, Missouri south cf St. Louis and Kansas City, Coll ratio south
at Denver. the whole of Texas and the bulk of Lo tidana, and that pertion of New
Mexico north of a line running from the northwest corner ol the State through
Santa Fe and east of a line running front Santa Fe to El Paso
Group X includes al. of Washington, Oregon, Idaho. California, Nevada, Utah
and Arizona, and the western part of New Mexico.
Western roads had a considerably smaller grain
movement the present year than in January last
year. For the five weeks ending Jan. 30 the receipts
of wheat in 1926 were only 23,938,000 bushels, as
against 26,095,600 bushels in the corresponding five
weeks of 1925; the receipts of corn were 33,450,000
bushels, against 38,752,000 bushels, and the receipts
of oats 16,334,000 bushels, against 21,889,000 bushels. Adding barley and rye, the receipts of the five
cereals combined for the five weeks of 1926 foot up
only 79,028,000 bushels, against 96,944,000 bushels
in the five weeks of 1925. Details of the Western
grain movement in our usual form are set out in the
table we now introduce:
WESTERN FLOUR AND GRAIN RECEIPTS.
Barley.
Corn.
Oats.
1Vheat.
Five Weeks End. Flour.
(bUsh.)
(bush.)
(bush.)
(bush.)
(bbis.)
Jan. 30Chicano-
581.000
1.180090 1,235.000 13,055 000 3,107 000
1926
1925
1,493,000 1,918,000 13,386.000 6,498 000 1,018.000
Milwaukee1926
1920
St. Louis1926
1925
193,000
116,000
515,000 2,890.000 2.564.000 3,142.000
535,000 3,916,000 3,610.000 4,638.000
Toledo1921
1925
Davit1926
1925
Peoria1921
1925
Duluth1926
870.000
9'0.000
316.000 2.574,000
193,000 1,275.000 1,481,000 1,421.000
1925
Minneapolis1926
1925
130,000
422,000
176.000
237,000
128.000
95.000
3,000
1.000
23,000
18,000
481.000
329,000
802.000
549.000
408.000
415.000
90,000
85.000
60,000
121.1)00
180.000
3.000
27.000
50.000
807.000
78,000 2.772.000
249,000 3,301,000 1,313,000
101.000
110.000
1.000
11,000
2.605,000
11.000 2.493.000
121,000
2,021,000
7,000 2,419 000
48.000
766.000
996,000
10.239.000 1,293.000 2,715.000 1.809.000
9,821,000 4,186.000 3,980,000 2,125.000
642,000
166,000
243.000
265,000
Rye.
(bush.)
561.000
Kansas City3,345,000 3,548.000
3,192,000 3,191.000
1926
1925
645.000
736.000
Omaha & Indianapolis1926
1925
099,000 4,595.000 1,428,000
2,007,000 6,098,000 2,641.000
Sioux City1926
1925
376.000
1,136,000
273.000
442.000
517,000 1,383.000
1,141,000 1,471,000
105.000
102.000
390.000
485.000
130.000
44,000
268,000
222,000
1.000
2,000
4,000
St Joseph1926
1925
WichUa1926
1925
Total AU1926
1925
874.000
920,000
2.131.000 23,938,000 33.450.000 16.334.000 3,622.000 1,684.000
2.409,000 26,095.000 38.752,000 24,889.000 4,825.000 2.383,000
The Western live stock movement also was smaller
than a year ago, the receipts at Chicago in January
1926 comprising but 23,978 carloads, as compared
with 29,959 cars in January 1924; at Omaha 9,297
carloads, against 11,104, and at Kansas City but
8,398, against 10,202 cars.
1378
THE CHRONICLE
With regard to the cotton movement in the South,
here, too, there was a considerable falling off in
January the present year, which is the more noteworthy in view of the increase in the size of the crop.
The shipments overland during January this year
were 166,115 bales, as against 240,964 bales in 1925;
138,678 bales in 1924 and 155,729 bales in 1923. At
the Southern outports the receipts the present year
aggregated 739,040 bales only, as against 962,316
bales in 1925; 581,984 bales in 1924 and 487,396
bales in 1923, as will be seen by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS FOR MONTH OF
JANUARY FROM 1921 TO 1926. INCLUSIVE.
Month of January.
Ports.
1926.
1925.
1924.
1923.
1922.
1921.
259,993
140,007
216.885
13,118
525
48.855
258.058
78,042
157,224
7,346
2,963
36,065
25,146
7,845
26,666
358,975
268,715
213,227
12,041
897
42,986
350
22,532
13,149
29,624
6,986
5,201
30,099
187.202
78,014
135.778
6,177
2,465
25,667
1,375
17,600
3,404
29,714
177.397
36,435
91,088
10,215
350
40.949
1,735
6,544
5,086
23,208
259,361
20,948
155,778
11,457
2,718
51,198
51
5,610
3,610
31,874
185
l'iltR1--------720040
009 210
r41 041
427200
20/ An,
040 70A
Galveston
bales_
Texas City, Jo
New Orleans
Mobile
Pensacola, Scc
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Newport News
Objection to Letting Federal Reserve
Assume Function of Bank Clearing
Houses.
[From the "Wall Street Journal" of March 1.]
It has been suggested that bankers' clearing houses might
be done away with and their principal function taken over
by the Federal Reserve banks. No doubt the exchanging of
checks could be done just as advantageously by the central
banks and their branches, but a clearing house has other
useful purposes. It is an effective medium for co-operation
among its members. Through a clearing house associated
banks can act for *mutual protection in a way which might
be difficult to accomplish individually.
For.. 122.
A recent instance of this was when the New York Clearing
House fixed a charge for making "street" loans for account
of out-of-town correspondents and others. Local bankers
had long realized it was time to put a stop to what had become an unreasonable burden in the way of free service.
Two-thirds of the amount being lent by Federal Reserve
member banks in this city to Wall Street brokers and dealers is for accounts other than their own. The cost of running loan departments had become a large part of the overhead of local banks, for which there was no compensating
return. Henceforth, in an average 4% call money market,
New York banks will receive something like $4,000,000
a
year for this service.
Our city bankers have only themselves to blame for the
loss of this service charge heretofore. Through competition
for interior accounts they had carried the system of free
service to a ridiculous point. Going bail for a Texas correspondent arrested in a shooting affair or paying the funeral
expenses of a foreign banker who dies on a visit here are
instances which may be put down as "new business," but
they suggest some distortion in the idea of a city correspondent's obligations. In the days before the Federal Reserve,
when city banks were the chief reserve depositories and the
main source of accommodation for country banks in the
crop-moving season, there were more compensating returns
on these out-of-town accounts than there are to-day.
The first step in the movement to break away from this
thraldom of the out-of-town account was when the New
York banks a few years ago sought to limit the rates on
Interest paid on deposits. A schedule of maximum rates
was instituted, based on the prevailing Federal Reserve
Bank rate. Under competitive bidding for out-of-town balances some banks began offering excessive interest rates
and consequently created an unsound money situation. It
was not until the banks got together, through the Clearing
House Association, that the evil was remedied.
The Clearing House should stay. In these days of Government and quasi-Government regulations some such
agency as this is necessary for the independent protection
and mutual welfare of the city banks.
The Powers of Central Banks-Effectiveness of Control by Means of
Changes in Discount Rates.
By
[Copyrighted
by
HARTLEY WITHERS,
formerly Editor of "The Economist" of London.
the William B. Dana Company for the "Commercial and Financial Chronicle."
From an interesting paper, by Dr. Henry Chandler, in a
recent number of "Commerce Monthly," published by the
National Bank of Commerce in New York, it appears that
there has been a good deal of discussion in America concerning the control exercised over credit in the United
States by the Federal Reserve System. Some maintain that
the control has been powerful and beneficial, others have
denied the stabilizing character of the System's recent actions and have attributed to it an inflationary policy. A
control, the results of which are open to such a wide difference of opinion, is evidently an influence which has not yet
been measured with any approach to accuracy.
The question is by no means one of merely academic interest, but is of very practical moment to all who are engaged
in any kind of business, to all who hold investments and
to all who buy and sell goods-that is to say, to every man,
woman and child of us. Because it is through the power of
the central banks to control credit, that the stabilization of
prices is expected, with more or less confidence according
to the view that one holds on this subject, to be secured.
If they are now doubting in America, as to whether the
policy of the central banks has been effective in stabilizing,
or has produced inflation, it is clear that a great deal has
yet to be done before we can look forward to the day when
the index number of commodity prices will run in a straight
line across our charts.
Many people seem to think that now that England has
gone back to the gold standard this question of stabilization by credit control has been abandoned there, and that
prices will be left to the influence of the automatic action
Exclusive copyright in the United States.]
of the gold standard. But this is by no means so. In the
first place the gold standard was not nearly such an automatic machine as its critics seem to think. In pre-war days
the state of the Bank of England's gold stock was a highly
important item which the directors had to consider; when
deciding to make, or refrain from, movements in their rate
of discount, they exercised a wide latitude of discretion in
the matter, as is shown by the fact that the City was often
in doubt as to what their action would be. Moreover, the
world has suffered so acutely in recent years from the effects of fluctuations in prices, that efforts towards stability
are now recognized as part of the duty of the central banks
of all countries; and a conference of central banks has
been proposed to discuss the question of keeping gold prices
steady. In America the gold standard has long been effective, though complicated by the possession of an abnormal
mass of gold; nevertheless, controversy rages as to the
stabilization policy of the Federal Reserve System, showing
that a gold standard by no means ends the question.
With all deference to the distinguished authority of those
who hold that trade and prices can be contracted and expanded like a concertina through movements in the rates of
central banks, there is surely good ground for the view that
In normal times the influence of credit manipulation may
be greatly exaggerated. Even in abnormal times It is not
all-powerful. The after-war boom and collapse are often
attributed to the fact that the central banks, in London and
New York, first delayed much too long in raising their rates
and then raised them too quickly. But it is at least possible
that the boom happened because everybody thought that a
h
MAR. 13 19261
THE CHRONICLE
1379
memory of those troubled hours in which European peace
and the success of Locarno seemed to hang in the balance,
if, indeed, they do not hang there still.
The spectacle of Geneva when representatives of fiftyfive nations found themselves marking time because of a
Cabinet crisis in one nation is not easy to forget. That
interruption came at a critical moment in the affairs of the
League The notion that somebody for weeks had been trying to play politics with an issue of vital importance to the
whole world was disconcerting where something else had
been hoped for.
In this disappointment the "Sun" shared, and while we
were deeply sorry that optimistic predictions of what the
League would mean to troubled Europe should not be realized we were glad that America was not entangled in this
mesh of foreign politics.
At Locarno the principal European Powers reached agreements of the utmost importance. But it now appears that
when they transferred negotiations to the jurisdiction of
the League of Nations they complicated matters instead of
simplifying them. The very first step to be taken under
the aegis of the League plunged them into new difficulties.
If such a matter of routine as allocating to Germany her
relative position as a member of the Council—a position
already agreed upon—could cause the disturbance it has
caused what is to be expected when unadjudicated matters
touching upon delicate and complex international relationships come up for settlement?
How can the League be expected to settle the troubles of
the universe if it cannot arrange without rancor a detail of
its own organization? How can it bring peace and good will
to Europe when it is contentious over a question of its own
procedure? How can it allay suspicions everywhere when
there is suspicion in its own councils? How can it promote
diplomatic stability among all the nations when it has so
little stability of its own that it can be thrown into the confusion of the present week by the mere fact that a few politicians in one country were able to get together and deliver
an adverse parliamentary vote on a Governmental tax bill?
The Council's permanent roll was purposely kept small
and limited at first to the great Powers—Britain, France,
Italy and Japan, with the expectation that Germany, the
United States and perhaps Russia would be added. But at
the first attempt to increase the membership by the inclusion
of Germany there was a scramble f lesser Powers to get in.
When is a nation a great Power and when a small one?
Poland wants admission now; so does Spain; so does Brazil;
so does China. France is inclined to favor the admission
of the first three. But if Poland, why not Czechoslovakia?
If Spain, why not Belgium and Holland? If Brazil, why
not Argentina and Chile? If China, why not Siam?
Why does France want Poland, Spain and Brazil in the
Council? Germany says it is because France seeks to create
a Latin bloc to which Poland will adhere. If a Latin bloc,
why not a Scandinavian bloc? Or why not a British-German-Japanese bloc? What a disappointment that the first
matter brought before the League as a result of Locarno
should provoke such a broadside of interrogation points!
Each question mark indicates a political dispute in which
the United States might be involved if this country had entered the League, and the number of such disputes can be
multiplied to infinity. It is idle to suppose America could
Politics in the League of Nations.
remain always neutral. Bight now an American represen[From the New York "Sun" of Thursday, March 11 1926.]
tative in the League would be pondering whether we ought
Adjustment now cannot efface the painful sense of disap- to join the Latin bloc, the British-German-Japanese bloc or
pointment which the world has felt since it became known gather up Panama, Paraguay and Peru and form an Amerithere was a hitch and a serious one. Nor will it efface the can bloc of our own.
boom was bound to follow war, and that as long as prices
were rising, as they rose in those hectic days, no raising of
the rate for money—short of a rise that would have produced immediate panic—would have stopped it; and that
the collapse came because the public refused to buy at the
prices asked, and as soon as it was discovered that rising
prices were not part of the scheme of the commercial universe, the bottom fell out of the commodity markets.
In normal times, when business is proceeding on a more
or less even keel, it is by no means certain that trade does
not influence money at least as much as money influences
trade. As far as actual producers are concerned, the price
that is paid for overdrafts and advances from banks, or for
discounting bills is an almost negligible item in the cost of
production; as long as manufacturers can, or think they
can, see their way to a ready market for their goods, they
will continue to turn them out. To merchants, and wholesale dealers, who carry big stocks of goods on credit, the
price of money is a much more serious consideration, but
even they are probably influenced more by the probability
of a free offtake by the retailera., than by any normal movement in rates for money.
Believers in the almighty power, to swing trade and
prices, of the discount rates of central banks lay great stress
on the psychological
effect produced by their movements.
-Theyitrgue that when a rate is raised, with the object of
making prices lower, all the business world knows that the
authorities are working for lower prices, and accordingly
reduce their commitments, stop their demand for materials
and finished goods, and so produce the result aimed at by
the central bank. But this contention leaves out the fact
that prices do not all move in unison. A fall in the general
average is quite compatible with a rise in several particular
commodities. And it is the particular commodity that he
produces or deals in that exercises the mind of the manufacturer or merchant The tea merchant is not anxious
about the index number of general prices, but about the
price of tea. If, from his knowledge of the statistical position he foresees scarcity, and consumption running ahead
of production, he is not going to be frightened out of his
holding by a rise in price of bank credit.
As to the effectiveness of falls in central bank rates, in
promoting a rise in prices and.a recovery in trade, it must
surely be evident that in certain moods of the business
world, when everyone is taking a gloomy view concerning
the probable demand for goods, it would be impossible to
stimulate optimism even by bringing down the money rate
to nothing—in fact, such a movement would only be marked
as one more symptom of the hopelessness of the situation.
The price of money is a factor undoubtedly, but it is not
the only factor in the trade position, as seems to be believed
by those enthusiasts who credit the central banks with overwhelming power over prices.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Mar. 12 1926.
Bad. weather has militated against trade, especially in
parts of the country where the roads have been difficult.
The decrease is more noticeable in the retail trade than in
the wholesale. Both, however, despite all drawbacks, make
a favorable comparison with a year ago. The cheerful
feature of the week has been the process of recuperation in
the stock market, which to-day was again higher, especially
for railroad stocks. The transactions have kept within
more conservative bounds and brokers' loans are now at the
lowest point of the year. London has suffered more or less
from the uncertain outlook at Geneva and the new crisis in
French politics. There are also the questions of the British engineering strike and of the coal trade. Unfortunately,
in Europe the tendency seems to be towards paternalism in
trade and dictatorship in politics, showing that the evil
after-effects of the war have not yet been wholly shaken
off. The situation in this country is in the main favorable.
One of the outward signs is returning activity in the bond
1380
THE CHRONICLE
FoL. 122.
market here with some issues selling at new high levels. same time last year. Wool has been dull in this country,
Wheat prices are 11 cents higher than the low point on the but the results of the new London sales are somewhat more
10th inst. Another noteworthy feature is that within 48 reassuring, although they show no great change in prices.
hours the export business in wheat has amounted to some
London cabled the "Times" that the threatened lockout in
2,000,000 bushels, the buyers being England, Germany and the British engineering trade which would paralyze the
Italy, as well as Holland, Greece and Portugal. Much of whole industry of the country this week-end, throwing hunthe wheat sold is Canadian, but there is said to be some dreds of thousands out of work, had been postponed. Lockinquiry from Germany for new crop hard wheat in this out notices will be held up until Thursday of next week, givcountry. Corn is slightly higher, and it is said that Holland ing national unions time to discipline the strikers and reguand Scandinavia are in the market for American corn, late the situation. The British Coal Commission issued its
owing to the rapidly diminishing stocks in Argentina. The report, rejecting the suggested policy of nationalization of
sudden increase in the demand for North American wheat British mines, but urging State purchase of mines and
is supposed to be traceable partly to complaints of the their lease to operatives under Government control. Lonquality of the Argentine wheat. The United States cannot don cabled that the Coal Commission's anxiously awaited
spare very much for export, being largely on a domestic report was a sore disappointment. No further Government
basis.
subsidy, it says, should be granted, but it does not point out
Cotton has advanced of late, partly owing to a strong tech- a solution of the difficulty of reconciling proper wages with
nical position, and there were rumors to-day that Palm cheap coal. Owners and miners must solve this knotty point
Beach operators had covered here some 50,000 to 60,000 for themselves. They would probably have to, in
the long
bales of May cotton. The March delivery went out at a run, after paternalism had exhautsed its delusive
powers.
good premium over May and there are intimations that alBoston wired that the Pacific mills have booked a good
though the May premium over July weakened somewhat volume of business thus‘
far this year and the mills have
to-day it may be a different story later on. It is, of course, improved operating sch dules correspond'ngly. At
Fall
regrettable that the total exports of cotton thus far this River advices said that large contracts were reported placed
season are now running nearly 400,000 bales behind those of in 42-inch, 48-square. 8.70 at 7/
1
2c. and 311
/
2-inch, 48-square
a year ago. Moreover, the textile reports are not alto- 8.70 at 5/
1
2c. This latter number has been a large seller
gether favorable. Manchester is not doing a very good busi- since Tuesday. At Charlotte, N. C., some yarn mills are
ness in cloths. Nor Is there any great activity just now in curtailing one day a week. A report that the: mills there
Worth Street, Fall River or New Bedford. There are in- would run only three days a week was again denied. Chartimations that there may be some curtailment among the lotte wired later that there is some talk of curtailment, but
cotton mills in the Charlotte, N. C., district, though reports that mills generally continue on full t:me. The only deIn regard to this matter of late seem to have been exagge- mand reported is of a small filling-in character, and acrated. It is noteworthy, too, that despite the complaints counts for only a light total of sales. Spinners and buyers
from Manchester of unsatisfactory trade among mills mak- are still far apart in their price ideas and the latter show
ing yarns from American cotton, there is a movement to in- no signs of giving up their waiting policy. It is said that
crease the working time in these mills from 301
/
2 hours, the Indications point to the production of rayon becoming
the present schedule, to 35 hours after April 5. Reports one of the active departments of cotton milling in North
from the Continental mills, too, are on the whole not un- Carolina.
cheerful. Iron and steel have been in the main quiet. Iron
At Paterson, N. J., textile workers began a campaign
manufacturers feel the competition of the foreign product to spread the strike to the silk industry there which emand recently there has been some effort to have the iron ploys a total of 25,000 in all its branches. At Paterson conduty increased. There is a fair demand for steel from siderable concern was felt over the attempt of the Passaic.
• railroads, building and automobile concerns and oil and gas woolen mills strikers to get the operatives out of the dye
companies, but on the whole the tendency is to buy small shops of the United Piece Dye Works at Hawthorne. At
lots for immediate use rather than to order on a large scale Passaic, N. J., on March 10, following meetings in Castle
for forward delivery. Tin has advanced and is now at the Park, Garfield and the Russian National Home, Passaic,
highest price seen in six years. Copper has shown some- 3,000 woolen and worsted mill strikers of Passaic, Clifton
thing of a downward tendency and the same is true of lead and Garf:eld stormed the Gera mills. Passaic, N. J., wired
and zinc. Coffee has declined under increased offerings March 11 that the number of strikers of the United Piece
from Brazil, where prices have also weakened. In raw Dye Works plant in Lodi swelled to 2,000 when pickets sucsugar there have been large transactions at some decline ceeded in bringing out between 300 and
500 more. Labor
In the price under the weight of large supplies. One un- organizers declared workers would continue
mass picketfavorable feature is that the competition among refiners is ing, notwithstanding the orders of county
authorities. The
so keen that a good deal of price cutting is going on, some- case evidently needs drastic measures, politics
or no politics.
thing which has a more or less demoralizing effect on the
In the Preston district of Lancashire unemployment is
market. Rubber has been active at higher prices, with a greater than for months past, and the
two largest firms
noticeable decrease in the importations into this country are virtually closed down, one of them
because of the comduring February. At one time to-day prices here were pletion of a large Russian order on which
they had been•
5 cents per pound higher. There Is now an active specula- engaged for some months. The cotton manufacturing industion going on at the Rubber Exchange and the transactions try at Ghent, Belgium, remained satisfactory during Januthere to-day reached the h'ghest since it was established.
ary. Domestic and export demand was good and the weavSome of the branches of business which are the most for- ing mills turned out a maximum production. Several large
tunate at the present time are furniture, agricultural im- silk and flax weaving mills converted their looms
to manuplements and fertilizers, as well as floor cover:ngs. The facture of cotton goods. Lelpsig, Germany,
reports attendsales, too, of the chain stores show a noteworthy increase ance at the Spring Fair satisfactory, but
business poor, the
over those of last year. The same is true of the mail order opinion being that prices are too high.
Berlin cabled that
concerns. The two largest mail order houses had sales in three large German cotton spinning and
weaving mills reFebruary of $38,267,277, as against $33,756,013 In the same cently publ:shed their business
statements for 1925. All
month last year, though they fell a little under the total of three were in a position to declare a dividend substantially
January this year, whith was $37,857,851. The chain store b Nther than that paid in 1924. Italian
cotton mills are
sales in February were $43,918,130, against $39,319,310 in fully occupied and Italian exports of cotton manufactures
February last year and $43,117,622 in January this year. during the first eleven months of 1925
showed an increase
The total for the two months of the mail order concerns is of 32% over those for the corresponding period of 1924.
$74,125,128, aga:nst $68,501,873 in the same time last year,
Production of boots and shoes during January totaled 23,an increase this year of 8.2%. In the same time the chain 845,038 pairs, as compared with 24,403,587 pairs during
store sales reached $87,082,502, against $78,061,893 in the December and 26,077,379 pairs during January 1925, acsame time last year, an increase this year of 111
/
2%. In cording to reports received at the Census Bureau from 1,038
other words, here are figures which show that there is a manufacturers representing 1,185 factories. Wage increases
good business going on in many different articles. Automo- for workers in the building trades, it is estimated, will add
bile factories are active. The output of soft coal has nat- about $40,000,000 a year to New York's building costs.
urally decreased. The tendency of the anthracite output
The week was persistently cold until the 11th inst. The
is quite as naturally to increase. For the last two months cold has caused influenza and led to the closing of the
the car loadings are somewhat larger than those during the schools in some parts of the country. On the 10th inst. the
MAR. 13 1926.] ,
THE CHRONICLE
average temperature here was 32 degrees, or 14 degrees
lower than on the same day last year and 4 degrees lower
than on that date for 46 years. The range was 24 to 41, as
against 25 to 53 last year. In Chicago and Cleveland it was
30 to 34; in Cincinnati, 48 to 54; in Indianapolis, 40 to 46;
in Milwaukee, 28 to 34; in Boston, 36 to 42; in Philadelphia,
40 to 46; in Minneapolis, 24 to 26. It is snowing this evening, but to-morrow promises to be fair and colder. Of late
the temperature has gradually risen. At 8 a. m. to-day it
was 22 and at 3 o'clock 33 degrees. Within 24 hours it has
been 24 to 30 at Chicago,6 to 28 at St. Paul and 36 to 50 at
Kansas City.
Preliminary Business Indicators for February, as
Reported to U. S. Department of Commerce.
Early reports on business conditions to the Department of
Commerce, covering the month of February, indicate increases over January in receipts of domestic and foreign wool
at Boston, while tin consumption and the world visible supply of American cotton declined. In stating this March 8
the Department says:
Trade and financial indicators Increasing over the previous month Included sales by 10-cent chains, new incorporations, customs receipts, patents
Issued and call money rates, while declines occurred
in sales of mail order
houses, new security Issues, passports issued to travelers and ordinary
receipts and expenses of the Federal Government, due largely to the shorter
month. Business failures. both In number and in the amount of liabilities.
were less than in January. The moss debt
of the Government and loans,
discounts and investments of member banks of the Federal Reserve system
at the end of the month were less than at the end of
January.
As compared with February 1925,
increases occurred in receipts of wool
at Boston, world visible supply of cotton,
patents issued and sales by mall
order houses and 10-cent chain stores, while tin deliveries declined. Interest rates on call money, loans and discounts
and total investments of Federal Reserve member banks, new incorporations, customs receipts, and
ordinary receipts of the Government increased, while new security issues.
ordinary expenses and the total gross debt of the Government were less than
a year ago. Business failures showed a decline in the
amount of defaulted
liabilities, but increased in number over February 1925.
BUSINESS INDICATORS.
(Reloit's Numbers: 1919 Monthly Average = 100.)
1925.
Mall order sales (2 houses).
Commercial paper Int. rates
Federal Reserve banks:
Bills discounted
Total reserves
Ratio
Business fnilures:
Number of firms
Ltabilitlea
1926.
Per Cent Incr.(+)
or Decrease(-)
Feb. 192f veb. 1026
from
from
Jan.1926. .'ett. 1925.
Jan.
Feb.
Jan.
Feb.
117
67
113
67
127
81
122
76
-6.2
+80
+13.4
14
141
165
22
138
161
23
135
149
28
133
147
+21.7
-1.5
--1.3
+27.3
-3.6
-2.6
431
575
333
49
427
452
335
362
--2I.5
--21 4
+0.6
-14
In a further statement on business conditions, released for
-publication to-day (March 13), the Department says:
1381
Stooks of Commodities.
Stocks of commodities held at the end of January thoWed an increase
over December and a year ago. Stocks of raw foodstuffs and ether raw
materials for manufacture, as well as manufactured eommoditiee, were
greater than at both previous periods, while stocks of manufactured foodstuffs were smaller in both comparisons.
Unfilled Orders.
The index of unfilled orders showed a slight decline from December and
from a year ago, both the iron and steel and building materials groups
declining hem both periods.
The index numbers of the Department of Commerce are given below:
Production.
(Index Numbers 191100J
Raw Materials: Total
Minerals
Animal products
Crops
Forestry
Manufacturing: Grand total (adjusted)
Total (unadjusted)
Foodstuffs
Textiles
Iron and steel
Other metals
Lumber
Leather
Paper and printing
Chemicals and oils
Stone and clay products
Tobacco
Automobiles (included in miscellaneous group)_
Miscellaneous
1925
Dec.
1926
Jan.
1925
Jan.
141
122
123
164
118
122
122
105
110
134
167
142
78
119
188
112
104
192
119
Ill
121
107
109
114
127
127
114
108
140
187
144
74
122
186
100
110
187
130
120 '
133
113
119
116
117
122 "
113
117
141
179 .
144
85
113
168'
106
111
142
104
163
198
210
71
172
187
218
189
72
178
162
218
157
85
172
155
206
165
75
161
170
228
177
74
182
155
188
149
87
178
64
51
119
81
48
114
62
50
115
Commodity Stocks.
Index Numbers 191100.)
(Unadjusted.)
..
Total
Raw foodstuff
Raw materials for manufacture
Manufactured foodstuff
Manufactured commodities
(Adjusted for seasonal element.)
Total
Raw foodstuffs
Raw materials for manufacture
Manufactured foodstuffs
Manufactured commodities
Unrifled Orders.
Total (based on 1920 as 100)
Iron and steel
Building materials
Business Indexes of the Federal Reserve Board.
The Division of Research and Statistics of the Federal
Reserve Board issued on March 2 the following statement
giving current figures of its various business indexes. In
the Federal Reserve Bulletin for February figures for these
indexes for the preceding 18 months and annual averages
since 1919 were published.
INDEX OF PRODUCTION IN BASIC INDUSTRIES.
(Adjusted for seasonal variations. Monthly average 1919 ••=- 100.)
1926 -1925--1926 -1925-Jan. Dec. Jan.
Jan. Dec. Jan.
120 121 127 Bituminous coal
129 130 125
Total
131 130 134 Anthracite
Pig Iron
149 149 151 Copper
142 139 148
Steel ingots
114 120 115 Zinc
144 137 128
cotton.
89
95 100 Sole leather
59
65
56
wool
83
80
115 117 106
94 Newsprint
Wheat flour
164 203 132 Cement
219 188 243
Sugar melting
96
99 100 Petroleum
Cattle slaughtered
193 196 193
146 166 140 cigars
Calves slaughtered
so 85 91
95
88
90 Cigarettes
Cheep slaughtered
196 105 188
91
89 121 Mfd. tobacco
Hogs slaughtered
102
94 108
125 133 145
Lumber
Further figures on February buil _less cone! Ions
reported to the Department of Commerce ix imte iicreases over a year ago
la the production of
steel ingots, silk coneummion by textile mills,
receipts of corn, corn grimeings, and magazine advertising, while the
production of pig iron and northern pine lumber, receipts of wheat and oats, and contracts awarded
for concrete pavements declined from February 1925.
Among the trade and financial indicators showing increases over February a year ago were bank
clear- INDEXES
ings, postal receipts, sales by ten-cent store chains
OF EMPLOYMENT AND PAYROLLS IN MAN17FACTURINQ
and the prices of representative stocks. Fire losses were less than a year
INDUSTRIES.
ago, while the outstanding loans of the War Finance Corporation showed a further
-Payroll---decline.
1926 -1925--1926 -1925-In comparison with January 1928. increases occurred
nor awards for
in
Dec.
Jan. Dec.Jan.
Jan.
Jan.
concrete pavements, magazine advertising
107.0 112.1 102.9
and sales by ten-cent store
06.3 97.1 04.4
chains, while declines were registered in the pro
ota
n land steel
98.3 100.6 92.6
Iro
91.9 91.6 87.1
luction of iron and steel T
Textlles-Group
108.1 107.9 108.6
97.3 97.2 97.4
bank clearings, postal recelets and grain receipts, due
principally to seasonal
110.4 111.1 112.9
99.1
. 100.6
conditions and to the shot tor month.
Consumption of silk and prices of
105.3 103.9 103.3
Products
95.0
etocks also declined from the preceding month.
105.8 116.4 103.1
Lumber
983
85.8 91.7 91.5
Railroad vehicles
84.6 84.0 89.3
136.0 163.5 99.9
Automobiles
130.2 129.6 103.8
145.5 148.7 138.2
107.5 107.8 105.1
and printing
Survey of Current Business by United States Depatt- Pacer
100.1 103.2 100.4
FOOth.&c
86.5 88.5 88.4
89.7 86.5 95.3
87.9 86.1 90.9
Leather. &c
ment of Commerce-Increase in Manufacturing
Stone. clay. glass
136.9 151.3 128.8
114.4 121.0 109.7
80.4 90.1 87.0
Tobacco, &c
86.0 99.3 93.5
Production.
Chemicals, &c
102.2 104.9 97.0
76.9 77.8 74.0
1g3:3
Regarding manufacturing production, output of raw materials, etc., the United States Department of Commerce
under date of March 1 said:
Manufacturing Production.
According to the index number of the Department of Commerce covering
commodities,
manufacturing production in January 1926 at 127% of the
84
1919 average, was greater than in December 1925, and 9% higher than in
January 1925, after adjustment for varying number of working days in the
month. The principal incrcases mer December occurred in the production
of foodstuffs, with a gain of 9%; iron and steel, with a gain of 4%; lum•
her, with a gain of 1%; paper and printing, with a gain of 3%, and
miscellanecos products with a gain of 9%. Decreases from December occurred in the productions of textiles, leather and stone, clay and glass products, while no change occurred in the production of chemicals and oils and
non-ferrous metals. Compared with a year ago, declines in iron and steel,
textile, leather and non-ferrous metals were more than offset by increases
In foodstuffs, paper and printing, chemicals and oils and miscellaneous
groups, including automobiles.
Output of Raw Materials.
The output of raw materials was 8% less than in January 1925, due in
least, to fewer working days in the month, mineral production showPart, at
in a In.. of 10% animal marketings 6%, crop marketings 9%, and
lumber output 2%.
INDEXES OF WHOLESALE AND RETAIL TRADE.
•
Retail Trade.
Wholesale Trade.
1926 -19251926 -1923-Jan. Dee. Jan
Jan. rec. Jan.
fleece-lee..
83
80 Dept.store sales77
Meat
Adjusted
71
80
72
131 141 124
Dry good 3
Unadjusted
82
79
74
115 •220 108
Shoe •
54
43 Dept. store stocks43
Bard yam
142 139 134
89
87 101
Adjusted
lima;
111 111 116
Unadjusted
128 129 119
Total
79 Mall order sales79
79
118 139 116
Adjusted
• Revised.
Unadjusted
116 186 108
Building Permits Valued at $93,000,000 Issued in
New York State During January.
New York State Industrial Commissioner James A. Hamilton announced on March 5 that building permits valued at
$93,000,000 had been issued in New York State during January. This statement was based on reports received from
building inspectors in 23 cities. While this was a decrease
of $9000,000 from December, it was $17,000,000 above January 1925. The Commissioner's advices state:
1382-
THE CHRONICLE
Of the whole amount 71%, or over 66 millions of dollars, was to be
spent for residential building. Plans for 390 tenements and apartments,
with accommodations for 8,000 families called for the expenditure of
$36,100,000. Permits for 2,300 one and two-family dwellings to house 3,000
families at a cost of $17,000,000 were also issued. In addition to these,
specifications for four hotels and six other residential buildings, were filed.
Although a decline in plans for building is to be expected at this season,
the four Westchester cities reported a higher valuation than during any
month since April 1925. This was due to plans for seven apartments to
eget about three million dollars in Mount Vernon. White Plains, which
was arranging to spend one and one-third millions of dollars, also helped
to raise the valuation. In the latter city the largest factor was a permit for an office building to cost $650,000.
New York City, after the increase reported in December, fell back and
the estimated cost of building to be done was smaller than in any month
since last June. The drop in Manhattan was most noticeable. Plans for
office buildings, which have played an important part in the large totals
of recent months, called for the spending of but $1,200,000, a smaller figure than any recorded since June 1925. Tenement and apartment buildings were also lower than for some months past. Hotel building, which
reached the record figure of $14,000,000 in December, dropped to $11,200,000, but was still far above any month in the past two years. The loss in
Brooklyn was caused by a drop from the high December figure for office
buildings. In Queens a drop of $2,000,000 in proposed dwelling houses,
resulting in the lowest figure for this class of building since February 1925,
affected the total.
While the general trend in building in the up-State cities was downward,
Increases in Buffalo and Rochester prevented the program from falling
below that of December, which was, however, not high. Plans for a
Y. 31, 0. A. building were responsible for Buffalo's high figure. In Rochester, preparations for a large bank and office building to cost over a million dollars caused an increase in the total. All other building in this city
slowed up. The estimated cost of commercial structures planned in Syracuse was well above the average for 1925. In Albany a permit for the
erection of a factory to cost $200,000 was the first sign of any extensive
activity in industrial building in this city since last spring and the valuation was higher than the estimated cost of all new industrial building
planned in 1925. There was a decided drop, however, in plans for residential buildings in the up-State cities. The absence of any plans for
public buildings, such as schools and churches, was also noticeable. Permits issued in the rest of the up-State cities, except Jamestown, where the
valuation increased about $30,000, were under December. In Binghamton,
Elmira, Kingston, Poughkeepsie, Schenectady, Troy and Watertown, the
estimated cost of buildings planned was less than in January 1925.
Slight Gain in Faotory Employment in New York
State During February.
The February gain in factory employinent in New York
State was considerably less than one per cent and therefore
was not enough to cover the loss of January. Although the
reduction at the beginning of the year was not more than
seasonal the fact that it has been prolonged into February
indicates a tendency on the part of manufacturers to curtail
operations or at least to mark time instead of expanding
with the approach of spring as is usually the case. This
statement was issued on March 11 by Commissioner James
A. Hamilton from an analysis of payroll reports. These
reports cover 35% of the factory workers of the State and
are representative of the different industries and localities.
The Commissioner also has the following to say in his
statement:
Outside of the slowing up in most of the steel mills and the dullness in the
shoe industry, there was nothing in the February situation which pointed to
a general contraction in subsequent months. One element in the small
increase was the moderate gain in the women's clothing shops. The cold
weather undoubtedly has operated to delay the spring season for these
trades, and unsettled conditions as well as a threatened strike in the dress
industry may have had its effect in slowing up advance orders. A strike in
the fur shops also helped to keep employment down as two hundred workers
were temporarily out of work in the reporting shops alone.
Automobiles and Railroad Indurtries Import in Metal Advance.
Although some of the basic metal industries were slowing up in February,
the usual spring increases were found in many lines. The metals could be
grouped in three classes in February. First there were the automobile
plants and the wide range of closely allied industries which were responding
to the spring demand for cars. The second class, which also made a good
advance during the month, included manufactures which were picking up
after the reaction from holiday trade. This applied to jewelry, instruments and appliances and some cutlery. These two upward movements
along with the continued improvement in railroad equipment,firearms and
machines and a substantial gain in railroad repair work carried employment
in the metals about 1% above January. But the permanence of a large
part of this gain depends on whether or not automobile manufacturers can
keep up to the pace of 1925. The improvement in February was not
shared equally by all plants, but in the automobile and parts factories
themselves there were no losses of consequence. Longer working schedules
as well as higher employment gave evidence of increased production. In
castings, however, gains were about offset by losses though in automobile
hardware increases predominated. The third class of metals included
steel, brass and copper, the basic metals which have not made the usual
spring advance, and electrical machinery and equipment which followed
January's slight loss with a heavier one after the unusual activity at the
end of 1925.
Textiles in Good Position.
Except for the woolen mills and one or two of the carpet factories.
textiles were running even with or above January. Silk and knit silk goods
hold the gains of 1925 and cotton mills were busier as either larger forces
or higher earnings showed. Knit goods recovered from the seasonal dullness
of January. The woolen industry, however Was still unsteady. The
February loss was the result of further curtailment in one of the mills
rather than a general tendency to reduce operations. Workers in the
finishing mills earned slightly more than in January and makers of braids
and other trimmings were busier with demands from the clothing shops.
Seasonal movements in the clothing and food industries made these
groups lead in the increase of the month. Between 800 and 1,000 food
workers were taken back after the lull in January, although flour mill and
[VoL. 122.
meat packing houses reduced forces quite generally. There were a few
adjustments in the biscuit factories but these made little change in the
total. Sugar refineries were busy on the new crop in preparation for the
canning season and canneries began to take on more workers as spring
approached. Manufacturers of cigars reported slightly better conditions
and hundreds of workers were taken back after a closing in January.
Men's and women's clothing manufacturers continued to expand forces
and some of the modistes were beginning work for the new season through
reductions were in the majority. A few of the millinery shops had passed
the height of their season and makers of flowers and feathers slowed up.
Men's furnishings did not gain much after January's small loss and there
was no defined movement in the shirt industry. The Rochester shoe
district was again the only one to report any real improvement while forces
were smaller in the Binghamton area. Tanneries, however, were generally
busier and leather goods came back well after the January quiet.
Building materials went off further, particularly cement, where one or
two closings were reported. House trim was the only one which showed
any signs of approaching spring activity. Furniture gained slightly but
liquidations caused a good sized reduction in the piano plants. Conditions
in the rubber goods industry were worse than in January, though some of
the reductions were due to the present dullness in radios. Paper and
printing plants were a little slower.
Moderate Gain in New York City.
The importance of the clothing trades and of lighter manufactures such
as leather goods, smoking pipes and novehies made employment again
somewhat more for New York City than the total State. Although the
Increase this February was not as marked as last, the difference was
largely explained by the absence of any serious reductions at the beginning
of this year. Special conditions previously mentioned in the women's
garment industry were a factor in keeping the increase moderate and the
strike in the fur chops also had its influence on total employment.
The metals were more active after the January reductions. Jewelry,
cutlery and Instrument and appliance manufacturers responded to the
improved demand for their goods and the electrical equipment industry
here started upwards in contrast to the rest of the State. Machinery shops
and makers of hardware and brass goods were busier.
Practically all the clothing trades took on more workers with the exception
of modistes and milliners. Men's clothing and furnishings are well above
last year. Textiles which in New York City are chiefly braids, silk and
knit silk goods, were also in a good position. $hoes, however, stayed low.
Food products on the whole were running somewhat under January but
the reopening of a cigar factory meant the employment of almost 500
workers. The reductions in the piano and rubber goods industries appeared
mostly in the New York City plants and there were seasonal curtailments
n the printing and publishing houses.
Binghamton Loses Mite Rochester and Utica Advance.
The only severe loss in the up-State districts during February was found
in Binghamton. Over 400 workers were released from the shoe factories
here though employees at work were able to earn more than in January.
This together with reductions in the metals made employment for the
district drop over 1%. Other industries, cigars, wood products, and
chemicals, gained over the preceding month.
i Good seasonal gains in Rochester and Utica brought up the total for these
cities almost 2%.
The steady improvement in the Rochester situation continued during
February. The metals resumed their upward course with instruments and
appliances still expanding operations and machinery shops busier. The
only loss was in railroad equipment which is still far above 1925.
Shoes and men's clothing wero much better off than a year ago and the
gains in February were good. Chemicals advanced and power plants
needed larger forces.
The increase in Utica may be considered a good seasonal gain. A few
recoveries from the dullness of January and a definite expansion in one or
two of the mills brought up employment for the knit goods industry. There
was an improvement in cotton goods also. Although the metals failed to
make a large gain during the month, an increase in earnings indicated that
factories were generally busier. Firearms and some of the metals which
were affected by purely seasonal movements were more active but office
equipment lost. There was also a decline in some of the heating apparatus
shops. Manufacturers of leather and leather goods took on a large number
of workers in.February but there was a net loss in employment for the
sewing trades.
Although most of Syracuse's industries were on the upward trend
decreased demand for some industrial chemical products meant the release
of enough workers to keep total employment the same as in January.
Automobile manufacturers in this district were operating at about the
same rate as in the previous month but there were scattered gains through
4he rest of the metal plants. A few employees were dropped from paper
goods and textile plants while the clothing factories were busier here as in
other parts of the State.
For the first time since the summer the Albany-Schenectady-Troy district
failed to show an increase. Employment in February stayed at the
January level as large changes in the various metal industries effect one
another. The improvement in railroad equipment continued but machinery
and electrical equipment slowed up sharply. The effe-t of reopening a mill
in the iron and steel group was modified by a reduction in another company.
The gain in textiles, however, was well distributed and paper goods went up
though printing shops let some workers go. Forces were somewhat smaller
in the shirt and collar factories but the employees were earning more than
in
Employment in Buffalo did not advance after the reduction in Januarl.
As in the Tr -City district, the changes in individual plants involving large
numbers of workers were not evident in the total. There was a small net
gain in the metals as automobile plants started up and railroad repair shops
recovered from the dullness of January. Electrical equipment and radios
dropped off and heating apparatus slowed up. There was a gain in steel
for this district though it was not shared by all the mills. Practically all the
rest of Buffalo's industries except men's clothing and certain leather goods
plants were slower in February. This was especially true of food products
where seasonal reductions in milling and meat packing meant the release
of almost 200 workers.
New England Department Stores Sales in JanuaryFebruary—Increase in Installment Sales.
The exceptional weather conditions during the first two
weeks of February, involving two heavy snowstorms within
a week, had a pronounced effect upon the volume of sales of
New England department stores, says the Industrial Statistics Division of the Federal Reserve Bank of Boston under
date of March 1, which reports further as follows:
MAE. 131926.]
THE CHRONICLE
During the first three weeks of February sales of the average Boston
department store were 9% less than during the corresponding period in
February last year. During the first week in February the majority of the
department stores in Boston were closed completly during half of one day,
due to the storm, and trade activity for several days following was at a low
rate.
The following summary of wholesale and retail sales is based on the final
figures for January 1920:
SALES CONDITIONS.
January 1926 Corn pared with January 1925.
Connecticut dept. stores
+1.0% Boston women's apparel shops_ - +7.0%
Maine dept. stores
+1.2% New Raven dept. stores
+3.0%
Massachusetts dept. stores
+16.2% Providence dept. stores
+5.8%
Rhode Island dept. stores
+5.0% New England dept.stores
+13.4%
Vermont dept. stores
+2.9% New Eng. wholesale grocers----12.6%
Boston dept. stores
+18.0% N. E. wholesale shoe concerns_ _-23.9%
Even though there was one lees working day during January this year
than in January 1925, sales of the average New England department store
Increased approximately 13% over January 1925. This was the largest
Increase recorded in any of the Federal Reserve districts, department store
sales for the country as a whole during January increasing about 5%.
During January the average Boston store reported that its installment
sales were 180% greater than in January 1925. In the average New Eng.
land department store outside of Boston, however, the increase amounted
to only 30%. Even with these very large increases, the total installment
business has not yet assumed a very great proportion of the aggregate
trade of the store.
Variations in New England credit conditions are outlined in the following
table:
CREDIT CONDITIONS.
Percentage of Open Accounts Outstanding at First of January Collected During January.
1925. 1926.
1925. 1526.
Boston dept. stores
50.5% 52.0% New Eng. dept. stores_ ___52.1% 53.0%
Boston women's apparel
New England wholesale
shops
48.6% 46.1%
grocery concerns
65.2% 66.8%
New Haven dept.stores__ _60.7% 57.1% New England wholesale
Providence dept. stores_ _ _55.8% 58.9%
shoe concerns
37.3% 39.3%
Notwithstanding large increases in the amount of installment accounts on
the books of New England department stores, collections of these accounts
have been maintained for several months at a more rapid rate than a year
earlier.
The following table shows the condition of sales and stocks in some of
the leading departments of New England department stores during January
1926 as compared with January 1925:
SALES AND STOCKS BY DEPARTMENTS.
New England Department Stores-January 1926 Compared with January 1925.
Sates. Stocks
Sales. Stocks.
Silk and velvet dress goods_ +21.7 +0.1 Millinery
-3.5 -6.0
Woolen dress goods
-18.0 -11.1 Womsn's and children's
Cotton dress goods
+2.0 -8.6
gloves
+2.5 -4.1
Silverware and Jewelry-__+24.O -2.5 Corsets and brassieres_ _ _ +1.5
+3.9
M en's clothing
+24.7 -8.0 Women's and children's
Men's furnishings
+14.0 -1.5
hosterY
+12.7
-0.5
Boys' wear
+15.6 +7.6 Knit underwear, Including
Women's ready-to-wear
+0.1 -10.5
glove silk
+8.6 +1.8
Misses'ready-to-wear
+21.0 -6.8 Silk & muslin underwear__ +1.7 +2.7
Juniors' & girls' ready-toWomen's & children's shoes -3.8 -6.7
wear
+14.7 +5.5 Furniture
+46.5 +13.8
Among ndividual departments within the stores, exceptionally large increases in sales were reported in furniture, floor coverings and other house
furnishings. Furs sold well, and in the men's and boys' sections sales increased from 15 to 25% over January 1925. In the women's section, the
larger increases in sales were still confined to the misses', juniors' and
girls' departments.
Business Conditions in Anthracite Region Reported
Sound by J. H. Tregoe of National Association
of
Credit Men-Retailers Carrying Heaviest
Burdens Incident to Coal Strike.
Sound business conditions apparently exist in the anthracite region, J. H. Tregoe, Executive Manager of the National
Association of Credit Men, said on March 8 in issuing the
results of an investigation just completed in Pennsylvania
by the Association's Department of Research and Education,
at Mr. Tregoe's direction. Simultaneously with the Pennsylvania investigation a survey was conducted•in the principal bituminous region, where conditions were found to be
entirely satisfactory, Mr. Tregoe said. The report of the
Department of Research and Education on the anthracite
region reads as follows:
The retailers in the anthracite coal mining region, especially
those in the
smaller towns, are carrying the heaviest burden that has been
created by
the coal strike. But the wholesalers have agreed to extensions
without
expanding the volume of credit to any marked degree.
A few concerns,
however, have expanded their credits but only to old customers.
Compared to sales the outstanding accounts have
increased from about
115% on Sept. 1 to about 165% on Feb. 1. These figures represent
an
average of data obtained from three large companies.
The banks are
carrying the wholesalers; thus distributing the burden
and lightening it at
each stage.
Business men in the Pennsylvania anthracite region estimate that
it will
require three months for the banks to return to normal, six months
for the
wholesalers and about a year for the retailers. It will probably
be two or
three years before the miners will be able to accumulate again the
savings
they lost as a result of the strike.
The curtailment of credit that has occurred has practically depleted
stocks of merchandise. This condition is therefore prophetic of improved
trade in the near future. In fact, retail trade was augmented immediately
following the cessation of the strike, since the miners began to draw upon
their remaining savings which they had held in reserve. These funds were
spent in paying bills that had stood since the strike was called and for the
purchase of articles urgently required.
Past experience of the older merchants with strike conditions enabled
them to meet depression with less readjustment, and Christmas savings
accounts that matured in December temporarily eased the declining conditions in retail trade.
In the larger towns like Scranton and Wilkes-Barre, trade did not suffer
so much,for employment continued to be regular in manufacturing plantsBuit mills, lace mills, axle works, railroad shops-which ran at full time and
overtime and drew some employees from the ranks of the strikers. u4,1 2
1383
In Scranton there were a few small failures, but no large ones; and there
was only one suspicious fire. Many retail stores were voluntarily closed
under the pressure of high rents. In fact the building and land boom
epidemic has not missed the anthracite region. One retailer in Wilkes-Barre
reported an increase in rent from $3,500 to $12,000 in a few years. Many
merchants paid their rents with notes. On Main St.,the important business
street, there were nine to-let signs along a 1,000 feet of frontage.
The great majority of the miners in the district are thrifty foreigners
with large savings accounts, which many of them left untouched while
they allowed their grocery bills to run up during the strike to as high as
$600 in some instances. A banker in the district said that $3,000 bank
accounts are not unusual among the miners, and he told of one man who
managed to borrow $20 each week here and there in order to continuo his
regular deposits.
It is estimated that 85% of the higher-paid miners own automobiles, all
of which are purchased on the installment plan. When the strike came the
finance companies reclaimed the cars because of the lapse in payments and
stored them in garages. In one building there were nearly 400 cars in
storage. The finance companies are now selling these cars back to the
miners, who will be permitted to resume payments where they left off,
rather than dump the cars on the second-hand market. Radio and furniture
dealers for the most part allowed the miners to keep goods purchased on the
installment plan. The dealers report on the basis of experience that only is
small proportion of the miners will neglect to renew their payments.
Two department store managers in Wilkes-Barre reported that charge
account sales fell off very little and during the first three months of the
strike they considered their trade normal. In December their cash business
fell off about 10% and 30% in January. A Scranton department store
proprietor found that his cash sales dropped off during the strike at an
average of 15%, while his charge sales rose 1%. The usual increase of
growth had been 10% heretofore. Collections at this establishment were
reduced by only 1%.
During the strike in Scranton the motion picture houses were crowded
every night. In Wilkes-Barre the first necessary of life to fall off in sale
was the banana, which is usually found in every miner's lunch box. The
sale of bananas fell off to 10%•
There was no feeling of anxiety throughout the region about a substitute
for anthracite. Those who were interviewed said that the effect on the
population by a permanent substitute for anthracite would be off-set by
the increase in population that has been characteristic of the district and
which is apparently not dependent upon the coal mining industry.
Figures obtained from the Wilkes-Barre Chamber of Commerce and
checked by a local banker and wholesaler reveal that a six months strike
on a five-year contract is equivalent to a 10% reduction in wages. A first
rate miner working on contract will get about $150 every two weeks. A
company miner will average $8-$9 a day. These two classes are in the
minority. The majority of the workers are laborers who get $4 50-$5
a
day and average $28 a week in the long run. Girls earn $12 a week in
the silk mills.
In the States of Illinois, Indiana, Michigan and Ohio,
where the second survey was made, 58% of those who
supplied the information reported a smaller volume of sales,
and 59% had a larger volume of business in Jan. 1926 as
compared with Jan. 1925. For the whole year of 1925,
78% announced a larger volume of sales than in 1924. In
this mid-Western district 56% of the concerns who assisted
in gathering the data on conditions reported a smaller volume
of collections in Jan. 1926 as compared with Dec. 1925 and
64% reported a larger volume of accounts receivable .in •
Feb. 1926 as compared with Feb. 1925. An increased
volume of business failures is anticipated by 59% of the.'
concerns while 82% anticipate improved sales and collections
in the immediate future. Mr. Tregoe in commenting on
this survey said:
The general trade and credit condition of the four States
under survey
appears quite fair. The coal sections of Indiana and Illinois
shared in the
unsatisfactory bituminous trade of the early part of last
year., but the
anthracite strike improved business in these districts just
as it stimulated
trade in other bituminous fields.
In these four States under observation, stocks of
merchandise are not
above normal; purchasing is being done judiciously
and there is an indication of improvement in orders for future deliveries. Payments
are keeping
abreast of sales and the failure record in this district, while it shows a slight
increase in the number of failing enterprises, it indicates at the same
time
a smaller amount of liabilities involved in failures as
compared with a
year ago.
The outlook in these four States is encouraging despite an uneveness
in
activity. Manufacturers are doing somewhat better than wholesalers,
and while there are problems in the agricultural districts,
the farmers'
buying power appears greater than it was a year ago. No condition
of
positive danger exists besides a tendency to use credit improperly.
Wage Increase to Builders Involving Additional Pay
Estimated Between $50,000,000 and $75,000,000.
It was announced on March 10 that under an agreement
reached in the building trades, a wage increase, estimated
as amounting to between $50,000,000 and $75,000,000
a
year and representing an addition of between 11 and
16%
to the earnings of the individual craftsmen,
has been
agreed upon. The building industry now has
a wage bill
of approximately $525,000,000 a year, said
the New York
"Times" of March 10, which in an account
of the pay rise
said:
One hundred thousand mechanics
and helpers in the building trades
have virtually received assurance
of a wage increase, it was learned
yesterday. The increases will be
$2 a day for plasterers, stone masons,
and bricklayers now receiving $12
a day, $1.50 a day for most of the
other mechanics and $1 a day
for the mechanics' helpers.
Although the wage increase is
considered
in building trades circles to
be an exceedingly generous one,
it is being granted only on condition that
the unions reform certain abuses which
have retarded building in the put
and which are said to have
penalized the industry millions of dollars.
annually.
1384
THE CHRONICLE
Christian G. Norman, Chairman of the Board of Governors of the
Building Trades Employers' Association, declined yesterday to divulge
the details of the settlements already made with some of the trades and
the terms of the new wage agreements now pending with others.
Conditioned on Reforms.
The employers, said Mr. Norman, have given the trades to understand
that "the Building Trades Employers' Association is favorably inclined to
grant wage increases on condition that the unions agree to reform abuses
and clear up the helpers' situation."
The "helpers' situation" referred to by Mr. Norman has been a cause
of dispute between employers and the unions. The former have asserted that there have been too many helpers and not enough apprentices,
and steps have been suggested to remedy this condition and to insure a
steady and normal supply of mechanics who begin their union career
as apprentices.
This difficulty was solved recently by the .Electrical Workers' Union,
which abolished the position of helper at $7 a day and substituted that of
apprentice, who will begin employment at about $3.60 a day. Arrangements were made to take care of the present helpers employed so that
they would not suffer by any change of the rules. The electricians, whose
csld wage scale was $10.50, were given $12.
The upward wage movement, it was learned yesterday, affects most, if
not all, of the thirty-seven trades that have asked for wage increases.
Alexander Kelso, Secretary of the District Council of Carpenters, has
sent out notices to the individual employers calling their attention to an
agreement reached between the union and the employers' association
whereby carpenters receiving $10.50 are to receive $12 a day.
Among the other crafts scheduled for a wage increase are the painters,
the wire lathers, the cement masons, the stone masons and the plasterers.
[VOL. 122.
are not members of any of the associations which signed the agreement
yesterday.
The work at the cathedral is not being delayed because of the strike.
Enough cut stone is available to permit operations to continue uninterruptedly for seven or eight weeks.
William Whitman Co. Cuts Fall Prices of Women's Wear
100
/
0 to 15%—Opens Extensive Worsted Offering.
From the New York "Journal of Commerce" of March
0 we take the following:
That women's apparel will be cheaper this fall as compared with a
year ago is indicated in the prices announced yesterday by the William
Whitman Company, 25 Madison Avenue, one of the largest corporation mill interests in the country, the new lines of which just have
been opened to the wholesale and cutting-up trades at values averaging
10 to 15% under those of a year ago. Prices in the main show little
change from last spring (1926) levels, except for a few cloths which
are slightly lower.
The Whitman line is an extensive and comprehensive one in the staple
and semi-staple ranges, and officials emphasized that though navy blue
is the real vogue of the moment in worsteds, and likely to hold over into
the new season, scores of staple and high colors will be sponsored, with'
special stress laid on the predominating shades indicated by the Parisian
style trend. The company is ready to co operate with the trade in
meeting any color demand that may arise. The present color range
totals some forty or more tones, but these will be steadily revised with
the changing vogue.
Large Diversity of Goods.
Pay Goes to $14 a Day.
Few factors show the diversity of cloth construction that the big WhitIt is understood that the stone masons and plasterers received a man mills are turning out. The lines comprise almost everything the
promise of an increase of $2 a day, making their new wage $14 and that trade may want in the line of worsted goods, including poiret sheens, fine
the bricklayers will get the same terms. These crafts have demanded a French and storm serges, kashmir cloths, fine flannels, voile, hairline
wage increase of $4 a day, bringing their wage to $16.
serges, crinkle crepe, crepes, twill cords, bengalines, reps, poplins, needle
The agreement between the Bricklayers' Union and the Mason Builders' twills, rayon decorated fabrics, diagonals, shepherd checks and border
Association does not expire until May 1 and it is reported that before its patterns in most ranges. "Mono-gloss" rayon and worsted balbriggan is
expiration the employers will announce the wage increase of $2 a day. featured at $1.32% for plain knit and $1.421A for stripe effects.
Neither the plasterers nor the painters have accepted the terms of the new
A new cloth added to the luster twill range, No. 837, 7-ounce, 54-inch,
contract, which is to run for a year. The painters will vote on the at $1.62% reflects the style trend of the new season toward lightweight
question tomorrow night.
dress goods, and officials of the company felt strongly that the coming
With the key trades in line and with no disposition apparent to reject season will mark a real revival of wool and worsted goods in women's
the conditions sought by the employers it is expected that the next week wear, both because of the call for quality and warmth at reasonable
or two will see agreement among all the trades involved in the negotia- prices.
Look for Better Business.
tions.
First Demands Refused.
Officials of the Whitman sales forces expressed optimism over the
The thirty-seven of the fifty building trades unions which served notice prospects for the new season. They emphasized that prices are low
for a wage increase last November were met by a prompt refusal on the enough to appeal to the consumer if manufacturers and retailers joined
part of employers, who declared that the increases sought would add up- the efforts of the mills in getting merchandise within reach of the
masses. It was felt that a stimulated woolen and worsted goods market
ward of $80,000,000 to the wage bill of the industry.
The employers said there was no justification for demanding a wage in- could be generated for fall and winter if the cloth and garment trades cooperated
in giving the consumer quality apparel at reasonable costs.
crease of $4 by the organizations which sought this amount. They declared the present wage scales were 125% above those paid in 1914 and The readjustment of wool and labor costs over the last twelve months
was cited as an important factor favoring the consumer, for the mills are
that the cost of living had increased only 75.8% in that time.
Labor, according to the employers, absorbed 46% of building costs in making no larger profits at the lower cost basis. Speculation in wool
was deprecated, and pointed advice was given the Boston wool trade to
1914 and 59.5% in 1925.
Negotiations for a new contract to replace the one expiring Dec. 31, "consider the consumer and the welfare of the industry."
"Despite the unsatisfactory trend of business in textiles over the last
1925, were begun last November. The negotiation machinery of the
various crafts was put into motion but no agreement was reached and few seasons, we have done well in both our men's wear and wonien's
goods departments," an official stated. "The trade knows that we are
the cases then went to the Building Trades Employers' Association.
At one stage in the proceedings the possibility of a strike appeared on dealing fairly with them, and that Whitman stands behind their goods.
the horizon, but the conferences dragged on for weeks and the situation We look for good business this year. Consumption has been conservative
and the supply of merchandise has therefore been considerably curtailed.
cleared.
The termination of the negotiations is just in time to permit architects There is no undue oversupply, and if business returns to normal there
to go ahead with their plans and builders to make calculations of the cost will be a brisk call for goods, which fact should add much stability to
of new structures for a year. The building industry has been slowing the industry."
down for some weeks, unable to make up its mind whether to go on
with plans for the new year or not.
Strike of Stone Masons Ended Under Agreement
Granting Increased Wages.
The strike of stonemasons in New York City was settled
on March 5 when employers and representatives of the
union signed an agreement under the terms of which the
masons will receive $14 a day and the laborers $9 a day
for the next two years. The foregoing is from the New
York "Times" of March 6, which further states:
This is an increase of $2 a day for the masons and $1 a day for the
laborers over the previous scale.
The agreement will become effective Monday and will expire March 1,
1928. Under its terms 500 men who have been on strike since Feb. 28
will return to work. In addition, the agreement removes the danger of
a threatened strike of the 3,000 men in the masons' local in New York
City and Long Island, all of whom are members of the International
Bricklayers, Masons and Plasterers' Union.
Yesterday's agreement was the result of negotiations which have been
under way since last November, when trouble threatened. It was
reached at a conference in the offices of the State Department of Labor,
124 East Twenty-eighth Street, presided over by James Brady, Director
of the Bureau of Industrial Relations. The plan of settlement, which
both sides approved, was drawn up by Michael J. Reagan and Peter A.
Doyle, mediators of the State Department of Labor.
The agreement, which was entered into by the Excavation and Foundation Contractors' Association of New York, the Employers' Stonemasons'
Association of Brooklyn and Queens and Stonemasons' Union 78 and 84
of Manhattan, 47 of Brooklyn and Stonemasons' Helpers' Unions 655 ot
Manhattan and 766 of Brooklyn, reads:
We, the undersigned, representatives of the above-named associations
and unions, agree that the associations will pay the stonemasons the sum
per hour to the stonemasons'
$1.75 per hour and the sum of $1.12%
helpers. The representatives of the unions agree to return the men to
work Monday, March 8, 1926. This is pending an agreement drawn up
by representatives of the above-named organizations and the Bureau of
Industrial Relations of the New York State Labor Department.
eight
The agreement, it was explained, does not affect the strike of the
stonecutters at the Cathedral of St. John the Divine who are employed by
Jacob & Youngs, contractors, of 116 West Thirty-second Street, and who
Holland Supporting Guilders.
The following from London appeared in the "Wall Street
Journal" of March 6:
Netherlands Bank has sold about 30,000,000 guilders of its foreign bill
balances during the week in order to offset the effect upon exchange of
heavy Dutch short-time investments in London.
Commenting thereon, it said:
Owing to plentiful supply of money and low money rates in Amsterdam, the Dutch market has been making heavy remittances to London
to take advantage of higher money rates obtainable there, with result
that guilders fell to a new low for the year at $.4002 Tuesday. Action
of the Netherlands Bank explains the rally in guilders to as high as
$.4009 since Tuesday.
Automobile Price Changes and New Models.
Reductions of $50 were announced in the prices of Essex
coach, Hudson coach and Hudson Brougham by the Hudson
Motor Car Co. These price reductions which took effect
at midnight March 9th, were in addition to the company's
recent reductions to absorb the Federal tax cuts. The new
price lists are announced by each dealer in his own district in
accordance with the Hudson company's new policy which
abolished the "f. o. b. Detroit" price list. The new prices
are the lowest ever quoted by the company.
The Jordan Motor Car Co. has advanced prices $100 to
$150, with the four passenger roadster listed at $1,845
against $1,695, the four passenger victoria at $1,945 against
$1,845, and the five passenger sedan at $1,945 against
$1,845. The price of the seven passenger sedan is reported
unchanged at $2,925.
According to press dispatches from Cleveland on March
12, the White Motor Co. has announced the development of
a new small bus motor chassis designed to fill the demand for
a coach of smaller capacity than the standard sized model,
MAR. 13 1926.]
THE CHRONICLE
1385
Production.
Shipments.
Orders.
but retaining the low lines and other qualities of the latter. 1926
1,985.731,431 2.179.113.293 2.243.087.233
1,937.756.655
2.024.004.737
1925
wheel
1.949,510.976
a
has
chassis
which
as
Model
53
is
known
new
The
The Southern Cypress Manufacturers Association of New
base of 180 ins, and may be equipped with various types of
bodies permitting the seating of from 14 to 16 passengers for Orleans, (omitted from above tables because only recently
reporting), for the week ended March 3, reported from 15
interurban service or for 21 passengers for city service.
mills a production of 4,729,517 feet, shipments 6,540,000 and
Over Three Billion Dollars Worth of Automobiles orders 5,360,000. In comparison with reports for the
previous week, when one more mill reported, this Association
Sold on Credit in 1925.
some decreases in production and new business, and
showed
Over three billion dollars' worth of new automobiles were
slight increase in shipments.
a
in
brought
out
the
is
on
during
1925,
it
sold
Installment plan
a survey prepared for the American Bankers Association
"Journal" by C. C. Hanch, General Manager of the National Weekly Lumber Review of West Coast Lumbermen's
Association.
Association of Finance Companies. On the average 75112%
One hundred mills reporting to West Coast Lumbermen's
of all motor vehicles are sold on credit, he says, about
$2,000,000,000 representing the total amount of deferred Association for the week ending Feb. 27, manufactured
payments on new cars on which there were total cash down 96,369,818 feet of lumber; sold 99,728,021 feet; and shipped
payments of $1,000,000,000. The total deferred payments on 97,845,616 feet. New business was 3% above production.
production.
used cars, he says, was $000,000,000, and he estimates the Shipments were 2% above
Forty per cent of all new business taken during the week was for future
total amount of automobile paper outstanding at a given water
delivery. This amounted to 39,927.048 feet, of which 29.025,648
time at a billion and a half. Mr. Hanch says:
feet was for domestic cargo delivery; and 10.901.400 feet export. New
So far automobile paper has been sound. The loss ratio has been very
small and banks have had satisfactory experience with the paper of automobile
finance companies. Any tendency toward low down payments and long
time would be the worst thing that could happen in the automobile business.
For a number of years automobile finance companies have had a fairly well
established "yardstick" relative to terms of payment. This is one-third
down, balance in twelve equal monthly payments on new cars, and 40%
down with twelve equal monthly payments on used cars.
During the past year, due to competition, there has been a tendency to
depart from the usual or standard terms. In addition, pressure by certain
manufacturers has forced the dealer to bid for the smallest down payment
and the longest terms. These practices, if extended, will seriously affect
the favorable loss ratio which has been experienced under standard terms
of payment.
Paper calling for more than twelve equal monthly payments is now
18 1-3% of total paper handled, and paper with a down payment of 23%
or less on new cars and 35%, qr less on used cars is 19 1.3% of total paper
handled. This does not imply that more than 37% of all paper is special.
In most cases where paper is special in one respect it is also special in the
other particular. There is too much special and unusual paper being handled for the good of the automobile financing business. If the situation
is firmly taken in hand by representative finance companies and dealers,
no serious results should ensue. In my opinion, special paper should not
exceed 15% of the paper handled.
It is gratifying to say that the tendency to deviate from sound credit
terms has apparently passed the peak, and there seems to be a disposition
at present upon the part of both dealers and finance companies to keep
terms within safe limits. If this situation is not upset by excessive competition among manufacturers, bankers throughout the United States undoubtedly will continue to loan large sums of money to prudently managed
finance companies, so that a large production of automobiles may be continued and the general prosperity of the nation promoted.
business by rail amounted to 1,829 cars.
Forty-four per cent of the lumber shipments moved by water. This
amounted to 42,934,643 feet, of which 25,835,161 feet moved coastwise
and intercoastal; and 17,099.482 feet export. Rail shipments totaled
1,666 cars.
Local auto and team deliveries totaled 4,930.973 feet.
Unfilled domestic cargo orders totaled 127.082,256 feet. Unfilled export
orders 126.243.163 feet. Unfilled rail trade orders 51067 cars.
In the first nine weeks of the year, production reported to West Coast
Lumbermen's Association has been 769,737.214 feet; new business 850,504.043 feet; and shipments 805,136,211 feet.
Increase in Paper Production in January.
The January production of paer in the United States as
reported by identical mills to the American Paper and Pulp
Association and co-operating organizations, showed an increase of 3% as compared with December's production (following a 1% increase in December over November), according to the Association's Monthly Statistical Summary of
Pulp and Paper Industry, made public March 5. All grades
showed an increase in production as compared with December with one exception. The Summary is prepared by the
American Paper and Pulp Association as the central organization of the paper industry, in co-operation with the Binders' Board Manufacturers' Association, Converting Paper
Mills Association, Cover Paper Association, Newsprint Service Bureau, Wrapping Paper Manufacturers' Service Bureau
Writing Paper Manufacturers' Association and Paperboard
Lumber Buying Much Heavier Than Last Year.
Industries Association. The figures for January for same
The National Lumber Manufacturers Association received mills as reported in December are:
telegraphic reports of the status of the lumber industry, for
Stocks on Hand
No. of
Production
Shipments. End of Month.
the week ended March 6, from 384 of the larger softwood, GradeMills.
Net Tons.
Net Tons.
Net Tons.
Newsprint
66
139,777
138,779
16.312
and 116 of the chief hardwood, mills of the country. The Book
62
90,415
43,247
91.639
107
171,932
171,620
40,031
369 comparably reporting softwood mills showed increases Paperboard
Wrapping
51,761
76
52,443
41,946
in production and shipments, and a slight decrease in new Bag
26
9,563
8,747
8.128
Fine
31,548
87
38,930
33.030
business in comparison with reports from 367 mills the week Tissue
45
12,951
12.457
12.927
2,254
8
4,624
3,815
earlier. When compared with reports for the same period Hanging
3,039
Felts
18
13,480
13,503
of last year-when nine fewer mills reported-gratifying Other grades
62
15,827
20,769
22,229
increases, particularly in new business, were noted. The
Total-All grades
222,171
548,732
546,820
hardwood operations showed marked current increases in all
During the same period domestic wool pulp production
three factors.
increased 3%, this increase'being distributed over all grades,
The unfilled orders of 229 Southern Pine and West Coast with two exceptions. The January totals (mills identical
mills at the end of last week amounted to 711,561,107 feet, with those reporting in December) as reported by the Amerias against 712,579,387 feet for 227 mills the previous week. can Paper & Pulp Association, are as follows:
The 127 identical Southern Pine mills in the group showed
Stocks on Hand
Shipments End of Month
Used
No. of Production
unfilled orders of 304,565,184 feet last week, as against
Net Tons.
Net Tons.
Net Tons.
Grade
Mitts. Net Tons.
3,484
126,162
91,745
96,173
307,243,968 feet for the week before. For the 102 West Groundwood pulp__ 95
36,624
2,865
10,175
40,363
Sulphite news grade_
37
Coast mills the unfilled orders were 406,995,923 feet, as Sulphite bleached_ 20
20,069
4,263
3,043
23,757
3,214
559
1,070
3,922
Sulphite
easy
blehd_
6
against 405,335,419 feet for 100 mills a week earlier.
5,640
908
541
6
6,566
Sulphite mitseherlleh
1,429
1,022
9
13,792
12,454
Altogether the 369 comparably reporting mills had ship- Sulphate Pulp
3,607
11
12,512
4,296
Soda pulp
16,948
45
39
62
90
ments 107% and orders 108% of actual production. For Other than wood pulp 2
Total all grades
146.072
the Southern Pine mills these percentages were respectively
201,611
182,297
17,459
101 and 97; and for the West Coast mills 106 and 110.
Of the reporting mills, the 337 with an established normal Production of Newsprint in January at Record in Both
production for the week of 215,557,707 feet, gave actual
Canada and United States.
production 103%,shipments 108% and orders 107% thereof.
The following is from the Montreal "Gazette" of March 3:
The following table compares the national softwood
Newsprint production in January again reached a record high figure in
lumber movement as reflected by the reporting mills of both Canada and the United States. Canadian mills produced 139,688
tons, the previous high point being 137,670 tons in October 1923, while
eight regional associations for the three weeks indicated:
the
Past
Week.
369
237,711,333
production
253.701,560
shipments
Orders (new business)- - -- 255.649,152
Corresponding
Week
1925.
360
227,168,224
246,809,597
223,828.120
Preceding
Week 1926
(Revised.)
367
226,495,064
247.639,564
256.892,933
The following revised figures compare the softwood
lumber movement of the same eight regional associations for
the first nine weeks of 1926 with the same period of 1925:
output of the United States mills amounted to 140,026 tons.
The United States output was a little ahead of the Canadian output
for the first time since August 1925.
As compared with the output in January 1925, there was an increase of
29,000 tons for the two countries, 18,200 tons of which represented the
Increased output of Canadian mills. Details are as follows:
U. S. A. Total Tons.
Canada.
279,714
January 1926
140,026
139.688
250,425
January 1925
129,005
121.420
The accompanying chart [this we omit-Ed.1, prepared by the Canadian
Pulp & Paper Association, shows the monthly production of Canadian and
1386
THE CHRONICLE
United States mills from the beginning of 1922 and illustrates the steady
gain made by the Canadian mills during that period. There was a difference between the countries in 1925 of only 8,000 tons, the United States
being ahead with 1,530,318 tons, while the Canadian production was
1,522,217 tons.
Increase in January in Canadian Exports of Pulp and
Paper.
Regarding the pulp and paper exports from Canada during
January, the Toronto "Globe" of Feb. 24 stated:
Exports of pulp and paper in January were valued at $13,191,885, an
Increase of $1.921.992 when compared with the same month in 1925,
according to the report of the Canadian Pulp & Paper Association. Exports
of wood pulp in January were valued at $4,246,730. and exports of plper
at 38,945,155, as compared with $3,354.289 and 17.915.604. respectively,
In January 1925. Details for the various grades are as follows:
-Jan.
1926.
Jan. 1925.
Pulp
$611.041
Mechanical
$977,229
1,070,744
Sulphite, bleached
1,239,509
1,056,041
Sulphite, unbleached
1,233,606
616.463
Sulphate
796.386
Total
PaperNewsprint
Book (cwts.)
Writing (cwts.)
Wrapping
All other
$4,246,730
$33.354,289
38,372,141
9,133
603
179,999
383,279
$7,363,419
15.257
5.785
226.149
210.629
$7,821,239
$8,945,155
Total
For the twelve months ending Jan. 31 1926. the total value of Canadian
exports of wood pulp and paper amounted to $156,477,943. as compared
with $139,861.312 for the twelve months ending January 1925. an increase
of $16.616,631, or 12%. Wood pulp exports in this period were valued at
848,824,346 and paper exports at $107,653,597, compared with $40,518,450
and $99,342,862. respectively, for the previous twelve months. Details
of the various grades are given below:
----12 Months Ehuling--Jan. 1926.
PulpJan. 1925.
Mechanical
$10.939,461
$8.026.253
Sulphite, bleached
14.218.265
12,550.979
Sulphite. unbleached
14,327,836
11.640.845
Sulphate
9,338.784
8.300.373
Total
PaperNewsprint
Book (cwts.)
Writing (cwts.)
Paperboard
All other
Total
$448.824,346
340.518,450
599.954.059
428.569
96.857
3.271.708
3.902.404
$91,265,069
190.737
194,772
3.273.689
4.418.595
$107,653,597
$99,342,862
Transactions in Grain Futures During February on
Chicago Board of Trade and Other Contract
Markets.
Revised figures showing the daily volume of trading in
grain futures on the Board of Trade of the city of Chicago
during the month of February 1926, together with monthly
totals for all "contract markets" as reported by the Grain
Futures Administration of the U. S. Department of Agriculture, were made public on March 5 by L. A. Fitz, Grain
Exchange Supervisor at Chicago.
According to the compilation, total transactions at all
markets during February reached 1,634,668,000 bushels,
as compared with 2,903,336,000 bushels in February a
year ago. On the Chicago Board of Trade the transactions
in February this year aggregated 1,433,501,000 bushels,
comparing with 2,597,246,000 bushels in the same month
last year. In the table which we give herewith the figures
listed represent sales only, there being an equal volume of
purchases.
DateFeb. 1-1926
2
3
4
5
Expressed in Thousands Bushels, Le.. (000) Omitted.
Wheat
Corn.
Oats.
Rye. Barley. Flax.
5,924
57.933
1,772 1.343__5.184
42.473
2,312 1,041
____
42.623 4,921
908 1.196
____
7.828
1.507 1.083 __
35.357
9.951
37.801
982 ____
3.884
26.724 6,168 2,872 1,205 ___
6
7-Sunday
8
9
10
11
12-Holiday
13
14-Sunday
15
16
17
18
19
20
21-Sunday
22-Holiday
23
24
25
26
27
28-Sunday
87.889
56.882
77.429
64.267
16.705 11,148 3,188
10,555 5.892 2,733
2.726 4.207
13,791
2,766 2.259
10.235
Total.
66.972
51,010
49.648
45.775
52.618
36,969
118.930
78.062
98.153
79.527
38,631
6,564
2,271
1,783
49.269
55.735
45,238
40.286
48,718
34.577
41,984
12.708
13.296
19,699
7.752
10,664
1.960
1,321
1.713
1,018
827
1,147
71.805
7.005
1,404
1.294
1.796
1.459
1.308
1,771
61.149
63.494
58.945
47,376
51.907
52.030 9.877
55.129 10.907
57.366 10.429
83,453
7,438
42,498 9.430
1.757
1.108
1,358
1,248
710
1.738
1.516
2.367
2.636
899
65,402
68,658
71,520
94.775
53,537
Total Chicago:
1,125.041 217.029 53,269 38,162
25
350
49.878 5.664
--- 10.774 5.604
54.764
140
35.083 11,493
*9.195
3.566
1.020
6,775
8t.LoulsMer.EX
383
480
852
2,091
Milwaukee C. of C.-Ban Francisco Cot C.
Exe.h
Grain
Angeles
Los
Board of Trade
Open Board
Minneapolis C. of C
Kansas City B.of T
Duluth Bd. of Trade..
65
fjoia
12 1.042
1,433,501
55,917
73,110
46.716
13.815
7.795
3,806
8
Baltimore C.of C
236.058 65.013 47.740
Total all markets 1926_1.282.827
1,781.067 677.271 347,524 90,993
1,223 1,807 1,634,668
2,870 3,611 2.903,336
Feb. 1925
2,597,246
Chic. B.of T.year ago_1,581.584 623.717 310,444 81,501
•Durum wheat with exception of 66 wheat.
[vol.. 122.
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR FEBRUARY 1926.
("Short" hide of contracts only, there being an equal volume open on the"Long"side
1926Wheat.
Corn.
Total.
Oats.
Rue.
Feb. 1
108,732,000 50.844.000 54.402,000 .13 387.000 227.365,000
2
107.972,000 50.750,000 54,261.000 13,577.000.226,560.000
3
109,985.000 *50.701.000 34,470.000 13.827.000 228,983.000
4
110,698.000 51.795.000 54.326,000 14,027.000 230,846,000
5
109,883.000 52.067 000 54.027.000 14,162.000 230,139,000
9
110,511,000 52,270,000 x54,543,000 14,220,000 231,544,000
7-Sunday
s
109,169,000 53.239.000 53,882,000 14,599,000 230,889,000
9
109,666,000 53.048.000 53.701.000 15,009.000 231.424.000
10
109,024.000 53.579.000 53.341.000 15.495,000 231,439.000
11
107,174,000 53,412,000 53,525,000 15,340,000 229,451,000
12-Holiday
13
108,267,000 53,483.000 53,798,000 15,437,000 230,985,000
14-Sunday
15
107,730.000 55,504,000 53.653.000 15,372.000 232,259,000
16
108,446,000 56.354,000 53,461.000 15,327.000 233,588.000
17
108,969,000 56.583.000 53.359.000 15,689.000 234.600.000
18
109,597.000 58,675.000 53.370 000 15,677.000 235,319.000
19
1111,116,000 56 864.000 53.587 000 15,447.000%237.014.000
20
109,997,000 56,729,000 53,230,000 15,267,000 235,223,000
21-Sunday
22-Holiday
23
109,716.000 57,498.000 53.220 000 15,312.000 235.746,000
24
110.052.000 58,117.000 53.210.000 15.561.000 236,940.000
25
110,053.000 57.931,000 53.134.000 15.841.000 238,959.000
26
107.247.000 58.063 000 *53,038 000 15.877.000 234.225.000
27
*104,507,000 x58,270,000 53,080,000 115,880.000 231,737,000
28-Sunday
AreraoeFeb. 1926
Feb. 1925
Jan. 1926
Dec. 1925
Nov.1925
Oct. 1925
Sept.1925
Aug. 1925
July 1025
June 1925
109,023.000
114,181 000
111.992.000
110.001.000
113.110.000
111.016.000
103.176.000
96.016.000
90,793,000
103,475,000
54,717,000
81.782.000
45.959 000
45,102 000
56.161 000
48,647.000
46.392.000
51,083.000
46,553.000
55,271,000
5.3,664,000
110.530,000
52,998 000
49.603.000
50.211 000
49,720.000
49.351 000
43,652,000
33.374,000
41,976,000
15.015.000 232,419.000
22.886,000 329,379,000
12,713.000 223,662.000
10.038 000 214,644,000
11.730.000 231.212.000
11.869.000 219.252,000
11.694.000 210.613,000
10.924.000 202,575.000
8.895.000 179,605,000
8,515,000 209,237,000
x High. •Low.
Some Crude Oil Prices Are Reduced-Gasoline Prices
Show Few Changes.
Crude oil prices showed reductions in a few sections of the
country during the week just ended, but in the case of gasoline the changes were mostly upward, an advance on the
Pacific Coast being particularly noteworthy in that respect.
In the East, certain grades of Pennsylvania crude oil were
reduced from 250. to 35c. per barrel by the Joseph Seep
Purchasing Agency, which posted the following list of changes:
GradePenn. grade in N. Y. Transit line
Bradford District oil
Penn. grade in National Transit line
Penn. grade in S. W. Penna. line
Penna. grade in Eureka line
Penn. grade in Buckeye line
New
Old ReducPrice. Price. Hon.
33 65 $3 90 25c.
365 390 25c.
355 380 25c.
355 380 25c.
350 375 25c.
330 365 350.
The Gaines grade in National Transit line and other
Eastern grades remain unchanged.
The reduction was said to be due to a purely local condition,
as several refineries near Oil City have been forced to suspend
operations due to the flood condition which has been prevalent there for over a week.
Reports from Shreveport, La., on March 9 stated that,
effective at once, the Standard Oil Co. of Louisiana reduced
the price of Bellevue, La., crude oil 15c. a barrel to $1 50.
No other grades were affected. This reduction places
Bellevue crude on a par with Gulf Coast Grade A crude at
$1 50 a barrel. It is a readjustment of price and is not
considered a reduction, according to press dispatches from
Houston, Tex. On March 10 the Louisiana Oil Refining
Corp. and the Gulf Refining Co. met the 15c. cut posted by
Standard Oil Co. of Louisiana in the price of Bellevue crude.
Bellevue was one of only two grades of the North LouisianaSouth Arkansas territory not changed by the general reduction in prices effected Feb. 2, the other being Cotton Valley.
The companies named are the only pipeline buyers of Bellevue
oil. Also on March 10, the announcement was made by
the Humble Oil & Refining Co. that, effective at once,
Goose Creek, Hull, Liberty, West Columbia, Orange and
Pierce Junction crude oils will be classified into "A" and "B"
grades. The "A" grade will be posted at $1 50. The "B"
grade will be put on a gravity basis as follows: Below.
25 gravity $1 25, 25 to 25.9 gravity $1 30, 26 to 26.9 gravity
$1 35, 27 to 27.9 gravity $1 40, 28 to 28.9
gravity $1 45,
29 to 29.9 gravity $1 50, 30 gravity and above $1 55.
On March 11 it was reported from San Francisco that
the Standard Oil Co. of California had advanced crude oil
prices 1 cent a barrel on the lowest grades of refinable crude
to 44 cents a barrel on the highest grade, up to and including
42 degrees gravity. The price of heavy base oil was left
unchanged.
Gasoline prices remained stable during the week, the only
change in the retail figure being made March 11 by the
Standard Oil Co. of California, which increased the price
2 cents a gallon at all points on the coast, making the retail
price 20 cents a gallon, exclusive of tax. Wholesale gasoline
has been reduced in price he. a gallon by Pennsylvania
refiners, according to press dispatches from Oil City, Pa.,
MAR. 13
1926.]
THE CHI{ONN'I.r
138'i
on March 11. On the following day, the Standard Oil Co. tion of
all companies during February is 3,795,139 tons.
of New Jersey reduced the export price of gasoline Ytc. a The
average daily output in February was 158,131 tons, as
gallon
compared with the daily average of 159,752 tons the preceding month, which was also the high figure since March
Output of Crude Oil Remains Practically Unchan
ged. 1925. In the following we show the details of production
During the week ended March 6 crude oil production back to 1925:
declined somewhat to an average of 1,920,300 barrels
per MONTHLY PRODUCTION OF STEEL INGOTS, JAN. 1925 TO DEC. 1925
day, a loss of 6,750 barrels per day, according to the
Reported for 1925 by cos. which made 94.43% of the steel ingot production In 1924.
estimates made by the American Petroleum Institut
e. The
Calculated
Approx.
-daily average production east of California was
Monthly
Monthly No. of
Daily
1,321,300 Months
OpenBesseAU Production Production Work- Production
barrels, as compared with 1,324,050 barrels,
1925.
Hearth.
a decrease of
me?.
Other Companies
AU
tny
AU Cos.
2,750 barrels. The following are estimates
Reporting. Companies Days. GrossTon.s
of daily average
gross production by districts for the weeks
January __ 3.262,748 689,996 11,960 3.964,704 4,198,564
27
155,502
given:
February _ 2,931,964 602,042 13,014 3,547,020 3,756,243
DAILY AVERAGE PRODUCTION.
(In Barrels)
Mar. 6 '26. Feb.27 '26. Feb.20 '26. Mar.7'25.
Oklahoma
453.150
455,400
450.000
Kansas
467.650
103,950
103,250
102.600
North Texas
81.150
79,700
76,650
East Central Texas
86.550
60.850
60,150
59.200
West Central Texas
169.900
77.700
73.050
69.600
Southwest Texas
53,100
38.400
38,900
37,650
North Louisiana
49,300
49,450
48.150
44.600
Arkansas
49,900
163,900
167.000
169.900
Gulf Coast
109.300
90.850
93.600
90,100
Eastern
78,900
98,000
98,500
99.000
Wyoming
99,000
75.050
77,000
73,800
Montana
82.650
18,050
18.250
14.700
Colorado
7.800
6.950
7.000
New Mexico
7.150
1.700
3,850
4,100
California
4,300
400
599,000
603.000
603.500
603.000
Total
1,920.300 1,927,050 1.902.750 1.944,450
2 months_ 6,194,712 1,292,038 24,974
March__ 3,336,169 614,860 13.633
April
2,857.802 515,715 14,182
May
2,754,130 497.708 13,790
June
2.538,988 476,945 12,490
July
2.444.969 457.095 13,547
August
2,696,667 523.734 12,914
September 2,737,251 547,121 13.977
October
3.075,995 584,567 15,624
November 3,091,361 581,347 17,085
December. 3,169.224 569,304 15,843
24
156,510
7,511,724 7,954,807
51
155.977
3,964,662
3,387,699
3,265,628
3,028.423
2,915,611
3,233,315
3,298.349
3,676,186
3,689.793
3,754,371
26
26
26
26
26
26
26
27
25
26
161,482
137,982
133,010
123,348
118,753
131,694
134,342
144.186
156,297
. 152,916
4,198 520
3,587,524
3,458.253
3,207,056
3,087,590
3,424,034
3,492,904
3,893.028
3,907,437
3,975,824
Total
34,897.268 6,660,434 168,059 41,725,761 44,186,977 311
142,080
MONTHLY PRODUCTION OF STEEL INGOTS, JAN. AND FEB. 1926.
Reported fop 1926 by cos, which made 94.43% of the steel Ingot production in 1924
Calculated
Approx. Per
• The estimated daily average gross
production of the MidMonthly Monthly No. of
Daily
Cent
Continent field, including Oklaho
AU Production Production Work- Product
of
ma, Kansas, North, East
Other. Companies
AU
big
AU
OperaCos.
Central, West Central and Southwe
Reporting.Companies. Days. GrossTond lion.
st Texas, North Louisi
ana and Arkansas,for the week
13,664 3,922,193 4,153,545
159,752 *88.72
ended March 6 was 1,028,550
26
12,818 3,583,750 3595,139
barrels, as compared with 1,025,6
158,131 87.82
24
00 barrels for the preced2 mos_ 6,341,747 1,137,714 26.482 7,505,943 7.948.684
ing week, an increase of 2,950
158.974 88.2
50
barrels. The Mid-Continent
9
*Revised.
production, excluding Smackover, Arkansa
The
figures of "per cent of operation" are based on the "theoretical capacity" as of
s, heavy oil, was
895,250 barrels, as compared with
Dec 31 1925. of 56,000.000 gross tons of ingots.
888,350 barrels, an increase of 6,900 barrels.
In Oklahoma production of South Braman
is reported at Unfilled Orders of United States Steel Corp. Decline.
9,050 barrels, against 8,150 barrels;
The United States Steel Corp. on Wednesday (March 10)
Thomas 7,450 barrels,
against 8,600 barrels; Tonkawa 44,400
issued its regular monthly statement showing unfilled orders
barrels,
against
44,250 barrels; Garber 25,100
hanels, against 26,350 bar- on books of the subsidiary corporations as of Feb. 28 1926
rels; Burbank 44,300 barrels, against
44,500 barrels; Daven- to the amount of 4,616,822 tons. This compares with
port 21,050 barrels, against
21,150 barrels; Bristow-Slick 4,882,739 tons on hand Jan. 31 1926, a loss of 265,917 tons.
31,700 barrels, against 31,850 barrels;
Cromwell 19,300 bar- On Feb. 28 last year the unfilled tonnage stood at 5,284,771
rels, against 19,700 barrels, and
Papoose 13,800 barrels, tons and on Feb. 28 1923 was no less than 7,283,989 tons.
against 14,250 barrels.
In the following we show figures back to beginning of 1922.
The Mexia pool, East Central Texas,
is reported at 13,450 Figures for earlier dates may be found in our issue of April 14
barrels, against 13,350 barrels;
Corsicana-Powell 32,800 1923, page 1617.
barrels, against 32,600 barrels;
End of MonthWortham 11,200 barrels,
1926.
1925.
1924.
1923.
1922.
against 10,800 barrels; Reagan
January
4,882,739 5,037,323 4,798,429 6,910,776 4,241.678
County, West Central Texas, February
4,616,822 5,284,771 4,912.901 7,283.989 4,141.069
31,600 barrels, against 31,300
4,863.564 4,782,807 7,403,332 4,494,148
barrels; Haynesville, North March
April
4,446,568 4,208,447 7,288,509 5,096,917
Louisiana, 10,350 barrels, no
change; Cotton Valley 8,400 May
4,049,800 3,628,089 6,981,851 5.254,228
June
barrels, against 8,250 barrels;
3,710.458 3,262,505 6,386.261 5,635.531
Urania 6,600 barrels, against July
3,539.467 3.187,072 5.910,763 5,776,161
5,600 barrels, and Smackover,
ugust
3,512,803
3.289,577 5.414,663 5,950,105
Arkansas, light, 18,700 bar- September
3,717.297 3,473,780 5,035,750 6,691,607
rels, against 18,950 barrels; heavy
4.109,183 3,525,270 4,672.825 6,902.287
133,300 barrels, against October
November
4,581,780 4,031,969 4.368,584 6,840.242
137,250 barrels. In the Gulf Coast
field Hull is reported at December
5.033.364 4,816,676 4.445,339 6.745.703
15,300 barrels, against 15,250
barrels; West Columbia 9,400
barrels, against 9,200 barrels;
Orange County 11,500 barrels, Steel Output Maintained-Consumption Rate High
against 11,850 barrels; South
Liberty 7,800 barrels, against
Pig Iron Price Drops.
7,750 barrels; Boling 6,550
barrels, against 8,800 barrels,
The output by steel-consuming industries shows no decline
and in the Southwest Texas
field Luling is reported at 21,800 and leading steel
companies are operating at the high rate of
barrels, against 21,600 barrels;
Lytton Springs 7,400 barrels, recent weeks, reports the
"Iron Age" on March 11. Howagainst 7,250 barrels; Piedras
Pintas 450 barrels, against ever, new business coming
1,250 barrels.
to the rolling mills is not sufficier t to replace current shipments, the Chicago district being
In Wyoming Salt Creek is
reported at, 55,050 barrels, alone in showing an increas
e in tonnage on the books. The
against 57,100 barrels.
Steel Corporation, which for several weeks has averaged
In California Santa Fe Springs
is reported at 48,000 bar- above 90% in ingot product
ion, has been shipping about
rels, no change; Long Beach 110,500
barrels, against ,112,000 10,000 tons a day more of finished
steel than it has booked.
barrels; Huntington Beach 45,000
barrels, against 44,500 In the past week it has operate
d at nearly 95% of capacity.
barrels; Torrance 28,000 barrels,
no change; Dominguez Independent companies appear
to be averaging close to 85%,
21,500 barrels, against 23,000 barrels;
Rosecrans 21,500 according to the interesting
summary of market conditions
barrels, against .22,000 barrels; Inglewo
od 52,500 barrels, issued by the "Age," parts of which
we quote herewith:
against 53,500 barrels, and Midway-Sunset
92,000 barrels,
With no signs thus far of the overproduction that
no change.
marked the first quarter of 1925. the country's
February Steel Production Small-Result of
Short
Month.
Steel ingot production in February
was on a somewhat
decreased scale as compared with the
previous month, owing
to the short working month of 24 days,
compared with 26
working days in January. In its
monthly report, released
Tuesday (March 9), the American
Iron & Steel Institute
placed the production of steel in
February 1926 by companies, which in 1924 made 94.43% of
the steel ingot production, at 3,583,750 tons, of which
556,031 tons were
Bessemer, 3,014,901 tons open-hearth
and 12,818 tons all
grades.
other
On this basis the calculated monthl
y produc-
ingot output in January and February was 7.948,000 tons, or only 6,000 tons loss than in the first two
months of 1925. Today railroad, building, automobile and oil and gas
pipe consumption is on a
scale indicating good mill schedules for the heavier
products in the next
60 days.
Of much moment to sheet producers Is the fact
that the automotive industry is now ordering body sheets more freely
than in any preceding week
of the year.
The effort of producers to get higher prices on
plates, shapes and bars
for second quarter shipment continues to work against
the building of backlogs. Some mills are naming 2c., Pittsburgh, on
bars and 1.85c. on shapes
only on sales for prompt or March delivery.
On large tonnages of steel for railroad cars the
concession is now more
commonly $2 a ton from the general market price;
heretofore it has run up
to $4 a ton.
With 20,000 tons for the Cleveland Union Terminal, 9,500 tons
for a San
Francisco office building and 10,000 tons of miscellan
eous work in New
York, the total of structural steel awards was upward
of 63,000 tons, by
far the largest week of the year.
1388
THE CHRONICLE
which the Southern took
Freight cars ordered in the week totaled 4,150, of
also ordered 113 loco2,250 and the Southern Pacific 1,100. The Southern
100 to 200 locomotives
motives. The Pennsylvania RR. Is inquiring for
and 2,000 steel automobile cars.
competition at AtlanForeign steel bars are git tag domestic mills harder
as 1.70c., duty paid. About
tic seaboard points, sales having been as low
1,200 tons came in at Philadelphia last week.
anna River near the PennThe Conowingo power project on the Susqueh
tons of concrete reinforcing
sylvania-Maryland border will require 5,000
towers.
bars and a like tonnage of structural steel for 500
and wire are being unGerman, Belgian and French bars, hoops, shapes
Gulf ports. Contiand
Atlantic
loaded In increasing quantities at North
each other that profits are
nental mills are competing so sharply against
disappearing.
United States calls for 5.500
Another Japanese rail order placed in the
Government Rys. For Osaka,
tons of 100-1b. sections for the Imperial
3,500 tons of 91-1b. rails went to Europe.
been advanced 25c. for the
That the price of Lake Superior iron ore had
the week. Sales may not
of
report
d
unfounde
an
was
1926
of
season
of the pig iron market an
come before early April, and in the present state
ore advance is unlikely.
just made in the price from
The ferronAnganese trade is stirred by the cut
bought most of their 1926
users
Leaning
port.
Atlantic
$115 to $100.
r, and thus imports of
metal from a domestic steel company in Decembe developments are exBritish "ferro" will be the smallest in years. Early
price.
pected to determine the hol. 1-g power of the $100
than twice those of
February imLorts of jig iron at Boston were more
shipments. However, at
January; and Germany maiattlaed first place in
February 1925. Foreign iron
10,659 tons they compare with 13,701 tons in
has sold as low as $19 50 at Atlantic port.
"Iron
Weakness in Philadelphia foundry iron caused the
$21.46
from
$21.38
to
drop
to
price
ite
compos
iron
pig
Age"
er.
last week. This is the lowest level since Novemb
2.431c.
The composite price for finished steel remains at
the
below
but
ry,
Februa
of
figure
Lw
the
above
This is
the
show
tables
price
ite
compos
January price. The usual
following comparisons:
nal
says this weekly summary, which gives much additio
of
period
this
during
trade
of
state
the
ing
data concern
readjustment, parts of which we quote as follows:
the
week followed
The tidewater bituminous quotation at Boston last
true at Provistock market and dropped but 10 to 20 cents. This was also
demands and also
dence. This weakness was caused practically by small
g to reports,
by the easing off of prices at the Southern piers. Accordin
in movement of
tonnage had piled up at the Southern piers, due to delay
at excepoffered
being
was
vessels, causing a softening in price. Slack
was very limited,
tionally low prices. The demand for prepared bituminous
fairly active and
even at low mine prices. All-rail steam coal was only
very well, as was the
prices were nominal. Company anthracite was moving
anthracite were
of
lower priced independent coal. Retail prices in Boston
brisk, but outreduced $1 per ton. Buying of New England coke was very
side coke was not in great demand.
rapidly as posDealers were continuing to move out their substitutes as
the cold snap.
sible, but this was proving to be a rather slow job, despite
at premium
coal
ent
Company coal was selling fairly well, but independ
slowly.
prices was not in any great demand. Steam sizes were moving
quotations of
Independent prices showed further reduction compared with
congested with substithe previous week. Some local coal yards were so
e substitutes
tutes that the railroads placed embargoes on them. Anthracit
nil.
were extremely low in price, with demand
time last week
Philade'phia retailers and wholesalers were having a hard
stocks of anthracite
to solve their problems. Retailers, who still had large
and in many cases
substitutes, were having trouble in the disposal of these,
es with anthrawere making their customers take equal amounts of substitut
on of cancellations,
cite orders. Wholesalers were up against the propositi
and caused congestion in
most of which were without legitimate cause
dropped about 50%. In
yards and on sidings. Retail prices on substitutes
with the exception of
spite of the drop in demand, the bituminous pools,
consumers preferring
small,
pool 10, filled up very well. Contracting was
to hold on for a while.
was no demand to speak
The Baltimore market continued dull, and there
possible, were seeking to
of for prepared bituminous. Consumers, wherever
bunker trade continued light,
piece out their supplies with hard coal. The
t Pool prices held fairly
and there was no perceptible soft coal movemen
and was promptly dissteady. Anthracite was still coming in very slowly
Not much independposed of. Arrivals consisted principally of line ccal.
for the Baltimore
high
ent coal was coming in, as prices were still too
Finished Steel—March 9 1926, 2.431c. per Pound.
2.431c.
beams, tank1One week ago
Based or prices of steel bars.hearth
2.439c.
rails. One month ago
plates, plain' wire, open
2.516c.
ago
year
These One
black pipe and blac•c sheets.
0 of the United 10-year pre-war average_ _1.689c.
products constitute 887
States output of fl.-Ished steel.
Pig Iron—March 9 1926. $21.38 per Gross Ton.
$21.46
One week ago
Based on average of basic and foundry
21.54
month ago
irons, the basic being Valley quotation, One
22.13
ago
year
One
Chicago.
of
average
the foundry an
15.72
average
pre-war
-year
10
Philadelphia and Birmingham.
Pig Iron
Finished Steel
Low.
High.
Low.
High.
9 $21.54 Jan. 5 $21.38 Mar. 9
1926-2.453c. Jan. 5 2.424c. Feb.
18.96 July 7
13
Jan.
22.50
18
Aug.
2.396c.
6
Jan.
1925-__2.5600.
Oct. 14 22.88 Feb. 26 19.21 Nov. 3
1924__2.789c. Jan. 15 2.463e.
Mar. 20 20.77 Nov.20
1923...._2.824c. Apr. 24 2.446c. Jan. 2 30.86
s in the iron
Better business is developing in more quarter
"Iron Trade
11
March
the
s
observe
,
market
and steel
first apparent
Review." Some quickening in new buying
further progress the past
made
has
ago
weeks
two
to
days
10
in the building, railweek in the automobile business, and
fields. While the
other
certain
road equipment, oil, gas and
beyond needs immeding
providi
to
as
atism
conserv
of
spirit
buyers, general prosately in sight continues markA among
quarter of the
pects show up more favorably as the second
is a helpful
also
prices
in
y
stabilit
More
nearer.
year comes
conditions,
market
of
resume
w's"
factor, declares the "Revie
s:
extract
ng
followi
the
take
we
which
from
operations, already
market.
was suffering from many
The central Pennsylvania bituminous region
was well kept up and
cancellations, the production during February
t
inroad had been made in
permanen
operators expressed their doubt that
us coal.
the Eastern anthracite market by bitumino
district, although the marProduction fell off last week in the Pittsburgh
some contracts had been closed with
ket was a little more animated and
moderate. Little intervery
was
industrials and railroads. Spot trading
were low. Production of coal
est was shown in by-products coal, and prices
materially. There was
in this field on the 1917 basis has helped matters
coke fields and prices
a further decline in production in the Connellsville
continued on the downward move.
resulted in
Further curtailment of production in southern West Virginia
volatile. As
the further stabilizing of prices, particularly for the high
and prices deanthracite production increased, sales of smokeless decreased
smokeclined. Production of prepared, however, was being restricted and
n. Nut
productio
mine-run
less producers were turning more and more to
and slack were a little firmer, as was mine-run.
y.
Reduction of output of high volatile strengthened prices materiall
due
New contracting in high volatile had not yet reached an active stage,
prices
low
the
at
to tha unwillingness of producers to enter into contracting
denow prevailing. All fields in the southern part of the State reported
River
creased production, with the exception of the Pocahontas and Tug
fields.
Demand in the upper Potomac and western Maryland fields was quite
stagnant and production was greater than the market could readily absorb.
Competition was keen. Prices were not as firm as they were a while ago,
particularly for prepared grades.
Although demand for prepared grades of Virginia coal was still fair, prices
were much lower. Production was running more to run-of-mine. Fine coal
brought the highest relative prices.
and mill
Reflecting the broader demand, steel works
ahead a few steps. The Chicago
on a high plane, again have been pushed
23 blast furnaces Inaction,
of
out
With 20
district now is operating at 92%.
month may break its high record for
prospects are that the Gary works this
More mill and steel making units
tonnage established in March 1925.
East.
the
in
and
gh
Pittsbur
at
have gone in
been singularly lacking, has como to the
Locomotive building, which has
nt market. New orders total about 175.
front in the railroad equipme
added to the year's total, including 2,850 for the
About 5,000 cars have been
Pacific.
Southern and 1,600 for the Southern
briskly with.a large volume well spread
Building work is moving ahead
awards totaled 55,033 tons, covering 60
out in all districts. The week's
total for this year and it was equalled
projects. This is the largest weekly
or approached only six times last year. by the placing of 30,000 tons of
Greater oil field activity is evidenced
Co. of New Jersey and the Humadditional pipe lines by the Standard Oil
for storage tanks.
ble Oil & Refining Co., and by new demand
feature the Eastern pig iron
Offerings of foreign tonnage at lower prices
Ironton, has placed another
&
Toledo
Detroit
the
road,
Ford
market. The
to be about 10,000 tons.
order for steel rails in Belgium, reported
brought a reduction of $15 per
Keen competition in ferromanganese has
ton to $100, duty paid, seaboard.
week on fourteen leading iron
The "Iron Trade Review's" composite this
week and the week previous.
last
as
same
the
90,
$38
is
products
and steel
hat—Butiminous
Anthracite Trade Improves Somew
Slightly.
Fall
ces
Market Sluggish—Pri
approximating
closely
prices
at
Company anthracite,
moving well, but dealwas
strike,
the
before
force
those in
the prices of the higher indeers were unwilling to pay
of them still had large stocks
most
as
lly
especia
s,
pendent
s the "Coal Trade Jourdeclare
of,
dispose
of substitutes to
conditions. Bitumarket
of
review
nal" in its March 10
or less drugs
more
were
sizes
ed
prepar
and
minous mine-run
in price,
higher
and
scarce
slack was
on the market, but
[VOL. 122.
The coal trade of the country is still engaged in working
out the problems created by the juxtaposition of the unexpected resumption in anthracite mining and seasonal decline in soft-coal demand, observes the "Coal Age" March 11.
The readjustments necessary are being effected with surprisingly few major upsets to business. That such changes
as have taken place were, for the most part, anticipated and
discounted, is the op!nion of the "Age," which adds further
facts of interest as follows:
rate
Sharp reductions in the production of bituminous coal and a milder
last
of decline in price levels mark the course of the market. Output the
00
week in February, according to the Bureau of Mines, dropped to 10,895,0
first
net tons. Preliminary figures point to further declines during the
to
week in March. Nevertheless, there is too much unsold coal on wheels
make the situation comfortable.
However, even that admittedly bad situation has been ameliorated sometonnages
what by sharper weather in the West and by railroad purchases of
accumurejected by retailers in the East. A check against adding to these
lations is found in the increasing number of mine shutdowns.
ruled a
as
levels
Spot prices on bituminous coal are again at the same
dyear ago. The "Coal Age" index for March 8 was 167 and the correspon
loss
ing price was $2 02. Compared with the preceding week this was a
,
speaking
of two points in both index figure and average price. Generally
, but
all tidewater prices receded. Inland, prices on sized coal weakened deto
quotations on slack advanced. This latter increase was due more
creased output than to any expansion in industrial demand.
At
Contract developments to date have been kept well under cover.
promispresent the outlook in the East from the standpoint of prices is not
country
ing and the freedom with which coal is moved in all parts of the
course,
gives the buyer the initial advantage in price haggling. Much, of
of the
will depend upon the development of the lake trade. The revival
lake rate fight will not assist an early clarification of the situation. recovAnthracite production, which got off to a bad start, made a quick
net tons.
ery the last week of February, when the output reached 1,611,000
--particularly
This tonnage is being fed out over as wide an area as possible
for
racing
are
bY the larger producers. Some of the smaller independents
extravagant
the markets which will pay the highest prices. The day of
premiums, however, will be short and its decline already has set in.
MAR. 13 1926.]
THE CHRONICLE
1389
The most interesting feature in the curren
t anthracite situation is the
Production of soft coal during the presen
apparent scarcity of the usually despise
t coal year to Feb. 27 (approxid pea coal. New York complained mately 280 days) is
now 494,597,000 tons. Production
of this two weeks ago; Philadelphia protested
for similar periode
last
better demand than usual from household consum week. There llso is a in other recent years is given below
ers ter No. 1 buckwheat. 1918-19
517.688.000 net tons11921-22
In the steam trade, however, the small sizes
396.418,000 net tone
are facing hot competition 1919-20
445,906,000 net tons 1923-24
from the bituminous coals and independent prices
517.774,000 net tone
1920-21
503,012.000 net tons 1921-25
are slipping.
433.506.000 net tone
Production of beehive coke is rapidly
declining. For the week ended
Feb. 27 the decrease was over 26,000
ANTHRACITE.
tons. The ovens must now look to
the metallurgical trade for an outlet to
Production of anthracite during the week ended
their production. There has been
Feb. 27, the first full
an increase in orders placed by the foundri
week
since the miners returned to work, is estimated
es, but spot buying of furnace
at 1.611.000 net tone.
coke has been negligible. Some operato
rs are entering the gas market This is but slightly less than the output of the corresponding week in
with raw coal.
1925,
and approaches the average for the four weeks
in February of that year,
which was 1,794.000 tons.
Total
production of anthracite during the year 1925-2
Further Declines Reported in Prol
6 is now 42,735.000
uction of Bitum- tons-36,428,000 tons, or 46%, less than during
the corresponding period
inous Coal and Coke-Anthracit
in
the
year
1924-2
5.
e Output
Estimated United States Production of Anthrac
Makes Substantial Gain.
ite (Net Tons).
1925-26.
While the production of bituminous
1924-25.
coal declined about
Coal
Year
Coal Year.
Week Ended164,000 tors, or 5%,during the week
Week.
to Date.
Week.
to Data: a.
ended Feb. 27, the out- Feb. 13
35.000
40,716009
1.824.000
75.720
Feb. 20b
put of anthracite made a big gain
406,000
41.122 019
1,838.000
with the full resumption Feb. 27 c
77.558,
1,611,000
42.735.033
1,635,000
of work at the mines, the total reaching
79.163
1,611,000 net tors,
a Minus one day's production in April to equali
or but slightly below the corresponding
ze the number of darrIn
figure last year, the two years. b Revised. c Subjec
t to revision
accordirg to the weekly statistics issue
d by the U. S. Bureau
BEEHIVE COKE.
of Mines, which we quote in part herew
ith:
Production of beehive coke during the wea'c
The week ended Feb. 27 records
oiled Feb. 27. as Indicated
anothe
r
decrea
by
se
report
in
the
s
loadin
of
amoun
gs received from the principal c3ke carrier
t of
bituminous coal produced. Total
s. amounted'
output, including lignite and clot coked to 321,000 net tons. This
repres
at the mines is estimated at 10,895
ents a deeine in production of 32.000
,000 net tons, a decrease. compared with tons, or 9%, as compared
with the estimate for the preceding week.
that in the preceding week, of
The
164.000 tons, or 5%. While it is true
that figures indicate a continued downward trend In the weekly produc
a fraction of this loss was due to
tion
the partial observance of Washington's since the high point of 387,03
3 tons for the week ealei Feb. 6, or the
birthday as a holiday, the table of
last•
daily loadings indicates that no sicceed- full week before the termination
of the anthracite simps asion. This
ing days of.the week production
decline,
continued to follow the generally lower therefore, is not unexpected,
since coke was being ostensively used aa
trend that has been apparent In
a•
recent weeks.
substitute for the domestic sizes of anthra
cite.
Estimated United States Production
The total output of beehive during the calls adv.
of Bituminous Coal(Net Tons). a
year
1928
to
Feb. 27 la
Total Bituminous, Including Coal
2.782.000 tons, an increase when camparel
Coked.
with the corresponding period
of last year of 27.5%.
1925-26.
1924-25.
Coal Year
Cool Year
Week.
Estimated Production of Beehi,
to Date.
Week.
to Date. b
Feb. 13
e Coke (Net Tons).
12.011.000. 472.193.000
9,758.000 415.187.017
Daily average
Week En
2.002.
000
1926
1.759,000
1925
1.626.000
1,551.
Feb. 20c
090
Feb. 27 Feb. 2.) Feb. 28
11,509
.000
to
483,70
to
2.000
9.464,
000
424 651 Mg
Daily average
1926.b
I926.c
1925.
1.918.000
Date.
Pennsylvania and Ohio_ _261,0
Date's
1.763.000
1.577.000
.552
1
.099
Feb. 27d
30
291.01
3 199.033 2,295.000 1,722.
10.895.000 494.597,000
8.855,000 433.59609') West 'Virginia
Daily average
18.000
29.031
15.0)3
1,817,000
141.030 112.
1.765,000
1,501,009
1,553.030 Ala.. Ky., Tenn. & Ga... 19.000
22.0)3 21.033
176,030 193,000
a Original estimates corrected for usual
Virginia
13,000
error, which in past has averaged Colora
12.003
11.000
92,000
do & New Mexico_ 6.000
83.000
2%. b Minus one day's production first
5.030
4.009
week in April. to equalize number Washington and Utah_ - _
45,000
35.000
4.000
of days in the two years. c Revised. d
3.003
4.000
33.000
Subject to revision
37.000
Total output during the month of February is
United States total_ __ _321,090
now estimated at 46.582.030
353.073 254.039 2,782.000 2,182,000
Daily average
tons, with an average daily output of 1,919.
53,000
59,033 42.033
093 tons. Compared with the
56,073
44,000
daily rate In January, which was 2.121,
000 tons, February shows a decrease
a Adjusted to make comparable the numbe
of about 8%
r of days covered in the two
years. b Subject to revision. c
Revised since last report.
Current Events and Discussions
The Week with the Federal Reserve
Banks.
The consolidated statement of condition of
the Federal
Reserve banks on(March 10, made public
by the Federal
Reserve Board and which deals with the
results for the
twelve Federal Reserve banks combined,
shows a decline
of $48,900,000 in bills and securities, an increase
of $37,300,000 in cash reserves, and a reduction of $3,600,000
in Federal
Reserve note circulation. Holdings
of discounted bills
went down $80,800,000 and of acceptance
s purchased in
open market $2,100,000, while Government
security holdings
increased $33,900,000.
All of the Federal Reserve banks report
smaller holdings
of discounted bills with the exception of Cleve
land, which
shows an increase of $3,400,000, and
Richmond and Dallas,
which report nominal increases. The
principal reductions
in discount holdings were: Chicago $24,2
00,000, New
York $16,600,000, Boston $13,800,000, Kans
as City $8,400,000, Minneapolis $6,600,000 and St.
Louis $5,400,000.
After noting these facts, the Federal Reserve
Board proceeds
as follows:
Open market acceptance holdings declined
$3,800,000 at the Atlanta
bank and $2,839.090 at Boston, the remaining
banks reporting relatively
small changes in this item. Holdings of all classes
increased during the week. Treasury certificates of Government securities
notes by $15,900,000, and United States bonds by $17.900,000. Treasury
Federal Reserve note circulation of the San by $100,000.
Francisco and Boston banks
declined $3,600,000 and $2.400,000, respect
ively, with nominal change
only reported by the other banks.
s
The statement in full, in comparison with the
preceding
week and with the corresponding date last year,
will be
found on subsequent pages-namely, pages 1424
and
A summary of changes in the principal assets and liabil1425.
ities
of the Reserve banks during the week and the year endin
g
March 10 1926 follows:
Increase(+1 or Decrease
(-)
During
Week.
Year.
reserve
s
Total
+$37.3
00.000
-$59,900,000
Gold reserves
+34.400,000
-75,600.000
Total bills and securities
-48.900,000
+44,500.000
Bills discounted, total
-80,800,000
+92,000.000
secured by U. S. Govt. obligations_ _ _ -55.50).000
+17,30
0.000
discou
nted
Other bills
-25300000
+74,700.000
Bills bought in open market
-2.100,000
-16,8
00,00
Gover
0
nment
securit
ies,
total
U. S.
+33.900.000
-28,700,000
Bonds
+100.000
-17.500.000
Treasury
+15,900.000
-96,000,000
Certificates of indebtedness
17,900,000+84.800,000
Federal Reserve notes in circulation
-3,600,000
-58,900,000
Total dePosIts
-21.000.000
+25,800.000
Member" reserve deposits
-14.600.000
+8.400,000
Government deposits
-3,900.000
+22,200.000
The Week with the Member
Banks of the Federa
Reserve System.
The Federal Reserve Board's state
ment of condition of
712 reporting member banks in
leading cities as of March 3
shows increases of $79,000,000
in loans and discounts,
$11,000,000 in investments, $73,0
00,000 in net demand
deposits and of $41,000,000 in
borrowings from the Federal
Reserve banks. Member banks
in New York City reported
increases of $22,000,000 in loans
and
in investments, $79,000,000 in net discounts, $11,000,000
demand deposits and a
reduction of $23,000,000 in borro
wings from the Federal
Reserve bank. It should be noted
that the figures for
these member banks are always
a week behind those for the
Reserve banks themselves.
Loans on corporate stocks and
bonds were $7,000,000
above the previous week's total,
increases of $12,000,000 in
the Chicago district, and $6,000,000
and $7,000,000 in the
Cleveland and San Francisco districts,
respectively, more
than offsetting a decline of $22,0
00,000 in the New York
district. "All other" loans and disco
unts were $69,000,000
higher than a week ago. Of this incre
ase $48,000,000 was
reported by banks in the New York
district and $11,000,000
by those in the Chicago district.
Total loans to brokers
and dealers secured by stocks and
bonds, made by reporting
member banks in New York
City were $61,000,000 less
than a week ago. Of this decli
ne
for their own account, $22,000,00 $24,000,000 was in loans
0 in loans for the account
of out-of-town banks and
$15,000,000 in loans for the
account of others. Further
comment regarding the changes
shown by these member banks
is as follows:
Investments in
U. S. securities increa
sed $5.000,000 in the New
district and declined
York
$8,000
of other bonds, stocks and ,000 in the San Francisco district. Holdings
securities went up $13,000,009,
increases being reported
by banks in seven of the Reserv relatively small
Net demand deposits were
e districts.
$73,000,000 higher than the previo
The principal changes in
us week.
this item include increases
of 885,000.000 and
$16.000,1300 in the New
reduction of $36,000.000York and Boston districts, respectively, and a
Increase of $18.000,000 at banks in the San Francisco district. An
was partly offset by smallIn time deposits in the San Francisco distric
t
declines in some of the other
Increased borrow
distric
all districts except ings from the Federal Reserve banks were ts.
report
ed
in
Boston
,
New
York and Philadelphia. The princip
changes were increases of
al
829.000.000 and $10,000,000
San Francisco distric
in the Chicago and
respectively, and a reduct
the New York districts,
ion of $26.000,000 th,
t.
fl90•
THE CHRONICLE
give the
Qua'subsequent page—that is, on page 1425—we
return of the
figures in full contained in this latest weekly
following is
member banks of the Reserve System. In the
pal items
princi
the
furnished a summary of the changes in
year:
last
with
and
ago
week
a
with
as compared
•
Las and discounts, total
Secured by U. S. Govt. obligations
Secured by stocks and bonds
All, other
Investments, total
U. S. bonds
U. Sc. Treasury notes
U. S. Treasury certificates
Other bonds, stocks and securities
la:serve balances wfth F. R. banks
Cash iq vault
Net demand deposits
Time deposits
Government deposits
Total accommodation at F. R. banks
Increase (+) or Decrease (—)
During
Year.
Week.
+379,000,000 +$766.000.000
—36,000.000
+3.000,000
+641.000.000
+7.000.000
+161.000,000
+69.000.000
+167.000.000
+11.000,000
+127,000,000
—2.000.000
—196,000,000
—3,000.000
+57,000.000
+3.000,000
+179.000.000
+13.000,000
+24,000.000
+14,000.000
—3.000.000
—13.100,000
+83,000.000
+73.000.000
00,000
+501,0
+9.000.000
+88.000,000
+149,000,000
+41.000,000
es of the
Digest of Cables Received From Foreign Offic
Bureau of Foreign and Domestic Commerce.
by the
The summary of foreign cablegrams received
ed for
Department of Commerce at Washington, releas
s:
follow
y,
publioation to-da
[VOL. 122.
PERU.
es and trade is
Apprehension as to climatic irregularities in Peru continu
slow. Exchange
adversely affected with export shipments and import orders
Government
is slightly strengthened ass result of the uncertainty of placing
loans.
MEXICO.
slightly increased.
General conditions are unchanged but commercial sales
of low priced
Highway construction has been partially suspended. Sales
priced lines have.
automobiles have increased while those of the higher
rily due to heave
decreased. Lard importations have fallen off tempora
Importations previously at lower figures.
PORTO RICO.
es satisfactory,
s
Import and retail trade in most lines of busines continu
unfavorably on the
although the recent decrease in sugar prices has reacted
optimistic feeling of last month.
Loans.
Oversubscription of London County Council
New
In a copyright cablegram from London, Feb. 28, the
York "Times" stated:
public revenue and exThe expectation that the forthcoming budget of
ty, has stimulated the "gin-edged
penditures will balance without difficul
its powers of absorption last week
market" for securities, which showed
for £7,000,000, offered at 99%,
when the London County Council 5% loan
official day for the closing of the
was oversubscribed some time before the
it is considered as definitely eslists. The operation was interesting, because
securities at a trifle over 5%.
tablishing the interest yield for high-class
rs, able to offer trustee secuBritish corporations and also other borrowe
-up of such a basis, but their
rities, have fought hard against the setting
in establishing an interest level
financial advisers have finally succeeded
for both borrower and lender. For
which must be considered satisfactory
at a really uneconomic level, when
some time past, capital has been sought
it. A large demand still lies ahead
measured by the size of the. demand for
s is unlikely to decline for
and the value of money for investment purpose
some time to come.
FRANCE.
of some duration during
The'change in Government followed a period
level of production, while
which Il'renth industries continued at an even
to temporarily increased
twice over.
the franc was steady or slightly stronger, owing
It is stated that the loan was subscribed for
ment on the payments
confidence. After the defeat of the Briand Govern
in the Chamber of
nce
n
of
confide
questio
a
made
been
had
tax which
ss, again unsettling the foreign
Deputies, the franc showed renewed weakne
of England.
es and advances in production
Labor Would Nationalize the Bank
trade outlook. Demands for wage increas
coal
of
tion
Produc
on.
ial
situati
industr
n, Feb. 24,
the
erize
Londo
costs continue to charact
The following copyright advices from
though rising factory costs
and-of iron and steel continue at record levels,
s":
satis"Time
are
ons
York
operati
are from the New
and'sales prices continue in the steel trades. Textile
ation of price decline.
in
of no less venerable an institution
fa*ry but purchases of raw cotton are dull anticip
The nationalization, after Jan. 1 1927
ing.
ed to the House of
advanc
still
are
ffs
prices
foodstu
but
good,
are
of England is proposed in a bill present
Bank
the
Agricultural prospects
than
ally
, and is supported by the Clyde.
ration applies to practic
ns by a Labor member, Mr. Marton
The .bill-for tariff advances now under conside
Commo
of
passage
the
to goods shipped before
all Specific rates, but will not apply
side Labor members.
shrift in Parliament, proposes to
the act.
The bill, which will likely receive short
and control and the
SPAIN.
h a bank council, wherein the management
establis
been slight, with very little property and assets of the bank would be vested.
y
Shifts in Spanish industrial activit have
g in the Barcelona region has improved
net change. Textile manufacturin
ed. Iron mining continues depressed,
and the output is being readily absorb
—Bill,
to place new restriction on the use of
obliged
been
has
ment
Govern
the
Free State Plans to Mint Its Own Coins
and
ies on order to check depression and absorb Irish
nGover
Give
d
British coal in subsidized industr
Woul
nn,
for
Introduced in Dail Eirea
ons are good, but the market
surplus production. Agricultural conditi
n Money.
Toke
the demand for
ed
and
Issue
to
y
depress
r
industr
Powe
wine
the
ment
ed,
paralyz
olive oil is
e of wholesale prices for 1925 was
the followwheat greatly restricted. The averag
The "Wall Street Journal" of Feb. 15 reported
this high level is being maintained.
considerably above that for 1924, and
South America ing advices from its London Bureau:
and
Central
from
d
lately
receive
been
Export orders have
The prospect for sales of American
. Minister of Finance
and Cuba for textiles and footwear.
The Irish Free State is to have its own coinage
ed strength of French competition
to provide the Govcontinu
the
despite
le,
favorab
still
is
goods
introduced a bill Jan. 19 in the Dail Eireann
Blythe
gaining
y
steadil
are
tires
bile
an automo
coins.
in a number of lines. Americ
plans has been ernment with power to issue token
al
financi
ment
es and threeof
Govern
ion
sixpenc
indicat
e
ground. No definit
Silver half-crowns, florins and shillings; nickel
bill.
g time pending definite word. State
, half-pennies and farthings are scheduled in the
pennies
made and money markets are markin
bronze
;
with
pences
and
y
Januar
ed as compared with
; Irish silver
revenues during February improv
are to be more valuable intrinsically than the British
d.
Coins
remove
been
not
has
ings
still
borrow
are
new
for
ons and design of coins
February 1925, but the necessity
will be 75% fine as against 50%. Dimensi
President,
A short term loan is expected.
It is said that the head of Arthur Griffiths, first
ed.
undecid
JAPAN.
It is over 100 years since
will be on one side, with a harp on the reverse.
in Japan during the past month have Ireland had its own coins, but gamblers still cry "heads or harps."
The outstanding developments
and
Bill
date after which
of the Revised Customs Tariff
The bill empowers the Finance Minister to fix any
been the introduction into the Diet
se exchange. The new tariff law is expected British coins shall cease to be legal tender. It has received much adverse
Japane
in
e
advanc
mhrked
the
n,
without discussion
The definite settlement of the tariff questio
criticism. Objectors say it is being rushed through
to be promulgated April 1.
provided, will be much better than the uncertainty and that as Ulster will still use British currency it will tend to perpetuate
even at the higher rates
ly
serious
not
tionalists are pleased.
few months. The new rates will
the partition of Ireland. Sentimentalists and ultra-na
that has prevailed for the past
must come from abroad. Sales of import New coinage cannot depreciate, as gold and notes remain unaltered.
which
lines
in
s
busines
'
hamper
accrue to the Irish
January and prospective business is encouragGovernment circles say profit of over £500,000 will
goods were fairly large during
ated
ion in
which deliveries can be made before the anticip
of replacing the £1,500,000 of silver in circulat
result
a
as
y
treasur
ing especially on lines on
more
ed
tariff. Japanese exchange has advanc
.
Ireland
effective date of the new
causing
been
has
e
advanc
beginning of the year. This
than 7% since the
since it has been caused principally by specuof
considerable anxiety in Japan
and present quotations are considered higher Payment by Greek Government to Sofia of Part
let it in foreign countries
and imports have been
exports
Both
t.
ria.
warran
Bulga
of
ons
ion
Indemnity for Invas
than economic conditi
e.
general uncertainty resulting from the advanc
of half
adversely affected by the
ing the payment by the Greek Government
report
In
L.
BRAZI
e of Nations CommisLeagu
the
by
ed
impos
nity
ge
indem
Exchan
.
the
futures
e
in
of
with a small advanc
.
The coffee market is strong
copyright advices from
dollar but closed on March 6 at 6.88 milreis
sion for the invasion of Bulgaria,
wakened to 6.96 milreLs to the
ns is calm with
electio
ntial
preside
s" stated:
"Time
coming
York
'rho attitude of the people toward Government candidates. The Brazilian Geneva, Feb. 16, to the New
the
lly settled yesterday when the
practica
was
no ;ppreciable opposition to
United
episode
Greek
Santosdirect
BulgarThe
is about to initiate
15,000,000 levas, or half the indemnity fixed
steaarship line "Lloyd Brazileiro" shippers to patronize its steamers.
Greek Government paid Sofia
coffee
of Bulgarian territory.
States service and is urging
League of Nations for violation by Greece
the
by
CHILE.
ng 15,000,000 will be paid on March 15.
remaini
The
in
ing the difficulty of paying the inic factors necessary for improvement
Athens recently wrote Sofia explain
Greater strength in the econom
the financial situation of the country
of
from the steady recovery of the
nt
because
appare
sum
is
lump
Chile
a
in
in
ons
demnity
busieess conditi
manufacturing. Money is easier and credits and suggested payment in two installments, which was accepted.
voluthe of merchandising and
tion at a
issue of
d for loans is small with stock specula
deman
The
nt.
stringe
less.
Cabinet is
The imposition of the fine was referred to in our
continue firm at good prices. The
minimum, although bonds
probably be presented to Jan. 30, page 550.
will
which
budget
the
concluding studies of
considerCongress convened March 1 and is now
Congress within ten days.
classification of all civil employees.
the
for
ng
providi
ing a bill
Greek Government Arranges a Loan.
BOLIVIA.
during February.
steady
was
Bolivia
d to the above we quote the following Washregar
in
lines
With
Business in most commodity
as a result of crop diffid,
reporte
are
ffs
foodstu
to the New York "Journal of Commerce,"
Increased sales of dried
s of canned goods and ington account
t and extreme cold.. Import
display
the
ng
followi
culties caused by dro.ugh
lly
20:
materia
Feb.
ed
Chile have increas
preserved meats from
for fiscal purposes has
part of 1925. The demand
Arrangement for a loan of 100,000,000 drachmas
in La Paz during the latter
Government, aced firm during
Greek
ge
remain
of thesa,products
the
by
Exchan
in
Athens
•
bankers
off.
the
with
fallen
d
been arrange
materials has
Commerce.
for construction
2:88 to the dollar. Tin quotations cording to consular advices received to-day in the Department of
ing
averag
no
bolivia
ment
Febeehry, with the
ng) per toil, which indicates a good This loan follows closely on the forced loan negotiated by the Govern
(sterli
25.
£283.
ed
s of minerals
foCtlie.inonth averag
of a high price level. Export
the paper currency in circulation.
nance
cutting
mainte
by
the.
denuinid With
December.
the high level of
intJaneary maintained
MAR. 13 19261
THE CHRONICLE
Approximately 40% of the loan will be covered
by the banks and the remainder will be offered for public subscripti
on. The bonds will be for
100 drachmae each, with liquidation in three
years, and will bear 9%.
The current exchange value of the drachma
is about 1.416c.
New Persian Coins to Be Minted in
Russia.
The following is from "Commerce Reports
" of March 1:
1391
This money is merely pledged and still shows on the
gold reserve.istatements of the Soviet State Bank. Against it the London
banks -hazy-give
credit, but not quite to 100%.
The hope is expressed in the London discount market that this
gold ultimately will go to the Bank of England. The Soviet authorities,
however,
are anxious not to lose the gold and hope for longer credits
before they
would be obliged to sell.
The Persian Government has just closed
a contract with the Soviet Government for the minting of 3,000,000
tomans (1 toman now equals $1 27) in Luther Affirms Faith in the Dawes Plan—Expresses . ConPersian silver currency, and for their
importation by Persia. These coins
viction That Germany's Bad Times Are a •
are to be minted in Leningrad, from
dies furnished by the Persian Treasury Department and under the
Crisis of "Recuperation."
supervision of officials of that department
This exportation of silver from
Wireless advices from Berlin (copyright) were• gIven.as
Russia will offset a part of Russia's excess
of imports from Persia over its
exports to Persia. The Persian Government follows in the New York "Times" of March
5: •
will collect a fee of 6%, amountin
•
g to 180,000 tomans, when the total shipChancellor Luther bade his political farewell to Berlin prior'
ments of coins is imported into
to laving
Persia. This is the second such importa- for Geneva tomorrow in a
tion of silver into Persia from
speech before the Provincial Press iiis'ociation
Russia, the first having been authorized here tonight. His utterance
during 1923 and finally made
s dealt almost exclusively livith homestic
during the latter part of 1925.
affairs and evidently were designed to convince the governmental
parties
Of the soundness of his financial and economic program, about Which
Reichstag
factions
the
are
by
no
means
in
accord.
Germans Arrange Big Soviet
Credit—Industries Gain
From the foreign viewpoint the Chancellor's most noteworthy proSupport of Government in Plan for
nouncement was his expression of his conviction that Germany'
Expansion
s preaent
times were a "crisis of recuperation," and his affirmation
bad
of Exports.
ef. the
Government's faith in the Dawes plan, "whose transition
years are
From the New York "Journal
of Commerce" we take the designed to meet this situation." Of the Reich's entry into the 1..eague
following Associated Press cablegr
of Nations Dr. Luther said it was "a milestone significant of a section
am from Berlin, March 3: of
policy pursued hitherto and simultaneously a foundation stone
Representatives of German industry,
for.the
with
the
support
continuat
the
Federal
of
ion of German reconstruction policy by means of international
Government, have concluded an
agreemen
t
by
which
understan
credits
up
300,000,to
ding."
000 marks ($75,000,000)
will be
The Chancellor painted the ,country's. progress to economic rebabiljtaGerman goods. This is part of extended to Russia for the purchase of
the general financial program laid before tion from the end of passive
the Reichstag recently by Dr.
resistance in the Ruhr in great detail. He
Peter Reinhold, Minister of Finance.
gave the United States credit for finding a way out of the reparations
The Reich Government guarantee
s
German
manufactu
rers
60%
payments
impasse then existing and named the first Dawes loan as the initial step
of all six, nine and ten-month
drafts received in transactions with Russia, in the direction of
while the associated German
financial normalcy. • Thereafter, he said,.Germany had
is guaranteeing the balance. industrialists, with the support of the banks, to. free her trade from the hampering restrictions of the inflatiop. ycars
It is expected, however, that many of these
and simultaneously to protect it by tariff barriers necessitated' by tariff
drafts will be negotiated abroad.
walls raised against German products abroad.
It is pointed out that this
•.!
•
agreement is in no sense a loan to Russia, but
German industry and commerce, the Chancellor declared, must
merely calculated to encourage
German exports to that country.
be helped
to survive the present crisis by lessening the tax burden. "The .State
On Feb. 28 the New York "Times"
reported the following does not carry trade, trade carries the State," he declared. He then
repeated the Governme
advices from Berlin (copyright) regardi
program for insuring exports to Russia. and
ng the arrange- elsewhere by advancinnt's
g credits; for the improvement of the, German
ments:
railroads; the utilizing of unemployed for public works, notably, on the
The new industrial confidenc
e prevailing at Berlin got strong support construction of docks, and the lending of financial aid in agriculture...
last week from the Reichstag's acceptanc
e of a bill authorizing the republic
.- 2•;
to guarantee 35% in the risk of
300,000,0
Russia. The German States will further 00 marks of exports on credit to Plans Sinking Fund
for
Italy's
guarantee
Debt—Cabinet Approves
25%.
Under this arrangement the republic's
maximum liability is 105,000,000
Investment of DawesPlant Receipts to Meet marks, the maximum liability of
the States being 75,000,000. Goods sent
to Russia under this agreement will
Payments in United States and London.
mainly be plants for oil production,
coal mining and paper mills, but it
also will partly cover machinery for
The following advices from Rome March 1 were contained
agricultural and textile purposes.
in a wireless message (copyright) to the New York "Times!':
Upon the suggestion of the Finance Minister, Count Volpi, the Cabinet
Soviets Pledging Gold for
approved to-day the institution of an autonomous sinking fund-to
Credits—Obliged to Export Council
administered by the Deposits and Loans Bank for paying off the 'limedbe
Di Metal—Because of Miscalculation
of Wheat Exports.
can and English debts.
The following advices from its
All sums to be received from Germany as reparations under the Dawes
London Bureau appeared plan
will be paid into this fund and invested at 5%. If in any year a
In the "Wall Street Journal" of
March 2:
return of 5% on the moneys thus invested cannot be obtained, the State
Shortage of grain exports from Russia
has obliged the Soviet Government Treasury will make up the difference.
to export gold to meet foreign purchases
It is known, in fact, that the present value of German reparations under
,
credits. Soviet officials tell Dow, Jones and to redouble efforts for foreign the Dawes
plan, calculated at 5%, just covers the present value of the 62
year will be 3,900,000,000 poods (a pood& Co. that exports for their fiscal
equals 36.113 pounds), instead of payments which Italy has agreed to make to America and England. •
the 4,300,000,000 poods expected. This is
more than a billion more poods
than were exported last year.
The Russians contracted for
Agreement for Funding of Italy's War/Debt to-Great
considerably more goods abroad than
they
are now able to purchase. Russian trade
delegations last August spent some
Britain Approved by Italian Chamber and Senate,
$10,000,000 on machinery in Britain,
and nearly $20,000,000 for
machinery
and goods in Germany.
The agreement for the funding of Italy's war debt to
Unforeseen shortage resulted from
the refusal of the peasants to give
up Great Britain, signed at London on Jan. 27, was ratified in
their grain at prices the Soviet
Government was willing to pay,
and a Italy during the past month. The Italian Chamber of Depsomewhat worse crop than was expected.
uties approved it on Feb. 5 by a vote of 224 to 1, and if was
Borrowed From Germany in October.
Last October the Soviets made a nominal
reporte
d on Feb. 11 that the Italian Senate had approved
Germany, of which they used but 80,000,00loan of 100,000,000 marks in
0. This was a three-months the agreement by a vote of 170 to 7. The signing of the
credit, and consequently too short to be
of much use to the Soviet Trade agreement was
Commission.
noted in these columns Jan. 30, page 551.
At present they are negotiating a 300,000,000 to
400,000,0
00
marks
longterm loan in Germany. They would spend the
money
and thus help relieve the acute industrial crisis there. on goods in Germany Greece Pays in Full on Gold Loans—Syndicate. of
In the former shorttime credit, the German Government assisted the
Banks and London Interests to Provide
other banks which participated by assuming part Deutsche Bank and the
of the risks. This is
Electric Current.
proposed for the new credits.
The New York "Journal of Commerce" published on
Have Sought Credit in London.
March 11 the following special correspondence from Athens,
Soviets have made numerous attempts to get credit
in London, both because rates are lower and because they could hope for longer
Feb. 20:
term
credits
than they could get anywhere on the Continent. At present
they are payAccording to cable advices from London, the Governor of the.Natio
ing as high as 80% to 84% for their money, and at best
nal
rarely get it for Bank of Greece and representatives of the British Treasury have 'signed an
less than 15% to 20%. This is because they have to do much
agreement, by virtue of which the latter will guarante
of
their
under
e,
business
through
the
Trade
second
credit
and third rate houses, and through
inter- Facilities Acts, payment of the capital and interest of a loan of £2,000400
mediaries who expect commissions.
0
to be raised on
The London market is practically closed to Russian credits. The British The loan has the London market by the Societe Generale.Beh2raive.
already
been
underwrit
ten by the Prudential, a British
Government—that is to say the Treasury—is definitely
hostile. This means insurance company. It will be realized
by installments, payable aktoiding
that the Bank of England would probably withold approval from any large to the needs of the borrowin
g company.. Each installment will berepayable
transactions. Only Lloyds, of the Big Five, does an extensive
bill business by sinking fund payments apread over a period
of twenty-five years. The
with the Russians, and this only against full cover. Soviet agents are even net cost to the
borrowers will be 53.‘7r •
•
•pleased when they can get credit payable on arrival of goods in a Russian
Electric Poster Profecti.
port.
•
The Societe Generale liellenique has been
Soviets Forced to Export Gold.
founded by a syndicatelf the
For want of foreign exchange, the Soviets have had to export gold to Greek banks, headed by the.National Bank or Greece, and .the 'rower &
Traction
Finance
Co.,
Ltd., of London, in execution of a contract entered
meet British and German obligations. More than £2,000,000 gold arrived
Into between those concerns and'the
Gfeek Government. The °bidet of
in London from Russia around the end of January. This added to £1,000,- said
contract is the exclusive right•of production, transfer, transfori
000 sent here in November, and another £.500,000 just arrived, makes a
alion
and distribution of electric current for sale
within an area of 20..kiipmerers
• total of over £3,500,000 deposited to the Russian account in London. from the
Place de la Concorde, Athens, Oreece, as well as _swim
More than £1,000,000 of platinum is said to be on the way, and this already secondar
:other
y services of public utility,:such as the voluntary
. supt)alg of
' has been sold to a large refining company in London. Of the gold, £2,000,- electric current
in other places, or districts in Greece, the.installati4
n. and
000 has been deposited with Rothschilds, £500,000 with Equitable Trust, operation of
a tramways servicein.said area, and the exclusive nrivictitIt
ion
the same amount with Hambros, and also, it is believed, with the National of the
Athems-Kalessia
The companies aireaa.);,ninraWIX in
•
City Bank.
Greece will either merge or cci-operate with the subsidiary
companies to be
1392
THE CHRONICLE
[VOL. 122.
The agreement for the funding of the Italian debt was
signed at Washington on Nov. 14 and was given in our issue
of Nov. 21, page 2472. Its approval by the House of Representatives on Jan. 15 was noted in our issue of Jan. 16, page
290, and references to its ratification by the Italian Senate
and Chamber of Deputies appeared in our issues of Dec. 12,
page 2818 and Jan. 9, page 149. On March 4, in indicating
that a change of attitude was evidenced on the part of
Senators(who had opposed the terms of the agreement, the
New York "Times" stated that Senator Smoot had made
known his intention to notify his colleagues on the following day of his Intention to call up the compact for consideration as soon as two other measures that have the right of
way are completed. The "Times" added in part:
These are the House resolution providing a method for leasing Muscle
Shoals, now being debated, and the Gooding Long-and-Short Haul bill,
amending the Inter-State Commerce Act, which is scheduled to follow. ...
From both Republicans and Democrats of the opposition who have been
claiming sufficient votes to defeat the agreement, or at least to recommit
it to the Finance Committee for several months, there were unmistakable
indications to-day that they thought their chances of defeating the proposition had grown smaller within the past few days.
Senate leaders exerted pressure to-day to expedite the pending measures
so that the Italian settlement might be delayed as little as possible.
The following is Secretary Mellon's letter to President
Coolidge, made public last week:
Dear Mr. President: In connection with our discussion of possible oppoRome Banks Unite To Brace Stocks—Company With
sition in the Senate to the Italian debt settlement, I shotlid like to call
100,000,000 Lira Formed to Buy Up Issues
your attention to some practical factors which are involved.
'Depressed in Market.
Until comparatively recently, I think it has been the general impression
A cablegram to the New York "World" from Rome in Europe that inter-Allied debts would be canceled or in some way cleared
the German reparations. I think this was particularly true in
Mareh 9 (copyright) was published as follows in that againstwhere, until Mussolini took charge, the Government has let the people
Italy,
paper on the 10th inst.:
believe they would never have to pay their war debts. At one time there
America that we should cancel
rowerful banking interests are getting together here to fight the bear was quite a respectable body of opinion in
smack which has been throttling the local market for some time. The these obligations.
To dispel this belief in cancellation and to bring about an adjustment of
flanca Commerciale has summoned the chief financial experts of the
obligations, there were three influences which,
Italian°, the Banca di Roma and the Banca Nationale di Credit° the war debts as commercial
In my opinion, were persuasive upon our debtors. The first, and perhaps
to deliberate on a plan of action.
these, was the belief that an international obligation must
'The result of this has 'been the formation of a limited liability company the strongest of
debtor would retain its credit among its fellow nations
made up entirely of banks, with an initial capital of 100,000,000 lira fully be met so that a
next emergency be able to obtain other financial aid. This is
paid in, to intervene in the market and buy up the stocks most threatened and in its
more selfish than the purely moral view that irrespective of future
by speculation. The company will have also a big reserve at its disposal a little
one ought to pay one's debts.
'besides getting help, if needed, from the Banca d'Italia, Italy's largest benefits a
nation, either through expediency or idealism, recognizes the
Once
state banking institution and the head of three emission banks.
desirability of paying its debt, it is necessary that it come to a funding
agreement with its creditors. But it is quite obvious that none of our
Will Buy up Stocks.
debtors could pay their debts in accordance with the terms of the obliga*The new group, which is called the Consortio, will not only support tions held by our Treasury, which are payable on demand.
sound industrial stocks, but will 'buy up immediately a mass of stocks
The debt has to be funded within the capacity of the debtor over a long
Allot Bre now slumping in the market, due to the reaction of big specula- period of years, and in order that its budget may be balanced and its curtions. These will be put on the market again gradually.
rency stabilized, the debtor must know exactly how much each year it must
All sound stocks which the bears are threatening will get the support pay out of Government revenues in the satisfaction of the debt. In other
of the inter-banking company.
words, not only must there be an extension of time for the payment of the
-The Ministry of Finance is aiding in the situation by reducing interest entire debt, but the Expenditures on this account for the next few years
his
as
it
gives
on short-term Treasury bonds to 5 per cent. Count Volpi
must be definitely ascertained.
.opinion that the 6 per cent, interest previously paid drew the savings of
About a year ago we began pressing our debtors for settlements. At about
small investors from ordinary stocks.
the same time England announced its intention of restoring the gold standard. As an essential element in its program, the London market had to be
Rig Greek Credit.
closed to toreign loans because such loans would have meant a drain of gold
Another important decision has been taken with the Greek Government upon England which would have made a maintenance of the gold standard in
$10,000,by Premier Mussolini. The Greeks will have to their credit here
its earlier months uncertain.
000 for the purchase of Italian goods. Greece, already a good customer,
There was only one other large market for foreign loans in the world,
will increase her buying in Italy especially now that the Premier is the market in this country. As a matter of administrative policy it was
favorably inclined toward permitting Greek ships to call at Italian ports. determined to deny recourse to our money market by the debtor nations or
Italy may ,p1ssibly undertake the management of the port of Salonika their nationals until those nations negotiated a settlement of their debt to
and the customs there. Salonika, although Greek territory, is a free port the United States.
These three influences which have brought about debt settlements are,
for all Jugo-Slav goods. Constant friction exists between Greeks and
ugo-Slavs over the management of the customs, which the latter claim then, the desire of the debtor nation to be able to any that it recognized
because they have a special right to the port of Salonika but which the its international obligation and agreed to settle, within its opacity; the
necessity for determination, particularly in the earlier years, of the revenue
Greeks insist on retaining because the port is their territory.
Athens suggested getting the League of Nations to run the customs requirements of the debtor nation to meet its foreign oblixatIons, and
for the
Once at -the port, but the Jugo-S!avs refused. If Italy decided to take finally, the desire of the debtor nation to obtain new capital abroad
stabilization of its currency and for the re-establishment of its industries.
over the management both Greeks and Jugo-Slavs would be satisfied.
Assuming that the Italian debt settlement is not accepted by the Senate.
I should like to consider what arguments can be presented to Italy which
would influence it in negotiating with us a new and more onerous settleand with a
Secretary Mellon, in Letter to President Coolidge, ment. Italy came to America with a representative delegaticn
very thorough preparation of its facts. The delegation presented Italy's
Says Italianl Debt Agreement Represents Italy's
case to a bi-partisan American commission, composed of three members of
the Cabinet, a Senator, two Representatives and two members of the public.
Capacity to Pay—Effect of Failure of Senate
After thorough discussion, a settlement was arrived at which, in the
Ratification.
opinion of the American Commission, fairly represents Italy's capacity to
A prediction that early and favorable action on the agree- pay. The settlement was approved by you and was passed by the House
Representatives. If now the Senate failed to approve the settlement, I
ment for the funding of the Italian debt to the Un!ted of
think it would be obvious to the world that the reason was political and
made
was
Senate
States will be taken by the United States
not fiscal.
Italy, within its capacity, has met its international obligation in the view
on March 2 by Senator Smoot, Chairman of tile Senate FiNeither in America nor Europe
the expert American Commission.
of
a
of
the
subject
was
agreement
The
nance Committee.
would her moral credit be hurt if then she refused to renegotiate. No Govletter which Secretary of the Treasury Mellon addressed to ernment could stand in Italy which undertook in a new settlement to pay
The GovPresident Coolidge under date of Feb. 10, but which was more than the expert American Commission has said was fair.
was balanced if it
could
safely
that
assume
therefore,
its
budget
ernment,
states
puly made public on March 1. Secretary Mellon
provided on its books for the amount called for by the American settlement.
The Italian Government has borrowed in the American market the $100 therein that "the settlement was Approved by you and was
000,000 that it needed for Government purposes. The closing of the Ameripassed by the House of Representatives. If now the Senate can money market now would simply mean that Italian industries and
it would be obvious municipalities would go to the London market, which h now open to foreign
failed to approve the settlement I think
political and not fiscal." flotations. It is my conclusion, therefore, that the only practical effect on
•ts the world that the reason was
Italy of a failure to approve the debt settlement would be that Italy would
Elegretary Mellon expresses the fear that "a failure to ap- be relieved, for the present at any rate, of any payments and no settlement
would render doubtful the pos- more favorable to the United States would likely be made in the future.
OrOve the Italian settlement
now
I have spoken of Italy alone because that is the immediate question renhe adds:
sibility of an early settlement with France," and
settlement would
light in Europe and we pending. I feel that a failure to approve the Italian
undesirable
an
In
placed
be
certainly
would
We
would
France.
We
continent of sound fiscal sys- der doubtful the possibility of an early settlenent with
might retard the re-establishment in that
and we might retard
to hamper the customers which certainly be placed in an undesirable light in Europe
Ilere in
tems. Here in America we can ill afford
re-establishment in that continent of sound fiscal systems.
the
surour
of
dispose
to
market
a
Without
exports.
our
stone permit our large
America we can ill afford to hamper the customers which alone permit
threatened.
be
would
prosperity
plus, our own
formed by the Societe Generale Hellenique for the purpose of carrying out
the above contract. The original capital required for the enterprise
amounts to some .C4,000,000- As out of this amount, a sum of £2,000,000
will be borrowed with the guarantee of the British Treasury, the proceeds of
the loan will be spent exclusively in England for the purchase of machinery
end other material required for the execution of the works provided for in
the contract. The balance of the capital will be furnished by the contraetors.
Payment on Loam.
Receipts of pledged revenues during the past year reached 2,664,000,000
drachmae, as against 1,570,000 in 1924. say an increase of 1,094.000.000.
Deducting from this sum an amount of 708.000.000. representing new
revenue pledged for the Refugee Loan, there remains a net increase for the
enable
year of 888,000,000. The increase in the yield of these revenues will
the International Finance Commission in Athens to pay the full coupon
of hbree of the Greek gold loans under its control, say, those of 4% 1889,
1884
4.% 1887 and 5% 1893, while for the remaining three 5% loans of 1881, The
francs.
ond 1E90 the coupon will be increased to 98%, or 24.50 gold
International
the
of
request
a
to
Dreek Government, however, in response
Financial Commission, has undertaken to supply from other revenues the
amount required to pay the full coupon also of the other three loans above
mentioned. It is worthy of notice that, since 1898, when the International
Financial Commission was established, the full value of the coupons of the
above loans had been paid only in 1920 and 1921. Payment in full for the
second time this year of the coupon of the above loans, though exchange
on Paris costs around 3 drachmae to the franc and on London 340 drachmae
to the sterling, is considered here as unmistakable proof of the economic
strength of Greece and of the safety of her loan from an investment point
Of view.
creolito
MAR. 13 1926.]
THE CHRONICLE
1393
large exports. Without a market to dispose of our surplus, our own prosCuba. The New York "Journal of Commerce," which anperity would be threatened.
nounces this in Havana advices Feb. 24, also says:
Faithfully yours,
A. W. MELLON, Secretary of the Treasury.
• To this committee will be added three members appointed by the PresiThe President, the White House.
dent of Cuba. The President's appointees must be technically expert in
Newspaper accounts from Washington have on several sugar and economic matters. The President of the committee will be the
Secretary
Agriculture, or any other person that the Chief Executive may
occasions indicated that President Coolidge was seeking appoint. of
The duties of the committee, among others, will be:
early Senate action on the agreement, one of these—the
The preparation of statistics of Cuban sugar production.
Preparation each year of the official estimate of Cuban sugar production.
Associated Press advices on Feb. 22—stating:
Estimating the world's sugar production.
.President Coolidge, who is insisting on prompt ratification of the
Italian
Propaganda for and investigation of new markets for Cuban sugar and
debt settlement, conferred to-day with Senator Smoot, Republican, Utah,
a its derivatives.
member of the American Debt Commission, conceining the prospect of early
Recommending of any tariff modifications that might favor Cuban sugar.
Senate consideration of the question.
Informing the sugar planters and dealers of the developments of sugar
The President was informed that the Italian agreement, which is
facing planting and production throughout the world with correct and detailed
formidable opposition in the Senate, could not be called up
at least until data as to consumption and production.
after the Senate had disposed of the case of the Aluminum
Company of
Study and recommending of the best means for transporting Cuban sugar
America and the House resolution for appointment of a Congression
al com- and of agreements that may be made to favor the securing of new markets.
mission to lease Muscle Shoals.
The study each year of the impulse that must be given to the planting
The Italian settlement probably will be the first of the six bills
approving and manufacturing of Cuban sugar so that the Cuban sugar crop may not be
ofebt agreements with as many foreign nations to be called
up. Little op- out of proportion to the condition of the market and the possible world
position has developed to those affecting Belgium and the smaller
European demand.
nations.
Chairman Borah of the Senate Foreign Relations Committee,
and Senator Presiden
t Coolidge Increases Butter Duty to 12 Cents—
Reed, Democrat, Missouri, are the leaders in the fight against the Italian
settlement. They are supported by a number of Senators on both
Puts Tariff to Maximum as Measure to Meet
sides of
the chamber, and friends of the agreement negotiated last summer
concede
Danish Competition.
that the result is in doubt.
The Italian settlement became the subject of a further conference to-day
An increase in the tariff duty on butter from 8 cents to
among Democratic leaders of the Senate. While no formal conclusion was
12 cents a pound was ordered on March 6 by President
reached, Senator Robinson of Arkansas, the minority leader, said that many
Senators who would like to support the agreement "feel that its terms are Coolidge, according to Associated Press advices appearing
RO extraordinary that unless it can be justified by
reliable and disinterested in the New York "Journal of Commerce" which add:
Information they will oppose it."
The President acted under the flexible provisions of the tariff law on
"There is an emphatic opinion," Senator Robinson said, "that the infor- the recommenda
tion of the Tariff Commission, which advised him the
mation available for the Senate is leadequate to enable it to reach a sound higher
rate was needed to meet Danish competition. The increase,
conclusion as to whether a settlement should be approved or rejected.
It amounting to 50 per cent, is the highest the President may order.
is pointed out that the justification for the settlement is intimately
reThe proclamation making the increased rate effective said the present
lated to the alleged ability of Ita'y to pay, and that the Finance Commitduty does not equalize the difference in costs of production in the
tee has had no hearing
,and has furnished the Senate with no information United States and Denmark.
The Tariff Commission had the question
which illuminates that subject."
under investigation for two years.
On Feb. 19 it was stated that the President felt that failure of the Senate to ratify the Reran debt settlement would
serve to relieve Italy of any obligation to negotiate an
agreement, and that he was convinced that prompt disposal
of the question would be to the best interests
not only of
the United States and Italy, but of the entire world.
Ratification of the agreement would, in the President
's opinion,
it was added in the Associated Press
advices, benefit the
foreign trade of the United States, enable the
Italian Government to map out its fiscal program and
stabilize trade
and currency generally.
Definitive Bonds of City of Berlin Loan Ready
For Delivery.
Speyer & Co. announced on March 11 that the definitive
bonds of the City of Berlin (Germany) twenty-five year
61/
2% sinking fund gold bonds municipal external loan of
1925 are ready for delivery at their office, 24 Pine Street,
New York City, in exchange for and upon surrender of
the interim receipts. The bonds ($15,000,000) were floated
in July of last year, and the offering was referred to in
these columns July 4 (page 27).
New Zealand Bars Imports of Wheat.
Dwight-N. Morrow Consulted on
Cuba's Financial
Under date of February 17, the New York "Journal of
Program.
Commerce" reported the following from Washington:
From the New York "Journal of
Commerce" we take the
The importation into New Zealand of wheat, wheat flour, wheat meal
following Associated Press cablegram
from Havana. Feb. 26: and ground wheat has been prohibited, except with the consent of the
Dwight W. Morrow, of J. P. Morgan & Co.,
New York, accompanied by the Minister of Customs, by a recently promulgated order in Council, accordAmerican Ambassador, Enoch II. Crowder,
and Claudio de Mendoza, a Cuban ing to cable advices received at the Department of Commerce.
lawyer. conferred for more than an hour
to-day with the Secretary of the
Treasury, Hernandez Cartaya, on the
Government's financial plan and the $5,000,0
public works law.
00 Bond Offering for Catholic Church in
To-day's conference was a continuation
Bavaria—Books Closed—Issued Oversubscribed.
of a conversation started yesterday at a luncheon in honor of Mr. Morrow
given by Ambassador Crowder.
The $5,000,000 bond issue, offered this week by American
No details ha,e been announced, but it was
indicated that the conference was
for the purpose of giving detailed
bankers
in behalf of the Roman Catholic Church in Bavaria,
information
to
the
banker on Cuba's
financial plan.
Another Sao Paulo Loan Sought
Here—Bankers Soon
to Offer Part of $16,000,
000.
The following is from the "Evenin
g Sun" of last night
(March 12):
Speyer & Co.and the .1. Henry Schroeder
elates are expected to offer the New York Banking Corporation and as.soportion of another international
loan for the State of Sao Paulo, Brazil,
S15.000,000 or thereabouts. London next week. The loan will aggregate
and Amsterdarn will participate.
The bankers to-day refused to conmient on
This loan has long been expected, since it the reports.
was
Sao Paulo Coffee Institute loan, subsequently discussed at the time of the
subject of animated discussion with Secretary floated in London, was the
Hoover, who refused to approve of It. If brought out shortly, it will
mean another large addition to
the sum of American capital which has
sought investment in Brazil since
1921.
The State of Sao Paulo owns extensive
public works in the Sao Paulo
municipality and other places and it is
assumed the funds are desired for
these. The previous loan of
$15,000,000. which was floated here a year
ugo, was for the purpose of additions and
betterments on the Sorocabana
Railway. which is owned by the State.
Much interest attaches to the probable term;
the Brazilian State will receive. The last loan was sold on an 8.10
basis, but since then Sao Paulo
bonds have appreciated so much in value that
the new loan could be Placed
at a much better figure.
Approval by Cuban Senate of Law
Creating Sugar
Protective Board.
The Cuban Senate on Feb. 24 approved the law creating
a National Committee for the Defense of Cuban Sugar,
which committee will be made up of six representatives of
the mill owners and six representatives of the planters, each
to be selected for two years by each of the six provinces of
found a ready market, announcement being made of the
closing of the books at 10 a. m. on March 9—immediately
after their opening, the bonds, it was stated, having been
heavily oversubscribed. The issue (mention of which was
made in these columns last week, page 1238, and Dec. 26,
page 3070) was offered by a syndicate headed by Howe,
Snow & Bertles, Inc., and which included Mitchell, Hutchins
& Co., A. Iselin & Co., Guardian Detroit Co., Inc., and the
Mississippi Valley Trust Co. of St. Louis. The descriptive
name of the issue is Cesamtverband der Acht Bayerischen
Dioezesen 6% 20-year sinking fund gold bonds, series A.
The bonds are the direct obligation of the "General Union
of the Eight Bavarian Dioceses" (embracing all the Roman
Catholic Dioceses in Bavaria), as provided by a resolution
of the Union on Feb. 8 1926, approved by the Bishops
Assembly, and are issued under a trust indenture with Central Union Trust Co. of New York, as trustee. The issue
will be dated March 1 1926 and will mature March 1 1946.
The bonds will be redeemable as a whole on or after March 1
1931 at 100 and accrued interest. A cumulative sinking
fund commencing March 1 1928 will be provided sufficient
to retire the entire issue by maturity by approxiinately
equal semi-annual payments for purchase at or below 100
and accrued interest or redemption by lot at 100 and accrued
interest. The bonds will be in coupon form in $1,000 and
$500 denominations, registerable as to principal only.
Principal and interest (March 1 and Sept. 1) will be payable
in United States gold coin of the present standard of weight
and fineness at the office of Central Union Trust Co. of
New York, trustee, without deduction for any prekent
'or
THE CHRONICLE
1394
[VoL. 122.
payment of principal:of any debenturerissued by any other Interfuture German or Bavarian taxes. The purpose and se- for-the
mediate Credit Bank.
of
p
Archbisho
Loan
curity of this loan are summarized by the
P The Banks are under the direct supervision of the Federal Farm credit
the purpose of providing additional
Bamberg, President of the Gesamtverband or "General Board and were created forand
livestock interests of the country.
facilities for the agricultural
Union of the Eight Bavarian Dioceses," as follows:
While these debentures are not Government obligations, and are not
guaranteed by the Government, they are obligations of Banks operating
The Roman Catholic Church in Bavaria.
Federal charter with Governmental supervision, on whose boards
under
5,000,over
There are in Bavaria two Archbishoprics, six Bishoprics and
of direction the Government is represented.
constiBavaria),
of
000 parishioners (approximately 70% of the population
in Germany.
The debentures are exempt from alIFederal income, State,
tuting the most important unit of the Roman Catholic Church
faith. The
and local taxation.
About 36% of the population of Germany are of the Catholic
Municipal
two Archbishoprics and the six Bishoprics are as follows:
Bamberg
of
Archdiocese
The
sing
The Archdiocese of Munich-Frei
Public Offering of 20,000 Shares Capital Stock of First
Bishopric of Speyer
Bishopric of Augsburg
Bishopric of Wuerzburg
Federal Foreign Investment Trust.
Bishopric of Passau
Eichstaett
of
Bishopric
Bishopric of Regensburg
of 20,000 shares, of the capital stock of the
offering
Public
association
an
The "General Union of the Eight Bavarian Dioceses" is
the entire Catholic First Federal Foreign Investment Trust, at $110 per share,
of the above eight dioceses in Bavaria, which comprise
Each
Church in Bavaria, an integral part of the Roman Catholic Church.
by F. J. Lisman & Company and the Foreign
his attorney was made
diocese is represented thereon by its Archbishop, Bishop or
Co., Ltd. on March 10. The offering of
Securities
the
Trade
entity under
and a lay member. This General Union has corporate
taxing powers the stock, and the organization of the Trust, were noted in
laws of the German Reich and the State of Bavaria and the
1240.
of the eight dioceses have been transferred to it.
dioceses, these columns last week, page
The proceeds of these bonds are to be reloaned to Catholic
on propinstitutions and organizations in Bavaria against first mortgages
Bishop of the Proposed International Bank, With $50,000,000 Capital,
erty (in each case passed on and approved in writing by the
times
diocese or the proper diocesan authority) of a tax value of at least four
Sponsored By F. J. Lisman & Co. to Finance
collateral
the amount of the reloan or against other security of an equal
Foreign Issues.
value satisfactory to the committee administering the reloans.
payment of
In the absence of official information regarding reports
As the proceeds of this issue are released by the trustee the
several oblithe principal and interest of this issue will become the direct
organization of a private international
extent pro- of the proposed
gation of each Bishop in whose diocese a reloan is made to an
reloaned. Upon bank, we quote the following from the New York "Evenportionate to that part of the net proceeds of this issue so
therefore,
ing Post" of March 10:
the release of the entire proceeds the payment of this issue will,
be further
in addition to being the direct obligation of the "General Union,"
Plans are under way, it was learned in Wall Street today, for the
as
proceeds
the
using
dioceses
the
of
obligations
covered by the collective
large private international bank with a subscribed capital
value of at formation of a
well as by a charge upon first mortgages on property of a tax
.
$50,000,000
of
collatequal
least four times the amount of the reloans or other security of
It is understood that the institution is being sponsored by F. J. Lisman
the proeral value. Applications for reloans in excess of the amount of
& Co.
made.
been
already
have
ceeds a this issue
While detailed plans have not been revealed, the new bank will be
endowed with broad powers to finance foreign and domestic security
Sources of Revenue for Service of Loan.
are, issues, including European and South American governmeht loans, as
To pay the interest and sinking fund charges on this loan there
well as municipal, industrial and railroad securities.
among others, two primary sources of revenue:
The new bank will concentrate its activities in the investment field.
institudioceses.
Catholic
this
to
issue
of
proceeds
the
of
reloan
(1) The
correspond- It will not take deposits or do an acceptance business, but it plans to
tions and organizations, as described above, will be made with
issue.
invest its own funds in securities of foreign banks.
ing sinking funds but at higher rates of interest than on this
partly
The initial paid up capital will be $25,000,000, of which, it is underThe revenues available for these reloans service charges will come
properties
from tax receipts and partly from other income from productive
by the stood, $10,000,000 will be furnished by the Lisman interests. The remain(vineyards, forests, farmlands, rented buildings, &c.), owned
to levy on der will be supplied by domestic and foreign banking institutions. There
dioceses and parishes. The individual parishes have the right
against them.
their parishioners up to 10% of local direct taxes assessed amounted to will be no offering of stock.
1925
and
in
in
1924
levied
Bavaria
so
taxes
Catholic parish
Alfred 0. Corbin, a partner in the 'Lisman firm, will sail for Europe
$1,660,between 6,000,000 and 7,000,000 gold marks (about $1,430,000 to
a few weeks in connection with the sale of stock to foreign banking
in
years.
these
of
each
000) in
secured by a first and paramount
institutions, whose participation is expected to increase the foreign busi.
' (2) The bonds will be specifically
Bavarian
Eight
charge upon taxes collected for the General Union ofofthe
Federal and State ness of the bank.
Dioceses." These taxes are now 47, of the amount
about 2,500.000
direct taxes and in each of the years 1924 and 1925 totaledState
permission.
Dr. Walter Leaf, of International Chamberof Comgold marks(about $600.000). The Church may, without
4%
from
to
10%.
increase this percentage
Administration.
this issue
' The administration of the reloans of the funds derived from
reprowill be in the hands of a committee of five members, including a
upon
sentative of the issuing houses. The approval of this committee
each reloan must be unanimous.
Purpose of Loan.
,
To rehabilitate and provide much needed institutions of an educational
practically
social service and religious character under Catholic auspices,
no educational institutions, hospitals, orphanages, old peoples' homes,
churches, &c., having been built in Bavaria for over eleven years.
rebuildThe use of these funds for such purposes at this time rather than
effect in
ing out of income over a period of years will have a far-reaching
people
maintaining and improving the physical and moral welfare of the
upholding
of Bavaria. The loan will, therefore, be of great assistance in
German
the
of
bulwarks
the stability of the Bavarian State as one of the
the producReich in its struggle for economic recovery and in increasing
tivity of the German people.
General.
has ever defaulted
No Roman Catholic Church organization in Germany
true of Roman
in any of its obligations and it is further believed that this is
world.
the
Catholic Church organizations throughout
Offering of $14,000,000 Federal Intermediate Credit
Banks Debentures—Issue Sold.
The Bankers' Trust Company of New York and Alexander
Brown & Sons of Baltimore offered on March 10,$14,000,000
43.% debentures of the Federal Intermediate Credit Banks.
The Bankers Trust Company announces for the syndicate
that the Debentures have all been sold. The amounts and
maturities are as follows:
Amounts.
$4,000,000
6,000.000
4.000,000
Maturities.
June 15 1926
Sept. 15 1928
Jan. 15 1927
Prices.
100.248
100.368
100.484
Yield About.
3.50% •
3.75
3.90
The debentures will be dated March 15 1926. Interest is
payable at
due at maturity. Principal and interest will be
be issued
s
any Federal Reserve Bank. The debenture will
says:
circular
offering
The
$10,000.
of
tion
denomina
in the
Banks,
Federal Intermediate Credit
These debentures are issued by the
$60,000,000 is owned by the United States
all of whose stock amounting to
been subscribed on behalf of the
Government. This amount has already
the Treasury. Of this sum, $24,000,000
Government by the Secretary of
balance is payable upon 30 days call.
has been paid and the
obligations of the Banks, including this issue and
The total outstanding
maturities on March 15 with the proceeds of
after the retirement of certain
, all of which is secured by collateral.
$59,200,000
only
be
will
this issue,
an Act of Congress known as the AgriThe debentures are issued under
each of the 12 Federal Intermediate Credit
cultural Credits Act of 1923 and
payment of Interest and ultimately liable
Banks is primarily liable for the
merce, Proposes Trade League to Eliminate
Tariff Barriers.
The setting up of a trade league among the countries of
Europe with a view to eliminating tariff walls and other
barriers which stand in the way of free trade intercourse
was suggested by Dr. Walter Leaf, President of the International Chamber of Commerce, in an address on March 5
before the Council of the Chamber held in' Paris. A summary of Dr. Leaf's talk was cabled to the American Section
of the International Chamber at Washington. Dr. Leaf,
London banker and economist, declared that "a European
trade league would afford open markets at least on the same
scale as exists in the United States," adding that "national
jealousies force us here in Europe to employ in suicidal
trade struggles efforts which should be concentrated upon
the general advance of human well-being." The complete
dispatch made public by the American Section of the International Chamber reads as follows:
The notable economic progress that has been made since the November
meeting of the Council justifies a fresh review of the whole situation.
Italy
Belgium has effectively stabilized the franc at the devaluated rate.
has succeeded in balancing her budget with the avowed intention of keeping
the lira at a figure not less than the present value. This leaves France
alone unsuccessful among the group of nations which are aiining at stabilization.
I cannot refrain from expressing the deep concern felt everywhere reThere
garding the discussions of French finances which are now going on.
and
is a general feeling that unless the question is faced with courage
to
unconfined
patriotism, the results may be such as to bring disaster
upon
France. It is obvious that longer delay will only react unfortunately
the national credit of France.
Among the group of nations struggling to rehabilitate their currency,
great progress has been made. The Danish krone has risen more rapidly
gold
than the Government expected or desired, and now stands close to its
control
value. The Czech crown is now legislatively stabilized under the
has
.
of the Central Bank. It is believed that the tall of the Polish zloty
European
been checked. Thus with the one exception mentioned, all chief
exception
countries have stabilized their currencies. Moreover, with one
l debts.
again, all have entered into agreements regarding their internationa
y,
unfortunatel
The industrial position of the leading European countries,
the unof
shows an unequal advance. Reports from Germany speak only
in unemfavorable symptoms of a severe trade crisis, with rapid increase marketing
ployment and in commercial failures, and with impossibility of
hope. Hunproducts. On the other hand, reports from Hungary are full of
available
gary has had an excellent harvest and a large surplus of revenue Nations'
of
for public works after meeting the obligations of the League
moderate depresreconstruction plan. Between these two extremes there is
trade barriers,
sion and moderate satisfaction. We still have complaints of heard of the
are
particularly in the case of Switzerland. Also, complaints
the differences in
severity of competition accompanied by dumping, due to
MAR. 13 1926.]
THE CHRONICLE
1395
exchange. On the other hand, agricultural countries have benefited from
excellent harvests. Examples are Italy and Hungary.
Everywhere, with hardly an exception, there are complaints concerning
the difficulty of finding markets. The capacity for production of manufactured products is generally much larger than before the war, but products
are stagnating because refused or hampered by tariffs and other trade
barriers. Hence there is unemployment, stagnation in industry and lamentable waste of potential human energy, and the whole standard of living is
lowered by artificial restrictions upon human efficiency.
A European trade league would afford open markets at least on the same
scale as exists in the United States. Such a trade league would thus enable
competitive production on equal terms in that vast area for intercourse
upon a free trade basis. National jealousies force us here in Europe to
'employ in suicidal trade struggles efforts which should be concentrated upon
the general advance of human well-being.
It is for the International Chamber to educate the world in this Wider
outlook. To that task we are setting ourselves this year. We appeal to
you all for hearty support in this great work.
On the previous day Mr. Hulswit had issued a formal statement in which
he contended that the decline in the shares was utterly at variance with its
established earning power.
Mr. lIulswit's Statement.
Yesterday's statement, issued after the close of the market, over Mr.
Hulswit's signature, was as follows:
"It is true that practically the entire floating supply of the stock has been
taken out of the market by a syndicate headed by Otis & Co. This should
have a very beneficial effect, rather than otherwise."
The blocks acquired were of both Class A and Class B common shares of
the United Light & Power Co. Rumors on the Street were to the effect
that some of the stock represented Mr. Hulswit's personal holdings, but
this was denied at his office.
The boom began like a flash. Without any visible reason, stocks shot up
all round. The recovery was due only to technical and psychological factors, but, once it had been given the impulse, material reasons for it were
found or invented. A real factor was that interest rates continued to decline. The successful foundation of a great western steel trust had a powerful psychological effect. With that the public took heart. Untrue bear
yarns were replaced by a brilliant crop of untrue bull yarns. The public
rushed in, as always, a bit late, after the cream had been skimmed by
professionals.
Uncertainty lies in the fact that for most German stocks there Is no
standard to judge whether a quotation is intrinsically high or low. Value
cannot be judged from dividend yield because, with certain exceptions, no
dividends have been paid since the currency stabilization. Very little is
known about earnings. The last published balance sheets are no guide.
The pre-stabilization balance sheets, running into billions and trillions of
marks, had no meaning whatever, and the new gold mark balance sheets are
admittedly guesswork, compiled merely to meet a legal requirement Values
were arbitrarily assessed in order to produce an arithmetical balance, with
capital refixed on no known basis and with debt whose amount, in view of
pending valorization claims, often unknown. It is therefore impossible to
prove that a stock, quoted at 50 in 1925, and at 140 to-day, was cheap
then or dear now.
A boom is actually proceeding in the nearly worthless pre-war and wartime loans which were almost repudiated by the Valorization Law. Nothing whatever can increase their microscopic value. Almost comic is the
boom in Colonial 4% Loan, owing to a wholly baseless belief that the ally
States which took over the German colonies under mandate will recognize
and valorize it. One German bond alone has not shared in the boom—
Forced Loan of 1922-23, formally repudiated by the Valorization Law and
struck out of the Bourse lists. With amazement Germans see that it is
still being dealt in in the United States. This scandal took such dimensions
that the Luther Cabinet last month asked the home banks to refuse to
execute foreign orders to buy, thereby putting Germany in the not usual
position of a State which shows more concern for the interests of foreigners
than foreigners show themselves.
and that none exists in the commodity markets.
The White House, however, is apparently somewhat concerned about
the prospects of a balanced budget for the fiscal year 1927 and it was made
plain that President Coolidge feels that any large increase in expenditures
would result in a serious depression to business. The President does not
expect any deficit for the current fiscal year, which ends June 30, but he
is quite sure that a dericit will result in 1927 from the new revenue laws
and that any substantial increase to this prospective deficit would bring
about serious results. On the other hand,the President was said to believe.
If Congress continues to refrain from making any substantial increases in
the appropriations recommended in the budget,the effect will be encouraging
to business.
The President's spokesman said that the Administration will undoubtedly
prepare its 1928 budget recommendations with a view to keeping expenses
within revenue estimates, regardless of what appropriation cuts may be
found necessary.
In accordance with his announced policy regarding new appropriations
the President was represented as being set against additional appropriations
for the military services, notably the air service. The total Army and
Navy appropriation is now $674.000,000, according to the budget estimate,
and Mr. Coolidge feels that whatever funds are to be spent for the air
service must come out of this amount.
The resignation of Mr. Hulswit from the presidency of the
company was announced on the 10th inst.
President Coolidge Looks for Sounder Market as Result
of Last Week's Break—Anxious for
Germany's Stock Market Boom.
Balanced Budget
How a violent stock market boom started in Germany on
That last week's break in prices will have a beneficial
Jan. 4 and resulted in many issues rising further in four
weeks than stocks rose in four years in the Wall Street bull effect is the view credited to President Coolidge in the
movement is described in the current issue of the American following advices from Washington, March 5, to the New
Bankers Association "Journal." "After a year of hopeless- York "Journal of Commerce":
The course of the New York stock market this week, It is understood,
ness, Germany's Wall Street is in the throes of a securities was
discussed at to-day's Cabinet meeting, there being reason to believe
boom," the article says. "Stocks have risen 50, oven 100%, that in President Coolidge's view the market movements of the past few
in a month. Not only Germans, but Americans, Englishmen, days have been of a stabilizing nature, with the result that the market
will eventually find itself on a sounder basis.
Hollanders are buying. Quite a respectable South Sea
The President is convinced, it was declared, that the country is still
Bubble is blowing itself out." The article continues:
enjoying prosperity, that speculation has not reached over into industry
Collapse of Fifth Wall Street Pool Trading at Normal.
While another Wall Street pool found itself in difficulties
this week, the course of trading on the Stock Exchange during
the past week has been virtually normal, and recovery from
the low price levels of last week has been substantially
maintained. On the 9th inst. the New York "Times" in
referring to the collapse of the fifth pool and the incident
price adjustments, said:
There was particular wea4mess in the high priced public utilities yesterday, probably in sympathy with the collapse of the United Light & Power
Company pool on the Curb. This is the fifth pool to collapse in a few
weeks, the others having been Devoe & Raynolds, which was the first.
Foundation Company, American Brake Shoe & Foundry Co. and New
York Canners.
The collapse of the pool in Devoe & Raynolds common
stock was referred in our issues of Feb. 20, page 949, and
• Feb. 27, page 1112: The collapse in the case of the other
three pools—the Foundation Company, the American BrakeShoe and Foundry Co. and the New York Canners was
indicated in our issue of a week ago, page 1242. As to the
collapse of the fifth pool, we quote the following from the
"Times" of the 9th:
Views of Secretaries Mellon and Hoover similar to
those of the President, regarding the effect of the slump in
the market, were referred to in our issue of a week ago,
page 1242.
Reports to New York Stock Exchange Show Brokers
Loans Outstanding in February of $3,535,590,321.
The volume of outstanding brokers' loans reported to the
New York Stock Exchange by members at the end of February reached $3,535,590,321, this comparing with the total
of $3,513,174,154 shown at the end of January. Of the total
loans of $3,535,590,321 shown in the second and jatest compilation, $2,494,846,284 consisted of demand loans and
$1,040,744,057 of time loans. In making public these figures
on Saturday afternoon, March 6, the Exchange stated that
the estimate of total borrowings through out-of-town branch
and correspondent offices, included in the report a month
ago, had been omitted from the current summary, and
would be omitted in the future. The following is the statement issued by the Exchange on the 6th inst., the figures
being of date Feb. 27:
Total net loans by New York Stock Exchange members, on collateral contracted for and carried in New York as of the close of business in February
1926, aggregated $3,535,590,321.
Of this total, $2,494,846,264 (or 70%) were "call" or demand loans,
and $1,040,744,057 (or 30%) were time loans. Loans to the extent of
$3,080,286,508 (or 88%) were obtained from New York banks and trust
companies, while the remainder, $455,303,812 (or 12%) were obtained
from private bankers, brokers, foreign bank agencies, and other lenders in
the City of New York. The detailed tabulation follows:
Demand Loans. Time Loans.
(1) Net borrowings on collateral from New
The entanglement of a fifth Wall &reel pool in the maze of falling quota$2,122,564,308 $957,722,199
York banks or trust companies
tions and the inability of those operating it to carry on further was revealed
Priyesterday when formal announcement was made that Otis & Co., bankers (2) Net borrowings on collateral from
vate Bankers, Brokers, Foreign Bank
of New York and Cleveland, had taken practically "the entire floating supAgencies or others in the City of New
ply" of United Light & Power Co.shares out of the market. The announce83,021,857
372,281,955
York
ment was made by Frank T. Hulswit. President of the United company.
The stock, which is traded in on the Curb market and is also listed on the
$2,494,846,264 $1,040,744,057
Totals
Chicago Stock Exchange, was one of the weakest of the public utility issues
$3,535,590,321
Combined total of time and demand loans
yesterday. It has plunged downward intermittently with only feeble rallies
In order to avoid duplications in the above amounts, net rather than
for more than a week.
Details of the pool operations, the personnel and just how much was gross loans were requested by the Exchange. Loans carried outside New
Laken over from the operators were cloaked in mystery, and neither the York were not requested by the Exchange, and therefore are omitted from
bankers nor Mr. Hulswit would amplify the brief statement made by him the present tabulation. In addition to loans obtained by Stock Exchange
at the end of the day. Last week if was rumored that the pool, with which members to carry securities for customers, the amounts listed in the table
Mr. Hulswit is said to have been identified, was In difficulties. He denied given above also include loans obtained to carry securities for investment
the rumors emphatically and said at that time: "There is absolutely no distribution.
The report of member loans made by the Exchange a month ago was
truth in this report about my disposing of my United Light & Power holdaccompanied by an estimate of total borrowings through out-of-town branch
ings. Ass matter of fact, I am buying the stock."
.
. ...
1396
THE CHRONICLE
and correspondent offices. It has been found that this figure failed to
reveal the aggregate amount of funds borrowed for out-of-town accounts,
since it did not include borrowings of the many offices. Moreover, since
the published figure was widely misunderstood, it led to misinterpretation
of the other statistics in the report. Accordingly, it has been omitted from
the present summary, and will be omitted in the future.
Since this estimate of borrowings in New York by out-of-town offices
was simply a special segregation of items already and completely included
in the other loan totals given above, its inclusion in the report last month
did not serve to increase these other totals at all, and thus its omission this
month will not serve to decrease them in any way.
. The figures as of Jan. 30 were given in our issue of Feb.
20, page 951.
.Commenting. on the showing of Feb. 27, the New York
"Times" on March 7 said:
The Stock' Exchange's second monthly statement showing that member
firms were borrowing on Feb. 27 $22,416,167 more than at the close of
January was the cause for much comment in stock market Circles after the
close, and was generally viewed as surprising in view of recent developments. It was admitted that the statement could not reflect all of the
liquidation which has taken place during the past three weeks, but it must
have covered the sharp decline in stock prices during the last two weeks of
February. The break in the stock averages between Feb. 13 and Feb. 27
amounted to 8.94 points, according to the "Times's" compilation, which was
almost as severe a drop as the 9.24 points loss recorded between
March 1
and March 3, inclusive, which will not be reflected until the report
to be
Issued for the current month. The Stock Exchange's statement is
similar
to that issued for January, except that the total showing the amount
borrowed in New York for out-of-town branches and corresponden
ts is omitted.
[VOL. 122.
The following table shows the detailed figures for net profits of the concerns for which statements were available in various groups, and the diagrams [these we omit—Ed.] show the relative profits for these groups in
the last three years, taking 1924 figures in each case as 100%.
No.o,
Corp
Steel companies
Railroad equipment
Oils
Motors & motor accessories (exclusive of tires)
Rubber
Food and food products
Clothing and textiles
Tobacco
MiseelLineous industrials
Stores
Total 10 groups
Telephone
Other public utilities
Total public utilities
Total 12 groups
Class 1 railroads
Net Profes
1923.
1924.
1925.
11 8142,901,000 3116,765,000
9
23,047,000 12,115,000
14
23,721,000 31,366,000
5130,632.000
9,742,000
60.005.000
103.946,000 78,424,000
11.635.000 23,517,000
77,937,000 77,782.000
25,262.000
6.979,000
38,681,000 39,944,000
161,658,000 160,462,000
62,599,000 67,203.000
160,882,000
48.313,000
82.753.000
11,991,000
42.319,000
209,593,000
83,908.000
190 $671,387,000 $614.557.000
$840,138,000
16
7
23
16
73
13
68 8156,705.000 $130,793,000 x$185.500,000
36 111,713,000 127.116.000
149,092,000
104 8249 418,000 8277.909.000 x$334.592.000
294 5919,805.000 $892,466,000 $1,174,730,000
191 8983.736.000 6986.718,000 51,136,984,000
Partly estimated.
Life Insurance Companies Increasing Investments in
Mortgages.
The Feb. 27 bulletin issued by the National Association
Francis J. Sisson Forecasts Bond Market for 1926.
of Real Estate Boards, at Chicago, says:
The continuation of heavy investment demand with
inOf the great fund accumulated by individual savings now stored up in the
sufficient supply of new bond issues to satisfy it,
Is fore- form of life insurance an increasing prcportion is being invested in real
cast by Francis H. Sisson in the current issue of the Ameri- estate mortgages, acccrding to a statement in regard to life insurance
Investments made by the National Association of Life Insurance Presidents.
can Bankers Association "Journal." He says:
The statement is ba-ed on an an analysis of the records of 52 leading life
The bond market since the beginning of the year has been
firm in response
to a substantial demand for good investments. No immediate
fundamental
change in the character of the bond market appears to be
in prospect. Unless there should be some abatement of the demand
for investment bonds,
or a substantial increase in the available supply,
there is no apparent reason why bond prices should not continue firm or even
work to higher levels.
Except for refunding, railroad financing is
likely to be relatively light,
but a number of railrnad consolidations are
probable which should stimulate
the market for certain outstanding railroad
bonds. Industrial corporations
are generally in a strorg financial position.
In 1925 such expansion as
was undertaken seldom nececsitated the
issuance of bonds. A continuance
of these conditions in 1926 seems probable. In
1925 there was a substantial
Increase in dollar bard helms of foreign
industrial and public utility corporations. Loans of this charactAr are
desirable because they are for productive purposes, and it is probable that they
may be made in even larger
volume. Municipal, Federal Farm Loan
and Canadian financing have been
declining and there is no irdication of a
heavier volume in the near future.
Indicatiors point to an aggregate of new
bond issues in 1926 that may be
less than in 1925.
Next to United States Government bonds,
the obligations of the various
States and their municipal subdivisions are
rightly regarded as our premier
investment securities. Present indications
are that emissions of municipal
bonds in 1926 will be ia lesser volume.
Income tax rates resulted in some se'ling Expected reduction of Federal
of
municipal bonds by investors
In recent months. But an anlysis
indicates that exemption from taxation
has been a minor price factor, and
that, in comparison with yields from
high grade taxab'e bonds, municipal
bond yields are not too low, even with
taxes reduced. With their excellent record
of prompt payments, the broader
basis for taxation that now exists. And a probable
reduction in the volume
of new issues, high grade municipal
bonds at present prices appear attractive.
It is probable that insurance
companies will be heavier purchasers
of
bonds in the Coining year. Bonds
are also being bought extensively for
endowment funds, and savings banks that
have reached their maximum legal
amount in mortgage loans may have to
invest a larger proportion of their
funds in bonds. Certain public utility
issues in various States and the
bonds of certain railroad companies which
have inaugurated dividends on
their stocks may also become legal for
savings banks within a few years.
Advancing prices for such securities are,
developments may necessitate a revision of therefore, probable. Unforeseen
any opinion on the outlook for
the bond market, bnt an analysis of the
known factors indicates a continuation of the prevailing heavy investment
demand, with a supply of new
Metes insufficient In volume to satisfy
it—conditions that favor a continua.
tion of the upward price trend.
Federal Reserve Bank of New York on
Business Profits
in 1925—Rubber Companies Report
Largest
Increase in Profits.
With reference to Business Profits in 1925,
the "Monthly
Review," March 1, of the Federal Reserve
Bank of New
York says:
Annual earnings statements now available for
294 industral, mercantile
and public utility corporations indicate that net
profits of such concerns
In 1925 were about 30% larger than in 1924,
or in 1923. While these
statements represent simply a sampling of all
concerns, the concerns included are sufficiently representative so that the
conclusion may fairly be
drawn that the year was one of very large profits.
These large profits
accompanied unusually high levels of production
and trade in 1925, but,
with a few exceptions, relatively stable prices of manufacture
d goods.
Rubber companies reported the largest increase in profits
compared with
either 1924 or 1923, and the gains for the oil and automobile
industries
also were unusually large, though automobile production was
only slightly
larger than in 1923. Profits of tobacco companies, miscellaneous
industrials, and stores included in the tabulation have increased steadily
during
the past three years.
In the clothing and textile group 1925 profits were well above those of
1924, but less than half those of 1923. The railroad equipment industry was
the only group to show a decrease in profits compared with 1924.
Telephone companies and other public utilities continued to report steady
Increases in net earnings. The profits of Class 1 railroads showed a 15%
Increase over 1924 and were the largest in recent years.
Insurance mopanies holding 93% of the funds of all legal reserve life insurance companies in the country.
Results of the ana'ysis were made public in an address given by Robert
W. Iluntington, President of the Connecticut General Life Insurance Co.,
&dove the 19th annu.t1 meeting of the Association of Life Insurance Presidents.
The total funds of all legal reserve life insurance companies have grown
in the last 14 years from $4,164,492 009 to $11,509,000,000. There has
been in the last year alone an increase of over a bil:ion dollars, the reports
show.
Of this fund, according to the study, 40.6% was invested in real estate
mortgages in the year 1925. In the year 1911 only 31.7% was so invested.
Leans on city property as made by the life insura”ce companies more
than doubled during the last five years. They jumped from 1,120,690,000
at the end of 1920 to 2,346,674.000 by October of 1925. These loans include mortgages on homes, apartment buildings, hotels, office buildings and
business properties.
Investment in farm mortgages by the life insurance companies represented
in the study reached in 1925 a total of 1.871,056,000. This is more than
double the amount of such securities held by them six years ago.
1
Boston Red!scount Rate—Change Made Last November
Was Held Up By Federal Reserve Board
Over S:x Weeks.
The following appeared in the Boston News Bureau of
March 9:
Report of Federal Reserve Bank of Boston for 1925, which discusses
rediscount rate relations between New York a-d Boston,
discloses that
the local rate advance last November, which created such a stir at the
time, had been proposed as early as last September, but was not approved by the Federal Reserve Board till more than six weeks later.
The report says: "Early in the summer business activity began to increase and showed a steady increase well toward end of the year, with a
correspor ding augmented demand for credit on the Reserve bank. By
September 23 the directors of the Federal Reserve Bat of Boston felt
k
that the situation, so far as New England was concerned, warranted an
increase in the discount rate to 4%, which they accordingly
voted.
"Credit conditions in other districts, however, evidently
did not
warrant such an increase at that time, and dierefore the Federal
Reserve
Board did not approve this rate until some time later, the 4% rate
becoming effective November 10, 1925."
Bill of Senator Goff Which Would Provide For Supervision of Foreign Loans.
Referring to a bill introduced in the Senate on March
3 by Senator Goff of West Virginia designed "to supplement existing laws against unlawful restraints and monopolies in commodities imported or to be imported into
the United States," the "Wall Street Journal" stated on
March 4, that it is directed against the alleged British
monopoly in rubber and Brazilian coffee restriction scheme;
It also says it will prohibit any American bank from extending credit or loans to any foreign government or corporation engaged in practices tending to a monopoly or
restraint of trade. Commenting on the bill the New York
"Times" of the 5th inst. said:
Investment bankers expressed the view yesterday
that the bill introduced in the United States Senate to provide Governmnt supervision
over foreign loans is not only objectionable because of the viewpoint
that it represents, but is unnecessary as a practical measure. Sponsors
of the bill declare it is aimed against the use of American capital in
foreign industries on which consumers in this country rely for supplies,
and specific mention is made of the British rubber and Brazilian coffee
production methods. What amounts to unofficial supervision by the
State Department now exists in connection with foreign loans. Every
8
MAR. 13 1926.]
THE CHRONICLE
time bankers negotiate a foreign loan they submit the plan to the Government, which notifies them whether it has any objections to the type
of financing proposed. The bankers are not bound by law to obey the
Government's suggestions, but they always do so, and several loans have
already been held up in this market on these grounds. Thus far, bankers
declare, the only result has been that the proposed loans were floated
abroad and in. several cases the bonds were resold here at higher prices
than investors would have had to pay had the original offering been made
in the United States.
Federal Farm Loans—Recent Rulings To Be Modified.
In indicating that the Federal Farm Loan Board is reported as drafting new and more liberal rules for borrowers, the Baltimore "Sun" of March 9 announced the following from its Washington correspondent:
The threat of foreclosure on large numbers of farm loans held by
the Federal farm loan system and the possibility of curtailment of
further loans from that source have been removed rather definitely now.
A month ago, following the published statements in Iowa that $10,000,000 of farm loans held by the Federal and joint stock land banks
in that State would have to be cancelled, the writer explained in some
detail the situation upon which this prospect rested. It was pointed out
that, in its efforts to safeguard thoroughly the farm ban system, the
Federal Farm Loan Board had made two rulings which, if enforced, soon
would have curtailed the banks' lending power and would have worked
severe hardship on certain farmer borrowers.
One of these rules required that, when a farmer defaulted a single
interest payment for ninety days, the bank either must foreclose and sell
the farm or treat the mortgage as if it were a total loss that had to be
covered by funds taken from the bank's surplus. The other rule said
that these banks must not pay dividends upon their stock unless the
surplus funds were big enough to cover both dividends and the face
value of all loans on unsold farms on which interest had been defaulted.
Protests Made.
It was at this juncture that bankers, farm leaders and othe-s in the
States most seriously affected put up a loud protest. G -v John Hammill
of Iowa took the lead in protesting vigorously at Washingtor. He insisted that there was no occasion for. such severity and pointed out that
one of the very objects of the Federal farm loan system was to work on
such a long-time basis that temporary flurries in farm pro-perity need
have no effect upon the system as a whole. The bonds which furnish
the money for these loans are not to be paid off for twenty to thirty
years yet.
These protests brought quick results. The board soon decided to
adopt a more liberal policy. The banks were given to unde -start] that
these two rules were not to be strictly enforced. Governor Hamm II now
informs the writer that the board is engaged in drafting new titles which
will cure the difficulties complained of, yet at the same time am:4 safeguard this conservative and thoroughly sound farm-loan system. These
new rulings probably will be issued in the near future and should relieve
any nervousness that may have been felt among farmer borrowers since
the announcement of a month ago.
Bill Calling For Creation of Bureau of Bank Deposit
Insurance Introduced in House of Representatives.
A proposal to establish in the Treasury Department,
under the supervision of the Comptroller of the Currency,
a bureau of bank deposit insurance is contained in a bill
introduced in the House by Representative Thomas of
Oklahoma, says a Washington dispatch March 8, appmring in the New York "Journal of Commerce" which adds:
it is the desire of Mr. Thomas that immediately follawing the passage
of this bill the Comptroller shall make provision for the irsurance by the
United States of deposits in national banks and in banks which are
members of the Federal Reserve system against loss by the risk of bank
failures.
The bill providel that the bureau shall be presided over by a director
to whom shall be paid a salary of $5,000 per annum. The bureau subject to approval by the Comptroller, would have authority to adopt and
publish a form of bank deposit risk insurance policy and to fix reasonable
rates of premium for the insurance of bank deposits in all of the bank
deposit insurance fund. The rates would be subject to change as circumstances may require.
For the purpose of creating the initial bank deposit insurance fund,
Mr. Thomas suggests an appropriation of $10,000,000 by the Government to be returned to the Treasury after the fund exceeds $25.000,000.
This latter is to be the capital of the fund. All premiums are to be
made a part of the fund.
Under the further provisions of the Thomas bill the Comptroller of the
Currency world be authorized to establish an advisory hoard of three
members, skilled in the work and practices of insurance actuaries, for
the purpose of assisting the bureau in fixing rates of premium and other
work in carrying out the purposes of the proposed law. The compensation of these experts is fixed at not to exceed $25 per day of actual
employment.
New Jersey Senate Passes Bill Reorganizing State
Banking Department.
bill providing for the reorganization of the New Jersey
Department of Banking and Insurance, introduced by Senator Harrison, was passed by the State Senate on March
10. According to the Philadelphia "Record" the legislation is in line with the recommendation of the Commission
appointed last year to study the situation. From Trenton
March 9 the "Record's" advices stated:
A
Senator Harrison, in introducing his measures, took occasion to pay
his respects to the whole-hearted co-operation given his commission by
State Banking Commissioner Masson and said that in his opinion the
department is rapidly getting on a business-like basis.
The Harrison measure creates three separate bureaus in the divisions
of building and loan insurance and banking. At the head of each will
be a deptity commissioner who will receive a maximum salary of $7,500
1397
yearly. Senator Harrison said the men now in charge of these departs.
ments are performing valiant service and it is his understanding they
will be retained. In reply to a question by Senator Bright, he said, that
it is his opinion that under the new methods a repetition of the Tina/ensack Building and Loan scandal is practically impossible.
McFadden Banking Bill Reported to Senate.
The McFadden Banking Bill was favorably reported to
the Senate yesterday (March 12) by the Senate Committee
on Banking and Currency. The text of the bill as it passed
the House on Feb. 4 was given in our issue of a week ago
(page 1245). Singe the House action hearings on the bill had
been held by a sub-committee of the Senate Banking and
Currency Committee, whose report was received by the full
committee yesterday. The sub-committee consisted of Senators Pepper, Edge and Glass. A number of changes, it 18
reported, have been made in the bill as it comes from the
committee, the "Wall Street News" yesterday in referring to
the amendments saying:
Amendments incorporated in the McFadden bill by the Senate Banking
and Currency Committee include one which gives trust companies, savings
banks and other corporations the same status as State banks. Another
amendment provides State banks may be consolidated with national banks
located in the same State. There was no provision for consolidation of
State and national banks in the House bill.
Associated Press dispatches frum Washington on March
11 had the following to say regarding changes made in the
bill:
Section 9 of the McFadden Banldng Bill passed by the House, around
which has centred a controversy in bankiag circles, has been re-written.
The Senate Banking Committee has altered it to permit State banks holdwithin
ing membership In the Federal Reserve System to create branches
their own State under certain restrictions.
on
MO
The fight against the section, which would have placed restrictions
branch activities of such banks, was led by Senator Glass, Democrat,former
Secretary of the Treasury. Ile asserted it would tend to destroy the national bank system, and drive State banks out of the Reserve system.
McFadden—Pepper Bill to Change..Me.thod of Taxing
Shares of National Banks, Ordered Favorably
Reported to House and Senate.
The bill introduced in the HOUS3 on March 3 by Representative McFadden and in the Senate by Senator Pepper,
changing the method of taxing shares of National banks,was
ordered favorably reported on. March 11 by the House
Committee on Banking and Currency, and on the 12th inst.
by the Senate Committee on Balking and Currency. A
statement by Representative McFadden in explanation of
the bill appeared in our issue of Saturday last, page 1244.
In stating that the proposed legislation would do away with
the present method of taxing shares of National banks, he
said it would make it possible for income tax States to tax
National banking accociations and their shareholders on a
complete taxing parity with other corporations and. their
stockholders. The bill, would a-nend the dividends and
income alternatives of Section 5219 of the Revised Statutes;
the amendments, said Representative McFadden in his
statement of a week ago are- designed to accompliak the
following:
(a) The inclusion of income from tax exempt securities as part of the
Income of national banking associations, providing other corporations
generally are similarly treated by the taxing State.
(b) The inclusion of dividends from national bank shares as part of the
net income of residents for the purpose of personal income taxation when,
and to the same extent as, dividends from other corporations generally Orb
so included by the taxing State.
According to the New York "Commercial" several *44nesses appeared in behalf of the bill before the House Conimitee on Banking and Currency on March 10. The
"Commercial" said:
The witnesses included Thomas B. Patton, counsel for the American
Bankers' Association; Martin Saxe, representing New York city banks;
Charles L. Tavenger, representing Boston banks; Mark Graves, tax ooriornissioner of New York, and Henry P. Long, tax commissioner of Masaachusetts.
The bill, which is sponsored by the American Bankers' Association, voionld
amend the law which provides for alternative methods of taxing national
banks in the various states. The bill is designed to make it possible for
states which have income tax laws to tax the income of national banks on
an equality with corporations.
Would Welcome Bill.
Mr. Long told the committee Massachusetts would welcome the passage
of the bill because it would legalize its present method of levying an excise
tax on banks, measured by their income from all sources. The state has
sought to justfy its plan on the ground that it taxes foreign and domestic
corporations on the same ground.
The com Ittee was Informed that income from tax exempt securities was
considered subject to the tax. Witnesses and members of the committee
expressed the opinion that the constitutionality of the law is extremely
questionable, but the pending legislation would change the situation.
Views of W. P. G. Harding on Branch Bank Legislation
—McFadden Bill Provisions.
Before the New Haven Chapter of the American Institute
of Banking Governor W. P. G. Harding of the Federal Reserve Bank of Boston said that while the McFadden bill Is
1398
THE CHRONICLE
In the main a meritorious measure it undertakes to prescribe
definite terms and restrictions governing establishment and
maintenance of branches by national banks and by State
banks, members of the Federal Reserve System. This is
learned from the "Wall Street Journal" of Feb. 26, which
quotes Governor Harding as saying:
[Vin. 1.23.
"generally where the voting trust is coupled with an interest
in the trustees." . . .
For certain purposes, such as protection of creditors on
actual or threatened insolvency, security for loans, execution
of a legitimate plan of corporate management specified in
the agreement or of a pooling agreement (in jurisdictions
where they are valid), and generally where the voting trust
is coupled with an interest in the trustees, all jurisdictions
sustain the legality of the voting trust.
In referring to the contentions of President Delafield, the
New York "Times" of March 10 stated:
It is regrettable that the Federal Reserve System, which numbers among
member banks about 1,449 State banks and trust companies, should be
involved in any way in the branch banking controversy.
The McFadden bill, while permitting member banks to have branches
in cities where the •State law does not contravene, appears to lay down
certain conditions upon State banks for continued membership which do not
conform to charter and statutory rights of State banks and trust companies.
Mr. Delafield said that Jeremiah Wood, director of the National Liberty
Best solution of this vexed question would be to refer the matter to the Insurance Company, was a law partner of Ralph Jonas [President of the
States themselves.
Manufacturers' Trust Company], while Mr. Tompers, the other plaintiff.
It would be entirely proper for the Federal law to prescribe that no mem- was President of the Financial and Industrial Securities Corporation, which
ber bank of the Reserve System be permitted to establish or maintain a Mr. Delafield said he was informed was organized by Ralph Jonas to hold
-branch beyond the borders of its own State; that no national bank establish stock in various financial institutions. The records, he went on, showed
or maintain a branch in a State which does not permit trust companies to that the insurance company bought its stock on Feb. 16, four days before
have branches; that in States which allow trust companies and other banks It started the present action.
operating under State charter, to establish branches, national banks be
Mr. Delafield added that voting trusts of the majority stock were in
permitted to establish branches in the same manner and to the same extent. existence in a number of local and foreign financial institutions, among
It is difficult for Congress to frame a workable banking law applicable those in New York being the Bankers' Trust Company, Empire Trust Comalike to States so different as Rhode Island and Texas. Federal law would pany, Franklin National Bank, Bank of United States, American Union
give ample protection by prohibiting a member bank from establishing a Bank,Pennsylvania Exchange Bank,National Butchers and Drovers'Bank,
branch outside its own State, and each State should be permitted to take Central Mercantile Bank and the Greenpoint National Bank of Brooklyn,
care of its local situation in such mintier as agreeable to a majority of its while in Chicago it exists in the Corn Exchange Bank and also in a promipeople. With protection thus afforded, I should think banks of Connecticut nent Cincinnati bank.
would prefer, if occasion should arise, to fight out the question of branches
President Delafield said that the growth of the Bank of America justified
at.Hartford rather than at Washington.
the increase of capital and greater surplus because the average daily turnover was $40,000,000 and on occasions it had reached $100,000,000.
The "Times" account also said:
Bank of America Voting Trust Held Invalid—Appeal to
be Taken.
In making•permanent on Mar. 9 the temporary injunction
restraining the voting trustees of the Bank of America from
voting the stock held by them, Justice Proskauer of the
New York Supreme Court, First Department, held invalid
the Voting trust agreement. The injunction proceedings,
as we stated last week,(page 1263) caused the postponement
of the meeting of the stockholders, which was to have been
held on Feb. 26 to act on a proposal to increase the capital
from $6,500,000 to $8,000,000. Justice Proskauer in taking
cognizance of the allegations of the defendants (Edward C.
Delafield, President and Director; Frederick E. Hasler, VicePresident and director, and Edwin Thorne, director, trustees
under the voting trust agreement), that the proceedings
were "instigated by persons who are attempting to buy the
bank's stock with the ultimate purpose to consolidate it with
another bank," said:
"This is not germane to the controversy. Any one has the right to
buy the stock. If such consolidation should be attempted, there are wellsettled remedies in the law to protect minority stockholders. Even proper
desire to defeat such a plan cannot justify the creation of an illegal voting
trust to officers and directors of the bank.
If the views here expressed are correct, the corporate action purported
to be taken under this voting trust agreement would result in the greatest
confusion and hardship. It is therefore in the general interest to continue
the injunction. If it is vital immediately to increase the capital of el.,
bank and beneficial stockholders, to the required amount, wish so to do,
such action can readily be taken despite the injunction. The status quo
should therefore be preserved. It should be noted that though the ex parts
injunction was issued on the original complaint in the action brought by
the National Liberty Insurance Company of America it was stipulated by
counsel on argument that the motion before me should be determined on
the amended complaint, and the order may recite this stipulation made on
arghment.
Gustav Kehr, President of the insurance company, said that this company bought the Bank of America stock solely for investment and that it
was not interested in any merger. He submitted to the Court a denial by
Nathan S. Jonas that the Manufacturers' Trust Company contemplated a
merger with the Bank of America.
The injunction proceedings were brought by the National
Liberty Insurance Company of America and George IL
Tompers. According to the New York "Journal of Commerce" the insurance company is the owner of 2,500 shares
of the bank stock valued at approximately $900,000 and
Tompers holds voting trust certificates for 1,024 shares of
stock worth approximately $350,000. The voting trustees
hold a majority of the stock of the bank. Regarding an
appeal which will be made by the Bank the same paper in
its March 11 issue said:
That the Bank of America will make an appeal from the decision of
Supreme Court Justice Joseph M. Proskauer, which declared the voting
trust establishment by the stockholders of the bank illegal and void, was
announced yesterday by Henry Root Stern, of Rushmore, Bisbee Sr Stern,
the bank's counsel. The appeal will be made, according to Mr. Stern, as
soon as the usual formalities have been attended to.
This decision has called forth an unusual amount of interest in the
financial world because of the questions aroused and the possibility of the
very wide application of such a ruling.
One of the most interesting points in the case, and one which has been the
cause of most discussion, is the fact that in his decision Justice Proskauer
set aside bank voting truss in a separate category as differing from other
voting trusts. Authorities on the banking law, however, are of the opinion
that under the law there is no real difference between the voting trust which
controls a bank and that which controls a commercial organization. It is
on this ground chiefly, it is believed, that the appeal will be made.
As a result of the decision on the voting trust announced late on Tuesday,
there was quite a sensational movement In Bank of America stock. From
a closing of 325 on Tuesday,the shares yesterday moved up to a high of 375,
early in the day. Before the close of business, however, a good part of this
advance was lost.
This movement of the stock aroused some suspicion in the market that
interests said to be desirous of gaining control of the bank were adding to
their holdings.
In writing his conclusions Justice Proskauer said "the
The following is Justice Proskauer's decision in full as
precise question is whether it (the voting trust agreement)
i4 akainst the declared public policy of this State to permit given in the "New York Law Journal."
National Liberty Insurance Co. of America vs. Bank of America et al.:
stockholders of a bank, retaining all beneficial interest in Tompers
vs. Same—Plaintiffs sue to restrain the individual defendants
their stock, to turn over the voting power, even by voting from voting, and the corporate defendant (hereafter called the bank) from
and
directcrs
of
the
bank."
officers
permitting
to be voted, stock of the bank held by the individual defendants
trust agreement, to
as voting trustees under a voting trust agreement dated Dec. 311924. The
He declared that:
plaintiff National Liberty Insurance Company of America owns 2,500 shares
"The statutory scheme is clear that there should be domination neither
of the bank's stock, valued at approximately $900,000. The plaintiff
of directors by officers nor of stockholders by directers. To this end the
•
Tompers holds voting ttust certificates for 1,024 shares of such stock, worth
Legislature enacted by Section 26 of the General Corporation Law that "no
approximately $350.000. The bank is subject to the state banking and
officer, clerk, teller or bookkeeper of a corporation formed under or subject
to the Banking Law shall act as proxy for any stockholder at any meeting corporation laws. The individual defendants are,and were on Dec.311924.
respectively the president and director, the vice-president and director, and
of such corporation. . . .
stock of
, Issuance of a mere proxy of bank stock to a bank officers for one meeting a director of the bank. The voting trustees hold a majority of the
is forbidden. A fortiori, irrevocable authority to bank officers to vote the bank. A substantial portion of this they acquired subsequent to March
Corporation
1925,
the
date
amendment
to
section
50
of
the
Stock
12
of
an
stock over a period of ten years under a naked trust must in reality transgress
the
the legislative declaration of policy. Prior to the amendment of 1925, a Law,eliminating banks from the scope of its provisions, which regulate
behalf
voting trust of bank stock, if it did not name as voting trustees officers, creation of voting trusts. The attorney-general as amicus curiae, on
the
agreement
directors or employees of a bank, might have been valid. No device could of the banking department, supports the motion. By the
nominee) to be
have been valid by which the voting right, dissociated from beneficial stock is to be transferred of record to the trustees (or their
any
years;
stockholder
may
a party. It
for
ten
become
voted
by
them
ownership of bank stock, should be lodged in its officers. . . .
the voting trustees. Accentuating their
"I do not (nor indeed do the plaintiffs) impute improper motives to those prescribes no course or policy for
paragraph 16 provides that they may, but are not
who created this agreement. The invalidity lies not in their motive but in unlimited discretion,
bound, to follow the demands of a majority of the certificate holders. This
the device itself. It essentially lends itself to improper conduct of a quasiIs a voting trust agreement of bank stock with bank officers and directors as
public institution. It is, therefore, against public policy, Irrespective of
voting trustees. The precise question is whether it is against the declared
whether it has been improperly used."
public policy of this State to permit stockholders of a bank, retaining all
Justice Proskauer pointed outlthat his ruling did not mean beneficial interest in their stock, to turn over the voting power, even by
voting trust agreement, to officers and directors of the bank. Banking is a
that all voting trusts were invalid. Those created for the business
affected with a public interest (Noble State Bank vs. Haskell,
protection of creditors, or because of actual or threatened 219 U. S., 104; McLaughlin vs. Dillingham, 264 U. S., 370). It has
execution
of
a
legitiloans,
the
and correlative peculiar restrictions upon its managepeculiar
obligations
security
for
insolvency, for
ment. Its directors are charged with serious responsibility. They must
nukte -plan of corporate management, specified in the agree- take an oath of office as sacred as that of a public officer (Banking Law,
/710107r a a pooling agreement in jurisdictions where they Sec. 124). They are required by Section 131 of the Banking Law to make an
v.alid were not affected by therdecision, as were those independent audit of the affairs of the bank at least annually. They cAnnot
Artive
MAR. 13 1926.]
THE CHRONICLE
discharge this duty through their officers. The responsibility is placed upon
the directors per se. Every one is required to own, and to make oath that
he owns, beneficially "in good faith" and in his own right, stock of the value
of $1,000. Its stockholders are under double liability (Banking Law, Sec.
124). For the public protection their legitimate self-interest to escape such
double liability is invoked to cause them to choose directors who will
faithfully discharge these important duties and exercise a check upon the
officers. The statutory scheme is clear that there should be domination
neither of directors by officers nor of stockholders by directors. To this
end the Legislature enacted by Section 26 of the General Corporation Law
that "no officer, clerk, teller or bookkeeper of a corporation formed under
or subject to the Banking Law shall act as proxy for any stockholder at any
meeting of such corporation." Directors are embraced within the word
"officer" (Two Opinions of Attorney-General, 1912, 285; Eastman vs.
New York Telephone Company, 86 App. Div., 563; Tarbell vs. Eaton. 49
Ilyn, 209, 113 N. Y.,623). Distinction is made in the authorities cited by
defendants between certain aspects of a proxy and of a voting trust. They
do not reach the heart of the matter. While, as pointed out in Cushing on
Voting Trusts (p. 124), the proxy creates a temporary relation, and the
voting trust confers qualified title with an irrevocable authority, the
statutory prohibition against proxies to bank officers is here sigaificant to
the extent that it is logically imported into the situation presented. As is
stated by McLaughlin, J., in Schley vs. Andrews (225 N. Y.,at
114). while
a statute may have "no direct bearing on the question being coasidered,
it
Indicates by its enactment a legislative intent" which to
be considered in
Is
determining a public policy. Insurance of a mere proxy of bank stock to
bank officers for one meeting is forbidden. A fortiori irrevocable authority
to bank officers to vote stock over a period of ten years under a naked trust
must in reality transgress the legislative declaration of policy. Prior to the
amendment of 1925 a voting trust of bank stock, if it did not name as
voting trustees, officers, directors or employees of the bank, might have
been valid. No device could have been valid by which the voting right,
disassociated from beneficial ownership of bank stock, should be lodged in
Its officers. Its stockholders, in response
to the urge of legitimate selfinterest, are called on to elect freely a board of directors that shall be neither
dominated by officers nor self-perpetuating. If the officers and directors
may control elections, the statutory independent audit by directors for the
protection of stockholders and depositors becomes a futile gesture. I do not
(nor indeed do the plaintiffs) impute improper motive to those who created
this agreement. The invalidity lies not in their motive, but in the device
itself. It essentially lends itself to improper conduct of a quasi-public
institution. It is therefore against public policy, irrespective of whether it
has been improperly used. This illegality taints the agreement whether or
not it be regarded as created independently of the provisions of Section 50
of the Stock Corporation Law. There is much contention on argument and
In brief as to whether any voting trusts are valid dehors the statute. This
question cannot receive categoric answer and need not for the purposes of
this motion. The law has been admirably stated by two textwriters, Mr.
Marion Smith of the Georgia Bar in 22 Columbia Law Review, at page 627,
and Professor I. Maurice Wormser of the New York
Bar in 18 Columbia
Law Review, at page 123. The former writes from a viewpoint
antagonistic
to the common-law validity of voting trusts; the latter from an
opposite
viewpoint. Their conclusions as to the case law, however, are substantial
in
accord. Bostwick vs. Chapman, generally referred
to as the Shepaug
Voting Trust Case (60 Conn., 553, 24 Atl., 32) in 1890
(afterwards followed
in New Jersey (Cone vs. Russell, 48 N. J. Eq., 208),
held that it was ipso
facto against public policy to divorce the voting power from
the beneficial
ownership of stock. It has been followed by the great
weight of authority
in America (see cases cited by Mr. Smith in 22 Columbia
Law Review, at
page 628, footnote 3) and repudiated by a substantial
minority of other
American authorities cited by Mr. Smith at
page 629 and by Professor
Wormser. Between these extremes is a middle ground
of general concurrence
upon which the ultimate decision of this motion will
rest. For certain purposes, such as protection of creditors on actual or
threatened insolvency,
security for loans, execution of a legitimate plan
of corporate management
specified in the agreement or of a pooling agreement
(in jurisdictions where
they are valid), and generally where the voting
trust is coupled with an
interest in the trustees, all jurisdictions sustain
the legality of the voting
trust. Compare Cone vs. Russell (48 N. J.
Eq., 208), which holds that in
general a voting trust agreement is ipso facto
void, with Frost vs. Carse
(91 N. J. Eq., 124), which holds a voting trust
agreement valid where its
stated purpose was "to preserve the identity of
those who formed and
developed the company, and to protect
the stock from purchase by the
German Government agents during the
World War." On the other hand,
no voting trust agreement is held valid where
its purpose is contrary to
accepted public policy. The test is thus
tt,A. voting trust agreement should not be stated by Professor Wormser:
condemned per se. The validity
of the trust should be made dependent upon the
purposes for which the trust
s created, the powers that are conferred and the
propriety of the objects In
view." Mr. Smith states it: "A separation of the
voting power of stock
from its real or beneficial ownership, irrevocable
for a fixed period. Is contrary to public policy and void unless: (1) It is
coupled with, or to protect,
an interest, or (2) made to carry into effect some
determined plan or policy
to which the voting trustee is bound, or (3) it Is merely a pooling contract
under which the real owners reserve the right to direct
the voting trustee."
Defendants establish at most that a voting
trust is legal if if comport with
general law and policy,and not otherwise. The
vice found in this agreement
would invalidate it under these fairly stated rules
even in those jurisdictions
which independent of statute approve of proper
voting trust agreements.
It states no determined plan; it is not coupled with an
interest; it secures no
debt; it is not accessory to a pool, and there is
impropriety in its declared
object to vest voting power in bank officers. Moreover,
any such agreement
must stand or fall upon Section 50 of the Stock Corporation
Law passed as
Section 20 in 1901. I have found no decision of
any court of this state
purporting to decide whether theretofore a valid
voting trust agreement
could be made. Examination of the leading text-books
of that period
discloses that the law was regarded as unsettled
and inharmonious (Clark
& Marshall on Private Corporations, 1900 Ed., P. 2019; Cook
on Corporations, 1898 Ed., p. 1186). The latter author, in
describing what we now
call a voting trust agreement, says: "Another
plan was to place the stock of
the various parties in the hands of trustees with power to transfer the stock
to themselves and to hold and vote the same. . . . But this plan failed.
The courts held that any holder of a trustee's certificate might at any time
demand back his part of the stock." It is noteworthy that
in the 1903
edition of Cook on Corporations he writes (at page 1361): "In 1901 the
Legislature of the State of New York declared the public policy of
that
state, as to the 'pooling' of stock, by enacting a statute," &c. Professor
Wormser places the date of the shift of public opinion in favor of voting
trusts in 1905. Thus in 1901 the Legislature by statute authorized the
employment of this voting device which had not yet been approved by the
courts of New York and had been disapproved by the large majority of
other courts which had considered it. It is a fair Inference that the Legislature intended to preempt this field of the law and to lay down the conditions under which alone this novel voting scheme could be used. The
agreement, if thus regarded as based on the statute, is invalid for the
1399
foregoing reasons which invalidate it dehors the statute. The statute is
purely permissive. It does not validate a voting trust agreement,in other
respects against public policy. Compliance with fundamental law earl
public policy are still essential to such an arrangement. While I (Ina no
authority square upon this point, the reasening in Manson vs. Curtis
(223 N. Y., 313, at 319) is most persuasive. There stockholders made an
agreement not of formal voting trust, but to unite upon a corporate policy
and upon the officers whom they would elect; but they agreed also ttp.t,a
named person was to control the company's conduct and that the directors
were substantially to abdicate. Collin. J., sustaining squarely the general
validity of an agreement among stockholders to continue a stated policy,
writes: "Agreements upon a sufficient consideration between them of such
intendment and effect are valid and binding if they do not contravene any.
express charter or statutory provision,or contemplate any fraud, oppreetsion
or wrong against other stockholders, or other illegal object." But he holes
the particular agreement void because it contemplated an illegal object,in
depriving the directors of power actually to manage the corporation.
Similarly here, it is proper under the statute to create a voting.trust,ja
particular binding statutory form of such agreement among stockholders,as
was referred to by Judge Collin), provided it contemplates no "illegal
object." The illegality of its object, heretofore outlined, renders it void
even If it be viewed as the creation of the statute. Moreover, there are
other features of the agreement which expressly in detail violate the requirements of Section 50. Every other stockholder is entitled to become a party
to b)agreement. Therefore the agreement may not impose such onerous
terms, wholly unrelated to the essentials of a voting trust, as would
reasonably deter other stockholders from becoming party to it. ,If a
prohibitive fee were assessed on stockholders as a condition precedent to
deposit of stock, there would be substantial denial of the statutory right bf
all stockholders to join in. This agreement contains provisions essentially
as destructive of this right. Stockholders are required to give to the trustees
not only voting power, but authority to consent to the merger or consolidation of the bank with any other institution upon any terms they deem fit:
to accept in place of the shares deposited any shares In any amount to be
Issued in exchange therefor on merger and to consent to the dissolution of the
bank. Paragraph 10 indeed adds that these particular powers are not to be
deemed exclusive, but that the voting trustees shall be entitled to exercise
all powers "as the absolute owners of the deposited stock." A depositing
stockholder must not only strip himself of voting power,but, while retaining
his beneficial interest, permit these trustees, or their successors, substantially to treat the stock in any way they wish. The statute compels the
voting'trustees to procure new certificates with an indorsement that they
were issued pursuant to a voting trust agreement, and thus to put upon
notice any person who deals with such a certificate. This agreement
negatives this salutary requirement by permitting the trustees to exchange
for certificates not in their own names and so indorsed, but in the name of
their nominees. While the stock deposited is stated "to be wholly at the
order and under the control of the trustees," they assume no responsibility
whatever except for actual misfeasance; yet any trustee may become a director or officer of the bank,receive compensation therefor, or become pecuniarily interested In any transaction with the bank as fully as though he were
not a trustee at all. The trustees (paragraph 9) are authorized to transfer
sufficient number of shares of stock to give any person the statutory
qualification as a director, provided he is nominated by the trustees, and he
must agree at the end of his term forthwith to return to the trustees the
qualifying shares so held. This purports to destroy the statutory requirements that a bank director must not only be a stockholder in his own name,
but must make oath that he owns the stock in his own right in good fait.
For these additional reasons the agreement cannot be sustained underlye
statute irrespective of the amendment of March 12 1925. That amendineht
is also fatal to the validity of this agreement viewed as a statutory votfilg.
trust. It provided that Section 50 should not apply to banking corporations
and it went into effect immediately. While the agreement was dated Dec.
311924, much of the stock was deposited under it subsequent to March IA
1925. These deposits could not validly be made. I do not lose sight of the
saving clauses in the Statutory Construction Law, but as IlLscock, Ch. J.
wrote in Matter of Wentworth (230 N. Y., at 187): "A repealing statute
which preserves rights contemplates definite and substantial ones which are,
or are in the nature of, vested property rights and not mere inchoate personal
privileges to which in a legal sense one has no indefeasible vested claim."
This voting trust agreement was continuously In process of potential
enlargement unless and until all stockholders became party to it. The law
required it to preserve that right to all stockholders. Those who deposited
under it prior to March 12 1925, did so on implied condition that all Other
stockholders might validly thereafter do likewise. There were no vested
property rights fixed prior to March 12 1925. When the Legislature
withdrew banks from the provisions of the act it necessarily tdrniimited the
valid existence of this agreement, both as to those who atteriapted'in
violation of the statute to come in thereafter, and as to those whd. had
theretofore come in upon the condition implicit in the agreement that-others
could continuously and validly come in. Nor does this conclusion -violate
the rule of statutory construction against retroactive effect.'"A statute.
does not operate recrospectively when it is made to apply to future transactions, merely because those transactions have relation to and are founded
upon antecedent events." (Opinion of Richardson, J., In Johnson vs-.
United States, 17 Court of Claims, 157, at p. 171). The amendment of 1925
applied to this agreement as one continuously Inchoate% and rendered its
continuance illegal. The situation is distinguished from that considered In
Cameron vs. N.Y.& M. V. W.Co.et al.(133 N.Y.,336). There, pursuant
to a statute, two water works companies had entered into an agreement of
consolidation and had called the meetings of stockholders required by
statute to ratify the agreement. The statue authorizing the consolidation
was then repealed. The court held that under the reservations of the
statute the companies had the right to secure the ratification of the agreements which they had in fact made subject to such ratification. There was
no question there of permitting other persons to become parties to the
agreement after the effectiveness of the statutory prohibition. Defendants
urge that this agreement can be sustained by the substitution as
voting
trustees of those alternates who are not bank directors or officers. None of
these alternates, however, appears to have signed or become party to the
agreement. They could become trustees only "in the event of the death
resignation, inability or refusal to act" of the named trustees. It was never
contemplated that the word "inability" should be deemed to include this
legal inability based upon the fact that the trustees were officers, which
was known at the time of the execution of this agreement. The intent of the
parties was that the three named voting trustees should act except only as
otherwise stated. Nor would this course be permissible under the 1925
amendment as here construed. Equally untenable is the suggestion that
the court should treat this as a genuine trust agreement and under general
equity powers designate a trustee to effectuate its purposes. It Is not.a
real trust agreement of the kind under which equity exercises such function,
but a mere voting trust agreement. A signer of this agreement would no
doubt view with astonishment the transmission of his voting rights to the
nominee of the court. There was never such intention. Defendants'urge
that the determination of these questions should be made only on trial and
1400
THE CHRONICL7
motion. There is no substantial question of fact, however. The
only serious dispute concerns allegation that the actions are instigated by
persons who are attempting to buy the bank's stock with the ultimate purpose to consolidate it with another bank. This is not germane to the
optitroversy. Anyone has the right to buy the stock. If such consolidation
ehould be attempted, there are well-settled remedies in the law to protect
minority stockholders. Even proper desire to defeat such a plan cannot
testify the creation of an illegal voting trust to officers and directors of the
bank. If the views hero expressed are correct, the corporate action purported to be taken under this voting trust agreement would result in the
greatest confusion and hardship. It is therefore in the general interest to
COntinue the injunction. If it is vital immediately to increase the capital of
this bank and beneficial stockholders, to the required amount, wish so to
40,such action can readily be taken despite the injunction. The status quo
Should therefore be preserved. It should be noted that though the ex parte
injunction was issued on the original complaint in the action brought by the
National Liberty Insurance Company of' America it was stipulated by
counsel on argument that the motion before me should be determined on the
amended complaint, and the order may recite this stipulation made on
argument. Motion granted. Settle order on notice.
Tempers vs. Bank of America—Granted.
apt WI
Ten Million New $1 Bills Put in Circulation—United
States Treasury Seeking Currency That Will
Last More Than One Year.
The following is from the "United States Daily" of
March 12:
Ten million one-dollar bills, produced by the Bureau of Engraving and
Printing by a new process designed to make the life of the currency longer,
were put in clrcul:Um Thursday by the Treasury as its first effort at establishing a more satisfactory currency. The bills were distributed to banks
in Chicago and Washington. and their records and conditions will be carefully checked by the Treasury.
Assistant Secretary Dewey hopes currency may be developed that will
last more than a year in circulation. The present life of the one-dollar bill
Is only about seven months and the constant reissuing of such paper has
proved a heavy expense tor the Government.
0 The new process by which the one-dollar bills were produced was developed by the Bureau of Standards.
[Vol.. 122.
Treasury Winston for use in Mr. Mellon's fight to avert the new $50,000,000 bonus payment to the silver producers.
"The pending bill is new legislation," Mr. Winston argues. "It proposes to ccmpel the Treasury to purcase 14,589,730.13 ounces of silver
at $1 an ounce when the present price of silver is about 68 cents (66)5
cents February 24, 1926) an ounce. This means the payme t to the
silver producers of a bonus of about $5,000,000. The excuse for the bill
is that if construes the legal effect of the Pitman act. If the proponents
of the legislation have technical rights under the Pitman act, they can
secure them in the usual way, through the courts. When it comes to new
legislation, however, the substance, and not the technical position, should
be considered. Has the real purpose of the act been accomplished?
Use Not Specified.
"The bill in committee did not specify what use should be made of the
14,589,730.13 ounces to be repurchased at $1 an ounce, and the Treasury
is uncertain to what purpose it should be devoted in the event the bill
becomes law. If it is to be made into silver dollars, then we will have
the peculiar situation that instead of the silver dollar situation as it
existed at the time of the Pittman act being restored, we will find ourselves with something like 19,000,000 more silver dollars than we started
with. If the silver purchased at $1 an ounce is to go in the subsidiary
silver account, then we will carry silver which cost us $15,000,000 in a
dead account until the requirements for coinage exhaust the subsidiary
silver nsw in the Treasury and use up the silver bullion to be purchased
at $1 an ounce.
"As to the technical features of the Pittman act, which, it is stated,
justifl the passage of the pending bill, it is sufficient to state that, in the
opinion of the Treasury and of the Controller General of the United
States, with full knowledge of the facts, the action of the Treasury was
justified under the law. If these legal opinions are wrong, then the
proponents of the bill should go to court.
Producers Did Not Suffer.
"Unless the American silver dollars had been available, no silver
could have been found in the world to accomplish the purpose desired
by Great Britain, because the producers in this country did not have the
silver and it was not available anywhere else in the world.
"Melting down the silver dollars, therefore, did not hurt the American
silver producer. The requirement, however, that we repurchase silver at
$1 an ounce has been of immense benefit to the American silver producer.
Of course, the Treasury was able to purchase no silver at $1 an ounce
when the market price was over that figure, hut the silver producer took
the world's market.
It was only when the price of silver dropped below $1 an ounce that
the American silver producer tendered silver to the Treasury. This was
in May, 1920, two years after the passage of the Pittman act. In acquiring the silver, which the Treasury has purchased in compliance with the
Pittman act, the Treasury has paid a total bonus to the American silver
producers of approximately $58,169,950, representing the difference between the world market price of silver at the time of the purchases and
$1 an ounce."
Secretary of Treasury Mellon Opposed to Bill Supplementing Pittman Act For Purchase of 14,589,730
Ounces of Silver—Majority and Minority
Reports.
Both President Coolidge and Secretary .of the Treasury
Mellon are reported as opposed to the bill of Senator
Pltttnan, (supplementing the original Pittman Act in
April, 1918) directing the Secretary of the Treasury to
In quoting the minority report of Senator Glass, the
purchase 14,589,730.13 ounces of silver at $1 an ounce to
complete the purchases of silver under the original Pitt- "Wall Street Journal" of March 9 said:
Agreeing with Secretary- Mellon that the Treasury has fully complied
man Act. As announced in our issue of February 27
with the real intent of the Pittman Act by restoring all the silver it sold
(page 1114) the bill was reported to the Senate by its to Great Britain during the war to avert a financial crisis in India, the
Committee on Banking and Currency on February 24. It Glass report says:
Far from being in any respect injured by the policy pursued by the
had been introduced by Senator Pittman on December 8.
Treasury in execution of the Pittman Act, the silver producers have
Secretary Mellon has the support of the Democratic mem- received a total bonus from the Treasury of approximately $58,169,950,
bers of the Committee in his stand against the bill, while representing the difference between the world market price of silver at
of the purchases by the Treasury and the $1 per ounce which
the Republican members are aligned with Senator Pitt- the time
the Treasury was required by the Act to pay.
Lawrence
Senator
report
by
was
filed
man. The majority
The Secretary gives it as his considered opinion that the passage of
0. Phipps of Colorado (Republican), Senator Carter the bill would simply amount to "a gift of $5,000,000 additional to the
producers." It would also compel the Treasury to purchase more
Glass of Virginia (Democrat) presenting the minority silver14,000,000
ounces of silver for which the government has no need
than
views. The Treasury's views regarding the bill are indi- whatever. It would end up with compelling the Treasury to coin between
cated in the following account (copyright) from the New 15,000,000 and 20,000,000 more silver dollars than the Treasury had
the original Pittman Act was passed.
York "Evening Post" of March 9, emanating from its when
The passage of the pending bill would make Congress declare, in effect,
Washington correspondent:
that the Secretary of the Treasury has not properly construed or executed
A new bipartisan coalition has been formed in the Senate to combat the purposes of the Pittman Act, which would be a short contradiction of
Secretary Mellon in his opposition to a supplemental bonus of $5,000,000 the view held by the Secretary of the Treasury and the Comptroller
is
General.
to silver producers who already have received $58,169,950.
the contention of the minority that if the Treasury has not
It
Led by Senator Phipps of Colorado, Administration Republicans on the
have
squarely
up
Currency
lined
properly interpreted and executed the terms of the Pittman Act, any
Senate Committee on Banking and
resofor
of
Nevada,
of
adoption
or supposed to be affected should appeal to the courts
aggrieved
Democrat,
interest
behind Senator Pittman,
lution calling for a new payment of $5,000,000 under the Pittman act and not ask Congress to decree at an expense of $5,000,000 to taxpayers
of 1918, under which 270,232,722 silver dollars were melted down and that such is the fact.
Senators Stephens, Mayfield and Edwards, all Democrats, joined Sen.
sold to Great Britain as bullion to stabilize the currency in India.
Back of Secretary Mellon in the fight are the Democratic members ator Glass in signing the minority report which is accompanied by a brief
Secretary
Virginia,
former
of
Glass
prepared by Under Secretary of the Treasury Winston.
of the committee led by Senator
of the Treasury.
The majority report of Senator Phipps says that "while
Mr. Mellon may be defeated in the Senate. The House, where the
influence of the so-called silver States is a minor one, would be expected it is contended that the purchase of the silver bullion
to support him.
required by this bill would cost the Treasury $5,000,000
Mellon Calls It Gift.
Proponents of the legislation seek to justify it on the score that the above the present market price, it must not be overlooked
original Pittman act compelled the repurchase of domestic silver, and that that as the Pittman Act requires this silver to be coined
the clear purpose of that law would be nullified if allocations under it into standard silver dollars at 1.29, the actual gain to
were revocable. The supplemental purchase of $5,000,000 is essential,
They conted, "to the due and proper execution of the Pittman act according the Treasury is 29% of the amount involved, or a total
of $4,231,021.73." We give herewith the majority report:
to its true intent and purpose."
Supporting Secretary Mellon's view that the new proposal would amount
The Committee on Banking and Currency, to which was referred the
silver
producers,
Senator
the
to
additional
$5,000,000
simply to a gift of
bill (S. 756) directing the Secretary of the Treasury to complete purClass and his associates contend it would also compel the Treasury to chases of silver under the act of April 25, 1918, commonly known as the
purchase more than 14,000,000 ounces of silver for which the Government Pittman Act, having had the same under
consideration, respectfully
has no need whatever and "would end up with compelling the Treasury reports it back to the Senate with the
recommendation that the bill do
more silver dollars than the
to coin between 15,000,000 and 20,000,00
pass with one amendment, as follows:
Treasury had when the original Pittman act was passed."
In the title and on page 2, line 1, strike out "April 25, 1918," and
If the Secretary of the Treasury has misconstrued the act, the silver insert "April 23, 1918."
producers should take their case to court, Secretary Mellon and Senator
1. Prior to April 23, 1918, the United States Treasury held over
to decree, at an expense of
Glass contend, instead of asking "Congress
400,000,000 coined silver dollars.
45,000,000 to the American taxpayers, that such is the fact."
2. On that date Great Britain urgently needed silver bullion to meet
Get Legal Opinion.
demands in India for the redemption in silver of Indian rupee currency.
supply out of
Senator Glass and other foes of the new bipartisan alliance in the The United States Treasury supply was the only ample
could have been promptly satisfied. It has, in fact,
Senate have obtained a detailed brief from Under Secretary of the which this need
MAR. 13 1926.]
THE CHRONICLE
taken several years for silver production in the United States to produce
an equivalent amount of silver.
3. Great Britain applied to the United States for a sale of the required
silver. The Act of Anti! 23, 1918—the Pittman Act—was passed to
authorize the sale. By its terms the Secretary of the Treasury was
empowered "to melt or break up and sell as bullion not in excess of
three hundred and fifty million standard silver dollars." The price was
fixed at not less than $1 for each ounce of silver one thousand fine
4. Pursuant to this authority $270,232,722 were broken up, and 200,032,326 ounces were sold to Great Britain.
5. Against the silver in the Treasury there were outstanding silver
certificates in active circulation. It was necessary to replace for their protection the silver sold, or to be sold, under the act. It was accordingly
provided in the act (sec. 2) that upon every sale the Secretary of the
Treasury should direct the purchase from domestic producers 371.25
grains of pure silver for every dollar sold under the act. The purchase
price was fixed at $1 per ounce.
6. The sale to Great Britain did not exhaust the limit of silver sales
specified in the act. section 3 having authorized certain other purposes
for which sales might be made. One of them was to provide the Government with silver for subsidiary coinage, the act specifically providing in
said section that allocations of silver to the Director of the Mint should
be regarded as sales or resales as the case might be. This statutory
definition must, of course, control.
7. Having sold silver to Great Britain, the Treasury proceeded to
make replacing purchases of silver produced in the United States. This
could not be done at once because the domestic price was then above the
statutory limit. But it was done in due course; and no question arises in
connection with that part of the transaction.
8. For the purpose of subsidiary coinage, however, the Treasury made
five allocations of Treasury silver. These ranged in date from September
7, 1918, to December 18, 1920. Three of them were allocations of silver
dollars, aggregating 11,111,168. Two of them were for an aggregate or
6,000,000 ounces of bullion. This makes a total of 14,589,730.13 One
ounces. Each allocation directed the Director of the Mint to purchase,
for replacement, an equivalent quantity of silver bullion at $1 per ounce.
But no purchases of domestic silver were in fact made to replace the
silver which was the subject of these statutory "sales." On the contrary,
at a later date, the Treasury undertook to revoke the allocations. But the
evidence offered at the committee hearings shows that such revocations
were made 13 months and 23 months, respectively, after the date of the
last allccation and after the silver bullion contained in the 11,111,168
silver dollars had been converted into subsidiary coinage, and after
1,658,976.62 fine ounces, included in the last two allocations of fine
silver, had also been converted. The question before the committee is
whether the revocations were in accordance with the mandate of Congress
as expressed in the Pittman Act, and the committee is of opinion that
they were not.
9. The action of the Treasury, as being in harmony with the law, is
supported by a decision of the Comptroller General. This opinion, however, is merely advisory. The theory of both the Treasury and of the
Comptroller General is based upon the claim that there had been at all
times a quantity of free silver in subsidiary coinage accounts of the mint
service in excess of the quantity allocated under the Pittman Act for subsidiary coinage But whatever the fact, the silver bullion on hand was
not the identical silver allocated. It is said by the Treasury and by the
Comptroller General that the coinage which in fact took place after the
allocations may be regarded as having been made out of free Treasury
silver available for the purpose and not out of the allocated silver;
but this contention is not sustained by the evidence taken by the Special
Commission of Gold and Silver Inquiry. The question, therefore, becomes
this: Are allocations under the Pittman Act, which by its terms are treated
as sales or resales, revocable by the Treasury once they are made? Or
does the duty of the Treasury to direct replacing purchases arise eo
instanti the allocation is made?
10. It is clear that no individual—i. e., no would-be vendor of silver—
has legal right under the act. It is purely a question whether Congress
intended to give the Treasury discretion in the premises. It is natural
for the Treasury to contend for discretion. While it is contended that
the purchase of the silver bullion required by this bill would cost the
Treasury $5.000,000 over and above the present market price, it must
not be overlooked that as the Pittman Act requires this silver to be
coined into standard silver dollars at 1.29, the actual gain to the Treasury
is 29 per cent of the amount involved, or a total profit of $4,231,021.73.
Obviously, those who framed and pressed for the passage of the act were
determined to eliminate Treasury discretion, or at least to limit it to the
making or not making of allocations. In other words, the act appears to
the committee to have been an act to compel repurchase of domestic silver
and not an act to conserve the resources of the Treasury, Whether it was
wise or unwise to pass an act framed on this theory is not the function
of the committee or the Treasury Department to decide. It is clear that
the true intent and purpose of the act would be defeated if allocations
under it were treated as revocable. Therefore the enactment of S. 756
is essential to the due and proper execution of the Pittman Act according
to its true intent and purpose.
Offering of $500,000,000 33
4% United States Treasury
Bonds—Books Closed—Issue C versubscribed
Secretary of the Treasury Mellon announced on March 7
an offering of 3%% long-term Treasury bonds in furtherance of the March financing of the Treasury Department.
The amount of bonds offered is $500,000,000, or thereabouts,
and the price at which the bonds are offered is looy2. The
books were closed at the close of business March 11, when
it was estimated that the issue had been oversubscribed by
$100,000,000. Secretary Mellon's announcement of March 8
was made as follows:
The following is the bill as reported by Senator Phipps
on February 24:
S.756
[Report No. 204]
Directing the Secretary of the Treasury to complete purchases of silver
under the Act of April 23, 1918, commonly known as the Pittman Act.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That the Secretary of the
Treasury is hereby directed, in compliance with the requirements of the
Act entitled "An Act to conserve the gold supply of the United States;
to permit the settlement in silver of trade balances adverse to the United
States; to provide silver for subsidiary coinage and for commercial use,
to assist foreign governments at war with the enemies of the United
States; and for the above purposes to stabilize the price and encourage
the production of silver," approved April 23, 1918, and commonly known
as the Pittman Act, to instruct the Director of the Mint to purchase in
the United States of the product of mines situ'ate in the United States, and
of reduction works so located, fourteen million five hundred and eightynine thousand seven hundred and thirty and thirteen one-hundredths
ounces of fine silver in accordance with those certain allocations of silver
and silver dollars to the Director of the Mint for subsidiary coinage by
the Secretary on September 7, 1918, November 28, 1919, October 18,
1920, November 6, 1920, and December 18, 1920, and the orders to
purchase the said silver contained in said allocations and each of them,
respectively, at and for the SUM of $1 per ounce.
1401
The Treasury is to-day announcing its March financing which takes the
form of an offering of 3%% Treasury bonds of 1946-56. The bonds will
be dated and bear interest from March 15 1926, maturing March 15 1956,
and redeemable at the option of the United States on and after March 15
1946, on four months' notice of redemption. The offering is $530,000,000,
or thereabouts, and the bonds are offered at 100%. Treasury notes of
Series A-1926 maturing March 15 1926 will be accepted in part payment,
but will not receive preferred allotment.
Some $615,009,000 of Treasury notes become payable on March 15 1926,
which together with the contemplated purchase of Third Liberty Loan
bonds annoanced by the Treasury to be made this month for the sinking
fund, will mean a withdrawal from the market in Government securities of
$700,000,000 to $750,000,000, outstanding securities against which the
Treasury is issuing about $500,000,000 of new securities.
The present offering is intended, with balances already on hand and
the March tax receipts, to cover the Treasury's further cash requirements
until June, when further financing will be necessary.
Bearer bonds with interest coupons attached will be
issued in denominations of $100, $500, $1,000, $5,000, $10,000 and $100,000. Bonds registered as to principal and interest will be issued in denominations of $100, $500, $1,000,
$5,000, $10,000, $50,000 and $100,000. The bonds w.11 13e
acceptable to secure deposits of public moneys, but will n.ot
bear the circulation privilege, and are not entitled to any
privilege of conversion. Payment is called for by March 15.
As fiscal agents of the United States, Federal Reserve banks
are authorized and requested to receive subscriptions and
to make allotments thereon on the basis and up to the
amounts indicated by the Secretary of the Treasury to the
Federal Reserve banks of the respective districts. It is
pointed out that the Interest rate carried by the bonds
(3%%) is the lowest rate borne by long-term bonds since
the issuance of the First Liberty Loan 3174% bonds, which
were tax exempt. The New York "Times" observes that the
first offering of bonds subsequent to the Liberty loans was
made in October 1922 and sold for par and drew 414%; the
second offering, in December 1924, was at par and drew 4%.
In March 1925 an additional allotment of the 4% bonds
was offered at par and a half. The following is the official
circular offering the bonds:
UNITED STATES OF AMERICA.
Three and Three-Quarters Per Cent Treasury Bonds of 1948-58.
Dated and bearing interest from March 15 1926—Due March 15 1950.
Redeemable at the option of the United Sates at Par and Accrued Interest
On and After March 15 1946.—Interest Payable March 15 and Sept. 15.
The Secretary of the Treasury invites subscriptions, at 100% and seemed
interest, from the people of the United States, for 3%% Treasury bonds
of 1946-56, of an issue of gold bonds of the United States authorized by
the Act of Congress approved Sept. 24 1917, as amended. The amount of
the offering will be $500,000,000, or thereabouts.
Description of Bonds.
The bonds will be dated March 15 1926 and will bear interest from that
date at the rate of 3%% per annum, payable semi-annually, on Sept. 15
1926 and thereafter on March 15 and Sept. 15 in each year. The bonds
will mature March 15 1956, but may be redeemed at the option of the
United States on and after March 15 1946, in whole or in part, at par
and accrued interest, on any interest day or days, on four months' notice
of redemption given in such manner as the Secretary of the Treasury shall
prescribe. In case of partial redemption the bonds to be redeemed Will
be determined by such method as may be prescribed by the Secretary of
the Treasury. From the date of redemption designated in any such notice,
interest on the bonds called for redemption shall cease. The principal and
interest of the bonds will be payable in United States gold coin of- the
present standard of value.
Bearer bonds with interest coupons attached will be issued in denominations of $100, $500, $1,000, $5,000, $10,000 and $100,000. Bonds registered as to principal and interest will be issued in denominations of $100,
$500, $1,000, $5,000, $10,000, $50,000 and $100,000. Provision will be
made for the interchange of bonds of different denominations and of coupon
and registered bonds and for the transfer of registered bonds, without
charge by the United States, under rules and regulations prescribed by the
Secretary of the Treasury.
The bonds shall be exempt, both as to principal and interest, from all
taxation now or hereafter imposed by the United States, any State, or any
of the possessions of the United States, or by any local taxing authority,
except (a) estate or inheritance taxes, and (b) graduated additional income
taxes, commonly known as surtaxes, and excess profits and war profits taxes.
now or hereafter imposed by the United States upon the income or profits
of individuals, partnerships, associations or corporations. The interest on
an amount of bonds and certificates authorized by said Act approved Sept.
24 1917 and amendments thereto, the principal of which does not exceed
in the aggregate $5,000, owned by any individual, partnership, association
or corporation, shall be exempt from the taxes provided for in clause (b)
above.
The bonds will be acceptable to secure deposits of public moneys, but
do not bear the circulation privilege and are not entitled to any privilege of
conversion.
1402
THE CHRONICLE
[VOL. 122.
Application, Allotment and Payment.
Applications will be received at the Federal Reserve banks, as fiscal
agents of the United States. Banking institutions generally will handle
applications for subscribers, but only the Federal Reserve banks are
authorized to act as official agencies.
The right is reserved to reject any subscription and to allot less than
the amount of bonds applied for and to close the subscriptions at any time
without notice. The Secretary of the Treasury also reserves the right to
make allotment in full upon applications for smaller amounts, and to make
reduced allotments upon, or to reject, applications for larger amounts, and
to make classified allotments and allotments upon a graduated scale; and
his action in these respects will be final.
Payment at 100% and accrued interest for any bonds allotted must be
made on or before March 15 1926, or on later allotment. Any qualified
depositary will be permitted to make payment by credit for bonds allotted
to it for itself and its customers up to any amount for which it shall be
qualified in excess of existing depositspwhen so notified by the Federal
Reserve bank of its district. Treasury notes of Series A-1926, maturing
March 15 1926 (with coupon dated March 15 1926 detached), will be accepted at par, at the Federal Reserve banks, to be applied in part payment
for any Treasury bonds of 1946-56 now offered which shall be subscribed
for and allotted.
As fiscal agents of the United States, Federal Reserve banks are authorized and requested to receive subscriptions and to make allotments thereon
on the basis and up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve banks of the respective districts. Allotment
notices will be sent out promptly upon allotment, and the basis of allotment will be publicly announced.
the Senate repealed the estate tax. In the Joint Conference Committee,
designated to harmonize the differences between the two Houses, however,
a compromise was affected which provided that the States should receive
80% of the Federal levies.
The tax bill as passed by the House carried a graduated inheritance tax
levy from 1 to 20%, with the States to have credits of 80%.
The Committee of Speakers advised State Legislatures to refrain from
action that would permanently commit their States to the joint inheritance
tax levy plans.
After to-day's meeting Speaker Merrill said he expected the Alabama
Legislature to meet in special session soon and he would then submit to it
the question of contesting the constitutionality of the Federal inheritance
tax provisions.
"This law works a discrimination and a hardship upon the Commonwealth of Alabama and we are going to contest it in the courts," he said.
Alabama did not want a death tax, he asserted.
In its report the Committee of Speakers submitted the following recommendations to State Legislatures:
1. That State Legislatures take no action that permanently commits them
to the joint inheritance tax levy plan enacted by Congress.
2. That Congress repeal that portion of the Federal inheritance tax provision relating to State levies.
3. That State Legislatures demand recognition by Congress in all joint
levies appropriations and interlocking policies of Government before Congress legislates upon such matters.
4. That an estate tax is a property tax and is a source of revenue belonging to the State and should be abandoned by Congress.
Further Details.
Bonds will be delivered after allotment and payment. Pending delivery
of the definitive bonds, Federal Reserve banks may issue interim receipts.
Further details may be announced by the Secretary of the Treasury from
time to time, information as to which may be obtained from the Treasury
Department, Division of Loans and Currency, Washington, D. C., or from
any Federal Reserve bank.
A. W. MELLON, Secretary of the Treasury.
Treasury Dept., Office of the Secretary. March 8 1926.
Secretary of Agriculture Jardine Sees Daylight Ahead
in Agricultural Situation—Situation as to Cattle.
Secretary of Agriculture W. M. Jardine, addressing the
Texas and Southwestern Cattle Raisers' Association at Fort
Worth, Texas, on March 10, referred to the cattle industry
as having "been through the fire since 1920," but he said
"now we begin to see daylight ahead, not merely in cattle,
but in the whole agricultural situation. Agriculture as a
whole," he said, "is slowly but surely climbing back to its
rightful place among the great productive industries of the
Nation. The heavy net movement of population away
from the farms have apparently subsided. Farm products
have greatly improved in purchasing power, although they
are not yet back to a parity of exchange for industrial goods
and services. Land values show signs of improvement, at
least in some sections, and farm property is once more
beginning to find buyers in the open market. There are
many signs that agricultural readjustment has proceeded to
the point of real stabilization and that better times are
definitely in sight." With regard to the situation in the
cattle industry he had the following to say in part:
Committee of Speakers of State Legislatures to Continue Efforts for Repeal of Federal Inheritance
Tax Carried in New Revenue Act.
Preliminary plans for a recognition of "State's rights,"
with special reference to joint Federal-State tax levies and
appropriations by Congress, were made on March 6 at a
meeting of a committee of Speakers of State Legislatures
called to give final consideration to the Tax Reduction Act
which became a law on Feb. 26, according to special advices
from Washington to the New York "Times," which in its
further account of the meeting says:
The chief outcome of the meeting was a determination to continue the
agitation for a repeal of the Federal inheritance or estate tax provisions
of the new Act, with a view to bringing the matter before Congress again
in the near future and testing the constitutionality of provisions in the
courts.
One determination reached was to call on State Legislatures to demand
recognition in all Federal-State joint levies, appropriations and interlocking
policies of Government before Congress acts on such legislation. In its
report, which is addressed to "the Legislatures of all States in the Union
and the people thereof," the Speakers' Committee says:
"The passage of the Act by the House indicates that Congress is not
a safe custodian of the rights of the States. Congress has gone so far in
its encroachment upon the sovereignty of States that Legislatures have become scarcely more than Congressional bureaus, and unless a remedy be
found we had as well turn the State over to Federal agents appointed by
Congress."
Part of Anti-Federalist Reaction.
The course of the Committee of Speakers has particular point just now,
In view of a growing reaction against the extension of Federal sovereignty.
Governor Ritchie of Maryland has assumed a foremost part in this effort,
and President Coolidge has expressed himself as in favor of as much separation as possible of Federal activities from State affairs.
While representatives of State Governments who are advocating a new
deal along this line lost their fight to have the Tax Reduction Act provide
for the repeal of Federal estate taxes, they made some headway in obtaining a modification of the estate tax provisions so as to require that 80%
of these taxes should be credited to the States in which they were collected,
in each case.
But to-day's action of the Committee of Speakers showed that some State
Governments would not be satisfied until they were permitted to have the
entire proceeds of inheritance taxes or received the sole right to determine
whether inheritance taxes should be levied on their citizens.
Charge Compulsion on States.
"Regardless of the legal status of the measure," said the committee in
the report adopted, "we consider its provisions obnoxious to the public sentiment and an offense against State Legislatures of the nation. The object
of the measure, as stated by its proponents and the acknowledged effect
of its operation is not to raise revenue for the Federal Government, but to
regulate the taxing powers of the States.
"It is proposed to compel all States to levy an inheritance tax and to
levy it at a rate under conditions prescribed by Congress. Both procedures
are a grievous invasion of the rights of States. We challenge the statement that it is in the interest of the public welfare that Legislatures enact
laws and the people think and act according to mandates laid down by
Congress."
Arthur A. Sherman, President pro tem, of the Rhode Island Senate,
presided at the meeting. The other members present were Edgar Brown,
Speaker of the South Carolina House of Representatives; Hugh D. Merrill,
Speaker of the Alabama House, and Francis P. Curtis, Speaker of the Maryland House.
• Representative Garner of Texas, leading Democratic member of the
House Ways and Means Committee, recently charged that Speaker Brown's
expenses in connection with the attempt to procure the repeal of the Federal estate taxes were being paid by interested people. Speaker Brown
denied this.
Legislatures Cautioned on Action.
The reference to the passage of the Tax Reduction Act "by the House,"
in the report of the Committee of Speakers, was intended to emphasize that
Not the least significant factor In this readjustment has been the better
balance finally achieved in livestock production. The country's livestock
inventory has been gradually worked back into line with peace-time requirements—a process involving hardship for many producers and most skillful
management all round.
On Jan. 1 1920 the total number of cattle in the United States was
68,800,000 head. The Department of Agriculture, using the latest census
and checking carefully from statistics of assessment, marketings, slaughter
and other sources, estimates that between Jan. 1 1920 and Jan. 1 1926 the
total number of cattle in the United States decreased about 9,000,000 head.
There has apparently been a decrease of about 2,500,000 head of strictly
beef-producing cows. During tho period, cows and heifers over 2 years
old declined 1,600,000 head. The department's estimate indicates an
increase during the six-year period of about 900.000 head in cows kept for
milk. Many of the cows counted as milk cows, however, aro of beef type,
and their calves are saved for beef purposes.
In the thirteen western cattle States the estimated decreases during the
six years by kinds are as follows: All cows, 830,000; heifers, 378,000; steers,
1,341,000; calves, 797,000.
In the six North Central States west of the Mississippi River. which are
the chief competitors with the thirteen western States in beef cattle production, the estimated reduction in all cattle in the six years was 1,126.000
head, notwithstanding that Nebraska and Kansas, which are among the
leading beef cattle States, actually increased in cattle during that period.
The decrease in various kinds of cattle in the past six years shows a
marked shift from steers to breeding stock and a marked increase in the
milking of cows in the beef cattle States. It is a striking feature of the
supply situation that the number of steers has been declining at the rate
of about 500,000 head a year. As a result, the number of steers in the
country is now about 30% smaller than in 1920.
During the six yearsfrom 1920 through 1925,the total Inspected slaughter
of cattle and calves in the United States was about 80,000,000 head, of
which about 53,000.000 were cattle and 27,000,000 calves. This is equivalent to an average slaughter of 13,390,000 head. In the areas from which
the supply of cattle gOing into inspected slaughter largely comes, the
decrease in numbers, during the six years, was about 7.000,000 head.
It is thus indicated that an average slaughter of 13,390,000 head resulted
in an average annual decrease of about 1.200,000 head in number. The
conclusion seems well founded that a slaughter greatly exceeding 12,200,000
head a year may be expected to deplete the cattle numbers still further.
That figure would be almost 20% less than the slaughter during 1925.
The apparent consumption of beef and veal, as computed from Federally
Inspected slaughter with adjustment for exports, imports, and storage, has
been as follows during the last six years:
Year.
Pounds
Per Capita. Year.
Per Capita.
Pounds.
1920.
4,807,779.839
45.19
1923
5,129,462,294
46.35
1921
4,500.722,364 '41.73
1924
5.281.575,862
47.12
1922
4,938.726.579
.45.21
1925
5427.013,994
48.70
Per capita consumption apparently ncreased about seven pounds between
1921 and 1925. When one reflects that this increased beef appetite disposed of well over a million more animaLs, it means something.
What, indeed, do all those figures moan? In a nutshell, they mean that
liquidation of cattle has gone far enough to assure some degree of stability
for the industry as a whole. They mean that the country is sold down very
much shorter on steers than on cows, that the trend in the market demand
Is toward the younger, lighter weight, but high quality animal. They
mean that the odds are beginning to favor the cattle raiser so far as the
MAR. 13 1926.]
THE CHRONICLE
1403
Dakota, Iowa, Kansas, Nebraska, Missouri and New York, which States
supply end is concerned, but that the situation has little in it yet to justify
would all benefit directly by the American canal advocated in this report.
anything but careful, conservative procedure.
ALFRED E. SMITH
1921 in
The department started an extensive range study in the fall of
According to the New York "Times" Albany dispatch
north central Texas and is still continuing the work in this area and adjacent
crop
calf
territory. The investigations clearly show that low percentage
March 8, the report of -Colonel Greene tends to show that
must
is the important factor. The various items of expense in production
the the barge canal, for which tho State has issued bonds to
raised
are
calves
more
As
calves
produced.
upon
distributed
be
the amount of $155,000,000, had fallen far short of itsexpense per calf is. of course, lessened.
What are the factors that count most heavily in favor of a high percentage purpose and become a veritable white elephant which last
calf crop? Chiefly these:
year cost the taxpayers $10,573,626 above the receipts,
1. Proper ratio of bulls to cows.
with the traffic reaching its highest point, amounting
these,
2. Maintenance of the breeding herd in thrifty condition.
3. Breeding to have calves dropped during a favorable season.
only to 8359;936. The dispatch also said:
4. Elimination of irregular and barren cows.
5. Good condition of the range itself.
Rail Rate Lower Than Canal.
All these factors except the last can be controlled by the producer.
of freight
Where the barge canal was built to take care of 20.000.000 tons
When you are talking about the unit cost of producing calves there is no
to Colonel
it carried in 1925 only 2,344,013 tons, according
getting away from the central, determining factor—the size of the calf annually,
York—
New
to
Buffalo
Greene's report. The average rail rate from
crop. The department has studied the cost of production of more than
longest haul of which the canal Is capable—was 23.70 per
the
representing
Over
1924.
to
1920
from
43,000 calves on 81 ranches covering the period
canal, regardIt cost the State $4.51 for a ton of freight floated on the
that period the ranches that got an 30 to 90% calf crop produced their calves ton.
of the length of haul.
at a net cost of$11 per head less than those which only had a 50 to 60% calf less
that it would
evident
"From these figures," Colonel Greene states, "it is
crop. • • •
for the State if all the freight carried on the canal had
cheaper
been
have
general
other
of
prices
If we compare the prices of beef cattle with the
railroad cars and the State had paid the freight bills."
commodities, we find that the purchasing power of cattle rises and falls in a been put on
satisfaction that
Colonel Greene says that it has not been proved to his
fairly definite cycle. There have been three such complete cycles in the
canal has been a factor for lowering freight rates on the railroads.
purchasing power of cattle since 1880. On the average, the curve rises the barge
purpose in that
useful
a
Canal undoubtedly served
The last high point While the old Erie
for about eight years and falls for. about eight years.
goes on, with two rate-regulating bodies—the Public Service
he
direction,
may
we
itself,
repeats
the
history
last
low point in 1923. If
was in 1915 and
the
and the Inter-State Commerce Commission—in the field,
expect the economic position of the cattleman to be an improving one during Commission
question naturally arises:
the next five or six years. But if history repeats Itself, there will then be
by
increased
be
to
rates
"1. Would these authorities have allowed rail
another downward swing.
(the amount it has been claimed the canal has saved the people
$50,000,000
better
and
turned
I am an optimist on the cattle situation. The tide has
in 'depressed' rail rates) a year, if the canal were not built?
times are clearly ahead. But future stability in this industry depends
$50,000,000 a
"2. Are States lacking canals over-charged by railroads
greatly on how we utilize these next five years. The man who sees now
to the amount of freight carried?
according
proportion,
in
or
year,
be
will
only an opportunity to pursue an unreckoning, exploitive system,
weapon to hold
"3. Is not a club costing $10,500,000 a year an expensive
lucky if he escapes trouble. But for the cattleman who is determined to
over the heads of the railroads?"
a
on
production
his
get
to
the Barge
his
to
unit
up
cut
costs,
high
grade
herd,
a
build
Colonel Greene declares that, regardless of its being a failure.
be continued.
plane of real and lasting efficiency, it would seem that the opportunity of
Canal is such an important transportation factor that it should
a generation lies just ahead.
into a ship canal
The conversion of the canal by the Federal Government
it a successful
he pronounces a vitally urgent remedy, and predicts for
Lakes future after it has been so transformed.
All-American Ship Canal Connecting Great
The same paper also had the following to say regarding
With Atlantic, and Operated by Federal Governreport:
the
ment, Urged in Message of Governor Smith of
Urges American Canal.
New York.
he considers
Toward the end of his report Colonel Greene outlines what
canal a more useful factor in transJust prior to the hearing at Washington on March 9, will make it possible to render the bargeHe
predicts that its conversion into
to the people of the State.
before the Board of Army Engineers, on the question of portation
States in
ship canal which would eliminate participation by the United
a
constructing an all-American ship canal from the Great the St. Lawrence Canal project would enable the all-American water route
of the
part
Lakes to the Atlantic through New York State, a special to compete successfully with that Canadian canal. This
reads:
report
by
message was sent to the New York State Legislature
an important transportation
"The New York State Barge Canal is such is
it should be conGovernor Smith in support of the plan. In his recommenda- factor
in this country that, whether or not it a failure,
and hold proper chanto
secure
necessary
work
All maintenance
tions Governor Smith expressed himself in full accord with tinued.
banks, to keep up the mechanical equipment and
nel depth, to protect the
carried on.
navigation conditions generally should be vigorously these
the main features advocated in the report of Frederick S. to improve
costs
should continue to boar
And the taxpayers of New YorktoState
the fact that a condition exists which
Greene, New York State Superintendent of Public Works, until
this nation is awakened
the
that
and
urgent,
vitally
is
remedy
a
that
commerce,
threatens American
ship canal.
viz.:
remedy lies in converting the barge canal into a
connected with the
"That the Great Lakes, at no distant date, must be which began as far
Atlantic by a ship canal is inevitable. Theofbickering,
York and some the lake States as to whether
back as 1812, between New
American canal should be built, was, and is, a futile
the St. Lawrence or an evergrowing
lake commerce and the increasing popuwaste of energy. The
eventually demand both canals. But it
lation of Northwest Canada may
States should not leave the Canadian
United
the
why
is hard to understand
and devote its own resources to
canal to be constructed by that country
from Lake Ontario to the Hudson
waterway
American
better
building the
the lakes, the
The special report of Colonel Greene was transmitted to River.
"During the arguments for and against a ship canal to
the inhave stressed the point that ocean vessels will not make
the Legislature by Governor Smith along with his message— opponents
not there
could
they
do
so,
that, should they
land tourney to the lakes:
necessity for a
the
as
far
So
carriers.
lake
-built
cheaper
Canal
the
in
pointing
out
report,
the
defects
with
the
present Barge
compete
steamers
canal Is concerned, it makes no difference whether or not ocean
and urging its conversion into a Federal ship waterway in ship
go to the lakes.
of MonPort
the
in
at
business
growth
astonishing
the
for
"The reason
preference to the St. Lawrence route favored by the Army treal
lake and salt water
is because Montreal is the junction point between
If the St.
crafts.
ocean
to
cargo
transfer
steamers
lake
there
after
statistical comparison of the routes. The tonnage;
Engineers
this transfer would
Lawrence canals were handicapped by fixed bridges
be discharged from lake
Governor's message follows:
have to be made at Lake Erie, where freight would
in the same freight
be
then
would
Montreal
and
boats
canal
to
steamers
STATE OF NEW YORK
position as Albany is now.
Executive Chamber
Says Albany Would Surpass Montreal.
Albany, March 8, 1926.
canal is built to Lake
"When the upper Hudson is deepened and a shippoint
for fresh and salt
To the Legislature:
Ontario, Albany will become the American junction
There are pending before your honorable bodies appropriation bills for water freight. And judging from the history of Montreal. it is reasonable
with Montreal,
pace
keep
repairs, maintenance and improvements to the New York State Barge to assume that the Port of Albany would not only
up with and surpass the Canadian port. This preCanal which, added to the bills already signed and added to the capital but would rapidly catch advantages
route:
American
the
of
is based on the
sea via Oswego and Albany
charge for this year, will bring the total to 613,320,071.49. All appro- diction
"1. The distance from Lake Ontario to the
priations that in the opinion of the Department of Public Works are neces- is 340 miles, as against 1,180 miles via Kingston and Montreal. the sea
from Albany to
miles;
"2. From Montreal to the sea is 1.000
sary to keep the canal in the best condition possible should be passed, but
appropriations which are desirable rather than necessary should have most is 150 miles.
Lawrence are subject
St.
of
Gulf
the
and
"3. The St. Lawrence River
rare.
careful consideration before they receive your approval.
to frequent fogs; on the Hudson fogs are
where not only
latitude
a
at
sea
the
meets
route
a
I
Lawrence
bill
extending
signed
the
life of the Barge Canal Survey
Recently
"4. The St.
the Hudson River ends at New York Harbor,
Commission in order that it might continue studies begun in 1925. You fogs but icebergs are prevalent:icebergs
by fogs.
hampered
rarely
and
from
free
is
ocean
the
area,
are aware of the reasons for the creation of this commission. Its main where
"5. The American route would serve a more thickly populated
purpose was to study ways and means of making the canal more useful to providing greater sources of freight, both farm and manufactured products.
the
Since
drawn:
be
may
conclusion
following
the
above
"From all the
the people of the State of New York. In order to aid your honorable
it impossible
and twelve feet of water over our lock sills make
bodies in the consideration of the entire subject, I submit herewith a fixed bridgesspecially
and since capital will
canal,
the
use
to
boats
designed
but
any
twelve, we must look to
special report of the Superintendent of Public Works regarding the canal. for
not Invest in boats to lie idle five months out ofto that end convert the
I am in full accord with the main points advocated in the report, namely: lake vessels for any substantial tonnage, and canal
with bridges that lift
ship
a
into
Albany,
to
Oswego
from
That a ship canal connecting the Great Lakes with the Atlantic is barge canal,
swing.
or
Inevitable.
Urges National Undertaking.
project, and as the great bulk of
That the best location for such a canal is the so-called American route
"Because of the magnitude of such a be interstate, such a ship canal is
from Lake Ontario at Oswego to the IIudson River at Albany by way of canal business is now and will continue to State
of New York should, not
The
undertaking.
rightfully a national
Mohawk Valley.
country, do everything in its power
but in the interest of the whole
That as the major part of the business on such canal will be inter-state, selfishly about
canal by the Federal Government.
this
of
building
the
to bring
made a survey for this canal. During the
it should be built and operated by the Federal Govermnent.
"In 1900 a Federal commission
have reviewed the report of 1900 and
In order to accomplish this I recommend that your honorable bodies past year a board of army engineers
from Oswego to Albany. Their findroute
the
of
resurvey
and publication is only a matter
pass appropriate resolutions instructing the special commission to negotiate made a general
Engineers
of
are now before the Chief
with the Federal Government to the end that this may be brought about. ings
days.
of
establishes no new policy; it has
canal
this
build
to
to
as
contention
and
Government
long
tiresome
the
Its consummation will not only end
"For the
privately owned Maryland and Delaware Canal, which
whether the St. Lawrence or the American ship canal should be built, but it already bought theto
a depth of thirty feet. A canal from
eventually
have
developed
will be the Empire State's contribution to the benefit of the whole nation. is being
spite of being closed during the Winter,
Lake Ontario to the Andre-, in
If there were economic reasons why the Federal Governmer.t should would in all probability float more freight than a coastwise canal conBay.
Chesapeake
and
River
necessity
Delaware
greater
is
and
ship
there
canal,
by
Maryland
connect
Delaware
necting
Ship Canal, much of the pres"In the construction of the Albany-Oswego
to provide a lakes-to-ocean waterway for the States of Pennsylvania, Ohio,
the barge canal could be utilized. It is probable that
of
construction
ent
Indiana, Michigan, Illinois, Wisconsin, Minnesota. North and South
That a ship canal connecting the Great Lakes and the Atlantic is inevitable.
That the best location for such a canal is the so-called American route
from Lake Ontario at Oswego to the Hudson River at Albany by way of the
Mohawk Valley.
That as a major part of the business orrsuch a canal will be interestate, it
should be built and operated by the Federal Government.
1404
THE CHRONICLE
[VoL. 122.
the VLsscher's Perry dam and the movable dams on the Mohawk, which
cost this State $5,302,000, and which to replace would cost twice that sum,
could be retained. Many of the locks could be left in place and used to pass
the smaller boats, thereby saving lockage water. Our present lock power
houses could be used to operate the larger ship canal locks. The Delta
Dam, which cost $894.571. and our storage reservoirs would be useful. In
short, there are many millions of dollars in barge canal structures and
work that would prove a saving in the east of building the proposed ship
canal.
"In the barge canal New York has much to offer the nation, but in any
agreement wherein the barge canal from Oswego to Albany is turned over
to the Government it. should be stipulated that the Champlain, the SenecaCayuga and the krie Canal west of 'Oneida Lake shall be retained as feeders
to the larger waterway.
"A ship canal from the lakes to the Hudson is more than a desirable
project; unless this country is content to remain inert and see American
freight shipped in ever-increasing amounts through a foreign port to be
carried on the seas In foreign vessels, an American ship canal is a necessity."
Greene Puts Annual Cost at $1,500,000.
Colonel Greene said the all-America canal would not be more expensive
to maintain and operate than the State Barge Canal, and believed it could
be done for "not more than $1,500,000 a year."
"Theoretically, the Barge Canal should have carried 20.000,000 tons
annually," Colonel Greene declared, "whereas it only actually carried
2,343,013 tons last year.
mrhe Barge Canal is closed for five months each year on account of Ice.
If it were not closed for this period it would be crowded with traffic. The
Canadians carry about 6,000,000 tons annually on their canal, which is
14 feet deep, while the Barge Canal is 12 feet deep.
"The main reason for this difference is that the Canadian canal is not
blocked by bridges as ours is, which are only 15 feet high and under which
only specially constructed boats can pass. A large
amount of freight
originating in the United States passes through the Canadian canal.
Compares Rival Tonnage.
"The New York State Barge Canal should be continued and
taxpayers
In a diagram the comparative upward and downward trend of tonnage should continue to pay until the Barge Canal can be made into an allIn the improved barge canal and the Canadian waterways is shown by American ship canal."
To be used by ships, Colonel Greene said, the Barge Canal
Colonel Greene. From carrying 2,891,619 tons In 1919, the Canadian
would have to
waterways, with Montreal as their terminal, carried last year a total of have swing bridges crossing it.
"An all-American ship canal would not cost more to maintain
6,206,988. The total capacity is 8,000.000 The New York Barge Canal,
and operate
with its capacity of 20,000 tons a year, carried 1,238,844 in 1919 and than the Barge Canal," he continued.
"Dredging has been our greatest expense, and if the new canal is properly
2.344,013 last year.
Why, Colonel Greene asks, did the smaller if slightly deeper St. Lawrence built this should be less. You will also have fewer locks and no bank wash.
"The total cost of maintenance and operation of the Barge Canal
canals carry 3,776.122 more tons than the barge canal; why did 803 United
in 1924
States vessels pass through their canals and 2.016,510 tons of freight was $2,535,000, and in 1925 $2,981,841, which is an average of $5,252 Der
mile.
I cannot see how an all-American canal can cost more than
originating in the United States go to Montreal last year. and why have, in
$1,500,000."
the years between 1918 and 1925, 14,575,180 tons of freight from the United
Protest on Davis-Wilbur Letters.
States gone through the Canadian canals, every ton of which should have
In his argument Mr. Dempsey, whose constituency is in Northern
New
sought its way to tidewater through the barge canal?
York,said the enormous growth of traffic in the United States in the future
The fact that the barge canal is icebound for five months of the year is should be considered as well as the traffic destined to
other countries.
put down by Colonel Greene as a fundamental reason, but that is true Aside from the economic factor, however, he strongly
emphasized the
regarding the Canadian waterways as well, which, while deeper, have smaller military value of an all-American canal across New
York State in time of
locks and equipment generally which is less modern than the equipment of war and cited the letters of Secretaries Davis and Wilbur
in support of this
the barge canal.
point.
At this juncture Representative John B. Sosnowski of Michigan jumped
Fixed Bridges Handicap Barge Canal.
to his feet and protested against the action of Secretaries Davis and Wilbur
"The answer," according to Colonel Greene, "is that the St. Lawrence in endorsing the project as improper while the President's "fact-finding
canals are not hampered by fixed bridges. The immovable bridges over board had not yet reported."
our canal permit a clearance of only fifteen feet; this limits the freeboard
"I will ask you not to criticize the Secretaries of War and the Navy,"
of hulls and the superstructure of all vessels. Our fixed bridges block General Jadwin, Chairman of the Board, interrupted.
boats with normally high stacks and any kind of masts; they limit the
"I can criticize even the President," Mr. Sosnowski replied.
height of pilot houses and the captain's bridge to such an extent as to
"Not before this board," General Jadwin ruled.
"I will get a ruling of the Attorney General," Mr. Sosnowski retorted.
seriously interfere with the proper handling of large crafts. Finally, and
this is the vital point, they necessitate the building of a special type boat "I have a right to be hoard before this board or any other board."
which cannot be operated advantageously on any other body of water.
General Jadwin then ruled that arguments for the project should be disThe practical business man will not invest large sums in a boat of Cam- posed of before hearing arguments from the other side, and assured Mr.
paratively small tonnage which, because of its special design to fit our Sosnowski that he would have ample opportunity to express his views at
canal, lies idle five months out of the twelve.
the right time.
Mr. Dempsey, resuming, asserted that experts in this country, including
"The Erie Canal succeeded in spite of ice and low bridges, but the investSecretary
Hoover, wore of opinion that in twenty-five years the American
ment in the mule-towed atrial boat was so small, and winter carrying charges
were so little in comparison with the business done, that they could afford people would lack means to transport all their food and fuel unless traffic
to remain idle during the closed periods, and the fixed bridges did not facilities were increased and such a canal was constructed. He estimated
hamper them at all. It is a diffeernt financial problem when a modern that the increase in population of the country in twenty-five years would
self-propelled vessel costing from $100.000 to $250,000 must lie idle f.ve be 40,000.000.
months, under heavy interest charges, insurance and a'subsidy to both
Hints "Unloading" of Barge Canal.
engineer and captain."
Mr.Sosnowski interrupted to ask Mr.Dempsey whether Secretary
Hoover
Discussing methods employed to increase canal tonnage, Colonel Greene favored all-American canal or a St. Lawrence canal. Mr. Dempsey
goes extensively into the construction of warehouses, terminals and grain replied by reading an excerpt from an address of Secretary Hoover in
elevators by the State, and recalls that in 1911 the people voted a bond Chicago to-day, which was interpreted as favoring an all-American route.
Mr. Sosnowski then asked whether the large traffic in coming
issue of $19,800,000 for terminal construction. As a result the State has
years
sixty-six terminals with piers and bulkheads and fifty-three warehouses, would not be partly cared for by aircraft.
"I believe Ford has such a plan," Mr. Dempsey replied, adding
the terminals ranging in cost from a few thousands to $1,500,000. During
that "if
the last two years, Colonel Greene reports, no freight was handled in forty- the air service should not be satisfactory, the canal would be."
"Are you trying to unload on the Government a so-called New York
nine of these terminals and only five warehouses were used for canal freight.
Barge Canal?" Mr. Sosnowski inquired.
Millions in Equipment Idle.
"New York has been spending $230.000,000 on its tax budget," Dempsey
At Oswego there is one "river terminal" and one "lake terminal." The replied, "and would present it as a splendid gift to the nation."
"It
is paying?" Sosnowski persisted.
first cost $157,661 to build, and the latter has a warehouse which was com"It has paid $52,000,000 directly and indirectly." Dempsey
pleted a year ago at a cost of $75,818. At the "river" terminal no freight
retorted.
"What did it lose?"
had been handled in three years, and the "lake" warehouse has not been
"It cost $230,000,000 and more, I cannot say exactly. The figures
used at all. At Rochester one small shipment of sugar is the only freight
will
that passed through a $250.000 terminal in three years. No freight has be given to you," said Mr. Dempsey.
Mr. Sosnowski insisted upon knowing "how much more" the Barge
passed in the last two years through the terminal at Greenpoint, which cost
Canal
$1,608,000; the terminal at Mott Haven, erected at a cost of $1,039,038; had lost, but received no reply.
that at Flushing, costing $407,172, and that at Hallett's Cove, costing
Calls Canal a Military Necessity,
$606,495.
"The all-American canal is of vital importance to the life of the nation in
A 2,000,000-bushel elevator at Gowanus, which was completed in 1922 at time of struggle," Mr. Dempsey asserted. "This
is not a political question.
a total cost of $2,547.553. brought in last year $139,635. The mainte- It is a question of protection in the stress and
danger of war. Both the
nance, including capital cost, for the same period was $258,960.
General Board of the Navy and the War Plans Division of the Army have
A 1,000.000-bushel elevator at Oswego was ready to operate last May. considered this.
No commercial grain was handled until October. This was Canadian
"Great Britain could not give us the use of her waterways in time of war.
wheat, placed in the elevator for winter storage. The total cost of this If she were not a party to the war she must remain
neutral, and that neuelevator was $1,645,069, and the maintenance last year, including capital trality would prevent her allowing us the use of any of her
Canadian watercost, was $131,132. It brought in a total of $1,397 toward paying the ways.
running cost.
"We must keep this nation intact and defend it, and this makes it a
A board of Federal engineers which has surveyed the situation has reported necessity for an all-American waterway. If
the project is feasible from an
that while approximately $22,500,000 would be saved in freight rates engineering and financial viewpoint, an all-American
waterway project
through a ship canal twenty-five feet deep,the cost of maintenance per year would be almost limitless in value—military
and economic."
would be $30,360.000. The same board estimated that to build a twentyUpon request of several interested parties present at the hearing, includfive-foot draught canal from Oswego to the Hudson would cost $506,000,000 ing Colonel Harding,former Governor of the
Panama Canal Zone, the comwith an additional $125,000,000 required to connect Lake Ontario with mission will consider postponement
of hearings on the military aspect of the
Lake Erie.
problem until they can submit data they desire to prepare.
Secretary of
Davis refused to comment to-day on the message of GovRegarding the hearing before the Army Survey Board on ernor Smith ofWar
New York recommending transfer of the Barge Canal to the
March 9, we quote the following from the Washington Federal Government for conversion into an all-American canal.
account to the New York "Times":
After a stormy session when proponents of the project for an all-American
canal across New York State from the Great Lakes to the Hudson presented
their views on the report of the Army Survey Board which opposed the
project for economic reasons, the War Department River and Harbor
Board adjourned late this afternoon without action.
The board will reconvene on Monday to hear arguments against the
project, and then will probably adjourn to afford an opportunity for a reply
on the military aspects of the situation emphasized to-day by Chairman
Dempsey of the House Rivers and Harbors Committee, who submitted
letters from Secretary of War Davis and Secretary of the Navy Wilbur In
support of his views.
Mr. Dempsey's plea for the canal was followed by that of Colonel Frederick S. Greene, Superintendent of Public Works of New York State,
whose report on the State Barge Canal was endorsed by Governor Smith in
his message yesterday.
According to the new Washington paper, the United
States Daily, a group of Senators and others interested
In the proposed St. Lawrence waterway project which
would connect the Great Lakes with the Atlantic Ocean
via the St. Lawrence River, called on President
on March 10 to protest against a letter written Coolidge
tary of War Davis to Representative Dempsey,byofSecreNew
York, in which he gave approval to the "All-American
Canal" proposal put forward by Governor
Smith.
Secretary of Navy Wilbuz Sees All American
Canal as
Important Addition to Transportation System.
Secretary of the Navy Wilbur in a letter addressed to
Representative S. Wallace Dempsey of New York, Chairman
MAR. 13 1926.]
THE CHRONICLE
1405
of the House Rivers and Harbors Committee, expresses the Senate Passes Bill Calling For Appointment of Conopinion that the all-American water way connecting the
gressional Committee To Negotiate For Leasing .
Hudson River with the Great Lakes "would be a very
of Muscle Shoals.
important addition to the transportation system of the
by a vote of 51 to 26;
The U. S. Senate on March 8, .
country, and would be therefore an important asset to the passed the concurrent resolution calling for the appointment
•
national defense." His letter follows:
of a joint Congressional committee to conduct negotiationq
for the private leasing of the nitrate and power properties•of
DEPARTMENT OF THE NAVY.
the United States at Muscle Shoals, Ala., including the
Washington, D. C., March 8 1926.
My Dear Mr. Dempsey:
quarry properties at Waco, Ala. The resolution passed by
Your letter of March 2 1926, is received in which you request my opinion the Senate differs slightly from the one adopted by the
as to the importance of an all-American deeper waterway connecting the
House on Jan. 5 by a vote of 248 to 27. Regarding the
Great Lakes with the Hudson River.
I am of the opinion that the proposed "all-American deeper waterway," changes made by the Senate, Associated Press advices from
connecting the Hudson River with the Great Lakes, would be a very Washington March 8 said:
important addition to the transportation system of the country and would
be, therefore, an important asset to the national defense.
In time of war or emergency the railroads and motor transportation are
generally taxed to the limit and any additional communication such as
this proposed canal would greatly relieve such a situation and facilitate
transportation of supplies to the seaboard and overseas.
It is understood that this canal is to have a depth of 25 feet and a width
of 200 feet, which would enable ocean-going vessels to load at the big
centres of supply on the Great Lakes and proceed directly to ports overseas
without the delay and expense of trans-shipping the cargo. This would be
a decided advantage in time of war in saving time of shipments, reducing
cost of handling and relieving congestion at seaboard terminals.
From an available point of view the advantage of this proposed canal
consists almost entirely in the transportation of supplies,as it is not probable
that it would be used for the passage of armed naval vessels.
A waterway of this type, to be an asset to the national defense, must
be entirely within the limits of the United States.
Very respectfully,
CURTIS D. WILBUR, Secretary of the Nary.
The Senate added two amendments. One, by Senator Caraway, Democrat, Arkansas, would require that surplus power developed at the big wartime project be distributed equitably to States adjoining Alabama. The
other, by Senator Lenroot, Republican, Wisconsin, would give the proposed
joint committee until April 26 to submit a proposal to Congress for lease
of the project, instead of April 1, as voted by the House.
Proponents of the resolution, led by Senator Heflin, Democrat,Alabama;
fought vigorously for its adoption without amendment to avoid the necessity of conference adjustment with the House and expedite disposal of a
long-pending problem. Opponents of private operation fought fruitlessly
but with equal vigor to attach amendments to the resolution that would
nullify its object.
The New York "Times" account of the 8th inst. stated:
Even should the House agree to the Senate amendments, the opinion
to-night seems to be that with Congress thinking of adjournment in May
it Is doubtful if there will be final action even though the leasing committee
reports back within the time set in the resolution. In such an event an
effort will probably be made to continue the negotiations of the committee
nto the Congressional session in December.
The following is the resolution as agreed to by the Senate:
President Coolidge Desirous of Continuance of Federal
Oil Conservation Board—Three Reports to Be
Made by Board.
President Coolidge has indicated that he wishes the Federal Oil Conservation Board continued after June 30 next,
and the Bureau of the Budget on March.3 transmitted to
Congress a recommendation by Secretary Work that the
original appropriation of $50,000 for the maintenance of the
Board be continued. In announcing the continuance of the
Federal Oil Board, Secretary'Work stated that the Board
had functioned through the past year without the expenditure of a single dollar of the original appropriation. This
was accomplished by securing the services of officers and
employees already on the Government payroll, who devoted
a part of their time to the work. The Board's inquiry into
national petroleum conditions has spread so widely, and
the problems are so important to the national Government,
the Secretary added, that it will now be necessary to expend a portion of the present appropriation, any balance of
which, however, will, on June 30,-revert to the United States
Treasury. To continue the operations of the Board, it will
therefore, be necessary for Congress to continue an appropriation for use during the next fiscal year. Secretary
Work also announced that the Board's survey, up to this
time, of oil conditions in the United States, has developed
several phases of marked importance, which will make it impossible to incorporate in the preliminary report all of the
material which the Board desires to cover in its recommendations to the President. The Board's announcement on the
4th inst. also said:
Three reports will be made by the Board and to the President and Congress. The first report will treat of domestic conditions, production, refining, consumption, legal stipulations, State and national, development of
Government and private lands. This report will likely be ready for submission to the President before adjournment of the present Congress.
The second report will deal with the foreign oil situation as it relates
to American interests. This Government imports and exports vast quantities
of petroleum and its by-products. American oil companies are venturing
into foreign fields in increasing number each year, and millions of dollars
are being invested in concessions, franchises, the drilling of wells and the
purchase of machinery on a vast scale. Mexico, South and Central America, Germany, France, Russia, Rumania, Italy, Egypt, Persia, Africa, the
Dutch East Indies, all to.day hold interest for the American oil companies.
With the known and potential domestic supply of petroleum in the United
States estimated to a certain degree, it is imperative to know the potential
oil resources of the foreign fields in which American capital has been invested, and what conditions prevail and what part this Government must
take in the encouragement and support of American nationals abroad. The
problem is so vast and the ramifications so far flung that the Board has
concluded that a separate and distinct report is essential if the subject is
to be properly and thoroughly treated.
The third report, Secretary Work explained, will deal with possible substitutes, whether the oil shale industry can be profitably and effectively
developed, whether coal can be resorted to, whether other mineral substances can be converted to fuel uses in place of crude oil and gasoline.
The oil shale development in this country has commanded the attention of
the Board to a point where it is desired to make a complete survey of
mining costs, quality of oil produced, the various elements entering into
such operations, such as availability of shipping points, machinery required,
time consumed, etc. This problem of substitutes is one that demands
careful study, and the Board, Secretary Work said, is desirous of covering
the situation in detail.
Resolved by the House of Representatives (the Senate concurring), That a
joint committee, to be known as the Joint Committee on Muscle Shoals, is
hereby established to be composed of three members to be appointed by
the President of the Senate from the Committee on Agriculture and Forestry
and three members to be appointed by the Speaker of the House of Representatives from the Committee on Military Affairs.
The committee is authorized and directed to conduct negotiations for a
lease or leases of the nitrate and power properties of the United States at
Muscle Shoals, Ala., including the quarry properties at Waco, Ala., for the
production of nitrates primarily and incidentally for power purposes, such
power to be equitably distributed among the communities and States to
which it may be properly transported in order to serve national defense,
agriculture, and industrial purposes, and upon terms which so far as possible
shall provide benefits to the Government and to agriculturc equal to or
greater than those set forth in H. R.518, Sixty-eight Congress,first session,
except that the lease or leases shall be for a period not to exceed 50 years.
Said committee shall have leave to report its findings and recommendations, together with a bill or joint resolution for the purpose of carrying
them into effect, which bill or joint resolution shall, in the House, have the
status that is provided for measures enumerated in clause 56 of Rule XI:
Provided, That the committee shall report to Congress not later than
April 26 1926.
It will be recalled that a year ago a resolution was adopted
by the House providing for the creation of a commission to
determine "the best, cheapest and most available means"
for the production of nitrates at Muscle Shoals, and to
ascertain "the most favorable conditions under which the
property may be leased." The appointment of this commission by President Coolidge was announced in our issue
of April 11925, page 1698. Majority and minority reports
of the commission, made public Dec. 1, showed that the
majority favored Government operation of the properties
if a satisfactory lease was not forthcoming, while the minority
held out for private operation. At that time the Associated
Press advices said:
The majority—Chairman McKenzie, former Senator Dial of South
Carolina and R. F. Bower—urged the importance of continued maintenance of Muscle Shoals as a part of the national defense and because of
"the crying need of agriculture for more and cheaper fertilizer and the
favorable opportunity for meeting that need."
The minority report, signed by Professor Harry A. Curtis of Yale and
William McClellan of New York declared private leases were indispensable'
and that separate power and fertilizer leases should be made. It recommended creation by Congress of a Muscle Shoals board of five members,
to be appointed by the President for a five-year term,to arrange for leasing.
It favored the leasing of Wilson Dam, the hydor-electric power generated
there and the steam-electric power generating plant at Nitrate Plant for
a period not to exceed fifty years.
The New York "Times" this week (March 9) stated that
President Coolidge believes that the Government, in disposing of Muscle Shoals, should make the production of nitrates
one of the chief stipulations of the sale. Continuing the
dispatch from Washington said:
The production of power, in his opinion, is secondary and of value only
to the contiguous States, while the making of nitrates is a national necessity.
This country does not produce nitrates, and in case of a war which precluded shipments from abroad the Government would be virtually helpless
if it could not obtain nitrates for explosives. This phase of the Muscle
Shoals project had not been sufficiently impressed upon the public, it was
asserted at the White House to-day.
The President is of the opinion that the committee authorized by the bill
that has just passed the Senate should so word its proposals that the bidders
would be compelled to produce nitrates. This can be done, he feels, without destroying water power.
The making of nitrates at Muscle Shoals is expected to reduce the price
of fertilizer to farmers to some extent, but would, in the President's opinion.
be chiefly a protection to the Government during a war.
•
1406
THE CHRONICLE
ivoL. 122.
The same paper in later advicos from Washington (March
10) had the following to say:
Request of union railway employees for a wage increase of about $1 a
day has been refused by Western and Southern roads, W.G. Lee, President
Representative Snell of Now York. Chairman of the House Rules Com- of the Brotherhood of Railway Trainmen, announced to-day. The increase
mittee, author of the original House resolution providing for a committee was asked by trainmen and conductors.
In refusing the request, Mr. Lee said the carriers countered with a
to arrange the sale of Muscle Shoals properties, conferred with President
Coolidge to-day regarding this legislation, and received the Impression rr3posal to change some of the rules governing working conditions. Mr.
from the President that he is especially anxious to see this matter settled Lee holds that this offers opportunity for the parties to meet and present
their arguments.
soon.
While the President may not be entirely satisfied with the resolution
passed Monday by the Senate, Mr. Snell believes he wants legislation that Signalmen Ask Pay Rise-Brotherhood Seeks 77 Cents
will begin to solve the problem of disposing of this Government project.
an Hour Rate in Negotiations.
Mr. Snell said with emphasis that he agrees with the President that
more stress should be placed on the military nitrate aspect as being of
The following Associated Press advices from Chicago,
greater national importance than the development of power.
March
In his annual message to Congress last December President Coolidge in discussing the problem of Muscle Shoals
said:
It ought to be developed for the production of nitrates primarily, and
Incidentally for power purposes. This would serve defensive, agricultural
and industrial purposes. I am in favor of disposing of this property to
meet these purposes. Tho findings of the special commission will be
transmitted to the Congress for their information. I am convinced that
the best possible disposition can be made by direct authorization of the
Congress. As a means of negotiation I recommend the immediate appointment of small joint special committee chosen from the appropriate general
. standing committees of the House and Senate to receive bids, which when
made should be reported with recommendations as to acceptance, upon which
a law should be enacted, effecting a sale to the highest bidder who will
agree to carry out these purposes.
If anything were needed to demonstrate the almost utter incapacity of
the National Government to deal directly with an industrial and commercial
problem, it has been provided by our experience with this property. We
have expended vast fortunes, we have taxed everybody, but we are unable
to secure results which benefit, anybody. This property ought to be
transferred to private management under conditions which will dedicate
It'to the public purpose for which it was conceived.
-
In indicating action by the House on March 11 on the
Senate amendments, the New York "Commercial" said: •
Senate amendments to the House Muscle Shoals resolution were accepted
by the House to-day with slight modifications. The action was taken
without a record vote.
The Senate to-morrow is expected to concur In the House modifications
-and members of the proposed joint commission to receive bids for the leasing
of Muscle Shoals to private interests then will be named.
The House modifications consisted in a proviso that no lease should be
recommended which does not provide first of all for the production of
. -nitrates and other fertilizer ingredients, and a stipulation that all proposals
eubmitted should be reported to Congress.
Wage Demands of Trainmen Denied by Railroads
Conference Committees to Be Named.
Eastern, Western and Southern roads have declined to
accede to the demands of the conductors and trainmen's
brotherhoods for increased wages. The Western railroad
• executives on March 3, at a meeting at Chicago, named a
• committee of twelve ro represent them in wage conferences,
and this week (March 8) the Eastern railroads at a meeting
in the Grand Central Terminal Building, this city, decided
to name a committee to negotiate new wage contracts. The
' Committee on Public Relations of the Eastern Railroads, in
announcing on March 5 the rejection of the wage demands,
said:
•
The Eastern railroads have formally denied the demands of the trainmen
and conductors for increase in wages.
The increased wage demands were served on Feb. 1. The managements
were asked to reply In writing by March 2.
A supplemental request was made last week on behalf of the trainmen and
conductors asking the railroads to appoint a conference committee to handle
the situation as a group. This request will be considered at a meeting of
Eastern operating officials called for Monday March 8.
The total increases demanded by the trainmen and conductors amount to
between $1 and El 64 per day, depending on the class of service and the
class of employee. This represents an increase of about 20% over the existing wages received by the trainmen and conductors.
In stating that the representatives of the roads of the
Eastern District had decided on the 8th inst. to act jointly
.in the appointment of a committee to negotiate new wage
contracts with the Brotherhood of Railway Trainmen and
the Order of Railway Conductors, the New York "Times"
of the 9th inst. added in part:
The Pennsylvania, which had indicated at the previous meeting that it
would negotiate separately, decided to fall in lin with the other railroads,
Pennsylvania employees had authority
as It was said to be doubtful whether
originating with the unions. . .
to carry on negotiations on demands
There remained some doubt last night whether the Western Maryland,
enginemen and firemen, would join
which has a strike pending among its
The Western Maryland, acthe other railroads in the wage conferences.
generally in effect before the major
wages
the
pays
cording to report, still
the latter part of 1923.
lines met the wage demands made
Members of the committee will be appointed at the next meeting of the
the Bankers' Club, 120 BroadEastern Presidents' Conference, to be held at
way,on March 18.
of from 18 to 25% in their present
In addition to proposed increases
have asked for consideration of rules to
pay, the conductors and trainmen
rule reads: "In all classes of service,
govern their time charges. One
the time they are required to report for
trainmen's time will commence at
until the time they are relieved from duty."
duty and shall continue
than one brakeman be assigned to a passenger
They also ask that not less
cars, and insist that the adoption of the rates they
train of two or more
•"no case operate to bring about a reduction in
have suggested shall Is
compensation now paid.'
the refusal of the Western and Southern roads
demands of the trainmen, the Associated
to meet the wage
Cleveland on March 2 said:
from
advices
Press
10, appeared in the New York "Evening Post":
Using a recent agreement with the Norfolk & Western Ry. as a basis.
the Brotherhood of Railroad Signalmen has st)rted negotiations here with
22 of the largest railroads in the country asking for wage increases, which,
if granted, would establish a rate of 77 cents an hour for this class of employees.
The signalmen on the Norfolk & Western Ry. received an increase of
2 cents an hour, retroactive to Feb. 1, which makes the rate 77 cents
an hour.
American Railway Express Co. Refuses Wage Rise.
A wage increase of 11M to 12%, petitioned through the
Brotherhood of.Railway and Steamship Clerks, was refused
on March 10 by the American Railway Express Co., according to Associated Press advices from Chicago. It is stated
that it is intimated that a referendum vote would be taken
as to a possible strike of 65,000 employees.
Commodity Prices in Their Relation to Transportation
Costs.
On March 10 the Bureau of Railway Economics made
available a new bulletin dealing with Commodity Prices in
Their Relation to Transportation Costs. The average
increase in the price of live stock in 1925, compared with the
preceding year, was greater than the total freight and distribution charges combined, according to the Bureau's
study, covering live stock,-cattle and calves, hogs and
sheep. Regarding the statistics it says:
Prices increased 21.8%, while the average net proceeds received by the
producer or seller at the shipping point, according to the study,+ was
approximately 24% greater in 1925 than in 1924. The increase for cattle
,
and calves was 11.3%,for hogs,55%,and for sheep, 16.7%.
As freight charges and other costs of distribution showed practically no
change in the two years, the generally upward trend of prices was clearly
due to factors separate and distinct from transportation and distribution
costs.
Out of every dollar the purchaser paid for live stock in 1925, according to
the study. 93 cents was realized by the producer or seller during the past
year compared with 91.4 cents in 1924. Four and one-half cents out of
each dollar which the purchaser paid for live stock in 1925 went to the
railways for transportation service, a decrease of 1.1 cents compared with
with the preceding year, while 2.5 cents represented the cost of distribution
compared with 3 cents in 1924.
The study also shows that:
1. Freight charges were a relatively small percentage of the total price
paid by the purchaser for live stock in both years and were a smaller
percentage in 1925 than in 1924.
2. Apparently the principal factors influencing the seller's not proceeds
are the quality of the stock and marketing conditions.
3. In the marketing of cattle and calves, hogs and sheep, transportation
costs permit of the free movement of live stock to the various marketing
centers from a wide range of territory.
The study just completed by the Bureau of Railway Economics is based
on the sales of 11.381 carloads of live stock aggregating 794.424 head, for
36 marketing days at intervals of three weeks from Oct. 15 1923, to Oct.
1141925. The live stock were shipped from 2,966 shipping points located in
39 states. The sales studied were made at ten large live stock markets,
namely, Baltimore, Chicago. East St. Louis, Fort Worth, Jersey City.
Kansas City, Lancaster, Nashville, South Omaha and South St. Paul.
Considering live stock in the aggregate, 432,979 head in 1924 netted the
shippers $8,460,835, while 361,445 head in 1925 netted the shippers $8,706,428. While the total number of shipments in 1925 wore 16.5% less than in
1924. they brought an increased net return to the shippers of $245,593, or
2.9%. As there was no material change in freight rates during the two
periods and as the shipments were fewer and consisted of lighter weight
stock in 1925 than in 1924, the aggregate amount charged to freight was
considerably less in 1925 than it was in 1924.
On a per-head basis, the average net proceeds to producer or seller at
shipping point for cattle and calves in 1925 were $48.74, compared with
$45.21in 1924. This was an increase of $3.53 per head, or 7.8%. The net
proceeds for hogs in 1925 were $22.61 per head compared with $15.05 for
1924, an increase of $7.56. or 50.2%. For sheep, the net proceeds in 1925
were $10.43 per head compared with $8.80 in 1924. an increase of $1.63.
or 18.5%•
On a one-hundred-pound basis, the average price paid by the purchaser
for all live stock during 1924 was $7.37, and $8.98 in 1925, an increase of
$1.61, or 21.8%. Cattle and calves show an increase in average price per
hundred pounds from $6.48 to $7.14, or 10.2%; hogs increased from $7.35
to $11.09, or 50.9%, and sheep from $12.52 to $14.42, or 15.2%.
While the average price of live stock was advancing, the freight costs and
other costs of distribution remained practically stationary. The average
freight charge per hundred pounds on all live stock was 41 cents in both
years. The same is true of "other costs of distribution" which amounted
to 22 cents per hundred pounds in both years.
Because prices advanced in the markets studied. while the costs of transportation and distribution remained stationary, the average net proceeds
to the seller at shipping point showed a considerable increase during 1925.
The average increase in price of all live stock per hundred pounds, during
the two years studied, was greater than the freight charges and other costs
of distribution per hundred pounds combined. For example, the average
price paid by purchaser per hundred pounds for all live stock increased $1.61
between 1924 and 1925. The average freight charge for all live stock in
both 1924 and 1925 was 41 cents per hundred pounds, while other costs of
MAR. 131926.]
THE CHRONICLE
1407
y of such a move. Fears have
been voiced have been only as to the feasibilit
are permitted all our gold might
been expressed that if free gold movements
to suspend gold payments.
be drained away and that we might have again
without exception failed to
Those who have made these predictions have
about and why we were conexplain how this condition might be brought
in this respect than before the
sidered to be in a more vulnerable position
s and we shall now proteed
war. I believe the fears expressed are groundles
opinion. Let us make a careful
to analyze the situation in support of this
to determining the real
view
a
with
study of Canada's financial position
let us examine Canada's
practicability of this action. In making this study
used by the financial experts of
position in relation to each of the criteria
ng the foreign exchange situation of
the League of Nations in consideri
of inflation, currency structure,
many nations. These were:—degree
and balance of trade.
financial structure, foreign indebtedness
has been proportionately lower
Since 1922 Canada's wholesale price level
with pro-war prices. Canada
compared
as
States
United
the
M.
D.
of
by
that
Urged
than
will
Return of Canada to Gold Standard
to gold parity. Since resumption of gold payments
deflated
been
has
can be no objection on this ground
Marvin of Royal Bank of Canada.
produce no change in price levels there
step.
A speech dealing with Canada's return to gold payments to making thethe
it is a statefirst table which you hold, you will see that
Turning to
st
economi
Ph.D.,
M.A.,
,
Marvin
d
M.
D.
by
during the last eleven years. So far as
was delivere
ment of our currency structure
d, you will see that at present the total issue
of the Royal Bank of Canada, beforo the commercial depart- Dominion notes are concerneLet
us see how this amount is distributed.
$212.000.000.
ment of the University of Toronto on March 3. He presented amounts to
reserve. This is about the minimum
gold
central
the
in
held
is
$46,000.000
reduced
therein an analysis of the gold situation and suggested that in the last eight years. In the last few years amalgamations have
in a considerable reduction in free note
after returning to gold payments Canada will be justified bank capital and this has resulted
is need for an increasing volume
With a return to good times there
in some reduction in gold reserves and that this reduction issue.
this $46,000,000 as the minimum that
of circulation so that we must regard
in
year
a
dollars
reserve.
would save the country about two million
will be held in the central gold
average of $139,029.000 in Dominion notes.
The banks held last year an
interest payments. Mr. Marvin referred in his speech to
"The bank shall hold in Dominion
reads:
Act,
60 of the Bank
.
it has in Canadathe report on the "Advisability of the South African Union Section
not less than 40% of the cash reserves which during the last ten
notes,
ad$200,000,000
under
been
not
have
Returning to the Gold Basis" and stated that the
reserves
cash
These
require
ever
will
banks
the
that
e to suppose
vantages to be derived in the case of South Africa were of years and it is not reasonabl
notes as reserves and for inter-bank
than $100,000,000 in Dominion
just as great importance to Canada. "Capital is undoubted- less
payments.
denominations of five dollars or
ly conservative," he said, "and for years to come it will
Thirty million of Dominion notes are in
thirty million
circulation. Twenty-eight of these
constant
We
in
are
basis."
and
under
gold
a
on
ly
prefer countries which are definite
small change. We cannot
and two dollar bills and are necessary for
one
are
:
n of these would be presented
give herewith Mr. Marvin's speech in its entirety
conceive of circumstances where any proportio
and the large for redemption. We have therefore, $46.000,000 for central gold reserves
payments
n
reparatio
debts,
s,
war
currencie
ted
Deprecia
phenomena of $100,000,000 for bank reserves and $30,000,000 for pocket money. The
gold holdings of the United States have complicated the
considered from total of $176,000,000 is the minimum to which Dominion Government notes
international finance so that many old questions must be
be redeemed even in the
to the recent
could be reduced. This leaves only $35,000,000 to
a new viewpoint. Perhaps the most important contribution
the lowest level in the
n for a
below
suggestio
sinking
Keynes
of
business
event
le
Professor
improbab
was
affairs
of
highly
monetary
discussion
gold as a basis of past ten years. Actually at the present time all the Dominion notes outmanaged currency which would have done away with
by the leading standing are essential to the normal conduct of the country's business.
monetary values. These proposals were seriously debated
the plan suggested by Redemption of gold payments would lead to no important gold movement.
economists and bankers of Great Britain. Had
and followed by
Government holds $118.000,000 in gold.
Professor Keynes been successfully launched by England the position in You will notice, however, that the
is more than ample.
in
If the above conclusions are sound,it is obvious that this
other countries, the United States would have been
would have fallen Under previous conditions Dominion notes were issued only against deposit
regard to gold that China is with respect to silver. Gold
the various European of gold but a new factor has been introduced since the date that we went
greatly in value and payment of the war debts of
simplified. The off the gold basis, namely the Finance Act, under which the Dominion
countries of the United States would have been greatly
producing coun- Government is empowered to issue notes to the chartered banks et Canada
decreased value of gold would have been injurious to gold
for rehabilitat- in the form of loans against satisfactory security. It is conceivable that by
tries as well as to the United States. The general necessity
countries with its lending excessively under this act, inflation might imperil the Government
ing world confidence in stable exchange rates between
al values attached gold reserves. Such hypothesis anticipates conditions of much greater
beneficial effect on international trade and the sentiment
British Government strain than have been created at any time during or since the War. It
to gold presented so desirable a combination that the
a condition that presupposes an extended position on the part of the banks, which they are
initiated
thereby
and
decided to return to gold payments
hypothesis and forecast by no moans likely to take and one requiring immediate correction by whatIs likely to again become world wide. Although
yet the return to the ever means available. While we feel that there is no real danger of such a
in this field are on an empirical and tentative basis,
it is advisable that condition being created through the operation of the Finance Act, nevergold standard has become so strong a world trend that
return to gold payments. theless, since there is such a possibility it would seem necessary that the
a careful study be made of Canada's ability to
should provide
resumption
The Royal Bank of Canada has been steadily advocating the
Legislation regarding the resumption of gold payments by stipulating
years.
ent notes
of gold payments by the Dominion Government for the past three
against the possibility of over issue of Governm
in the
said:
permitted
Canada
be
of
not
Bank
should
In May 1923, the Monthly Letter of The Royal
that further loans under the Finance Act
say 40%. For the
normal. The
that the gold reserves fall below a certain figure,
"Our general financial situation should now be regarded as
event
n is
held would provide
figures indicate that the position of the Government note circulatio
of emphasis, we repeat that the margin at present
ely sake
of the maximum that
sound and without further preparations gold payments might be immediat
against borrowings under the Finance Act in excess
e provision
nt's
restrictiv
resumed, with the assurance that no important loss of the Governme
been borrowed under this Legislation to date. The
extended to
well has
become operative if the financial structure became
!dock of gold would take place. The matter is one which might
only
would
to our
have no reason from our
engage the early attention of the Government. It would add
a degree that would be dangerous and which we
prestige and credit if we were the first of all countries, belligerent and past experience to expect.
issue notes of the denomotherwise, excepting only the United States, to return to the gold standard
Under the Bank Act the banks are authorized to
capital.
without restrictions." It can hardly be doubted that had this step been ination of $5 and multiples thereof to the amount of their paid up
may issue
taken at that time it would have accelerated the improvement in general In addition, during the period of movement of crops the banks
combined capital and rest
business conditions.
excess circulation to the amount of 15% of their
Additional
It was in recognition of this situation that Sir Herbert S. Holt, in his or reserve fund. The banks pay interest on the excess at 5%.
in
bank depositing
Canada
annual addresses before the shareholders of The Royal Bank of
n to an unlimited extent may be issued by the
circulatio
reserve.
January 1924, 1925 and 1926 urged the return to the gold standard. In dollar for dollar in gold or Dominion notes in the central gold
statement in your hands, is
this last annual address he said:
The total circulation as indicated by the
issuing bank. notes
000. Every day each bank returns to the
"Last year we called attention to the ease with which it would be possible
has since $164.000,
volume of notes outstanding
the
in
ons
Fluctuati
for Canada to return to the gold basis. The movement which
counter.
the
over
received
little disturbance to the
developed towards the stabilization of the exchanges of most of the influare thereby taken care of automatically with very
under
ential nations of the world indicates the value which they attach to defiof banks' reserves. Bank notes ordinarily are not legal tender, and
nitely linking their currencies with gold. Meanwhile the course the
little actual gold
shown that
conditions banks found it necessary to hold very
exchange between Canada and the United States has'
pre-war
part
as
matter.
00
hold some $70,000.0
restoration of gold payments by this country would be a simple
coin. At the present time however, they
I cannot conceive why there should be any delay in ending the present
reserves must bear a certain relation
the
practice
in
Since
reserves.
their
of
anomalous situation."
by the banks were released
the liabilities, it is obvious that if the gold held
I. e.,
The report of Dr. G. Yissering of the Netherlands Bank and Dr. E. W. to
have to be replaced by some other cash reserve,
would
it
them
by
South
of
the
y
lity
on
the
Universit
"Advisabi
of
Princeton
Kemmerer
obtained by the deposit of
Dominion notes. Dominion notes can only be
es
advantag
certain
to
the
Gold
Basis,"
presented
returning
Union
which
Act,
-an
AMC
the Finance
an equivalent amount in gold or by borrowing under
which would accrue from the increased stability of their monetary unit.
improved conditions,
we have fully dealt with above. With a tendency to
certain advantages to be derived from increased world confidence in South
the circulation of bank
In
decrease
a
than
increase rather
an
expect
must
we
practo
the
as
up
the
question
took
finally
and
African financial stability,
holdings of the banks
notes. Therefore we must conclude that present gold
ticability of the step in relation to the country's financial and credit strucnecessity for them to hold.
to read themselves are larger than there is any practical
ture and the degree of deflation then experienced. One who wishes
by the fact that during the fall of
would find this This condition has been brought about
an able discussion on the advantages of the gold standard
exchange has advanced to the point where it
Canadian
years
two
past
the
report well worth consideration.
license to re-export
e are was profitable to import gold. the Government giving
condition which
So far as the advantages to be derived from increased confidenc
to later should the importing banks wish to do so. It is this
concerned these are of just as great importance to Canada as they were
and a substantial
parts of has made Canadian exchange so stable in the last two years
South Africa. There is increasing competition between various
ts and British gold movement has taken place.
the British Empire for British capital, British immigran
It should also not be overlooked that Canadian Banks carry a large
securing
interest. If the Union of South Africa took this step with a view to
ely available should
afford volume of liquid assets abroad which are immediat
confidence in the stability of her financial structure, Canada can ill
course necessary. Thaw are (1)
and for years Canadian business conditions make this
short loans in New
and
to delay doing likewise. Capital is undoubtedly conservative
Call
(2)
of
Canada:
Cash balances in Banks outside
basis.
to come it will prefer countries which are definitely on a gold
Yosie (and London) and (3) readily marketable securities.
and
world
the
in
country
other
any
more
than
gold
ted
South Africa produces
For greater clearness it will now be advisable to examine the consolida
the leaders in reestabon, and we find that eliminating the duplication in
on this account it was to her advantage to be among
Canada is rapidly position of total circulati
note
Dominion
and
bank
of
.000
lishing the gold standard. Records indicate that
$315,000
have
of gold. the central gold reserve we
approaching the point where she will be the second world producer steadily issue against which the Government and the banks hold actual gold amountCanada has a
recently
With the opening of new gold producing areas,
Mg to 60%. Great Britain, Sweden and Germany, which have
increasing interest in the buying power of gold.
, have only about 40% and the need for extraorty of resumption of resumed gold payments
desirabili
the
discuss
ry
to
As a
unnecessa
in
Canada.
probably
than
greater
is
far
countries
It is
reserve in these
has been unanimity so far as Canadian dinary
it wished,
gold payments. On this point there
matter of fact, there is no country in the world that could, if
have
which
s
objection
The
subject.
the
authorities have been articulate on
a total of 63 cents
distribution averaged 22 cents for both periods, making
distribution charges. The
per hundred pounds for transportation and
was more than 2%
increase of $1.61 in the average price of all live stock
ion. The same was
Mines the combined cost of transportation and distribut
live stock.
true, in varying degrees, of the individual classes of
greater than the total
As the increase in price from 1924 to 1925 was
follows that the net
it
year,
either
in
freight and other distribution costs
price paid by the
proceeds to the seller in 1925 was greater than the total
purchaser in 1924.
1925 received a
in
That is, the seller of live stock at point of shipment
ion charges had
greater net for his stock, after transportation and distribut
1924, before such
been paid, than the total amount paid in the market in
charges were taken out.
1408
THE CHRONICLE
[Vol.. 122.
operate safely with less holdings of gold
than Canada. The reason for this
meeting of
Is our proximity to the United States.
The credit resources of that country Reginald the stockholders of Midland Bank, Ltd., The Right Honorable
are at our disposal. Our general
McKenna, said:
commercial conditions are more or less
similar to those of the United
"The exchange could be prevented
States and therefore are well understood by
from reaching gold imrort point by
the purchase of dollars, to be
United States financiers. Our
utilized at the Treasury's option either
principal banks and financial houses have advance
in
payment ofinstalments of the America
branches or intimate connections in
n debt in the accumulation
New York which could be called into of United States Governm
ent bonds. This operatioor
• play at a moment's notice.
n would involve little
Credit stringency would tend to lead to or no loss of interest to the British taxpayer
borrowing In the United States, and to
ge of safeguarding the position of , and would have the added
be more specific in the event of advanta
the Bank of England. Any
proposal to apply surplus gold to
• serious financial crisis in Canada
permanent use in this country, such as
there Is no doubt that the Dominion additional backing
to currency notes, would be
Government could arrange a loan in New York
an unnecessary and costly
proceedi
to meet the exigencies of the
ng, and should I think be rejected
• situation without any delay.
, having regard to the heavy
burden of existing taxation
."
•
Turning to the table covering our general financial
structure, you will
Summing up then, we would note
note that there are deposits in Canadian Banks
that as reflected in the exchanges we
amounting to 23.4 billion are now on a practical gold
basis and thus do not have to face the difficult
dollars and a note circulation amounting in
ies
all to 6340,000,000. Against of adjusting internal and
external
this structure there are total gold holdings
price levels that were faced by Great
amounting to $238,000,000 Or Britain. The weight of our
internal and external debt would not
about 8%. Eight per cent is proportionately a
be changed
larger reserve than that held by such resumption. Our
general business situation is sound
by Great Britain and many other important countrie
and we are
s. The banks are in Constantly increasing Its strength
an unusually strong position, holding liquid
through
Increasi
ng
diversify
and
ing
reserves of more than 60%. production. Canada is
an export country needing foreign markets
which is the highest in Canadian history. Surely
and it
there is no weakness in Is also a country needing
foreign capital and immigration. Confiden
our general'financial eitrimtere preventing our
ce
return to gold payments.
is
required
to restore the flow of international
Let us for a'moment'eodshiee C'a-ndArrs'intern
commerce. Confidence in
ational balance sheet. In Canada is required if
we aro to increase our immigration
• 1925 our evortceeified oftf hnbortn birt2S0develop
and
ment.
,719,506; as against this there Our banks are In a
stronger and more liquid position
• Is an invisible'item amouritinglf0:abotit.1300,0
than at any time in
00.000 in the form of interest our history. Under the
present Law, Dominion notes
' charkes'ori'foreitn capital atilfirfir 'debtS:' There
will again become
is another invisible item redeemable June 30
-•• Of IncreaSing Importance ter-GraKadi-;6f a
1926, and at that same time the requirem
'favorable nature, consisting of the licensing gold
ents for
shipments abroad will be discontinued
• • expenditures of tourists. Tfie'Vericeiiver
unless further LegisTourist Bureau estimated that lative action is
taken.
Now is the time to consider the
this amounted to $60:000,000 in British Columbi
provisions of the
a alone, which seems high: Finance Act and
surely we can find no more concrete
but for the Dominion the anicernt'ean probably
method of gaining
be conservatively estimated world confidence
and expressing our own confidence
at 8120,000,000 annually. Taking these
in the strength of our
and other invisible items into financial future
than by resuming go d payments.
consideration the balance in our favor in 1925
would, we estimate, be in the
The following are the tables accompanying
vicinity of 8200,000,000, although any estimate
Mr. Marvin's paper.
of this nature must be made
and accepted with some reserve.
AVERAGE VOLUME OF CANADIAN AVERAG
E VOLUME OF CANADIAN
GOLD RESERVES.
In connection with the question of
CURRENCY.
the resumption of gold payments, the
January Through November. 1925.
'fear has often been expressed that unfavora
January
Through November, 1925.
(In Millions of Dollars.)
ble developments in our foreign
(/n Millions of Dollars.)
trade either in a reduced surplus of exports,
Bank
vaults
or an actual surplus of merchan61
Dominion notes
212
Central
dise imports, might drain away our gold
reserves
10
Less notes held in central gold reand produce a serious situation. Against gold
Dominion notes
It should be noted however, that favorabl
11811
serves
46
e or unfavorable balances of trade
are not accidental, but are dictated by
Total gold holdings
buying capacity.
18911
The unfavorable balance in merchandise
166
Ratio
of
gold
to
notes
60
trade prior to the war was a
result of heavy Canadian borrowing, and
Bank notes
the funds thus secured were used
164)4
for public and private developments.
Leas notes of other banks held as
Not only did these give rise to a
assets
• demand for such things as iron.and steel
15
products and other materials
required in specific developnients, but they
gave employment to labor.
149%
• part of whose requirementif were for importe
d goods. If business becomes
Total circulation
• more active in the near future imports
315%
will increase, but the product of
BANKING AND CURRENCY CREDIT STRUCT
more active business would be either increase
URE.
d exports or the creation of
.
some other increased assets which would enable
(In Millions of Dollars.)
us to pay for the increased
Currency—
Imports.
1917.
1920. *1925.
Dominion notes (less notes In Central Gold Re-1914.
Let us imagine for the moment that a crop
serve)
failure in 1926 or 1927 will
114
160
214
174
substantially reduce our exports—obviousl
Bank
notes
(less
notes of other banks)
y the buying power of farmers
84
131
188
166
will be equally reduced and their purchase
—
of imported goods will be cut
Total
notes
In
circulatio
n
down. Such a misfortune would also reduce
198
291
402
Deposits—
340
the activity of Canadian
Industry and thus reduce labor's purchasing
power. In the initial stages of Chartered banks:
In Canada
these developments. it is quite probable that
there would be some gold
1,038
1.412
2,145
2,049
Outside Canada
• exports but this very fact seta forces in motion
137
197
which would soon right the
365
Savings banks and trust companies
360
situation. Consumption and imports would
94
112
97
193
quickly be reduced and the
—
—
- depression period which would follow would
—
Total deposits
be marked by easy credit
1,269
1.721
2,607
Credit structure
2.602
rather than by credit strain. Our reserves are more than ample
1.467
to meet the
2.012
3,009
2,942
strain at the time of croli failure and the period which would
—
—
—
Gold Reserves—
follow would
make no demand on our gold reserves. If those people
Banks:
In
vaults
are right who
46
72
84
declare that'unfavorable changes in balance of trade seriously
80
In Central Gold Reserve
threaten Governme
12
10
19
nt: Against savings deposits
gold reserves, then neither Canada nor any other country
5
should ever take
5
4
3
Against Dominion notes
the risk of maintaining the gold standard, nor should
96
113
100
Total gold reserves
132
any country in the
147
world take that risk in the future, because it would be
202
194
238
economically foolish
—
—
Credit structure
as well as Impossible to attempt to maintain a gold
reserve sufficiently
10.0
10.0
•Nov.30 1925.
6.4
8%
large to respond to the great fluctuations in foreign trade
that occur from
time to time.
.
In any discussion of this kind there must Inevitably
be a tendency to Pacific Coast Absorbing $500,000,000 Securi
overemphasize the importance of the movement
According to John H. Barber, of First ties Yearly,
of gold on exchange.
. Actually in practice so far as Canada is concerne
National
d, these movements should
Bank of Los Angeles.
be of small proportions except so far as the sale of the producti
on of mines is
Declar
ing
• concerned, and the export of such gold by the mines
that
the
Pacific
Coast alone was absorbing over
will have no greater
effect on exchange than the export of any other
commodity. It will be $500,000,000 securities every year, or 10%
obvious to you that if the Canadian mines continue
of the total nathe practice they have tional investment market
observed lately of selling gold to the Ottawa
, John E. Barber, Vice-President
mint, the acculnulation of
• gold reserves will, within a short time exceed
of
the
First
National Bank of Los Angeles, urged
the total note issue, if the
before
Government does not permit gold export. Presuma
bly the Government delegates at the Pacific Foreign
Trade Convention in San
will not continue the present situation for any length
of time,since it would Francisco on March
mean that they would lose all financial benefits from
4
the investment of it portion of Pacific
the note circulation.
The sale of Canadian Mined gold to the mint is principal
ly responsible for Coast capital abroad in those countries offering the
best
the recent marked increase in the Dominion Governm
ent gold reserves possibilities for developing Pacific
against circulation.
foreign trade. "The
Pacific
Coast
has become one of the great investment
Canada is holding too much rather than too little gold. With
a world
marwide increase in production and with our new semi-stabilized
price levels, kets in the United States," said Mr. Barber, "and by
itself
the proportion of gold held as reserved by central banks must
be in line will absorb as much as $25,000
,000 of a single well-secured
with present practice rather than in line with pro-war practice
or there will
issue. To-day the Pacific Coast is more comple
be a general Increase in gold values, and a decrease in
prices which will
tely selfbring on another world depression. Once we have resumed
gold payments sufficient than at any time in its history; in fact,
there is
and observed the trend of affairs say for one year,it would
then be advisable on the Pacific Coast
a surplus of investment capital over
that new legislation should be sought permitting the Governm
ent to withdraw a certain proportion of its gold reserves, using the
amount in payment and above its normal requirements. It Is proper and deof debts abroad. Considering the present figures and the
general trend as sirable that some portion of this excess
capital, which is
a basis, I believe the experience of ono year of free
gold movement will seekin
g profitable employment, be directed toward the
have demonstrated thatfifty million dollars might be
released in this manner.
inIf It were possible to use this to reduce our borrowin
gs it would represent crease of the overseas commerce of Pacific ports."
Mr.
an annual interest saving to the Government of at least two
million dollars. Barber traced the already substan
The Legislation which might be enacted In connecti
tial amount of Pacific
on with resumption
of gold payments should contain no special conditio
ns except the one Coast capital invested in the Orient, in Central and South
previously mentioned; that the Government would have
no power to make America, in the Philippines and Mexico and
advances under the Finance Act if the gold reserves fell
outlined the
below 40%. As great future invest
ment opportunities in these and other
previously suggested, after a year's experience, Legislation
might then be
enacted to provide for the amount of notes which might
countri
es in the Pacific trade area. He added:
be uncovered by
gold or securities deposited under the Finance Act. Prior to
Many of these projects do not justify a public
the war, the
offering in the present
amount uncovered by specie never exceeded $22,000,000.
state
their
of
development. They may better be
The amount
financed through developwhich might be held uncovered should, no doubt, ho reviewed from
time to ment or investment companies organized by Pacific Coast
bankers under
time, but as a principle it might be stated that for Canada to hold
gold in expert management and responsible sponsorship, which would
enlist Pacific
excess of the amount necessary to maintain our exchange at gold
parity is Coast capital in furthering Pacific foreign trade until such
foreign entera waste. Any surplus should be made to earn interest. The United States prises attained the size and
background warranting a public offering
of
must lead in finance In this hempisphere and will probably continue
to their securities to investors. Such companies are typified by the developdominate the gold situation for years to come. To maintain this
situation ment companies of Germany, the investment trusts of England
and Scotland
and keep her price levels stable it will be necessary for her to defray the cost and the investment and trading
companies organized in recent years
by
of holding surplus supplies and there is no reason for Canada to render any American bankers to make investments in
Europe and Germany.
assistance in this respect in view of our Government's relative proverty,
as
Mr.
Barber pointed out that the value of the
compared to the amazing prosperity of the United States. In January
foreign trade
1926, when speaking on thissubject as applied to Great Britain at the annual of the Pacific Coast for 1925 was
in excess of $900,000,000,
MAR. 13 1926.]
THE CHRONICLE
significant to
or about 10% of the country's total. It was
before the
period
the
with
ed
as
compar
,
observe, however
States had
war, that while the foreign trade of the United
doubled in value, the Pacific Coast's share of it had quadof
rupled in value, he declared. "The commercial history
the
rated
demonst
"has
Barber,
ed
Mr.
conclud
world,"
the
effectiveness of investment in promoting foreign trade. To
accomplish our wish requires time and a larger variety of
is
manufactures, but the most needful action on our part
the investment of Pacific Coast capital in lines and enterprises to which we want to sell our goods."
1409
Farmer and son of the former
Henry A. Wallace, Editor of Wallace's
re.
Agricultu
of
Secretary
Minnesota.
Sydney Anderson, Congressman from
t of the Midland National Bank,
Lewis C. Babcock, Vice-Presiden
Billings, Montana.
Columbia National Bank, Kansas
Thornton Cooke, President of the
Missouri.
City,
from Maryland and the author of
T. Alan Goldsborough, Congressman
legislative body proposing scientifically
the first bill over introduced into any
of money.
to stabilize the purchasing power
M. K. Graham of Graham, Texas.
Emeritus of Yale University.
Dr. Arthur T. Hadley, President
a, and former member of the United
William Kent of Kentfield. Californi
on.
Commissi
States Tariff
from Massachusetts and former
Robert McC. Luce, Congressman
Governor of that Commonwealth.
of New
of the Federal Reserve Bank
George Foster Peabody, Director
Norman Lombard Elected Executive Director of Stable York.
y Council of the
Among the members of the. Advisor
Money Association.
ed:
announc
are
ng
the followi
It was announced on March 1 by Frederick W. Roman, Association
Economics, University of Alissour
Harry Gunnison Brown, Professor of
Secretary of the Stable Money Association and Professor of Columbia
Mo.
,
e,
s, Harvard University, Cambridg
Economics in New York University, that at the meeting of
T. N. Carver, Professor of Bconomic
of
d
Lombar
Mass.
the Executive Committee on that day Norman
s, University of Chicago.
John M. Clark, Professor of Economic
n,
Economics, University of Wisconsi
San Francisco had been elected Executive Director of the
John R. Commons, Professor of
been
long
has
d
Lombar
Association. It was stated that Mr.
of
Madison, Wis.
Economics, Massachusetts Institute
D. R. Dewey, Professor of
interested in the problem of stabilizing the purchasing power
Mass.
e,
Cambridg
gy,
Technolo
s at Yale University and past
of money and feels.that the benefits to humanity which will
Henry W. Farnam, Professor of Economic
c Association.
follow the resultant stabilization of the general price level president of the American Economiof
Economics, Princeton University,
Fetter, Professor
will be such as will justify the dedication of a life to the effort. • Frank ,A.
J.
N.
Princeton
s at Princeton.
Mr. Lombard has had training in Engineering, Law and
E. W. Kemmerer, Professor of Economic
c
National Bureau of Economi
Wesley Clair Mitchell, Director of
Finance. He has been president of several different corpora
City.
York
, New
tions and has spoken and written frequently on economic Research
s at Columbia University.
Henry R. Seeger, Professor of Economic
s, Columbia University,
and financial subjects.
Edwin A. R. Seligman, Professor of Economic
Mr. Lombard made it plain that niether he nor the New York.
Economics, Harvard University,
0. M. W. Sprague, Professor of
aAssociation is committed to any specific plan of stabiliz
Cambridge, Mass.
Economics and Farm ManageG. F. Warren, Director of Agricultural
tion. The object, he said, is to find a plan which can receive
the
y, Ithaca, N. Y.
of
n
Universit
adoptio
Cornell
ment,
the
secure
to
then
University of Minnesota,
universal approval and
Holbrook Working, Professor of Economics,
plan. He said:
Paul.
St.
g the general level of
The desirability and even necessity of stabilizin
Mr. Lombard, when interviewed, said:
and the social and
constantly more evident as the evils
to further
is
prices becoming
conditions or
obtrude themselves on the
Many attempts to correct undesirable social
dollar. It
political consequences of fluctuating price levels
need as they have social progress are thwarted because of the instability of the
this
felt
long
have
ts
Economis
exchange,
public consciousness.
Business men,farmers, obscures our vision in tariff, taxation, unemployment, credit,
observed the dire effects of fluctuating price levels.
studies.
and other
ation
groat
and
transport
been
g,
have
marketin
ons
on,
fluctuati
producti
banking,
labor men have seen those effects when the
that there was no such
Bankers, as a general
As a farm mortgage banker in California I realized
have ascribed thorn to various and sundry causes.
that long
which they have not thing as fixed value in a farm unless the standard was fixed and
subject
a
with
"
meddling
of
"public
when the
class, fearful
sh" attitude toward term loans on farms were unsafe for both lender and borrower
fully comprehended themselves have taken a "hush-hu
dance.'
dollar was left to its 'Dizzy, drunken, dishonest
the problem.
the mercy of every whim of
means to get themLater, as an importer and exporter, I was at raries who overlooked the
Politicians have used the fluctuations of prices as a
contempo
have proposed bills arid' the fluctuating dollar. Many of my
selves into public office or into the "lime-light" and
the dangers in the dollar factor failed for millions.
projects of diverse sorts as alleged remedies, or they have tampered with
counselor, in consultation with hundreds
of the effects of their
disregard
Later, as a professional business
ion of the
delicate economic machine with reckless
had a woeful lack of appreciat
they
based
that
sound
and
education
facts,
found
is
I
need
we
of business men.
they
acts upon price levels. What
of a fluctuating unit of value when
s
businesse
business
in
the
social,
tal
factor
and
lives
fundamen
a
is
their
level
on
price
The
effect
on these facts.
of weight or
the thought of a fluctuating unit
and political world. When prices are falling merchants do not buy and would have been horrified at
to length.
factories are shut down, with unemployment a direct result. This leads
a
suffering and distress. The result of a long or severe fall in prices is
Superintendent of
political uprising such as Greenbackism. Bryanism or LaFolletteism.
of Verne M. Bovie, Formerly
Stockholders lose as factories and industries fall into the hands of bond- Death
York.
New
at
U. S. Assay Office
holders. Mortgagees become owners and owners become tenants. Reon
9 of Verne M.
March
on
organizations, reduction of production, disorganization and dislocati
co
Francis
The death at San
generally follow as a consequence. New development is stifled.
States Assay
United
of the
When prices are rising merchants buy beyond their needs, they borrow Boyle, formerly Superintendent
city on
and stretch their credit; factories boom, stockholders prosper inordinately, Office at New York, was made known in this
Chain
litan
stock prices rise and we have 2,000,000 share days on the Stock Exchange,
Metropo
the
of
11th inst. by the officials
extravagance runs rampant,labors strike, sabotage and similar fallacies run the
to heart
due
was
which
such
funds,
death,
trust
ers,
bondhold
rules;
Bovie's
Mr.
hatred
class
Stores.
riot, demagogues thrive,
as those of colleges, churches and hospitals suffer through inadequacy of disease, occurred during a business trip to the Pacific
will
incomes to meet increasing expenses. People with fixed incomes measured
was in New Rochelle, and the body
in dollars, such as school teachers, public servants, judges, salaried clerks, Coast. His home
tendent
Superin
as
ew
pinched
y
withdr
frequentl
are
Boyle
&c.,
ies,
Widows, orphans, life insurance beneficiar
be brought east. Mr.
President of
beyond endurance. Just so, and in only lesser degree, the smaller and
of the Assay Office in May, 1921, to become
seasonal fluctuations in the purchasing power of money throw the economic
appointHis
Stores.
-Cent
Fifty
na
Five-tothe Metropolitan
machine into periodic spasms of disorder. All of the above phenome
August,
in
d
occurre
time.
life
America has experienced time and again in the brief period of a
ment to the office by President Wilson
during his
that
America, of the gold standard, gold reserve is now so large that the polinotes
"
"Times
York
New
1914. The
ticians and economic quacks are beginning to see in it a new opportunity for
nce, the deposits
regime the work grew steadily in importa
their aggrandizement.
$1,500,000,000. It
phenoto
000
$45,000,
from
Europe with her gold reserved depleted, suffered from the same
ing
increas
proverty. of gold
mena of rising and falling prices. Millions were reduced to abject
violins also says:
Supreme Judges slept in charity beds. Musicians sold their priceless
erected in the Bovie regime and
The new building on Wall Street was
for a meal. Professors picked up coal from the gutters. Probably a million
Governmental functions of the forpeople died from the resulting diseases, hunger and starvation. And all the Assay Office took over the purely
this for want of a sound policy of stabilization and public understanding of mer Sub-Treasury.
and found that his records
the problem. Is there a sound policy of stabilization? If so, let's find it.
A committee counted the gold in his charge
Or shall we accept the policy of despair voiced by one editorial writer who of the billion and a half tallied "to a penny."
He
said that anyone who studied the money question long enough would go
Mr. Boyle was born in Gallipolis, Ohio, in 1877.
crazy? And once found, how shall we get the remedy applied? Can we do
of Bovie &
firm
law
the
of
member
a
been
y
hysteria
formerl
had
of
economic
spasm
a
this before a fever of inflation or deflation—or
—sends prices up like a sky-rocket or down like a stick? These questions Wilson of this city.
this Association proposes to answer.
The Stable Money Association was organized "to ascertain
the most effective method of preventing the vast, though
subtle, evils arising from unsound money, and to promote a
better understanding thereof, in the expectation that
crystallized public opinion will result in constructive congressional action."
The president of the Association is D. H. Parker Willis,
Editor of the New York "Journal of Commerce" and former
Secretary of the Federal Reserve Bdard. Vice-Presidents
include:
W. Franklin Gephart, Vico-Prestdent of the First National Bank of
St. Louis.
Annual Convention of Association of Reserve City
Bankers to Be Held April 28-30 at Atlanta.
Raymond F. McNally, Vice-President of the National
Bank of Commerce, St. Louis, announces that the annual
, of
convention of the Association of Reserve City Bankers
which he is President, will be held at Atlanta, Ga., on April
28, 29 and 30, with headquarters at the Atlanta Biltmore
Hotel. The program is to refer particularly to the issuance
good
and selection of commercial paper and the making of
loans.
1410
THE CHRONICLE
Election of Officers
of Cashiers'Section Association of
Stock Exchange Firms.
President E. H. H. Simmons of the New York Stock
Exchange was the principal speaker at the
annual meeting
of the Cashiers' Section, Association
of Stock Exchange
Firms, at the Roosevelt on March 5. Other
speakers were
Federal Judge Robert A. Inch; Samuel F. Streit,
President
of the Stock Clearing Corporation,
and Walter H. Sykes,
Jr., former President of the Association
of Stock Exchange
Firms. The guests included officials and repres
entatives
from all the exchanges, banks and trust compan
ies. President George S. Passmore was toastmaster. Chair
man of
the Executive Committee Andrew Gray had charge
of the
arrangements. The following officers were elected:
President, Frederic E. Rapp of Jacquelin
& De Coppet.
Vice-President. Charles J. Hayes of Robinso
n & Co.
Treasurer, Randolph Warner of VIlas
& Hickey.
Secretary. Carroll S. Phelan of Watson,
Armstrong & Co.
Assistant Secretary, Francis Lynch, Publicat
ion Office of "The Cashier."
Executive Committee, Louis Rocker
of E. H. Stern & Co.: Thomas
Ware, Jr., of Paine, Webber &
Co., and H. K. Smith of Shearson, Hammlll
& Co.
Death of Charles Lanier, of Winslow, Lanie
r & Co.
Charles Lanier, head of the bankin
g house of Winslow,
Lanier & Co., died on March 6, at the
age of 89 years. Mr.
Lanier had the unusual record
of a banking career of 67
years, having in 1859 entered his
father's banking house,
which had been established the previo
us year. He had
been senior member of the firm since 1880.
The firm has
during its long period of activities
taken a leading part in
financing the development and reorga
nization of railroad
properties and during the Civil War figure
d prominently in
rendering assistance to the Federal Gover
nment. Mr.
Lamer was at one time identified with
numerous corporations, but had in late years withdr
awn from these connections; he continued, however, as Presid
ent of the Pittsburgh,
Fort Wayne & Chicago Ry. Co., of
which his father, James
F. D. Lamer was first President.
He was likewise at the
time of his death President of the Massil
lon & Cleveland
Railroad, and trustee of the Central Union
Trust Co.
International Acceptance Bank Forms New Trust
Company.
The International Acceptance Bank, Inc., announ
ces the
organization of a trust company under the laws
of New
York, the name of which is International
Acceptance
Securities & Trust Company. The new institu
toin commences finsiness with a paid-in capital
and surplus of
$1,000.000. Its offices are located in the
building of the
International Acceptance Bank at 52 Cedar
Street. The
trust company has been formed to
render banking and
trust services supplementary to, but
outside the scope of,
the activities of the International
Acceptance Bank itself,
and to take an active part in the
field of investment
securities. All of the officers and
directors of the trust
company are directly associated
with the International
Acceptance Bank. Paul M. Warburg,
Chairman of the
Board of the International Acceptance
Bank, heads the
Board of the trust company, and F.
Abbot Goodhue, President of the International Acceptance
Bank, is also President of the trust company.
ITEMS ABOUT BANKS, TRUST COMPA
NIES, &C.
The New York Stock Exchange
membership of Carroll &
Bayne was reported posted for transfer
this week to John A.
Salter, the consideration being stated as
$145,000. The last
preceding sale was for $150,000.
The members of the New York Cotton
Exchange have
voted to close the Exchange on Good Friday
and Holy Saturday, April 2 and April 3.
Gates W. McGarrah, Chairman of.the Board
of the Mechanics & Metals National Bank, has gone
abroad in connection with his duties as Reichsbank directo
r.
The return from California of Benjamin Strong
, Governor
of the Federal Reserve Bank of New York, is announ
ced.
The Guaranty Co. of New York announces that William
H. Hamilton, who was recently appointed an Assistant VicePresident, is now associated with the Buying Department
of the company's main office. Mr. Hamilton was for several years an Assistant Vice-President at the Fifth Avenue
office of the Guaranty Trust Co.
[VOL. 122.
Effective Feb. 25, the Cosmopolitan Bank of
New York
has increased its capital to the extent
of $200,000, or from
$400,000 to $600,000. Stockholders of
record of Feb. 15
1926 were granted the privilege of subscr
ibing for one share
of the new stock at $160 per share for
each two shares of
stock held. The subscriptions to the new
stock were payable on Feb. 25. The increase in capital
was authorized by
the stockholders on Jan. 12.
The Corn Exchange Bank of New York
announces the
election of C. W. Nichols as a director
of the bank. Mr.
Nichols is President of the Nichols Copper
Co.
At a meeting this week of the directors
of the Chase
National Bank of the City of New York
Vernon P. Baker
was made Assistant Cashier.
The Manufacturers Trust Co. announces
that it has contracted to purchase the Manhattan Life
Building at 66
Broadway, running through to New Street,
between Wall
Street and Exchange Place. On the expiration
of leases
the company plans to remodel the ground floor
for its own
main banking office and to use the present headqu
arters of
the Manhattan Life Insurance Co. on the sixth, sevent
h and
eighth floors for its executive offices and special depart
ments. The building was erected in 1895, is 17 stories high
on Broadway and 18 stories on New Street, and occupi
es a
plot 92 ft. 11 in. x 117 ft. 2 in. x 90 ft. x 124 ft. The buildi
ng
on Broadway is midway between the offices of the Centra
l
Union Trust Co. and the Irving Bank-Columbia Trust
Co.,
is directly opposite the Chase National Bank, and on New
Street opposite the New York Stock Exchange.
Announcement was made on March 10 by the Irving BankColumbia Trust Co. of the appointment of Jack Straus, Executive Vice-President of R. H. Macy & Co., Inc., to membership on the Advisory Board of the company's Fifth Avenue office, at Fifth Avenue and 34th Street. The trust
company also made known yesterday (March 12) the
appointment of Raymond H. Reiss, Treasurer of the Intern
ational
Tailoring Co., to membership on the Advisory Board
of the
company's Eighth Street office, Broadway at Eighth
Street.
In reporting on March 10 additional details of
the plan
whereby the National City Bank will take over
the People's
Trust Co. of Brooklyn, as contained in the letter
of the trust
company to its stockholders. the New York "Time
s" says:
The letter discloses that the National City Compan
y, acting for the
National City Bank, is not obliged to purchase
any of the stock unless a
total of 13,334 shares are deposited on or before
April 1. The exact purchase
price will depend on the determined asset value
of the People's Trust
Company as of Feb. 27. The price will be increase
d or reduced as the asset
value is found, on appraisal, to be more or less
than $560 a share. If less
than 13,334 shares of stock are deposited, the Nationa
l City has the right
to purchase all, but not less than all, of the stock so
deposited.
In his letter to the stockholders Charles L. Schenck
, acting President of
the People's Trust Company. says:
"As the price offered includes a liberal allowan
ce for good-will over and
above the asset value of the stock, your director
s have approved the offer
and intend to accept it for their individual holdings
and recommend to all
other stockholders to do likewise."
The full purchase price will be payable in ca.h on April
5, unless appraisal
of the asset value shall not have been completed by that
time, in which case
$750 In cash and the balance in accordance with the final appraisa
l.
The expected asset value of the stock of $560 a share
is larger than the
apparent book value, which is given at $391 a share,
according to the latest
published report. The difference indicates the extent
of hidden values,
such as the undervaluation of real estate and similar items.
Announcement of the offer of the National City Bank
for
the purchase of control of the People's Trust Co. of Brooklyn
at approximately $835 a share was made in these columns
last week, page 1264. From the Brooklyn "Eagle" of
March 9 we take the following:
Further details of the bidding for control of the Peoples Trust Compan
y,
largest of the financial institutions operating solely in this borough
, have
come to light. The Bank of the Manhattan Company which has
a large
chain of branches in Queens County and a number of branches in
Brooklyn,
offered to exchange three shares of its stock for each share of
Peoples Trust
stock. One of the largest of the Brooklyn trust companies
submitted the
low bid of $79 a share for goodwill over and above the asset
value of the .
bank. Practically every financial institution in Brooklyn and
a number of
Manhattan institutions were bidders for the property,
and the offer of the
National City Bank was accepted as the highest
and generally most
favorable.
Although there may be some adjustment of the tentativ
e price of $835 a
share offered by the National City Bank, based on
definitely ascertained
asset values, very large profits will be received by various
Brooklyn people.
The Campbell estate will receive approximately $1,000,0
00. Another estate
will receive about $800,000 and a third approximately
$500,000. Some of
this stock was purchased at prices under parity, and
very little of it was
acquired at prices higher than the $200 price set
on additional stock sold
to increase capitalization. •
The Guaranty Company of New York announces the appointment of F. H. Dyckman as Assistant Manager of its
MAR. 13 1926.]
THE CHRONICLE
1411
The Century Trust Co. of Baltimore, Md., plans to inLondon office. Mr. Dyckman until recently had been assoits capital from $500,000 to $1,000,000. At a meeting
crease
York.
ciated with the company's main office in New
on Feb. 13 the directors took steps to this end, and the stockThe Irving Bank-Columbia Trust Co. of New York an- holders met on March 11 to ratify the plans. The stock (par
nounced on March 6 the appointment of Wilson Hatch value $50) will be offered to stockholders at $150, the surTucker, Treasurer of the Peerless Plush Manufacturing Co. plus being thereby increased from $600,000 to $1,600,000.
and a director of Lord & Taylor, as a member of the Ad- An increase in the dividend rate from 12%, or $6 a share,
visory Board of the company's Fifth Avenue office, at Fifth per annum, to 16%, or $8 a share, is announced as the policy
justify it. StockAvenue and 34th Street.
of the board in the future, should earnings
to subscribe
right
the
have
will
16
March
holders of record
The board of trustees of the Brookly Trust Co. has recompresent holdings,
for the new stock in proportion to their
mended to the stockholders an increase in the capital stock
assigning their subscripbut will not have the privilege of
of $500,000, raising it from $1,500,000 to $2,000,000. The
will be issued after
stock
new
tion rights. One-half of the
new stock will be offered pro rata to the stockholders at
Subscription rights
5.
July
after
half
other
the
and
5
April
$200 a share. The current quotation of the stock is $860
5 and the April
April
by
exercised
for both issues must be
bid, $880 asked. The stockholders will meet on March 22
have the option
Issue paid for in full. But subscribers will
to ratify the plans. The increased capital will become effecApril 5, with a
before
full
in
issue
July
of paying for the
tive May 1.
s payable
dividend
of
lieu
compensating interest allowance in
5, with a
April
before
share
a
$15
of
payment
of
The movement to organize the Lafayette National Bank of July 1, or
d
Blackfor
Frank
date.
the issue
Brooklyn, N. Y., which has been under way for some months final payment before
s Fisher & Sons,
Harmanu
of
firm
the
of
member
a
has finally reached fulfillment, the Comptroller of the Adams,
of the trust company at the directors'
Currency having granted a charter for the new institution, was elected a director
13.
Feb.
on
meeting
and the bank's opening is planned for March 29. The bank
will be established with a capital of $200,000. It has secured quarters at 69 Lafayette Avenue, and holds a longterm lease on the adjoining built at 67 Lafayette Avenue.
George S. Horton, President of Bulkley & Horton Co., real
estate dealers, has been chosen President of the bank. He
is Treasurer of the Multiple Listing Bureau of the Brooklyn Real Estate Board and is a regional Vice-President of
the Long Island Real Estate Board. Other officers of the
bank will be Percy J. Smith, formerly with the Midwood
Trust Co., George F. Driscoll, President George F. Driscoll
Co., builders, both of whom will serve the bank as VicePresidents. H. Howard Wyatt, formerly with the Flatbush
State Bank, will be Cashier of the Lafayette National
Bank. The bank's stock, in shares of $100, will be disposed
of at $140.
Bank of
The stockholders of the District National
to increase
Washington, D.C., ratified on Feb. 17,a proposal
00. Under the
the capital stock from $550,000 to $1,000,0
given the right
are
ers
stockhold
plan proposed, the existing
$175 a share.
to subscribe for 50% of their present holdings at
than the
others
to
ed
distribut
be
will
issue
new
A part of the
by the
ed
determin
be
to
price
present stockholders at a
Harper indicated
directors. Several months ago, President
the capital, and
that plans were under way to enlarge
in our issue of
appeared
reference to his announcement
of the new stock
delivery
actual
The
313.
page
on
16,
Jan.
will take place as of April 1.
James B. Ackerson has been elected President of the Passaic National Bank & Trust Co., of Passaic, N. J., to succeed the late Richard J. Scoles, whose death was referred
to in our issue of Feb. 13, page 846. Mr. Ackerson had been
Vice-President of the institution for several years.
J. T. Ebert, former Vice-President of the Norristown-Penn
Trust Co., Norristown, Pa., and Walter R. Moyer, former
Secretary and Assistant Treasurer of the same institution
(against whom charges of embezzlement of the bank's funds
were brought last fall as noted in these columns in our issues
of Nov. 7 and Nov. 28 last), were sentenced in Norristown
by Judge Williams on Feb. 27 to serve from five to ten years
and from seven to fourteen years, respectively, in the Montgomery County Prison, according to a special dispatch from
Norristown on that date to the Philadelphia "Ledger." Sentence followed pleas of "guilty" by both defendants. On
Feb. 5 Ebert entered a plea of "guilty" to embezzlement of
the bank's funds and at the same time made full restitution,
turning over a check for $32,141 to Henry I. Fox, solicitor
of the Norristown-Penn Trust Co.; while Moyer pleaded
"guilty" on Feb. 17 to embezzlements aggregating $184,448.
The latter stated through his counsel, it is said, that he was
unable to repay any part of the amount of his peculation&
The Philadelphia-Girard National Bank, the institution
which will result from the proposed amalgamation of the
Philadelphia National Bank and the Girard National Bank,
will begin business on April 1 and will open a central city
office about April 15, according to yesterday's (March 12)
Philadelphia "Ledger." The "Ledger" in this regard went
on to say:
A lease has been taken on the premises 1416-1418 South Penn Square,
now occupied by the central-city office of the Fourth Street National Bank.
The latter institution and the Franklin National Bank will merge April 1
under the name of the Franklin-Fourth Street National Bank, with its
main office in the Franklin National Bank's present quarters, Chestnut
street west of Broad, and a downtown office in 4th street above Walnut.
The lease on the Penn Square property has been taken under the name of
the Philadelphia National Bank, which several years prior to the merger
plan announcement had received permission from the Comptroller of the
Currency to establish additional offices in the vicinity of Broad and Chestnut
streets and in the Kensington district. The main office of the PhiladelphiaGirard National Bank will be in the present home of the Philadelphia
National Bank, 421 Chestnut Street.
Washington,
Directors of the Riggs National Bank of
on an annual divibank
the
place
to
voted
8
Mar.
on
C.,
D.
October, according
dend basis of 15%, payable in April and
followed closely
This
9.
to the Washington "Post" of Mar.
account, making
surplus
bank's
the
in
increase
$250,000
the
"Post" said:
that item $1,500,000. Continuing, the V. Fleming, President.
Robert
In recommending this action to the board, is showing a healthy growth
pointed out that the business of the institution
figures for earnings, income,
and that substantial increases over all 1925 dividend rate to 15%•
in
deposits and resources, justified the increase
the annual aggregate dividend
Prior to recapitalization on Oct. 15 1923,
of 31,000.000, but in 1924 a
payments were $260.000, or 26% on a capital
capitalization of $2,500,000 with
a
on
paid
was
13%
of
dividend
regular
or $90,000 more than prior
an extra dividend of 1% aggregating $350,000,
to recapitalization.
dividend of 13% was paid
In the year ended Dec. 31 1925, a regular
a similar dividend in October.
with an extra dividend of 1% in April and
before change in capital
aggregating $375,000, or $115,000 more than
structure.
the growth of the four branch
A feature of the report to the directors was
deposits of the branches in
offices of the bank, figures showing that total
in February last this item
business
of
close
the
at
while
3450.000,
were
1922
of the bank on Dec.31
had grown to more than $5,000,000. Total deposits
ofapproximately $4,000,000.
1925 were 336,129,692 19 with a gain since then
elected Trust
At the same meeting Kenneth J. Brooks was
his banking
began
Brooks
Mr.
on.
instituti
Officer of the
on
Washingt
of
Co.
Trust
career with the American Security &
the various
through
up
worked
and
runner
a
as
1909
in July
trust department
department,being transferred to the bank's
studies and his adin 1912. Upon completion of his law
elected an assistant
mission to practice in the District, he was
in July 1925,
Trust Officer in 1918. Resigning his position
in the local
Co.,
&
Read
Dillon,
with
d
associate
he became
the Riggs
of
staff
the
joined
investment security field and
t of the
Presiden
Corby,
W.
Karl
last.
1,
Jan.
in
National
tal
Continen
the
of
ident
Vice-Pres
Corby Baking Co. and
director
Baking Co. (the parent organization) was elected a
many
to succeed his father, the late Charles I. Corby, for
years a member of the directorate.
A large oil painting of J. C. Sanders, Vice-President of the
Union Trust Company, Cleveland, and Manager of its
Woodland-55th Office, was presented to Mr. Sanders
recently by a deputation of merchants of the Woodland-55th
district, in which his office is located. The presentation
speech was made by Mr. Edward Goldberg. The portrait
will be hung in the Woodland Bank Office of the company.
Carl Nyquist, Vice-President and Secretary and TreasWe referred to the proposed consolidation of these urer of the Chicago Rock Island & Pacific Railway, has been
important Philadelphia Banks in the "Chronicle" of Feb. 27, elected a director of the Foreman National Bank and the
page 1127.
Foreman Trust & Savings Bank of Chicago, according to a
1412
THE CHRONICLE
[Vol,. 122.
press dispatch from that city appearing in the "Wall Street nection, becoming Vice-President of
the Bank of America. Mr. Larson will
also be elected a director of the Bank of America at the next regular board
Journal" of March 9.
Failure of a small Minnesota bank, the Farmers' & Merchants' State Bank of Cokato, was reported in the following
Associated Press dispatch from St. Paul on March 10, which
appeared in the New York "Times" of the following day:
The Farmers and Merchants Bank of Cokato, with deposits of about
$500.000, was closed today, the Commissioner of Banks announced, due to
depleted reserves.
Failure of the Farmers' Exchange Bank of Gallatin, Mo.,
is reported in the following press dispatch from Jefferson
City, Mo., which appeared in the "Wall Street Journal" of
March 5:
meeting, it was stated.
The Bank of America maintains a branch in Huntington Park, which
was formerly the Huntington Park State Bank, and whose deposits have
grown to an amount in excess of $500,000. The branch is managed by
Jack Woods, Chairman of the Advisory Board, and S. R. Krom, Manager.
It is the plan of the Americommercial Corporation officials to select a
suitable location and build a modern banking structure in keeping with the
added banking business which will be cared for by the Bank of America,
and appropriate to the enlarged commercial development which Huntington Park is enjoying.
The Americommercial Corporation, controlling the Commercial National
Trust & Savings Bank, the Bank of America and the Liberty Bank,
the
latter with head offices in San Francisco, is now operating
61 banking
offices, with combined resources in excess of $80,000,000.
On March 15, the Bank of Italy, upon conclusion of
payment for $2,500,000 additional stock, which was offered
to shareholders in 1924 at $225 a share, will have a paid-in
capital of $20,000,000 and a paid-in surplus of $10,700,000,
A dispatch from Phoenix,
-Ariz., on Feb. 23 to the Los or a combined paid-in capital and surplus of $30,700,000
,
Angeles "Times" stated that L. I. Chorpening of San Fran- according to the San Francisco
"Chronicle" of March 5.
cisco, a national bank examiner, had accepted election as
A very satisfactory annual report was recently submitted
active Vice-President of the National Bank of Arizona of
Phoenix and would assume his new duties on March 1. The to its shareholders by the Standard Bank of Canada, the
National Bank of Arizona, the dispatch went on to say, is head office of which is in Toronto. The statement covers
the oldest financial institution in Phoenix, founded in 1879 the fiscal year ended Jan. 31 1926 and shows net profits,
as a branch of the Bank of Arizona, at Prescott, and first after deducting expenses, interest accrued on deposits, reoperated under the name of M. W. Kales & Co. Thomas bate for Interest on unmatured bills, Provincial taxes and
Armstrong Jr. is President of the institution.
making provision for bad and doubtful debts, of $773,824.
To this was added $151,110, representing the previous year's
Louis Rathje, President
of the Chicago City Bank and balance to profit and loss, making
the sum of $924,934 availTrust Company died on Feb. 10. Mr. Rathje had held the able
for distribution. This amount was appropriated as
Presidency of the institution since 1893 at which time it was
follows: $578,808 to pay four quarterly dividends at the
founded. Be was 70 years old.
rate of 12% per annum; $48,234 to take care of war tax on
Consummation of the proposed consolidation of the State note circulation; $55,000 reserved for Dominion Income tax,
& City Bank & Trust Co. of Richmond and the Planters and $35,000 contributed to officers' pension fund, leaving a
National Bank of that city took place on March 1, when balance of $207,892 to be carried forward to the succeeding
the resulting institution, the State-Planters Bank & Trust year's profit and loss account. Total resources of the instiCo., began business. The new bank is capitalized at $2,500,- tution as of Jan. 30 were $86,559,055, of which $41,448,855
000, with combined surplus, undivided profits and reserves were liquid assets. Total deposits on the same date were
of the same amount, and total resources of approximately $68,432,044. The bank's paid-up capital is $4,823,400 and
$45,000,000. Julien H. Hill heads the new bank, while the its reserve fund $2,900,000. A. F. White is President of the
Executive Managers are President Hill, W. Meade Addison Standard Bank of Canada and N. L. McLeod General Manand Thomas B. McAdams. All are prominent in Richmond's ager.
banking circles. The State & City Bank & Trust Go. and
the Planters National Bank were two of the oldest and
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
largest financial institutions in Richmond. The first named
The stock market this week has shown an improving
was originally chartered as the State Bank of Virginia in tendency.
The tone has been stronger and prices have as
1870, but, owing to various mergers and absorptions during a general rule moved
forward to higher levels. Motor shares
the past half century, known at the time of the present and specialties were
in strong demand during the forepart
merger as the State & City Bank & Trust Co. The Planters of the week,
followed later by renewed interest in railroad
National was organized in 1865 and had as its first Presi- stock and oil
issues. The outstanding features of the week
dent S. C. Robinson, who was succeeded in 1868 by William were the official announceme
nt that arrangements had been
H. Macfarland, who, oddly enough, became the first Presi- completed for the
absorption of Railway Steel Spring by
dent of the old State Bank of Virginia, thus figuring in the American Locomotive,
and the statement of unfilled orders
early history of both of the merged institutions. Reference of the United States Steel
Corporation showing, on Feb. 28th
was made to the proposed union of the institutions in these a further decrease during
the month of 265,917 tons in the
pages in the "Chronicle" of Jan. 30 last.
unfilled orders on the books of the subsidiary companies.
According to the Bulletin of the Comptroller of the The market was erratic and somewhat confused during the
Currency, the South Carolina National Bank of Charleston, short session on Saturday, price movements alternating beS. C., (the institution formed by the consolida- tween strength and weakness all through the day. Railroad
tion of the Bank of Charleston, N. B. A.; the Norwood shares were the outstanding features of the trading, Nickel
National Bank, Norwood, S. C., and the Carolina National Plate (new common) moving vigorously upward followed by
Bank of Columbia, S. C., referred to in our issue of March 6, Chesapeake & Ohio and Pere Marquette. Industrial stocks
(page 1267) is capitalized at $1,100,000. The consolidated were irregular, most of the active leaders recording a net
association has a main office and five branches, three of the loss in the final hour. Baldwin Locomotive was one of the
branches being located in Charleston, one branch in Colum- weakest stocks and United States Steel common fell off more
than a point.
bia, S. C., and one branch in Greenville, S. C.
Price movements were irregular during the forenoon on
The following in regard to t- he acquisition of the National Monday and sharp declines were recorded by many of the
Bank of Huntington Park, Cal., by the Amerlcommercial more active speculative stocks, in some instances reaching
Corporation of Los Angeles (noted in the "Chronicle" of as high as 10 points. Motor stocks and high prices specialties
•
Feb. 27, page 1128) appeared in the Los Angeles "Times" of. were the centre of interest, Hudson Motors moving sharply
Feb. 25:
downward 3 points, but later regained all its losses and
Acquisition of the National Bank of Huntington Park, founded in 1906, closed
1 point up. Railroad shares also were in demand,
and with resources now in excess of $2,800,000, by the Americonrmercial
Corporation was announced yesterday (Feb. 24) from the joint offices of Pere Marquette selling down to 8134 and again moving
L. M. MacDonald, President of the corporation, and Orra E. Monnette, upward to 85. United States Cast Iron Pipe & Foundry
President of the Bank of America. Contingent upon the approval of the moved down to
1683/ but later again shot upward to 175.
State Superintendent of Banks, the National Bank of Huntington Park will
be combined with the branch of the Bank of America now located in that The trend of the market was uneven on Tuesday, though
city.
trading quieted down considerably. As the day advanced
The National Bank of Huntington Park was founded as the Bank of the market
turned upward and numerous substantial gains
Huntington Park. It grew from a capitalization of $25,000 to a present
invested capital, surplus and undivided profits in excess of $260,000. The were recorded at the close. The last hour brought considerbank was nationalized in 1921, at which time, and again three years later, able demand for oil stocks, Phillips
Petroleum moving up
additional subscriptions were made to the capital. A stock dividend of
to 46, closely followed by General Petroleum and Inde100% was declared in 1924.
For the last six years the National Bank of Huntington Park has been pendent Oil & Gas. United States Rubber rallied nearly
under the management of O. A. Larson, its President, who retains his con- 2 points and Fisk Rubber did equally well. Some
of the
One of the largest banks in northwest Missouri, the Farmers' Exchange
Bank of Gallatin with total resources of $925,000, has closed its doors.
It is the sixth bank since Jan. 1 to close and the largest to fail in many
months.
railroad shares improved, Delaware & Hudson going forward
about 9 points and Atlantic Coast Line improving 5 points.
The list of strong strocks inpluded American Can with a rise
of 5 points and American Car & Foundry with a rise of
2 points. The market again moved upward on Wednesday
with railroad shares in the foreground, surging sharply upward on the announcement that the directors of Pere Marquette had increased the dividend on that stock from 4 to
6%. Substantial advances were recorded by New York
Central, Chesapeake & Ohio, Rock Island, Atlantic Coast
Line and Erie common. United States Rubber made a
further gain of 3 points and B. F. Goodnch registered a
2 point advance. Mack Trucks, du Pont, American Can
and Allied Chemical also improved.
Under the leadership of rail and oil shares the market
again moved upward on Thursday, advances in the more
important railroad issues ranging from 2 to 10 or more points.
The strong stocks of the group included Norfolk & Western,
Chesapeake & Ohio, New York Central, and Baltimore &
Ohio. Substantial advances were recorded by a number of
high-priced industrial stocks like Americna Can, Allied Chemical, General Electric (old stock) and du Pont. Railroad
shares continued to lead the forward movement on Friday,
interest centring especially around Chesapeake & Ohio', which
moved upward more than 2 points to a new high record for
the year at 135%. Delaware & Hudson, Pere Marquette
and Baltimore & Ohio were also in strong demand at improving prices. Oil shares, particularly General Petroleum, were
in the foreground and registered substantial gains. The list
of strong stocks included many active speculative issues, such
as Sears-Roebuck, International Telephone & Telegraph,
General Asphalt, United States Cast Iron Pipe & Foundry,
Pierce Arrow preferred and American Snuff. The final tone
was good.
from 615 to 650. General Baking class A, after early loss
from 623/i to 603., advanced to 663 and closed to-day at
% to 155 and
663/8. Glen Alden Coal weakened from 1563
8 . Southern Dairies class A rose from
recovered to 159%
48 to 513/i and sold finally at 50. Oils were quiet. Humble
Oil & Refining declined from 86 to 823/2, sold up to 903jand
finished to-day at 883j. Illinois Pipe Line advanced from
1363' to 144 and sold to-day at 143. Ohio Oil gained over
four points to 64% and closed to-day at 64. Standard Oil
(Ky.) eased off from 1193
% to 118 and sold up to 1223'.
%.
Vacuum Oil improved from 983 to 1023
A complete record of Curb Market transactions for the
weelewill be found on page 1441.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY.
United
States
Bonds.
State.
Municipal &
Foreign Bonds
Railroad,
&c.,
Bonds.
Stocks.
Number of
Shares.
Week Ended Mar. 12.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
876,000
1.577,715
1,265,382
1,603,813
1,791,298
1,580,300
$4,016,000
5,787.000
4.887,500
7.166.550
8,006,000
8.160,000
$1,163,000
1,783,000
2,221,500
1,677,000
1.780,500
2,070,000
$992,000
1,570.250
1,141,400
842,100
391,800
1,461,000
Total
8,694.508
$38,023,050
810,695.000
56.398,550
Sales at
New York Stuck
Exchange.
Week Ended Mar. 12
Stocks-No. shares._ _
Bonds
Government bonds_.
State dr foreign bonds_
Railroad & misc. bonds
Total bonds
'
Jan. 1 to Mar. 12.
1926.
1925.
1926.
1925.
8,694,508
8,151,270
97,979.846
91,154,179
$6,398,550
10,695,000
38,023,050
87,759.500
11,063,500
56,254,500
$60.778,250
123,866,350
474,650.050
$90,170,150
131,748.700
624,629.000
$55.116,600 875,077.500
$659,294.650
$846,547,850
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston
Week Ended
Mar.
.12 1928.
Philadelphia.
&himore.
Shares. BondSales. Shares. Fond Sales. Shares. BondSales
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
13,535
19,632
19,663
17,247
38,091
30,188
Total
138,356
189,533
Pres, week revised
1413
THE CHRONICLE
MAR. 13 1926.)
516,000
10,000
11,000
24,200
11,050
12,000
20,401
42,593
31,044
28,170
50.614
22,961
$24,000
15,100
48.100
40,100
15,800
20.000
$84,250
195,783
$301.250
408.098
3,905
3,321
5,974
3,260
4,396
2,488
$23,600
12,500
147,600
35.600
47,000
52,000
$163,100
23.344
$318,300
8333.650
24042
811.400
THE CURB MARKET.
Curb Market trading was comparatively quiet this week
and, while for a short period at the opening prices receded
somewhat, there was a steady improvement the rest of
the week. Public utilities were prominent. American Gas
& Electric common after a decline from 803
4 to 743' sold
up to 80 and closed to-day at 79. American Light & Traction common eased off at first from 220 to 202, rose to 222
and finished to-day at 218. Amer. Power & Light common fell from 613I to 55, recovered to 60%, and ends the
week at 59. Middle West Utilities common, after early loss
from 1163 to 1133 sold up to 1223,reacting finally to 119.
Northern States Power fell at the opening from 112% to 107,
moved up to 113% and sold finally at 112. United Gas
Improvement weakened from 1003 to 96, sold up to 104%
3
8. United Light & Power class A
/
and reacted finally to 1015
common broke from 88 to 70, then ran up to 90, the close
to-day being at 85%. Industrials were dull. American
Cyanamid class B sold up from 41% to 443, with the final
transactions at 443. Continental Baking class A moved
up from 107 to 1113/s. Ford Motor of Canada advanced
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
•_
BONDS(Par VOW.
STOCKS(No. Shares).
Week Ended Mar. 12.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
DomestU. For'n Goo!.
Alining.
Oil
ind &MG
233,700
316,630
212,620
169,000
273,200
118,500
69,700
114,860
85,130
112,550
147.565
102,600
1,322.650
632.405
$921,000
893,000
1,222,000
1,175,000
1,083.000
1,160,000
E84,000
172-.000
155.000
131,000
171,000
157,000
318,840 $6,454.000
$870.000
21,600
44,510
62,250
43,450
47,130
99,900
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Afar. 6. Mar. 8. Mar.9. Mar.10. Mar.11. Mar.12.
London,
Wed. Thurs. Fri.
Tun.
Mon.
Sat.
Week Ended Mar. 12307-16 30 5-16
309-16 3034
d
30 5-16 3034
Silver per on
84.11
84.11
84.11
84.1034 84.1034 84.11
Gold, per fine ounce
5434
5434
54%
5434
5434
Consols, 234 per cents
10134
10134
10134
10114
10134
British, 5 per cents
9534
9534
95%
9534
9534
British, 434 per cents
49.60
49.40
49.05
48.90
48.50
French Rentes (in Paris), fr_ ---57.85
57.20
57.10
58.55
56.50
French War Loan(inParis),fr. _-_
The price of silver in New York on the same day has been:
Silver in New York, per oz. (eta.):
6534
Foreign
66
6634
66
eeii
66
COURSE OF BANK CLEARINGS.
Bank clearings the present week will show a satisfactory
increase as compared with the corresponding week last year.
Preliminary figures compiled by us, based upon telegraphic
advices from the chief cities of the country, indicate that for
the week ending to-day (Saturday, March 13), bank exchanges for all the cities of the United States from whichiit
is possible to obtain weekly returns will aggregate 6.7% more
than in the corresponding week last year. The total stands
at $10,016,687,607, against $9,384,630,311 for the same week
in 1925. At this centre there is an increase for the five days
of 10.6%. Our comparative summary for the week is as follows:
Cleansgo-Returns by Telegraph.
Week Ended March 13.
1926,
1925.
Per
Cent,
Total 13 cities, 5 days
Other cities, 5 days
$4,311,983,790 +10.6
-7.2
584,901,415
442,000,000 11-1-0.9
+7.7
326,000,000
-3.4
117,520,840
-2.4
126.200.000
+4.2
141.1c1.000
13.3.852,006 +10.6
+6.4
133 056.5Z0
+9.8
118.792,692
-2.7
88,923.954
+3.1
8'5.426,417
-2.5
58,795.839
+7.3
$7,155,745,043 56.669,624.497
+13.6
1,018.748,575
1,191,494,630
Total all cities, 5 days
All cities. 1 day
$8.347,239,673
1,669,447.934
$7.718.373,072
1,666,257,239
+8.1
+0.2
Clamp rolstiv,
SO RIZA ARn .211
-LA 7
New York
Chicago
Philadelphia
Boston
Kansas City
St. holds
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
'"---• -" -".-- •
$4.779,000,000
542,825,032
446,000,000
351,000,000
113,523,911
123.200.000
147,198.000
147,988.000
141,629,747
130,401.412
86.526,326
89,091,421
57,361,194
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all eases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the previous week-the week ended March 6. For
that week there is an increase of 15.1%,the 1926 aggregate of
the clearings being $12,011,160,960 and the 1925 aggregate
$10,430,466,226. Outside of New York City the increase is
10.9%, the bank exchanges at this centre recording a gain of
18.2%. We group the cities now according to the Federal
Reserve districts in which they are located, and from this
it appears that in the Boston Reserve district there is an improvement of 12.4%, in the New York Reserve District (including this city) of 18.2% and in the Philadelphia Reserve
District of 14.8%. In the Cleveland Reserve District the
1414
THE CHRONICLE
totals are larger by 9.1%, in the Richmond Reserve District
by 20.5% and in the Atlanta Reserve District by 13.6%.
The Minneapolis Reserve District, however, has a loss of
8.0%, the Kansas City Teserve District of 3.3% and the
Dallas Reserve District of 1.7%. In the Chicago Reserve
District there is a gain of 16.4%, in the St. Louis Reserve
%District of 4.0% and in the San Francisco Reserve District
'of 10.6%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended March 6.
1926.
1925.
Federal Reserve Districts.
II
$
let Boston
12 cities 531,283,686 474,388,181
2nd New York
11 " 1,333,831.886 6,203,213,095
3rd Philadelphia
10 "
711.365,179 619,588,495
4th Cleveland
8 ••
417,478,239 382.740,377
5th Richmond
6 232.585,027 210,363,243
6th Atlanta
13 "
288,283.235 236.227,981
7th Chicago
20 " 1,173,667,127 1,008,053,793
8 "
8th St Louis
245,792,051 236,234,735
0th Minneapolis
7 . 130,849,278 142,202,509
(015 Kalnlail aty
12 "
269,410 183 294,066,992
11th Dallas
78,772,514
80,092.479
5 "
12th San Francisco_
600,862,538 593,298,400
17 "
Grand total
Outside New York
Crtnntla
129 cities
City
20
'
,MPS
Ine.or
Dec.
1924.
i523.
%
s
$
+12.4 482,953,779 398.823,440
+18,24.642,097,035 4,440,363,118
+14.8 498,002,583 472,444,986
+9.1 353,823,023 344,490 4133
+20.5 190.583,514 189,207,555
+13.6 185.788,563 188,030,407
+16.4 872,659,374 884,142,269
+4.0 212,670,865
76,257,929
-8.0 121,931,798 114,678,478
-3.3 246,541.093 268,302,142
-1.7
68,203,093
61 789.450
+10.8 474,313,629 410,674,690
12011160,950 10930163,226 +15.1 8,348,538.299 7.844,234,947
4,821,288.552 4,347,167,259 +10.93,803.312,028 3,493,023.694
110 can
776 201 AAA 121 -1.1ft 0 '411 on 7.1 trwl qt. trx
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending March 6.
Ckarings at1926.
1925.
First Federal Reserve Dist rict-Boston
Maine-Bangor 775,357
698,276
Portland
4.462.432
3,510.645
Mass.- Boston _ _ 470.000,000 417,000,000
Fall River.._ _
2.290,056
2,603,196
Holyoke
a
a
Lowell
977,788
1,231,788
Lynn
a
a
New Bedford_ _
1.285,657
1,653,787
6,477,972
Springfield _ _ _ _
6.156,238
Worcester
3,740,235
5,042,278
19,992,467
Conn.-Hartford.
13,593.697
9,018.558
8,647.140
New Haven_ _ _
13,461,000
R.I.-Providence
14,341,960
782,166
Manchester._
907,236
Total(12 cities)
533,263,686
Inc. or
Dec.
1924.
1923.
+11.0
+27.1
+12.7
-12.0
a
-20.6
a
-22.3
+5.2
-7.5
+47.1
+4.3
-6.1
-13.8
786.399
3,132,894
433,000,000
2,235,708
a
1,140,308
a
1,279.088
5,193.508
3,678.000
13.137,258
7,058,902
11,401,200
912,514
597,118
2,728,937
355,000.000
1,890.657
a
1.215,494
a
1,396,595
5,002,226
3,577,000
10,216,065
5,535,421
10,764.700
889,227
474.386.181 +12.4
482,953,779
398.823.440
Second Feder al Reserve D 'strict-New
6,994,973
7,027,081
N. Y.-Albany.
1.163.300
1,198.700
Binghamton_ _ _
d61.619.079
49,840.276
Buffalo
1.016,477
972,121
Elmira
c1,788.906
1,807.084
Jamestown _ _ _
New York_ _ _ _ 7.189,872.398 6.083.297.961
14.647.475
12.906,304
Rochester
6.480.985
5,926,553
Syracuse
c3,522.829
3,778,041
Conn.-Stamford
1,114,106
618,955
N. J.-Montclair
45,611.358
35,840,019
Northern N. J_
York
5,302,809
-0.5
4,393.066
-3.0
1,027,800
919,800
+23.6
40.439,816
41,848,035
+4.5
835,198
633.128
-1.0
1,138,062
1.174,221
+18.2 4,525.226,271 4,351.184,253
+13.5
12,633,594
9,949,249
+9.3
5,955,825
4,625,120
-6.8
2.912,354
2,543.242
+80.0
718,130
418,706
+27.3
45,867,376
22,639,298
Total(11 cities) 7.333.831.888 6,203,213,095 +18.2 4,642,057,035 4,440,363,118
Third Federal Reserve Dist rict-Philad
Pa.-Altoona _ _ _
1,516.753
1.459,883
Bethlehem._ _
4,202,088
4,101,494
1,523.855
Chester
1,481,774
Lancaster
2.469.597
3.728,893
.
Philadelphia
678,000.000 587,000.000
4,118.604
Reading
3,421,005
6,868,728
Scranton
6.487,486
3,964,761
Wilkes-Barre..
4,378.906
1,914,116
York
1,929,263
6,786,677
N.J.-Trenton
5,599,791
a
Del.-Wilming'n.
a
elphia
+3.9
+2.4
+2.8
-33.8
+15.5
+20.4
+5.9
-9.5
-'O.S
+21.3
a
1,325,256
3.(lf2,559
1,226,477
2.790,533
469.000,000
3.296,219
6,786,035
3.663,948
1,678,873
4,293,743
a
1.332,720
3,671,192
1,281,015
3,017,980
445.000,000
3,108.414
5,644,691
3,113,350
1,328.790
4,968,834
a
619,588:495 +14.8
498,002,583
472,444,986
Fourth Feder al Reserve D strict-Clev elandd5,763.000
5,055,000 +14.0
Ohio-Akron.. _
3.734.479
4,696,893 -20.5
Canton
80.206.217
73,196,379 +9.6
Cincinnati _ _ _ _
118,992.251 111.227.054
+7.0
Cleveland
15,823,300
15,726,500 +0.6
Columbus
a
a
a
Dayton
a
a
a
Lima
1.804.282 +17.8
d2,125.575
Mansfield
a
Springfield....
a
a
a
a
a
Toledo
5,410,568
4.780,969 +13.2
Youngstown
a
a
Pa.-Erie
a
Pittsburgh.. _
185.422.849 166,253.300 +11.5
7.330,000
4,327.031
65.164,975
106,373,000
14.814,600
a
a
1.779,978
a
a
4.168,708
a
149.864,731
5.684,000
5,138,932
68.272,708
99.504.697
16,087,7W
a
a
1,816,548
a
a
3,631.157
a
144,414,741
Total(10 cities)
Total(8 cities)_
711.385,179
417,478,239
382,740,377
+9.1
353,823,023
Fifth Federal Reserve Dist rict-Richm ond1,595,368
W.Va.-Hunt'g'n
1.709,350 -6.7
10,004,331
Va.-Norfolk__ _ _
9,925.164 +0.8
57,084,000
57,661.145 -1.0
Richmond
_
d3,336,089
3,114,872 +7.1
S.C.-Charleston
Md.-Baltimore _ 131,215,437 113,190,361 +15.9
29,349,802
24.762,551 +18.5
D. C.-Wash'ton
2,023,292
8,070.792
51,252,082
2,432.404
102,710,944
24,094,000
232,585.027
210.363,243 +20.5
190.583,514
Sixth Federal Reserve Dist rict-Atlant 08,334.000
6,816.569 +22.3
Tenn.-Chstega.
3,658,896
3.500,430 +4.5
Knoxville
24,566,919
23,550.223 +4.3
Nashville
72,347,006
64,351,399 +22.4
Ga.-Atlanta _
2,455,063
3,888.368 -15.0
Augusta
1.625,778
1,915,653 -15.1
Macon
a
a
a
Savannah _ _
37,444,615
23,738,744 +57.7
19.271.378
14,343,092 +34.3
Miami
27.423,196
27,247,677 +0.6
Ala.-Birm'ham
2.514,919
2,418,818 +4.0
Mobile
1,424.000 +26.4
1,800.000
Miss.-Jackson..
541,218 -6.5
515.293
Vicksburg _ _ _
+4.5
63,491,791
06,336,222
La.-NewOrleans
5,377.139
3.261.336
21,308,221
50,884,288
2,109,000
1,423,190
a
16,299,012
4,552,531
23,935,300
2,073,251
1.279,538
418,272
53,867,485
Total(6 cities)_
Total(13 cities)
268,283.235
236.227.981 +13.6
188.788,563
Vot.. 122.
Week Ending March 6.
Clearings al1926.
1925.
Inc. or
Dec.
1924.
1923.
8
$
$
%
$
Seventh F War al Reserve D !strict-Ch icago
Mich.-Adri
320,546
367,027 -12.7
364,834
219,731
Ann Arbor..- -1,212,726
968.183 +25.2
714,771
879,133
Detroit_ _ _.--- 170,936,565 140.442,342 +11.7 130,196,953 126,261,370
Grand RapIds,
9,076.384
7,792,458 +16.5
6,367.369
6.905.366
Lansing....
2,930,000
3.416.182 -14.2
2,665,777
1.850,695
Ind.-Ft. W!pm
2.899,838
2,908,884 -0.3
2,388,013
2,297.984
Indianapol s___
24,941,000
17,401,000 +43.4
21,145,000
22,134,000
South Ben I.__
3,148,600
2,639,800 +19.3
2,804,500
2,332,500
Terre Haut
5,312,100
5,421,536 -2.0
5,375,155
Wis.-Milwa Ikea
44,893,280
46,151,235 -6.7
41,407,069
36,155,190
1owa-Ced. 1935p.
4,968,502
4.782.812 +3.8
4.192,491
3,525,163
Des Moin 1.....
18.382,447
17,692,604 -7.4
15,945,496
14,231,399
Sioux City.
8,954,877
9,561.799 -6.4
7,570,700
8,735,198
Waterloo _
1.540,203
1,947.037 -20.9
1,922,719
1,790.950
--11E-Moon:tin iton
2.905,188
3,670,443 -20.9
2.492.980
3,007,328
Chicago __
857,745,683 726,811,283 +18.0 611.967,282 643.300,946
Danville....- - a
aa
a
a
Decatur_ _ _
1.448,779
2,144,302 -32.4
1,452,500
1,550,019
Peoria
6,574,650
6.987.953 -5.9
5,221,885
6.008.005
Rockford_
3,420,166
3,414,399 +0.2
2,626,945
2,822,077
Springfield_
4,055,583
3,532,516 +14.8
2.990,814
2,981,336
Total(20 el ies) 1.173,667.127 1,008,053,753 +16.4 872.659,37. 884,142,269
Eighth Federa I Reserve[Ms trier-St.LO uisInd.-EvansvIlle.
5,583,730
6,119,034 -8.8
4,985,233
4,843,171
Mo.-St. LouIs.. 157,700,000 153,800.000 +2.5 140.700,001
Ky.-Loulsville..
39,105,378
35.103.989 +11.4
32,621,221
31,641,04'
Owensboro
584.093
509,525 +14.6
580,434
552,56,
Tenn.-Mem 751;
25,598,767
24.938,237 +2.6
24,091,891
20,272.63'
Ark.-little .ock
14,542.007
12,466,186 +16.6
11,514,258
11,717,06
111.- Jackson Tille
609.089
690,319 -11.8
510,446
519,51,
Quincy_
2,068,987
2,607,445 -20.7
1.954,446
2,424,82,
Total(8 cid t5). 245.792,051 236.234.725 +4.0 212,670,8f
Ninth Fed !ral Reserve Dis trict-M I n n estpollsMinn.-Dulu h..
d7,576,468
8.712,455 -13.0
7.270,05
Minneapoll
82,944.363
99.941.008 -9.8
71.592,3(
St. Paul...33,507,053
34,245.758 -2.2
37,108,19
No. Dak.-F irgo
1,970,861
2.232,637 -11.7
1.787,15
S. D.-Aherd !en.
1,401.180
1.647,318 -15.0
1,189.8
Mont.-B1M gs 609.340
666.132 -8.5
469,97
Helena....2.840,013
2.757,171
+3.0
20514,2
Total(7 cid is). 130.849,278 142,202.50" -8.0 121,931,7'
Tenth Fed fral Reserve DIs trict-K a n s as CityNeb.-Fremo It..
d547,333
695.757 -15.6
579.71
Hastings...-- 909.205
1,359.946 -33.2
826.0'
Lincoln_ _ _ _ -8,278,608
10,272,629 -19.4
6.948,7,
Omaha _ _ --54,109,882
53.830.495 -8.0
48.612,4!
Kan.-Topeksi _d4,192,776
3,924,316
3.763,6'
+6.8
-\ d8,452,301
Wichita _ _ - - 8,934.000 -5.4
7,963,6
Mo.-Kan. C tY. 140,600,000 145,716,047 -3.5 124,886,21
St. Joseph_
d9,550,563
11,597,634 -17.7
9,716,299
Okla.-Musk gee
a
a
a
a
Okla. City.- - 31,477,417
26,897,045 +17 0
18,439,573
Tulsa
a
a
a
a
Col.-Col. S 1gs_
1.554.347
1.277.461 +21.7
1.345,634
Denver._ _ ...
23,327,950
23.268,923 +0.2
22,509.935
Pueblo
e21,371,803
1,292,689 +6.1
1,049,101
Total(12 oftlest 284.410,183 294.066,942 -3.3
Eleventh Fsole ral Reserve District-Da ilasTexas-Austin _2.716,550
2,330.795 +16.5
Dallas
- 49.397,428
49,568,531 -0.4
Fort Worth--. d13,219,785
12,711,971
+4.0
Galveston..-._
e7.852.000
10,203.686 -23.1
Houston_ _
a
a
a
La.-Shrevep lit.
5,586.781
5,277,496
+5.9
Total(5 citl s).
78,772,544
80 092.479
Twelfth F der al Reserve D Istrict-San
Wash.-Seattie__
46,234,850
40.616,637
Spokane_ _ -.11,711,000
10,867.000
Tacoma _ _ _ - - a
a
Yakima__ _
1,489,487
1.707,290
Ore.-Portlan 1..
40,136.904
37,491,212
Utah-S. L. My
17,392.397
16.841.645
Nev.-Reno__ -- a
a
Ariz.-Phoenl
aa
Calif.-Fresno
4,035,444
3,636,586
Long Beach
7,841,847
7.675,133
Los Angeles
192.942,000 170,890,000
Oakland _ _ _
24,799,591
22,441,480
Pasadena..
7,730,510
7,944,238
Sacramento
8,923,869
9,028,575
San Diego.
6,559,148
5,617,823
San Franc CO. 221.604,000 198.778,351
San Jose_ _ _ ......
2,930.079
2,681,086
Santa Barb ra_
1.687,252
1,355,655
Santa Montcc.
2.252.447
2,072,429
Stockton......
3.041.700
3,650,300
711,257,929
5,000,060
66,892,314
38.028.788
1,878,845
1,218,412
478,214
3,182.445
114,678.478
946.840
764,771
6.286,453
54.739,515
3,961,001
11,450,948
142,830,255
a
23,770,299
a
1.768,948
20,761,564
921,548
246.541,043
268,302.142
1,636,665
39,873.297
10.833.469
8,532,679
a
5.326,983
3,101,000
34,288,605
10.372,192
9,295,567
a
4,727.088
-1.7
66,203.093
Franc isco+13.8
39.156,366
+7.8
11,055,000
a
a
-12.8
1,423.715
+7.1
35,900.650
+3.3
13.866,806
a
a
a
a
+11.0
3,814.496
+2.2
8.820,591
+12.9 151,111,000
+10.5
16.649,299
-2.7
7,360,450
-1.2
9,388,136
+16.7
4.548,698
+11.5 162,300.000
+9.3
2.263,401
+24.5
1.338.799
+8.7
2,604,622
-16.7
2.721,600
67.789,450
33,714,524
10,020,000
a
1,421,687
33,126.923
12,814,060
a
a
4,499,226
8,290,795
128,017.000
13,392,808
5,830.946
6.751,092
2,983,383
143,500.000
2,256,964
1,248,082
2,831,200
Total(17 citles) 600,862,525 543,298,400 +10.6 474,323.629 410,674,690
Grand total (129
cities)
12011160,910 10430466.226 +15.1 8.348.538,2007.844,204,947
Outside N. Y._ 4.821.238.562 4.347.167 241
:
-1-10 0 O
692 212 n961 501 090 Mid
Week Ended March 4.
Clearings at1926.
1925.
Inc. or
Dec.
104.
1923.
Canadas
$
%
$
$
118.812.713
Montreal
91.854.008 +29.3 106,056,756 100,241,980
Toronto
102,080,380
87.716.158 +16.4
95,463.014
94,790,936
Winnipeg
44.470,419
44,758,649 -0.7
41.314,304
36,047,408
16,679.801
Vancouver
14,275,913 +16.8
15,600,166
15,300,286
8,246,247
5,641,872 +10.7
6,413,652
6,998,214
344,490,483 Ottawa
7,313,942
5,735.754 +27.5
Quebec
5,191.997
4,963.289
3.031,692
2,960,802
Halifax
+2.4
2,708,925
2,906.538
4,815,620
4,408,079 +9.2
5,078,537
6,029,716
2.048,723 Hamilton
7,983,651
5,821.615 +37.1
5.864,355
4,368,608
8.690,791 Calgary
2,711,691
2,462,375 +10.1
2,463.548
2.638.433
53.454,000 St. John
1,902,477
1.866,702 +1.9
2,093,367
1,6117,519
2.087,127 Victoria
2,680,922
2,542,521
+5.4
2,740,137
2.833,553
96,469,030 London
5,916,360
4,717,307 +25.4
4,362,308
3,977,257
21,457,884 Edmonton
3,161,066
3,120.33.2
Regina
+1.3
3,207,212
3,118.498
453.541
514,821 -11.9
539,073
584.752
184,207,555 Brandon
524,968
Lethbridge
498,806 +5.2
633,729
537,969
Saskatoon
1,714,703
1,389,610 +23.4
1,726,630
1,446,642
1,080.328
1,022,106
+5.7
1,088,582
5.703,253 Moose Jaw
1,023.945
1,071,877
963.861 +11.2
911,330
927,154
3,083,185 Brantford
810.824
706,010 +14.8
19.838,684 Fort William.._ _
859,865
761,647
833,132
621,098 +34.1
591,930
512,628
54,154,299 New Westminster
Medicine
239,747
Hat...
356,989
-33.8
359,273
358,285
3,315,275
660.760
766,241 -13.8
808,215
769,276
1,634,113 Peterborough....
944,837
Sherbrooke
846.203 +11.6
a
836,786
715436
973,240
851.233 +14.3
1,083.808
9491382
13.798,317 Kitchener
3,492.359
Windsor
2.547,661 +37.1
3,364,399
3,258,958
374,674
323,065 +16.0
361,681
29,267,467 Prince Albert
385,180
903,186
563,652 +80.2
1,114,381
800,120
2,208,851 Moncton
713,630
594.880 +20.0
655,651
628,946
918,186 Kingston
335,842
Total(29 cities) 339,598,778 290.448,323 +16 9 312.242.790 300.790.825
53.723.335
a No longer report clearings. b Do not respond to requests for figures. c Week
188.030.407 ended March 3. d Week ended March 4. e Week ended
March 5. *Estimated.
MAR. 13 1926.]
1415
THE CHRONICLE
taken entirely from the daily statement of the United States
THE ENGLISH GOLD AND SILVER MARKETS.
Treasury of Feb. 27 1926.
We reprint the following from the weekly circular of
CURRENT ASSETS AND LIABILITIES.
of
date
GOLD.
Samuel Montagu dr Co. of London, written under
Liabilities$
Assets-Feb. 24 1926:
614,030,752 05 Gold etf.s. outstanding__1,696,436,819 00
GOLD.
The Bank of England gold reserve against notes on the 17th inst.amounted
Wednesto £143,344,435, as compared with £143,173,715 on the previous
day.
Besides the arrival of gold from South Africa this week-£740,000about £500,000 understood to be of Russian origin came into the market.
Of this total the Continent secured £500.000 and the Bank of England
£628,000. The balance was taken by India and the Trade.
The Durban steamer leaving on March 1st is expected to carry at least
1,800,000 to India.
The following movements of gold to and from the Bank of England have
been announced since our last issue:
Feb. 18. Feb. 19. Feb. 20. Feb. 22. Feb. 23. Feb. 24.
£628,000
Received
5,000 £228,000
Withdrawn _
£15.000 £530,000 £13,000
The destinations of the £764,000 sovereigns withdrawn were announced
as follows: £500,000 set aside on account of the South African Reserve
Bank. £223,000 to India, £31.000 to Holland and £10,000 to Ceylon.
During the week under review £163,000 on balance has been withdrawn
from the Bank, decreasing the net influx since Jan. 1 1926 to £114,000, and
increasing the net efflux since the resumption of an effective gold standard
to £11,481,000.
The United Kingdom imports and exports of bar gold during the week
ending the 17th inst. were:
ExportsImports£253.000
Russia
£25.015 Germany
29,466
British West Africa
26,665 Netherlands
40.000
British South Africa
738,349 Argentina
1,366
Other countries
3.931 Other countries
Gold coin
Gold bullion
3,710,605,168 83
3,710,605,168 83 Total
Total
81.370.804 of Treasury
Note.-Reserve against $346,681,016 of U. B. notes and secured
By silver dollars
also
are
1890
of
notes of 1890 outstanding. Treasury notes
In the Treasury.
SILVER DOLLARS.
LiabilitiesAssets456,701,894 00 Silver Wit. outstanding_ 449,974,260 00
Silver dollars
Treasury notes of 1890
1,369.304 00
outstanding
5,358,330 00
Silver dots. In gen.fund_
E323,832
Total
Total
£793,960
The following statistics (in lacs of rupees) relate to the foreign trade of
India dnring January, 1926:
22.50
Imports of merchandise on private account
35,26
Exports, including re-exports, of merchandise on private account
2,39
Net imports of gold
1,60
Net imports of silver
6
Net imports of currency notes
8,93
Total visible balance of trade in favour of India
7,96
Net balance on remittance offunds against India
Russian
According to the Frankfurter Zeitung of the 18th inst. the
gold
State Bank has sold to the German Reichsbank 8,000 kilos of fine
was
and
January
(worth say .£1,088,000). This had been sent to Berlin in
originally intended to serve as security for German drafts against exports
to Russia. These drafts having been honoured, the Russians decided to
dispose of the gold by selling it against sterling at the London price of gold.
It is understood that this pared, like preceding shipments to London.
belonged to the holdings of the Russian Treasury, not to those of the State
Bank which had merely acted as agents in the matter.
The 'Times correspondent cabled from New York under date of the 19th
inst. as follows:
"The Mexican Minister of Finance to-day issued a decree prohibiting the
export of coinable gold or gold coins, whether Mexican or foreign, under
penalty of confiscation. The export of old silver coinage is permitted by
decree on condition that within five days gold to the same value as the
exported silver will be imported for coinage. It is understood that this
decree was determined on because of heavy recent exports of gold to the
United States in payment of commercial obligations."
•
SILVER.
The market continues dull. China has both bought and sold, whilst
India has been more of a seller than a buyer. Most of the business consists
in extending bull and bear positions. Those operations have nct provoked
fluctuations in the relative prices for cash and forward deliveries, as they
have been set off more or less against each other. America seems inclined
to offer at higher prices but has been sluggish at the rate; quoted the last
two days.
The price quoted for both deliveries on the 20th inst.-30.d.-is the
lowest for cash delivery since Feb. 16 1923 and for two months' delivery
since Aug. 24 1923. This quotation remained unchanged until to-day when
inquiry from China stiffened the market, and the price for both deliveries
rose 1-164.
The United Kingdom imports and exports of silver during the week
ending the 17th inst were:
ImportsExports£89,550
United States of America.._ £116,786 Hungary
10,000
39.130 British India
Mexico
3,540
Africa
West
24,924
Other
British
countries
12,777
Other countries
Total
AssetsGold (see above)
Silver dollars (see above)
United States notes__
Federal Reserve notes._
F.11 bank notes
National bank notes_ _
Subsidiary silver coin_
Minor cola
Silver bullion
Un cla sal fle d-ColleoBons, &c
Deposits in F.It. banks_
Deposits in special depositaries -account of
sales of ctfs. of indebt.
Deposits in foreign depositaries:
To credit of Treasurer
United States
To credit of other
Govt. officers
Deposits in nat. banks:
To credit of Treasurer
United States
To credit of other
Govt. officers
Deposits In Philippine
treasury:
To credit of Treasurer
United States
456,701.89400
Total
456,701,894 00
GENERAL FUND.
Ltabiltties207,091,128 51 Treasurer's cheeks out1.420,657 39
5,358,330 00 standing
4.302.174 00 Deposits of Government
officers:
1,319,176 60
9,83 ,,658 26
180,856 00 P. 0. Department
13,955,357 50 Bd. of Trustees Postal
Sayings system5,829,537 16
5% reserve, lawful
1,715.944 28
6,576.-90 49
money
14,367,575 05
537,1,3368
Other deposits
2,233,073 63 Postmasters, clerks of
courts. disbursing <A51,011,965 51
42,615.085 50
fters, &r:
Deposits for:
Redemption of F. Tt.
257,532,000 00
notes(5% fd., gold). 160,651,71:,60
Redemp'n of nat. bk.
notes(5% fund, law28,043,9071
ful money)
99,851 26
Retirement of addi
circulating notes, Act
212,631 70
4.5650
May 30 1908
Uncollected items, ex3,765,868 63
6,866,180 84 changes, &e
21,000,353 51
Net balance
253.449,686 15
340,831,406 42
1,224,957 12
594,281.092 57
Total
594,281,092 57
Total
Note.-The amount to the credit of disbursing officers and agencies to-day was
$375955633 24. Book credits for which obligations of foreign Governments are
held by the United States amount to 833,236.629 05.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for the
retirement of outstanding national bank and Federal Reserve bank notes are paid lift
the Treasury as miscellaneous receipts. and these obligations are made under the
Acts mentioned a part of the public debt. The amount of such obligations to day
was 251.046.099 50.
$1,118,447 in Federal Reserve notes and $13,895,814 in national bank notes are
in the Treasury in process of redemption and are charges against the deposits for
the respective 5% redemption funds.
£103,090
Total
E193,617
INDIAN CURRENCY RETURNS.
(In jars of rupees.)
Jan. 31. Feb. 7. Feb. 15.
19045
19071
19118
Notes in circulation
and
India
bullion
in
8202
coin
8228
8275
Silver
Silver coin and bullion out of India
2232
2232
2232
Goba coin and bullion in India
Gold coin and bullion out of India
(Indian
Government)
5711
5711
5711
Securities
2900
2900
2900
Securities (British Government)
No silver coinage was reported during the week ending the 15th inst.
The stock in Shanghai on the 2ith inst. consisted of about 5i.700.000
ounces in sycee, 69,000,000 dollars, and 3,780 silver bars, as compared
with 49,500,000 ounces in sycee, 68,700.000 dollars, and 1,590 silver bars
on the 6th inst.
-Bar Silver, Per Oz. Std.- Bar Gold,
Per Or. Fine.
2 Mos.
Cash.
Quotations-30%cl.
84s. 11 Xd.
305.id.
Feb 18
30 Md.
84s. 11)44.
30;id.
19
30d.
84s. 1134d.
30d.
20
84s. 11)44.
305id.
30%4.
22
30;id.
845. 10d.
3050.
23
84s. 11;0.
30 11-164.
3011-164.
24
84s. 11.2d.
30.6564
30.6564
Average
The silver quotations to-day for cash and two months' delivery are the
same as fixed a week ago.
Total
Public Debt of United States-Completed Returns
Showing Net Debt as of Dec. 31 1925.
The statement of the public debt and Treasury cash holdings of the United States as officially issued Dec. 31 1925,
delayed in publication, has now been received, and as interest attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparisons with the same date in 1924.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Dec. 31 1925. Dee.31 1924.
$3328,707,933 $329,078.86?
Balance end month by daily statement, dm
Add or Deduct-Excess or deficiency of receipts over
+4,568.947
-1,569,276
or under disbursements on belated items
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
Total
8327,138.657
3324,509.920
931,076
50,440,374
60.607,622
13,604,606
$1,595,522
53,061,138
62.144,456
21,289,218
3125,583,678
$138,090,335
+3201.554,979 +3186,419,585
Balance,deficit(-)or surplus(+)
INTEREST-BEARING DEBT OUTSTANDING.
Interest Dec.311925. Dec. 31 1924.
Payable.
Tttle of Loam599.724,050
Q.-J. 599,724,050
2s, Consols of 1930
118,238,000
Q.-F.
4s, Loan of 1925
48.954,180
48.954,180
-F.
Q.
28 of 1916-1936
25,947,400
25,947,400
Q.-F.
28 of 1918-1938
49,800,000
49,800,000
Q.-M.
38 of 1961
28,894.500
Q.-J.
28,894,500
Is Conversion bonds of 1946-1947
643,349,000
J.-J. 824,672,000
Certificates of indebtedness
1,409,997,950
1,402,143,100
5.-J.
1932-1047
Loan,
First
Liberty
3148
6,733,350
5,157.450
5.-D.
45 First Liberty Loan, converted
531,299,200
J.-D. 532.873,600
414s First Liberty Loan, converted
3,492,150
3,492,150
J.-D.
4518 First Liberty Loan,second converted
26.422.350
45 Second Liberty Loan, 1927-1942
M.-N.
20,855,800
4I4s Second Liberty Loan, converted
3,083,686,100 3,078,146.050
4lfs Third Liberty Loan of 1928
M.-B. 2,724,413,600 2,886.382,350
4,LIs Fourth Liberty Loan of 1933-1938
A.-0. 6,324,478,250 6,324.489,850
763.948,300
414s Treasury bonds of 1947-1952
763,948.300
755,827,300
45 Treasury bonds of 1944-1954
1,047,088,500
415,084,296
4s War Savings and Thrift Stamps
Matured 379,643,678
11,903,080
12,234,220
2145 Postal Savings bonds
J -5.
5%5 to 51ds Treasury notes
J -D. 2,104,581,500 3,083,076.900
Aggregate of interest-bearing debt
Bearing no interest
Matured, interest ceased
19,982,588,378 20,711.710,256
249.121.977
247,596,865
17.824.650
18,016,880
Total debt
020,248,202,123 20,978,656.883
Deduct-Treasury surplus or add Treasury deficit_ _ - +201,554,979 +186,419,585
Net debt
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Feb. 27 1926 are set out in the following. The figures are
3,096,574,416 78 Gold fund, F. R. Board
(Act of Dec. 23 1913
as amended June 21
1,652,888,335 12
1917)
154,188,886 74
Gold reserve
Gold in general land-- 207.091,128 51
020,046,647,144 20,792.237,298
a The total gross debt Dec. 31 1925 on the basis of daily Treastn y statements was
$20.248,169,638 43,and the net amount of public debt redemption and receipts
In transit, &c., was 832,484 86.
S No reduction is made on account of obligations of foreign Governments or
Other Investments.
1416
THE CHRONICLE
[Vet- 122.
Treasury Money Holdings.
Preliminary Debt Statement of United States
The following compilation made up from the daily GovFebruary 27 1926.
ernment statements shows the money holdings of the TreasThe preliminary statement of the public debt
of the
ury at the beginning of business on the first of December 1925 United
States Feb. 27 1926, as made upon the basis of the
and January, February and March 1926:
daily Treasury statements, is as follows:
Holdings In
U. S Treatury.
Dec. 1 1925. Jan. 1 1926. Feb. 1 1928. Mar. 1 1926.
$
$
$
8
Net gold coin and bullion.
Net silver coin and bullion
Net UMW!States notes__
Net nation 1 bank notesNet Fed • a eserve notes-.
Net Fed'. Ree, bank note)
Net subsidiary silver
Minor coln.&c
331,642,558
24,816.759
2,85.4.129
14,451,292
1,000,754
195,979
6,378,833
5,278,474
332,922,543
21,263,843
4.385,075
14,953,851
1,543,974
183,885
5.531,639
2,969,547
320,372,442
20.828,656
4.286,386
20,064,163
1,069,927
212,507
5,871,619
3,664,597
Total cash in Treasury.
Lessgold reserve fund
386,616,778
153,620.988
383,754,357
153,620,986
376,370.297 .410,522,038
154,188,886 154,188,886
Cash balance in Treasury_
CO In awl depositories:
Acct. Ws. of indebt
Dep. In Fed3 Res. banks_
Dep. In national banks:
To credit Treas. U.S.
To credit disb. officers.
Cash in Philippine Islands
Deposits in foreign depts.
Dep.in Fed'I Land banks.
232,995,792
230.133,371
222,181,411
256,333;152
61,525.000
60,428.242
7,547.809
290,398,000
38,073,652
7.497,562
257,688,000
47,594,165
7,182,279
257,532,000
51,011,966
8,866.181
20.607,196
788,261
229,331
21,645,172
1,080,934
449,279
20,912,887
929.421
362.437
21,000.351
1,224,957
312,483
Net cash in Treasury
and in hanks
Deduct current liabilities_
384.121.831
241,219,122
589.277,970
260,570,037
557,150,600
238.972.338
594,281,093
253,449,686
Available cash balance.
142,902.509
328.707.933
361,280,015
19,725,905
4,302,174
13,955,357
1,319,176
160,856
5,829.537
3,949,018
318,178,282 340,831,407
•Includes Mar. 1, $14,367,575 05 silver bullion and $1,715,944 28 minor
coin,&c.,
not included In statement "Stock of Money."
Government Revenue and Expenditures.
Through the courtesy of the Secretary of the Tieasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for February 1926
and 1925 and the eight months of the fiscal years 1925-1926
and 1924-1925.
Receipts-Feb. 1926
OrdinaryS
Customs
47,615,073
Internal revenue:
Income and profits tax
38,240,094
Miscellaneous Internal revenue 56,589,339
Miscellaneous receipts:
Proceeds Govt.-owned securitiesForeign obligationsPrincipal
47,207
Interest
10,025,627
Railroad securities
3,599,862
All others
4,353,697
Trust fund receipts (reappropriated for investment)
2,683,376
Proceeds sale of surplus prop'ty 6,069.629
Panama Canal toils, Ac
1,734,142
Receipts from miscell. sources
credited direct to appropria's 1,960,747
Other miscellaneous
6,376,767
Total ordinary
Feb. 1925. 1925-26-8 21dos.-1924-25.
$
$
$
46,190,221 386,635,429 362.512,422
41,343.489 927,489,933 954,679.976
52,902,787 610,302,993 576,660,910
514
10,217.882
3,916,764
1,795,615
25,790,420 23,206,081
90.166,493 90.014,918
27.834,122 118,319,450
5,846,178
24,274,058
3,382,110 25.682,314 22,033,961
876,735 14,432,958 12,951,828
1,683.922 15,820,921 15,920,148
1.910,910 17,320.166 19,138,179
9,431,469 109.512,869 113.658,761
179,295,560 173,632,218 2275262,676 2214942,812
Excess of ordinary receipts over
total expenditures chargeable
against ordinary receipts
27,418,582
Excess of total expenditures
chargeable against ordinary receipts over ordinary receipts...
12,346,496 106,453,471
47,572.129
ExpendituresOrdinary(Checks and warrants paid. Ac.)
General expenditures
137,078,198 139,811,191 1235987.2641247123.154
Interest on public debt_a
5,633,334
7,902,205 445,648,460 475,321,237
Refunds of receipts:
Customs
1,450,287
1,277,621 20,263,587 15,529,260
• Internal revenue
620,503 6.694,205 82.627,210 80,127,736
Postal deficiency
182,068 27,907,883
5,206,051
Panama Canal
1,058,765
586,504 6,833,054 6,219.833
Operations In special accountsRailroads
197,332
508,609
1,309,263 2,833,748
War Finance Corporation
5714,196 51.731,705 516,873.402 535.497,689
Shipping Board
1,720.954 2,817,184 17,778.662 23,613,182
Alien property funds
398,102
5378,246
3,803,184
3,501,132
Adjusted service certificate fund c
25,843
534,065 50,004,774 99,842,184
Investment of trust funds:
Government life insurance.- 2,633,387
3,333,569 28,185,856 21,313.658
5774,965
Civil Service retirement
5353,920 11,329,868 10,867,448
49,988
Dist. of Col. Teachers' Retlre't
19.980
182.028
149,474
Foreign service retirement__ - _
55.505
114,033
91,233
General railroad contingent...
8,561
314,430
570.830
Total ordinary
149,372,027 160,843,781 1912216,154 1956812,489
Public debt retirements chargeable against ordinary receiptsSinking fund
2,502.450
Purchases from torn rePaym'ul
Received from for, govts. under
debt settlements
Receivedlor estate taxes....
Purchases and retirements from
franchise tax receipts (Federal Reserve and Federal Intermediate Credit banks).
Forfeitures, gifts, aro
2.500
Total
2,504,950
163,674,300 118,374,000
208,600
92,310,000 90,950,000
47,550
641,959
567.900
40,850
794,159
183,903
641.959 256,593,050 210,558,213
Total expenditures chargeable
against ordinary receipts _ _ _151,876,977 161,285,721 2168809,204 2167370.682
Receipts and expenditures for June reaching the Treasury in July are included.
a The figures for the month include 3398.955 24 and for the fisaal year 1926 to
date 33,300,311 88 accrued discount on war savings certificates of matured series,
and for the corresponding periods last year the figures include $745,715 58 and
58.209,869 70, respectively.
b Excess of credits (deduct).
Inveetmente made Jan. 1 1925 for account of the fund were $100,000,000 face
amount of adjusted service series obligations, of which $4,600.000 were redeemed to
June 30 1925 to provide funds for authorized payments to that date. Investments
made Jan. 1 1926 in similar obligations were $50,000,000 face amount from the
appropriation available on that date and $3,500,000 face amount from annual
Interest payments on investments. $38,200,000 face amount of one-year Treasury
Certificates of indebtedness held in the fund matured Jan. 1 1926 and after redemption the proceeds of principal were reinvested in like obligations maturing Jan, 1
1927. See items of adjusted service series under public debt receipts and expenditures on page 3 for Issues and redemptions since June 30 1925. The difference
between amounts of above charges and the amounts appropriated for investment is
due to working balance required for use of Veterans' Bureau in making authorized
payments from the fund.
BondsConsole of 1930
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal Savings bonds
$599.724,050 00
48,954,180 00
25,947,400 00
49.800,000 00
28,894,500 00
12.540,04000
3765,860.170 00
51.943,666,300 00
3.104.535,85000
2,721,694,100 00
6.324,476,750 00
114,094,373,000 00
4763.948.300 00
1,047.088,50000
1,811,036,800 00
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
Treasury bonds of 1947-1952
Treasury bonds of 1944-1954
Total bonds
$16,671,269,9700Q
Treasury NotesSeries A-1926, maturing Mar. 15 1926
5615.677,90000
Striee B-1926. maturing Sept. 15 1926
414,922.300 00
dales A-1927, maturing Dec. 15 1927
355.779,900 00
Series B-1927, maturing Mar. 15 1927
Adjusted Service Series, maturing Jan. 11930. 668,201.400 00
50,000.000 00
Adjusted Service Series, maturing Jan. 1 1931,
53.500,00000
2,158.081,60000
TreasuryCertificatesSeries TJ-1926, maturing June 15 1926
590,289,000 00
Series TJ2-1926, maturing June 15 1926
243,434,000 00
Series TD-1926, maturing Dec. 15 1926
452,879,000 00
Adjusted Service Series, maturing Jan. 1 1927_
35.900.000 00
822,502,000 00
Treasury (War) Savings SecuritiesTreasury Savings Certificates:
Series 1921, Issue of Dec. 15 1921 a
$1,797,261 35
Series 1922, Issue of Dec. 15 1921 c
95.909.006 50
Series 1922, Issue of Sept. 30 1922 a
14,726,671 90
Series 1923, Issue of Sept.30 1922 a
130,912.874 60
Series 1923, Issue of Dec. 1 1923 a
23,796,538 60
Series 1924, Issue of Dec. 1 1923 a
96,118,462 90
Thrift and Treasury Savings Stamps, unclassified sales, 3te
3.782,27234
367,022,988 19
Total interest-bearing debt
820.018,878,458 19
Matured Debt on Which Interest Has CeasedOld debt matured-Issued prior to April 1 1917.
$2,344,270 26
Certificates of indebtedness
434,000 00
Treasury notes
3,771.500 00
311% Victory notes of 1922-23
29.40000
01% Victory notes of 1922-23
5,101,450 00
11.680,62035
Debt Bearing No Interest,United States notes
5346.681,01600
Less gold reserve
154,188,886 20
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency
$192,492,129 80
51,046,099 50
2,047.732 60
245,585,961 90
Total gross debt
aNet redemption value of certificates outstanding. _
120,276,143,040 35
."1So mut-alai.and 211iscUanonB.C1V03
BANK NOTES-CHANGES IN TOTALS
AND IN
DEPOSITED BONDS, &c.-We give below OF,
tables which
show all the monthly changes in national bank
notes and
in bonds and legal tenders on deposit therefor:
Amt. Rh. on Deposit So
Secure Circulation for-
National Bank Circulation
Afloat on-
National
Fed. Res.
Bank Notes. Bank Notes.
$
l'eb. 27 1926_ 685,235,640
Fan. 311926.. 665,363,590
3ee. 31 1925., 666,273,130
,lov. 31 1925._ 860,087,630
)et. 31 1925_ 666,185,13u
lept.30 1925-- 665,542,631)
lug. 31 1925- 865,810,130
[lily 31 1925.- 665,227,130
rune 30 1925- 665,081,330
day 31 1925-- 665,502,880
1pr. 301925..666,010,330
Sar.31 1925_
665,608,330
668.943,330
Feb. 28 1925an. 31 1925- 725,171,780
731,613.630
3.3e 30 1924.
toy.30 1924-- 737,635,790
Jct. 31 1924- 739,842,890
lent.30 1924.. 741,239,890
Lug.30 1924_
742,482,390
uly 31 1924._ 746.611,640
une 301924.. 750,858,930
,eay 311924.. 750,113,430
1pri1 30 1924.- 750,676.680
4m. 21 109A
740074180
$
545,900
545,900
M5000
Bonds.
Legal
Tenders.
SI
$
661,244,347 45,059,372
661,298,333 45,050,979
858,362,223 46,194,204
662,822,888 48,127,558
662,538,483 51,264,261
681,380,320 58,543,569
662,186,083 61,476,914
660,341.413 66.214,271
660,501,393 72,864,681
681,293,895 78,275,574
861,397,558 86,028,261
661,613.281 93,597,406
663,324,911 100,532,366
722,092,263 47,748,139
727,175.841 44,871,176
733,995,581 40,152,976
735,602,435 38,679,189
736,567,680 39.269,184
737.141,058 40,052,136
740,549,740 36.537.849
744.953,710 33,058,069
745,029,518 33.460,609
745.795.653 31,611,339
745171 078 el 109 250
Total
$
706,303.719
706,349,312
704,558,427
710,750,444
713,802,744
717,923,889
723,682,997
726.555.684
733,366,074
739,569,469
747,425,819
755,210,687
763,857,277
769,840,402
772,048,817
774,148.557
774,281,824
775,826,844
777,193,194
777,087,589
778,011,779
777,490.127
777,408,992
/90 02A n42
$6,095,248 Federal Reserve bank notes outstanding Feb. 27 1926,
secured by
lawful money, against $8,002,193 Feb. 28 1925.
The following shows the amount of each class of United
State bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on Feb. 27:
U. S. Bonds Held Feb. 2710 SecureBonds on Deposit
Feb. 27 1926.
28, U. S. Consols of 1930
4s, U. S. Loan of 1925
28, U. S. Panama of 1936
2s, U. S. Panama of 1938
Totals
Ors Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.
Total
Held
590,985,400
590.985,400
48,572,920
25,677,320
48.572.920
25,877,320
665.235.840
885,235,840
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits Feb. 1
MAR.
THE CHRONICLE
13 1926.]
1926 and Mar.1 1926 and their increase or decrease during
the month of February:
Nattonal Bank Notes-Total AfloatAmount afloat Feb. 1 1926
Net decrease during February
$706,349,312
45,593
8706,303,719
Amount of bank notes afloat March 1 1926
Legal-Tender NotesAmount on deposit to redeem national bank notes Feb. 1 1926
Net amount of bank notes issued in February
$45,050,979
8,393
Amount on deposit to rbdeem national bank notes March 1 1926.... 145,059,372
Breadstuffs figures brought from page 1500.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Wheat,
Flour.
Receipts at-
Rye.
Barley.
Oats.
Corn.
bbls.196lbs bush.60 lbs bush.56 lbs bush. 32 lbs ush.48Ibs.bush.561bs.
22,000
115,000
702,000
267,000
285,000 1,784,000
Chicago
105,000
265,t 6 i
339.000
198,000
1,497,000
Minneapolis
108.000
6,111
117.000
1,000
362,000
Duluth
10,000
118,116
122,000
262,000
29,000
18,000
Milwaukee_ _ _
1,000
89,000
111,000
136,000
Toledo
5,000
6,000
18,000
16,000
Detroit
152,000
287,000
34,000
Indianapolis
'II
784,000
381,000
92,000
410,000
St. Louis.-32.111
171,000
482,000
38,000
57,000
Peoria
106,000
433,000
539,000
Kansas City
126.000
280,000
161,000
Omaha
62,000
143,000
100,000
St. Joseph_
4,00
38,000
127,000
Wichita
lio
50,000
34,000
71,00
---___
Sioux City...
Total wk. '2;
Same wk. '25
Same wk. '24
Since Aug. 1
1925
1924
1923
3,794,000 4,452.000
4,707,000 8,983.000
4,685,000 10,797,000
445,
463,000
418,000
543,111
907,000
646.000
2,830,000
2,722,000
5,187,000
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
" afloat
Toledo
afloat
"
Detroit
Chicago
" afloat
Milwaukee
afloat
"
Duluth
" afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
251,000
188,000
422,000
18,580.000
14,157,000 259,981,000 157,930,000162,824,00058,510,000 49,589,000
14,999,000 420,229,000175,418.000202.408,000,51,451,000
48,000
00021,3
,30.733,
2,000
,822,000166.17
13,465,000 160,219.000204
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Mar. 6, follow:
Receipts at-
Bushels. Bushels.
Bushels.
Bushels.
Bushels,
Barrels.
84,000
355.61 1
272,000
8
974 s 1 6
280,000j
24.111
'
3,11171.''
206.'''
57.000
2,000
77,111
29,'''
6,0
80.11'
28,000
1,000
20.111
105,'''
51,000
9,000
I
54,616
58,11'
35,111
99,0 I
15,000
80.000
850,000
55,000
20 1 i 1
16,000
4,000
36.00
86,000
530,000
646,'''
161,000
523,000 2,224,000
Total wk. '26
5,159.000 1,241,000
Since Jan.1'26 4,684,000 28,866,1,1 5,265,000 5,712,000
275,000
519,001
595,000
86,000
562,000 3,757,000
Week 1925_
fain,. Ism von a 1MR non 21 nos! non 1 A:15 non 5.016 000 4.929 000 5.151.000
SummaryAmerican
Canadian..
5,858,000
36,925,000 35,213.000 58,308.000 13.904,000' 8.249,000
146,000 10,758,000 1.972,000
57.392,000
14,107.000
Total Mar. 6 1926_ 96,317,000 35.359,000 69,064,000 15.876,000 16,210,000
Total Feb. 27 1926_ 98,324.000 34,028.000 69.778,000 16,659,000 11.048,000
Total Mar. 7 1925_103,236,000 32,779,000 89,384.000 25,095,000
I
New York...
Philadelphia__
Baltimore_.___
Norfolk
New Orleans.
Galveston....
Montreal_ _ _
St. John, N.B.
Boston
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
for foreign ports
•Receipts do not hull de grain passing through New Orleans
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Mar. 6, 1926, are shown in the annexed
statement:
Wheat.
Exports from-
Bushels. Bushels.
575,856
15,000
40,000
372,000
867,000 234,000
New York
Boston
Philadelphia
Baltimore
Norfolk
New Orleans
Galveston
St. John, N.B
Oats.
Flour.
Corn.
57,000
10,000
850.000
220,000
Total week 1926__ 2,731,856
Same week 1925.... 4.290.832
509,000
126.000
Barley.
Rye.
Barrels. Bushels. Bushels, Bushels.
36,666
64.937 195,988
86,947
5,000
1,000
1,000
17.000
5,000
55,000
60,000
18,000
170,947
233.056
229.937
393.466
5,000
77,000
42,000
200,988
488 068
155.866
456.962
7,000
80,000
The destinat'on of these exports for the week and since
July 1 1925 is as below:
Flour.
Exports for Week
and Since
July 1 to-
Week
Mar. 6
1926.
Since
July 1
1925.
Wheat.
Week
Mar. 6
1926.
Since
July 1
192b.
Corn.
Week
Mar. 6
1926.
Bushels,
Bushels.
Bushels.
Barrels. Barrels.
49,000
480,000 70.588,058
United Kingdom. 53,476 2,508,283
71.265 3,804,030 2,184,856 93,026.426 240,000
Continent
255,467
67.000 2,467.725 200,000
6,000
Bo.& Cent. Amer_
20,000
136,926
575,529
8,000
West Indies
Brit.No.Am.Cols_
1,536,234
669,086
Other countries-- 32,206
Total 1926
Total 1925
170,947 7,812,395 2,731.856 167,755.369
233.056 12.148.229 4.290.832 228.704.0011
GRAIN STOCKS.
Barley.
Rye.
Oats.
Corn,
Wheat,
bush.
bush.
bush,
bush,
bush,
33,000
181,000
855.000
76,000
488,000
4,000
46,000
19.000
32,000
15,000
144.000
275,000
651,000
18,000
38,000
103.000
549,000
483,000
31,000
2.000
93,000
524,000
205,000
14.000
324,000
233.000
166,000
3,656,000 2,078,000 2,608,000
267,000
536,000
922,000
110,000
2,000
27,000
346,000
450,000
953,000
5813,000
915,000
27,000
165,000
70,000
140,000
422,000
2,857,000 17,786,000 6,828,000 2,810,000
93,000
186,000
1,262,000 1,969,000
123,000
191,000
359,000 1,532,000 1,359.000
166.000
128,000
92.000
205,000
629,000
11,043,000 5,360,000
8,770,000
63,000
150,000
582,000 19,902.000 3,527.000 3,835,000
8,091,000
24,000
8.000
507,000
274,000
248,000
45,000
22,000
842.000
1,064,000 1.603,000
64,000
143,000
4,467,000
5,194,000
4,373,000
153,000
55.000
2,118,000
3.000
6,000
31.000
377,000
1,379,000
83,000 1,235,000
3,000
468.000
775,000
367,000
33,000
414,000
1;016,000 1,557,000 3,477,000
13,904,000 5,858,000
Total Mar. 6 1926.-38,925.000 35,213,000 58,308,000
13,981.000 6,237.000
Total Feb. 27 1926__40,690.000 33,878,000 58,973,000
22,935,000 4,075,000
Total Mar. 7 1925____69,605,000 32,564,000 71,176.000
219.000 bushels:
York.
New
Oats,
Note.-Bonded grain not included above:
Duluth, 104.000; total.
Baltimore, 8,000; Buffalo, 291,000: Buffalo, afloat, 372,000;
York, 419.000
New
Barley,
1925.
in
bushels
994,000 bushels, against 1,056.000
822,000; Duluth, 114,000:
bushels; Boston. 256,000: Baltimore, 219,000; 13uffalo,
Wheat, New York,
1925.
in
bushels
1,058,000
against
total, 1,830,000 bushels,
770.000; Baltimore, 446,000:
2,380.000 bushels; Boston, 34,000; Philadelphia.
350,000; Toledo, 105.000:
Buffalo, 5,484.000; Buffalo afloat. 1.187.000; Duluth,bushels, against 11,999.000
11,617,000
total,
Chicago, 84,000; Fairport, 777,000;
bushels in 1925.
Canadian168,000 1.044,000
146,000 1.155,000
3,599,000
Montreal
6,605,000 1,764,000 5,928,000
Ft. William & Pt. Arthur_40,974,000
127,000
511,000
5,818,000
afloat
"
40,000 1,150,000
2,485,000
7,001,000
Other Canadian
146,000 10,756.000 1,972,000 8.249,000
Total Mar. 6 1926..._57,392,000
150.000 10.805,000 1,931.000 8.360.000
Total Feb 27 1926..._57.634,000
215,000 18,308,000 3,160,000 6,973.000
Total Mar. 7 1925..._33,631,000
Rye.
Barley.
Oafs.
Corn.
Wheat.
Flour.
1417
Since
July 1
1925.
Bushels.
1,865.204
4,822.752
1.874,000
1,312.900
2,355
509,000 9.877,211
126000 2.184.501
The world's shipments of wheat and corn, as furdshed by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Mar. 5, and since July 1 1925 and 1924,
are shown in the following:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
$25.000
Mar. 2-The Buffalo National Bank,Buffalo, Minn
Correspondent. 0. W. Lundsten, Excelsior. Minn.
50.000
Mar. 4-The Fort Payne National Bank. Fort Payne. Ala
Correspondent, C. W. Thomas, Fort Payne, Ala.
25.000
Mar. 4-The First National Bank of East Port Chester, Conn
Correspondent, Paul J. Clarke. Shore Island, East
Port Chester, Conn.
50.000
Mar. 4-The First National Bank of Rayville. La
Correspondent. Tobin R. Hodge, Rayville. La. Succeeds the Rayville State Bank, Rayville, La.
50,000
Mar. 6-The First National Bank of Ozark. Ark
Correspondent, J. S. Turner, Ozark, Ark.
100.000
Mar. 6-The Citizens National Bank of San Rafael, CalifRafael,
Correspondent, Dr. Charles B. Marston, San
Calif.
APPLICATIONS TO ORGANIZE APPROVED.
Mar. 2-The Ensley National Bank of Birmingham, P.0. Ens
$200,000
ley Station, Ala
Correspondent. D. P. Knapp, Ensley, in Birmingham,
Ala.
50.000
Mar. 2-The Washington National Bank of Altadena. Calif.-Correspondent, Chas. H. Johnston. 1191 Stevenson
Ave., Pasadena, Cal.
100,000
Mar. 2-The First National Bank of Coral Gables. Fla
Corraspondent, J. L. Griffin, Coral Gables, Fla.
50.000
Y
N.
Tuckahoe,
Mar. 4-The Crestwood National Bank of
CorrespondentM. Vartan Balcom, Verdi Ave..
Tuckahoe, N.
25,000
Sr'National Bank, Fair Haven, N.Y.._
Mar. 6-The Fair Haven
Correspondent, Lawrence M.Turner,Fair Haven,N.Y. 25,000
Mo
Mar. 6-The First National Bank of Oran,
Correspondent. George Metz, Oran, Mo.
APPLICATION TO CONVERT APPROVED.
25.000
Mar. 4-The First National Bank of Balls. Texas
Conversion of the First State Bank of Rails, Texas.
CHARTERS ISSUED.
Feb. 25-12,890-The Commercial National Bank in Muskogee. 300.000
Okla
McLean
President, L. W. Duncan; Cashier, L. W.
N. B. 50,000
Feb. 26-12,891-The Allenhurst Nat. Bank, Allenhurst,
Yawger.
President, John C. Conover; Cashier, R. J.
New
in
Brooklyn
of
Bank
Feb. 26-12,892-Lafayette National
200.000
York, N. Y
Howard
W.
Cashier,
Hcirton;
S.
George
President,
Wyatt.
100.000
Cal
Feb. 27-12,893-The Encinal National Bank of Alameda,
President, C. L. Tilden; Cashier, C. V. Newell.
Mar. 2-12,894-The Woocllynne National Bank, Woodlynne,
25.000
President, J. H. H tins; Cashier, Roger B. Stone.
Paterson,
Mar. 5-12,895-The Colum us National Bank of
200.000
N. J
President, Benjamin Gramatica.
Mar. 5-12,896-The Cherryvllle National Bank, Cherryville.
100.000
No. Car
President, D.E. Rhyne;Cashier, T.C. Abernathy.
York,
Corn.
New
in
Ridgewood
Wheat.
of
Bank
Mar. 6-12,897-National
200,000
N.Y
1924-25.
1925-26.
1924-25.
1925-26.
President, John F. Pitz.
30.000
Texas_
Newton.
of
Bank
Mar. 6-I2,898-The First National
Since
Since
Week
Since
Since
Week
President, C. S. Mitchell: Cashier. H. L. Swearingen.
Mar. 5.
July 1.
Texas.
JU111 1.
Newton,
July 1.
Bank.
State
July 1.
County
Mar.5
Succeeds Newton
CONSOLIDATION.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
1-2.044
-The Bank of Charleston National Banking AsMar.
836,000
8.117,000
322,000
325,311,000
273,421,000
1,000,000
North Amer_ 6,440,000
So. Car
Charleston,
21,911.000
sociation.
20,335,000
492,000
3,088,000
Black Sea... 624,000 19,208.000 93,576,000 996,000 107.220.000 138.994,000
and 12,865-The Norwood-Carolina National Bank of Charles- 200.000
Argentina... 3,034.000 52,868,000
Car
ton,
So.
60.108.000
3,456,000 50.351,000
Australia
Consolidated under the Act of Nov. 7 1918 under the
5,768.000 33,376,000
India
charter of The Bank of Charleston National Banking
33.850,000 1,438,000
880,
of
0th. countr's
Association. No. 2044, and under the corporate title
The South Carolina National Bank of Charleston.
13.554.000402.4116.000 515,459,0001 1.810.000 169,522.000163,179,000
asTotal
with capital stock of $1.100.000. The consolidated the
of
stocks in
sociation has a main office and five branches;three
in
The visible supply of grain, comprisingonthe
branches being located in Charleston, one branchSo.
at lake and
Columbia, So. Car., and one branch in Greenville.
granary at principal points of accumulati
Car.
Saturday, Mar. 6, were as follows:
seaboard ports
1418
THE CHRONICLE
CHANGE OF TITLE.
Mar. 3
-42.255-Bergen National Bank of Jersey
City, N. J.,
to "Journal Square National Bank of Jersey
City."
VOLUNTARY LIQUIDATIONS.
Mar. 2-10,656--The Continental National Bank of Los
Angeles,
Calif
Effective Mar. I 1926. Liq. agent, C. 0. Anderson, 500.000
Los Angeles, Calif. Absorbed by The Commercial
National Trust & Savings Bank of Los Angeles, Calif.,
•
No.6864.
Mar. 4-1,628-The Planters' National Bank of Richmond, Va_1,000.000
Effective close of business Feb. 27 1926. Lig. corn..
W. Meade Addison. Richard H. Smith and' john W.
Boyd, Richmond, Va. Absorbed by State-Planters
Bank & Trust Co.(formerly the State & City Bank &
Trust Co.). Richmond, Va.
Mar. 4-12,427-The First National Bank of Wheeler, Ore_ _ 25,000
Effective Jan. 12 1926. Liq. agent, F. M. Arnold.
Wheeler, Ore. Absorbed by the First National Bank
of Tillamook, Ore., No. 8574.
Name of Company.
[vol.. 122.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Cleve. Ctn. Chic. & St. L., corn, (qu.)__ '134 Apr. 20
"Holders of rec. Mar. 26
Preferred (guar.)
*154 Apr. 20 *Holders of rec. Mar.26
Mahoning Coal RR.,common (guar.)... $12.50 May 1 'Holders of
rec. Apr. 14
Manhattan Ry. 7% (guar.) (guar.)._
154 Apr. 1 Holders of rec. Mar.22
New York Central RR.(guar.)
134 May 1 Holders of rec. Mar.26
Pere Marquette, common (extra)
2
May 1 Holders of rec. Apr. 15
Corn.(extra incr. guar. rate to 1 Si %)% May 1 Holders of rec. Apr. 15
Pittsb. Bessemer & Lake Erie, common_ 750,
Apr, 1 Holders of rec. Mar. 15
Southern Ry., common (guar.)
134 May 1 Holders of rec. Apr. 10
Preferred (guar.)
I% Apr. 15 Holders of rec. Mar.25
Public Utilities.
Alabama Power, pref.(quar.)
134 Apr, 1
Amer. & Foreign Power, pref. (quar.).. 51.75 Apr, 1 Holders of rec. Mar. 19
Amer.Gas& Elec., no par val. corn.(qu.) 25c. Apr. 1 Holders of rec. Mar. 15
TInstamped no par value pref.(quar.). $1.50 May 1 Holders of rec. Mar.13
Holders of rec. Apr. 10
Amer. Power & Light. pref. (quar.).._. 134 Apr. 1
Holders of rec. Mar 12
Amer. Public Service, pref.(guar.)
154 Apr. 1 Holders of rec. Mar. 15
Auction Sales.-Among other securities, the following, Amer. Public Utilities, prior pref.(qu.) '134
Apr. 1 *Holders of rec. Mar. 15
Participating preferred (guar.)
not actually dealt in at the Stock Exchange, were sold at auction
'134 Apr. 1 *Holders of rec. Mar. 15
Gas & Electricin New York, Boston and Philadelphia on Wednesday of Associated
Original series pref.(guar.)
k8734c Apr. 1 Holders of rec. Star. 10
this week:
Original series preferred (extra)
k1234c Apr. 1 Holders of rec. Mar.10
$7 series preferred (guar.)
k$1.75 Apr. 1 Holders of rec. Mar.10
By Adrian H. Muller & Sons, New York:
Bangor Hydro Elec. Co.. pref.(guar.)
•134 Apr. 1 'Holders of rec. Mar.10
Shares. Stocks.
$ Per sh. Shares. Stocks.
Spec sh. Binghamton Light, Heat & Power
2,500 Calco Chemical Co., pref.-- 16
1,251 Monahan Rotary Eng. Corp.,)
Participating preferred (guar.)
154 Apr, 1 Holders of rec. Mar. 15
50 Manufacturers Trust Co
535
Six per cent preferred (guar.)
Pref., par $5
134 Apr. 1 Holders of rec. Star. 15
200 Cobalt Silver Queen,Ltd., parill
239 Monahan Rotary Eng. Corp.,'525
Birmingham Elec. Co., pref.(quar.)$115 Apr. 1 Holders of rec. Mar.13
383 Melones Mining Co, par $1.- I
Chic. North Sh.& M liw., pref.(quar.)
common, par $5
•134 Apr. 1 Holders of rec. Mar. 15
I lot
200 Nevada-Utah Mines & Smelters)
Stock rights in the Monahan Ro-I
Prior lien stock (guar.)
•134 Apr. 1 Holders of rec. Mar.15
Corp.. Columbia Trust Co. rect..I
tory Engine Corp., contained in
Chicago Rapid Transit (mthly.)
•650. Apr. 1 Holders of rec. Mar. 16
no par
320
agreement dated Oct. 10 1917...
Monthly
"65c. May 1 Holders of rec. Apr. 20
21 Southeastern Ohio Ry., par $20.I lot
Bonds.
Monthly
Per Cent.
"650. June 1 Holders of rec. May 18
15 Southeastern Ohio Ry., Light &I
$4.000 Hudson Navigation Co. of
Cleveland Ry.(quar.)
134 Apr. 1 Holders of rec. Mar. 12
Power Co
N.Y.20-yr. coll. tr. a. f. 55, 1923,
Columbus Elec. & Power, corn. (guar.). 234 Apr. 1 Holders of rec. Mar.150
1,300 Smith Motor Truck Corp.,1
°Us. of deposit
Preferred series B (guar.)
154 Apr. 1 Holders of rec. Mar. 150
6534
common, par $10
Second preferred (guar.)
154 Apr. 1 Holders of rec. Mar.150
Duke Power Co
1
By R. L. Day & Co., Boston:
Apr. 1 Holders of rec. Mar.16
Duluth-Superior Tract.. Pret• (qum.)1
Apr. 1 Holders of rec. Mar. 15
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh. Eastern
Ry. adj. stock
234 Apr. 1 Holders of rec. star. 15
20 Merchants National Bank
38034 30 Puget Sound P.& L., prior pref-10n5 Electric Maas. St.
Bond & Share Secur.(quarj25c. Apr. 15 Holders of rec. Mar. 16
28 Old Colony Trust Co
33634 12 Quincy Market Cold Storage &
Pubdc Service Co., pro!.(quar.)_
134 Apr. 1 Holders of rec. Mar.15
25 Old Colony Trust Co
336
Warehouse Co., corn
983( Hackensack Water. prof. A (guar.)
354c Mar.31 *Holders of rec. star. 16
3 KJnney Mfg. Co., corn
16
50 Merrimac Chemical Co., par $50 7734 Illinois Power & Light Corp., pref.(an.) 134
Apr. 1 Holders of roe. Mar.20
10 Hood Rubber Co.. 734% Prior
10 Heywood-Wakefield Co., 1st Pt-100
6% preferred (guar.)
134 Apr. 1 Holders of roe. Mar.20
10434 20 State Theater Co.,corn., par $10 7
preference
(guar.)
Illinois Traction, preferred
134 Apr. 1 Holders of rec. Mar.20
10 Plymouth Cordage Co
145
10 Plymouth Cordage Co
14534 Indianan. Water Works Secur., pref.... 334 Apr. 1
Holders of rec. Mar.20
6 units First Peoples Trust
7454 18 Railway & Light Sec. Co.. com-204
Internat. Telep.& Teleg•(quar.)
•134 Apr. 15 *Holders of roe. Star. 26
10 units First Peoples Trust
7434 33 Middlebury Marble Co., corn..I
Kansas Electric Power, pref.(guar.)- -- 134 Apr. 1 Holders of rec. Mar.15
40 Lawrence Gas& Elm., par $25.- 59
Dar $25
($1 lot Kansas Power & Light, 1st pref A (au.)_ $1.75 Apr. 1 Holders
of rec. star. 15
6 units First Peoples Trust
7434 $400 Middieb. Marble Co.88, 19361
Kentucky Securities, common (quar.)
•134 Apr. 1 Holders of rec. Mar. 22
7 American Glue Co.. pref
117
No. Rights
$ per right.
Preferred (guar.)
•134 Apr. 18 Holders of rec. Mar.22
20 No. Boston Ltg. Prop., pref.-10334 75 Atlantic National Bank
13 11-16 Long Island Lighting, pref.(quar.)
Apr.
154
1 Holders of rec. Mar. 22
117
10 American Mfg. Co., corn
167 Nor. Boston Ltg. Properties.2 15-16 Lone Star Gas (guar.)
*50c. May 31 *Holders of rec. Mar. 20
2 units First Peoples Trust
7434 10 Mass. Bonding & Lnsur. Co_
29
Manila Electric Corp. (guar.)
50c. Apr. 1 Holders of rec. mar. 19
2 Milton Bradley Co., pref
10434
Metropolitan Edison Co.,$7 pref.(qu.)_ $1.75 Apr. 1 Holders of rec. Mar. 15
By Wise, Hobbs, & Arnold Boston:
$6 preferred (guar.)
*1.50 Apr. 1 Holders of rec. Mar.15
Middle West Utilities, common (guar.). '$1.50 May 15 *Holders of rec.
$ per sh. Shares. Stocks.
Shares. Stoats.
$ per s'il
Apr. 30
Preferred (guar.)
50 Old Colony Trust Co
336
134 Apr. 15 •Ho.ders of rec. Apr. 2
2 units First Peoples Trust
7434 Midland Utilities, prior lien stock (au). •
*134 Apr. 6 Holders of rec. Mar.22
23 Old Colony Trust Co
33534 50 American Glue Co., corn
4334
Preferred
class
A
(guar.)
Apr,
634 50 Merrimac Chemical Co., par 550 7834
7 Saco-Lowell Shops, 2d pret
134
6 Holders of rec. Mar.22
Missouri Power & Light,7% pref.(au). •154 Apr. 1 *Holders of
25 Massachusetts Cotton Mills
87
10 Groton & Knight Mfg. Co., pref. 3434
rec. Mar. 20
Mohawk
20 York Manufacturing Co
5634 5 Draper Corporation
*50c. Apr. 1 *Holders of rec. mar. 19
152, ex-div. MountainValley Co.(guar.)
(quar.)_
prof.
States Power,
134 Apr. 20 Holders of rec. mar. 31
25
8 Hill Manufacturing Co
15 American Glue Co., pref
112
Narragansett Elec. Lighting (quar.).... 51
Apr. 1 Holders of rec. mar. 13a
25 Bates Manufacturing Co
160
2 units First Peoples Trust
7434
20 Dartmouth Mfg. Co.. corn
136
6 special units First Peoples Trust_ 534 National Electric Power, prof.(quar.).. 154 Apr. 1 Holders of rec. mar. 15
I Providence & Worcester RR
-155
4 Stollwerck Chocolate Co.. 1st Pf- 1734 New J"rsev Pow.& Lt., porde. pt.(qu.). 194 Apr. 1 Holders of rec. Mar. 15
New York Central El. Corp., pt.(qu.)
154 Apr. 1 Holders of rec. Mar. 22
--ds
2 Quincy Market Cold Storage
10 units First Peoples Trust
7434 North Amer. Light & Pow. Co.. Pt
'(qU.) 154 Apr. 1 Holders of rec. star. 20
Warehouse Co., corn
9834 15 National Dock Trust
30
Northern N. Y. Utilities, corn.(quar.).. 75o. Mar.30 Holders
1 American Glue Co., pref
11234
of rec. Mar. 15
Common (extra)
25c, Mar.30 Holders of rec. star. 15
10 First National Stores. 7% pret_1023( No. Rights.
$ per right.
1 Savannah Electric de Power, pref.. 75
2
May 1 Holders ot rec. Mar.31
21 Atlantic National Bank_ __13%-13% Northern States Pow.,corn.. cl. A (qu.)_
Common,class B (guar.)
20c. May 1 Holders of rec. Mar.31
50 Central Pub. Serv. Co., pref... 80
180 Atlantic National Bank____13 11-16
Preferred (guar.)
•134 Apr. 20 Holders of rec. Mar.31
3234 300 Atlantic National Bank
16 Eastern Mftc Co.. pref
1334
145
10 Plymouth Cordage Co
24 North Boston Ltg. Properties_ _ _ 234 North West Utilities, prior lien Pf.(qu.). 51.75 Apr. 1 Holders of rec. Mar.15
Ottawa Light, Heat & Pow., corn,(qu.). 134 Mar.31
Holders of rec. Mar. 15
By Barnes & Lofland, Phladelphia:
Preferred (guar.)
1%
1
. 1 Holders of rec. Mar.15
Shares. Stoats.
$ per sh. Shares. Stocks.
$ per sh. ottawa Traction (guar.)
Apr.
Holders of rec. Mar. 15
Panama
21 Huntingdon & Broad Top Mtn.
Power
&
Lt.,
pref.
(guar.)...
_
45 Oxford Bank & Trust Co
4.154 Apr. 1 *Holders of roe. Mar. 16
211
Penn Central Light & Power, pref.(an.). $1.25 Apr. 1
RR.& Coal, pref ctt. deposit..850 lot 5 Central Trust & Say. Co.. par 850.200
Holders of rec. Mar. 15
9 Penna. Salt Mfg. Co., par 550-- 7634 5 Merlon Title & Tr. Co.($75 paid) 213
Peoples Gas Light & Coke (quar.)
*2
Apr. 17 *Holders of rec. Apr. 3
63 United N. J. RR.& Canal Co-20334 12 Phila. Bourse. pref., par 525
Power
Corporation
N.
Y.
(quar.)_
of
25e. Apr. 1 Holders of rec. Mar. 15 •
2234
210 Insur. Co. of No. Am., par 510 5634 20 American Dredging Co
Standard Gas & Elec., common (guar.). 75c. Apr. 25
121
Holders of rec. Mar. 31
2 Girard National Bank
802
Seven per cent preferred (guar.)
30 Independence Indemnity Co.-350
154 Apr. 25 Holders of rec. Mar.31
40 Girard National Bank
Toledo Edison prior pref. (guar.)
800
30 Camden Fire Ins. Assn., par 55- 15
2
Apr. 1 Holders of rec. Mar.25
37 Corn Exchange National Bank--648
Twin
refCity
y Rapid.)
Rapid
(quar Transit, corn. (qu.).. 154 Apr. 1
8 Ridge Avenue Passenger Ry----170
Holders of reo. Mar. 15
20 Tenth Nat. Bank of Pulls
331
50 Fred P. Bell Stores Co., corn... 434
154 Apr. 1 Holders of rec.
Mar. 15
7 Fourth Street National Bank_ -536
United Gas Improvement (guar.)
50 Fred P. Bell Stores Co., com
3
$1
Apr. 15 Holders of rec. Mar.31
5 Philadelphia National Bank
561
50 Fred P. Bell Stores Co., corn...234 Utah Gas& Coke, pt.& partic. pf.(qu.)_ $1.75 Apr. 1 Holders of
Mar.
15
rec.
5 Philadelphia National Bank
Utah
556
Power di Light, prof. (guar.)
50 Fred P. Bell Stores Co.. com
234
134 Apr. 1 Holders of rec. Mar.10
9 Farmers & Mechanics Nat. Bank
Washington Water Pow., Spokane (qu.) 2
10 Philadelphia Traction Co
61
Apr. 15 Holders of rec. Mar.25
(in liquidation)
Western Union Telegraph (guar.)
134 50 Penna. Wine. & Safe Dep. Co_ _100
•2
Apr. 15
5 Tradesmens National Bank
Western States Gas & Elec., pref. (au.). *154 Apr. 15 *Holders of rec. Mar.25
426
5 Phila. Life Ins. Co.. par $10
15
*Holders of rec. mar. 31
11 West Phila. Title & Tr.. par $50-241q 5 Indep. Fire Ins. Sec., par $25.._ 35
Banks.
55 Mutual Trust Co., par 550
(Bank
America
125
of) (guar.)
29 Hare & Chase, Inc.. pref
3
93
Apr, 1 Holders of rec. Mar. 15
2 Fidelity Trust Co
689
140 Hare & Chase, Inc., pref
234 Apr. 1 Mar. 21 to Apr. 1
9234 Broadway Central (guar.)
9 Fidelity Trust Co
Chelsea Exchange (guar.)
681
50 Hare & Chase, Inc., Prof
134 Apr. 1 Holders of rec. mar. 18
92
10 Jefferson Title & Trust. par 550- 675i 75 Hare & Chase, Inc., com.,no par 2634 Fifth Avenue (guar.)
*6
Apr. 1 *Holders of rev. Mar.31
5 Republic Trust Co., par 550
20634 100 Hare & Chase,Inc.,com.,no par 2634 First National (guar.)
'$20 Apr. 1 *Holders of rec. Mar. 31
8 Penna. Co. for Ins. on Lives, &C-881
First
Security
Co.
57 Hare dr Chase,Inc., corn., no Par 2634
(guar.)
"5
Apr. 1 *Holders of rec. Mar.31
10 Aldine Trust Co
Manhattan Co.,Bank of the (guar.)._
260
4
Apr. 1 Holders of rec. Mar. 19a
6 Provident Trust Co
705
Rights.
4
S per right. National City (guar.)
Apr. 1 Holders of rec. Mar. 19a
25 Guarantee & Safe Deposit Co.....205% Rights to subsnibe to Girard Trust
National City Co.(guar.)
4
Apr. 1 Holders of rec. Mar. 19
4 Guarantee Trust & Safe Dep. Co-20554
Standard (guar.)
Co. stock as follows: 2 at 1.150:
234 Mar. 31 Holders of rec. Mar. 24
3 Guarantee Trust & Safe Dep.Co_205%
Standard
National
Corp.(guar.)
1-5 at 1,201;.-5 at 1,251; 4-5 at
234 Mar.31 Holders of rec. Mar.24
10 Broad Street Trust Co., Par $50- 73
United States, Bank of (guar.)
1,250; 3-5 at 1,280; 1-5 at 1,201;
234 Apr. 1 Holders of rec. Mar.22a
25 Phila. Co. for Guar. Mtges- -216%.2-5 st 1,260; 2-5 at 1,255.
Trust Companies.
9 Phila. Co. for Guar. Mtges
Bank of N.Y.& Trust Co.(guar.)
5
21534 1 2-3 Belmont Trust CO
21
Apr. 1 Holders of rec. Mar. 19
6 Phila. Co.for Guar. Mtges
215
Bonds.
5
Per Cent. Manufacturers (guar.)
Apr, 1 Holders of rec. Mar. 19a
15 Fairhill Trust Co.. par 550
75
52,000 Bartlesville Gas & Elec. Co.
16 Columbia Avenue Trust Co_..330
Miscellaneous.
1st 6s, 1947
9734
5 Land Title & Trust Co
Acme Steel (guar.)
791
*50c. Apr. 1 *Holders of rec. Mar.20
51,000 Huntingdon & Broad Ton
4 Land Title & Trust Co
Aeolian Company, pref.(guar.)
788
154 Mar. 31 Holders of rec. Mar.20
Mt.RR.& Coal 3d cons.58(ext.)
6 Real Estate Trust Co., assented
Aeolian Weber Piano & Planola, pf.(qu.) 134 Apr. 15 Holders of rec. Apr. 5
1940
35
preferred
Air Reduction Co., Inc. (guar.)
270
51
Apr. 15 Holders of roe. Mar.31
$53,000 Philadelphia Co.consol. coll.
33 Finance Co.of Penna.,2d pref 205
*1.34 Apr. 1 *Holders of rec. Mar.20
trust 5s, 1951
9834 Aluminum Co. of Am., pref. (quar.)__
1300, ex-rt. $3,000 Terre Haute Indlanap. &
1 Girard Trust Co
Amer. Brake Shoe &
corn.(quar.)- $1.50 Mar 31 Holders of roe. Mar. 19
5 Nor. Cent. Trust Co.. par $50-110
Preferred (guar.)
Eastern 'Frac. 1st & ref. 5s, 1945 7634
134 Mar. 31 Holders of rec. Mar. 19
10 Susquehanna Title & Trust Co.,
Amer -La France Fire Eng.,corn.(au). 25o.
May 15 Holders of rev. May 1
$300 Benevolent Protective Order of
154
Preferred
64
(quar.)
Apr. 1 Holders of rec. Mar.22
Elks gen. mtge.6s, 1942
Par 550
84
Amer.Pneumatic Service, 1st pt.(qu.) *51.75 Mar.31 *Holders of rec. Mar. 22
By A. J. Wright & Co., Buffalo:
American Type Founders, corn.(guar.). 2
Apr. 15 Holders of rec. Apr. 5
Shares. Stocks.
8 per sh. Shares. Stocks.
Preferred (quar.)
$ DOT oh.
134 Apr, 15
of rec. Apr. 5
57% 1,500 Consol. West Dome Lake_ _21%c. Amer. Wholesale Corp., pref.(quar.)... •134 Apr. 1 Holders
5 Pratt & Lambert
Holders
1.07 100 Peoria Dec. & Evansv. Ry_54 lot Amer. Window Glass Mach., corn. (qu.) *lyi Apr. 1 Holders of rec. Mar.20
500 Kirkland-Lake
of rec. Mar. 16
16
50 Niagara Share Corporation
100 Tobacco Holdings Co., Ltd., of
Preferred (guar.)
.
134 Apr. 1 Holders of rec. Mar. 16
Canada
10
20 Buff. Niag.& Eastern Power... 2934
$3.75 lot Anglo-Amer. Corp. of South Africa
Mar.11 Mar. 12 to Mar. 18
Appleton Company(guar.)
*5
Mar. 13 *Hclders of rec. Mar. 5
Art Loom Corporation, cont.(quar.)
*75e. Apr. 1 *Holders of rec.
Ault & Wiborg Co., pref.(guar.)
DIVIDENDS.
134 Apr, 1 Holders of rec. Mar.20
Mar. 15
Auburn Automobile (guar.)
"75c. Apr. 1 *Holders of rec. Mar.25
Extra
Dividends are grouped in two separate tables.,In the
"51
Apr. 1 *Holders of rec. Mar.25
Barnhart Brothers & Spindlerfirst we bring together all the dividends announced the
First and second preferred (quar.).... '154 May 1 *Holders
of rec. Apr. 24
'$1.25 Apr. 1 *Holders of rec. Mar.20
current week. Then we follow with a second table in which Beatrice Creamery, corn,(guar.)
Preferred
(guar.)
•134 Apr. 1 *Holders of rec.
Mar.
we show the dividends previously announced, but which Baker (Walter)
Co., Ltd. (guar.)
•51.50 Mar.20 'Holders of rec. Mar. 20
12
Baltimore Brick, 1st pt.(accLaccum.dIv) 71.3
have not yet been paid.
Mar.27 Holders of rec. Mar.18
Motor
Berry
(guar.)
50c. Apr. 1 Holders of rec. Mar.20
The dividends announced this week are:
MAR. 13 1926.]
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
1419
Per
When
Books Closed
Name of Company. '
Cent. Payable.
Days Inelurtve.
Miscellaneous (Confinued).
Miscellaneous (Concluded).
Bridgeport Machine, pref. (guar.)
$1.75 Apr. 1 Holders of roe. Mar.20
Singer Manufacturing (guar.)
*24 Mar.31 'Holders of rec. Mar.10
BrIllo Mfg., pref., class A (guar.)
50e. Apr. 1 Holders of rec. Mar.15a
Special
'3334 Mar.31 'Holders of rec. Mar. 10
British-American Oil (quar.)
6234c Apr. 1 Mar. 18 to Mar.31
Southern Baking. pref. fquar.)
2
Apr. 1 Holders of rec. Mar. I8a
Brown & Williamson Tob., corn.(qu.)._ "14 Apr. 1 "Holders of
rec. Mar.20
Spicer Manufacturing, prof. (guar.)
Apr. 1 *Holders of rec. mar.20
"2
Preferred (guar.)
•134 Apr. 1 *Holders of rec. Mar.20
Stanley Co. of Amer.(guar.) (No. 1).."75e. Apr. 1 *Holders of rec. Mar.20
Brunswick-Baise-Collender, pref. (qu.). •134 Apr. 1 *Holders of
roe. Mar. 20
Standard Commercial Tob., corn.(MO - "250. Apr, 1 'Holders of rec. Mar. 23
Buckeye Ineubator(quar.)
600. Apr. 1 Holders of roe. Mar.20
Thompson (J.R.) Co., corn. (monthly). '30c. Apr. I *Holders of me. Mar.23
Canadian Connecticut Cot. M., pf.(qu.) 1
Apr. 1 Holders of rec. Mar.16
Common (monthly)
'30e. May 1 *Holders of rec. Apr. 23
Canfield 011,common (guar.)
134 Mar.31 Mar.21 to Apr. 4
Common (monthly)
'30e. June I *Holders of rec. May 24
Preferred (guar.)
14 Mar.31 Mar.21 to Apr. 4
Torrington Company, corn. (guar.)
75c. Apr. 1 Holders of rec. Mar.19
Central steel, common (guar.)
$1
Apr. 10 Holders of rec. Mar.25
United Drug, common (guar.)
June 1 'Helder, of rec. May 15
*52
Preferred (guar.)
134 Apr. 1 Holden: of rec. Mar. 15
•14 May 1 *Herders of rec. Apr. 15
First preferred (quar.)
Century Electric
134 Mar.22 Holders of rec. Mar. 15
United Shoe Machinery, corn. (guar.)._ 6234e. Apr. 5 Holders of rec. Mar. 16
Chand.-Cleve. Mot. Corp., pref.(No. 1) •21 Apr. 1
*Holders of rec. Mar.22
Preferred (guar.)
3734e. Apr. 5 Holders of rec. Mar.16
Chrysler Corporation, corn. (quar.)-- '75e. Apr.
2 *Holders of rec. Mar.19
•15i Mar. 31 *Holders of ree. Mar. 10
U. S. Bobbin & Shuttle, pref. (qu.)
Preferred (guar.)
'2
Apr. 2 *Holders of rec. Mar. 19
Utah-Copper Co.(guar.)
$1.25 Mar. 31 Holders of rec. Mar. 18
Preferred (guar.)
*2
June 30 •HcIders of rec. June 15
Van
Dorn
Iron
Works,
pref.
(guar.)
$1 Apr. 1 Holders of rec. Mar.22
Preferred (guar.)
*2
Sept.3 *Holders of roe. Sept. 15
Vivaudou (V.). Inc., pref.(guar.)
'51.95 May 1 *Holders of rec. Apr. 15
Preferred (guar.)
"2
Jan.3'2 *Holders ct rec. Dec. 15
Preferred ((Marl
Cleveland Builders Supply (guar.)
$1.75
Aug. 2 'Holders of rec. July 15
6234 Apr.
Holders of rec. Mar. 15
Preferred (guar.)
Cleveland Union Stock Yards(War.)--- 2
*51 .75 Nov. 1 *Holders of rec. Oct. 15
Apr.
Holders of rec. Mar. 20
Warren Bros. Co., common (guar.)... _
Cons. Lead & Zinc Co., A.& B(No. 1)
Apr.
$1
1 Holders of rec. Mar. 22
6234c Apr.
Holders of rec. Mar. 15
First and second pref.(guar.)
Continental Baking, class A corn. (qu.). 2
Apr. 1 Holders of roe. Mar.22
Apr.
Holders of rec. Mar. 15a Western Auto Supply, partie. pref.(qu.) 154
Preferred (guar.)
Apr.
•50e.
*Holders of rec. Mar.20
2
Apr.
Holders of rec. Mar. 150
Participating pref.(9-day dividend)._ "514c Apr.
Crown Finance Corp., pref. (quar.)
*Holders of rec. Mar.20
*$1.75
*Holders of rec. Mar. 15
WeSton Electrical Instrument. CLA(qu.) *50e. Apr.
Devoe &Reynolds,corn. A and B(guar.) '60c. Apr.
*Holders of rec. Mar.20
Apr.
*Holders
of rec. Mar.20
West Point Manufacturing (guar.)
First and second preferred (guar.)._ - •134 Apr.
Apr.
$2
Holders of rec. Mar.15
*Holders of rec. 10 ar.20
Will & Baumer Candle, prof.(guar.)
Dodge Bros., pref. (guar.)
2
_
Apr.
Holders of rec. Mar.18
•134 Apr. 1 *Holders of rm. Mar. 27
Wright-Hargreaves Mines, Ltd.(guar.). •23-4e. Apr.
Dome Mines, Ltd. (quar.)
*Holders of rec. Mar.15
50e.
Apr.
2
Holders of rec. Mar.31
Extra
Eastern Steamship Lines, pref. (quar.)_ *874e
'Sc. Apr.
*Holders of roe. Mar.15
Apr. 1 *Holders ef rec. Apr. 7
Yellow Truck & Coach, Class B (guar.)_ *18e. Apr.
First preferred (guar.)
*Holders of rec. Mar.20
•134 Apr.
"Holders of rec. Mar.26
•
In
Preferred (guar.)
Electric Controller & Mfg.,corn.(qu.)
Apr,
*Holders of rec. Mar.20
51.25 Apr.
Holders of rec. Mar.20
Preferred (guar.)
134 Apr.
Holders
rec.
Mar.
of
20
Electric Storage Battery, corn.& P1.(q11.)
Below we give the dividends announced in previous weeks
Holders of roe. Mar. 19
Elliott-Fisher Co., corn. & corn. B (qu.) 51.25 Apr.
$1.60 Apr.
Holders of rec. Mar. 150 and not yet paid. This list does not include dividends anPreferred (guar.)
134 Apr.
150
Holders
Mar.
of
rec.
Emerson Electric Mfg., pref. (quar.)--nounced this week, these being given in the preceding table.
134 Apr.
Holders of rec. Mar. 20
Empire Safe Deposit (guar.)
134 Mar.30 Holders of rec. Mar. 230
Evans(E.S.)& Co.,corn. Aand B(guar.) •50e. Apr.
*Holders
Mar.
rec.
22
of
Per
When
Common A and 13 (extra)
Books Closed
•25e. Apr.
*Holders of roe. Mar.22
Name of Company.
Cent. Payable
Famous Players-Lasky Corp., pref.(qu.) 2
Days Inclusive.
May
Holders of rec. Apr. 15a
Faultless Rubber (guar.)
50c.
Apr.
Holders
of rec. Mar. 15
Railroads (Steam).
Fifth Avenue Bus Securities (cluar.)•16c. Apr. 1 "Holders of rec. Apr. 1
Alabama & Vicksburg
3
Apr. 1 Holders of rec. Mar. 106
First National Stores, Inc., corn.(No. 1).
3714c Apr.
*Holders of roe. Mar. 13
Bangor & Aroostook, corn (quar)
75e Apr 1 Holders of me Mar 13a
First preferred (guar.)
•134 Apr.
*Holders of roe. Mar. 13
Preferred (quar)
134 Apr 1 Holders of roe Mar 150
Preferred (quar.) _
*2
Apr.
*Holders of rec. Mar. 13
Beech Creek (quar)
50c Apr 1 Holders of roe Mar 150
General American Tank Car, pref. (qu.) •
134 Apr.
*Holders of rec. Mar. 15
trostern & Albanv (guar.)
Mar.81 Holders of rec. Feb. 276
2
General Baking, pref. (guar-)
2
Mar.3 Holders of rec. Mar. 20
Boston & Providence(quar)
234 Apr 1 Holders of me Mar 20
General Tire & Rubber, pref.(guar.).134 Apr.
Holders of rec. Mar. 20
Boston Revere Beach & Lynn (quar.)
"134 Apr. 1 'Holders of rec. Mar. 15
Grennan Bakeries, common (guar.)
"25e. Apr.
*Holders of rec. Mar. 15
Carurdian Pacific. corn. (guar.)
234 Apr. 1 Holders of rec. Mar. la
Preferred (guar.)
•134 Apr.
"Holders of rec. Mar. 15
Preferred
2
Apr. 1 Holders of rec. Mar. 1
Gimbel Brothers, preferred (guar.)
*Holders of rec. Apr. 15
•1% May
Delaware & Hudson Co (guar.)
234 Mar.20 Holders et roe Mar. 66
Goodyear Tire R.of Calif. prof.(quar.) "14
Apr.
Johnstown & Cloversv., pf. (qu.) 14 Mar.15 Holders of rec. Mar.10a
Fonda
Preferred (account accum. dividends)...
514 Apr.
Gulf Mobile & Northern, pref. (quar.)_
114 Apr. 1 Holders of rec. Mar.156
Goodyear Tire & Rubber, pref. (guar.).14 Apr.
Holders of roe. Mar. 15
Houston & Texas Central
24 Apr. 10 Holders of roe. Apr. 1
Gossard (H. W.) Co., corn.(monthly)... 33 1-3e Apr.
*Holders
Mar.
rec.
20
of
Joliet
& Chicago(quar)
134 Apr 6 Mar 26 to Apr. 5
Common (monthly)
• 33 1-3c may
*Holders
Apr.
rec.
20
of
corn
Lehigh
(quar)
Valley.
8734c Apr 1 Holders of roe Mar 13a
• 33 1-3e June
Common (monthly)
*Holders of rec. May 21
Preferred (quar)
51 25 Apr 1 Holders of roe Mar 150
Goulds Manufacturing. corn. (Quar.)114 Apr.
-Holders of rec. Mar.20
Manhattan Railway (modified guaranty) $1 26 Apr 1 Holders of roe Mar 12a
Preferred (quar.)
14 Apr.
20
Holders
Mar.
Chicago
rec.
of
& St. Louis, cons.(qu.)_.
N. Y.
Grief Bros.(A) (Cleveland)(2 mos. div.) 53 1-3c
1)4 April 1 Holders of roe. Feb. 15a
Holders of rec. Mar. 15
Preferred (guar.)
Hangs(P. H.) Knitting Co., pref.(guar.) 14 Apr.
134 Apr. I Holders of rec. Feb. 150
Apr.
Holders of rec. Mar.20
N Y Lackawanna & Western (guar)
1% Apr 1 Holders of roe Mar 13
Harbauer Co. (guar.)
45c. Apr.
Holders
of rec. Mar. 20
Norfolk & %%ester°. common (guar./- 134 Mar. 19 Holders of rec. Feb. 27a
Holly 011
25e. Mar.3 Holders of rec. Mar. 15
Northern Pacific (guar.)
134 May 1 Holders of rm. Mar. 18
Holt. Renfrew & Co., pref. (guar.)
334 Apr.
Holders of rec. Mar. 29
Pere Marquette, corn (quar)
1
Humble Oil & Refining (quar.)
Apr 1 Holders of roe Mar 15a
"30e. Apr.
*Holders of rec. Mar. 17
Prior preferred (guar)
Preferred (quar.)
May 1 Holders of rec Apr I5a
154
•134 Apr.
*Holders of rec. Mar. 20
Five per cent preferred (quar)
134 May 1 Holders of roe Apr 15a
Independent Pneumatic Tool (guar.) _ _
.$1
Apr.
"Holders
Mar.
of
rec.
20
Pitts Ft Wayne & Chic • corn (guar )_
134 Apr 1 Holders of roe Mar 100
India Tire & Rubber, corn. (guar.)
*2
Apr.
*Holders of rec. Mar. 20
Preferred (quar)
134 Apr 6 Holders of roe Mar 10a
Pre,. erred (quar)
•134 Apr.
*Holders of rec. Mar 20
emsice company 2nd prof. (guar.)
50e
Jordan Motor Car, corn. (guar-)
Apr. 8 Holders id rec. Mar.22a
750. Mar.3 Holders of rec. Mar. 16
St. Joseph South Bend & Southern, corn
Preferred (quar.)
Mar. 15 Mar. 11 to Mar. 14
134 Mar.3 Holders of rec. Mar. 16
Preferred (quar.)
234 Mar. 15 Mar. 11 to Mar. 14
Kaufman Dept. Stores, corn. (guar.)_ _ _ *52
May.
*Holders
Apr.
of
rec.
20
St
Louis-San
Francisco, coca (quar)
Kaynee Co., pref. (guar.)
Apr I Holders of roe Mar 15
134 Apr.
Holders of rec. Mar. 20
Preferred (guar.)
14 May 1 Holders of rec. Apr. 100
Kerr Lake Mines
1234e. Apr. 1 Holders of rm. Apr. la
Preferred (guar.)
Kresge Department Stores, pref. (guar.) 2
134 Aug. 2 Holders of rec. July 15a
Apr.
Holders
Mar.
of
rec.
150
Preferred (guar.)
Lamson & Hubbard Corp., prof
Nov. I Holders of me. Oct. Ifta
554
Apr. 1 Holders of rec. Apr. 1
St Lords Southwestern, pref (quar)
114 Mar 31 Holders of roe Mar 15
Lawton Mills (guar.)
•234 Mar.3 'Holders of rec. Mar. 16
Southern Pacific Co (quar.)
114 Apr. 1 Holders of rec Feb. 26a
Lawyers Title & Guaranty (guar.)
Apr.
234
Holders or rec. Mar. 200 Southern Ry M &0 stock trust ce,rtlf_ 2
Loose-Wiles Biscuit, first pref. (guar.)._ *134 Apr.
Apr 1 Holders of rec Mar 15
'Holders of rec. Mar. 18
Union Pacific, corn. (guar.)
Second preferred (guar.)
2.4 Apr. 1 Holders of rec. Feb. 270
*IN May
*Holders of rec. Apr. 18
Preferred
Macy (R. H.) & Co., pref. (guar.)
2
Apr. 1 Holders of rec. Feb. 270
*14 May
"Holders of rec. Apr. 17
Vick,. Shrev. & Pac., corn.& pref
Marlin-Rockwell Corp., cons. (quer.)_ _ *50e. Apr.
2% Apr. 1 Holders of me. Mar. 10
*Holders of rec. Mar.25
Preferred (guar.)
•134 Apr.
*Holders
of rec. Mar. 25
Public Utilities,
Merchants & Miners Transport'n (guar.) *62
Mc Mar.3 *Holders of rec. Mar. 6
Amer.Superpower Corp.,cl. A & B.(qu.) *300. Apr. 1 *Holders of rec. Max. 1
Merrimac Chemical (guar.)
41.25 Mar.3 *Holuers of rec. Mar. 13
First preferred (guar.)
Midland Steel Products, corn.(quar.)... *51
•51.50 Apr. 1 'Holder, of rec. Mar. 1
Apr.
*Holders of rec. Mar. 19
Amer. Telep. & Teleg. (guar.)
Common (extra)
234 Apr. 15 Holders of rec. Mar. 15a
*48c. Apr.
*Holders of rec. Mar. 19
trkanase Natund nag (guar.)
Preferred (guar.)
Sc. Apr. I Holders Cl rec. Mar. 104
"$2
Apr.
*Holders
Mar.
19
of
rec.
Asheville Power & Light, prof (guar)
Preferred (extra)
134 Apr 1 Holders of me Mar 13
*51
Apr.
*Holders of rec. Mar. 19
Bell Teiep. of Pa.,
Miller Rubber, common
% pref.(quar.)
1% Apr. 15 Holders of rec. Mar.200
50e. Apr. 2 Holders of rec. Apr. 50 Bell Telephone
of
(guar.)
Factors
Corp.
Mill
Canada (guar.)
•2
Apr, 15 *Holders of rec. Mar 23
1-4 Apr.
Holders of rec. Mar. 20
Beloit Water, Gas& Elec.,7% pf.
Extra
.(qu.). "134 Apr. 1 *Holders of rec. Mar.25
14
Holders of rec. Mar.20
Boston Elevated Ry.,common (guar.)._
Motor Prod. Corp., corn.(qu.()No. 1)._ *50e. Apr.
134 Apr, 1 Holders of rec. Mar.10
May
*Holders
Apr.
20
of
rec.
Second
preferred
Preferred (guar.)
334 Apr. 1 Holders of rec. Mar. 10
'$1.25
*Holders of roe. Apr. 20
Brazilian True ,Light &Pow pref (au) 134 Apr. 1 Holders of rm. Mar.
National Dairy Products, corn.(guar.)_ *75e. May
15
Apr.
*Holders of rm. Mar.20
Bkiyn-Manhat.'Prewar. pref.(quar.)_. $1.50 Apr. 15 Holders of rec. Apr. la
National Licorice, pref. (guar.)
134 Mar.3 Holders of roe. Mar. 24
Brooklyn Union Oas(guar.)
National Supply, pref. (guar.)
$1
Apr. 1 Holders of roe. Mar.120
$1.75 Mar.3 Holders of rec. Mar.20
Carolina Power& Light, pref (guar.) _
National Tea, new corn. (guar.) (No. 1) $1
134 Apr. 1 Holders of rec. Mar. 13
Apr.
Holders of rec. Mar.22
central Illinois Pub. Serv.. pref. (qu.)-- '14 Apr, 15 *Holders of rec. Mar.31
Naumkeag Steam Cotton (guar.)
*53 Apr.
"Holders of rec. Mar. 18
Central States Electric Corp., corn
Nevada Consol. Copper (guar.)
250. Apr. 1 Holders of roe. Mar.10
250. Mar.3
Holders of rec. Mar. 18
New England Fuel 011 (guar.)
Preferred
(guar.)
134 Apr. 1 Holders of rec. Mar.10
"25e. Apr.
"Holders of rec. Mar. 20
Chicago City H.y.(guar.)
New York Transportation (guar.)
'134 Mar.30 *Holders of roe. Mar.
•50e. Apr. 1 *Holders of rec. Apr. 1
City Power & Light, 1st pref. A (guar.). "S1.75 Apr. 1 *Holders of rec. Mar.22
NipissIng Mines, Ltd. (guar.)
•15c. Apr. 2 *Holders of rec. Mar. 31
15
Northwestern Yeast (guar.)
City
Water Co.of Sedalia, Mo.. Pf.(qu.) 51.25
*3
Mar. 1 *Holders of rec. Mar. 12
Norwalk Tire & Rubber, corn. (guar.)._ •40e. Apr.
Consolidated Gee N. Y., corn.(Qum.)-- 51.25 Mar. 15 Holders of rec. Feb. 8a
*Holders of rec. Mar. 15
.1%
Preferred (guar.)
Preferred
(guar.)
May 1 *Holders of rm. Mar.
*134 Apr.
*Holders of rec. Mar. 15
Cons. Gas, E. L.& Pl. Bait,, corn,(qU.) •6234c Apr. 1 *Holders of rec. Mar.15
Ohio Brass Class B (quar.)
$1 Apr. 1
15
Holders of rec. Mar. 31
Eight per cent preferred (guar.)
Class B (extra)
Apr, 1 *Holders of roe. Mar.15
•2
$1 Apr. 1 Holders of rec. Mar. 31
Preferred (guar.)
Seven
per
cent preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 31
'154 Apr. 1 *Holders of rec. Mar.15
634% preferred (guar.)
Ohio Fuel Corporation (guar.)
•50e. Apr. 1 *Holders of rec. Mar.
*144 Apr. 1 *Holders of rec. Mar.16
31
Slx per cent preferred (guar.)
Omnibus Corporation. pref. (quar.)
•2
*134 Alm. 1 *Holders of roe. Mar.16
Apr. 1 *Holders of rec. Apr. 1
Consumers Power(Mich.),6% pf.(qu.). 134 Apr. 1 Holders of
Park Utah Consolidated Mines (guar.)._ •150. Apr.
roe. Mar.15
'Holders
of rec. Mar. 15
6.6% preferred (guar.)
Penick & Ford, Ltd., pref.(guar.)
14 Mar.3
1.65 Apr. 1 Holders of rec. Mar.15
7% preferred (guar.)
Preferred (account accum. dividends). 3134 Mar.3 Holders of rec. Mar. 20
134 Apr. 1 Holders of rec. Mar.15
Holders
of
rec.
Mar.
20
6% preferred (monthly)
Penney (J. C.) Co., first pref.(quarj_
131 Mar.3 Holders of rec.
50o. Apr. 1 Holders of rec. Mar.15
Mar. 20
6.6% Preferred (monthly)
Pick (Albert) & Co., prof. (guar.)
134 Apr.
550. Apr. 1 Holders of roe. Mar. 15
Mar. 21 to Mar. 31
Detroit Edison (guar.)
Pie Bakeries of America, Class A (guar.) $1
2
Apr.
Apr. 15 Holders of rec. Mar.200
Holders of roe. Mar. 15
Denver Tramway Corp.. prof. (guar.).- $1.25 Apr. 1 Holders
Preferred ((Mar-)
134 Apr.
Holders of rec. Mar. 15
Diamond State Telephone,634% pf.(qu) 0,1% Apr. 15 *Holders of rec. Mar.15a
Price Brothers, Com• (guar.)
34 Apr.
Holders
of rec. Mar.20
of
rec.
Mar.
15
Duquesne Light, lat pref., Ser. A (qu.)._
Preferred (guar.)
134 Apr.
134 Mar. 15 Holders of rec. Feb. 15a
Holders of rec. Mar. 15
Eastern Texas Elec. Co .eorn.(quar.)„
Rand Kardex Bureau, Inc.
$1.25 Apr. 1 Holders of rec. Mar.100
common
_
stock)
(Payable
Preferred
in
(quar.)
Common
11.6
Apr.
134 Apr. 1 Holders of rec. Mar. 106
Holders of rec. Mar.20
East Kootenay Power,Ltd., Pref.(quar.) 134
Preferred (guar.)
$1.75 Apr.
Holders of rec. Mar.20
Mar. 15 Holders of rec. Feb. 28
Elec. Bond & Share, pref.(guar.)
"51
Apr.
Real Silk Hosiery Aillis. corn.(guar.)
134 May 1 Holders of rec. Apr. 12'
"Holders ot rec. Mar. 19
El.
L.
&
P.of Abington & Rockland
Preferred (guar.)
"14 Apr.
*Holders of rec. Mar. 19
50e.
Apr.
1 Holders of rec. Mar. 150
(q11.)
Elm. Pow. & Light. Pref.
Remington-Noiseless TyPew, prof.(qu.) 134 Apr. 1
Holders of rec. Apr. 1
$1.75 Apr. 1 Holders of roe. Mar.150
El Paso Elec. Co., common(guar-)
20e. Apr.
(guar.)
Reo Motor Car (guar.)
Holders of rec. Mar. 15
51.25
Mar.
15
Holders of rec. Mar. 1
Empire Gas & Fuel, prof.(monthly)_ _ _• 66 2-3c
10e. Apr.
Extra
Holders of rec. Mar. 15
Engineers Public Service Co.. pref. (mi.) 51.75 Apr. 1 *Holders of rec. Mar.15
Rice-Stix Dry Goods, corn.(guar.)
3734c. Apr.
Holders of rec. Mar. 15
Apr, 1 Holders of rec. Mar. 10
Federal
(guar.)
Light
dv Tree., common ((War.). 20c. Apr. 1
134 Apr.
First and second pref.
Holders of rec. Mar. 15
Holders of rec. Mar. 154
Common (payable In corn.stock)
.(qu.) 75e. Apr.
Richardson & iloyu. Co., part. pf.
Holders of rec. Mar. 15
Galveston-Houston Elec. Co., pref - 115e. Apr, 1 Holders of rec. Mar. 150
Mar.3 'Holders of rec. Mar. 15
Royal Baking Powder, coin.(quar.)_. •2
Mar.15 Holders of rec. Mar.e15a
.eperal
Cask
•14
Elec., corn. el. A (guar.). 334r. Apr. 1 Holders
Preferred (guar.)
Mar.3 "Holders of rec. Mar. 15
of rec. Mar. 15a
Se pref. class A (guar.)
*2
Apr.
Safety Car Heat & Ltg. (guar.)
"Holders of rec. Mar. 15
$2
Apr. 1 Holders of rec Mar 150
$7 pref. class A (guar.)
34 Mar.3 Holders of rec. Mar. 15a
$1.75
Apr.
1
Holders
St. L. Rocky Mt.6: Pac. Co., corn.(qu.)
rec. Mar lea
of
Preferred class B (guar.)
134 Mar.3 Holders of rec. Mar. 15a Gold
Preferred ((War.)
51.75 Apr. 1 Holders of roe. Mar. 150
& Stock Telegraph
50e. Apr.
(guar.)
'134 Apr. 1 *Holders of rec. Mar. 31
Holders of rec. Mar. 15
St. Regis PaPer, coin. (quar.)
Haverhill
Gas
Light (quar.)
I% Apr.
Preferred (guar.)
560. Apr. 1 Holders of rec. Mar. 19a
Holders of rec. Mar. 15
Extra
.
134 Apr.
250. Apr. 1 Holders of rec. Mar. 190
Sefton Manufacturing, pref. (guar.).
*Holders of rec. Mar. 22
Illinois Bell Telephone (guar./
*50e. A nr.
Simmons Company. corn. (near.)
'2
Mar.31 *Holders of rec. Mar. 30
"Holders of roe. Mar. 15
Interstate Power. Prof. (guar
.$1.75 Apr 1 *Holders of rec. Mar. 15 I
Name of Company.
Name of Company.
[vol..in
THE CHRONICLE
1420
When
Per
Cenl. Payable.
Books Closed
Days Inclusive.
Nan), of Company.
Whin
Per
Cast. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
75e. Apr, 1 Holders of rec. Mar. 100
American Safety Razor (guar.)
Apr. 1 Holders of rec. Mar. 120
3
American Snuff, corn. (guar.)
134 Apr, 1 Holders of roe. Mar. 12a
Preterred4(quar.)
15 Holders of rec. Apr. la
Amer.Steel Foundries,common (guar.)_ 75e. Apr, 31
Holders of rec. Mar.15a
134 Mar.
Preferred (guar.)
50e. Apr. 1 Mar. 17 to Apr. 1
American Stores Corporation (guar)
1
June 16 to July 1
July
500.
Quarterly
50o. Oct. 1 Sept. 16 to Oct. 1
Quarterly
of reo. Mar. la
Apr, 2
American Sugar Refining, corn. (guar.). 134 APr. 2 Holders
Holders of rem Mar. la
134
Preferred (guar.)
to Apr. 7
1
11
134
Mar.
Apr.
American Tobacco. pref. (quar.)
apt. 15 Holders of rec. Apr. 5
$1
Amer. Vitrified Products,corn.(guar.). _ •1,4
too. Apr. 20
of
1
May
Holders
Preferred (guar.)
134 Apr. 15 Mar. 11 to Mar.23
American Woolen. pref.(guar.)
of rec. Mar. 100
1
Holders
Apr.
500.
(guar.).
corn.
A
el.
111.,
of
Armour & Co.
134 Apr. 1 Holders of rec. Mar. 103
Preferred (guar.)
151 Apr. 1 Holders of rec. Mar. 101
Armour & Co. of Del., pref. (plar.)
Apr, 26 Holders of roe. Mar 41
50c.
Associated Oil (guar.)
si
Mar.15 *Holders of rec. Mar. 6
Atlantic Terra Cotta Co., pref.(guar.).Mar. 15 Holders of rec. Mar. 1
2
(guar.)
pref.
Company,
Autocar
134 Apr. I Holders of rec. Mar 20
Babcock & Wilcox Co.(guar.)
25e. Apr. 1 Holders of rec. Mar.200
Balaban dr Katz, corn. (monthly)
50o. Apr. 2 Holders of rec. Mar.150
Barnsdall Corp.. class A and B (quar.)
60c. Apr, 10 Holders of rec. Mar.2511
Beech-Nut Packing, corn.(guar.)
134 Apr. 15 Holders of rec. Apr. la
(guar.)
B
class
Preferred,
75c. Apr. 1 Holders of rec. Mar. 200
Belding-Heminway Co
134 Apr. 10 Holders of rec. Mar.31
Beigo-Canadian Paper, corn. (guar.)._
134 Apr. 1 Holders of rec. Mar. 8
Preferred (guar.)
Apr. 1 'Holders of rec. Mar.15
*50c.
Bendlx Corporation, Class A (quar.)__
134 Apr. 1 Mar. 7 to Apr. 6
Bethlehem Steel, 7% preferred (quar.)_ _
1 Holders of rec. Mar. 60
Apr.
2
Eight per cent preferred (guar.)
Mar. 19 "Holders of rec. Mar. 20
.25
Big Lake 011
31 Holders of rec. Mar.201
Mar.
$1
(guar.)
Bingham Mines
•500. Apr. 1 Holders of rec. Mar.20
Borg & Beck (guar.)
•250. Apr. 1'Holders of rec. Mar. 20
Extra
Apr. 15 Mar. 28 to Apr. 14
4
Borne. Scryuiser Co
Apr, 15 Mar.28 to Apr. 14
4
Extra
15 Holders of rec. Mar. 1
Mar.
$1.50
com.(qu.)
Rubb.,
&
Hose
Boston Woven
31 Holders of coup. No.110,
Mar.
(r)
British-American Tobacco, ordinary
134 Mar,10 Holders of roe. Feb 28
British Columbia Fish & Packing (guar) 134 June 10 Holders of ree. May 31
Quarterly
134 Sept. 10 Holders of rec. Aug. 31
Quarterly
134 Dec. 10 Holders of rec. Nov. 30
Quarterly
Mar. 15 Holders of reo. Feb. 19
$1
Buckeye Pipe Line (guar.)
500. Mar. 15 Holders of rec. Feb. 19
Extra
1 Holders of reo Mar 20
Apr
134
•
Bucyrus Co corn (quar)
Apr 1 Holders of um Mar 20
2
Common (extra)
134 Apr 1 Holders of tee Mar 20
Preferred (goat)
500. Mar.31 Holders of rec. Mar.10
Budd Wheel, common (guar.)
Mar.31 Holders of rec. Mar. 106
154
First preferred (guar.)
75c. Mar.31 Holden'of roe. Mar.10a
First preferred (extra)
Apr, 1 Holders of ree. Mar. 19a
134
Burns Brothers, preferred (guar.)
Mar.31 Holders of tee. Mar. 150
Burroughs Add. Mach., no par stk.(qu.) 75o. Mar.31 Holders of rec. Mar. 15
134
(altar.)
Preferred
15 Holders of rm. Apr. 2
Apr.
134
(au.)
stock
Bush Terminal Co. 7% deb.
151 Apr. 1 Holders of rec. Mar. 176
Bush Terminal Buildings, pref.(guar.).- 500 Mar 31 Holders of roe Mar 15a
Mining
Butte& Superior
Mar.20 "Holders of rec. Mar. 1
.$1
By-Products Coke, common
'$1.50 Apr. 1 *Holders of rec. Mar.31
Calamba Sugar Estates(No. 1)
Mar.15 Eloalers of rec. Feb. 2713
51.50
California Packing 'guar.)
50e. Mar.15 Holders of rec. Feb. 270
California Packing Corp.(extra)
to atockli'm meet. May 18
Subject
"100%
dividend
Stock
Mar.22 Holders of rec. Mar. 50
$1
Calumet & Arizona Mining (guar.)
50c. Mar,22 Holders of rec Mar. 56
Extra
Apr 1 Holders of tee Mar 15a
$I
Cambria Iron
Apr 1 Holders of rec Mar 20
1
Canadian Canners, prof (guar)
Holders of rec. Mar.28
Canadian Car & Foundry. Prof.(quar.). 154 Apr. 10
Apr. 1 Holders of rec. Mar. 13
151
(guar.)
pref.
Canadian General Electric,
1
Holders of rec. Mar.20
134 Apr:
Canadian Locomotive (guar.)
13.4 Mar. 15 Holders of rec. Mar. 10
Carter(Wm.)Co., pref. (guar.)
Holders of rec. Slat. 154
Apr,
134
Case (.1. I.) Threshing Mach., pref.(au.)
Holders of rec. Mar. 180
Apr.
Certain-teed Products Corp.. corn. (au.) $I
Holders of rec. Mar. 160
Apr.
134
First and second preferred (guar.).
The. Mar.3 Holders of rec. Mar. 100
Chesebrough Manufacturing (tmar.)
220. Mar,3 Holders of rec. Mar. 100
Extra
'Holders of rec. Mar. 18
Chicago Fuse Manufacturing (guar.)._ .6234c Apr.
•Holders of rec. Mar.23
hicago Mill & Lumber, pref. (guar.)... '134 Apr.
3
*Holders of roc Mar 19
Mar
•750
corn
t,
(qu)
Equipmen
Chicago Railway
3
*Holders of roe Mar 19
Mar
31134
Preferred (gnat)
'Holders of rec. Mar.200
33 1-2c Apr.
Chicago Yellow Cab (monthly)
of rec. Apr. 20a
'Holders
May
1-3c
33
Monthly
'Holders of rec. May 206
33 1-3c June
Banks.
Monthly
Holders of rec. Mar. 13a
1
Apr.
4
Company
Childs
Chase National (guar.)
Apr. 1 Holders of rec. Mar. 130
Holders of rec. Feb. 260
Apr.
$1
Corn.(extra. pay. In no par corn. stk.) (f)
Chase Securities (guar.)
Apr. 1 Mar. 16 to Mar. 31
Holders of rec. May 280
4
Com.,(extra, pay. in no par cont. stk.) (3) July
Chatham & Phenix Nat.(guar.)
of rec Mar. 190
Holders
1
Apt.
of rec. Aug. 270
4
Holders
.
stk.)
corn.
Oct.
(quar.)...
no
par
co
in
f./)
Corn.(extra, pay.
20
Commerce. National Bank
Mar.
rec.
of
*Holders
1
Apr.
tee. Nov.2611
•51
Com..(extra, pay, in no par corn. stk.) (J) Dee 30 Holders of rec.
Franklin National (guar.)
Mar. 3a
Mar.31 Holders of roe. Mar. 10
4
of
29
Holders
Mar,
6234e
(guar.)
Copper
Chill
15
(guar.)
Public National
of rec. Mar.
"Holders
Mar. 15
31
Mar.
rm.
of
1
Apr.
•1234
"Holders
34
.
1
'
stook)
Cities Service, common(monthly)
Public National (payable in
Apr. 1 Holders of rec. Mar. 25
4
Apr. 1 'Holders of rec. Mar. 15
194
Stnek)._
in
COMMOD
(guar.)
(payable
Common
National
Seaboard
Mar. 15
rec.
of
"Holders
I
APr.
._
B
*34
(monthly)
and
preferred
Preferred
13.4 Apr 1 Holders of rec Mar 20a
Cluett, Peabody & Co • prof (quar)
Trust Companies
Apr. 1 Holders of rec. Mar. 15
5
1 Holders of rec. Mar.154
Apr.
$1.75
(guar.)
corn.
Co..
Cola
coca
220
Bankers (guar.)
Mar.31 Holders of rec. Mar.
3
70e. Apr. 5 Holders of rec. Apr. 5
Cohn-Hall-Marx Co., coin.(guar.)
19
Equitable (guar.)
Mar.31 Holders of rec. Mar.20
3
70c. July 5 Holders of rec July 5
CODIDIOn (quar.)
Guaranty (guar.)
Mar.31 Holders of me Mar.
4
50c. Mar.31 Holders of rec.klar.d20a
(quar.)__
corn.
extra
l
Co.,
Credit
Trust,
Commercia
Title Guarantee &
1234 Apr. 1 Holders of roe. Mar.20a
Mar.31 Holders of rec.Mar.d200
81.0814
634% first pref. (No. 1)
• Unites States (guar.)
3734c. Mi.:'.31 Holders of rec.Mar.d200
7% preferred (guar.)
Mar.31 Holders of ree.Mar tilers
50c.
e.
8% preferred (guar.)
I5a
Fire Insuranc
of rec. Mar. 15a
$1.50 Apr. 1 Holders of roe. Mar.
Commercial Investment Trust, com.(qu) 90c. Apr, I Holders of
Road& (guar.)
rec. Mar. 15a
134 Apr. 1 Holders
7% first preferred (guar.)
of rec. Mar. 15a
1
Holders
Apr.
154
634% first preferred (guar.)
Miscellaneous.
lba
Apr. 1 Holders of rec. Mar. 1911
SI
$1.50 Mar.31 Holders of rec. Mar.
(guar.)._
A
Clain§
l
Solvents,
Commercia
(aunt.)
Adams Express
AM. 1 Holders of rec. Mar.19
$2
75e. Apr. 1 Mar. 16 to Apr. 12
Preferred (guar.)
Advance-Rumely Co.. prof. (qliar.)
134 Apr. 1 Holders of rec. Mar.200
734c. Apr, 5 Holders of rec. Mar. 18
Continental Can. pref. (guar.)
18
Ahumada Lead Co.(gnat.)
•250. Mar.15 *Holders of tee. Feb. 13
1734c. Apr. 5 Holders of rec. Mar.150 Continental Oil (guar.)
Extra
Mar.31 Holders of rm. Mar. 19a
$1
134 Apr. 1 Holders of rec Mar.
Allied Chemical & Dye Corp.. pref.(qu.) 134 Apr. 15 Holders of rec. Mar.240 Coty,Inc.(guar.)
134 Mar. 15 Holders of rec. Mar. 1
Crane Company. common (guar.)
Allis-Chalmers Mfg., pref. (guar.)
of rec. Mar.31
Holders
Mar. 15 Holders of rec. Mar. 1
134
15
Apr.
134
(qu.).
(guar.)
pref.
Preferred
dl8a
American Art Works,corn.&
40e. Apr. 1 Holders of rec. Mar
1st pf.(qu.)._ •51.75 Apr. 1 *Holders of rec. Mar.15
American Bank Note, corn. (quar.).... 75e. Apr, 1 Holders of rec. Mar.di8a Crown-Willamette Paper,(guar.)
134 Mar.31 Holders of rec. Mar. 15a
130 Crucible Steel. preferred
Preferred (guar.)
50c. Apr. 1 Holders of rec. Mar. 3a
134 Apr. 1 Holders of rec. Mar. 16a Cuban-American Sugar, corn.(gnat.)
American Beet Sugar. pref.(guar.)
Mar.
rec.
of
Apr. 1 Holders of rm. Mar. Is
134
Holders
1
151 Apr.
Preferred (guar.)
15a
American Can. Pref.(aum.)
Mar,15 Holders of rec. Feb. 27
3
51.50 Apr. 1 Holders of rec. Mar.
American Car & Foundry, corn.(guar.). 13.4 Apr. 1 Holders of rec. Mar. 15a Cumberland Pipe Line (quar.)
•51
Mar. 15 *Holders of rm. Mar. 1
Cuneo Press (gust.)
31
Preferred (guar.)
411
June 15 *HOlders of rec. June 1
50e. Apr. I Mar. 21 to Mar. 156
Quarterly
(glum.)
A
Class
Chain,
American
of rec. Mar.
*Holders
Mar. 15 Holders of rec. Mar.
2
1
(guar.)._
Apr.
•134
preferred
ring.
15a Derk Manufactu
American Chicle,8% Pref.(guar.)
Apr 1 Holders of roe Mar 15a
134 Apr. 1 Holders of rec. mar.
Detroit& Cleveland Navigation (gust). 51
7% Preferred (guar.)
1 Holders of rec. Mar. 15
Mar,15 Holden of rec. Feb. 270
2
Apr.
•134
(guar.)
Match
(guar.)
pref.
Diamond
American Cigar,
•13.4 Apr. 1 'Holders of rec. Mar. 15
May 1 *Holders of rec. Apr. 10
111
Dominion Glass, coin, and pref. (quar.)_
American Coal(guar.)
Apr. 1 Holden' of rec. Mar.d15
60e. Apr. 1 Holders of reo. Mar.20
1
Dominion Stores. common (guar.)
American Cyanamid, corn.(quar.)
Apr. 1 Holders of rec. Mar.415
34
51.25 Apr, 1 Holders of rec. Mar. 15
(guar.)
corn.
Dominion Textile,
Common (extra)
134 Apr. 15 Holders of tee. Mar. 31
30c. Apr. 1 Holders of reo. 1VIar.d15
Preferred (guar.)
New common A and B (guar.)
220. Mar.31 Holders of rec. Mar. la
134 Apr. 1 Holders of rec. Mar.d15
Co.
ectin
(guar.)
Douglas-P
Preferred (guar)
Apr. 1 Holders of roe. Mar. 11
2
Mar.31 Holders of rec. Feb. 27
$1.50
(guar.)
Draper Corporation
5
American Express (guar.)
.. 134 Mar. 15 Holders of rec. Mar.
H)& Co .com (gnat) *134 Apr 1 *Holders of roe Mar 9
American Fork & Hoe, corn.(quar.)..
Holders of ree. Mar.19a Dunham (James (gnat)
1
Apr.
•134
I *Holders of roc Mar 9
Apr
134
preferred
First
120
American Linseed. pref.(aunt.)
*134 Apr 1 *Holders of tee Mar 9
$2 Mar. 31 Holders of rec. Mar.
(quar.)
Second preferred (quar)
Amer. Locomotive, common
154 Mar.31 Holders of rec. Mar.120
15
Mar.
(quar.)
Holders of rec. Mar. la
234
Co.
&
Nem.
de
I.)
(E.
Pont
du
Mar. 17
Preferred (guar.)
134 Apr, 26 Holders of rec. Apr. 100
(guar.). •134 Mar. 31 'Holders of rec. Mar. 17
Debenture stock (guar.)
American Manufacturing, corn.
Mar.31 'Holders of rec.
*2
d.,com.(qu.) •1% May 1 "Holders of rec. Apr. 20
deNem.Pow
(E.I.)
Pont
du
(extra)
17
June
Common
s14.i May 1 'Holders of rec. AM. 20
134 July 1 'Holders of rec.
.
Preferred (guar.)._
Common (guar.)
"134 Oct. 1 *Holders of rec. Sept. 17
.40c. June 1 "Holders of roe. May 15
Eagle-Picher Lead. common (quar.)_
Common (guar.)
5534 Dec. 31 *Holders of rec. Dec. 17
•400.
Sept. 1 *Holders of Pio. Aug. 15
(guar.)
Common
Common (quar)
*134 Mar 31 'Holders of rec. Mar. 17
.040e. Dm. 1 *Holders of rm. Nov.16
Common (guar.)
Preferred (guar.)
•134 July 1 'Holders of rec. June 17
37He. Apr. 1 Mar. 18 to Mar.31
(guar.)
Mill
Rolling
Eastern
17
Sept.
Preferred (guar.)
l234c. Apr, 1 Mar. 16 to Mar. 31
'134 Oct. 1 *Holders of rec. Dec. 17
Extra
Preferred (guar.)
$1.25 Apr. 1 Holders of reo. Feb. 270
'154 Dec. 31 *Holders of rec.
Eastman Kodak.common (guar.)
Preferred (aunt.) (guar.)
Apr. 1 Holders of rec. Mar. 15
2
75e, Apr. 1 Holders of rec. Feb. 270
(extra)
Common
American Plano, corn.
134 Apr. 1 Holders of rec. Mar. 15
134 Apr, 1 Holder' of tea. Feb. 2711
(guar.)
Preferred
150
204
Mar.
too.
Preferred (guar.)
of
Holders
31
Mar.
$I
134 Apr 1 Holders of me Mar
(Otto)&Bros ,prof (guar)
corn.(guar.)
Anierinall Radiator,
31 Holders of tee. Mar. 151 Eisenlohr
Mar.
$1.50
Railway Express (guar.)
Public Utilities (Concluded).
Holders of rec. Mar. 12
Jamaica Public Service, pref.(guar.) --- 134 Apr.
Holders of rec. Mar. 150
Kansas City Pow.& L.., prof. A (guar.). $1.7.5 Apr.
*Holders of rec. Feb. 27
Kentucky Hydro-Elec. Co.. Pref.(MO- *$1.75 Mar.2 Holders of rec. Mar. la
1
Mar.
2
(guar.).
corn.
Laclede Gas Light Co..
of rm. Feb. 27a
Louisville Gas ar El., el. A & B com.(g11.) 4334o. Mar.2 Holders
Holders of rec. Mar. 60
Apr.
Mackay Companies, common (quar.)- 1
Holders of rec. Mar. 60
Apr.
154
Preferred (guar.)
Mar.1 Holders of rec. Feb. 27
MiddleWest Utilities prior lien stk(quar.) 2
Holders of rec. Mar. 15
Minnesota Power & Light, pref.(quar.) - 134 Apr.
Holders of tee. Mar. 15
Apr.
Monon. West Penn P.B.7% pref. (au.) 4334e
Holders of rec. Mar. 120
111 Apr.
Montana Power. corn. (guar.)
of rec. Mar. 120
Holders
Apr.
151
Preferred (guar.)
of rec. Mar. 13
National Power & Light, pref.(guar.).- $1.75 Apr. 1 Holders
of rec. Feb. 27
Holders
Mar.
400.
.
(gu.)-Acorn.
Cl.
Service.
Nat. Public
Holders of rm. Mar. 10
New England Pub. Serv., prior Iten(qu.) $1.75 Mar. 1 Holders of rec. Mar. 10
Mar.3
New England Telm.& Teleg.(guar.)... 2
of rec. Mar. 15
Holders
Apr.
151
tquar.)
pref.
New York Steam Corp..
134 Apr. 1 Holders of rec. Mar.20
New York Telephone, pref. (quar.)
Holders of rec. Mar. 150
3
Mar.
50c.
(guar.).common
Power,
Falls
Niagara
4351e Apr. 1 Holders of rec. Mar. 310
Preferred (guar.)
Holders of rec. Mar. 15
Nine., Lockport & Ont.Pow.,com.(qu.) 50c. Apr.
Holders of rec. Mar. 150
151 Apr.
Preferred (guar.)
Holders of rec. Mar. 50
Apr.
0234
North American Co., corn. (guar.)
Holders of rec. Mar. 50
75c. Apr.
Preferred (guar.)
of rem Mar.. 1
Holders
1
Mar.
$1.50
1st
IM.(qU.)
Nor. Amer. Utility,Security,
Holders of rec. Mar.15
Northern Ohio Tract.& Lt.,6% pf.(qu.) 134 Apr.
of rec. Mar.15
Holders
Apr,
151
(quar.)
preferred
per
cent
Seven
Is
Holders of rec. Mar.20
1H Apr.
Oblo Bell Telephone. pref. (quar.)
Holders of rec. Feb. 27
Oklahoma Gas & Elec.. pref.(guar.)--- 134 Mar.1
of rec. Feb. 28
1
*Holders
Mar.
•134
(
•uar.)___
pref.
Power,
Ottawa & Hull
of rec. Mar.200
3
Holders
151 Mar.
Pacific Telco. & Teleg., corn.(quar.)- -_
of rec. Mar.316
1
Holders
Apr.
d134
(guar.)
Preferred
Holders of rec. Mar. 15a
Penn Central Light & Power. prof.(an.) $1.25 Apr.
Holders of rm. AM. 20
May
Pennsylvania-Ohio P.& L..8% pt.(qu.) 2
Holders of rec. Apr. 20.
May
15d
(guar.)
preferred
Seven per cent
Holders of rec. Mar. 25
Apr.
60c.
7.2% preferred (guar.)
Holders of rec. Apr. 20
May
80e.
(guar.)
Preferred
7.2%
of rec. Mar. 15
Holders
Apr.
$1.75
(qu.)
pref.
Pennsylvania Power & Light,
Holders of rec. Mar. 190
Apr.
Pennsylvania Water & Power (guar.)... 2
of rec. Feb. 150
1
Holders
Slat.
450e.
(guar.)
Co.
Electric
Philadelphia
Holders of rec. Mar. 10
Apr.
$2
Philadelphia Traction
Holders of rec. Mar. 2
Portland Electric Power,first pref.(qu.) 134 Apr.
Holders of rec. Mar. 2
13.4 Apr.
Prior preference(guar.)
'Holders of rec. Mar.15
•134 Apr.
Porto Rico Railways, pref.(guar.)
Holders of rec. Mar. 50
3
Mar.
$1.25
(guar.).common
Corp..
Public Service
Mar.3 Holders of rec. Ma'. 5a
2
Eight per cent preferred (guar.)
134 Mar. 3 Holders of rec. Mar. 5a
Seven per cent preferred (guar.)
134 Mar.3 Holders of rec. Mar. fai
Six per cent preferred (quer.)
ill Mar.3 Holders of rec. Mar. 5a
Public Service Elec.& Gas.7% td.(111.)134 Mar.3 Holders of rec. Mar. 50
Six per cent preferred (guar.)
31
114 Apr. 1 Holders of rec. Mar.31
Quebec Power,common (guar.)
151 Apr. 1 Holders of rec. Mar.
Preferred (guar.)
rec. Mar.25
1
of
Apr.
Holders
2
_
(auar.).
Power
dr
Water
Shawinigan
mar. I
Holders of rec. Feb. 27
Southern Colorado Power. pref.(quar.). 134
Apr. 1 'Holders of rec. Mar.31
Southern New England Telep (guar.).- "2
of rec. Mar. 15
*Holders
Apr.
•$1.75
((lu.)
pref.
7%
Electric,
Southwest Gas&
Holders of rec. Mar. 15
Springfield Ry.& Light, pref.(quar.) - 134 Apr.
of tee. Feb. 270
Holders
1
Mar.
2
(quar.).pref.
Electric.
&
Gas
Standard
Holders of rec. Mar. 15
Tennessee Elec. Pow.,6% let pref 881.) $1.50 Apr.
Holders of rec. Mar. 15
$1.75 Apr.
7% first preferred ((lmt.)
Holders of rec. Mar. 15
V .80 Apr.
7.2% first preferred (guar.)
Holders of rec. Mar. 15
Apr.
50c.
6% first preferred (monthly)
Holders of rec. Mar. 15
80c. Apr.
7.2% first preferred (monthly)
Holders of rec. Mar.15
3
Mar.
2
corn.
Wu.).
Elec.,
Turners Falls Power &
20e. Mar.3 Holders of roe Mar.15
Employees stock (guar.)
Holders of rec. Mar. 5
Apr.
050c.
(qu
el.
)
A
corn.,
light,
&
Utilities Power
Holders of rec. Mar. 5
o25c. Apr.
Common.class B (guar.)
Holders of rec. Mar 5
81.75 Apr.
Preferred (gnat)
of rec. May 22
Holders
June
134
(quar.)
pref.
Ry.,
West Chester Street
Holders of rec. Aug. 22
154 Sept.
Preferred (quar.)
Holders of rec. Nov.21
134 Deo.
Preferred (guar.)
Mar. 30 Holders of rec. Mar. 156
West Penn Electric Co.. class A (quar.)-_ $1.75
Holders of rec. Apr. 150
134 May
West Penn Power Co..7% pref.(guar.)
Holders of rec. Apr. 150
114 May
Six per cent preferred (guar.)
Holders of rec. Mar. 1
1
Mar.
116
31
West Penn Rya..6% Pref.(auar.)
151 Apr. 1 Holders of rec. Mar.
Western Power Corp.,7% pref.(quar.)Holders of tee Mar. 15
Apr.
114
_
_
.
(guar.)
nref
25
Winnipeg Electric co..
Feb.
rec.
of
*Holders
1
Mar.
Wisconsin Power & Light, Pref. (quar.)- '$1.75 Apr.
Holders of rec. Mar. 13
134
Yadkin River Power, pref.(quar.)
MAR. 13 1926.]
THE CHRONICLE
Per
When
Cent. Payable
1421
Books Closed
Dare Inclusive.
Per
When
Name of Company.
Boats Closed.
Name of Company.
Cent, Payable.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Electric Auto Lite (guar.)
*sl.50 Apr. 1 "Holders of rec. Mar. 15
Kirby Lumber (guar.)
•13i June 10 *Holders of
Electrical Research Laboratory(guar.) _ •500. Apr. 1 *Holders of rec. Mar.20
rec. May 31
Quarterly
Sept. 10 *Holders of rec. Aug. 31
Elgin National Watch (guar.)
•6234c May I *Holders of me. Apr. 15
Quarterly
Dec. 10 *Holders of me. Nov.30
'134
Empire Brick & Supply (gear)
).
1)4 Mar 15 Holders of me Mar 10
Knox
prior
Hat,
preferred
(qua?)
Apr 1 Holders
Emporium Corp. (No. 1)
50c. Mar.24 Holders of rec. Mar. 4
Kresge (S. S.) Co., new common (qua?.) 30e. Mar.31 Holders of roe Mar 15
Endicott Johnson Corp • corn (guar)
of rec. Mar.15a
$125 Apr
Holders of me Mar 17
Preferred (guar.)
1,( Mar.31 Holders of rec. Mar. 15a
Preferred (guar)
$175 Apr
Holders of rec Mar 17
Kress
(S. H.) di Co., pref.(guar.)
1% Apr. 1 Holders of rec. Mar.20a,
Euclid 011 (monthly)
Mar.25 Holders of rec. Mar. 10
1
Lake Shore Mines, Ltd.(guar.)
10
Mar.15 Holders of roe. Mar. 1
Fair (The), corn.(monthly)
Holders of rec. Mar 20a
200. Apr.
Lehigh Valley Coal Sales (guar.)
$2
Apr. 1 Holders of rec. Mar. 18
Common (monthly)
Holders of rec. Apr. 200 Life Savers, Inc (guar)
20e. May
40e
Apr 1 Holders of roe Mar 154
Fairbanks-Morse & Co., com. (guar.)._ 75e. Mar.31 Holders of rec. Mar.
150 Liggett & Myers Tobacco, pref.(guar.). 1•4 Apr. 1 Holders of rec.
Common (guar.)
liar. 1542
75c. June 30 Holders of rec. June 150 Loew's. Inc (111hr
500 Mar 31 Holders of roe Mar 13a
)
Common (guar.)
750. Sept.30 Holders of rec. Sep. 150 Long Bell Lumber,
cl. A corn. (guar.)._ Si
Mar.31 Holders of rec. Mar. lla
Common (guar.)
75c. Dec. 3 Holders of rec. Oct. 150 Lord & Taylor. common (guar.)
214 Apr. 1 Holders of rec. Mar.17a
Famous Players-Lasky Corp., com.(qu.) $2
Apr.
Holders of rec. Mar.15a Lorillard(P)Co com (qua?)
750 Apr 1 Holders of rec Mar 15a
Federal Mining & Smelting, corn
10
Mar,1 Holders of rec. Feb. 250
Preferred (quar)
Apr 1 Holders of rec Mar 15a
Preferred (guar.)
1% Mar.15 Holders of rec. Feb. 25a Ludlum Steel (guar)
50o
Apr 1 Holders of rec Mar 22.
Federal Motor Truck (guar.)
•30c. Apr. 1 *Holders of rec. Mar.20
Mack Trucks. Inc., corn. (guar.)
$1.50
Mar.31 Holders of rec. Mar. 150
Financial Investing Co.of N.Y Ltd_
25e. Apr. 1 Holders of rec. Mar. 5
First and second preferred (gear.)._.
1% Mar.31 Holders of rec. Mar. 15.
Extra
10o. Apr. 1 Holders of rec. Mar. 5
Magor Car Corporation, common (qu.)- 25
Mar.
31 Holders of rec. Mar.24
First National Pictures, 1st pref. (guar.) $2
Apr. 1 Holders of rec. Mar.
Preferred (guar.)
1% Mar.31 Holders of
Fisk Rubber, 1st pt. (acct. accum.dire.) hi14 May 1 Holders a rec. Apr. 150
Mar.24
15a Mallinson (H. R.) & Co., Inc., pf.(qu.) 1% Apr. I Holders of rec.
Convertible preferred (No. 1)
rec. Mar.22a
*134 May 1 *Holders of rec. Apr. 15
Nianati Sugar, pref. (guar.)
1% Apr. 1 Holders of rec. Mar. 15a
Fleischmann Co.. new com.(No.1) 0310 50e. Apr. 1 Holders
Mar. 150 Manhattan Electrical Supply (guar
of
rec.
$112%
Apr
Holders
1
Foote Bros. Gear & Mach., pref.(qu.)
of rec Mar 203
Apr. 1 *Holders of rec. Mar.20
Manhattan Shirt, pref. (guar.)
134 Apr, 1 Holders of rec. Mar.d16
Preferred (guar.)
•13( July 1 'Holders of rec. June 20
Marland Oil (guar.)
Si
Mar.31 Holders of rec. Mar.2042
Preferred (guar.)
.1% Oct. 1 *Holders of rec. Sept.
20
Mathieson
Alkali
Works,
com.
(quar.)- $1
Apr. 1 Holders of rec. Mar. 19a
Forhan Co.. common (guar.)
•25c. Apr. 1 'Holders of rec. Feb. 28
Preferred (guar.)
1% Apr. 1 Holders of
Class A (guar.)
*40c. Apr. 1 *Holders of rec. Feb. 28
May Department Stores, pref. (guar.).- 1% Apr. 1 Holders of rec. Mar. 190
Foundation Company (guar.)
rec. Mar. 15a
52 Mar. 15 Holders of rec. Mar. la Maytag Co.(guar.)
•500. June 1 'Holders of rec. May 15
Fox Film Corp clads A and B (guar)
Si
Apr 15 Holders of no Mar 31
Quarterly
*50o. Sept. 1 'Holders of rec. Aug. 15
Gabriel Snubber 511g. (quer.)
6264c Apr. 1 Holders of rec. Mar. 15a
Quarterly
*50c. Dec. 1 'Holders of rec. Nov.15
Extra
6234c Apr. 1 lioalers of rec. Mar .150 McCrory Stores..pref. (guar.)
1% May 1 Holders of rec. Apr. 20a
Galena-signal 011, pref. dt new pt. (on.,. .2
Mar.31 *Holders
Preferred (guar.)
1% Aug. 1 Holders of rec. July 2042
Gamewell Company, common (guar.)._ $1.25 Mar.15 Holders of rec. Mar. 10
of rec. Mar. 5
Preferred
(guar.)
1,4 Nov. 1 Holders of rec. Oct. 2042
General Baking. Class A (guar.)
$1.25 Apr. I Holders of rec. Mar. 15
Morgenthaler Linotype (guar.)
264 Mar.31 Holders of rec. Mar. 642
General Cigar, common (guar.)
May 1 Holders of rec. Apr. 200 Metro-Goldwyn Pictures. pref.(quar.)
$1
Preferred (guar.)
134 June 1 Holders of rec. May 220 Metropolitan Paving Brick, prof. (qu.) 4794c Mar.16 Holders of roe. Feb. 27.
1% Apr. 1 Holders of rec. Mar. 16
Debenture preferred (guar.)
1% Apr. 1 Holders of rec. Mar.290 Mexican Petroleum, cons. (guar.)
$3
Apr. 20 Holders of rec. Mar.31.
Debenture preferred (guar.)
1% July 1 Holders of rec. June 240
Preferred (guar.)
Apr. 20 Holders of rec. Mar.31a
General Electric, common (guar.)
2
Apr. 15 Holders of reo. Mar. 90 Montgomery Ward & Co., Class A (gti.) $2
*51.75
Apr.
Special stock (guar.)
1 "Holders of roe. Mar. 20
15e. Apr. 15 Holders of rec. Mar. 90
Preferred (guar.)
164 Alm. 1 Holders of rec. Mar. 204
General Motors Corp.
Montreal Cottons, Ltd ,com (guar )•1,4 Mar 15 "Holders of rec Feb 28
Seven per cent preferred (guar.)
1% May 1 Holders of rec. Apr. 50
Preferred (guar)
•1% Mar 16 *Holders of rec
Six per cent debentures(guar.)
Feb 28
136 May 1 Holders of rec. Apr. 50 Morgan Lithograph Co ,corn (qua?
)
$1 25 Apr 1 Holders of roe Mar 250
Six per cent preferred (guar.)
1M May 1 Holders of
Apr. 50
Seven per cent preferred (qua?)
1%
General Petroleum Corp.. corn. (guar.). 75o. Mar. 15 Holders of rec.
rec. Feb. 15a Motion Pict Capital Corp ,eons (gear) 3734o Apr 1 Holders of rec Mar 20a
General Railway Signal, corn.(guar.)._ 81
Mar
15 Holders of rec Mar 13a
Apr. 1 Holders of rec. Mar. 10.2
Preferred (gear)
2
Preferred (guar.)
Apr 15 Holders of rep Apr 1
134 Apr. 1 Holders of rec. Mar. 10a Moto Meter, inc., class A (guar.)
Glidden Co.. common (guar.)
900. Apr. 1 Holders of rec. Mar. 15.
50e. Apr. 1 Holders of rec. Mar. 200 Motor Wheel Corporation (guar.)
50e. Mar.20 Holders of roe. Mar.10a
Prior preferred (guar.)
134 Apr. 1 Holders of rec. Mar. goa Mountain Producers Corp (guar)
200 Apr
Globe Soap, 1st, 2d and spec pref (qu) Holders of roe Mar 15a
134 Mar 15 Feb 28 to Mar 15
Extra
40c Apr
Goodrich (B. F.) Co., pref.(guar.)
Holders of rec Mar lba
1% Apr. 1 Holders of rec. Mar. 150 National Biscuit, corn.(guar.)
750. Apr. 1 Holders of roe. Mar.11)
Preferred (guar.)
1,4 July 1 Holders of rec. June 150 National Breweries, corn
51
Goodyear Tire & Rubber. pref. (guar.)Apr
Holders of roe Mar 15
11( Apr. 1 Holders of rec. Mar la
Preferred
(guar
)
13( Apr
Prior preferred (guar.)
Holders of roe Mar 15
Apr, 1 Holders of rec. Mar. 15a Nat. Euamcilng & Stamping, pref.
2
(qu.)
Gotham Silk Hosiery,com (guar)
1%
Mar.
31
Holders
of rec. Mar ha
6234c Apr 1 Holders of rep olar 102 National Grocer, preferred
*3
First dr Second preferred (quar.)
July
"Holders of rec. June 2U
1% May 1 Holders of roe. Aprli lba
Preferred
Gould Coupler, class A (guar.)
Jan1'2
'Holders
of
rec. Dec 20
60o.
Mar.
15
Holders
of rec. Mar. la National Lead,common (guar.)
Grant(W T)Co ,8% pref (guar)
2
Mar.3 Holders of rec. m.a. 1242
Apr 1 Holders of rec Mar 20
2
Preferred (guar.)
Grasselli Chemical, common (guar.)
1% Mar. 15 Holders of rec. Feb. 194
2
Mar.
31
Holders
rec.
of
Mar.
15
National-Standard Co.(guar.)
Preferred (guar.)
'6263c Apr. 1 'Holders of rec. Mar.22
1)4 Mar.31 Holders of rec. Mar. 15
National Sugar Refining (guar.)
Great Western Sugar,corn (quar)
134 Apr. 2 Holders ol rec. Mar. 8
$2
Apr 2 Holders of rec Mar lba National Surety (guar.)
Preferred (guar)
2)4 Apr. 1 Holders of rec. Mar. 1942
1% Apr 2 Holders of rec Mar 15a National Transit
(extra)
Greenfield Tap& Die Corp.,6% pf.(qu.) •131
*25c.
Mar.15 'Holders of roe. Feb. 27
Apr. 1 'Holders of rec. Mar. 15
Nelson (Herman) Corporation
Eight per cent preferred
300 Apr 1 Holders of roe Mar 20
Apr. 1 'Holders of rec. Mar. 15
*2
Neptune Meter Co., com.(guar.)
Guantanamo Sugar. prof. (guar.)
*50c.
Mar.
(guar.)
15 'Holders of res. Mar. 1
2
Apr.
1
Holders of rec. Mar. 15a New York Air Brake, Class A (guar.).
Guenther Publisher, Prof. (guar.)
$1
Apr. 1 Holders of rec. Mar. 106
234 May 16 Holders of rec. Apr. 16
Preferred (sect accumulated
N.Y.Auction Co.,class A dr B (quar.)_
3734c Mar.15 Holders of rec. Mar. 1
h234 May 16 Holders of rm. Apr. 16
dive.)
Preferred (guar.)
New York Canners, corn. (guar.)
50c. Mar. 15 Holders of rec. Mar. 50
234 Aug. 16 Holders of rec. July
Preferred (acct, accumulated dim)
New York Transit
51
Apr. 45 Holl•rs of rec. Mar. 19
h2M Aug. 16 Holders of rec. July 16
16
Preferred (guar.)
Nichols Copper. pref (qua?)
1% Apr 1 Holders.of rec Mar 26
2% Nov. 16 Holders of rec. Oct. 16
Preferred (acct, accumulated diva.) . h2 M
North American Provision, pref. (gu.)
*1M Apr. 1 'holders of rec. Mar. 10
Nov. 16 Holders of rec. Oct. 16
Gulf Oil Corporation (guar.)
Ohio
011
(guar.)
•50c. Mar.31 'Feb. 28 to Mar.21
3734c Apr. 1 Holders of rec. Mar.200
Gulf States Steel, corn. (guar.)
Extra
•25e. Mar. 31 *Feb. 28 to Mar.21
131 Apr. 1 Holders of rec. Mar lba
Preferred (guar.)
011 Well Supply, corn. (guar.)
•50c. Apr. 1 'Holders of roe. Mar. 15
114 Apr. 1 Holders of rec. Mar. She
Preferred (guar.)
•134 May 1 *Holders of rec Apr 15
Preferred moor.)
134 July 1 Holders of rec. June Ito
Preferred (guar.)
Open Stalr Dwellings(gear)
1% Mar 31
1% Oct. 1 Holders of roe. Sept. 15a
Preferred (guar.)
Orpheum Circuit, cool.(monthly)
16 2-3c Apr. 1 Holders of rec. Mar. 20a
1% Jan 227 Holders of rec. Dec. I5a
Harbison-Walker Refrac.. pref. (gear.). 1M Apr,
Preferred (guar.)
2
Holders of rec. Mar. 15a
Apr.
20
Holders of rec. Apr. 100 Owens Bottle, coin.(extra)
Hayes Wheel, common (guar.)
750. Apr. 1 Holders of rec. Mar. 166
75e, Mar. lb Holders of rec. Feb. 230
Common (extra)
Preferred (fluor.)
1%
250.
Apr.
Holders of rec. Mar. 1642
I
Mar.
15
Holders
of
rm. Feb.
734% preferred (guar.)
45e. Apr. 1 Holders of rec. Mar. 15a
134 Mar.15 Holders of rec. Feb. 23a Paige-Detroit Motor. corn,(guar.)
Reda Mining (guar.)
Preferred (guar.)
0134 Apr. 1 "Holders of rec. Mar. 15
'50c. Mar, 1 *Holders of rec. Feb. 23a
15
Heime(Geo W )Co com (guar)
Pan Am.Pet.& Transp.,com& com.B (qu) $1.50 Apr. 20 Holders
75c Apr
of rec. Mar.310
Holders of roe Mar 15a Pan American Petroleum of
Preferred (guar)
California.. 2% Apr. 1 Holders of rec.
15( Apr
Holders of roe
Dec. 20a
Hercules Powder, corn (gear)
15a Parattine Companies, com.(guar.)
"51.50 Mar,27 'Holders of rm. Mar. 17
134 Mar 2 Mar 16 to Mar
Mar 24
Hibbard,Spencer.Bartlett &CO.(m'thly) 35e.
Preferred (guar.)
Nc Mar.27 'Holders
Mar.26 Holders of rec. Mar. 19
of rec. Mar. 17
Extra
Peabody
Coal.
Prof.
(monthly)
•58c. Apr, I 'Holders of rec. Mar. 20
20o. Mar. 26 Holders of rec. Mar.
Hillcrest Collieries, common (guar.) _
19
Penmans, Ltd • corn (qua?)
2
May 15 Holders of rec May 5
165 Apr. 15 Holders of rec. Mar.31
Preferred (guar.)
Preferred (qua?)
1)4 May 1 Holders of roe Apr 21
1% Apr. 15 Holders of rec. liar.
31
Hollinger Consolidated Gold minesPennok
011
(guar.)
*50e. Mar. 25 "Holders of rec. Mar. 15
So
Mar
25
Holders
of
rec
Mar
9
Homestake Mining (monthly)
Pet Milk Co.,common (guar.)
50o
75e. Apr, 1 Holders of rec. liar. 11
Honolulu Consol. 011510 par stk.(No. 1) *500. Mar 2 Holders of roc Mar 20a
Preferred (guar.)
1%
Mar. 15 'Holders of rec. Mar. 5
1 Holders of rec. liar. 11
Hood Rubber, common (guar.)
Pettibone-Milliken, lot & 2d pref.(qu.). 13( Apr.
"51
Mar.
31
Apr, 1 Holders of rec. liar. 206
*
Holders
of rec. Mar.19
Hudson Motor Car (guar.)
Phillips Petroleum (guar.)
The. April
75c.
Apr. 1 Holders of rec. Mar. 15a
Holders of rec. Mar.15
Illinois Brick (guar.)
Pittsburgh
Plate
Ghia
(guar.)
*2.4 Apr, 1 *Holders of me. Apr.
02
Apr.
'Holders
5
Quarterly
Pittsburgh Steel Foundry, prof.(guar.). •13t Apr. 1 "Holders of rec. Mar. 15
*2.4 July 1 'Holders of
1
of rec. Mar. 18
Quarterly
rec. July 5
Plymouth 011
*2.4
'50c. Mar.20 "Holders of rec. Mar.20
Imperial Tobacco of Canada ordinary„ •13.4 Oct. 1 *Holders of rec. Oct. 5
Extra
"250.
*Holders
Mar.
30
Mar.
of
20
rec. Mar.20
Independent Oil & Gas (guar.)
26e. Apr. l• Holders of rec. Mar. 31a Port Allred Pulp & Paper, pref (qua?). •134 Mar 15 *Holders of roe Mar 1
Indiana Pipe Line (quar )
Pratt & Lambert Co.. common (guar.). *75o. Apr.
$1
May I Holders of rec Apr 16
1 *Holders of rec. Mar.15
Extra
Premed Steel Car. preferred (guar.).- 1% Mar. 17 Holders
$1
May 1 Holders of rec Apr 16
of rec. Feb. 244
Inland Steel, preferred (guar.)
Procter & Gamble.6% pref. (guar.)._
•1%
•164 Mar.15 'Holders of rec. Feb. 25
'Holders of rec. Mar. 150 Provincial Paper Mills,
Inspiration Consolidated Copper (qu.).... 50c. Apr.
common (guar.)134 Apr. 1 Holders of roe. Mar. 15
Apr.
Holders
of
Mar.
rec.
180
Interlake Steamship (guar.)
Preferred (guar.)
51.25 Apr,
134 Apr. 1 Holders of rec. Mar..15
Holders of rec. Mar.20
Internat. Business Machines (guar.).- 75e, Apr.
164 Apr. 1 Holders of rec. Mar.10
10 Holders of rec. Mar.230 Pure 011 Co..6(4% prof.(guar.)
Internat. Buttonhole Sew. Mach.(qu.). 15c. Apr.
Six per cent preferred (guar.)
1%
1
Apr. 1 Holders of rec. Mar. 10
Holders
of rec. Mar. 15
International Cement, common (guar.). $1
Eight per cent preferred (guar.)
Mar,31 Holders of rec. Mar.
2
Apr. 1 Holders of rec. Mar.1045
Preferred (guar.)
Quaker oats. common (guar.)
1% Mar. 31 Holders of rec. Mar. 150
'75c.
Apr.
15 *Holders of roe. Apr. 1
150
Internal. Match, partic. pref. (guar.)._ 80e. Apr,
Common (extra)
*$2.50 Apr. 1 *Holders of rm. Apr. 1
15 Holders of rec. Mar. 25a
International Nickel, corn (guar)
Preferred (guar.)
•134 May
50o
Mar 3 Holders of rec Mar ha
'Holders of rec. May 1
2
International Paper,6% pref (guar)
Radio Corporation. original pref.(guar.) 134 Apr.
1)4 Apr 15 Holders of rec Apr
Holders of rec. Mar. 1
la
Eleven per cent preferred (guar)
Preferred A (guar.)
1% Apr
Holders of rec. Mar. la
Internat. Projector Corp., corn.(guar.)_ 250. Apr. 16 Holders of rec Apr la Railway Steel Spr.,new com.(gu.)(No.1) 1% Apr.
Si
Mar.
Holders
31
of
Holders of rec. Mar. 154
rec.
Mar.
15
dividend
preferred (guar.)
$7
Preferred (guar.)
$1.75 Apr.
1% Mar.20 Holders of rec. Mar. ba
Holders of rec. Mar. 15
International Salt (guar.)
Reece
134 Apr.
35e, Apr.
Holders of rec. Mar. 150 Reece Buttonhole Mach.(guar.)
Holders
of rec. Mar.15
International Shoe, corn.(gear)
Folding Mach.(guar.)
$1.50 Apr.
Sc. Apr.
Holders of rec. Mar. 15a
Holders of Tee. Mar.15
Common(guar.)
Reid
$1.50 July
75e. Apr.
Holders of rec. June 15a Reis Ice Cream Corp., corn.
Holders of rec. Mar.206
Common(guar)
(Robert)
&
Co.. first preferred
51.50 Oct.
1% Apr.
Holders of rec. June 15a
Holders of rec. MRS.106
Internat. Silver, common (No. 1)
134 Apr.
Holders of reo. Mar. 170 Remington Typewriter Co.
Preferred (guar.)
First prof.and SeriesSlat prof.(guar.) 1%
13-4 Apr.
Holders of rec. Mar. 170
Apr.
1
Mar.
113 to Apr. 1
intertype Corporation,first pre/ (guar)• 2
Second
preferred (guar.)
Apr
•
Holders of roe Mar 19
2
Apr. 1 Mar. 16 to Apr. 1
Jewel Tea, preferred (guar.)
154 Apr,
Holders of rec. Mar. 184 Roo Motor Car (guar.)
•20c. Apr. 1 "Holders of rec. Mar.15
Preferred (account accum. dividends) h234 Apr.
Extra
Hclders of rec. Mar.
'10c. Apr, 1 'Holders of rec. Mar.15
Jones & Laughlin Steel, pref. (guar.)_
1% Apr. 1 Holders of rec. Mar. 180 Republic Iron & Steel, pref. (guar.)._ _ _
13( Apr. 1 Mar. 16 to
15a Reynolds Spring, Prof. A
Apr. 14
Kaufmann Dept. Stores, Pref. (guar.)._
13( Apr.
& B (quar.).
Holders of roe. Mar.20
1.1.34 Apr. 1 'Holders of roe. Mar.15
•1,4 July
Reynolds
Preferred (guar.)
(R.J
.)Tob..com. com.13(gu.) $1
*Holders of rec. June 21
Apr. 1 Holders of rec. Mar. 180
Bt. Joseph Lead Co.(guar.)
Preferred (guar.)
•1% Oct.
*Holders of ree. Sept. 20
50c. Mar.20 Mar. 10 to Mar.21
Preferred (fluar.)
Extra
*1 M Jan2 2 *Holders of roe. Dec.20
250. Mar.20 Mar. 10 to Mar.21
Quarterly
Kayser (Julius) dr Co., pref.(quar.)
$2
Apr.
Holders of rec. Mar. 180
500. June 21 June 10 to June 21
Extra
Keeley Silver Mines, Ltd
Mar.15 Mar. 2 to Mar. 14
8
25e. June 21 June 10 to June 21
Quarterly
Extra
4
Mar.1
Mar. 2 to Mar.14
60e. Sept.20 Sept.10 to Sept 20
Extra
Kelsey Wheel,corn (guar)
$I 50 Apr
Holders of roe Mar 190
25e. Sept.20 Sept. 10 to Sept.20
Quarterly
Kennecott Copper Corp.(guar.)
$1
Apr.
Holders of reo. Mar. 50
600.
Dee, 20 Dec. 10 to Dec. 20
Extra
Keystone Watch Case (qua?)
1
Apr
Holders of rec Mar 20a
250.
St. Maurice Valley Corp.. pref. (guar.). •1)4 Dec. 20 Dm. 10 to Dec. 20
Kilburn Mills(guar)
*2
Mar 15 *Holders of roe Feb 27
Apr, 1 *Holders of rec. Mar. 15
Salt
Creek
(gear)
Consol
011
Phillip
Mina
King
(guar.)
•1
Apr
*Holders of rec Mar 20
Apr. 1 "Holders of rec. Mar. 15
Savage Arms Corp., first pref. (guar.)._ •15c.
Kinney (G. R.) Co.,common
•1,,f Apr. I "Holders of rec. Mar. 15
$1.
Apr.
Holders of rec. Mar.220
Second preferred (guar.)
Kraft Cheese. common (guar.)
*37 He Apr. I *Holders of rec. Mar. 18
'134 May 15 *Holders of rec. May 1
Shattuck (Frank G.) Co.(guar.)
Common (payable In common stock).- •/IM Apr. PHolders of rec. Mar. 18
50c. Apr, 10 Holders of rm. Mar.206
Shell Union Oil,common (guar.)
350 Mar. 31 Holders of rec. Mar. la
134
THE CHRONICLE
1422
Name of Company.
When
Per
Cad. Payable.
Books Closed
Days Inclusive.
[Vol,. 122.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending March 6. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
Miscellaneous (Concluded)
Sherwin Williams Co.(Can.), com.(gu.) 134 Mar.31 Holders of req. Mar. 15
1% Mar. 31 Holders of rec. Mar. 15
Preferred (quar.)
.2% Mar.31 'Holders of rec. Mar. 21
Shredded Wheat Co.((mar.)
Apr. 1 Holders of rec. Mar. 150
50c.
Simmons Co., common (quar.)
50e. Mar. 15 Holders of rec. Feb. 15
Skelly Oil (quar.)
Mar. 10a
Sloss-Sheffield Steel & Iron. cons.(quar.) 134 Mar.20 Holders of rec. Mar.
200
Holders of rec.
1% Apr.
Preferrd (quar.)
.$1.50 Mar.3 'Holders of roe. Mar. 15
South Penn oil (guar.)
100
Mar.
rec.
of
Holders
134
Apr.
(quar.).
corn.
South Porto Rico Sugar,
NEW YORK WEEKLY CLEARING HOUSE RETURNS
Holders of rec. Mar. lfla
Apr.
2
Preferred (quar.)
Holders of rec. Mar. 15
Apr.
1
South West Penna. Pipe Lines (quar.)
(Mated in thousands of dollars-that Is, three (000) ciphers omitted)
10
Mar.
rec.
of
Holders
1
Mar.
75e.
Southern Acid & Sulphur, corn
Holders of rec. Apr. 3
Apr. 1
Spalding(A.(1.)& Bros.,corn.(quar.)-- 2
Holders of rec. May 150
1% June
New
First preferred (quar.)
Holders of rec. May 15
Reserve
June
2
CaMtal Profits Loans
Second preferred (quar.)
Time Bona
Net
with
114 Mar.3 Holders of rec. Mar. lea Week Ending-- -- Discount Casa
Standard Milling, corn. (guar.)
tn Legal Demand De- Clam134 Mar. 3 Holders of rec. Mar. 166
Mar. 6 1926. Nat'l, Dee. 31 InvestPreferred (quar.)
206
Feb.
laHolders of rec.
50e. Mar. 1
State, Nov.14 ments, Vault Derma- Deposits. posits
Standard 011 (California)(quar.)
(dos.
&c.
"82)Ac Mar. 1 *Holders of rec. Feb 15
fates
Standard 011 (Indiana) (guar.)
(0OO omitted.) Tr.Coe. Nov.14
15
Feb
rec.
of
1
*Holders
*25c. Mar
Extra
Mar.3 *Mar. 16 to Mar. 31
.$1
Members of Fed. Res. Bank Average. Arerag Arerag Average. Average AtePI
Standard 011 (Kentucky)(guar.)
$
$
s
Holders of rec. Feb. 25
Mar.1
s
$
a
s
$
Bank of N. Y.&
Standard Oil(New Jersey),$100 par(qu.) 1
59,217 8,491 .....
Holders of rec. Feb. 256
505 7,926
74,048
25e. Mar.1
Trust Co.... 4,000 12,807
$25 par stack (guar.)
131,681 25.471 --Holders of rec. Feb. 256 Bk of Manhaen 10,000 14,732 159,453 3,152 18.46
1% M.1
Preferred (quar.)
544
175,22 11,081
Mar.1 *Holders of rec. Feb. 19
MecharMetNat 10.000 18,134 184,782 3,338 23,195
Standard Oil of N. Y.(guar.)
Holders of rec. Feb. 26
89,649 4,831 -79,255 1,811 11.991
$2.50 Apr.
Bank of America 6.500 5,223
Standard 011 (Ohio), corn.(guar.)
20
.1%
79
Mar.
71,138
rec.
of
"Holders
"643.851
Apr.
64,91
5,262
65.032
50.000
City
804,621
7%
pref. (guar.)
Standard Plate Glass.
National
348
'Holders of rec. Mar.25
118,637 3,529
.10c. Apr.
Sterling Oil & Development
Chemical Nat. 4,500 18,050 135,328 1,343 16,007
*Holders of rec. Mar.25
159,968 10,327 4,939
.100. Apr.
Nat 7,600 12,547 169,838 2,182 20.724
Extra
Ex-Pao
Am
--Holders of rec. Mar. 156 Nat Bk of Com_ 25,000 40.93
S1.50 Apr.
Stromberg Carburetor (guar.)
350.783 1,014 38,043 290,984 11,393
Apr. 1 to Apr. 13
Apr. 1
185,740 40,920 5,965
$1
Sullivan Machinery (guar.)
Ohat Ph NB&T 13,500 12.571 217,989 2.815 23,88
Holders of roe. Feb. 250
----25e. Mar.1
14.981
114,007
521
45,50
5.000
Sun Oil (quar.)
Nat__
126,987
Hanover
--Holdenrof rec. Mar.156
176,849 31,289
Swedish Amer.Inv. Corp., part. pf.(qu.) 1% Apr.
Dorn Exchange. 10,000 14.558 200,787 6,503 25,574
Apr.
Holders of rec. Mar. 100 :stational Park. 10,000 23,843 177,550
134,167 9,435 3,5412
2
808 17.70
Swift & Co. (guar.)
15a
Mar
rec.
995
of
15,210
Holders
34,427
Apr.
60c.
5.042
Symington Co , Class A (guar.)
Elow'y&EaatAla 3,000 3,071
49,125 1,403
Apr. 1 *Holders of rec. Mar.31
191,340 13,451 4,864
665 25.274
TelautograPh Co.. pref.(guar.)
first National. 10.000 73,804 309.231
264,799 29,938 ---25e. Mar.1 Holders of rec. Feb. 27a
Tennessee Copper & Chemical (guar.)
Crying Bk-ColTr 17,500 13.732 282,215 2,729 35,374
5
Mar.
rec.
of
431 ---8,788
75e. Mar.3 Holders
Texas Company (quar.)
139 1.173
__ 1.000 1,161
3ontlnental__
8,013
988
Holders of rec. Mar. 10
$2.50 Mar.1
Texas Gulf Sulphur (quar.)
7hase National_ 10,000 27.194 394.066 4,231 47,910 *369,233 15,654 ---20
Mar.
rec.
___
of
*4
*Holders
Apr.
3,313
25,034
2.90
500
813
Thompson-Starrett Co.. Pref. (quar.)27,199
Fifth Avenue__
37)Ar Mar.3 Holders of rec. Mar. 180 .lommonwealth
10,484 4:939 ---600 1.089
Tide Water 011 (guar.)
490 1,503
14,888
Mar. 21 to Apr. 1
403 --,
17,087
134 Apr.
Timken-Detroit Axle, corn (guar.)
421 2,451
3arfleld Nat'l.. 1.000 1.731
17,387
41
134 Apr. 1
Holders of rec. Apr. la
113,875 2.804
Tobacco Products Corp., corn.(quar.)
leaboard Nat'l. 8.000 9.784 118,066 1,222 15,059
'mum 45,330 ---Mar.2 'Holders of req. Mar. 1
*31
Nat '1.500 1.543 345,627
Todd Shipyards Corporation (quar.)
Iron
&
'Joel
783
37.880
15
Mar.
rec.
of
Apr.
Holders
--8.508
3734'
30,391
(quar.)
55,829
ng
20.000
7.597
Tower Manufacturi
3ankers Trust_
82.214
800
•30c. Mar.1 *Holders of rec. Mar. 5
'Truscon Steel. corn. (quar.)
7 t3 Mtge & Tr_ 3.000 4,7.1 428,178 1,270 47.813 .409.362 53.116 ---Apr.
'Holders of roe. Mar. 6
36,944 2,868 ---Underwood Computing Mach., pf.(qu.)
754 5,31
luaranty Trust 25.000 21,538
42,385
60
Mar.
rec.
of
Apr.
2.209
Holders
41
(guar.)._
150,893 15,977 .....
2.000
616 20,535
Underwood Typewriter. corn.
Idelity-InterTr
174,621
la( Apr.
Holders of rec. Mar. 66 'few York Trust 10.000 20.018 2
14,000 •107,009 25,926 -Preferred (quar.)
7
0
5
0
4
1,6
4:7492
0
4
8
5
1
Holders of rec. Mar. 50
$1 .2f Apr.
30,438 *293,250 29,379 ---Union Carbide & Carbon (guar.)
Farmers L & Tr 10,000 18,520
2
Mar.3 Holders of rec. Mar. 100
tinned agar Stores, corn.(quar.)
Mluitable Trust 23,000 12 852
584.00004,316,488 489,83722.255
Common (payable in common etock)- 113.4 Mar.3 Holders of rec. Mar. 10a
47,245
310,100508,2155.157,731
1% Mar.1 Holders of rec. Mar. la
Preferred (guar.)
rotal of averages
190,939 22.324
Holders of rec. Mar. Ina
United Dyewood Corp., pref.(quar.).. 81.75 Apr,
5,105,858 48.888588.015 c4.286,450 189,401 22,313
Holders of vac. Mar. 50
234 Apr.
United Fruit quar.)
algal condition Mar. 6 K... Arts
rota',
-7 48,138 580,557c4,320,701
6a
Mar.
'
"
rec.
of
27
Apr.
Feb.
2
Holders
condition
Extra
rotals. actual
48,527 593.070c4.280,503 197,94923,071
Holders of roe. Apr. la
Apr. 1
United Paperboard. common (quar.)__. 50e.
Cotals. actual condition Feb. 20of Fedg Res've Sank.
sei
Members
Apr.
'Holders of rec. Mar. 15
Not
22,394 1,925 --Banks
Preferred (quar.)
State
23.197 1.886 2,273
Holders of rec. Mar. 100
38,845 64,195 -United Profit Sharing, no par coin.(qu.) 30e. Apr.
lreenwich Bank 1,000 2,694 107.269 4,739 2.449
Holders of rec. Mar. 100
15e. Apr.
Common $1 par (quar.)
Bank.... 3.500 5,887
State
Holders of rec. Mar. la
234 Mar. 1
61,240 86,120 --- U.S. Cast Iron Pipe & Fdy., cons.(qt1.)
130,466 6,625 4,722
234 June 1 Hoidens of rec. June la
Common (guar.)
rotal of averages 4,500 8,482
---234 Sept. 1 Holders of rec. Sept. la
Common (quar.)
80.758 66.168 --- 129•972 6,557 4.911
Holders of rec. Dee. la
234 Dec. 1
Common (quar.)
82,203 68.087 - - - rotals. filatial co ndltIon Mar. 6 131,269
8,794 4,552
Holders of rec. Mar. la
1% Mar. 1
co ndition Feb. 27 131,572 8,703 4,608
actual
Preferred (quar.)
rotals,
82,481 68,016
la
June
rec.
of
20
1
Holdeis
1%
June
Feb.
condition
(quar.)
actual
rotals,
Preferred
of Fed 1 Res',e Bank.
Holders of rec. Sept. la
11.4 Sept. 1
Compile lee Not Members 83.290 1.691 4.190
Preferred (slum.)
Crust
39.011 2.211 - -- Holders of roe. Dec. la
1% Dec. 1
Preferred (guar.)
CI tie Guar & Tr. 10.000 17,233 27,474
23,740 1,114
904 2.785
'40e. Mar.3 "Holders of rec. Mar. 15
Ampere Trust_ 3.000 3,204
U. S. Gypsum, common (guar.)
15
Mar.
rec.
'134 Mar.3 *Holders of
Preferred (quar.)
62,751 3,325 ---•1,‘ Apr.
90.784 2,595 6.985
'Holders of rec. Mar. 20
rotal of averages 13.000 20.437
U.S. Printing & Lithog'g. corn.(quar.)
"Holders of rec. Mar. 20
---- -'134 Apr.
Preferred (guar.)
3,332 ---61,607
6,951
2,585
1
Apr.
35c. Apr. 1 "Holders of rec.
rota's, aaual co nditIon Mar. 6 89,633 2,396 7.750
II. S. Radiator, new corn.(No. 1)
85,374 3.307 ---92.359
'134 Apr. 1 "Holders of rec. Apr. 1
Preferred (guar.)
3,282 ---7otals. actual condition Feb. 27
65,071
7,571
5a
2.414
Mar.
92,345
rec.
of
1
Mar.
Holders
7otals, actual condition Feb. 20
U.S. Realty & Impt., new corn.(No.1) $I
-_J11.4 Mar.30 Feb. 27 to Mar. 2
U.S. Steel Corp., common (quar.).
559.282
56.465595.687 4.440,479
2_2_.322551
34 Mar. 30 Feb. 27 to Mar. 2
led aggr..aver_ 328.1 538,472 5.378.961
Common (extra)
+31,649-6,700 _
234 Mar.15 Holders of rec. Feb. 27
lomparison with prey. week__ +4,314-1.342+9.598
U.S.Title Guaranty (quar.)
Mar. 156
rec.
of
1
Holders
Apr.
750,
(quar.).__
cons.
Tobacco,
4
.
United States
597.877 4,408.815 560.439221
1% Apr. 1 Holden; of rec. Mar. 150
led aggr., acetcond'n NIar. 65.325.463 58,030 +5,019 -39,461 +1,684 + I
Preferred (quar.)
50e. Mar.20 Holders of roe Feb 27
lomparison with prey. week__ -73,13/ +701
Vacuum Oil qua:)(
roe. Feb. 27
of
Holders
Mar.
20
50e.
22,313
Extra
4,448,278 558.775
134 Mar.17 Holders of rec. Mar. 13
led aggr., act'!cond'n Feb. 27 5,398.595 57,329 592.859 4,408.035 567,247 23,271
Valvoline Oil, corn.(quar.)
of rec. Apr. 15a
22.964
led agar., aces eond'n Feb. 20 5,365164 57.644605,249
Vulcan Detinning. pref & pref. A (rm.). 1% Apr. 20 Holders of roe. Apr 15a
4.403,800568.65(
°
20
Holders
Apr.
61,108594.40
82
led aggr., aag cond'n Feb. 135.336:418
Preferred (account accum.dividends)_
572.144 23.084
Apr. 1 *Holders of rec. Mar.15
"S1
65,363,272 57.581628.232 4,453,177 579,206 23.299
Feb.
cond'n
ace:
agrr.,
Ir'd
Wahasso Cotton (guar.)
4,438.308
31 34e Apr. 1 Holders of rec. Mar.200
Waldorf System. corn. (guar.)
led aggr., ace/ cond'n Jan. 30.5,364,081 57,059592.821 4,455,273 573,020 23,131
200. Apr. 1 Holders of rec. Mar 10
First preferred (guar.)
led aggr.. acel cond'n Jan. 235,326,545) 57.1)04615,882
200. Apr. 1 Holders of rec. Mar.20
Preferred (guar.)
in the genera totals
450. Mar.15 Holders of rec. Mar. 56
Note.-U. S. deposits deducted from net demand depositsActual totals Mar. 6,
Walworth Co., common (quar.)
.750. Mar.31 'Holders of rec. Mar.20
as follows; Average total Mar. 6, $44,537,000.
were
above
Preferred (quar.)
Feb. 13. $43,786,000;
134 Mar.15 Holders of rec. Feb. 9
E44.537,000; Feb. 27, $43,788,000; Feb. 20, 843.786,000;
liabilities,
Wamsutta Mills (guar.)
134 Apr. 1 Holders of rec. Mar. 15a Feb. 6, $13,787,000. Bills payable, rediscounts, acceptances and other
0;
Ward Baking. Pref. (guar.)
15
Mar.
;
of rec.
5681,657,000 Feb.20.$688,672,000
;
Warner-Quinian Corp., COM.(No. 1)._. 500. Mar.31 Holders of rec. Mar. 160 average for week Mar.8. M378,377,000; Feb.27,
$659,777.00
totals Mar. 8,
Mar.30 Holders
$1
Feb. 13, 5671,1513,000; Feb. 6, $638.401,000. Actual
Feb. 6,
Weber & Heilbroner. common (quar.)
;
8379,475,000
5
Mar.
13,
rec.
of
Feb.
;
*Holders
Mar,15
'2
; Feb. 20, $897,008,000
3689,477,000
27,
Feb.
West Canada Flour Mills (quar.)
'81.50 Apr. 5 'Holders of rec. Mar.22
8388,129.000.
West Coast 011 (quar.)
follows:
Apr. 5 "Holders of rec. Mar.22
"115
in total footings as Bankers
Extra
•Includes deposits in foreign branches not includedBank,
$13,428,000;
'82.50 Mar.31 *Holders of rec. Mar.28
National
Western Electric Co., corn. (quar.)
Mar. 310 National City Bank, 3161,908.000; Chase 982.876.000; Farmers' Loan & Trust
rec.
of
30
Holders
Apr.
El
Guaranty Trust Co.,
Westinghouse Elec.& Mfg..COM.(guar-)
in
Apr. 15 Holders of rec. Mar. 31a Trust Co., 532,877,000;
$1
Balances carried In banks
Preferred (quar.)
Co., $5,022,000; Equitable Trust Co., $85,723,000.
Apr. 1
.$2
National City Bank, 519,123,000.
Wheeling Steel Corp., pref. A (quar.)
Trust
foreign countries as reserve for such deposits were:
Guaranty
1
Apr,
$2,072,000;
.235
Bank, 81,825,000; Bankers Trust Co.,
Preferred B (quar.)
Mar.31 Holders of rec. Mar. 10a Chase National Farmers' Loan & Trust Co., f5.022,000; Equitable Trust Co.,
$1
White Motor (quar.)
Co., 52.351,000;
Apr. 10 Holders of rec. Mar.25
White Motor (payable.in stock)
$8,059,000.
156
Mar.
rec.
of
Holders
1
Apr.
White Rock Mineral Springs. corn.(qu.) 50e.
a As of March 11926.
1% Apr, 1 Holders of rec. Mar.159
First preferred (guar.)
2% Apr 1 Holders of rec. Mar. 15
c Deposits in foreign branches not included.
Second preferred (guar.)
15
Mar.
rec.
of
150. Mar.31 Holders
Woodley Petroleum (quar.)
of institutions
1% Apr. 1 Holders of rec. Mar. 20
The reserve position of the different groups
Woods Manufacturing. pref. (quar.)
6 to Mar.23
the week and the
for
averages
Worthinsen Pump dr Mach.,c1A pf.(qu.) 134 Apr, 1 Mar. 6 to Mar.23
the
both
of
basis
the
on
134 Apr. 1 Mar.
in the
Class B preferred (quar.)
of ree. Mar.20a actual condition at the end of the week is shown
Wrigley(Wm.)Jr.& Co.(monthly)..... 250. Apr. 1 Holders
250. May 1 Holders of ree. Apr. 20a
Monthly
tables:
two
250. June 1 Holders of rec. May 201 following
Monthly
HOUSE BANKS
250. July 1 Holders of rec. June 19a STATEMENT OF RESERVE POSITION OF CLEARING
Monthly
1 Holders of rec. Mar. 20
AND TRUST COMPANIES.
Wurtitser (Rudolph) Co.,7% pref.(qu.) 13( Apr. 1 Feb. 24 to Mar. 11
Apr.
$1
Yale & Towne Mfg.(quar.)
1 'Holders of rec. Mar. 19
Yates American Mach., prior pref.(QUO "65c. Apr.
Averages.
Mar. 31 Holders of rec. Mar. 15.
al
(q)._
corn.
Tube,
&
Sheet
Youngstown
Holders of roe. Mar. 15
31
Mar,
134
Preferred (guar.)
Reserve
Cash
Bungs.
Reserve
Total
Stock Exchange has ruled that stock
In
Reserve
•From unofficial sources. t The New York
Reserve.
Required.
not until further notice. I The
in Vault. Depottlaries Reserve.
will not be quoted ex-dividend on this date andthat stock will not be quoted ex
ruled
has
New York Curb Market Association
$
notice.
Federal
dividend on this date and not until further
Members
584,000.000 584,000,000 575,838,550 8,161.460
dividend. 4 Correction. e Payable in stock
Bank...
Reserve
323,800
a Transfer books not closed for this
11,023,200
scrip. 8 On account of accumulated State Banks.
8,625,000 4.722,000 11,347.000
147,350
/Payable In common stock. g Payable in
Payable in Canadian funds
... 2,595,000 8.985,000 9,560.000 9.412,650
.
Trust companies
dividends. m Payable In preferred stock. n
common stock for
value
par
of
no
share
one
are
8,632.800
dividends
Chllds Co. stock
9,220,000 595,687,000 601,907,000 596,274,400 3,023,710
Total Mar. 8..._
each 100 shares held.
9,397,000 588.089.000 595.488.000 592.482,290 8,850,520
Total Feb. 27___ _
of taking cash or stock as follows: At rate of 4-100ths
9,490.000 588.782,000 598.272,000 589,421,480 8.841,410
k Stockholders have optionfor each share of original series peferred:6 75-100 of a
Feb. 20._
Total
stock
A
Class
of
9,582,000 591.095.000 800.877,000 594.835.590
_
share
13._
of a
Total Feb
dividend series preferred.
$7
of
share
each
for
stock
share of Class A
rate 0(000-fortieth of a share for each share held.
members of Federal Reserve Bank.
the
at
Not
•
stock
common
in
of State banks
class A.
o Payable
on the net demand deposits In the case Reserve
option of taking the dividend In cash or in stook; on share
Bank
b This is the reserve requiredthe
of
p Stockholders have
of a
case of members of the Federal
companies. but In
of class A stock and on class B, one-fortieth
share
trust
a
of
as follows:
and
was
-fortieth
one
required on net time deposits, which
before Includes also amount in reserve$14,899,740; Feb. 20. 814,947,050; Feb. 13, $14,972,
or
on
In
°leas B stock.
London
received
transfers
All
per share.
Mar.6. $14,895,110; Feb. 27,
r Dividend is 10 pencefor payment of dividend to transferees.
460; Feb. 6, 515,140,460.
March 3 will be In time to approval at stockholders' meeting on March 19.
(Stock dividend subject
MAR. 13 1926.]
THE CHRONICLE,
Actual Figures.
Cash
Reserve
in Vault
Members Federal
Reserve Bank_
State banks.
Trust companies*. __
Total
Total
Total
Total
Reserve
in
Depositaries
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
6,557,000
2,585.000
586,015,000 586.015.000 571,966,670 14,048,330
4,911,000 11.468,000 10,936,440
531,560
6.951,000 9,536,000 9,241,050
294.950
Mar. B.__ _
Feb. 27......
Feb. 20____
Feb. 13____
9,142,000 597,877,090 607,019,000 592.144,160 14,874.840
9391.000 592,859,000 602.050.000 597,375,800 4.674,200
9,117,000 605,249,000 614.366.000 592.407.490 21.958,510
9.443,000 594,406.000 603,849,000 591,968.390 11,860.610
•Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies. but In the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Mar.6, 514.728.170; Feb. 27, 514,682,030; Feb. 20, 514,938,470: Feb. 13, 514,980,800: Feb. 6, 515,087,330
State Banks and Trust Companies Not in Clearing
Hogse.-The State, Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK; NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
Differences from
March 6
Previous Week.
Loans and investments
$1,195,571,600
Inc.
$4.988.900
Gold
4,360,400 Dec.
600
Currency notes
23,497,000 Dec.
117,100
Deposits with Federal Reserve Bank of New York
Dec.
100,994,100
355,000
Total deposits
1 260.690,600 Dec. 16,111,000
Deposits eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y. City, exchange dsU.S. deposits_ _1,180,989.900 Inc. 6,717,000
Reserve on deposits
176,919.900 Inc. 5,467,700
Percentage of reserve. 20.7%.
RESERVE.
State Banks-Trust CompaniesCash In vault
•S37,307,900
$91,543,600 14.68%
16.37%
Deposits in banks and trust cos
35,637,800 5.72%
12,430.600
5.45%
Total
$19.738,500
0127,181,400 20.40
21.82%
•Includes deposits with the Federal Reserve Bank of New York. which for the
State banks and trust companies combined on Mar.6 was $100,994,100.
•
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week EndedNov. 7
Nov.14
Nov.21
Nov.28
Dee. 6.
Deo. 12
Dec. 19
Dee. 26
Jan. 2
Jan. 9
Jan. 18
Jan. 23
Jan. 80
Feb. 6
Vbb. 13
Feb. 20
Feb. 27
Mar. 6
1423
Loans and
Investments
Demand
Deposits.
*Total Cash
in Vaults.
Reserve in
Depositaries.
$
8,556.239.300
6.531,007,500
6.520.077.500
6.522.283,800
6.504.882.200
6.498.683.600
6.539,445.800
6.584.447,000
6.688.745.000
6.713,047,300
6,614.199.500
6.557.007.300
6.538.928.200
6.583.367,000
8,551.072.500
6.539.198.100
6.538,928.200
6,574,532,600
$
5,898.831.900
5.882,852.100
5,665.239.800
5.625,087.400
5.615,024.900
5,602.113.700
5.638,893.200
5,619.923,800
5.740.772.300
5.770.909,300
5.711,092.600
5.857.830.000
5,628.105.200
5.669,834,300
5,617.024.100
5.572.396,500
5,628,105,200
5.621.468 000
$
86.517,800
88.814.300
84.741.300
88.401,000
88,462,600
91.125.200
98,884,300
105,692.300
99,811.300
95,988.600
90.893.800
87,033,900
87,174.800
84,220.500
89,198.200
85,608.600
87,174.800
84 299 Ann
$
745,155.200
743.772.000
746,115.600
734.901,500
738.833,300
732,709.200
746.1373.400
734.118.200
764,938.500
764.899.000
762,604.506
746,110,706
732.989906
740.775.64X
732 243,100
732.031.04X
732.989.601
.744 740 Ant
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW
YORK CLEARING
HOUSE
ilhated In thousands of dollart-that is, three
ciphers 10001 Imitned-i
CLEARING
SON-MEMBERS
Loans
DieMIMIC
Investmeats.
etc
Cash
In
Vault
Reserve
with
Net
Net
Legal Del/salsa Time
Deport- Deposits Deposits
tortes.
Net
Week Ending Capital. Profits
Mar.6 1926.
-----Members of
Average Average Average Average Average
$
gad'I Res've Bank.
3
$
$
$
3
1,l I I
Grace Nat Bank...
1,856 12,345
36
1,068
3,914
6694
Total_
Lill
1.858 12,34
36
3,914
1,068
6,694
State Banks.
Not Members of (he
Federal&UM Bank
200
604
Bank of Wash. HUI.
8,607
754
384
6,403
2,680
1.200
Colonial Bank
2,787 31.300
3,247
1,540 26,700
4,850
Total
1.400
3,392 39,907
4,001
1,924 33.103
7,530
Trust Company
Nos Member of th
Federal Reserve Bank
500
559
Mech Ti. Bayonne.
9,303
370
133
6,023
3,323
50(1
589
Total
9.303
370
133;
3,323
6,023
2,900
5.838 61,555
Grand aggregate-4,407 .3.125 a43,120 17,467
Comparison with Pr ev. week
10: -132
+123, +390
+106
2,900
5,838 61,663
Or'd agar., Feb. 27
4,539
3,002, a42,730 17.361
2,900
5.838 62,225
Ceti aggr., Feb. 20
4.654
3.056 a43,447 17,317
2,900
5,83' 62,252
Gr'd agar.. Feb. 13
4,506
3,203 a43,431 17,216
-01
4 1511
q AA. .A0/209
17 107
RI,
Gee aggr.. Feb. 6 2,900 5.838 -.
•
•
•United States deposits deducted, 542.000.
Stile payable. rediscounts acceptances and other hehuhres. $2,394,000.
Itscess reserve 567.190 decrease
•
March 10
1926.
Changes' from
presfous meat.
Mar. 3
1926.
Feb. 24
1926.
0
$
$
$
Capital
68,000.000 Unchanged
68,000.000 68,000,000
Surplus and Profits
89,058,000 Unchanged
89.058.000 89.058.000
Loans. disc'ts & Investments_ 1006434000 Del. 2,938,000 1009273000 101.036.000
Individual deposits
671,189,000 Dec. 7,645,000 678.834.000 671,562.000
Due to banks
137,090,000 Inc. 2,164,000 134.926.000 132.631,000
Time deposits
855,000 217.451,000 217,182,000
216,596.000 Dec.
19.668.000 19,671,000
United States deposits
19,668,000 Unchanged
Exchanges for Clearing House 28,832,000 Dec. 5,909,000 34.741.000 26.915.000
Due from other banks
74,209,000 Dec. 9,992.000 84.201.000 75.559.000
Reserve In legal depositaries_ 79,134,000 Inc.
69.000 79.065.000 79.296,000
Cash in hank
44,000 10.245.000 10,098,000
10,201,000 Dec.
Reserve excess in F.R. Bk_ _ _
116.000
268.000 Dec.
384,000
682.000
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Mar. 6, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not members of the Federal Reserve System the reserve required is
10% on demand deposits and includes "Reserve with legal
depositaries" and "Cash in vaults."
Week Ended March 6 1926.
Two Ciphers (00)
omitted.
Capital
Surplus and profits
Loans, disc'ts & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Tctal deposits
1.1. S. deposits (not incl.)._
Res've with legal depos
Reserve with F.R.Bank..
Cash in vault •
Total reserve Se cash held
Reserve required
Execs.res. Sr crth In vault.
Trust
Membersof
F.R.System Companies
842,275.0
129,436,0
841.109,0
44,341,0
113,025,0
154,897.0
588,069,0
120,331,0
856.297,0
63.710,0
9,821,0
73,531,0
64.064.0
9.467.0
1925
Total.
Feb. 27
1926.
Feb. 20
1926.
847.275,0
146,573,0
894.837,0
38,888.0
116,575,0
144,0849
616,879,0
129,057,0
890.020,0
13,9969
3,848.0
63,044,0
11,752.0
78,644.0
68,450,9
10.194,0
$5,000.0
17,137,0
50,210,0
766.0
16.0
814.0
32.006,0
2,141.0
34.961,0
547,275.0
140,573.0
891.319,0
45,107,0
113,011.0
148,711.0
620,075.0
122.472.0
891,258.0
$47,275.0
146,573.0
91.864.0
37,244,0
111,766.0
143,171,0
612,462,0
127.168.0
882,809.0
4,568,0
4,568,0
63.710,0
11.348,0
79,626.0
68.976,0
10,
,
g0 0
3.345,0
63,086.0
11,575,0
78,008.0
68.212,0
0;W 0
1,527,0
6,095,0
4.912,0
1.183.0
• Cash in vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Mar. 10 1926 in
comparison with the previous week and the corresponding
date last year:
Mar.10 1926. Mar. 3 1926. Mar. II 1935
RUOUTUSS329,315.000 309.315.000 341,899,000
Gold with Federal Reserve Agent
10,435,000
13,513,000
11.813.000
Gold redemp. fund with U.S. Treasury_
Gold held exclusively agat. F.It. notes- 339,750,000
Gold settlement fund with F. R. Board- 225,385.000
366.457.000
Gold and gold certificates held by bank
321.128.000
244.862 000
363.227.000
355,412,000
188,378,000
313,004,000
Total gold reserves...
Reserves other than gold
931,592.000
42.427,000
929.217.000
40.616.000
856.794,000
30,771,000
Total reserves
974,019.000
Non-reserve cash
27,074,000
Bills discountedSecured by U. B. Govt. obligations... 115,039,000
Otherbills discounted
40,979.000
969.833.000
23,984.000
887,565,000
16,463,000
131.791.000
40,765.000
142,168,000
47,111,000
Total bills discounted
Bills bought In open market
U.S. Government securitiesBonds
Treasury notes
Certificates of indebtedneas
156.018,000
69,140,000
172.576.000
67,263,000
189.279,000
75.009.000
1,934.000
41.202,000
18,181,000
1.934.000
38.172.000
14.243.000
12,461.000
99.468.000
5,437,000
61,297.000
2,411,000
54.349.000
2.384.000
117,366,0011
3,055,000
Total bills and securities (Bee Note)- 288,866.000
296.572,000
384,709,000
Due from foreign hanks (See Note)._
Uncollected items
Bank premises
All other resources
749.000
155.005.000
16,666,000
4.565.000
836,000
143,442,000
16,432,000
7,960,000
Total U.S. Government Securities
Foreign loans on gold _
__--
Total resources
737,000
140.105.000
16,666,000
5,521.000
1.452,988,000 1.467.374.000 1,457,407,000
LfabilittesFed'I Reserve notes In actual circulation. 371,325,000
Deposits-Member bank, reserve ace't.- 852.587.000
Government
3.044,000
Foreign bank (See Note)
891,000
Other deposits
7.942,000
371.283.000
856.855.000
4.230.000
2.291.000
8.584.000
359,401,000
871,062,000
5.907,000
6,307.000
8.010,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
871.960.000
127.839.000
33,795,000
59.984.000
2.533.000
891,286.000
114,020,000
31,125,000
58,749.000
2,826,000
Totalliablllties
864,464,000
120,675,000
33,812,000
59964,000
2,748,000
. 1,452.988,000 1.467,374,000'1,457,407.000
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combined.
71.0%
78.8%
78.0%
Contingent liability on bills purchased
for foreign correspondents
14.059,000
21.648.000
23,393,000
NOTE.-Beginning with the statement of Oct. 7 two new items were added in
order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption, "All other earning assets," now
made up of Federal intermediate credit bank debentures, has been changed to
"Other securities." and the caption. "Total earning assets" to "Total bills and securities." The latter term has been adopted as a more accurate descrIptIon of the
total of the discounts, acceptances and.securities acquired under the provision• of
Sections 13 and 14 of the Federal Reserve Act. which are the only item'included
herein
[Voi. 122.
THE CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Mar. 11, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 1339, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAR.II, 1926.
Mar.
.10 1926 Mar. 3 1926. Feb. 24 1926. Feb. 17 1926 Feb. 10 1926
Feb. 3 1926. Jan. 27 1926. Jan. 20 1926. Mar. 11 1925.
s
$
$
$
$
11
$
$
$
RESOURCES.
1,408.703,000 1,383,170,000 1.406.149,000 1,397,967.000 1,433.149,000 1,450.287.000 1,511.514.000 1,517,010.000 1,612,227,000
Gold with Federal Reserve agents
57,195,000
45,009,000
51,702,000
46,135,000
46,334,000
49.604.000
49,159,000
50,723,000
50.406,000
Gold redemption fund with U.S.Treas.
Gold held exclusively eget. F. R. notes 1.459.114,000 1.433,893,000 1,452,483,000 1,442,976,000 1,484,851,000 1.496,422,000 1,561,118,000 1,588,169,000 1,669,422,000
Gold settlement fund with F.R. Board- - 692,997,000 688,567.000 674,072,000 688,126.000 850,384,004) 633,596,000 578,327,000 573,852,000 625,399,000
Gold and gold certificates held by banks_ 647,047,000 642,324,000 640,048,000 658,194,000 659,638,000 681,914,000 681,709,000 674,762.000 579,921,000
Total gold reserves
Reserves other than gold
2,799,158,000 2,764,784,000 2.766.603.000 2,789,296,000 2,794,873,000 2,791,932,000 2,801,154,000 2,814,783,000 2,874,742,000
151,682,000 148,754,000 149,907,000 150,860,000 144,422,000 147,328,000 152,053,000 152,069,000 135,969,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
2,950.840,000 2.913,538.000 2.916,510,000 2,940,156,0002,939,295,000 2,939,260,000 2,953,207,000 2.966,852.000 3,010,711,000
56,150,000
71,056,000
69,032,000
64,425,000
81,250,000
66,298,000
83.920,000
68.998,000 , 65,296.000
263,904,000
238,521,000
319,423,000
263,791,000
311,570,000
228,513,000
315.972.000
222,386,000
310,096,000
223,276,000
298,089,000
189,707,000
258,227,000
190,330,000
251,872,000
201,310,000
246,598,000
163,824,000
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
502,425,000
284.520,000
583,214,000
286,607,000
540,083,000
304.128.000
538,358,000
301,641,000
533,372,000
300,519,000
487,796,000
302,284,000
448,557,000
295,417,000
453,182.000
305,850,000
410,422,000
301,354,000
60,437.000
187,335,000
111,894,000
60,285,000
171,432,000
94,041,000
60,213,000
174,954,000
95,418,000
59,978,000
169,863,000
104,605,000
59,639,000
168,673.000
104,842,000
59,738,000
184,435,000
105,590,000
59,733,000
182,873,000
122,457,000
60,801,000
183.595,000
125,570,000
77,941,000
283,360,000
27,031,000
Total U. S. Government securities
Other securittes (see note)
Foreign loans on gold
359,666,000
3,150,000
8,798.000
325,758,000
3,150,000
8,700,000
330,585,000
3,150.000
7,100,000
334,446.000
3.150,000
7,000.000
333,154,000
3,150,000
7,299,000
349,783,000
3.150,000
6.399,000
365.063.000
3,150,000
8,500.000
369,966,000
3,150,000
6.500,000
388,332,000
3,452.000
10,500,000
Total bills and securities (see note).— 1,158,559,000 1,207,429,000 1,185,046,000 1,184.595,000 1,177,494.000 1,149.372.000 1,118,687,000 1,138,648,000 1,114,060,000
836,000
642.000
660.000
860.000
642,000
725,000
780.000
Due from foreign banks (see note)
737,000
749,000
Uncollected Items
628,454,000 711,125,000 *697,421,000 759.089,000 613,554,000 628,838,000 835,749.000 719,719,000 627,874,000
58,751,000
59,308,000
59,368,000
59,366,000
59,322,000
59.323,000
59,368,000
Bank premises
59.406.000
59,368,000
23,981,000
16,507.000
16,893,000
16.786,000
16,995.000
17,071,000
17,008.000
All other resources
16,918,000
17,775,000
Total resources
4,884,769,000 4,974,423,000 *4942439,000 5,029,751,000 4,871,687,000 4,865,503,000 4,865,929,000 4,985,596,000 4.892,363,000
LIABILITIES.
1,730,684,000
F.R.notes in actual circulation
1,671,754,000 1,675,354,000 1,679,362,000 1,681,143,000 1,667,844,000 1,662,520,000 1,667,268,000 1,692,021,000
Deposits—
2,201,277,000
2,242,730,000
2,239.050,000
2,215,193.000
2,216.882,000
2,262,258,000
Member banks—reserve account
2,209,698,000 2,224.329,000 2,202.879,000
26,332,000
27.628,000
28,935,000
29,151,000
43,356.000
39.929.000
36,670,000
Government
52,472,000
48,554,000
7,894.000
9,252,000
4,991,000
8,796.000
8.397.000
6,851.000
5,450.000
Foreign bank (see note)
4,784,000
6,160.000
20,035,000
19.560,000
18,648,000
18.952,000
17,623,000
17,480.000
Other deposits
17,232,000
19,322,000
18,253,000
2,281,289,000 2,302,283,000 2,262,231.000 2,326,518.000 2,296,101,000 2,282,492,000 2,272,236,000 2.298,315,000 2,255,538,000
577.943,000 644,103,000 648,557.000 690,866,000 556,961,000 570,721,000 576,385,000 844.929,000 562,750,000
119,993,000 119,721,000 *119.316.000 118.934,000 118,411,000 118,121,000 118,251.000 118,211,000 114,254,000
220,310,000 220,310,000 220,310.000 220,310.000 220.310.000 220.310,000 220,310,000 220.310.000 217,837,000
11,300,000
12,060,000
11,810,000
11,980,000
11,339,000
11,481,000
12,652,000 y12,663.000
13,480,000
Total deposits
Deferred availability items
Capital paid In
Surplus
A I other liabilities
Intel liabilities
4,884,769,000 4,974,423,000 *4942439,000 5.029.751.000 4,871,687,000 4,885,503,000 4,865.929,000 4,985,596,000 4,892,363,000
Ratio of gold reserves to deposits and
72.1%
69.9%
70.5%
70.7%
71.1%
70.5%
70.1%
F. R. note liabilities combined
69.5%
70.8%
Ratio of total reserves to deposit and
74.2%
75.5%
73.7%
75.0%
74.4%
74.5%
F. R. note liabilities combined
74.0%
74.6%
73.2%
Contingent liability on bills purchased
48,715,000
82,686,000
84,856,000
83,543,000
83.756.000
83,847.000
82,168.000
for foreign correspondents
83,009,000
82.408,000
Distribution by Maturities—
1-15 days bills bought in open market.
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
18-30 days bills bought In open market.
16-30 days bills discounted
18-30 days U. S. certif. of Indebtedness.
18-30 days municipal warrants
31-60 days bills bought In open market
31-80 days bills discounted
Si 60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
61-90 days bills bought in open market_
61-90 days bills discounted
61 90 days U. S. certif. of indebtedness.
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness__
Over 90 days municipal warrants
$
111,474.000
390,088,000
48,000
$
110,558,000
465,043,000
18,000
3
122,574,000
440,813,000
74,000
$
113.254.000
430,065.000
80,000
$
104,685,000
424,195,000
21,000
$
96,785,000
373,858,000
$
86,940,000
332,309,000
$
87,201,000
338,215.000
36,000
66,139,000
29,551,000
55,568,000
28,917,000
59,878,000
25,324,000
1,505.000
68,537,000
29,362,000
72,459,000
32,047,000
55,073.000
32,329,000
55.640,000
31,428.000
63,107.000
29,941.000
$
95,578,000
326,761.000
2,223,000
2,000
57,712,000
21,849,000
72,552,000
43,601,000
84,340,000
47,586,000
87,880,000
42,022,000
83,832.000
42,991,000
81,930.000
42,821,000
86,264,000
48,564,000
90.439.000
48,595,000
89,620;000
49,668,004)
86,958,000
32.734,000
29,571,000
27,087,000
31,508,000
30,700,000
29,952,000
22,463,000
32,343,000
26,649,000
36,847,000
25.469,000
57,182,000
26,306,000
52,939,000
28,772.000
58,862,000
25.779.000
476,000
53,727.000
18,127,000
4,784,000
11,098,000
111,846,000
4,633.000
10,068,000
94,023,000
3,844,000
9,461,000
93,839,000
3,675,000
9,291,000
104,525,000
4,598,000
8.840,000
104,821,000
8.690,000
8,739,000
105.590,000
9,459.000
9,453.000
122,457.000
9.080.000
9,579,000
125.058,000
7,379,000
10,951,000
24,808,000
.
F. R. notes received from Comptroller
F.R.notes held by F. R. Agent
2,826,107,000 2,839,467,000 2,845,899,000 2,850,750,000 2,860,336,000 2,884,453,000 2,898,753,000 2,922,541,000 3,030,974,000
825,142.000 833,374,000 834,530,000 846.950.000 851,949,000 863,051.000 850.030.000 846,131,000 990,466,000
Issued to Federal Reserve Banks
2,000,965,000 2,006,093,000 2.011,389,000 2,003.800,000 2,008,387,000 2,021,402,000 2.048,723,000 2.076,410,000 2,040.508,000
Bow Secured—
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Board
By eligible paper
—.......
310,846.000
107,962,000
989,900,000
754,218,000
0 100 09tZ
310.846,000
104,140,000
968,184,000
835,592,000
non,014 009 nano
311,246,000
100.489,000
994,414,000
802,364.000
311,245,000 310,000,000 309.961.000 309,121.000 308.280,000 277.916,000
102,647.000 114,853.0041 108.916.000
95.989,000 102,619,000 105,587,000
984,075,000 1,008,296.000 1.033.410.000 1.106,404.000 1.106.131.000 1,228,724,000
797,417,000 791,025,000 740.300,000 692.387,000 711,401,000 679,038,000
on, KIR non 9 ion 584
min 9 994
174
nnn 9 100
RA7
non 9 9111 ant
firm 0 000 a,, nn,,tag ,/.4 000
NOTE.—Beginning with the statement of Oct. 7 1925 two new I ems were added in order to show separately the amount of balances he d abroad and amounts due
to foreign correspondents. In addition, the caption. "Ali other earning assets", now made up of Federal Intermediate Credit Bank debentures, has been changed 10
-Other securities." and the caption. "Total earning assets" to "Total bills and securities." The latter term has been adopted as a more accurate description of the total
of the discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which are the only items included therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAR. 10, 1926
Two ciphers (00) milled.
Reserve Bank of—
Boston.
RESOURCES.
a
Gold with Federal Reserve Agents 112,813,0
Gold red.n fund with U.S. Treas. 8,321,0
Gold held excl. agst. F.R. notes 121,134,0
Gold settle't fund with F.R.Board 62,935,0
46,402,0
Gold and gold certificates
Total gold reserves
Reserves other than gold
230,471,0
18.693,0
249.184,0
Total reserves
5,594,0
Non-reserve cash
Bills discounted:
Sec. by U. S. Govt. obligations 13,881,0
8,430,0
Other bills discounted
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneay. Kan. City Dallas. San Fran
Total.Fedr
-$
$
$
$
$
1
5
$
$
$
$
329,315,0 121,756,0 192,666.0 55,993.0 134,925,0 129,467,0 15,251,0 62,690,0 46,587,0 24,676,0 182,569,41 1,408,708,0
10,435,0 9,926,0 3,592,0 3,059,0 3,192,0 2,720,0 1,213.0
50,406,0
885,0 1,731,0 2,028.0 3,304,0
-339,750,0 131,682,0 198.258,0 59,052,0 138.117,0 132,187,0 16,464,0 63,575,0 48,318,0 26.704,0 185,873,0 1,459,114.0
225,385.0 44,760,0 47.938,0 23,454,0 35,916,0 150,175,0 16,184,0 24,184,0 25,889,0 11,386,0 24.791,0 692,997,0
366,457,0 26,111.0 48,187,0 5,080,0 4,075,0 71,633,0 17,371,0 6,798,0 8,174,0 10,086,0 38,673,0 847,047,0
—
931.592,0 202,553,0 292,383,0 87,588,0 178,108,0 353,995.0 50,019,0 94,557,0 80,381,0 48,176,0 249,337,0 2,799,158,0
42,427,0 4.641,0 6,843,0 8,740,0 9,837,0 21,522,0 18,525,0 2,861,0 4,576,0 5,814,0 7,203,0 151,682.0
-974,019,0 207,194,0 299,226,0 96.328,0 187,945,0 375,517,0 68,544,0 97,418.0 84,957,0 53,990.0 258,540,0 2,950,840,0
68,998,0
27,074,0 1,982,0 3,009,0 4,386,0 4,615,0 8,404,0 3,731,0 1,60,0 2,588,0 2,662,0 3,693,0
New York.
Phila.
$
115,039,0 30,159,0 24,643,0 14,681,0 4,393,0 37,681,0 8,821,0
40,979,0 20,958,0 27,364,0 28.969,0 25,943,0 26,820,0 11,393,0
782.0
3,114,0
742,0 8,167,0
5,963,0 29,378.0
263,904.0
'238,521,0
156,018,0 51,117,0 52,007,0 43,650,0 30,336,0 64,501,0 20,214,0
69.140,0 19,717,0 21,009,0 10,841,0 18,499,0 30,234,0 14,300,0
3.876,0 14,145,0 6,705,0 37,515.0
7,974,0 13,898,0 13,723,0 24,592,0
502,425,0
284,520,0
4.935,0
9,210,0
Total bills discounted
Bills bought in ()Pen market
U. S. Government securities:
Bonds
Treasury noteS
Certificates of Indebtedness
22,311,0
40,595,0
572,0
1,768,0
5,438,0
1.934.0
604.0 8,103,0
41,202,0 3,778.0 19,704,0
18,161.0 16,927,0 5,689,0
L240,0 1,006,0 20,190,0 2,035,0
3,437,0 10,248,0 18.673,0 15,120.0
1,448,0 5,965,0 7,953,0 9,889,0
7,685,0 8.938,0 7,678,0
474,0
7,227,0 18.222,0 17,891,0 29,465,0
3,186,0 9,714.0 7,820,0 19,704,0
60,437.0
187,335,0
111,894,0
no.o. okannritim
7.778.0
61.297.0 21.300.0 33.496.0
6.125,0 17,219,0 46,816,0 27,044,0 18.078,6 37,474.0 33.387.0 49.643.0
359,868.0
MAR. 13 1926.]
RESOURCES (Concluded)Two Ciphers (00) emUted.
THE CHRONICLE
Boston.
New York.
$
5
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
2,411,0
669.0
71,353,0
54.594,0
4,088,0
' 89,0
Phila.
1425
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
$
3,050,0
836,0
$
$
8
$
941,0
486,0
352,0
1,206,0
$
$
378,0
281,0
$
100,0
343,0
$
$
308,0
607,0
Total.
$
3,150,0
8.798,0
288,868,0 96,029,0 107,453,0 61.082.0 66,406,0 142,757,0 61,936,0 30,209,0 65.958,0 54,123.0 112,387,0 1.158,559.0
737,0
737,0
140,105,0 57,152,0 54,620,0 54.655,0 36,501,0 76,890,0 32,227.0 12.655,0 42,569,0 26,363,0 40.123,0 628,454,0
59,408,0
16,666,0 1,505,0 7,409,0 2.364,0 2,761,0 7,933,0 4,111,0 2.943,0 4,636,0 1,793,0 3,217,0
432,0 2,252,0
475,0 3,405,0
543,0
381.0 1,098,0 2,042,0
334,0 1,203,0
5,521,0
17,775,0
Total resources
384,882,0 1,452,988,0 364,196,0 472,920,0 219,194,0 299,326,0 613,543,0 170.981,0 146.737,0 201,251,0 139,406.0 419,365,0 4,885,769,0
LIABILITIES.
F. R. notes In actual circulation_ 155,038,0 371,325,0 145,993,0 204,189,0 78,235,0 161.213,0 184,209,0 36,974,0 64,222,0 64,740,0 38,508,0 187,110,0 1.671,754,0
Deposits:
Member bank-reserve acet 141,195.0 852,587,0 129,920,0 177,130,0 68,888,0 84,889,0 321,176,0 82,506,0 50,893,0 83,519.0 60,013,0 156,982.0 2,209,698,0
Government
48.554,0
919,0 2.371,0
3,044,0 2.177,0 3,312.0 1,634,0 7,671.0 7.244,0 2,054.0 8,396,0 1,177,0
8,555.0
Foreign bank
4,784,0
370.0
188,0
209,0
172,0
231,0
735,0
509,0
214,0
891.0
407,0
284,0
574,0
Other deposits
47,0 6,159,0
18.253,0
181,0
165,0
76,0 1,025,0 1,306,0
85,0
81,0
78,0 1,108,0
7,942,0
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other IlablIttles
150,242,0
53,247,0
8.662,0
17,020,0
655,0
864,464,0 132,684,0 182,124,0 70.887,0 92.850,0 330,180,0 88,097,0 59,642,0 85,070,0 61,167,0 165,882,0 2.281.289.0
120,675,0 52,640,0 49,063,0 51,242,0 31,127,0 70.213,0 32,470,0 11,061,0 37,580.0 27,334,0 41,291,0 577.943,0
33,812.0 11,929,0 13,460,0 6,057,0 4.877,0 16,140,0 5,150.0 3,152,0 4,237,0 4,279,0 8,238,0 119,993.0
59,964,0 20,464,0 22.894,0 11,919,0 8,700,0 30.613,0 9,570,0 7,501,0 8,979,0 7,615,0 15,071,0 220.310,0
13.480,0
720,0 1,159.0
503.0 1.773,0
645,0
559,0 2.188,0
854,0
486,0 1,190,0
2,748,0
Total liabilities
384,862,0 1.452,988.0 364,196.0 472,920,0 219.194,0 299,326,0 613,543,0 170,931,0 146,737,0 201.251,0 139,406,0 419,365.0 4.884,769,0
Memoranda.
Reserve ratio (per cent)
74.6
54.2
56.7
78.6
72.7
74.0
64.6
55.7
76.0
78.8
81.6
77.5
74.3
Contingent liability on bills purchased for foreign correspondl_s 6,241.0
83,009,0
23,393,0 7,801.0 8,786,0 4,352,0 3,285,0 11,250,0 3,531.0 2,628,0 3,202,0 2,874,0 5,666,0
F. R. notes on hand (notes reed
from F. R. Agent less notes In
slrmilatInn)
S000& n 125 '5550 21 071 n 17 2Rn n IR MU )) 20.037.0 17.420.0 5.037.0 2.841.0 6.134.0 4,779,0 49,523,0 329,211,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS MARCH 10 1926.
Federal Reserve Agent at-
Boston.
(Two Ciphers (00) Omitted.)
$
F.R.notes reed from Comptroller 223,500,0
F.R.notes held by F. R. Agent__ 48,800,0
F.R.notes issued to F.R. Bank
Collateral held as security for
F.R. notes issued to F.It. Bk.
Gold and gold certificatesGold redemption fund
Gold fund-F.D. Board
Eligible paper
Total enllateral
174,700.0
35,300,0
13,513,0
64,000,0
62,906,0
175 710 0
New York.
Phila.
s
s
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
$
$
$
a
s
$
$
s
Total.
s
$
737,014,0 206,584,0 278.078,0 120,462,0 226.210,0 413,568.0 65,991,0 87,031,0 119,164,0 58,374,0 290,133,0 2,826,107.0
226.360,0 29,520,0 56,600,0 26,140.0 44,960,0 231,937,0 23,980,0 19,968,0 48.290,0 15,087.0 53,500,0 825,142,0
510.854,0 177,064,0 221,478,0 94,322,0 181.250.0 181,629.0 42.011,0 67,063,0 70,874,0 43,287,0 236,633,0 2,000,965.0
11,045,0 13,052,0
186,698,0 1,200,0 8,780,0 24,890,0 12,655,0
17,226,0
26,617,0 11,167,0 13,886,0 2,603.0 9,270,0 3,822,0 1,008,0 1,638,0 3,727.0 2,450,0 18,263,0
116,000,0 109,389,0 170,000,0 28,500,0 113,000,0 125,645,0 3,200,0 48,000,0 42,860,0 5,000,0 184,306.0
211,1332,0 58,321,0 71,892,0 52.249,0 48,033.0 94,584,0 34,026,0 11,509,0 27,884,0 19,836,0 61,346.0
310,846,0
107,962.0
989,900.0
754.218,0
540 047 0 180.077.0 284.558.0 108.242.0 182.958,0 224.051.0 49,277,0 74,199,0 74,471,0 44.512,0 243.915,0 2,162,926,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 716 member hanks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 1:389.
1. Data for all reporting member banks In each Federal Reserve District at close of business Mar. 3 1926. (Three ciphers (000) omitted.)
Federal Reserve District.
Number of reporting banks
Loans and discounts. gross:
Secured by U.S. Gov't obligations
Secured by stocks and bonds__ _ All other loans and discounts_,..
Boston. New York
40
Phila,
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City Dallas. San Fran
24
69
49
5
4,907
146,886
367,815
$
$
21,845
8,408
97,550 832,136
418,609 1.235,780
5
13.066
205,107
313,884
$
2,502
71,561
181,634
3
4,053
114,811
324,459
$
3,146
81,149
231,593
519,608
524,567 2,089,761
315,888 1,198,778 14,009,456
75
68
$
$
9,153
58,212
346.259 2,3:14.304
646.003 2.656.419
$
10.542
402.099
362,266
$
21,599
529,762
753.157
774,907 1,304,518
9.478
49,578
18,333
6,986
5,900
252,397
33,303
163,307
35,654
24,974
18,725
343,094
TotalInvestments
350,925 2,219,350 342,672 619,057
Total loans and Investments
1,352,342 7,268,285 1,117 579 1 923 575
Reserve balances with F. R. Bank
96,699 751,787
81,381
0
'123,5 7
Cash in vault
20.487
80.540
15,834
29,024
Net demand deposits
895,434 5,691,243 757,199 1,017,279
Time deposits
398,994 1,197,925 215.907 767,819
Government deposits
19,598
58,627
18,898
19,765
Bills Pay. & redisc. with F. R. Bk.:
Secured by U.S. Gov't obligations
2,691 112,920
9.801
17,345
All other
16,368
30,210
11.714
1392
Bankers' balances of reporting member banks In F. R. Bank cities:
Due to banks
130,569 1,165,209 189.522
47,724
Due from banks
41.146 10R.)145
71 545
9qfac
25,194
31,693
5,291
1,765
2.023
60,185
126,131
645.739
44101
2
13,408
375,054
204,123
6,029
7.279
14,659
532,057
255,697
443,323
14,869
15,272
5.770
2,036
4,987
52,303
21,452
178,907
53,592
59,455
9,338
441,121
13,157
22,953
13,152
7.378
4,064
107,776
7.071
27,029
14.654
15,415
6,822
42,761
8,853
58,908
17,998
16,488
4.237
79,271
95,217
763,868
168,480
113,752
185,755
619,784 2 853,629 700.537
43825 '42,3545094
11,349
49,243
7,591
361,143 1,747.497 419,471
217,160 1.036,081 218,122
9,843
25,659
5,864
389,449
26,573
5.699
229,333
111,971
3,065
629,078
53,760
12,292
496,034
148,365
1,804
7,600
585
10,875
3,624
6,319
17,274
47,460
16,283
5,255
11,493
35,70819,800 403,878
84.199
56,337 100,463
18 Ins
14721) 163705
28201
21 409
41 753
2. Data of reporting member banks in New York City, Chicago. and for the whole country.
All Reporting Member Baas.
Total.
33
54
Total loans and discounts
1,001,417 5,048,935
Investments:
U.S. pre-war bonds
9,710
39,793
U. S. Liberty bonds
86,799 598,262
U.S. Treasury bonds
17,730 216,920
U.S. Treasury not es
4,251 156,396
U. S. Treasury certificates
16,563
45,803
Other bonds, stocks and securities 215,872 1,162,176
36
100
98
Reporting Member Banks in N. Y. City.
712
$
5
170,506
13,073
272,935 5,434.559
912,770 8,404,391
66
17,439
21.726
4,641
4,282
4,368
22,836
225,068
24,749
128,771 1,383.205
449,537
45.802
319,087
19,661
141,976
19,166
204,383 2,984,158
75.292
442,532 5,503,031
391,180 1,641,310 19.512.487
28,469 107,124 1,650.520
278,250
20,968
11,815
277,479 740.491 13,007.657
99.626 830,142 5,446,235
200.982
26,265
7,565
594
4,831
29.147
28.477
9,139
25,154
237,278
166,437
101,804 2,364,360
50.053
613.731
Reporting Member Banks in Chicago.
Mar. 3 1928, Feb. 24 1926. Mar. 4 1925. Mar. 3 1926. Feb. 24 1926. Mar. 4 1925. Mar. 3 1926 Feb. 24 1926. Mar. 4 1925.
Number of reporting banks
712
60
739
61
67
46
46
716
46
Loans and discounts, gross:
a
$
$
s
s
$
$
$
$
Secured by U. S. Gov't obligations
170,506,000
53,548.000
206.242,000
14,466.000
187,375,000
54,458,000
77,882,000
14,504,000
23,740,000
Secured by stocks and bonds
5,434,559,000 5,427,270,000 4,793,880.000 2.060,926,000 2.087.335.000 1.982,463,000 627,689,000 615.730,000 515,868.000
All other loan, and discounts
8.404,391,000 8,335,753,000 8,243.173,000 2,333.091,000 2,284,109,000 2,288,162,000 677,056,000 674,695,000 697,521,000
Total loans and discounts
14,009,458.000 13,930,398,000 13,243,295,000 4,447,565,000 4.425,902.000 4,328,507,000 1,319,211,000 1,304,929,000 1,237,129,000
Investments:
U. S. pre-war bonds
225,068,000
30,153.000
218,360,000
223,718,000
29.568,000
27,088.000
5,808,000
5.501,000
1.938.000
U.S. Liberty bonds
1,383,205,000 1,387,509,000 1,363.203,000 516,537.000 519,821,000 528,071,000 108,038,000 106,789,000
81,083.000
U. S. Treasury bonds
449,537,000
349,100,000 200,192,000 194,937,000 136,705.000
448,915,000
17.297,000
17.123,000
26,347.000
U. S. Treasury notes
319.087,000
515,939.000 150,299,000 151,425,000 222.109,000
321.524,000
45,786,000
45,405.000
67,052,000
U. S. Treasury certificates
141,978.000
44,076.000
84,029.000
139,267,000
39,223,000
25.802,000
1,501.000
1.500.000
6,918.000
Other bonds, stocks and securities_ 2,984,158,000 2,971,164,000
2.805,394,000 862,478,000 857,663,000 792.218,000 204.093,000 200,513,000 200,277.000
Total investments
5,503,031,000 5,492,097,000 5,336,025,000 1,803,735,000 1.792,637,000 1,731,973,000 382,503,000 376,831,000 383,615,000
Total loans and investments
19,512,487,000
6,218,539,000 6,060.480,000 1,701,714,000 1,681,760,000 1,620.744.000
Reserve balances with F. It. Banks_ 1,650.520,000 19,422,495,000 18,579,320.0000.251.300,000
1,636,439,000 1,626,637,000 692,303,000 697,885,000 702,776.000 170,316,000 162.017,000 158.145,000
Cash In vault
278,250,000
65,206,000
281,644,000
68,671,000
291,163,000
64,368,000
21,694,000
22,477,000
26,045.000
'et demand deposits
13,007,657,000 12,935,088,000 12,924,095.000 5,124,217,000 5,045,236,000 5.103,839,000 1,152,200,00() 1,152,432,000 1,141,291,000
Time deposits
5,446,235,000 5,437,358,000 4,945,038,000 796,210,000 802,093.000 765,505,000 516.592,000 516.494,000 454.809.000
Government deposits
200.982,000
49,995,000
49.995,000
113,391,000
201,018,000
16,279,000
12,947,000
12.947,000
14,343,000
Buis payable and rediscomsts with
Federal Reserve Banks:
Secured by U. S. Govt. obligations
93,332,000 115,532,000
237,278,000
171.271,000
98,450,000
223,943,000
29,610,000
6,415,000
718,000
All other
26,004.000
166,437,000
28,394,000
83,543.000
34.696,000
138,718,000
10,405.000
3,719.000
1,600,000
Total borrowings from F. R. bks
403,715.000
119.336,000
141,926,000
254,814,000
133,146,000
362,661,000
40,015.000
10,134,000
2,318,000
Loans to brokers and dealers (secure) by stocks and bonds) made
by 61 reporting
member banks in New York City:
For own account
1,125,071,000 1,149,391,000
For account of out-of-town banks
1.321,285,000 1,342,665,000
For account of others
602,056,000 617,275.000
s•s•sl
s till, ort2 /Inn 2 lila 221 Mrs
[VoL. 122.
THE CHRONICLE
1426
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Aiauktrekr-azetit
Maturity.
Int.
Rate.
Bid.
Asked.
Maturity.
Int.
Rate.
Bid.
Asked
pt. 151926... 434% 100wn 100/222 June 15 19213--- 334% 99",, 10041
Dec. 15 1927_-- 436% 101222 1012222
me 15 1926_
3% 99222s 100
so. 15 1926.-- 334% 100212 10011. Mar.15 1927_ 436% 101123 101222
mantaggtosaaancacgamagagan-aaatanaaaa4taaana aaant4gggagg
2
X
XXX X AXX
XX
X X AX
Ma
Ma
Jan
M
M
Fe
Jan
Ma
Ma
Ma
M
Mar
Marl
Ma
Ma
Ma
Ma
Feb
Feb
Jan
M
Ma
Ma
Ma
M
Jan
M
M
M
M
M
M
Jan
Ma
Ja
Feb
Ma
Ja
Ma
Ja
Ja
M
Ja
Ma
Ma
Ma
Ma
M
Ja
M
Ma
Ma
XXXX
4834 Mar 11 47
4734 Mar
107 Mar 810734 Mar i 107
317 Mar 11 27534
299 Mar
8936 Mar
8934 Mar ' 8954
97 Mar 12 97 Marl, 9534
97 Mar 6 96
97 Mar
10034 Mar .10234 Mar 1 1 100
5134 Mar 11 5336 Mar 11 50
20 Mar 10 21 Mar 11 1934
40 Mar 8 4234 Mar 12 3934
46 Mar 12 46 Mar 12 46
97 Mar 6 9736 Mar 6 96
94 Mar 1 96 Mar 11 94
11736 Mar 611734 Mar 6 117
107 Mar 12107 Mar 12 10654
1434 Mar 8 16 Mar 10 13
71 Mar ' 74 Mar 10 71
535 Mar 11 55-4 Mar 11 5
934 Mar 9 934 Mar 9 9
103 Mar 11 103 Mar 10 102
80 Mar 9 83 Mar 11 80
101 Mar 9 105 Mar 12 100
55 Mar 11 5534 Mar 11 55
90 Mar 8 90 Mar 8 90
18 Mar 8 1934 Mar 11 17
115 Mar 10 115 Mar 10 114
94 Mar 12 96 Mar 8 94
1934 Mar 8 2034 Mar 8 1734
100 Mar 6 100 Mar 6 94
7834 Mar 8 7834 Mar : 7834
40 Mar 141 4036 Mar 11 40
38 Mar
42 Mar 10 36
115 Mar 911634 Mar 11 11234
1836 Mar 8 2034 Mar 8 11334
95 Mat 8 95 Mar 6 94
115 Mar 10 115 Mar 10 114
234 Mar 8 236 Mar . 156
75 Mar 10 75 Mar 1 i 51
g
g Mar 81
36 Mar ,
80 Mar 6 80 Mar • 80
106
107 Mar 9107 Mar
7236 Mar 6 7234 Mar I 7234
103 Mar 10 103 Mar 11 00%
343-4 Mar 12 3534 Mar 11 3434
4534 Mar 8 47 Mar 11 4534
7834 Mar 8 8635 Mar 12 78
334
334 Mar (3 356 Mar 1
4634 Mar 12 4736 Mar 6 455-4
97 Mar 8 9736 Mar 8 9434
4 Mar 8 434 Mar 9 334
436 Mar 11 436 Mar 9 4
1636 Mar 8 1636 Mar 8i 1634
X
Ma
Mar
Jan
Mar
Mar
Ma
Feb
Marl
Jai
ti
Mar
Ma
Jan
.XXXXXXXX XA
Mar 11 9234
Mar 11 125
6
Mar
Marl 5034
11836
Mar
Mar 11 536
Mar 12 10234
Mar : 79
Marl 81
Mar / 1734
Mar 11 1-64
102
Mar
9234 Mar ii 9234
125 Mar 11 125
7 Mar 6 7
5034 Mar 12 5034
11836 Mar :11836
536 Mar 11 534
103 Mar 12 103
79 Mar 8 79
85 Mar 12 85
18 Mar 6 1834
36
01-64 Mar t
102 Mar 9 102
Zo, wp.c.80,8m 00 Zcm:4.0.-3.=m=r-b000,5Q,5. mi45Z5.04.508wrO'c.
.1
'
.
.,1.bo
.?
1w
n4
'' pl
N
W
;3 .
W
W
eta
-0.4,.w10.,p.bzlaWcbw.biow.. Im0'm.a.W.3.w-4..14:-.w...qpwo,
.0'60k,g..00,
Industrial & Miscall.
•
Abraham &S raus
1
Preferred
101
Am Can Co
._•
Ant Chicle Prior pref.
Am-La Fr F E 7% Pi 1 11
101.
Am Plano pref
American Snuff pref_101,
•
Barnett Leather
Chandler-Cleve Motor-0
*
Preferred
Chicago Yellow Cab...*
Corn Cred 1st Pr(630100
Com Inv Tr Pr(636)_106
Continental C.,n prof 101
101.
Deere & Co prof
25
Elserdohr & Bros
Electric Auto-Llto et's..
•
Electric Boat
Elk Horn Coal Corp_50
First Nat Plc let pf__106
Fisk Rub let Pr stpd_101
lot preferred coad_100
•
Gen Cigar new w 1
Guantanamo Sug 0_11 o
Intercontinental Rub..'
Jones & L Steel pref....100
100
Kinney Co pref
Life Savers
•
McCrory Stores
Mallinson & Co pref_100
1
Manati Sugar
Miller Rubber efts
Montana Power pref_100
*
Omnibus Corp
1
Preferred
Owens Bottle pref_ _ _100
Pacific Gas ds Elec Rts__
Panhandle P & R pf_10
P El of New Jersey BM-- Rels(Rbt)dt Co 1st pf 1
Rem Type let Inger SI
Schulte Retail Stores R
Sloss-Sheff St & Ir PL1
Southern Dairies el 5..'
Thompson (J Rd Co__25
Union Carb & Car Co..'
1
U S Express
Vicksburg Chem ctfa _ _ ..•
1
Vivaudou pre:
White Motor Ma
2
Wilson & Co cUs
1
Preferred ale
S88888SF88.91888$'888888888888t8$8888888$8888888F8H88_8888Vag88n P,
Railroads.
Buff Roth & Pitts pf_101
Ches dc Ohio pr. ctfs_ 101
Chicago & Alton ctfs_ 1 1 1
Ch St P M & Omaha ctf
COC&StLoulspf..lIl
Nat Rys M ex lat pf _ _1
NY Lack & Western_lOt
Northern Central__ _ _ • 1
Pere Marquette ctfs.1 I 1
Reading Rta
Seaboard Air Line Rte._
Twin City Rp Trs DLit,
5 per share. $ per share. $ per share.
XXXXX XX4
Lowest. •
Week
Par.
"
b200.45
www0,0woom0000,
Wall Street, Friday Night, March 12 1926.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 1412.
United States Liberty Loan Bonds and Treasury
The following are sales made at the Stock Exchange this Certificates on the New York Stock Exchange.—Below
week of shares not represented in our detailed list on the we furnish a daily record of the transactions in Liberty Loan
pages which follow:
bonds and Treasury certificates on the New York Stook
Exchange. The transactions in registered bonds are given
Range Since Jan. I.
Range for Week.
Sales
STOCKS.
for
in a footnote at the end of the tabulation.
Week Ended Mar. 12.
Highest.
Lowest.
Highest.
*No par value.
New York City Banks and Trust Companies.
AU prices dollars per share.
Ask.
Banks—N.Y Bid
Amadei.-- 340 375
Amer Ex Pac 458 465
Amer Unions_ 210 225
390 410
BoweryEast
Broadway Cen 350 375
Bronx Boro*- 1375 1425
Bronx Nsa___ 450 500
Bryant Park* 220 '230
Butch & Drov 178 188
Capitol Nat_ 240 245
Cent Nieman_ 305 315
627 1332
Chase
Cludh Phenix
Nat Bk &T 365 375
Chelsea Exch. 230 235
Chemical.... 805 830
Colonial.-- 5L0
Coranumee.-- 368 372
Cona'nweafth. 300 315
Continental.. 275
Corn Exch._ . 590 finF)
ComonopIan*. 200 250
Fifth Avenue'2300
2700 2775
First
FYanklin.—_ 180 200
380 390
Garfield
270
Grace
Greenwich'.. 540 575
Bid.
Banks.
Hamilton.... 195
1100
Hanover
Harriman_
535
Manhattan* . 235
Mach & Met. 447
Mutual....„. 500
Nat American 185
National City 625
New Neth*„ 280
525
Park
124
Penn Exch
Port Morrill- 215
670
Public
Seaboard_ _. 665
175
Seventh
Standard- _ _ 600
600
State*
157
Trade*
United_ _ _ _ _ 215
United States. 325
Wash'n Ilts*. 725
Brooklyn
Coney Island. 280
5I(,
First
Mechanics's— 310
Montauk*._ 1305
Nassau -----590
People's
Queensboro* _ 175
I rust Co.. Bid.
Ask.
New York.
205
1125 American_
560 Sank of N Y
& Trust Cu 8.38
240
455 Bankers Trust 640
Bronx Co IX. 300
195 Central Union 875
372
633 Empire
300 Equitable Tr. 285
535 Farm L & IX 540
134 Fidelity Tam 300
Fulton
370
380
690 Guaranty
685 Irving BankColumbia Tr 330
185
650 Lawyers Tr._
610 Manufacturer Eia
162 ilutuaftWest
chesten___ 220
230
335 N—Y Thud— . 550
--- Title lIuk Tr 645
U S Mtg & Tr 400
310 United States 1800
Wc6Whes Tr.
Brooklyn.
320
Brooklyn Tr 010
400 KAngs Coun% 2000
Nildwood _
t260
People's__
810
_
(1) New stook.
• Banks marked (•) are State banks
r Es rights
.
645
645
888
379
289
550
315
310
tge Bond..
Bond._
Mtge
Nat Surety..
N Y Title &
Mortgage..
U S Casualty_
US Title Gus
Bid.
138
220
230
560
165
410
1840
925
200
276
825
Is) Ea-divide/3o
450
375
310
Ask.
145 Realty Aszoo
(Bklynt corn 1120
230
let Prof.... 92
2d pref... 90
460
400 Westchester
Title & Tr_ 450
320
32 2d 436s
88 3d 435s
1022233 to 102"32
1002222 to 10022:21161 4th 431s
101232 to 101232 I 5 Treasury 434s....107",, to 1072223
Foreign Exchange.—Sterling exchange was quiet but
steady and slightly higher. The Continental exchanges
moved irregularly with francs lower and krone again sharply
higher.
To-day's (Friday's) actual rates for sterling exchange were 4 82 15-32(4)
4 82 17-32 for sixty days, 4 85 23-32(g4 82 25-32 for checks and 4 86 3-32
(44 86 5-32 for cables. Commercial on banks,sight, 4 85 19-32(4)4 85 21-32:
sixty days, 4 81 31-32(4)4 82 1-32: ninety days. 4 81 7-32(44 81 9-32,and
documents for payment, sixty days, 4 82 7-32(414 82 9-32. Cotton for
payment. 4 85 19-32(4)4 85 21-32, and grain for payment, 4 85 19-32(4/
1i
2132
50.(1
1
48
(Friday's) actual rates for Paris bankers' francs were 3 573418
3 5934 for long and 3 6134183 6334 for sh9rt. German bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders were
39.603414139.6134 for long and 39.96%("4,39.97% for short.
Exchange at Paris on London, 133.28 fr.; week's range, 132.79 fr. high
and 135.10 fr. low.
thaeysweek follows:
r2i:i
8ty
fo
e4ix
The range for foreign exchangs
Sterling Actual—
4 82 21-32
High for the week
Low for the week
Paris Bankers' Francs—
36134
High [or the week
352
Low for the week
Germany Bankers Marks
High for the week
Low for the week
Amsterdam Bankers' Guilders—
6
39.60%
High for the week
Low for the week
Cables.
Checks.
4 85 29-32
44
367
357
36834
3 58%
23.81
23.81
23.81
23.81
1054
40.G4
40
16
.0
'
2%
Domestic Exchange.—Chicago, par. St. Louis. 15(825c. per SLOW
discount. Boston, par. San Francisco, par. Montreal, 32.8125 Per
$1.000 premium. Cincinnati, par.
The Curb Market.—The review of the Curb Market is
given this week on page 1413.
337
A. complete record of Curb Market transactions for the
; week will be found on page 1441.
All prices dollars per share.
Ask
200
184
325
260
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
•1:15
New York City Realty and Surety Companies.
Bid
Allianee WIty 180
Amer Surety_ 181
G. 315
Bond &
Lawyers Mtge 21.0
Lawyers Title
& Guarantee 1300
Daily Record of U. S. Bond Prices. Mar.6. Mar.8. Mar.9 Mar .10 Mar .11 Mar.12
-(High 1002232 101.00 101.00 101.00 101.00 101232
First Liberty Loan
336% bonds of 1932-47_(Low_ 1002222 100"1, 100"s, 100",, 101.00 1002232
(Close 100"n 100"n 100",, 101.00 101.00 100242
(First 334a)
45
27
65
161
49
56
Total sales in 81.000 units__
Converted 4% bonda of (High
____
_ ___
____
____
____
1932-47 (First 43)____ILow..
Close
_
.
_
____
____
____
Total sales in 81.000 units--- ,in 102
Converted 434% bonds !High 102,st 102",, 102"st 102
.1,, 1d2-1;2Of 1932-47 (First 436111Low_ 102232 102231 10222,2 102232 102222 102222
(Close 102,s, 102"2, 10211:1 102.s, 102',, 102222
161
28
Total sales in $1,000 units_ _.
15
24
5
5
____ 101s4n
____
Second Converted 4%%'High
____
____ 1012422
.._ ...
__
bonds of 1932-47 (First( Low.
(Close
.-_—___ 1012222
Second 434s
____
___ _
Total sales in 81,000 mtgs.__
g-giin
____
.......
____
'High
Second Liberty Loan
Nu.
____
____
____
(Low_
4% bonds of 1927-42
(Second 44
____
____
____
3_ Total sales in 81,000 units_
Converted 436% bombs 'High 1002232 1002232 1001232 100", 100"n
Of 1927-42 (Second (1.0w- 1002432 1002232 1002232 100", 100"s, 100224
(Close 1002232 1002232 100261, 100", 100",, 100142
4 Sis)
211
514
447
40
238
288
Total sales in $1.000 units_ __
(High 101222 101222 101232 101222 101222 101,
41
Third Liberty Loan
(Low- 101433 101222 101222 101.st 101231 101in
436% bonds of 1928
(Close 101232 101222 101232 101222 101'n 101in
(Third 43-4s)
53
55
393
120
147
652
Total sales in $1.000 units—
High 1022232 1022222 1022122 102223 102"32 102",2
Fourth Liberty Loan
434% bonds of 1933-38_ 1,0w_ 102un 1021232 1022232 102122 1022232 1022%2
Came 1022222 1022222 1021232 10212, 1022232 1022222
(Fourth 43(e)
127
353
140
135
371
368
Total sales in 51,000 twins—
illigh 1072232 1072232 1072•22 107223 1072232 1072h2
Treasury
(Low- 1072232 1072232 1072222 107243 107"22 1072222
4318, 1947-52
(Close 107uw 107,9n 1072232 107222 1072232 1072221
•
150
51
26
8
32
7
Total sales in $1,000 units_ __
(High 1012222 1042222 1012232 104232 104222 104222
4s, 1944-1954
(Low_ 1011122 1011022 1011222 104232 104232 104232
(Close 104/0” 1041232 10110n 1047.2 104,n 1042112
21
7
22
132
137
81
Total sales in 51.000 units_ _ _
Ask
125
96
95
CURRENT
NOTICES.
—Dresser & Escher, 115 Broadway, New York, have prepared and are
distributing a circular on "To-day's Most Profitable Investment Field—
the Facts about German Stocks and Bonds."
—Eastman, Dillon & Co. announce that William E. Bowden, formerly
associated with the National City Bank, has joined their sales department
in New York City.
—Moss & Ferguson, members New York Stock Exchange, announce the
removal of their offices to the New York Stock Exchange 13uilding, 11 Wall
St., New York.
—Lester & Company. 120 Broadway, New York, have prepared for
distribution a booklet outlining the growth and importance of the publishing
business.
—Irving Bank-Columbia Trust Company has been appointed transfer
agent of the capital stock of the First Federal Foreign Investment Trust.
—Lyon, Walcott & Co. announce that Luther B. Pollard has become
associated with them in the retail sales department of their New York office.
—Guaranty Trust Company of New York has been appointed registrar
for the capital stock of the Fidelity Trust Company of New York.
1427
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIX PAGES
For sales during the week of stocks usually Inactive, see preceding
Page.
PER SHARE
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER
CENT.
STOCKS
Sales
Range Since Jan. 1 1926
for
NEW YORK STOCK
On basis of 100-Mare tots
Saturday,
Monday,
Tuesday,
Wednesday Thursday,
Friday.
the
EXCHANGE
Mar.6.
Mar.8.
Mar.9.
Mar. 10.
Mar. 11.
Mar. 12.
Week.
Lowest
Highest
$ per share $ per share $ per share $ per share
$ per share $ per share Shares.
$ per share $ per share
Railroads.
*4438 ____ *4412 ____
Par
*4412 ____ .4412 ____ .4412 45 .4412 ____ ...... Ann Arbor
100 44 Jan 19 45 Jan 6
*6912-r- *6912 _ _ _ *6912 _ _ - *6912
_ 126912 _ _.-- Do pref
100 644 Jan 21 6934 Jan 27
127 11814 12512 1-27
12634 1275
- 8 127 1-28
12734 129i14 1294 1291
4 19,400 Atch Topeka & Santa Fe-100 12234 Mar 3 139 Jan 5
948 943
9432 948 944 9472 9414 9414 9412 9412 9512 .
9514 1,300 Do pref
100 941g Mar 6 96 Jan 27
212 24
214 238
238 232
24 212
232 28
212 212 7,700 Atlanta Birm & Atlantle..-100
134 Feb 25 10 Jan 2
22178 225 215 220
219 221
221 23024 227 230
225 2281g 8.100 Atlantic Coast Line RR-100 213 Mar 1 26212 Jan 2
8734 8914 8612 88
8814 8834 8314 8934 8912 9214 9138 9311 96,200 Baltimore & Ohio
Mar 3 9534 Jan 11
8312
100
68
68
68
68
*8814 6812 6838 69 .6834 688 69
6914 1,100 Do pref
100 6713 Jan 6 6934 Feb 10
*397 41
3934 40'z 41
41
1541
42
42
42
24134 418
900 Bangor & Aroostook
33 Mar 2 46 Feb 1
50
*9778 _ _ _ *98
__ *100
_
•100
_ __ *100
__ •100
__
Do prat
100 9778 Feb 8 1004 Jan 20
62 -62% 6034 1214 6124 -6214
62 -63% 6312 -6538 6338 -6-4-4 21,600 Bkln Manh Tr v t eNo par 5513 Jan 21 6913 Feb 5
1283
8412 8212 83
83
83
2182
84
83
83
*81
83
1,100 Do pref v t a
No par 81 Jan 5 8614 Jan 29
1012 1012
914 97s 1014 1038 1028 1012
*10
1014 1014 1014 1,100 Brunswick Term & Ry Sec..100
812 Mar 4 13 Feb17
1276
79 •76
79
79
7714 78
•76
79
*74
79
4584 63 *5812 63 *75
34 Buffalo Rochester & Pitts 1007714 Mar 10 84 Jan 4
*5812 63 .5812 63
*5812 63
105812 63
Canada Southern
100 58 Jan 15 5814 Jan 21
15312 154
15212 15324 15224 153
15372 15534 15578 1574 15634 1564 5,300 Canadian Pacific
100 14612 Jan 9 162 Feb 3
*270 285 *265 270
270 270
28514 28514
150 Central RR of New Jersey-100 270 Mar 2 305 Jan 11
126 13078 12412 12812 12612 12812 *270 285 •275 285
12512 12828 12734 133
13312 13614 349,300 Chesapeake & Ohlo
100 112 Mar 2 13614 Mar 12
1291 13114 12812 1304 129 129
.12614 129
129 13318 13412 136
7,000 Do pref
100 119 Jan 20 136 Mar 12
724 84
8
818
8
8
8
8
818 814
814 8% 7,000 Chicago & Alton
1214 1278 117 1234 1134 1178
100
8 Feb24 1112 Feb 13
1214 1214
1214 1214 1134 1212 4,200 Do pref
100
*170 200 *170 200 *175 200
933 Feb 25 1814 Feb 13
.175
•175
200
200
•175
200
C C C & St Louis
100 185 Mar 5 200 Jan 12
11324 3312 *3238 35
113224 34
*3224 334 *3234 334 .3234 33 2
Illinois
Chic
East
&
RR
100
33
Mar 3 17 Feb 10
42
42
42
4314 *43
45
*4314 45
434 4314 *4314 45
9,000 Do pref
100 40 Mar 5 5138 Feb 10
918 918
94 912
912 9112
912 934
1018 1018 2.100 Chicago Great Weetern
924 1014
100
818 Mar 4 12 Feb20
21
2212 1912 21
204 21
21
223* 22
22% 2218 2212 9,100 Do pref
100 1612 Mar 3 28 Jan 2
12
12
1112 12
12
12
12
12
12
1214 1212 127k 3.000 Chicago Milw & St Paul....100103s Jan 2 144 Jan 6
115s 1134 11
11
11
11
11
11
*1024 1112 11
1218 4,000 Certificates
10 Jan 2 14 Jan 8
100
1812 1812 174 18
1814 1814
1814 18
18
1812 1834 8,300 Do pref
100 16 Mar 3 2214 Jan 9
1712 1738 1634 1712 1714 1714 18
1714 174 17
17
7,600 Preferred certMcates---100 15 Mar 3 21% Jan 5
17
18
6918 7018 68
6914 6824 6914 70
7014 7012 71
8.400 Chicago & North Weetern.100 11512Mar 3 8178 Jan 2
72
71
•11912 120 .11912 120
120 120 .11918 120
120 120 .120 121
400 Do pref
100 11812 Jan 4 1214 Feb 19
45
458 47
4524 4524 4638 4612 4828 4712 4812 4828
498 30,800 Chicago Rock 1e1& Pacide_100 404 Mar 3 6014 Jan 15
*9612 98't
7
97
*97
984 97
9814
*9712
800
100
Do
99
7%
Preferred
17
96 Mar 4 100 Jan 2
97
8512 85'z 8434 8512 85
85
85
85
8572 857
8612 1,100 Do 6% preferred
86
100 84 Mar 3 90 Jan 29
1248
55
*45
55
•49
50
*49
55
*49
200 Chic St Paul Minn & Om._ 100 50 Mar 12 33 Jan 26
50
50
5038
•98 110
•98 110 12102 110 12102 110 *102 110 *103
Do pref
110
100 10514 Feb 26 114 Jan 9
*5412 551
54
54
54
65
55
5612 66
2,000 Colorado & Southern
56
57
57
100 52 Mar 3 65 Jan 13
.134
66
*65
56
*64
66 .61
.64
ee
66 .65
lst pref
Do
66
100
62 Mar 2 67 Jan 11
*55
60
1151
60 .50
60
*50
60 .50
*50
60
Do 2d pref
60
100 59 Jan II 59 Jan 11
159 1591 15514 1581 15734 165
16312 164
164 1661 16712 17414 21,600 Delaware & Hudson
100 153 Mar 3 17414 Mar 12
143 14452 140 142'z 14118 1431 143 14324 14224 1441z 144 1461
11,000 Delaware Lack & Western_ 50 135 Mar 2 15312 Jan 12
*42
43
•41
. *41
43 •42
43
4278 45
4434 47
2,500 Deny Rio Or & West pref_100 40 Mar 3 47 Jan 2
.412 5
.414 _-5
.414 5
*414 5
.414 5
*414 5
Duluth Sou Shore & Atl....100
414 Mar 1
54 Jan 23
638 638 *64 7
*64 7
612 612 *612 7
634 684
300 Preferred
100
613 Mar 10
84 Jan 18
29
304 27
2824 2814 2914 284 2934 29
30
30
30's 84,000 Erie
100 2434 Mar 3 40 Jan 2
3814 3934 3712 383
3814 3932 38
4012 3944 4014 404 417 43.400 Do let pref
100 36 Mar 3 458 Jan 4
36
36
35
351
354 36
3512 3612 364 3624 37
38
3,800 Do 2d pref
100 3412 Mar 4 43 Jan 2
7214 7314 71
72
7228 73
73
7328 73
732 7312 744 11,900 Great Northern pre!
100 6918 Mar 3 7858 Jan 4
254 2512 25
251
25
2518 254 2512 2512 257g
2512 2534 3.000 Iron Ore Properties. No par 2458 Mar 4 2714 Feb 15
28
293* 28
28
2858 291± 2912 3034 3034 3114 .2912 31
2,600 Gulf Mobile & Northern..100 26 Mar 4 3514 Jan 7
1004 10054 100 100
100 100 *100 101
101 101
10114 102
1,700 Do pref
100 984 Mar 4 10234 Jan 28
3784 3778 3632 3754 37
377
374 373
3634 3734 3712 37'z 3,700 Hudson & Manhattan
100 3438 Jan 22 3912 Feb 9
.71
73 .72
75
*72
73 .72
*7212 74
74
.7212 74
Do pref
100 7014 Jan 4 7512 Feb 20
•11612 11712 116 1167 11614 11638 11612 11758 1177 1181 11812 11914 4,400 Illinois
Central
100 11312 Mar 3 124 Jan 2
•118 119
11724 11734 11712 1171 1174 1174 .117 1211 .118 120
700 Do pref
100 11718 Mar 9 12312 Jan 2
•65
73
*65
73
*65
73
*68
*68
73
73
*68
73
Railroad Sec Series A-1000 7114 Jan 6 75 Feb 15
*274 29
2712 271 .2658 29 .26% 29
.2632 29 .2538 29
100 Int Rya of Cent America. 100 2712 Mar 8 31 Feb 13
*6178 66
*6178 66
*6178 66
.6172 66
*617 66
*13178 66
Do pref
100 64 Jan 27
Jan 27
3853 3934 3618 391
3818 3834 38
394 3812 3934 3812 39'2 16,300 Interboro Rap Tran•t(2_100 2412 Jan 15 64
417 Mar 4
•114 214 *114 21
•114 2'j
114 212 *114
21 .
114 212
Central
Iowa
100
214 Feb 25
34 Jan lb
3938 404 3724 39's 3858 397k 398 4212 4158 4238 4138 4212 29.600 Kenna
City Southern
3414
100
Mar 3 4938 Jan 13
*62
63
6124 62% 6172 617 .62
624 6212 64
6318 6318 1,200 Do pref
100 6138 Jan 22 64 Mar 11
817e 8214 804 81
82
821 *82
83
83
8354 x82
8312 2,700 Lehigh Valley
60 7512 M ar 3 87 Feb 13
12778 12914 125 12612 127 128
12724 13012 131 13238 13228 13278 7,200 Louisville& Nashville
100 120 Mar 3 143 Jan 4
*85
1185
95
8911 *85
•85
90
8912 .8412 92 .85
90
Manhattan Elevated guar_ 100 84 Mar 3 8914 Feb 5
51
5112 494 5014 4932 30
5014 52
5012 5112 25034 5034 6,800 Do modified guar
100 3818 Jan 26 533 Feb lb
*7
10
*8
10
*7
9
*7
9
*718 9
*74 9
Market Street Ry
100
7 Feb 1
10 Feb 9
*26
1226
35
35
•26
35
*26
35
•2612 34
•2612 35
Do pref
100 2514 Jan 5 40 Feb 9
45 .43
45
46
*4414 45
*4434 45
45
45
*43
4524
800 Do prior pref
100 4112 Mar 4 5134 Feb 10
*16
20
*16
18
*16
19
1116
19
*16
19
*16
19
Do 2d pref
100 1312 Jan 18 2212 Feb 10
212 212
238 238
212 238
238 2% .234 2312 *24 3
500 Minneap & St Louis
100
2 Mar 3
37e Jan 11
4412 114112 42 .4112 45
*43
*42
45 .41
44
44
44
100 Minn St Paul de 88 Marie_ 100 43 Mar 5 5212 Feb 3
1266
71
11136
71 •____ 72
68
68
•69
72
•70
72
pref
300
Do
100
68
Mar 10 79 Feb 3
6712 *66
5166
6712 .
6512 6712 *6512 6712 .6512 6712 .65
Leased
lines
6612
37
38
3524 37
37
3934 3918 404 397 40% 33,800 Mo-Kan-Texas RR---No 100 64 Jan 13 667a Feb 24
383* 38
par 32 Mar 3 474 Feb 9
8812 8912 8814 8912 .8812 8912 88
8812 8834 9212 9178 9234 14,400 Do pref
100 82 Mar 2 95 Jan 4
32
324 31
32
3158 32
3134 3224 32
3314 33
334
21,800 Missouri Pacific
27 Mar 3 404 Jan 14
100
7634 7853 7734 7834 781g 79
7712 78
79
794 797 817 25,700 Do pref
100 711: Mar 3 8914 Jan 1
*160 185 •1604 185 *161 185 *171 180 *170 180
*170 180
Nasty.
,Chatt & Bt Louls_100 17424 Feb 26 188 Jan 14
233 253 *214 24 .214 2% *24 212 g212
234 .
24 212
100 Nat Rys of Mex 2d pref-100
24 Mar 3
44 Jan 7
•12112 12312 .120 12312 .12038 12312 12118 12312 .12118 125
300 New On Tex & Mexico-100 12012 Mar 5 13212 Jan 9
125 12654 12418 1251. 12512 12612 12538 1267 12572 1284 *12238 124
12712
12812
York
51,900
New
Central
100
12012
155 16014 14612 1543-4 151 151
152 155
15434 1577 160 16424 9,100 NY Chic & St Louis Co___100 130 Mar 2 13538 Jan 2
9724 96
Mar 3 18134 Jan 11
9612 9612 97
96
96
96
93
9634 97
97
1,200 Do pref
100 93 Mar 11 997 Feb 11
3612 3512 3612 37
364 37
37
3734 3738 3834 3838 3938 31,900 N I' N 11 & Hartford
104
2434 24
3312 Mar 3 4534 Jan 2
24
24
24
2438 24
2434 247 2478 2438 26
4,400 N Y Ontario & Western...100 2112 Mar 3 287s Feb 13
348 354
351 351
*342 350
3534 355
352 3574 *351 353
301 N Y Railways part ctfs_No par 296 Jan 4 359 Feb 17
•1212 1534 *1212 1512 .1212 1534 14
14
1414 1414 *1212 14
200 Preferred certlficates_No par
6 Jan 25 2014 Feb 5
*22
28
28
1522
*22
28
*22
27
•22
28
*22
New York State Railways 100 2413 Jan 17 2812 Jan 14
28
31
3014
3014
*3014
30
30
*32
34
31
32
32
32
600 Norfolk Southern
144 14512 14512 14682 14612 147
100 2912 Mar 4 37 Jan 13
146 147
14734 153
15012 15178 19,200 Norfolk & Western
*83
100 1407's Mar 3 15714 Jan 19
88
86
1584
*84
85
1284
85
*84
86
84
84
10 Do pre!
100 84 Jan 7 85 Jan 7
7034 714 6932 7017 7032 71
7078 71% 7112 72
7112 7238 13,800 Northern Pacific
431
40
100 68 Mar 3 7611 Jan 2
*31
40
*31
40
*35
36
*35
37
36
36
200 Pacific Coast
314 Jan 4 48 Jan
100
513
5112
4
513
5214
5112
4
515$
5138 52
52
5238 52
50 50 mar 3 5514 Jan 6
5312 33,200 Pennsylranta
2
24 .1912 24
.19
*19
23 .19
2'3
.20
23
22
23
200 Peoria & Eastern
100 19 Mar 4 2614 Jan 14
8312 854 8038 8814 8612 8812
8334 7912 85
81
8634 8778 174,20C Pere Marquette
100 67 Mar 3 8812 Mar 11
*81
83
84
*31
*82
83
82
82
*79
82
•70
82
100
Do
prior
pref
100 79 Mar 3 8712 Feb 24
74
73
7412 704 75
74
7512 757
76
767 *76
77
3.000
Do pref
100 7112Mar 3 8012 Jan 13
___ 14312 14312 .14014 145 .14014 145 .14014
__ *143
*143
49 Pitts Ft Wm lb & Chic pf-100 14212 Jan 2 14312 Mar 9
145
10434 105
10714 I-091 10412 1-05
105 106
105
106
105
10514 2,900 Pittsburgh & West Va
100 9712 Mar 3 11932 Jan 11
8312 8412 8134 8338 83
8312 83
8334 8334 8612 86
8718 16,500 Reading
50 7912 Mar 3 9014 Jan 11
1140
41
4,4ola 41 *4014 41 *4014
*4014 41
41
4012 41
200 Do 1st pref
50 40 Jan 5 4158 Feb 17
*4014
407
41
*4034 4078
4078 404 41
4038
4114
4038
4114
800
Do
2d
pref
.
45
53
40 404 Jan 8 4111 Jan 11
*4128 53
*44
54
*44
45
*4712 53
*48
55
Rutland RR pref
100 45 Mar 3 57 Jan 7
9324 934 9412 9414 9512
9312 9418 9158 931; 93
954 958 13,700 St Louis-San Franclsco
100 871: Mar 3 10114 Jan 21
87
8514 854 *85
*84
857 857 •85
16
87
86
87
600
Do prof A
100 85 Jan 27 8812 Jan 22
624 631 6112 62 624 6324 63 6578 6512 6612 6612 67%
15.700 St Louis Southwestern___.100 58 Mar 3 74 Feb
*72
74
"72
9
74
"7214 74
"73
74
74
74
"7414 77
100 Do pref
304 301
100 7278 Mar 3 7712 Feb 5
37
3878 3812 39
39
4018 40
4034 4012 41
25,300 Seaboard Air Line
100 37 Mar 4 51 Jan 2
391- 40
40
4014 40
40
41
41
4112
41
414
2,900
Do
Orel
100
40 Mar 3 48% Feb 18
988* 9912 994 9934 994 10014 997 1003
994 100
100 974 Mar 3 10414 Jan 2
113% 1147 11218 11317 11214 11312 1134 1141, 11378 115 8 1004 10078 17,100 Southern Pacific Co
11412 11514 18,500 Southern Railway
100 10913 Mar 3 11934 Jan 4
894 894 891 90
8912 894 8914 8912 8912 891: 2,000 Do prat
8912 90
100 8914 Mar 11 9212 Jan 2
4512 4712 48
5132 51
4712 482
5438 53
5414 5312 515 35,100 Texas & Pacific
100 43 Mar 3 6158 Jan 13
3612 3614 *3714 33
384 391
3732 404 3912 4012 40
4078 25,800 Third Avenue
100 1312 Jan 8 414 Feb 5
774 7712 *7512 77
*7618 77
*76
77
•7618 7612 *7618 7612
Twin
100
City
Rapid Transit_ 100 7412 Feb 2t, 7834 Jan 4
1444 14458 14412 145
14412 145
14434 14514 145 1457 14512 146
5.800 Union Pacific
100
477
14212Mar 2 150 Jan 2
774 77
77
*7612 77
7638 7628 *7658 77
900 Do pref
764 77
100 744 Jan 6 7812 Feb 23
23
*20
2012
20
.21
20
23 .21
23 .22
23
500 United Railways Invert-100 1934 Mar 3 2458 Jan 4
65
65 66 66 *67 2018
72
68
68
*68
75
500 Do prof
71
71
100 85 Mar 2 8112 Jan 4
4214 413 433* 43
413* 42% 40% 4112 41
44
4338 4414 48,500 Wabash.
100 37 Mar 3 52 Jan 12
724 7014 714 71 18 72
72
72
7238 7212 731
734 7334 11,4.00 Do pref A
100 6814 Mar 3 7824 Jan 13
70
461
70 •60
*61
67
*61
70
•62
70
Do pref B
*61
70
100 60 Jan 4 72 Jan 29
1212 131
124 138* 1214 1224 123 1314
1314 1334
1344 14
Western
6,800
Maryland
100 11 Mar 3 165* Jan 4
1924 194 1824 1834 19 . 2024 204 204 2032 201
21
2114 2.800 Do 2d pre!
100 18 Mar 4 24 Jan 4
•Lud and asked prices. s Ex-ctly dead,
Ex-rights.
PER SHARE
Range for Presto=
Year 1925.
Lowest
Highest
9 per share $ per share
22 Feb 48 Dec
40 Mar 67 Dee
1164 Jan 1404 Dee
9212 Feb 98 Dec
3 Jan 114 Dee
14714 Jan 268 Dec
71 Mar 9412 Dec
6278 Apr 6724 Nov
3514 Mar 5612 Nov
Oct
89 June 100
354 Jan 64 Nov
72% Jan 8324 Dee
1718 Nov
8 Feb
48 Apr 9238 May
Jan 59 May
56
:Mar 1523 Jan
1361
Jan
265 Mar 321
8914 mar 13012 Dec
1054 Apr 130 Dee
358 Apr 1053 Feb
518 Apr 1912 Feb
140 May 200 Dee
2934 Mar 1814 Aug
40 Mar 574 Jan
15 Feb
9 Jan
1914 Mar 3232 Feb
314 Apr
1638 Jan
7 Sept11 Nov
7 Apr 2812 Jan
127 Oct 22 Nov
47 Apr 80% Dee
10134 Apr 120 Dee
404 Mar 5873 Dee
92 Jan 100 Dee
82 Mar 8912 Mar
334 Apr 5912 Jan
734 Apr 12018 Dec
7012 Sept
4418 Jan
60 Mar 664 Dee
Jan 6212 Aug
54
13312 Mar 155 Apr
125 Mar 14734 June
Jan
341 Oct 60
512 Dee
232 Apr
334 Apr
818 Dee
3938 Dec
2634 May
35 June 4674 Jan
34 June 4324 Jan
60 Apr 823: Dee
25 Dec 408 Jan
23 Mar 3658 Sept
8912 Mar 10914 Sept
2124 Mar 3828 Ault
6412 Feb 72 July
111 Mar 12512 Dee
1124 Apr 12514 Del
6814 Aug 7414 Dee
18 Jan 3318 Sept
5912 Jun 6612 July
1312 Mar 344 Feb
14 Jan
312 Mar
285* Mar 51 Dee
57
Jan 6314 Dec
69 Mar 8812 Dee
106
Jan 148 Dee
64 May 1191
:Sept
3218 Mar 5114 Feb
6 Nov 12 Sept
20
Jan 4614 Sept
4214 Nov 6514 Sept
15 Dec 354 Sept
24 Oct
4 Mar
30% Apr 57 Nov
40 Mar 8614 Nov
5712 June 63 Feb
2814 Jan 454 Sept
7484 Jan 9212 Dee
3038 Jan 4134 Dee
71 Mar 914 Dee
143 Apr 192 Des
112 June
314 Des
11314 June 1374 Des
11314 June 13712 Dee
118 June 183 Dee
8812 Jan 9878 Nov
28 Mar 47 Des
201 Apr 3434 Aug
262 Aug 310
Oct
5 Dec 12 June
21 Dec 38 July
2172 Apr 45 Sept
12312 Mar 151 Dee
7512 Jan 86 Dee
5814 Apr 784 Dee
20 Aug 4012 Dee
1212 Apr 5538 Dec
134 Apr 2138 Dee
6134 Juue 8512 Dee
78 July 8934 Dee
6812 Apr 795* Dec
139
Jan 144 Nos
63 Mar 123 Dec
6924 Mar 914 June
3578 Mar 41 June
3614 Mar 4428Jtmi
42 Apr 6272 Jam
5712 Jan 10214 Aug
76
Jau 9214 July
4334 June 6914 Dec
7018 June 785 Dec
203s Jan 5414 No
35 Mar 5112 Aug
Oct 1083, Jan
96
7738 Jan 12012 Dec
83 Jan 9512 Sept
434 Jan 59 Dec
713 Apr 155* Sept
58 Jan 7814 Dee
13314 Apr 15314 Jam
72 Jan 774 July
18 Aug 3312 May
4812 Mar 8378 Dec
:Mar 474 Aug
191
554 Jan 737 Dec
3812 Jan 6012 Aug
11 Mar 1828 Aug
16 Mar 2614 Jaz
New York Stock Record-Continued-Page 2
1428
For males during the week of stocks usually inactive, see second page preceding.
PLUG MAIM
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Mar.6.
Monday,
Mar.8.
Tuesday,
Mar.U.
Wednesday. Thursday,
Mar,11.
Mar. 10.
Friday.
Mar. 12.
Sales
for
the
Week.
STOCKS
NEW YORK STOOK
EXCHANGE
Range Since Jan. 1 1926.
On basis of 100.share lots
Lowest
Highest
1'1ftg an 4.5JS
Range for Precious
Year 1925.
Lowest
Highest
Par $ per share $ ner share $ Per share $ Per shard
Railroads(Con.)
$ Per share $ Per share $ per share $ per share $ Per share $ Per share Shares.
1934 July 3912 Dec
100 35 Mar 3 394 Jan 2
37
37
37
3714 3858 375r) 3718 3734 3734 3818 3812 3858 5,500 Western Pacific new
72 July 81 Dec
100 774 Jan 15 81 Mar 12
new
pref
Do
2,700
81
8
807
4
803
4
1
/
80
4
8012
803
*7934 81
8014
8012
8014 8012
1034 Mar 32 Dea
2
Jan
32
3
Mar
8
5
18
Ry_100
Erie
Lake
&
Wheeling
19,500
4 2414 2534 2512 26
1
22
23
22
2312 2314 24/
21
22
22 Apr 5378 Dee
100 3712Mar 4 5012 Jan 4
4312 4378 5,000 Do pref
44
4058 4078 4038 4058 91
41
41
42'z 42
.
Induat.151 & tqlscellane..ws
62 Jan 7814 Deg
3,400 Abitibi Power & Paper_No par 7114 Jan 12 844 Feb 1
81
79
7812 79's 794 791
78
78
77
77
*76
*75
Jan 1334 Oct
119
18
Feb
1414
6
Jan
131
100
Cables
American
All
200
138 140 *138 1401 *135 140 *135 140
*13314 138 *1334 138
90 Apr 11714 Oct
100 100 Mar 4 109 Jan 6
200 Adams Express
•101 105 *101 104
1004 10014 103 103 *103 105 *102 105
Oot
13 Apr 20
100 14 Mar 3 1834 Jan 29
600 Advance Rumely
: 1512 *1412 154
*15
151 *141
15
1514 144 144 *144 15
Feb 6214 Oat
47
28
Jan
6318
3
Mar
8
547
100
400 Do pre:
57
56
*55
56
57
*55
58
57
*55
58
57
58
May
8
125
Oct
4
Jan
718
918
23
758 Jan
1
814 814 3,700 Ahumada Lead
84 811
81
7
8
8
84
8
4 8
1
/
8
8634 Jan 11738 Dec
16 11914 Mar 11
11138 11112 1104 1104 11232 11412 114 1141 113 11914 1174 11838 10,200 Air Reduction, Ino____No par 10778 Jan 20 16 Feb 1(1
938 Dec 1578 Jun
934 Jan
No par
11,300 Ajax Rubber. Inc
12
1178 1212 1178 12/
4 12
1
1134 12
114 12
111: 12
24 Ott
Jan
1
2 Jan 4
112 Feb 1
Alaska Juneau Gold Min_ 10
4 *158 1/
1
4 *112 134 *112 134 *112 134 *112 134
1
*158 1/
Mar 11658 Dee
Feb
80
142
6
13
Jan
112
par
Dye_No
&
Chemical
Allied
11812 121
11718 120
122 13034 12818 13138 12838 13078 131,000
11934 123
Nov
12114
Jan
117
15
Feb
8
1217
2
Jan
100 120
200 Do prof
*12058 12158 12012 12012 *12058 12158 12012 12012 *120 122 *120 122
7112 Jan 9714 Dee
4 Jan 14
1
100 8212Mar 2 94/
5,600 A1119-Chalmers Mfg
8414 8434 8534 8534 8734 8612 87
8318 8434 84
844 85
flea
109
Jan
10314
4
Jan
110
S
10812Mar
100
200 Do pref
.107 1091: *107 10912 *1074 109 *10712 10912 109 10912 .1074 10912
1312 Mar 2978 Oct
12 3438 Jan 14
2618 2738 2538 264 2638 2714 2714 2734 2714 2778 2478 274 15.700 Amer Agricultural Chem-100 2478 Mar
Dec
8212
361: Mar
100 7518 Mar 1 964 Jan 14
8378 7878 82 21,300 Do prof
81
8114 83
7E94 7978 7778 794 794 81
3912 Dec 4438 Dec
10 39 Mar 2 4378 Jan 8
*3718 38
3772 38
*3712 38
3734 3734 3732 3738 3712 3734 1,000 Amer 13ank Note, new
Sept
584
Jan
5312
9
Jan
57
SO 55 Jan 15
Preferred
58
*56
*56
58
58
58
58
•56
*56
*56
58 .56
2958 Oct 43 Jan
100 31 Mar 9 3834 Feb 5
3318 314 32
314 3214 *3138 32
3338 3338 3318 3314 31
5,300 American Beet Sugar
4 June
1
78 Dec 87/
100 76 Feb 2 83 Feb 21
100 Do prof
*7812 82
80
83
80
*75
*7712 80
*80
80 .7114 83
261g Mar 544 Jan
2138 29
24
2434 11,100 Amer Bosch Magneto__No par 20 Mar 3 3438 Jan 4
24
4 2312 2138 2312 24
1
2412 2218 23/
156 13130
Mar
904
2
Feb
180
3
Mar
11914
par
-No
F.
&
9,200 Am Brake Shoe
126 1284 120 125/
4 12272 12534 126 128
1
127 12734 1264 127
100 111 Mar 2 12814 Feb 18 1074 Jan 11458 Dea
100 Do pref
*114 115
115 115 *114 115 *114 115 *114 115 *114 115
4734 Dec 5378 Oat
4 Jan 9
1
3818 3834 12,200 Amer Brown Boverl El_No par 3514 Mar 11 48/
391g 3918 3738 3814 3732 38
3712 3838 3514 39
9018 Nov 98 Dea
100 894 Mar 12 974 Jan 16
900 Preferred
80i4 90
59034 93 *9034 9134 9034 9034 9034 903
9014 901
4714 Dec 4934 DOS
25 4634 Jan 15 58 Feb 20
5112 5238 157,500 American Can w 1
5014 513s 4978 5112 5112 5212 5134 5234 5138 53
Jan 12178 Sept
115
26
Feb
12512
4
Jan
121
100
700 Do pref
12518 12512
*124 125
12414 12414 12412 125
124 124 *123 124
971s Apr 11534 Sept
8 Jan 12
994 10012 9912 10012 10014 102
10112 1024 8,600 American Car & Fdy__No par 9512 Mar 2 1147 Mar 9 12034 Apr 128 JulY
102 103
10134 103
4
1
100 124 Jan 7 128/
4 1,100 Do prof
1
_
1274 12712 .12712 12812 12412 12458 •12312
12812 1281 12712 127/
221: Oct 27 Feb
25 24 Mar 3 25 Jan 2
300 American Chain,class A
02412 2434 *2412 2434 *24/
4 *2434 2478 2484 2134
4 2434 244 -2--131
Jan 62 Apr
37
No par 38 Mar 1 51 Jan 4
464 4614 1,800 American Chicle
46
4114 4114 4034 4114 41
43
434 4412 46
37 Jan 5811 Apr
7
Jan
4714
4
4Mar
351
par
No
certificates
Do
42
4184
1.300
414 4112
42
3812 384 3734 34
4014 41
39
4 Jan
1
6/
Dee
44
12
Mar
678
5
Jan
414
4 28,100 Amer Druggists Syndicate- 10
1
614 6/
514 638
5
5
54
5
514
518
*5
5
Jan
100 12012Mar 3 140 Jan 6 125 Apr 166
126 126
12312 12312 12312 12312 12414 12414 z124 12612 12578 12612 1,000 American Express
4 Sept
/
2714 Apr 511
2
Jan
8
423
2
Mar
22
par
_No
new
Pow
For'n
&
Amer
16,900
2614
2534 2558 2612 2618 2714 26
4 2714 2418 2614 25
1
26/
Feb
94
Jan
87
13
Feb
98
2
Jan
No par 9114
1,200 Do pref
94
9334 9334 93
93
93
95
93
*93
9214 9214 93
4 Apr 192 Sept
1
12714 Jan 22 131 Jan 2 114/
.......
DO 25% paid
84 Mar 1932 Dec
Mar 3 174 Feb 9
1012
Leat1,er_10
&
Hide
American
1,200
1312
*13
131
1312 *13
1378 13
1312 *13
1312 *13
13
5812 Sept 7578 Jan
100 52 Mar 4 6714 Feb 9
800 Do pref
57
5532 .55
5514 55
5414 55
5612 5414 544 54
*55
83 Mar 139 Dee
100 115 Mar 4 13534 Jan 7
4 125 12512 4.400 American Ice
1
120 120
121 12284 12234 125/
120 12018 119 120
7912 Mar 86 July
85 Feb 5
13
Jan
8212
100
prof
Do
200
*827g 8312
84
*83
84
83
84
83
*8234 84
*8214 84
321g Mar 4678 Nov
Mar 3 464 Feb 16
: 4378 22,800 Amer International Corp.._ 100 374
421
43
3714 3812 38
40
39
40
39
3834 39
1114 Jan 20 Nov
4
Jan
8
7
15
10 134 Feb 1
1414
1418 1418 1,600 American La France 18 E
14
14
1334 144 1334 1334 1334 141 *14
20 Mar 5914 Nov
100 3518 Feb26 527s Jan 4
4112 3.900 American Linseed
41
Oct
3818 42
3818 3814 3712 38
3778 3778 3712 38
53 Jan 89
4
Jan
87
3
Mar
78
100
600 Do pref
813 *8112 8212
81
81
81
8084 8034 *80
8078 8078 *79
new__No par 101 Feb 24 1197s Jan 4 1044 Jan 14478 Max
1054 107
10411 106
10612 10834 105 1091 10414 106 310258 10334 81,700 American Locom
11 115 Aug 124 Feb
Feb
12014
7
Jan
1184
100
pref
200 Do
•119 11912 119 119 *119 1194 *119 11914 119 119 *117 119
4534 Mar 5758 Oct
No par 4934 Mar 3 5732 Feb 16
3,900 American Metals
5258 53
52
4 5258 5234 531
1
5214 514 5278 5112 5214 52/
100 115 Jan 29 120 Feb 6 111 Mar 119 Nov
Preferred
*112 115 13112 114 *112 114 18113 114 *112 114 *113 114
Jan 1224 Nov
8978
13
Feb
1204
1
Mar
109
25
11112 11234 1114 11458 113 114
1144 114*3 11334 11412 2,400 American Radiator
114 114
Jan
Sept 84
300 Amer Railway Express_- _100 7712 Jan 21 7812 Mar 10 376
*7812 79
*7712 79
*7712 79
7812 781 *7812 79
*7712 79
Jan 7984 Dec
48
5
Jan
74
12
par
Mar
65
__No
Republics
American
200
65
6518 65'a 66
67
87
*60
*58
*58
*54
67
68
Jan
Nov
4
63
763
8
3
Jan
4
1
/
36
5012Mar
_ _100
5414 5578 7,600 Arnerlcan Safety
55
55
5418 55
5312 54
5412 5612 25412 543
518 Dec 144 Feb
54 Jan 2 1178 Mar 12
_No par
Razor91g 117g 39,700 Amer Ship & Comm_
8°4 91
814 978
4
1
4 94
1
8/
834 9/
858 83
9038 Mar 19912 Dec
& Reftning.100 120 Mar 2 114434 Jan 7
12672 12738 12314 1254 126 127. 12658 1301 130 1317 13012 13158 46.000 Amer Smelting
Jan 11514 Oct
10512
30
Feb
1171:
4
100 113 Jan
Do pref
900
11338 11338
113 114
113 11314 .113 114 *113 114
114 114
100 139 Feb23 165 Feb 9 13814 Apr 154 Nov
900 American Snuff
143 143 x19234 14234
143 144
142 14214 .142 143
*14214 144
474 Dec
June
3758
4678
1
3
Feb
4Mar
3
40
par
: 437k 4312 4312 5,300 Amer Steel Foundrles-No
431
4 44
1
4 43
1
434 43/
424 42/
4234 43
Jan 11318 Oct
100 113 Jan 7 115 Feb23 108
Do pref
_ *113
_ .113
__ *113
___ *113
•113_ *113
7758 Dec
Jan
4758
5
Feb
4
8
82
11
Mar
4
1
/
71
Refining-100
Sugar
American
4 27.500
1
72/
76 -7612 7312 -iiii4 7184 -7-48- 72
78 -7812 76 -77
914 Jan 10414 Nov
100 102 Jan 6 105 Feb 26
900 Do pref
10318 10318
*10214 10414 *10214 10414 10234 10234 10212 10234 103 103
244 Feb
May
6
100 1012 Mar 2 1444 Jan 11
800 Amer Sumatra Tobacco
1134 113 *1114 12
1114 1134 •1134 12
12 .1112 12
12
28 Apr 1201s Oct
100
Do Prat
Feb
47
•-_- 120 *___ _ 120 •_ ___ 120 .3_ _ _ _ 120 '...__120 11 _- 120
June
4
373
10
Feb
4118
16
100 Amer Telegraph & Cable__ I00 40 Jan
9034
*39
40
40
401
4012 *39
•391: 4012 .3912 4012 *39
4Mar 2 15(34 Feb 15 13058 Jan 145 Dee
1
100 142/
& Teleg
14718 1484 148 14812 14818 1481 148 1441 14838 14834 7.700 Amer Telep
Oct
4 148
/
1471
1214
Feb
85
6
Feb
8
1215
3
8Mar
1125
50
Tobacco
American
3,500
4 liS'e 116 118
1
11418 11414 11438 11578 11518 111338 115/
115 115
100 10818 Jan 4 10978 Feb 25 10912 Jan 110 Nov
700 Do prof
10812 10858
1084 10814 *108 116 109 109 .10712 1091 .108 1081
Feb 11912 Oct
8412
6
Mar
2
Feb
12012
1124
class
50
B.__
common
Do
3,700
114 1144 113)2 11438 114 11438 114 1147 11438 11558 11518 11512
4 Nov
1
/
1,800 American Type Founders-100 114 Jan 22 135 Feb 13 103 Apr 135
120 120
120 121
121 121 18122 12934 11934 122
•12114 129
3438 Jan 764 Del
15,800 Am Water Works & Elea- 20 48 Mar 3 74 Jan 4
4 5534 56
1
57/
56
4 544 573
1
5438 55/
Feb
5518 5678 5134 55
103
Aug
Mar
974
10814
3
27
100
Jan
101':
(7%)
pref
1st
Do
800
10218 1021 103 103
103 103
*102 10812 102 10214 102 102
3934May 8424 Jan
100 2938 Feb23 4278 Jan 13
Woolen
4 3284 3234 335k 3278 3338 15,800 American
1
304 3212 3258 3278 31/
3212 33
Jan 4
691)May 9618 Jan
894
1
.3
Feb
7412
100
Prof
Do
2,600
84
814 8438 84
827
282
84
83
8258 8258 814 82
118 Dec
558 Jan 13
74 Jan
134 Jan 4
300 Amer Writing Paper pref 100
3
3
*212 3
.234 3
3
3
258 258
3
182
4 Jan
4 Dec
100
1 Jan 4
44 Jan 13
100 Preferred certificates
3
*1
4 21
/
*11
21
3
*2
24 24 *2
3
*2
Jan
1213
4
2
May
Feb
Mar
7
8
1218
25
Smelt
&
Lead
Zinc.
Amer
500
*834 9
812 81
9
9
9
9
9
9
912 912
24,8 May 4475 Dec
25 3018 Mar 3 4818 Feb 4
400 DO prof
35
*32
35
*33
354 3512 *3312 38
3218 35
36
*33
354 Apr 534 Nov
42 Mar 2 51 Feb 9
50
Mining_
Copper
Anaconda
9,300
4
3
46
4612
4514
4
463
8
46
4638
463
464
467
4812 4878 4.524
Jan 4612 Bee
26
1.700 Archer. Datil)) MidIrd_No par 37 Mar 2 4434 Jan 2
40
*39is 40's 40
40
40
40
4134 4134 4018 4018 40
Oct
904 Jan 105
100 100 Mar 4 105 Jan 4
200 Do Prof
102 102
100 100
1899 10412 •93 1044 *100 10412 *100 101
9018 Mar 100 Oct
9612
8
7
97
13
10
-10
Jan
Mar
prat
(Del)
Co
&
Armour
3,000
97
9612
9612 97
Oct
974 974 9712 9712 9712 9712 39612 961
:
271
Mar
2512
3
25
Feb
Mar
A
20
2314
class
13
Illinois
of
2418 2412 14.100 Armour
24'4 244 241
4 324
1
24/
244 24
2414 24
24
4 Oat
1
16 Dec 20/
25 1212Mar 4 17 Jag 4
;law B
1378 1438 26,900
141
4 14
1
1358 1314 1312 134 14/
1312 1378 13
Nov
100 8912 Mar 11 93 Feb 11
90 Dec 9314
600 Preferred
90
8912 8912 90
93
: 9212 9212 9212 *90
924 9212 *911
1758 Oct
Jan
8
300 Arnold,Cons'le&COnOWNOVar 2034 Mar 3 30 Jan 11
24
24
24
*23
*221: 24 .2218 24
24
23 •23
23
27 Dec 30 Deo
Certificates_
No par 14 Jan 5 1534 Jan 6
Jan
s NOV
1918
203
2
26
Jan
Jan
15
234
Construction____10
Metal
Art
100
--2 %lit; 1112i12 -211-2
/1-2 132-ii'
i2i12 -2
-2218 -2-112 111i115* -221-2 1E1.2 -2-2-1-2 '
4 Dee
1
39 June 80/
No par 531yMar 1 631: Jan 21
5512 *5412 5512 1,100 Artloom
55
*544 55
5478 5534 *5412 57
57
*54
Mar 3 11134 Feb 1 10112 Aug 110 DOS
100
10814
prof
Do
109
*107
110
.107
109
*10814 109 *108 109 •108 109 .107
10
43 Mar 4 5478 Jan 9
4 Nov
/
464 Aug 611
7,900 Associated Dry 000ds
4612 4512 46
45
4612 4614 47
Oct
4578 46
4618 4638 45
Jan 102
100 9912Mar 2 10212 Jan 6
94
100 Do 1st prof
*95 100
*98 100 .98 100
*99 100
9et2 944 *99 100
10814 Feb
4
Jan
108
28
Jan
Jan
pref
12
101
107
104
2d
Do
300
108
108
108 108
108 108
31108 109 *108 109 *108 109
De°
474
60
4
8
25
011
Mar
Jan
Mar
32
4444
Associated
32.200
5812 584 5812 5858 5312 5858 5812 5858 5812 5858 10,400 At Gulf & WI 813Line_.-100 3958 Mar 4 6838 Jan 8
5858 59
20 Jan 77 Sept
454 46
4238 4312 4318 4332 434 48
4 404 42
1
414 42/
Jan 60 Sept
31
100 43 Mar 3 5614 Jan 13
500 DO Prof
4534 4578 4635 4638
47
4412 444 *45
45
04512 4614 45
100 97 Mar 3 110 Jan 30
954 Jan 1174 Feb
Atlantic Refining
5,100
103
10218
103
10434
10112
101
10112
100
100
100 10038 9412
11734 June
Sept
11612
18
Jan
Mar
3
100
113
pref
1171:
Do
300
11612
11612
11612
11612
117 117 *11812 11712 *11612 11712
•11612 117
45 June 65 Dee
No par 54 Mar 4 59 Jan 6
100 Atlas Powder
*534 5612
58
8531, 56 .5312 56
*5512 56
56
56
•53
Jan
90t* Oct 94
Preferred
100 94 Jan 8 944 Jan 9
9338 •9355 9312 .0358 9512 *9353 954 *9338 954 .9358 9512
*93
No par 11 Mar 3 1712 Jan 35)
94 Feb 21 Dec
134 1318 1318 1212 1212 1,100 Atlas Tack
1218 13
*1234 1314 *13
•1214 13
Jan
324
par
July
28
Jan 29
22
20 Mar 3
2,800 Austin.NIchols&Co vtc No
22
2238 22
214 2238 2134 2178 2158 2212 2238 2238 22
100 88 Mar 2 93 Jan 8
4 Jan 95 A1111
1
87/
Do pref
92
*87
92
1887
92
92 .87
1887
92
9212 *87
*87
May
44
Dec
pa
Jan
4
44
218
2
11
Hoslery__No
Feb
Knitter
Auto
1,500
1
1
118
14 14 •1
118 14
1
1
118
Feb
•1
4 56,000 Baldwin Locomotive Wks.100 10338 Feb 24 1364 Jan 4 107 Mar 146
1
1074 10834 10838 1094 1084 109/
107 109
104 107
10458 108
100 106 Feb23 114 Feb 6 107 Aug 1161
4 Jai
/
Do pref
109 *10614 108
Dec
334
*106 1074 *106 107 *10614 107 *106 108 .106
Mar
A„
26
2
3
class
25
Aug
Jan
Corp
4
183
3312
2858 2958 16,600 Barnsdall
2718 2778 274 29
2678 2734 2678 28
2738 28
25 25 Mar 4 2912 Jan 2
16 Aug 30 De4
2,200 Do class B
2618 2612 27
2512 2558 2534 2578 2578 26
2512 25
•25
Sept 5314 Feb
Jan 4
4918
3912
4
par
Mar
No
Cigars,
3814
Inc
Bayuk
400
42
•39
42
*39
41
41
40
40
40
40
40
40
Mar 7734 Aug
2
Mar
4
/
60
711
60
4
20
Feb
Packing
Nut
Beech
6258 6258 6314 625* 6258 4,300
6112 6212 6212 621: 62
4 Dec
1
6212 63
No par 35 Mar 3 3934 Jan 4
37 Sept 91/
3,100 Belding Bros
3578 36
3512 3514 354 36
4 36
1
4 3614 35/
1
3634 35/
5312 Jan
36
June
404
100
Mar
37
5014
Corp
7
3
Steel
Jan
Bethlehem
16,000
434
8
423
4
1
/
: 42
4034 414 4018 414 4075 4158 4134 4258 421
Feb
114
11612
8
Mar
Mar
cum
120
_100
cony
Jan
pref
8%
26 109
200 Do
114 11414 *11334 11514 .114 11814 *114 11612 *11414 11514
Jan
•11312 116
100 100 Mar 5 105 Feb 2
934 June 102
400 Do pref 7%
10012 10012
10014 10014 *10014 101
Oct
10014 10014 *100 101
'100 101
8
7
8
May
8
44
5
Fisheries
5
3
11
par
Jan
Mar
No
4
3
9
0th
13)
2,000
4 6
1
5/
6
6
6
6
6
6
Oct
638 612
52
558 6
100 454 Feb23 5112 Jan 7
25 June
First preferred
45
*32
45
*32
44
*32
44
1832
45
*32
45
*32
98 July
4118
10
Mills
A.
Mar
Cons
35
class
50
Jan
4
Botany
Aug
800
4
1
/
40
37
*35
36
1835
36
35
36
36
36
364 364 36
:may
Oct 941
27
5,000 Briggs Manufacturing_No par 28 Mar 3 3712 Jan 4
4 3184 314 314 32
1
3134 3138 3112 3112 31/
Oct
324 31
5
32
3 Jan 18
2 Mar 6
100
15a May
200 British Empire Steel
238 •184 238
Oat
*134 238 *134 238 .124 238 *184
2
36
2
July
27
28
100
Jan
22
27
preferred
28
Jan
First
28
*24
30
30 •24
30 •24
*24
30
*24
Oct
30
14
*23
814
100
Feb 13 1018 Jan 11
638 July
2d preferred
712 *614 712
712 *8
*6
9
.6
9
*6
9
*6
Jan 1584 Nov
13312
Inc
8
100
Jan
8
5
120
1
Feb
Edison,
14612
Brooklyn
1,200
13914
1394
140
81138
139
Nov
10014
136 13712 1384 13812 139
Dec
.858
par
Mar
3
138 138
No
734
78
4
3
11
Gas
Jan
Union
Bklyn
4 7334 7412 '7438 7434 7438 7412 37212 7312 9.300 Brown Shoe Inc w 1
1
4 734 73/
1
74/
46 Dec 4614 Dec
100 39 Mar 3 4814 Jan 9
73
42
4318 4214 4234 4,200
42
4114 41)2 41
Oct
42
98 Mar 109
4184 4134 *40
100 109 Jan 18 111 Mar 10
200 Do pref
111 111 *109 115 *109 115
115
*109
115
*109
115
24 June 4084 Jar
5
par
Mar
No
3078 Jan 4
2512
•109
: 1,200 BrunswIck-Balke-Celer
261
2614 2712 274 26
26
*254 26
26
26
9212 Feb 136 Der
127 Mar 1 1 14114 Feb 13
par
No
*2512 27
Brothers
Burns
1,400
131
131
133
127
4 13334 *13332 134
1
133/
133 133
(
4 Mar 4 44 Feb 13
1
17 Mar 39 De
*13212 134
3418 3418 344 3438 3438 2,600 Do new class B corn No par 32/
3478 3338 3378 34
914 July 99 001
3538 34
100 98 Jan 7 10012 Jan 11
35
100 Preferred
*99 100
99
10014 *99 10014 99
Jan 103 Sep'
65
85
17
par
Feb
93
4
Jan
Mach_
Add
Burroughs
*99 10014 .99 10014 *99
400
88
*8712 88
88
•87
8618 8618 *8614 88
88
87_ _. . 88
- - .
S
•Bid and asked priers no Wes on this day. a 1cx-rlgnte.
New York Stock Record-Continued-Page 3
For sales during the week of stocks usually Inactive, see third
page preceding.
1429
HIGH AND LOW SALE PRICES-PER
PER SHARK
PER SHARE
SHARE, NOT PER CENT.
Sates
STOCKS
Range Since Jan. 1 1926.
Range for Previous
for
NEW YORK STOCK
On basis of 109-share tots
Monday,
Tuesday,
Year 1925.
Wednesday. Thursday,
Friday,
the
EXCHAN
GE
Mar.8.
Marl).
Mar.10.
Mar. 11.
Mar. 12.
Week.
Lowest
Highest
Lowest
Highest
8 Per Share 3 Per share $ per share $ per share $ per share 8
per share Shares. Indus. 8c Miscall.(Con.) Par i Per share
*19
20
19
6 per share i per share 8 per shard
19 .18
20
183* 1812 *18
1812 .19
1938
Bush
303
Terminal
new_
_No
*87
par
Mar
1718
90
3
227
*87
8
Jan
148
90
4
*87
June 28 Des
*87
90
*87
90
*87
90
Do debenture
•100. ... *100 _ _ *100 _90 *100
100 8734 Jan 22 90 Feb 10
80 May 8978 June
_ _.... *101
_ ,._ •101
53 -512 •514
__ _ __.
Bush Term Bidgs, pref__•-.100 9912 Jan 20 10112 Jan 30
53
-5-4
9612 Jan 103 Dee
-512 *514 -511
513 -513
514 _-514 1,100 Butte Copper & Zinc
193 1938 •1938 20
5
5
Mar
3
64 Feb 10
414 Mar
1914 193* 19
834 Jan
194 1938 2178 22
2212 2,300 ButterIck Co
14 , 14
100 1734 Mar 3 2334 Jan 4
1338 1378 1338 137
17 May 2834 Jan
8 1334 1334 14
1418 1334 14
3,200 Butte & Superior Mining
33
33
10 1234 Mar 3 1614 Jan 11
*30
34
6' May 2414 Jan
*30
35
*3112 35
*3112 35
*32
35
100 Byers & Co
No par 33 Feb 24 3818 Feb 2
23 Oct 447s Oot
Preferred
100 9912 Jan 12 9938 Feb 18
_-______ -_ _ __
954 Oct 100
Oct
---- ---- .....
.Caddo Cent Oil& Ref__No par
132 134
--129 131
14 Jan 2
78 Jan 8
13114 114
14 Dec
238 Jan
13312
1
14
13412
1
1634
134California
8,390
1
3414
PackIng__
__No
3218 3314 3218 3314 3234 3338
par 128 Mar 3 17912 Feb 4 10012 Jan 3612 Nov
3318
333
4
3414
3718
3534 3618 93,090 California Petroleum
2
2
25 3018 Jan 20 3818 Feb 10
1%
178 *2
2378 Jan 3438 Des
218 •178 218 *178 2
•178 2
700 Callahan Zino-Lead
5818 5838 5814 59
10
178 Mar 1
2313 Jan 15
*58
114 Oct
434 Feb
59
*59
5912 5918 5918 593* 593
14
900 Calumet Arizona Mining_ 10 5814 Mar 8 6414 Jan 8
14
*14
1412 14
45 Apr 6118 Dec
1414 •14
1412 1414 1412 1412 1412 1,300 Calumet & Heels
25 14 Mar 3 1512 Jan 6
80
804 764 794 7912 8134 8234 844 82
1214 May
1838 Jan
854 8312 8114 13,290 Case Thresh Machine
*100 103 *100 103 *102
100
6312 Jan 4 9034 Feb 13
24 Mar 6812 Dec
103
103 103
104 101
104 104
17
300 Do pref
17
100 96 Jan 5 1054 Feb 23
1812 16% 1634 17
60 Mar 10712 Dec
*17
1712 1738 1738 17
1718 1,800 Central Leather
60
6012 58
100 15 Mar 3 2012 Jan 5
551
1434 Mar 2338 Oct
59
6034 60
603
8
593
4
607
8
6014
607
pref
6,500
8
Do
100 5534 Mar 4 6834 Jan 5
21
21
21
22
4914 Mar 71
204 2012 *2012 22
Oct
*2012 21 •203* 2114
1,690 Century Ribbon alllis_No par 20 Jan 20 327 Jan 8
*80
3034 Sept 4712 Mat
8934 *80
8934 *80
8934
*80
8938 *80
8934 *80
Do prat
6334 64
8934
100 8514 Mar 2 90 Jan 31
6214 6313 6214 6312
94 Dccl 9834 Jar
6314 61% 64
6434 63
moo Cerro de Pasco Copper-No par 5712 Jan 22
64
46
4634 45
Feb 11
4318 Marl 643* Nov
45'z 47
47
48
4912 4613 461: 4634 4738 4,300 Certain-Teed Products_No par 4414 Mar 3 6914
•10438 105 *10418 1048
4912 Jan 5
4034 Mar1 584 Sept
1044 10418 *98 105
*98
105
•98
105
100
1st
preferred
100
10212
Jan
2
10512 Jan
---- ---- --__ ____ _ ___ ___ ____ ____
8912 Jan 110 Sept
____ __ _ _
__ _ _Chandler Motor Car._ No par 4334 Feb 18 4914 Feb 21
10
2712
_
Aug 52 Oct
_
__
____
Certificates
102 10312 100 10312
No par 45 Feb 8 487 Jan
____ ____ ---- ---.
*103 1-0112 *103 fot
105 105
10412 10112 1,300 Chicago Pneumatic Tool--100 9512 Mar 3 120 Jan 7
5612 5758 55
2
8014
5514 5512 5512 *5614 57
128 Dec
Marl
5512
56
5578 V
3,700 Childs Co
No par 5218 Mar 3 8638 Jan 4
33% 333* 334 333a 3312 3312 3338 3312
497g Marl 747 Oct
334 3334 33% 331
6,800 Chile Copper
•19
21
25 30 Mar 3 3638 Jan 6
*19
20
*18
3012 Marl 3738 31111
20
*18
20
1
'18
20
*18
29
Copper
Chino
48
5 18 Mar 3 2112 Feb 17
48
474 474 47
19 AprI 285* Feb
49
49
491g 49
49
1,800 Christie-Brown certifs_No par 47 Mar 9
4813 49
4112 43
4058 4278 4014 421
34 Jan 4
8234 Deci 641
:Dec
4134 4278 4178 4238 4114 4214 140,000 Chrysler Corp new_No par 39 Mar 3 837
10334 10334 103 103
54 Jan
___
105
105
10512
1057
*1044
105
1057
1,800
105
8
Do
34
pref
65
No par 103 Mar 8 108 Jan 965
*64
2
66
July111
___*64
-7s -Nov
66
*64
67
68
88
86
400 Cluett, Peabody & Co____100 64 Mar 3 684 Jan 7 10018
66
*109 120 *109
5812 Marl 7134 Jaz
Preferred
1397 1417 135 110% *109__ *109 120 *110 120 *110 120
100 10314 Jan 13 110 Feb 25 1034 Jan 109 Sept
13
1
3
87
1414
8
638
136
1
14018
4
14178 14112 14178 28.600 Coca Cola Co
100 100 *too 102
No par 13218 Mar 1 15112 Feb 4
80
Jan 1774 Nov
*100 102 *100 ..*109
_.
100 Preferred
- *100
294 30
100 99 Jan 14 100 Mar 6
29
99
Jan 1011
30
:Mal
304 3012 3034 -313012 -3138 3114 -32-14 4,200 Cotorado Fuel & Iron
65
100 3738 Mar 3 3814 Feb 11
864 63 65
3214
4814 Jar
65
ApI
85
64
65
65
6518 854 6712 7;700 C'olumblan Carbon v t o No par 5538 Jan 26 69% Feb 23
7811 7914 8
763 7812 7734 7812N
45 Marl 6234 Dec
o
7834 7914 79
804
14,000 Col Gas & Elea
7912 80
11414 11412 11414 11412 •114
par 7538Mar 3 90 Jan 9
4534 Jan 86
Oct
*114 11434 11438 11438 11412 11412
800 Preferred
100 113 Feb 4 115 Jan 12 10414 Janj 1141
32
324 324 3212 3252 11412
:Dec
3234 33
3334 3312, 34
33
3338 6,000 Commercial Credlt___No par 2914 Mar 3 4712 Jan 14
*25
26
*25
3812 Sept 554 Dec
26
*25
23 *25
26
*35
*25
26
Preferred
26
25 25 Jan 20 2614 Jan 13
2514 Sep11 2712 Oct
02614 2714 nolz 271z
2711 274 *2612 2712 2714 2714 •26 3714
200 Preferred 13
25 26 Feb 8 2734 Jan 11
*64
67
2614 Sept 2734 Der
*64
67
*6412 67
654 654 64
65
1,400 Comm Invest Trust-No par 64 Mar 11 72 Jan 11
6418 65
*100 102 *100 102
50
*100 101
JanI 8412 Nov
10018 1004 100 100 •100 102
200 7% preferred
100 9918 Jan 18 104 Jan 28 100 Novi
13812 139
130 130
10712 Nov
1344 14212 141 14514 143 14514 140
3,800 Commercial Solvents A No par 12038 Jan 4 15212 Feb 13
142
133 13812 13012 1334 136
80 May 190
Jaz
1384 138 140
Do
B
140 144
5.100
137 138
No
par
11814
Jan
19
4
1912 16318 10
146
Feb 13
76 May 189
Jai
1614 20
1912 2014 1838 1913 184 187* 26,200 Congoleum Co new__No par 1618 Jan
6 2134 Feb 4
*34
157
8
Nov
%
43:
Jai
"4
78
"4
78
34
2,300 Conley Tin Foil stpd_ _ No par
34
*4 -,-.
34 Jan 13
73 1
1 Mar 12
• 12 May 17 Fel
*5933 591
584 59% 5912 6218 6218 6418
0314 64I8 82
15,300 Consolidated Cigar
63
No par 55 Mar 2 67 Feb 20
•9938 101
2612 Jan1 6334 Da
*994 101
*99 101
*9934 102
*9934 10013 *9934 100
Do prof
100 944 Jan 11 10212 Feb 11
*314 34
7934 JanI 96 Dec
27
338
3
3
318 34
3
34
34 312 3,800 Consolidated Distrib're No par
9334 9434 9238 9412
234 Mar 3
612 Jan 7
93 Tel
34 Janl
9.311 9438 913* 9518 95
957
,
8 33,900 Consolidated Gas(NY) No par 9034 Mar 3 10412 Feb 23
95
95
27
275 27
273
7418
Marl 97 Del
27
23
2%
4
27
234 278
37
28 3,400 Consolidated Textile_ _No par
7912 80
23
4
Mar
4
4
Jan
33
18
79
4
23
80
54
Jai
7934 8014 8038 81
Junel
81
8138 8178 8212 8,400 Continental Can, Inc_No par 78 Mar 3 9212 Jan 2
1314 132
132 133
6012 Mar 9312 Do
13312 13312 13412
*134 135
1,300 Continental Insurance
135 136
1118 1138 11
25 130 Mar 3 14434 Jan 9
1132 1138 1188 1138 13412
JanI 140 Do
II% 1112 12
Conn Motors tern etts_No par 104 Mar 3 13 Jan 5 103
34,500
12
1212
3818 3812 38
814 JanI 1512 Oc
381* 384 3838 3838 39
3834 3918 3812 39
14,000 Corn Products Refln w L._ _25 3634 Mar 3 4338 Jan 13
'125__.
. 12418 1244 *124 128
3238 Marl 4238 Du
*134 127 *1244 ___ 12414 125
8(10 Do pref
100 12212 Jan 6 125 Mar 2 11818 Jan 127 Jul)
51
51
51
52
51
51
*50
52
*50 -52
51
Coty,
51
Inc
par
*37
ROO
No
4812
44
Mar
3
*35
603
4
Jan 4
45 .35
48 AU6I 6012 Do
45
4234 4234 *37
44
34
300 Crex Carpet
35
71
100 34 Mar 12 63 Jan 2
7114 6914 7012 70
36 Marl 64% Do
7034 70
7128 /13* 72% 7134 73
4,700 Crucible Steel of America_100 67 Feb 26 8112 Jan 4
*9912 100
99
99
6418 Marl 8438 Noi
____ 997 •.._.. 99 •__ _ _ 99
99
590
Do
pref
100
46% 467
100
99
Jan
44,
2 10034 Feb 20
8 461, 4538 484 4638 4812
92 Mayl 102 Da
4612 47
47
47
4,400 Cuba CO
912 912
No par 43 Mar 4 53 Feb 4
914 94
4414 noel 5438 001
914 94
9
914
81
914
9
No par
912 7,000 Cuba Cane Sugar
878 Mar 11 1112 Jan 29
734 OctI 148* Tel
43
4312 4134 421s 4218 4212
4114 4218 4112 42% 4114 4212 6,900 DO pref
100 4114 Mar 10 49s Feb 4
2638 3638 26
26
3718 Oct 621* Fel
2534 26
2512 2614 2512 2578 2514 25'2 2,600 Cuban-American Sugar. 10 244
•100 104 *100 104
Jan 2 3038 Jan 28
20
Oct 334 Ma
100 100
*99
104
*100 104
10318 10318 3,700 Do prof
278 21
100 9734 Jan 5 104 Feb 5
212 27
93% Nov 101 Ma
238 234
238 24
234 24
234 284 1,900 Cuban Dominican fing_No par
18
212 Mar 8
18
1618 17
378 Feb 8
24 Oct
*1614 1712 17
83 Fel
174
17
17
17
17
1,000 Do pref
90
9034 *8934 90
100 1618 Mar 8 228 Feb 6
*894 92
16 Dec 444 Jar
*90
92
*91
92
9114 911
400 Cudahy Packing
92
100 8612 Mar 4 97 Jan 4
93
9014 9116 893* 9134 *928 908
9312 Dec 107
Oc
94
051
Cushman'
*953
s
47
Sons
2,900
4 98
No par 7712 Mar 1 100 Mar 4
47
484 463
4614 4614 *4614 47
62 Mar 104
Oc
464 464 47
4734 1,200 Cuyamel Fruit
No par 4514 Feb 23 51 Jan 14
*34
78
34
44 Nov 59 Mal
14
"4
78
*34
7
8
*3
4
78
Boone
7&
Daniel
Woolen
1
2,300
3518 3638 33
Mi1l8_25
34
Feb
77 Jai
1 Jan 4
351
7
34
34 Dec
3534 3718 3514 3738 3514 3612 16,900 Davison Chemical v tc_No par 3112 Mar 16
•283 2918 *2612 291 *2634 35
3 4634 Feb 17
2773 Apr 4934 JR/
2914 *2714 2914 *2738
291 *2738 284
De Beers Cons Mince _No par 28 Jan 9 29 Jan 8
12734 12818 12434 127
128 1291 128 128
2014 Mar 29 De
129
129
Detroit
Edison
128
12812
403* 401
8,900
100
38
12434 Mar 8 14118 Feb 1 110
4014 3912 40
Jan 15912 Sep
40
41
40
01 *38
40
3,945 Devoe & Raynolda A__No par 35 Mar 3 104% Feb 10
353* 3658 3434 364 3538 3633
53
Oct 9014 De
354 3684 3534 363 3534 37
5512 857
92,800 Dodge Bros Class ANo par 3012 Mar 2 474 Jan 2
8518 857
85
2134 June 4834 No'
8838 86
863*
8313
867
Preferred
certifs____No par 83 Mar 3 8818 Jan 8
1812 184 1838 19
8613 864 7,900
184 1834
7312
May
914 Oc
1838
194 1878 19
21
194 1934 12,700 Dome Mines. Ltd
31
21
No par 16 Jan 6 197 Feb 19
21
*21
22
1234 Apr 1818 No,
2034 21
*2014 21
*20
113 113
2034 1,300 DOURISA Pectin
113 113
No par 1912 Jan 5 2512 Jan 30
11312 1137 *11312 114 *112 113
14
Feb
3312 AM
1124 11234 1,200 Duquesne Light lst pref_100 11112Mar 3 114 Feb 11 105
108 10818 10734 108
108 109
109 109
Jan 1134 De
109 1091 *10934 110
2,500 Eastman Kodak Co.
2838 2834 272* 281
No par 10712 Mar 2 1123* Jan 5 104% July
28
29
118
Jai
294 394 29
29'2 29
Eaton
2144 21734 213 2194 2184 220
Axle
4.000
Spring_
&
29
No par 2612 Jan 11 3234 Feb 13
21978 225
104 Feb 3012 De
21934 2241
, 219 223% 22,100 E I du Pont de Nem Co__100 211
10212 10212 10212 103
103 103
Mar 2 338% Jan 4 1344 Jan 27114 No'
10212
103 10314 10314 10314 3,700 Do pref 6%
23% 24
21% 3378 2212 234 2238 10314
100
101
Feb 25 10412 Jan 18
94
24
Jan 1044 No'
2314 234 234 2385 42,200 Elea Pow & Lt etfa___No par
18 Mar 2 3412 Feb 10
o10) 105 *10014 105 *100
175* Apr 40% ite
106 •100
103 103 *103 107
•100 107 *100 107 *100 110 *100 108
100 40% pr pd
102
Mar
3
115
'Mar
Feb
11
100
110 Jun
107 *102 110 *102 108
Prof full paid
924 9234 924 93
107 Jan 14 11012 Feb 26 10012 Mar 11034 Jun
927 93
93
93
9312 95
934 94
4,400 Do pref ctfa
78
764 75
9034 Mar 4 9712 Feb 11
70
89%
70
Aug
9434 De
773
761
2*
7613
•24 24
781
7812 792 11,200 Elea Storage Battery__No par 7118 Mar 3 7938 Mar 12
314 214
24 214 *24 77
6034 Mar 80 De
214 *218 21
•15
16
218 218
400 Emerson-Brantingbam Co_100
*15
18
*15
2 Feb 20
16
Feb
4
1
*1414 15
14
May
54 Jul:
15
15
*15
200 Preferred
6812 6816 6714 6838 68
16
100 10 Feb 20 2434 Jan 29
68's 6812 69
8 May 3634 All
69
891
693* 698 2,200 Endicott-Johnson Corp_ 50 6512 Mar 3 72%
116 116 *115 117 *115 116
Feb 8
63:4 Apr 747 Sep
118 116 .11534 116
116
48
48
48
300
Do
pref
116
481 *4712 48
100 114 Jan 7 118 Feb 2 111 May 11834 Oc
497
48
48
*15
184 155 153* *1538 161 •47
48
900 Eureka Vacuum Clean_No par 47 Feb 15 5334 Jan 8
48
4812 Nov 574 De
•1532 1638 *1538 17
*1538 1812
200 Exchange Buffet Corp_No par
•214 314 .214 3
*214 3
15I2Mar 1 1612 Jan 2
134 July
*234
197 Ja
3
*24
3
7
*214 2%
Fairbanks Co
514 5134 51l 51l
25
Feb
23
34
4
10
Feb
25
214 Mar
514
434 An
511
52
8k
*513
4
523* 5238 5238 52% 1,200 Fairbanks Morse
•111 113 *111 113 *111 113 *111
No par 49 Mar 4 594 Feb 10
324 Jan 548 Os
113 *III 113 *111 113
11518 1188 11438 1201 119 12038 12012 1251
Preferred
100 10812 Jan 6 115 Feb 9 10612June 11018 No'
1234
1244
1247
1263
4 109.900 Famous Players-Lasky_No par 1034
119 120
*119 120
1204 12012 12112 123
Jan 19 12634 Mar 12
904 Feb 1144 Jill,
123 124 *121 123
3252 3318 3034 321
900 Do pref (8%)
32
100 11812 Jan 7 124 Mar 11 1037* Feb 120 Jul
32'4 3214 351
347
34
3334 34
*8612 89
11,800 Federal Light & Tree
89
*88
.8612 89
15
2838Mar
2 393 Feb 3
*8612
26
Oct3714 De
89
*8312
89
*8812 89
9934 *76 100
*78
Preferred
*80 100
per
No
11
87
Feb
89
*7814 90
Jan 4
8212 Sept89 De
•85 100
82
7034 7116 6934 71% 6814 71
86
500 Federal Mining & SmelVg_100 75 Mar 3 11134 Jan 5
71
71
1514
Mar
71
9512 De
81
8,183 187
1834 18314 *18312 190 *184
784 7912 8,900 Do pref
100 61 Mar 3 105 Jan 6
190 *183 190 *186 190
4912
948 De
20
*19
*18
100 Fidel Phen Fire Ins of N Y...25 178 Jan 2 30014 Jan 23 1474 Mar
21
*19
21
*19
21
Jan
179
*19
De
21
•19
21
3914 394 3812 391
Fifth Ave Bus tem otts_No par 1478 Jan 2 2185 Feb 9
3812 3914 39
3934 39
12
Jan 174 Jul
39
33811 39
90
9318 94
5,200 First Nat'l Stores
93
93% 9434 91
No par 34 Mar 3 4932 Feb 5
947k 94
384 Dec 40 De
95
94
95
7,600
Fisher
Body
Corp
25 894 Mar 3 10534 Jan 4
ire 1633 1712 1814 1734 19 187 2014 1912 2038
6014 Feb 125 No
1914 1978 46,300 Fisk Rubber
•102t: 103 *10212 103 *10218 103 *106
No par
1434 Mar 3 2614 Jan 13
110 *107 110 *107 110
104 Mar 2834 05
4638 474 4538 471
Do 181 prof
4618 473
100
10514
Mar
4
2
115
4882
Jan
2
63*
48
754 Jan 11612 No
4834 4818 487 68,200 Fleischman Co new____N
1114 11478 102 1111 10314 10734
o per 45 Mar 3 5812 Feb 1
107 11084 108 11 13* 10812 110
_ ---- -43,500
64
Foundation Co
66
8412 67
6578 6814 67
No par 102 Mar 8 1794 Jan 29 -10
681± 87
Jan 1-83369
4 No
87
68
13,100 Fox Film Class A
224 2278 2111 29's 22
251
No par 61 Mar 3 85 Jan 2
2434 25% 243 2538 25
6812 Sept85 De
2812
61,700
Freeport
Texas
3834 39
Co
No par 1938 Jan 13 2834 Feb 9
3834 3914 39
39
3914 3938 3934 40
8 Mar 2478 Os
ass 818
3934 40
3,400 Gabriel Snubber A
84 81
84 85
No par 37 Mar 3 42 Feb 11
93j
87
1
287s Aug 39 No
9
938
3,600 Gardner Motor
838 9
4578 457
4718 473
4834 4818 48
No par
7 Feb'a
49
934 Jan 4
48
418 Jan 1614 Ma
4878 478k 4812 11.500 Gen Amer Tank Car
•102 104 *102 104 *103 104 *101 104 .101
100 4434 Mar 3 555 Jan 2
4412 Aug 60
Os
Do pref
•
6234 8634 8514 6514 6312 104 *101 104
6938 6213 5812 63
100
101
Feb
10
933
104 Jan 15
Feb 104 No
684 8712 7138 132,900 General Asphalt
10018 1035 10312 10814 107 10814 107
1004 103
100 50 Mar 3 73 Jan 11
4212 Mar 70 De
10812 109 1124 8,500 Do pref
110 110
109 109
•109 115
108 10812 10312 10912 110
100 9478 Mar 3 1133 Jan 11
8612
Mar
109 De
110
2,200 General Cigar. Inc
•11114 11518 *11114 1151 *11114 1151 *1114 1154 115 115
100 10512Mar 3 11678 Jan 4
8412 May 11514 De
100 Preferred (7)
•112 120 *111 1171 *111 1174 *111 11712 *111 11712 *111 115
100 109 Jan 11 11512 Feb 18 105
Jan 1114 Ms
*111 117
Debenture preferred (7)_100 114 Jan
317 323 3134 329 33224 330
33534 332
3278 334
27
11812
Feb
10 104 July 116 De
331
64,100 General Electric
1112 114 1138 11hz 31114 113*
118 1138 1114 1112 327
100 302 Mar 3 38512 Feb 19 22714 Feb 3374 Au
1138 113
4,800 Do special
49'3 48
4934 484 51
4934 508 49
10 11
50
13% Oct1173 Jul
4913 5(1
2.900 General Gas & Elea A__No par 447 Jan 5 1112 Feb 27
98's 984 984 *9712 9312 *974 50
9812 *98
•98
Mar
971 *0712 084
2 59 Jan 2
587 Dec 613 De
100 Preferred A (7)
No par 978 Feb 10 994 Jan 4
*1084 110 810512 110 *108 110 *108 110 *10812 110 *10812
99
Dec 100 De
110
Preferred A (8)
e9514 9734 *9514 9734 *9514 9734 *954 97% *9514
No par 10811 Jan 29 1104 Jan 15 110 Dec 110 De
9734 *9514
Preferred B (7)
5312 5412 *54
537 537
No par 954 Feb 3 96 Jan 4
54
5412 5412 544 *5412 _14 .. _
54
-- ,-4
2,800
Gen
Outdoor
Ade
311:
A.-No par 5218 Jan 16 557 Feb 4 154 -Aug
3178 3118 3112 3114 3138 31
RI
3118 304 31
5434 Sep
14 311
: 3.700 Trust certificates_
No par 2918 Jan 20 23 Jan 8
2618 Aug 345 De
•Bld and asked prloes, no Wet on 61111 day. C Kg-dividend, a
Ex-r1ghta.
Saturday,
Mar.6.
1430
New York Stock Record-Continued-Page 4
page preceding.
For sales during the week of stocks usually inactive, see fourth
PER SHARE
PER SHARE
Range for Previa=
Range Since Jan. 1 1928.
STOCKS
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT. I Sales
Year 1925.
On basis of 100-share lots
NEW YORK STOOK
for
EXCHANGE
Friday, I the
Wednesday, Thursday,
Highest
Tuesday,
Saturday.
Monday,
Lowest
Highest
Lowest
Mar. 12. I Week.
Mar. 11.
Mar. 10.
Mar. 9.
Mar.8.
Mar.8.
per shark
share
$
per
$
share
$
Share
per
per
$
Par
Miscall.
(Con.)
&
Shares. Indus.
$ per share $ per share $ per share 9 Per share 9 per share $ per share 151,000 General Motors Corp_No par 11514 Mar 2 13114 Feb 4
6458 Jan 14934 Nov
12235 1237s 123 1264 1244 12614 12514 1274
115 Dee
119 123
12058 122
Jan
102
Jan
3
11
1154
Feb
5
1137
100
pref
7%
Do
600
11475 11475 *11434 11514 *11434 11514 11434 11434 11434 11434 115 1154
8312 Apr 994 Nov
100 984 Jan 28 100 Jan 11
Deb6% pref
__
*99 _ __ *99 1 _ *99 . ..,
_ _ *99
*99
*99
42 Jan 594 Del
25 4912 Mar 2 6278 Mar 12
General Petroleum
285:200
-5414 -554 524 -5f34 544 5838 57 604 5838 i9-12 584 6-24
68 Nov 8034 Oot
Jan
4
7
844
Mar
65
par
new..
..No
Signal
GenRy
6914 7012 0$338 6912 6912 6934 694 6934 5,900 Do prof
6834 6914 6884 70
904 July 10575 Nov
100 10312 Mar 2 101 Jan 18
I
11103 105 *103 105 *103 105 *10112 105 "10112 105 *10112 105
42 Oct 584 Jan
General Refractories---No par 44 Mar 5 49 Jan 4
"4412 46
•4412 46
*4412 46
49
*44
45
*43
*43
48
5
4
787
47 Mar 83 Deo
Jan
9
Mar
62
par
No
Bros
6314 6255 6435 .624 634 5,200 Gimbel pref
6312 63
6412 644 624 64
62
100 10834 Feb 17 1114 Jan 19 10214 Mar 11413 Nov
Do
I
109
"106
109
*107 110 *104 109 *105 10812 "10512 10812 *106
2234 Feb 53 Dee
par 40 Jan 2 4434 Jan 4
etts___No
temp
Co
Ginter
_
_
1212 Mar 264 Del
No par 21 Mar 2 2534 Jan 7
Co
s 23' -2-3-14 iirs 1ii1 2,900 Glidden
Oct
; iiTz lii iiT: 12.7224 1275 22F2 -2-2-3
37 Mar 51
4434 Jan 22 564 Feb 4
par
v
a-No
Corp
t
Gold
Dust
10,600
51I
5014
5112 504 5175
494 5134 51
434 49
494 50
Feb
Jan 7434 Nov
26
4
3
703
Feb
364
6014
par
No
F)
(B
Co
Goodrich
35.500
66
6414
674
65
67
4
613
65
Nov
64
64
102
624
Jan
6414
100
92
Feb
6312
9
100 9812 Jan 22
Do prat
*994 9975 "9912 9975 9978 994 9934 9914 *9934 100
861s Jan 1144 Oct
Goodyear T & Rub pf v t 0_100 101 Mar 3 10934 Feb 4
1054 10514 1054 10638 10514 10538 2,200 Do prior prof
10414 1064 1014 105
31104 106
100 1053s Jan 22 108 Mar 9 103 Apr 109 Del
400
109
*10812
1094
'103
*10814
1094
103
103
*107 108 *10714 103
39 Dec 42 Dee
31313 Mar 8 414 Jan 11
par
Hosiery_No
Silk
Gotham
3,000
33
38
3712 38
33
33
33
3615 3712 38
33
9912 Dec 1024 Dee
100 9934 Jan 29 1031z Jan 11
38
503 Preferred
10034 10034 1004 10012 *1004 1004 *10012 10075 1004 1004
•100 101
2112
Jan
3
23
Mar
1878 Dec 23 Sept
1312
No par
A
201s 2015 2012 194 2075 1,900 Gould Coupler
20
20
20
19
1934 1934 19
13 Mar 2175 Dee
Cons M Sm & Pr_100 1812 Jan 21 2312 Feb 5
Granby
2.400
2084
5
203
20 I 1934 204
1912 20
Jan 11315 Jane
2034 •1912 2014 19
91
20
Virestern Sugar tem ctf25 95 Jan 2 1034 Feb 2
10034 1014 1014 10135 2,000 Great
Jan
5
10114 10114 9912 10034 101 10112 10114 102
14
Jan
116
107
Apr 11512 Dee
114
100
Preferred
*113 11534 *11312 11512 •11312 11514 *11313 11514 *114 11535 *114 11535
1134 Mar 1914 Jan
00 10 Mar 3 1414 Feb 10
Copper-1
Cananea
Greene
200
1114
*1012
12
128 *11
612 Jan
1214 12
1238 •11
13 •11
*11
375 Sept
54 Jan 5 104 Feb 1
83s 2,600 Guantanamo Sugar.. _.No par 75
814 835 *8
838
8
81s 814
815 835
674 Mar 9534 Nov
*818 814
Mar 3 934 Jan 4
100
8034 7,900 Gulf States Steel
80
80
79
7712 79
7714 7634 77
7835 75
4212 July 89 Feb
78
Mar 5 57 Feb 26
531s
A-100
class
pref
1st
Hanna
58
6015 553
57 '5212 53 *52
*53
*5212 60
2534 Apr 374 Jan
*5212 60
1,500 Hartman Corporation_No par 284 Mar 3 35 Jan 6
30 Mar 4912 Nov
03012 3034 3015 304 304 301 "303s 3034 3014 3014 3014 304
No par 4048 Mar 4 46 Jan 14
4435 4314 4375 6,300 Hayes Wheel
43
427
4234 43
4112 4234 414 4155 42
11
7412
66
Feb
23
May 7734 Jan
Jan
s
7
68
25
(0
W)
(Jaime
400
70
7112 70
714 *70
711 *70
72 "70
6
71
36
*70
Jan
9
71
Mar
27 Dec 484 Jam
4
273
par
(R) & Co tam etfs_No
Jan
23 '2314 2914 "2812 2914 LON Hoe
23
29
29
2734 23
30
"29
43 Jan 50
474 Jan 4 62 Feb 23
100
Mining
Homestake
800
55
5512 55
*534 5512 *55
534 55
3412 Jan 474 Nov
*53
55
55
'52
2,300 Househ Prod,Inc.tem(AIN° par 40 Mar 3 484 Jan 8
4234 4234 43
4214 *42
42
Jan
424 4112 42
85
Jan
3
Apr
5
4215 42
71
Mar
59
42
crts100 59
644 •634 6512 6,000 Huston 011 of Tex tem No par 27 Jan 8 3534 Mar 10
634 634 64
62
63
6214 63
164 June 314 Nov
634 61
Sound
344 3534 3434 3534 3434 3534 15.300 Howe
3334 Jan 1394 Nov
33
3334 324 3314 3315 31
No par 103 Mar 2 12314 Jan 4
Hudson Motor Car
221,700
4
3
114
4
1123
11512
11312
11234115
110%
113's
1414 Mar 31 Nov
11014 11134 10734 11112
Corp__ 10 17 Mar 2 2832 Jan 4
Car
Motor
Hupp
17.400
s
233
23
2234 23
Jan 2
134 Jan 4114 June
231s 2312 224 234 221z 2275 224 23
43,200 Independent 011 & Gas_No par 2011 Mar 3 31
27311 264 27
25
4
2514 254 283s 26
2414
234 26
13 Mar 24 Aug
Feb
6
Jan
2512 26
18
No par
1,300 Indian M aconite
21
2114 21
1414 Del
54 Jan
Jan 20 1334 Feb 13
203, 2012 2114 2114 2114 21
21
20
94
21
10
Refining
Indian
6,003
1112 1112 1134 1235 1175 1214
11
1212
20
13
1135 1111 1112 11
6 Sept 124 Del
Jan
Feb
94
11
10
1,000 Certificates
11
1034 114 *10
*1014 11
11
77 Mar 110 Del
1012 1012
934 934 *10
100 95 Mar 11 104 Jan 7
Preferred
300
101
"91
95
95
•75 101
*85 101
77 Nov 1071a Deo
"90 101
*85 101
900 Ingersoll Rand new____No par 87 Mar 4 104 Jan 5
93
*91
93
*90
93
*91
1394 90
8914 90
90
90
3834 May 50 Feb
No par 3714 Mar 3 4312 Jan 7
600 Inland Steel
40
'39
40
*334
4
393
*3312
9
39
10412
Feb
Apr 112 Beat
115
3312
26
Feb
41)
111
40
100
.39_
603 Do Prof
III 111 •11012 111
111 Ill
112 112
2214 Apr 324 Jan
Copper.. 20 23 Mar 3 267s Feb 10
*111 1-1-212 112 112
2114 2,000 Inspiration Cons
74
Jan 244 Nov
22
Jan
234 2415 21
2514
23
6
21
Jan
"21
21
21
19
par
2414 2414 21
No
Agricul
2015 211s 2.703 Internet
294 211
1914 20
40 Apr 85 Nov
23
20
100 834 Jan 12 95 Jan 27
2084 204 194 20
330 Prior preferred
*8912 90
9 417 Mar 2 110 Mar 17614 Nov
44134Mer
8975 897s 8912 8912 8314 891 •3912 93 •8912 90
par
Maohines_No
Business
Int
52
433s 4424 433 4334 434 15.603 International Cement-No par 6012 mar 2 714 Jan 21
Jan 814 Sept
4334 41134 42's 412
44212 434 642
4,933
6614 67
651
61
64
61
634 631
6378 6115 6234 61
100 10312 Jan 7 103 Jan 26 10212 Nov 107 Aug
103 Preferred
3134 Jan 6912 Dee
Jan 5
644
3
Mar
40
10312 10312 *103 105 *101 106 *101 106 •101 106 *101 103
par
Engine_No
Combos
Inter
474 4375 103,400
471
434 45'4 46
961s Mar 13814 Sept
434 454 4134 4312 4312 45
International Harvester-100 120 Mar 2 13112 Feb 10
1214 12212 1224 1237 124 1217 12312 12414 26,300
11614 123
12234 121
100 118 Jan 5 1224 Feb 20 114 Mar 121 Nov
93) Do prof
121 121
12115 122
74 June 1475 Feb
122 122
17
Feb
124
3
Mar
•12134 122 *12134 122 *12134 122
4
3
8
912 912 1,503 Int Mercantile Marine-100 31 Mar 3 4635 Feb 13
914 91
834 9
27 Aug 5234 Feb
*Ns 9
9
9
915 912
109
3514 36'z 3514 3634 15,40) Do prat Match pref-35 5312M et* 3 663s Feb 23
3134 35
Dee 604 Dee
564
3412 3512 324 3114 3134 35
International
6234 604 614 10.833
62
2414 Mar 484 Nov
5912 5334 6312 624 63
53
60
59
354 Mar 3 4814 Jan 5
334 394 42,200 International Nickel (The)_25
Jan 102 Nov
94
3814 3834 3715 3312 3775 3375 3375 3934 x3355 391
100 1011s Ian 23 10312 Jan 26
pref.
Do
100
___
__ •102
Oct
4814 Mar 76
___ 10212 10212 .102 - *102
*102__ .102
100 48 Mar 3 634 Jan 9
11.803 International Paper
4
513
51
511
53
88 Del
53
51
53
52
Mar
71
6
53
Jan
4
3
50
62 -54
100 85 Jan 14 86
Do stamped pref
87
*78
87
*78
87
*73 87 "73
86 July 994 Oce
87
3 981a Jan 2
87 "78
Mar
904
*78
100
(7)
pref
Do
300
95
951 *91
95
95
19934 July
95
95
*32
95
*92
94
*92
403 International Shoe.--No par 155 Mar 3 175 Jan II 108 Feb 144 Aug
166 166 *168 172
165 165
160 160
874 Apr
•155 166 *156 166
Ill Mar 3 133 Jan 25
120 12112 16,01) Internet Trtep & Teleg. _100 24 Mar 2 29 Jan 7
2935 Oct
11614 11775 118 11915 120 121
July
18
116 1174 115 116
par
111;
Corp.
Intertype
700
2112 25
•2312 211
21
2635 Dee
164 July
244 214 2115 21
25 •24
*24
100 25 Jan 4 34514 Feb 10
3114 4.10) Jewel Tea. inc
33
33
33
33
33
314 3212 3212 33
3214 33
Deo
11512
Jan
10212
9
100 1154 Jan 29 125 Feb
pref
Do
300
123
*122
4
12312 1233
124 124
1144 Dec 214 Feb
•121 123 *120 124 "121 124
1,500 Jones Bros Tea.Inc.stpd._100 1458 Jan 22 1912 Feb 5
17
17
1714
Nov
1714
85
174
4
163
Aug
3535
1714
1714
19
1612
Feb
164
164
68
16
1635
No par 4634 Jan
564 23,400 Jordan Motor Car
112 Jun*
14 May
% Jan 8
14 Mar 4
10
5215 5175 511s 5114 531s 547s 534 5514 545s 6812 544
Kansas Gulf
1
*14
35
*14
12
Jan 10955 Sept
99
•14
12
*14
12
*14
12
*14
Kan City Lt & P 1st pf_No par 1074 Jan 8 1104 Feb23
*1094
1101s
1094
*10912
Deo
4215
1094
Mar
*10914
4
110
183
*109
11014
par 3412 Mar 3 474 Jan 14
"109 1104 *109
434 7.400 Kayser (J) Co v a e____No
43
43
394 414 41
83 Mar 10312 Dee
384 3914 384 3914 3875 39
No par 103 Mar 3 105 Jan 15
Do 1st prat
.103 105
105
*103
July
104
214
*103
Mar
101
*102
101
1214
8
*102
Feb
4
2112
104
Mar
1515
25
*102
16.100 Kelly-Springfield Tires
18
41 Mar 74 July
1634 174 1712 1834 1775 1875 1734 71
1735 1634 17
17
100 6534Mar 2 744 Feb 5
300 Do 8% pref
71
68
68
74
"68
72
*65
43 Mar 72 July
66
66
74
100 6834 Jan 23 734 Feb 5
•66
Do 8% pref
71
416314
72
*6814
72
*68
72
*634
Aug 124 Deo
4
87
71
Feb
126
*6314
71
100 106 Mar 1
•67
500 Kelsey Wheel. Ino
1124 1124 11212 1121
112 112
464 Mar 5914 Nov
11014 11014 112 112
No par 5134 Mar 3 587s Feb 10
*110 114
5114 5134 16.900 Kennecott Copper
312 July
14
Jan
Sept
2
21s
5
3
13
5314 5378 534 5334 537s 543* 5414 5434 *vs
Mar
par
534 54
Rubb_No
&
1,900 Keystone Tire
11
112 112
75 Mar 100 Oct
vs 112 ii2 112 *112 152 7412
14 14
No par 654 Mar 4 824 Jan 7
1,000 Kinney Co
74
7412 74
72
6934 6934 72
29
82
Jan
3
Mar
50
10
new
*6812 694 6314 89
Co
(SS)
Kresge
63,900
5314 5934 534 604 6012 6114 594 81
564 59
100 113 Feb 18 1144 Feb211 1-10114 -Mar a Oat
5814 61
Preferred
44
2812 Dec 4534 Jan
•__ 115 *110___ •110 1144 *110 11434 "110 11434 *110 114
2,203 Kresge Dept Eitores____No par 23 Mar 8 3335 Jan 14
26 .244 25
Jan 9734 JUDO
88
234 234 2311 234 24
100 914 Feb 11 9314 Feb 1
2455 2434 23 -21
Preferred
93
4188
93
*88
93
*83
083 94 "33 93
91
*88
Gas L (St L01118)-100 152 Mar 2 168 Jan 14 11014 Jan 178 Mar
Laclede
300
159
*153
155
155
Oct
19
114 Feb
4 14 Jan 4
Mar
4
103
par
1514 15134 •155 160 *155 159
Tire____No
"155 160
&
Rubber
Lee
4.500
1112 *1115 111
374 Dec 4412 Oct
3312Mar 4 414 Jan 2
1075 1078 104 104 1034 114 11
No par
11
11
Lean & Fink
13,500
36
354
3812
3552
3714
Dee
36
4
92
363
57 Mar
3 9475 Jan 25
3478 3475 334 3175 3412
2,300 Liggett & Myers'Yob new_25 74 Mar
81
8078 8075 8075 8073 4180
80
1612 Jan 124 Dec
80 "73
100 11934 Jan 18 12334 Jan 22
7758 7814 79
100 Do pref
g *1224 124 •12212 124 *123 124
1227g 122,
•121 124 *121 124
94
5512 Mar 8975 Dec
Feb
3
I
Mar
751s
25
new
"B"
Do
3,300
8015
8015
80
5
797
80
693
794
Jan
4
4
4
80
Mar
60 June 744 Jan
7975 794
No par 58
77
7755 78
2,300 Lima Loe Wks
6134 63
61
594 594 6015 61
22 Feb4434 Nov
2 4034 Jan 9
Mar
59
3114
par
_No
5378 59
Incorporated.
Loew's
59
59
3914
14,800
3832 138
94 Apr
Jan
6
7 Jan 28 114 Feb 10
No par
384 363s 3612 3612 3772 33
Incorporated
3653 3718 36
Loft
73,900
97
s
93
10
% Mar 43 Sept
912
Oh 104
No par 47 Jan 20 504 Feb 3
10
9
84 94
914
9
1,500 Long Bell Lumber A
49
77 Feb14334 Dee
4
4912 4912 5032 *494 4935 49
1404
Jan
2
Mar
110
*49
4
100
493
Biscuit
*49
Loose-aViles
4912
*49
300
115 115 .111 11512
115 115
100 130 Feb 15 1434 Jan 6 104 Feb148 Dec
2d preferred
•111 116 "111 115 '111 115 *123
135 *123 135 *123 135
3014 Jan 394 Sept
135
25 3514 Jan 2 4214 Feb 3
•123 135 *123 135 *123
4014 4034 4014 414 19,400 Lorillard
5
407
404
41
3932
100 1124 Jan 14 11614 Feb 8 10815 Feb116 Aug
100 Do pro'
115
3913 3034 3334 3912
115
115
"114
115
4
Jan
1952
"114
3
1384 OW! 2334 Feb
12 Mar
"111 115 •11214 115 11113 115
1512 154 6,900 Louisiana 011 temp crts.No par
1512 16
23 Dec 2635 July
1514 154 151
2275 Jan 2 2618 Feb 10
15
1458 1514 144 15
244 2,400 Louisville G & El A____No par 403
21
5
243
2415
Feb 00 Deo
3134
2414
4
Feb
5814
3
21
Mar
4
par
No
2415
2115 21
24
244 25
4634 7,200 Ludiutn Steel
46
47
46
100 132 Mar 1 1 138 Feb 9 114 Mar 141 Sept
4334 4514 414 454 4511 47
46
45
800 Mackay Companies
7834 Feb
132 *13112 1334
Mar
132
66
9
Feb
1323
7315
12
Mar
13214
69
13312
100
4
'1323
1334
4
Preferred
•13234 140 "1323
100
69
69
70
242 Nov
701 *68
7012 "69
No par 11784 Mar 2 159 Jan 4 117 Jan
701, *69
7012 .69
"69
1253s 1274 50,800 Mack Trucks, Inc
Jan 113 Aug
112 Mar 4 101
4
Jan
4
1033
100
118 12134 120 12214 12212 1253 1254 123
pref
121 124
1st
Do
300
112
Jan 1064 Aug
99
10934 10334 110 110 *105 112 *11014 107
110 110
100 1014 Jan 2 10312 Feb 17
•112 113
100 Do 2d pref
Oct
107 .108
6912 Jan 112
103 Feb 10
106 106 3'105 107 *103 107 *108 107 "108
800 Mac7 (It II) & Co. Ino_No par 9412 Mar 2 11834 Jan 14 11434 Jan 118 Aug
*954 9934
99
9312
99
"93
1
97
Mar
97
97
41512
934
100
93
93
Preferred
118
Nov
*116
40
Mar
118
34
*116
10
Fob
118
701 *116 113 "116 118 "116
"69
No par 384 Mar 2 4478
3.300 Magma Copper
41
41
4072 411
2114 Dec 374 Jan
41
41
41
2818 Jan 5
404 4075 41
'4114 42
27,000 MallInson (H it) & C9 N0 par 184 Mar 4 764 Feb 11
26
2714 25
32 Mar 59 Mar
2312 274 25
232 2314 25
21
2078 22
tem ctfallopar 56 Jan 4
ElecSupp
Nfanh
19,3)0
4
3
70
6314
397 Nov
69'8
2014 Mar
70'2 8912 7034 8712
Mar 3 3275 Jan 4
6735 634 6612 6315 63
2314
25
Shirt
Manhattan
1.000
27
274 274 27
2312 2778 277s 274 23
2715 2715 *27
281s Mar 494 Apr
23
Feb
3
35
Mar
2912
par
__No
Corp
Electric
300 Manila
2038 Sept 354 Jan
3 28 Feb 2
33's 3112 3112 3312 3172 *2912 3172 *294 3172 *2912 34
•21
19,703 Maracaibo 011 Expl___No par 20% Mar
2534 254 2612 2512 23
325a Mar 604 Deo
2252 234 2414 25
2234 228 22
No par 514 Mar 2 604 Jan 2,1
1032 Mar 3275 Oct
5518 5612 5512 5718 564 57 101,203 Marland 011
11
Mar
33
4
Jan
28
par
5514 564 534 5531 5134 53
No
'1,090 Marlin-Rockwell
32
32
33
19 Dec 374 Jan
Sue 314 324 32
294 20% 31
2912 31
_._No par 1812 Mar 2 2134 Mar 12
Jan 10714 Deo
2012 213s 2112 2134 2,600 Martin-Parry Corp_
51
1 10618 Jan 2
Mar
73
1914 1914 194 1914 1914 1914 1912 20
Wkstemett50
MathlesonAlkall
6,400
86
34 "85
86
Mar 13912 Deo
8412
3
84
8238
8212
797g
101
2
Jan
80
13712
*79
2
Mar
4
3
117
80
794
Department Stores50
May
7,000
124 June
124
Mar
1247
122
'12312
8
123
123
121
12112
1164
18
100 1224 Feb 2 12412 Jan
121 12312 120 121
Preferred
130 *120 130 *122 130
2178 Nov 263s Oct
No par 19 Mar 3 2313 Feb 13
*120 130 *120 130 *120 130 "120 2114
Maytag Co
7,300
2214
8
13934 Oct
213
2112
2114
Mar
204
79
21
2014
11
Jan
121
2014
4
204 2012 20
4,300 McCrory Stores Class 13 No par 80 Mar
93
Jan 2234 Oct
9312 934 93
18
93
93
92
90
83
954 84
Mines_5 2258 Jan 2 31) Feb 18
92
2412 NOV
2514 254 2532 2535 3,300 McIntyre Porcupine
Jan
18
2514
5
13
217
Feb
23'
4
3
23
4
8
243
Jan
21%
2214
4
4
25
pf_27
2512
2512
700 Metro-Goldwyn Pictures
2335 .2318 2312 2335 2312
9 Dec 224 Jan
6 Fob 25 1215 Jan 4
011_ _No par
•2235 2312 2235 224 *22,3 2312 234
77, 8
832 838 2,800 Mexican Seaboard
8's 8,2
8 May 244 Jan
8'8
8
Mar 3 1318 Feb 11
11
5
83s 8,3
Copper
812 875
Miami
121s 1218 124 1235 1212 4,300
12
12
2534 Aug 38 Nov
12
1174 12
Petro_No par 2855 Mar 3 37 Jan 2
12
12
3112 3214 3153 3312 324 324 45,700 Mid-Continent
8314 Apr 9414 Oct
3132 3034 32
100 94 Jan 8 97 Feb 27
3158 30
Preferred
31
314 June
954 '9134 9514 *9134 954
'914
52 Apr
4
3
95
2
8
212
4
Jan
*913
Jan
9514
114
.10
Corp...
4
011
*913
*9134 954
14 Feb
112 112 3.700 Middle States
14 14
14 112
112 Feb
138 112
Ile Jan 8
148
4 Jan 7
10
134
its
las
Certificates
14
8
7
Aug
11,
118
147
4
*7
Jan
*18
96
1'8
3 13312 Feb 23
*78
118
54
*4 14
1.300 Midland Steel Prod pref___100 114 Mar
9914 Aug
Apr
126 12614 125 126
121 126
126
64
14
'123
Jan
8312
3
Mar
12212
71
100
12214
7,500 Montana Power
Nov
741
122 122
x7412
8414
75
7512
754
Mar
74
41
2
74
Jan
73's
73
72
61,800 Monts Ward & Co III corp__10 67 Mar 3 82 Feb 10
7315 74
7235 74
2234 Mar 42 Dee
7078 6975 7175 714 7234 714 73
No par 31 Mar 8 373*
5,800 Moon Motors
331
7084 7235 63
334 33
918 Jan
6 May
324 3312 33
74 Feb 8
6118 Mar 4
3234 33
33
Lode Coalition.No pa
31
Mother
33 3315
6,200
7
4
63
e
67
s
67
7
675
- - snares -or each s
678 7
- 013
64 7
as. 7
on -bails
No per. 6 New stock
a
rights
Ex-new
s
Ex-dividend.
z
day.
this
on
no sales
• Bld and asked prloos
New York Stock Record-Continued-Page 5
1431
For sales during the week of stocks usually Inactive, see fifth nage preceding.
HMI! AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Mar.6.
Monday.
Mar.8.
Tuesday,
Mar. 9.
1Vednesday, Thursday,
Mar. 10.
Mar. 11.
Friday,
Mar. 12.
Sales
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ Per share $ per share
per share
Per share
2114 23
224 2212 24.2 22.2 2218 23
2212 23
43
4412 4234 4338 434 434 434 44 14 434 4114
3012 3033 3014 3034 3034 31
230
3014
302 30
16
16
16
16
*16
1612 16
1612 1612
16
*3578 36
36
36
*3534 36
36
*3534 36
36
1338 134 1314 1334 1332 1312 1312 134 13
1312
59
60
58
594 5914 8018 59
614
6014 60
$ per share Week. Indus. & Miscall. (Con.) Par
x224 23
6,400 Motion Picture
No par
44
4114 7,000 Motor Meter A
No par
304 3014 4,500 Motor Wheel
No par
*16
187a
400 Mullins Body Corp.__ _No par
.3578 36
400 Munsingwear Co
No par
1214 13
6.100 Murray Body
No par
604 6134 43,200 Nash Motors Co
par
No lc%
...... DO pref
"i(74 Yen; ;10 -1-(13.4 -1678
*10 -167i =it5" 1038
-ioTs
600 National Acme stamped_ -100
8112 82
80
81
81
82
8182 824 8234 8114 83
83
6,700 National Biscuit
25
127 12714 •12714 130 •1274 130 .12812 130
12312 12312 •12714 130
500 Do pre(
100
4512 46
45
4514 4514 4534 4538 454 4514 4,534 45
4558 9,300 Nat Cash Register Awl No par
4134 4134 39
41
39
39
3512 39
30
32
36
33
5,600 National Cloak & Suit_ _.100
*8634 89
*8334 89
*8634 8934 8634 8634 80
.83
86
800 Do pref
89
1011
6114 65
6034 8112 6312 6512 6114
6512 6612 6512 C64 39,800 Nat Dairy Prod tern ctfsNo par
3778 374 374 374 3712 371_ 3712 6512
*3712
3712
33
3712
3712
Nat
Department
700
Stores
No
par
*94
06
*91
96
*91
9612 *91
9512 *9112 964 *914 9612
Do pref
100
2012 211s 1914 2014 194 1918 21
2312 244 2532 24
2114 6,800 Nat Distill Preducts___No par
59
*58
5812 59
534 59
594 64
63
63
8134 6712 2,600 Nat Distil Prod pf tern ctf No par
30
30
2852 2858 2358 2834 29
31
3138 *31
31
3112 1,900 Nat Enam & Stamping _100
*86
88
*86
88
*86
83
*86
88
*8412 87
*3112 87
Do pref
10
15814 15614 154 156
151 155
155
156
1574
15712
*157
153
1,200 National Lead
100
*116 117 *116 1161 116 116 *116
1161 .116 11614 *116 11612
200 Do prat
100
2318 24
21
23%2 214 224 2214 231
2338 2373 224 2312 98,300 National Pr & Lt ctfs__No pa
60
6012 5938 60
6018 6014 61
02
624 65
634 634 6,300 National Suppiy
50
*103 112 *106 112 *106 112 *108
112 *106 112 *106 112
Preferred
100
National Surety
10
iga- 180 *jai" 179 *i;" iii"
175 *16533 1-7-414 *16538 1744
100 National Tea Co
No pa
13
13
13
13
13
13
1318 134 1314 133s 1338 134 3,500 Nevada Consol Copper____
4112 4178 41
42
4134 4238 4212 4412 4358 4134 4312 4334 11,000 NY Air Brake tern ctfa_No pa5
*5834 59
594 594 5914 5914 *5314 5914 39
59
*5314 59
300 Do Class A
No par
4312 4478 414 4334 42
424 414 424 4212 4412 4212 434 9,500 N Y Canners temp ctfe_No pa
3778 374 •36
40
*36
39
•36
40
*36
40
*38
39
100 New York Dock
100
•65
75
*70
74 •70
75
*70
75
70
*70
70
75
100 Do pref
100
*101
*101
•101*101
*101
•101
Steam
pref
pa
N
_
_
1st
Y
__No
*28
2814 *28 -2-34 28 13-1:t *28
2814 *28 ii14 *28 231500 Niagara Falls Power pt new_25
4
54
55
524 5112 5314 5112 5334 55
544 5512 5412 55
90.100 North American Co
1
*4912 4934 4934 50
50
50
4934 4934 4934 494 494 5014 1,400 Do pref
50
*92
94
*92
94
*92
9312 *92
9312 9312 9312 9338 934
300 No Amer Edison pref __No pa
12
1238 1114 12
1214 1234 1233 1314 13
13313 124 1314 6,900 Norwalk Tire & Rubber_ _ _ _10
*13
14
*14
1412 1412 141z *1434 16
15
*1412 16
15
300 Nunnally Co (The)___ _No pa
34
34
*33
34
*3312 34
*33
34
34
3312 33
31
1,000 011 Well Supply
25
;3312 -345; -5474
Ontario Silver Mln new No par
35
;5112 1512
-216 ;W4 -2T6- *3513 16
iii) Onyx Hosiery
No par
*97
9734 *97
9754 *9714 9734 9718 974 9734 9734 *9714 073
200 Preferred
100
*57
59
5612 57
57
57
57
584 60
Oppenheim Collins & CoNo par
593
6012
4
6.600
601
2812 2812 2814 2814 .2814 2812 2812 281
1,000 Orpheum Circuit. Inc
2812 2834 - 2834 283
1
*103 _
•10212
*10212
•10212
Preferred
•10212
•10212 - - - 100
121 12118 120 121
11914
*119 120
120 12134 120 12034 _ 1,360 Otis Elevator (9)
50
•102 109 *10212 110 .10214 12014
110 *103 109 *108 109 *103 109
100
500 Preferred
1112 1134 1118 1112 114 114 1152 115
8 11
1158 1138 1112 3,100 Otis Steel
No par
100 100
100 100
100 100
100 100
100 100
100 100
100
2,000 Do pref
•63
66
63
63 .6318 64
64
64
64
644 64
25
1,200 Owens Bottle
64
*48
50 .47
49
48
4814 *4812 491 *4812 4912 *4812 4912
er
No Ipm
200 Outlet Co
.99 10012 *99 10012 9912 9912 *99
99l
9912 9912 994 994
400 Preferred
•124 126
124 125 •12514 126
12514 12512
600 Pacific Gas & Electric_ _100
8012 814 25314 5434 5334 5114 12512 1251 *12412 126
5334 5412
o
No pilt
5558 561s 75.500 Pacific 011
364 3678 354 3612 36
3658 3618 3678 3714 3712 374 3712 25,200 Packard Motor Car
224 2212 22
224 2212 2234 224 23/
1
4 22
2214
CarNo
pa
Motor
Del
224
Paige
9,900
23
6334 64
6334 6414 6114 6112 644 66
6512 66
6512 66
4,300 Pan-Amer Petr & Trans__ _50
6438 6514 64
65
65
6614
1
4 664 664 40,700 Do Class B
50
3714 3814 3714 3712 3712 384 6512 6612 6558 66/
3812
3912
3912
4112
4114
7,900 Pan-Am West Petrol B.No pa
417
8
104 1034
934 104
97s 1014 1014 1014 10
1014 10
103s 7,400 Panhandle Prod & Ret_No pa
*2412 2558 2412 2412 *24
2434 24
24
*234 24
*2334 2178
200 Park & Tliford tern ctfs_No pa
*74 752
712 712
712 712
712 712
73g
738
1
73s 738 3,000 Park Utah C M
6312 654 6112 6534 6438 66
6512 70
7112
6912
7112
7012
No par
15.300 Pathe Exchange A
*18
1812 1734 18
1812 1812 •18/
1
4
19
18/
1
4 18/
1
4 1852 19
No par
2.800 Penick & Ford
1212 1212 12
1212 1214 1214 12/
1
4 1252 *14
1434 *1214
50
1,000 Penn Coal & Coke
158
134
14 134
152
134
134
134
11
/
4 134
14
134 9,600 Penn-Seaboard SO vtc No par
120 120
11912 120
12012 12012 121 121
121 121
12118 12214
1,700 People's G L & C (Chic)__100
63
6314 6112 6234 6234 6312 6334 64
63/
1
4 654 6358 641
3,000 Philadelphia Co (Pittsb)_ _ _50
*4912 5012 *4934 5012 *4912 5012 *50
5012 *50
5012 550
50
6% preferred
501
3914 4034 3914 3038 3934 40
3934 3934 404 4114 4112 4238 13,100 Phila & Read C & I___No par
*39
41
3818 384 *38
42
*40
42
*38
42
41
41
200 -Certificates of int___No par
*51
59
*5034 56
*52
56
*52
55
*52
55
Phillips-Jones Carp_ _ _ _ No par
.5312 541
1834 1834 *1814 20
*1814 20
1978 1978 19
19
1912 20/
1
4 2,700 Phillip Morris & Co.,Ltd__ _10
4412 45
4378 45
4438 46
454 4614 46
46/
1
4 4614 4658 87,000 Phillips Petroleum
No par
38
38
3814 3834 *3912 40
40
40
*40
42
40
5
600 Phoenix Hosiery
40
*95 100
*05
971 *95
9712
*9614 97
100
9614 9614
100 Preferred
3112 284 30z 3034 3214 *9614 99
30
3114 3234 32/
1
4 337
33
57.500 Pierce-Arrow Mot Car No par
34
3
4
9014 9138 891s 91
92
91
93
9514 9534 964 96 101
10,500 Do prat
138
100
138
138
11
•138
*138
11
138
13
138
112 1,200 Pierce 011 Corporation
25
*22 25 *22 25 *22 2311 *22
25
*24
24
peel
*24
Do
25
100
53s 54
54 51
54 51
512 5i
512 51
*3712 38
53s 534 2,900 Pierce Petrol'm tern ctfsNo pa
3634 374 364 361
36
3614
36
36
3614 3612 1,900 Pittsburgh Coal of Pa_ _ _.100
*7812 80
*7814 80
78
78
7718 7734 77
771
77
77
900 Do pref
*9758 961 *9578 962 9512 981
100
*9512 081 *9512 981 *9512 9812
Pittsburgh Steel pre
100
*44
54
*50
54
*45
54
53
53
*50
54
*50
100 Pitts Term Goal
54
100
*87
96
90
90
87
87
*85
88
*85
88
Preferred
*85
200
88
100
15
15
15
151
15
15
15
15
15
15
1514 1512 1,700 Pittsburgh Utilities pref.__1O
*1314 15
*14
15
*13
15
*13
15
*13
15
•15
Do pref certificates
15/
1
4
•14
15
10
*14
15
•13
15
*13
15 .14
151.
*13
Preferred ctis new
15
8958 924 8012 90
10
8712 891
8914 911
914 93
9112 93
17,700 Post'm Cer Co Inc new_No pa
80'a 584 591
60
60
60
61
613
62
3,000 Pressed Steel Car
63
6212 63
.84
89
85
100
85
*8512 871
88
88
*3712 90
88/
300 Do pref
1312 1414 1318 131 •1318 131
1
4 8838
100
1312 13i
1312 1378 14
*33
6,600 Producers & Refiners Corp_5
15
3
4
35
*33
35
*33
35
33
33
*3314 3434 34
300 Preferred
3418
7834 7712 791
50
78
79
797
7912 801
7934 801. 79
7934 15,100 PubServCorp of NJ newNo pa
106 107 *10534 108 *10534 108 *10612 108
*10614 108 - 10712 10712
300
Do
prof
115 115 *1154 116
7%
•115 116
10
116 116 *11512 11612 *11512
200 Do 8% pref
11612
98
*9612 99
100
98
*9612 100
98
98
98
984 *9812 98/
700 Pub Serv Elec & Gas pfd_100
1
4
107 107 *10712 110 510712 110 *10712 110
10812 10812
400 Pub Service Elea Pr pref-100
15734 15778 154 15514 15634 15812 15534 15312 *10812 110
1573
4
158
12 15834 16014 7,60 Pullman Company
3912 394 3972 40
40
40
10
394 40
3933 3932 *38
39
700 Punta Alegre Sugar
2712 2734 27
2758 2714 284 28
50
2818
28/
1
4 2818 2834 25,60 Pure Oil (The)
*108 111 *109 1 104 *109 111 210714 10714 28
25
*106
110
3678 37
100 Do 8% pref
3512 37
37
10
3713 3712 394 3712 3812 •107 110
3734 3818 15,70 Radio Corp of Amer__.No pa
*45
4512 45
4512 *4514 4578 4512 46
*46
464 4634 464
800 Do pref
60 6334 5934 644 654 681
50
8614 6872 67
6834 6714 6778 181,600 Hallway Steel Spring new,.50
*11712 124 *11714 124
12018 1204 5119 120
120 120 .
119 120
200 Preferred
*3238 3714 *3234 3714 *3234 3714 *3234
100
3714 3258 3714 *3234 3714
Rand Mines, Ltd
No pa
1114 12
1172 12
1134 1178 1134 12
1134 1178 1134 1172 9,500 Ray Consolidated CoppN
51
*50
51
31
ero_ p
_1
a0
51
51
5118 5212
2,700 Reid Ice Cream
•13
13
15
13 .124 1412 1234 1314 5012 52
1412 15 .T2
178 i3578
900 Reis(Robt)& Co
100 105
10112 103
No pa
10414 105
104 109
10612 10914 10612 108
12,90 Remington Typewriter_ __-10
•107 110 •107 110
108 108
10818 10312 *10814 110 .108 110
200 Do 1st pref
*106 108
107 107
100
107 107
108 108
10812 10812 *1084 110
500 Do 2d pref
1112 1134 1134 12
1134 1134
100
1178 1178
114 1178
1134
3,200
1214
Replogle Steel
No pa
5118 52
524 5212 51
5514 5334 5612 5618 57
57
22,300
58
Republic
Iron & Steel
93
94
93
10
*92
*9234 9412 *9358 9412
*9334 9412 9412 9412
300 Do pref
7
712
10
7
7
7
7
7
7
7
7
7
1,900 Reynolds Spring
7
No pa
9334 954 0112 0134 9412 9452 9438
9434 95
9434
9434 9434 8,500 Reynolds (RJ) Tob Class B 25
904 9058 0058 9112 0112 92
90
93
9434 9478 06
9618 1,000 Rossla Insurance Co
5214 5152 5214 52
2
52
5218 52
5214 5214 5212 5112 52
6,60 Royal Dutch Co(NY shares)
4312 4438 4338 44
x4318 4338 434 4314 4314
4312 434 4312 4,400 St Joseph Lead
4714 4738 4738 47
1
47
474 4712 474 4712 4712 *47
474 1,600 Safety Cable
7858 8272 814 8212 824 84
No pa
8018 82
85
8712 86
90
14.400 Savage Arms Corporation.,100
7
7
634 7
7
7
63
4
63
4 *634 7'
*634 7
1,200 Seneca Copper
5414 5412 554 5514 5612
No pa
*54
55
5812 *56
58
5712 5818 3,800 Shubert Theatre Corp_No pa
122 124
124 126 *125 126
*124 125
450
51
5178 5212 4,800 Schulte Retail Storee
No pa
117 117 •115 11714 *11512 11978 *11512 11978 *115 117 .115
117
100 Do prat
13
13
13
100
13
13
13
1315 1334 1318 1312 1334 1434 5,900
Seagrave Corp
197 200
No par
201 203
202 203
205 20912 20734 20934 20834 210
14,700 Sears, Roebuck & Co
5738 56
100
.56
541s 58% 54
5632 564 55
5512 55/
1
4 55/
1
4 4.600 Shattuck (F 0)
No par
•B10 and asked prices; no gales an this clay. x Ex-dlvldend. a
Ex-rights.
Ex-50% stook dividend,
b Alter
PER 4HAl4a
Range Since Jan. 1 1928
On basis of 100-share Wu
Lowest
Highest
PER SOARS
Range fee Preeincs
Year 1925.
Lowest
HtgliesS
pfir ehare $ Per share
Per skate
234 Feb 25
194 Dec 2012 Des
5338 Feb to
40 Nov 447e Oct
337s Feb 15
18
Apr 35 June
1044 Feb I
13 Aug 2113 Feb
38 Jan 2
304 Apr 39 Dec
1578 Feb 273
514 Dec 4212 Mar
66 Feb 23 19312 Jan 488
Oct
1064 Jan 4 10334 Jan 107 July
1272 Jan 9
44 Mar 1258 Dee
9:114 Jan 2.1
65 Apr 79 Dee
12812 Mar 11 12312 Mar 1281z May
54 Jan 5
57 Jan 2
Oct
991-2 Dec
9212 Jan 8
Jan
8734 Dec 104
80 Jan 2
42 Jau 8178 Nov
3812 Jan 45 May
4238 Jan 7
97 Jan 19
Jan
96 Apr 102
34 Jan 4
2952 Dec 431g Oct
734 Jan 4
Oct
5312 Jan 81
4012 Jan 2
25 Apr 41•3 Dec
8934 Jan 4
75 June 8984 Jan
17434 Jun 5 13813 Apr 17484 Nov
11712 Feb iii 11412 Sep 119 Sets
3838 .lan 21
65 Mar 11
Jan
5438 Dec 71
110 Jan 25 10438 Jar, 110 Apr
227 Jan 2( 2a6
Jan 222
Oct
238 Jan 4 201 Dec 250 Dec
11 FA, 15
1134 Apr
1638 Jan
4134 Mar 11
314 0,
561
: Jan
.0 Feb 3
50 Sant 67
Jan
8484 Jan 29
3134 Mar 811g Dec
454 Feb 5
18 Mar 4514 Nov
71 Feb
5212 Jan 76 Dee
101 Jan 12
97
Jan 102 June
284 Jan 22
2758 Oct 29
Jan
67 Jan 14
4112 Jan 75
Oct
504 Jan 11
4658 Jan 5012 Sept
9514 Jan 2
9412 Dec 9611 Dee
1514 Jan 14
1212 Sept 1814 Aug
1712 Jan 7
8 Jan
1812 Nov
30 Feb 5
3338 Dec 38 Nov
512 Jan
1012 Jan 14
11
Oct
36 Jan 12
1858 Jan 39 Dec
99 Jan 12
784 Mar 97 Nov
6012 Star 11
414 Sept 53 Dec
3012 Jan 14
253. Jen 327g July
10214 Feb 19
Jan 107 Sera
98
12934 Feb 5
8758 Feb 14012 Aug
107 Feb 8 101 Feb 112 July
144 Jan 19
8 Mar 1514 Ara
10778 Feb 17
50.4 Mar 9712 Aug
6814 Feb
4234 Mar 6938 Nov
514 Jan 29
4914 Nov 57 Nov
1014 Jan 16
98 Nov 10078 Dec
13214 Jan 29 10212 Jan 1374 Nov
8318 Feb 13
5158 Aug 7812 Dec
4332 Jan 4
15 Jan 4812 Nov
2812 Jan 4
1734 May 32
Oct
/
4 Sept 837g Mar
7612 Jan 2
591
7838 Jan 4
604 Atig 8411 Mar
46 Jan 2
3714 Oct 49•4 Dec
1184 Feb 23
214 Aug
614 Dec
284 Jan 4
25 Sep
351g Jan
812 Feb 5
83 Jan 7
70 No
90•8 Oct
2038 Jan 30
17 Dec 28 Apr
17 Feb 8
1234 AP
261g Jan
214 Jan 4
1 Aug
3 Jan
130 Feb 11 112
Jan 123
Oct
7014 Jan 2
5112 Ma
6714 Dec
50 Feb 18
4512 Jan 49 July
4838 Feb 13
3734 May 521g Jan
4612 Jan 11
38 Jul
501g Jan
5534 Jan 29
51 Nov Ms Jan
204 Feb 23
1214 Mar 2514 Sept
4918 Feb 13
3614 Star 4714 June
4474 Jan 9
18 Apr 4214 July
991
/
4 Jan 21
84 Apr 99 Dee
434 Jan 9
1078 Mar 47•4 Oct
10878 Jan 11
43 Mar 100 Nov
178 Jan 30
114 Nov
31g Feb
2718 Jan 30
2014 Dec 40 Feb
7 Jan 30
412 Dec
814 Feb
4212 Jan 5
3714 May 541g Jan
85 Jan 5
80 May 99 Jan
98 Feb 1
94 Ma 10212 Jan
6378 Jan 9
30 Apr 6354 Jan
9214 Feb 5
79 July 8814 Nov
161s Jan 7
1278 Mar 1778 June
154 Jan 7
124 Mar 16 June
1512 Feb 6
1284 Nov
154 July
1244 Feb 3
6452 Nov 121 Dee
7984 Jan 7
45 June 7014 Dec
9534 Jan 7
784 July 9213 Jan
174 Jan 2
1211 Ault 32% Feb
35 Feb 11
27 Sept 4781 Feb
921s Jan 19
6258 Ma
87% Aug
110 Feb25
99 Jan 106 Nov
119 Jan 28 10858 Apr 119
Oct
9934 Mar 3
99
Jan 106 Nov
109 Feb 16
92'2 May 10018 Dec
174 Jan 14 129 Ma 17311 Sent
47 Feb 4
33 July 4714 Jan
31 Jan 4
254 Au
3384 Feb
11114 Feb 27 10212 Jan 10812 Sent
4658 Jan 12
394 No
777g J-n
4758 Feb 1
45 De
54 Feb
6878 Mar 10
123 Feb 20 11414 Mar III" Dec
344 Feb 5
3334 Nov 391: Aug
1278 Feb 9
Das Apr 17311 Feb
58 Jan 4
43 Oct 6014 Dec
1834 Feb 23
10 May 2814 July
127 Feb 3
4834 Jan 11734 Dec
10812 Star 10 100
Jan 10912 Oct
111 Jan 5 103 Sept 11312 Apr
154 Jan 4
1258 June 234 Jan
6358 Jan 7
424 Apr 6438 Jan
95 Feb 3
84* July 95 Jan
1052 Jan 5
8 July 18
Jan
984 Jan 5
7214 Mar 95114 Nov
100 Jan 20
85 June 9713 Feb
5738 Jan 9
484 Mar 57% Jan
3534 July 524 May
4818 Feb 10
54 Jan 14
48 Dec 5012 Dec
481i July 1083/Mar
10212 Feb 10
11 Nov
104 Jan 4
9 Nov
514 Dec 5512 Dec
604 Jan 28
13812 Jan 23 10184 Sept 134% Dec
118 Jan 12 110 Jan 118 Aug
1314 Nov
1654 June
1434 Mar 12
24178 Jan 4 1474 Mar 23612 Dec
4018 Mar 92 Aug
6958 Jan 4
payment of g00% stook dlv dend.
S Per share
19 Jan 26
4038 Jan 20
29 Mar 3
1418 Mar 4
3478 Jan 25
1012 Jan 2
55 Mar 2
1064 Jan 4
978 Mar 3
74 Jan 8
126 Jan 27
43 Mar 3
30 Mar 11
80 Mar 11
6034 Mar 8
36 Mar 4
95 Feb 23
18 Mar 4
57 Mar 5
2812Mar 2
854 Feb 27
15314 Mar 3
116 Jan 16
1634 Mar 2
6518 Jan 4
106 Jau 13
215 Jan 6
149 Mar 4
1214 Mar 3
3612 Jan 2
554 Jan 6
39 Feb 27
34 Jan 10
70 Mar 4
101 Jan 12
274 Feb 25
4712 Mar 2
49 Jan 2
9212 Jan 22
1114 Mar 8
134 Mar 1
31 Jan 16
10 Jan 8
3114 Feb 2
96 Feb 5
47 Jan 12
28 Mar 3
101 Jan 13
11452 Mar 3
10234 Jan 13
1058 Mar 1
90 Jarf 7
4714 Mar 4
4712 Feb 25
9914 Jan 22
122 Mar 2
5332 Mar 8
334 Mar 3
20 Mar 3
604 Mar 2
62 Mar 2
34 Star 1
412 Jan 21
224 Mar 4
732 Mar 4
58 Star 4
1678 Jan 28
12 Mar 8
112 Feb 17
117 Jan 4
5918 Mar 2
4734 Jan 4
3758 Mar 2
334 Mar 8
51 Mar 3
184 Mar 3
424 Mar 3
3812 Jan 4
9614 Mar 12
27 Mar
8615 Mar
182 Jan
24 Jan
47s Mar
36 Mar 1
77 Mar 11
96 Jan
47 Mar
87 Mar 9
1412 Mar 3
1512 Jan 7
15 Jan 22
85 Star 3
5612 Mar 3
82 Mar 4
124 Mar 3
324 Jan 15
72 Mar 2
1034 Jan 12
115 Mar 2
97 Jan 22
106 Jan 18
148 Mar 3
37 Mar 3
264 Mar 3
107 Jan 5
3212 Mar 3
4472 Mar 4
5314 Mar 1
1194 Jan 7
3312 Jan 18
1012 Mar 3
50 Mar 2
115s Mar 3
954 Mar 2
107 Jan 20
10612 Jan 20
10 Mar 3
4918 Mar 3
9234 Jan 2
54 Feb 24
9212 Mar 1
86 Mar 2
50 Mar 3
42158 Jan 26
45 Mar 4
75 Star 2
614 Mar 4
52 Mar 4
50 Mar 11
11211 Jan 6
1212 Mar 3
197 Mar 4
51 Mar 4
1432
New York Stock Record-Continued-Page 6
For sales during the week of stocks usually Inactive, see sixth page preceding.
.HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Mar.6.
Monday,
Mar.8.
Tuesday,
Mar.9.
Wednesday
Mar. 10.
Thursday,
Mar. 11.
Friday,
Mar. 12.
Sass
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926.
On basis of 100-share lots
Lowest
8 Per share $ per share $ per share $ Per share $ Per share $ Per share Shares. Indus. & Miscall.(Con.) Par
*4312 44
200 Shell Transport & Trading_C2
4418 4418 *431 4178 *4312 447 *4338 41
*4318 4378
No par
2538 254 25
2514 2518 2512 2534 2534 2514 2634 24,000 Shell Union Oil
2512 25
100
100 D, pref
*10314 1034 10338 1034 *10314 101 *10314 101 *10314 10378 *10314 104
10
16,100 Simms Petroleum
2314 2312 22
2278 2234 2334 234 2334 2312 2412 2314 21
No par
49
4934 4,400 Simmons Co
494 4814 49
4918 494 4918 4912 49
484 49
100
100 Preferred
*10812 110 *10812 110 *10812 110 *10812 110
10312 10312 *10312 110
2238 2278 2134 2258 22
228 2214 2234 2234 2312 2318 2312 75,400 Sinclair Cons 011 Corp_No par
100
400 Do pref
94
91
*9314 91
93
93
03
93
93
9318 93,8 *92
25
2838 2838 28
2838 23
2358 2312 2314 2334 2978 2958 3018 12,600 Skelly Oil Co
7,003 Sloss-Sheffield Steel & Iron 100
116 11812 117 121
114 11478 112 11334 114 11834 2118 118
1,903 South Porto Rico Sugar..,.100
12712 128
123 12312 *122 123
12434 12134 124 125 212378 121
Preferred
100
*117 119 *117 119 *117 119 *115 119 *115 11814 *115 119
Spear & Co
No par
*1514 1634 *1512 1634 *1512 1634 *1512 1634 *1512 1634 *1512 1614
100
78
203 Do prat
*7612 80
*7612 80
*7812 80
*7812 7912 *7812 7612 73
No par
13,900 Spicer Mfg Co
25
26
23
25
27
23[4 2712 2338 27
26
2718 27
100
100 Do pref
*101 104 *10138 10534 *101 10534 *101 10534 105 105 *103 10334
5738 14,600 Standard Gas & El Co_No par
5634 5712. 5514 564 56
5534 5514 5712 5578 5712 57
Preferred
50
600
*5512 563* *5512 5618 5512 5512 5518 5518 5814 5314
56
56
100
7512 1,800 Standard Milling
7612 7612 744 75
75
75
76
73
73
*74
76
100
100 Do pref
*8312 92
86
*8312 92
86
*86
92
*8312 92
*8312 90
5658 5778 5678 5738 36,000 Standard 011 of California_ 25
5514 5578 55(2 56
554 5638 547 56
4178 4258 4118 42
4238 4218 424 4238 4212 33,500 Standard 011 of New Jersey 25
4158 4218 42
100
11814 11814 11734 118
2,900 Do prof non-voting_
11712 118
118 11814 117/2 11814 118 118
934 10
•712 8
94 5,800 Stand Plate Glass Co __No par
758 9
9
914 914
834 934
par
Sterling
Products
No
2,000
794 7938 8014 8014 80
81
81
804 804 81
814 8114
7614 7712 7434 7612 77
8112 8034 81
83
8112 8314 814 36,100 Stewart-Warn Sp Corp_No par
*69
70
68
68
*63
70
6934 6934 724 3,500 Stromberg Carburetor_No par
6714 6834 69
57
5714 5614 5718 57
5712 5738 5312 57 8 5812 5734 591s 51.700 Studeb'rCorp(The) newNo par
100
•118 119 *118 119 *118 119 *118 119 *113 119 *118 119
Do pref
No par
*278 3
2,700 Submarine Boat
234 278
27
3
27
2%
278 3
234 24
No par
3534 3534 1414 35
2,700 Sun 011
3434 3434 343 3134 35
*3534 36
35
No par
234 234 1,000 Superior Oil
*234 278
234 3
3
3
*278 3
*278 3
*21
100
23
Superior Steel
*21
25
*21
21
*21
21
*21
21
*21
25
*10
50
12
400 Sweets Coot America
*10
12
11
12
12
13
*1018 12
.10
12
1012 1078 1014 1038 1014 1014 104 104 1012 1012 1034 11
3,000 Symington temp ctfs__No par
194 1912 1912 1934 1938 1912 1912 193
2,200 Class A temp ctfs____No par
1934 1934 197 20
•12
14
1,000 Telautograph Corp____No par
12
12
12
*12
12
14
14
*12
*1212 14
No par
1314 1312 13
1312 1318 1338 1338 1334 1334 14
1312 1334 5,400 Tenn Copp & C
5112 5178 5034 5138 51
5158 5134 5214 5218 5234 5112 5218 45,700 Texas Company (The).... 25
10
13358 135
1337 135,8 135 137
131 134
13114 13634 135 13738 26,700 Texas Gulf Sulphur
10
14
1414 1334 114 14
1434 1414 148 1112 153* 15
154 17,000 Texas Pacific Coal & Oil
10 Texas Pacific Land Trust.100
*580 650 *580 650
625 623 *530 625 *580 825 *580 650
No par
31
*3114 3112 1,600 The Fair
3114 3112 31
*3012 31
3112 30 • 30
31
100
3714 3414 3512 374 354 36
354 42,700 Tidewater Oil
35
3512 35
3538 35
100
3,300 Preferred
100 10034 96
9912 9634 97
97
97
97
974 9718 97
12,400 Timken Roller Bearing_No par
5118 517
5038 5714 5118 5134 5134 5274 5214 5212 5238 53
100
10358 10514 10312 10534 1044 106
10734 10334 53,600 Tobacco Products Corp
10412 110
1063s 108
100
2,800 Do Class A
10818 10818 10712 108
110 110
10834 109
10978 11114 11012 111
334 4
312 334
338 338 10,500 TranseTIOlitemctfnew No par
312 314
338 334
384 334
811
No
par
Williams
Transue
&
*2412 26
*2478 26
*2412 26
*2112 28
52412 26
*2412 26
25
5738 5712 5712 5712 5712 5812 5812 534 *5734 58
575* 57 8 2,200 Underwood Typewriter
100
Paper
Corp
&
Bag
Union
5,100
5034 52
5234 5334 5018 52
5312
52
*523
8
5338 52
5312
25
4034 4114 4012 41
4034 42,8 42
424 4258 4338 4258 43'8 25,800 Union 011, California
100
1,310 Union Tan_ Car
*87 100
*87
*87
90
92
8912 8912 8912 90
9114 91
100
Do pref
*115 117 *115 117 *115 117 *115 117 .115 117 *115 117
No par
2912 3034 3012 30% 3014 307
3018 31
304 3078 8.400 United Alloy Steel.
3014 307
25
9112 9412 9234 9534 9314 9618 29312 9514 9334 9312 9718 9914 87,100 United Cigar Stores
100
Preferred
*115 118 *115 118 *115
*116
_ _ *11512 __ _ *116 ------....._
100
1435 147
142 146
14814 14934 20,600 United Drug
14612 1-5012 14812 149-34 149 1-50
50
000 Do 1st pref
5634 5614 584 56
*5538 5834 056
5658 5614 5614 5634 564
100
United Dyewood
*10
12
*10
*10
12
12
*10
12
*10
12
*10
12
100
1,900 United Fruit
273 275
271 273
269 270 26612 26712 26512 28612 269 270
100
3612 3512 3558 2,100 United Paperboard
35
33
3512 3512 3412 35
35
3678 36
200 Universal Pictures let pfd_100
93
*92
9114 9114 *92
*90
94
90
90
94
*90
94
2134 7.000 Universal Pipe & Rad _No par
20% 2138 2034 2112 21
2138 21
204 21% 2012 22
100
400 Do prof
7012 7012
72
72
7012 704 7334 738 *70
7234 *7018 73
8,200 US Cast Iron Pipe & Fdy_100
177 182
16814 17558 17412 17734 17612 17912 17812 180
174 174
100
1,200 Do pref
10014 10038 10038 10038 10038 10112 *101 102 *101 102
*99 101
4534 46
4512 4534 434 45
4638 4912 50
514 504 5134 29,700 US Distrib Corp tom ctf No par
100
Do prat
•1501
__ *15012 ---- 015012 ___ *15012 _ _ *160 __ _ *15012 _
524 5314 53 -53
5338 -53-78 534 54-34 5434 -54-34 3,300 USHoff Mach Corny t°No par
53 2-53
534 5234 5412 535 5514 5414 5458 13,100 II S Industrial Alcohol____100
5034 51
5.318 5318 49
100
Do pref
•10114 102 *10114 102 *10114 102 *10114 102 *10114 102 *10112 102
3,300 USRealty&Improv't newno par
5612 57
5733 574 582 5718 58
5678 5518 5658 56
56
100
7E34 106,600 United States Rubber
72
7612 7514 7714 75
7112 7312 6958 73
7338 73
100
2,500 Do let pref
10512 107 *10612 107
10534 106
106 106
106 106
1053 106
*4314 4334 43
437 4478 4414 4434 2,400 U S Smelting, Ref & Min_ 50
4333 4312 437
438 43
50
800 Do prof
*4812 49
*484 49
4914 4914 494 4918 49 49
*4812 49
12358 12412 12178 12334 1233* 12414 12334 12512 12558 12658 12618 1274 159,600 United States Steel Corp...100
100
12534 12578 12514 12514 125 12518 125 12514 12518 12538 12512 12558 2,100 Do pref
No par
500 US Tobacco
6118
61
*61
61
*61
63
*61
63
63
6114 6114 61
Preferred
100
_ *114 115
__ •114
_ _ *114
*114
___ •114
*114
10
100 Utah Copper
*96
99
*96 -9V
*96 -96 *96 -9-9
*96 -99
98 -98
&
Lt
A__
.No
par
Pow
Utilities
3312
1,100
7
33
334
3312
3334 *334 33
3312
34
*33
3314 *33
No par
3012 3034 304 3012 3212 5,500 Vanadium Corp
3014 3014 30
*30
3034 2958 30
No par
Van Raalte
•1634 20
*1634 20
*1634 20
*18
20
20
*16
•16
20
100
Do 1st pref
*6812 74
*6812 74
*66
74
75
*66
75
*66
*66
75
100 Virginla-Caro Chem__ _No par
Ds 118 *14
114
112 *1
114
114 *118
1,2 *1
*1
I per share
4118 Mar 8
21 Mar 3
103 Mar 3
2034 Mar 3
4718 Mar 3
10714 Jan 29
2012 Jan 20
91 Jan 5
27 Mar 3
110 Mar 3
10312 Jan 2
113 Jan 8
15 Jan 5
78 Mar 4
21 Mar 3
101 Jan 12
51 Mar 2
5412 Jan 5
72 Mar 2
80 Mar 2
5113 Mar 3
4012 Mar 3
11614 Feb 25
634 Jan 2
76 Mar 3
72 Mar 2
66 Mar 3
55 Mar 3
11412 Feb23
2 Mar 2
3112 Mar 2
212 Feb 27
23 Mar 2
10 Mar 3
758Mar 3
1853 Mar 2
12 Mar 2
1212 Mar 3
50 Mar 3
11912 Jan 12
124 Mar 2
525 Mar 4
29 Mar 3
3414 Jan 12
93 Mar 8
4478 Mar 3
9534 Feb 16
103 Mar 3
3 Mar 4
26 Feb 19
5112 Mar 3
404 Mar 3
3714 Jan 20
85 Feb 25
1134 Feb 24
2512 Jan 21
8318 Feb 4
11478 Mar 4
13658Mar 3
5512 Mar 5
104 Feb 8
236 Jan 7
3112 Jan 6
90 Mar 8
1814 Mar 2
70 Jan 28
164 Mar 3
10014 Mar 8
41 Mar 3
No par
2058 2114 204 207s 4,900 New
2138 2138 2058 2118 204 2058 2034 21
No par
Certificates
112 *114
112 *138 112 .114
115
112 *114 14 *114
*114
100
Do prof
*9
12 ...
12
*9
12
*912 1234 *9
*91z 12
*912 12
No par
400 prof ctfs
12
104 1018 59
*8
11
10
1014 *9
*9
10
10
No par
Do "Er
112 *1
112 *1
112 *1
112 *1
112
112 *1
*1
100
2,600 6% pref w 1
61
61
61
61
6134 61
61
61
6134 6018 81
61
100
600 7% prof w 1
96
*9412 9534 9514 9512 *25
*9414 95
95
9514 9512 95
200 Virginia Iron Coal & Coke_100
*15 ' 46
44
45
50
*42
50
*42
50
*12
50
•42
No
par
(V)
new
Vivaudou
9,200
3
3014
3011 29
2914 29 8 2912 29
2812 2812 2878 284 29
No par
1838 1812 188 187
185* 1884 2,300 Waldorf System
1818 1814
1734 1734 *1734 1814
No par
Waiworth & Co
600
207
*2012
21
208
8
207
*2014
21
21
2114
2114
*2038 21
500 Ward Ba_ing Class A_ _No par
185 165 *160 168
16812 1681 *165 170
168 168
*168 174
No par
6312 6038 6314 6434 6318 64 100,900 Class B
5914 6334 603* 6312 6112 65
No par
2011 Preferred (100)
109
109
110
*109
109
109
110
*109 110 *109 110 *109
10
Pictures
A...
Bros
Warner
1,100
15
15
*148 15
15
15
1454 1434 *1412 15
•1414 147
No par
Warren Bros
*46
47
47
*43
*4512 47
*4512 49
*4512 47
48
*46
new.c.
No
par
Heilbr,
Weber
&
2,200
8
603
8
605
8
62
617
6112
6112
61
6'218 6034 6218 61
61
1,700 Western Union Telegraph-100
141 1411 142 142
140 140
139 14112 13834 140
142 142
7.900 Westinghouse Air Brake__ 50
1144 11612 11212 11278 11412 11511 11612 11812 116 1191_ 117 118
Westinghouse Elec & Mfg_ 50
12,300
715
7212
7214 7218 7234 72
7134
7078 7112 71
7134 72
1712 1712 1712 1734 4,200 West Elee Instrument
1658 1658 1612 1678 1638 1734 1734 18
Class A
500
307
30
30
*293
4
*293
4
30
*2934 30
*2934 30
30
*29
No par
400 West Penn Co
____
*122 ____ *125 ____ *125 .... 125 125 *125 ____ •125
Certificates
----..z.z:200 Do 7% pf tern ett new_100
*99 163
10112 101 101
iliiii iiii" fiii" .011
f6ii; ;OF
100 West Penn Electric A_ -No par
94
*93
953*
9514 94
9514 *93
9514 *92
9514 *90
*90
100
101
100 Preferred
*97
99
99
99
*97
99
3
4
*97
99
*97
99
*97
West Penn Power pref___100
112
*109
*109
112
112
*109 112 *109 112 *109 112 *109
No par
5,500 White Eagle Oil
2758 23
2714 274 2738 271s 2712 28
27
2714 2714 27
50
7814 19,300 White Motor
773* 783* 77
2764 78
78
77
7614 7734 7514 773
337 313
2478 3478 2.400 White RR. 51 & S ctts_No par
343* 3334 343* 3312 3438
3414 3414 33
2,800 Wickwire Spencer Steel ctf__
212
212
23
8
212
8
212
*23
212
212
212
212
212 212
L
27% 27% 284 2712 2818 66,600 Willys-Overland (The)
264 2714 2838 2738 2834 274 27
100
2,800 Do pref
98
98
975* 98
9714 9734 9718 9734 9714 9758 9714 98
No par
Wilson & Co, Inc
5
*412
5
*412
5
*412
4
3
4
*414 512 *44 512 *412
100
Do prat
20
*16
20
*16
20
*16
20
*16
18
*16
20
•16
25
27,900 Woolworth Co(F NV)
1844 1874 18518 18712 18518 188
17814 18438 183 186
18218 185
100
&
M
Worthington
P
8,700
30
3014
2934
3034
3214
3012
3112
29
3112 264 30
30
_100
200 Do pref A
*7412 77
7514 754 *7414 77
76
*7514
77
*7514
78
78
100
100 Do prof B
*55
60
60
*52
60
*55
60 *_ _ __ 60
60
*5812 61
3,500 Wright Aeronautical___No par
29
29
2818 28% 2412 29
28
2812 28
2812 28% 27
No par
800 Wrigley(Wm Jr)
*5218 53
5218
524
53
*5218
4
523
524
5214
25
5214 524 5218
400 Yale & Towne
64
6312 8414 6414 *62
6312 *62
*62
62
62
62
*61
100
30
3034 16,100 Yellow Truck & Ceach
31
304 30
29
2918 2734 2858 284 29
100
29
Preferred
1
600
95
95
96
96
4
9612
*9512
96
9512 *9512
9514 9514 95
8034 7,300 Youngstown Sheet & T No par
7818 8014 7834 8034 79
78
78
7718 73
78
78
_
.
v denO. I- g 11
this
day.
on
sales
no
Priced
•Bid and asked
1938 Jan 2
114 Jan 4
10 Jan 30
9 Mar 3
138 Jan 15
5514 Mar 2
9418 Mar 2
41 Jan 12
2614Mar 4
17 Jan 12
2014 Feb 21
163 Feb 11
55 Feb 1C
108 Feb 10
1238 Jan 21
4438 Mar 3
55 Mar 3
13434 .1 EL/1 11
11118 Mar 3
66 Mar 2
154 Jan 21
2714 Jan 4
118 Mar 2
1224 Jan 1
957 Mar 3
8812 Jan 6
9612 Jan 8
10814 Feb 10
2614 Jan 22
7334 Mar 3
3118 Mar 4
238 Mar 5
2458 Mar 3
118 Jan 19
43* Jan 4
17 Jan 7
170 Mar 3
2634 Mar 8
7514 Mar 10
60 Jan 5
2814 Feb 4
51 Mar 1
6012 Mar 4
274Mar 3
9314 Jan 2
75 Mar 3
457k Jan 2
49 Mar 8
101141Har 2
53 Mar 1
67 Mar 2
104 Mar 4
40 Mar 3
4818 Jan 12
120 Mar 2
12412 Mar 3
564 Jan 4
113 Jan 12
96 Jan 28
3134 Mar 2
29 Mar 3
1512 Mar 3
8814 Mar 4
ss Feb 26
Highest
PER SHARE
Range for Preview
Year 1925.
Lowest
Highest
$ per share $ per share $ per Share
4858 Jan 4
3912 Sept 49 Dec
2318 Jan 4
2158 Aug 2812 Dee
9912 Jan 10614 Nov
10612 Jan 25
2358 Jan 2
1734 Sept 2834 Jan
314 Mar 5458 Nov
5412 Jan 4
109 Jan 14 10018 Jan 10618 De30
247 Feb23
17
Jan 2478 Feb
95 Jan 29
7834 Jan 9418 Feb
3278 Jan 25 2134 Mar 3212 Nov
8014 Mar 14312 Dee
13612 Jan 4
14712 Feb 2
62
Jan 10918 Dee
11718 Feb 8
9954 Jan 11314 Dee
1318 Dec 24 May
1734 Feb 19
8212 Jan 13
7814 Dec 92 May
1512 Feb 36% Sept
3138 Feb 5
92 Apr 108 July
105 Mar 11
Oct
89 Feb 8
4014 Jan 61
5012 Mar 5618 Nov
573* Feb 9
62 May 88 Deo
9212 Feb 4
81
Jan 8634 Dee
90 Feb 5
5112 Aug 6714 Feb
6214 Jan 2
3838 Mar 4712 Feb
463s Jan 2
11838 Feb23 11614 July 119 Feb
16
Jan
558 Aug
10% Feb 10
6214 Mar 82 Dee
8812 Jan 7
55 Mar 9612 Dee
927 Jan 2
61 Mar 8958 Oct
7714 Jan 4
4114 Jan 6858 Nov
6138 Feb23
121 Feb 1 112 Mar 125 Sept
3 Oct 12 Mar
334 Feb 1
384 Nov 437 Nov
414 Jan 4
618 Feb
2 Dec
414 Jan 8
20 May 4138 Jan
2534 Jan 12
57 Mar 1512 on
13 Jan 7
1012 Jan 2078 Sept
1412 Jan 4
1934 Dec 2618 Sept
208 Feb 4
11 Aug 1614 Nov
147 Jan 19
74 Apr 16 Dee
16 Feb 5
4234 Jan 55 Dee
547 Jan 2
9712 Feb 12178 Dal
1424 Feb 19
1078 Aug 2338 Feb
1912 Jan 7
785 Jan 13 255 Apr 657 Deo
3214 Sept 3914 Oat
34 Jan 14
3014 Sept 367 Dee
394 Jan 25
O.-.
99 Nov 101
103 Jan 25
3734 Mar 593 Oct
564 Feb 10
Jan 10134 Nov
70
1104 Feb23
934 Jan 11038 Nov
113 Feb 20
578 May
312 Sept
434 Jan 4
Jan
2412 Sept 35
27 Jan 28
3818 Mar 6514 Nov
6334 Jan 7
Oct
36
Apr 86
7114 Jan 5
33
Oct 434 Feb
46 Feb 5
94 Dec 134 June
94 fa., :.5
11612 Feb 8 11:44 June 11718 May
24 May 367 Mar
31 Mar 5
6014 Jan 11512 Nov
9914 Mar 12
121 Jan 21 115 Dec 1334 Dee
167 Feb 4 11078 Feb 16212 Oct
52
Jan 5818 Nov
573 Feb 25
9 Dec 20 Mar
12 Jau 11
297 Feb 16 2047 Mar 246 Sept
3812 Mar 2
1814 Apr 334 Dee
95 Jan 6
947k Dec 10312 Oat
26 Dec 507 Feb
2834 Jan 5
65 July 94 Feb
784 Jan 5
21014 Jan 4 13114 Apr 250 Feb
91 July 113 Aug
104 Feb 2
304 Feb 6314 Dec
614 Feb 13
130 Mar 250 Deo
Jan 494 Oct
23
5938 Feb 4
Oct
7014 Dec 98
7512 Jan 13
10414 Jan 13 102 Dec 115 June
___
717 Jan 4 ____ ___ ____
8814 Jan 23
3312 Mar 9712 NoV
109 Jan 19
9234 Mar 1087s NOV
497 Jan 2
30 Feb 51 Del
50 Jan 4
44
Apr 4914 Dee
13812 Jan 4 11238 Mar 13914 Nov
1274 Jan 28 12218 May 138 Nov
63 Feb 19
5112 Mar 5914 Nov
1144 Feb26 1053* Apr 114 Sept
105 Feb 11
82 Mar 111 Nov
37 Feb 15
32 Aug 38 Aug
2558 May 3434 July
3234 Feb 16
22 Feb 8
1514 Aug 26% Nov
75 Feb 11
60
Apr 80 Nov
17 Jan 15
834 JulY
14 Sept
2512 Feb 3
177 Dec 217 DeO
158 Feb IS
5 July
78 Dec
11 Feb 3
812 Jan 2312 July
114 Jan 7
4 Mar 20 Nov
47 July
158 Jan 8
78 Aug
69 Jan 4
5614 Nov 6378 Deo
9818 Jan 5
9214 Nov 9512 Deli
45 Mar 11
30 June 46 Deo
2834 Deo
3258 Feb 10
714 Jan
1978 Feb 11
19% Jan
1412 Aug
23 Jan 4
2114 Dec 2414 Dee
195 Jan 2 116 Apr 198 Deo
85% Feb 1
3714 Mar 954 Oct
11012 Jan 15
9412 Feb 112 Deo
1818 Jan 6
278 Oct
174 Dec
012 July
5018 Feb 18
43 June
854 Jan 13
51
Apr 1004 Den
14738 Feb 4 11614 Jan 14478 Sept
12814 Feb 9
Apr 144 Aug
97
Jan
7/512 Feb 10
6614 Mar 84
10 Feb 16
914 Apr 2012 Aug
3112 Feb 24
195* Mar 28% Dee
130 Jan 27
9714 Sept 145 May
12414 Jan 5 107
Oct 125% Dee
101 Mar 11
94 Apr 100 July
97 Feb 11
1004 Feb 19
112 Jan 16 1-04-Jan iii July
2934 Feb 10
254 Aug 3134 Feb
90 Feb 11
5718 Mar 10412 Aug
3838 Feb 3
334 Dec 4938 Aug
338 Jan 6
2 Dec
53 May
34 Jan 4
918 Jan 347 Nov
Dee
99 Feb 4
1237
7214 Jan
54 Feb 10
44 Dec 1334 Mar
174 Feb 2
17 .Sept 60 Mar
Oct
222 Jan 4 11214 Jan 220
445 Jan 6
3514 Aug 793* Jan
Jan
88
80 Feb 2
76 Nov
65 Feb 24
58 Aug 7634 Feb
33 Feb 18
16 Mar 323* July
5934 Feb 11
4512 Mar 5714 Oct
6414 Jan 5
62 Sept 7014 July
3273 Feb 9
227 Oct 408 Oct
Oct
9612 Feb 26
9) Oct 100
897s Jan 4
GI Mar 924 Not
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of guoting bonds was changed and
prices are now "and interest"—except for Owens and defautied
bonds
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 12.
r
Price
Friday,
Mar,12.
Week's
Range or
Last Sale
la
Range
Since
Jan. 1
BONDS
N.Y STOCK EXCHANGE
Week Ended March 12.
1433
B
Price
Friday,
Mar. 12.
Week',
Range or
Lad Sale
Rang.
MSG
Jan. 1
U. S. G
ment.
Bid
Ask Low
No.High
Low
High
First Liberty LoanBid
Ask Low
High No. Low
MO
Netherlands Os(flat prices)._1972 M S 107 Sale 10634 107Is
335% of 1932-1947
24 106% 10912
J D 1001,2 Sale 1001532 1011351 401 9912,4 01582
30-year external 6s (flat) .1954 A 0 104 Saie 103
Cony 4% of 1932-47
10413 69 10314 104%
J D 1001118810111
100 Feb'26 -- 100
/
4
2
0043
Panama
(Rep)
544s
Cony
tr
rets_1953 J D 10254 10312 10214 10214 20 10012 1021
% of 1932-47
J D 102531 Sale 102532 1021322: 218 1011713 021743 Peru (Rep
4
of) external 813-1944 A 0
24 cony 434% of 1932-47
Sale 10218 103
28 10112 105
J D 1011in 102 10134,,10134n!
1 101du 01"s4 Poland (Rep of) gold Bs__ __1940 A 0 10234
Second Liberty Loan6814 Sale 68
6812 34
67%
68%
Ext'l
a
f g &Interim reets_1950 J J 8972 Sale 8918
4s of 1927-1942
90 177 88 91
M N 100 10033 9931n 9931n
2 99112,001%. Porto Alegre (City of) 8s___1961 J
Cony 4)4% of 1927-1942
D 100% 101
9912 100
10 9832 1011
MN 10015w Sale 1001422100"n:1428 loot% 101
.
Queensland (State) ext 176_1941 A 0 11012 Sale 11012 11112 29 11012
Third Liberty Loan114
25-year Os
434% 01 1928
1
F
A
1041
1947
/
4
10514
10512
10514
12
M
10412 106
S
1092848
1015,2
Sale 101132 101%1 2870
011n Rio Grande do Sul 8s
Fourth Liberty Loan1946 A 0 10115 Sale 101
10114 34
98112 10132
Rio de Janeiro 25-yr a f 8s 1946 A 0 101 Sale 10012 101
438% of 1933-1938
28
A0 1021722 Sale 10211z:10251w 1494 10121
9714 10214
/
42 02"w
25-yr ext.! 88
Treasury 4315
1
4 Sale 10015 10034 26
1947 A 0 100/
1947-1952 AO 1072322 Sale 10774110777n 274 106744 08'w
97 1017s
Rotterdam
Treasury 48
(City)
extl
1313-1964 M N 10438 Sale 10414 104/
1944-1954
1
4 16 104 10514
State and City Securities, J D 104522 Sale 104132 1011112 395 10251n 041851 El Salvador (Rep) 88
1948 J 3 10614 Sale 10314 10614 23 103 108114
Sao Paulo (City) a 188
Y City-44s Corp stock_1960 MS 100
1952 M N 10354 Sale 103
7 101 10414
1.1)4
_ _ 10014 Mar'26 _- 100 101
San
438s Corporate stock
Paulo
(State) ext a f 88_1936 J J 10534 Sale 10414 106
18 10214 10812
1964 MS 10058 10114 1014 Feb'26 10012 10112
44813 Corporate stock
External
a
f
85
int
10312
J
Sale
J
rects_1950
102
/
1
4
71
1966 AO 100/
104
10112 1002
1
4 10114 10158 Feb'26 _- 10012 101/
1
4 Seine (France) extl 7s
448e Corporate stock
1942 J J 8834 Sale 8712
1972 * 0 10054
88/
1
4 70 8512 91316
10114 Jan'26 -- 1004 1014
4349 Corporate stock
90 91 94
93
1971 J D 1054 106 10512 Jan'26 -- 10512 10512 Serbs, Croats Az Slovenes 831_1962 M N 9278 Sale 92
4448 Corporate stock _July 1967 J
Soissons
(City)
Os
3
M
83
D
N
5
7
4
8
10
8
104
6
8
3
4
1936
4
1
7
3
8
6
1
8
5
10
84
83 85
J 1041
/
4 10534 10418 105
4 104/
1
4
/
4 Sweden 20-Year 65
434s Corporate stock
1939
1965 3D 10434 10555 10514 Feb'26 -- 10458 1051
10513 14 10484 10634
10512
434s Corporate stock
External loan 534s
10212 36 10112 1033,
1954 M N 10212 Sale 102
1963 M
104/
1
4 10514 104/
1
4 104/
1
4
1 1044 105% Swiss Confed'n 20-yr 5 f 8a_ _1940
4% Corporate stock
J
J
116
/
1
4 Sale 1163, 117
1959 MN 9734 Sale 97%
17 11812 1174
9714 984 Switzerland Govt eat 5345-1946 A 0 10414
9754
4% Corporate stock
2
Sale 103/
1958 MN 9755 9812 98
1
4 10414 85 103 10611
Feb'26 _98 98 Tokyo City 55 loan of 1912_
4% Corporate stock
_1952 MS 79 Sale 69
69
2 87 701s
1957
N 97/
1
4 Sale 97%
9778 98 Trondhjem
97%
8
% Corporate stock
(City) extt 6346_1944 J J 100 10014 100
4 9914 101
1956 MN 96/
10014
9714 9714 Uruguay (Republic)
1
4 ---- 9714 Mar'26
4% Corporate stock
eat
Sale
1081
F
A
/
4
8a_
10852
_1946
109
19
1955 MN
1083s 111
96 Oct'25 -434% Corporate stock_..1957
Zurich (City of) a f 8s
1945 A 0 108 Sale 10712 10814 28 10712 11034
MN 10414 105 10412 Mar'26 -434% Corporate stock
Railroad
1957 MN 10414 105 10414 10414
2
Ala Gt Sou 1st cons A 5a_ —1943 J O 10138 10212 1011
334% Corporate stk _May 1954 MN
/
4 Mar'26 ---- 1C174 10172
8814 Jan'26
Ala Mid 1st guar gold 55....-1928 MN 100 1(12 101 Feb'26
3)4% Corporate stk_Nov 1954 MN
- 101 10112
8834 Jan'26
New York State Canal Im_481961
Alb & EUSCI cony 334s
AO 85 Sale 85
1946
85
5 8414 85
33
10158 Jan'26 - -45 Canal
Alleg & West 1st g 4s gu_ _ A998 AO 821
/
4
84
Oct'25
1942 J
101% Mar 25
Alleg
434s Canal impt
Val
gen guar g 45
94 Feb'26 -- 928*
1942 MB 9214
1964
'
3
11014 Mar'26 -- nit; 11-1T14 Ann Arbor let g 4s
45 Highway impt registeed1958
7712 0a-l-e- 7712
July 1995 Q
7834 30
7572 7312
1027 July'25 -Atch Top & S Fe—Gen g 45_1995 AO 9058 Sale 9012
Highway Improv't 4345_1963 MS
181
91
8912 9112
1084
Oct'25
-Virginia 2-35
Registered
AO
884 Mar'26
1991 J J
8874
90
7612 Feb'25
Adjustment gold ts__July 1995 Nov 8514 SaJe 33484
Fondsn.G orernment.
8614 11
gjus gg
Stamped
Argentine (Nat Govt of) 7s-1927 FA
861
/
4 14
July 1995 MN 8514 85% 85
844
10112
10012
8812
1021s
Sale
10112
45
10134
St Os of June 1925 temp_ _1959
Registered
MN 81
83% Jan'26
834 834
O 9854 Sale 97%
(333 99
98% 187
Cony gold 48 1909
Eat! a f 6s of Oct'25 temp_1959 J
87 Feb'26
1955 3D 8452
8474 87
AO
1
4
95/
1
4 99
9812 105
Cony 4s 1905
Sinking fund 65 Ser A__..1957 MS 9812 Sale 97/
8534 Mar'26
1955 3D 88
8412 8714
9912
Sale
9812
9912 88
964 951
Cony g 4s issue of 1910.-1960 3D 884
/
4
External Os Series 13. Dec 1958
864 Mar'26
8312 8614
9534 99
9834 72
East Okla Div 1st g 45_ _1928 M
Argentine Treasury 56 E__ _1845 J D 9834 Sale 98
98/
1
4 Sale 98%
3 9844 6974
9914
▪
B
87
8712
88
Mar'26
863
2 88
Rocky Mtn Div let 48_ __ _1965 33 8754 89 8712 Feb'26
Australia 30-yr 5s.._ July 15 1955 J J
8612 8712
gots 98
9754 Sale 9714
97/
1
4 319
Trans-Con Short L 1st 4s..1958 33 8912 90 88
Austrian (Govt) s f 7s
2 88 90
89
1943 3D 10112 Sale 10114 102
1
4
26 imps 102/
Cal-Ariz 1st .4 ref 4345 A.1962 M
Belgium 25-yr ext at 734a
95/
1
4 961
/
4 954
9514
9472
9574
3D 11014 Sale 10914 1104 32 109/
3-194
11114
5
1
4
Atl Knoxv & CM Div 4s......._1955 MN 92
20-years f 8s
92
3 9014 92
92
1941 FA 10734 Sale 1074 108
1
4 Atl Knoxv & Nor let g 55-1946 J O 10234 Sale 103
38 107 108/
25-year ext 6345
Dec'25
1949 MS 9414 Sale 9355
92
92%
9414
95
Atl & Chart A Ist A 4 Ms_ _1944 33 97
Extl a 1 Os Inter rcts
9634 Mar'26
i9654 9734
1955
'
3 87 Sale 8614
88% 87%
8714 157
let 30-year 53 Series B..__ _1944 33 103 Sale 102% 103
Extl a I 78 inter etfa
102/
1
4 10332
1955 J O 9614 Sale 96
954 9731 Atlantic City 1st cons 48_ _1951 J J 8458
9614 104
Bergen (Norway) of 88
8512 July'24
_
1945 MN 113% Sale 11312 11414
115
11314
3
Coast Line 1st cons 431_51952 MB 9358 Sale 9312
25-year sinking fund 68_1949 AO
94% 72 924 9434
98 10012 AU
99/
1
4 Sale 99%
9912
6
1O51
10
secured
-year
Berlin (Germany) 0455
7s
MN
1055
Sale
1930
5
8
106
1950 A0 8714 Sale 87
10514 107
884 88
87% 66
General unified 4348
Berne (City of) at fts
1964 3D
7 9414 9814
9412
9512
1945 MN
Sale 10714 10712 15 107 108
L & N coll gold 4s____Oet 1952 MN 9212 &tie- 92
Bogota (City) ext'l a I 88__ _1945 AO 10714
7734
9
78
2/
1
4 24 9132 9434
9914 Sale 9814
9624 1M) Atl & Deny 1st g 48
9912
38
J
Bolivia (Republic of) 8a
77
/
1
4
78
1948
6 7712 7812
1947
99/
1
4 Sale 994 100
9912 1011s
52
Bordeaux (City of) 15-yr 65_1934 MN
2d 4s
6812
1948 J 3
4 6814 696a
6812
MN 85 Sale 84
85
8212 56% Atl & Yad 1st g guar 413
62
Brazil U S. external 88
7712
78
20
1949 * 0
1941 3D 102/
7712 7934
1
4 Sale 10114 10214 68 101% 104
78 (Central Ry)
100
W
Ist gu g 5s
A&N
J 3
101 10013 Mar'26 -- 100% 100%
1952 J D
89% 94 Bait & Ohio 1st g 48..__ _July 1941
9214 107
75s(coffee eecur) (flat)_1952 AO 9214 Sale 9114
18 8914 W41s
1948 * 0 907a Sale
9 19512 10714
Buenos Aires (City) extl 63451955 J J 10654 107 1064 107
89/
Registered
1
4
90
20'2
July
1948
Mar'26
Q
P
8814 90
Canada (Dominion of) g 58..1928 * 0 99 Sale 9814
1
4 04 1e
10-year cony 43.48
1933 MS 95/
95.14 196
-- 954
9931 52 9714 !0„1„
94 957s
9934 100 100
100
2 100 3"v'4
Refund & gen 58 Series A_1995 3D 95/
58
9534 181
1
4 Sale 9513
fah 97
1931 * 0 10134 Sale 10158 102
20
1015
10-year 5348
103
8
Sale
58
A
1st
Int
g
102
ctfs
0
10234 10312 38 10212 106
'
3
1948
1929 P A 10214 Sale 1024
54 10112 103's
5s
10-year 6s
1929 J 3 10254 Sale 10234 10314 55 10274 1034
1952 MN 10318 Sale 10255 10212
10318 88 10258 154
Carlsbad (City) a f833
Ref & gen 6s Set C temp_ _1995 J O 10618 Sale 105
10612 60 104 107
1954 33 10212 10312 10312 10312
10312
10112
(Republic)
Chile
PLE&WVaSysref 48_1941 MN 9034 Sale 9012
extl a 1 85_1941 FA
9114 88
8133s 91/
1
2
External 5-year a f 8s__ _1926 AO 10812 Sale 10734 10812 11 10712 1091
993
/
4
9919
Southw
Div
8
Sale
J
hat
55
8 98 9934
1950
10112 Sale 10112
/
4
10112
1021
20-year extl 7a
/
4 Tol & On Div 1st ref 4s A-1959 J J 77 7754 77 Mar'26
1942 MN 10114 Sale 10012 1011
74
3
4
78
Iowa
10212
1013
4 30
601
/
4
25-year a 1 811
Battle Cr & Stur 1st gu 38..1989 J O 601±.
624 Feb'26
1946 MN
81 621
,
109
17 303 109
Chile Mtge Bk 630 June 301957 3D 10814 109 108
93/
1
4 -95 94 Feb'26
93 94
Sale 96/
1
4
97
Chinese (lIukuang Ry) 533_1951 3D 96%
75
9434 58
Registered
J O 9214 -___ 9034 Nov'25
4512
Sale
4512
4738 22 012 4818 Beech Cr Ext 1st g 3Ms_ _ _1951 AO 807714 Dec'25-Christiana (Oslo) s 1 8s
1945 AO 110 11012 110
110
4 110 11212 Big Sandy 1st 48
30-year a f 6s
93058
12 :
.
7
-6
:: 7
9614
0 mar
9.
0216
4 ___! 897* gOla
1944 3D 7
1954 MS 10018 Sale
10072
3 9938 101 B & N Y Air Line 1st 4a__..1955 FA
30-year a 1 68
1955 MN 100 Sale 10012
7314 7812
9878 101 Brum 48 w 1st gu gold 46.__1938 .1
99/
1
4 10012 26
Colombia(Republic )6445_ _ _1927 AO
931/4
Jan'26
934 Ms
Copenhagen 25-year at 5148_1944• .1 100 Sale 9934 100
53
99% 19011 Buffalo R & P gen gold 5s_ _1937 MS 10112
101': 10
22
- -- 10
312 Mar'26
102
10214
99
Sale
10014
9814
9914
98/
1
4 21
Cordoba (Proy) Argon 7a_ _ _1942 J J
Consol 434s
89 88/
89/
1
4
1
4 20 8712 90
1957 MN 88
97
9712 97
9714
2
Cuba 53 of 1904
9514 99
Registered
MN
_ 8714 Feb'26
1944 M
8714 8714
1
4 10012 10012
99% 1004 Burl C R & Nor 1st 56
External 58 of 1014 Ser A_1949 FA 9954 100/
3
1014 Feb'26 -- 10014 10114
1934 * 0 iooig
984 98/
9814 10012 Canada Sou
1
4 99 Feb'26
External loan 4348
cons gu A 5s_ _A962 AO 103% 1615; 10312 10312
1949 FA 8912 9012 903
7 102/
1
4 104
33824 9054 Canadian Nat 4348_1:tent 15
4
9014
1
5355
1953 33
1954 MS 9312 944 9434 Feb'26 -- 9314 9474
Czechoslovak (Repub of) 85_1931 AO 10234 Sale 10218
10214 87 1002,4 103
5-year gold 434sFeb 15 1930 FA 98% Sale 98/
1
4
99
17
98% 99%
102
Sale
10034 102/
100/
1
4 102
1
4 Canadian North deb 5 f 7(3_ _1940 J O 11514 Sale 115
Sink fund 8sSer B Int etfs_1952 AO
93
11514
17
114/
1
4 1171
10114 Sale 101
/
4
10112 63 10012 10212
Ext'l f 7356 Ser A
20-year at deb 6445
3 117 118/
1945 AO
1946 J J 11758 118 11712 118
1
4
99
Danish Con Municlp 88 A _ _1946 FA 99 Sale 98
170
957s 014
10-yr gold 4Hs_ _._ Feb 15 1935 FA 96/
97
12
1
4 9712 9654
9612 0714
11012 Sale
aeries B a 1 8a
21 11018 112 Canadian Pad Ry 4% deb stock_ J J 8213 Sale 828314 107
1946 FA 1104 111 11014 111
804 83/
1
4
110
Denmark external a t Ba
11038 15 110 112 Carb & Shaw 1st gold 45__ —1932 ▪ S 95/
1
4 --__ 934 0ct'
1945 AO
3
215
4
20-year 613
Caro Cent 1st con g 4s
811
1942 J J lei- Sale 10972 Oct'25
/
4
/
4
811
1938 3D 958._
Ill! WI;
10234 10334 16 1-014 ilia; Caro Clinch & 0 1st 3-yr 56_1938
Dominican Rep Con Adm a f 5e58 FA
1
4 10i- 10212 Mar'26 -- 102 10372
3D 101/
1018i _ _ _ 103 Feb'26
Custom AdmInIstr 5 Ms- 1942 M
_ -- 10112 1°3
Ist & con g 68 Ser A
1
4 Sale 107/
1
4 108
1952 J O 107/
7 107% 10814
1
4 Cart & Ad 1st gu g 48
9374 99/
Deitch East Indies extl 68_ 1947 33 9812 Sale 9734
9812 36
1981 J O 85- 811
/
4
8154
2 8174 8814
104% Sale 10414 104% 55
104
10614
40-year Os
Cent Branch U P 1st g 45_ 1948
80 -81-12 80/
1962 M
1
4
Mar'26
7912 83
10415
Sale
30-year extl 544s
1953 MS 10214 Sale 10415 104% 26 104 1054 Cent New Eng 1st gu 4s_ _ _ _196113 3 7018 7072 7015
7014
2 68 73
10214
10312
10112
102
30-year extl 5348
1
Central
14
973,
Ohio
Iteorg
430_1930;
98
/
1
4
___
1953 MN 102% Sale
M S
Oct'25 -10214
102%
French Repub 25-Yr extl 85_1945 MS
16 102 ,ie4 Central of Ga 1st gold 5s___p1945'F A 10418 Sale 10418 10418
5 1-0-31;1-64-4
,
/
103
20-yr external loan 734a_ _1941 3D 1024 Sale 101
246 Raps ay.
Consol gold 5s
3945M N 10214 10314 1034 Mar'26
10212 10374
98% Bale 9714
97/
1
4 9954
External 7s of 1924
99 402
Registered
101% Feb'26 -- 101% 101%
1M N
1949 J O 8912 Sale 87%
90 413
Finnish hiun Ln 631a A..„-1954 AO
8814 91
10-year secur 65___June 1929 3 D 10212 103 10212 103
9 10212 103%
9211
External 6145 Series II_ __ -1954 AO 9114 Sale 91
92
12
90
Ref
&
gen
530
1037g
10318
Sale
12 101% 10413
Ser 13
1037
1950A 0
9112 Sale
92
Finland (Rep) extl 65
90 gght
2
Chatt Div pur money g 45_19511J D 87 ___ 8712 Feb'26
1945 MS 87% 88 9111
8614 8712
8734
External at 7s
88
87 90
21
Mac & Nor Div 1st g 54_1946.5 5
Dec'25
1950 MS 97 Sale 97
9714 44
German external loan 712._.l949 AO 10254
954 58
Mobile Division 55
1946tJ
5
Sale
102
102/4 581 101/
German Cent Aerie Bk 7s_ _1950 MS
1
4 10275 Cent RR & B of Ga col! g 55_1937 M N 10911158
19
900
8
94
b2
26
98% Sale 9614
-01F7i
04 97 Central of N J gen gold
96% 150
(It Brit dr Ire'(UK of) 544.'21937 Fl. 1054
4 Iowa
10915 23 10858 10934
55_ _198713 3 101704 1003Sale
10-year cony 534s
Registered
10814 Sale 10812 10834 -- 10838 1088
1929 P A 11834 Sale 10414 10512 83 10414 1061s
k1987
J
Q
4
Greater Prague 734s
118% 75 11734 119 Cent Pac 1st ref gu g 4s
1952 MN 98 Sale 118%
9012
Sale
/
1
4
89
_1949
9038
20
A
F
8878 9112
98
Greek Govt 7s
937s 99
53
Mtge guar gold 330
1964 MN 86 Sale 97
9634 94
1
4
k1929'5 D 9634 9743 96/
9674 9714
851. 8712
86
Haiti (Republic )68
Through St L lot gu 415.„19541A 0 884 90 88 Mar'26 -1952 AO 98 Sale 86
87% 88
9612
9584 9814
98 --55
Hungary (J(Ingd of) at 7355_1944 FA 96
Guaranteed g 58
99161 174
1
4
1960 F A 994 Sale 98/
Sale 96
9712 994
9714 23 944 98 Charleston & Savannah 7s_ _193613
Ind Bank of Japan 6% n0te51927 FA 10014
J 11614 ____ 11212 Feb'25i---10052 Ches & Ohio fund & impt
Italy (Kingd of) ext'l 7a._ 1951 J O 9412 Sale 1004 10014 98
994
101
Sale
1003
13
4
101
58.1929,3
3
Sale 944
1005, IOC
Japanese Govt k loan 4s_...1931 J J
9412 593
94
hat
consol
gold 55
1939 M N 10312 104 10284 1035,
7 10211 104
8614 Sale 8534
30-year s f 634s
8614 39
8338 87
Registered
1954 FA
10214 10118 Nov'25
1939M N
9412 433
Oriental Development 65_1953 MS 94% Sale 9313
9255 941z
General gold 434s
114
1
4
1992,M S 94 Sale 93/
94
Sale 8812
92 94
8914
88/
1
4 41
Lyons (City of) 15-year 6s._1934 MN 88%
85
Registered
9013 July 25 -1992M 8
1
4
Marseilles(City of) 15-yr 65_1934 MN 8514 Sale 83/
8514 39
8234 8614
20-year cony 4448
1930,F A 9812 Sale 9814
9812 85
85 Sale 83
ITSr
8612
8514 93
Mexican Irrigation 4)4e..1943 MN 304
823
4
30-year
cony secured 5s_1946'A 0 14914 Sale 138
1501
/
4 2232 124 13
3114 30 Mar'26
Assenting 8 1 4 Ms
04
30 31
Registered
1943
14312 14313 10 130 14312
A 0
304
32
Mexico(US)extl 53 of'99 £_1945 QJ 40
28% 34%
30
Craig
Valley
9858
____
1st
g
9812
58
Dec'25
1940LI 3
70 4213 Feb'26
Assenting 58 of 1899
4212 45%
Potts Creek Branch 1st 4s_1946;3 J 81
1945
85 83 Oct'25
3614
3712
3612
43
Assenting fe large
38
3412
61
R & A Div 1st con g 4(3_1989J 3 861
/
4 --__ 864
87
3
8684 875*
4014 Jan'26
Assenting 58 small
3734 4034
2d consol gold 45
84
3
198913 J 84 Sale 84
827a
3712 May'25
Gold deb 4s of 1904
1954
Warm Springs V 1st g 533._1941,M S 9314 100
9854, Oct'25 ----2284
13
1
s
2714
Jan'26
Assenting 4s of 1904
Chic
68
&
Alton
.1949'A
0
Mar'26
RR
ref
-g
35.._
2314 Sale 23
65 68;
7
Assenting 4s of 1904 small_
2414 30
6252 Nov'25
Certif dep stmpd Apr 1925 tot -2314 Aug'25
Assenting 49 of 1910
Ctf dep stpd Oct 1925 tot---------- 667 68 67/
1
4 Mar'26
JJ -554 -26-1Z 25
64 Ifs;
/
1
4 Oct'25
Assenting 48 of 1910 large
Sale
58
56
Railway
first
304
5812
lien
3304
1950
3 3
_
ai1
/
2 58%
2558
.
8 -HT;
26
Assenting 4s of 1910 small__ _
5 ii5
Ctrs dep Jan '23 &sub coup_ I--- 56 Sale 5312
56
42 61 564
2414 Sale 24
23% 2912 Chic Burl de Q-111 Div 3358-1949
24%
Treas loot '31 assent (large)'33 JJ 411
Sale 8412
85
29
15 3 8455
/
4 43 43 Feb'26 26
8314 86
43 47
927g
____
Small
927
Illinois Division 48
11
1949,J 3
935*
914 934;
4112 47
997k 100
997
Montevideo 79
997, 26
Nebraska Extension 48.-1927,M N
1952 113 9812 Sale 414 Mar'26
964 100
98
9812 36
98 100
Registered
Norway 20-year ext! Os
'M N 9838 ____ 9834 Sept'25
1943 FA 101 Sale 101
101%
45
1004
93
95
General
external
6s
102
92
,
-year
/
1
4
45
20
93
1958 M S
8
1944 FA 101 Sale 101
lir10134 50 10072 1014
lat & ref .5s
1971,F A 104 10414 104
104
30-year external 6t3
1952 AO 101
6 1.0258 woo
10112 10112 15 101 10212 Chic City & Conn Rya 58.-1927
40-year a f 5145 temp.,. 1965 3D 9634 Sale
51/
1
4 23
A 0 5172 Sale 51
Stale 9614
4912 68
9614 93
95 974
$es. a Duo Jan. 8 Due July 8 Dna
Aug. 'Des Nov. a Cmtkm Ws.
-or
2212 2912
New York Bond Record-Continued-Page 2
1434
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 12.
hE
Price
Friday,
Ilfar. 12.
Weat's
Range or
Lan Sale
ill trc:
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 12.
12,
,
,
.
gr
....0.,
I
Price
Friday.
Mar. 12.
14 I
Week'S
_1
*
Range or
35
Last Sale
Rona
Moro
Jan. 1
Jan. 1
CO I
High
Mob No. Low
Ask Low
Rid
High
Wok No, Low
45k Low
Rid
Mar'26 .....1 86 83
1940
10611 Jan'26 ____ 10612 10,03 Erie& Pitts gu g 3345B
8912 ____ 8458 Aug'25
.1,
Chicago dr F.aet III Is 68_1934 A 0 106 10714
./
C
Series
7812
734
93
4
763
7634 Sale 75
-991-e 14913I8 Sale 9912 Mar'26 ---C& E Ill RR (new co) gen 58_1951 M N
2 lt1158 10234 Fla Cent AC Penn 1st ext g 58_1930 J J, 10(138
s
9814
0%
07
438 19
1982 51 N 1024 -- 10234 10234
102 10018 Feb'26 ___ i
Chic & Erie let gold 54
1943 J J
Consol gold 55
6418 6812
6512
674 274
98
97 , 96
____
0
J
59
Chicago Great West let 48..1959 M 5 674 Sale 11218
43413_19
1st
Coast
East
11218
Florida
1.1158
11218 10
11
9718
997
128
9814
Sale
9814
9734
5
51
ChM Ind & Loulsv-Rel 681947.1 .1 1124 Sale
1974
1st & ref Is Series A
101 101 1z
10112 Feb'26 __ _ _ I
1947 J J 10018
Refunding gold 58
Fla West & Nor 75 Series A..1934 at NI --------178 8 Nov'25 10 Iiis Iii
Jan'26 --- - ' 79% 80
80
90
62
607
61
6014
N
51
52
Refunding 48 Series C-1947 J 2 85
4
348._19
Gloy
&
Johns
95% Fonda
92
I
9514
1966 M N 954 _____ 9514
..1 9034 - - .... 9014 Dae'25 ____I
General 56 A
10714 13 10314 10714 Fort St 11 D Co lot g 430_1911 .1 D 10334 _
_ 107
May 1966 J J 107 8
10512 Jan'26 ---- 1-111- 11761;
1961 2
General fig 13
7934 Feb'26 -_-' 7955 7934 Ft W & Den C 1st g 534s__
9612 98
5
98 1
9618 9712 9314
.1
,2
Ind & Louisville lot gu 48_1956 .1 .1 7918 12
48_1928
Iota
9012 Feb'26 ____I 894 9012 Ft Worth & Rio Or
90
I 107 10818
10814
33'A 0 10814 Sale 1084
615.....19
Chic Ind At Sou 50-year 4s.-1956 .1 .1 88
1st
Val
&
Nlo
Frem
__
Elk
____,
Nov'25
944
4 Feb'26 _ _I 10013 10034
11103
1004
N
10192
M
1931
Chic L a & Fast let 434s-1969 J D 9478 9578 51
56
15
1st
&
M
A
&
S
OH
Feb'26 ----I -5-0-34 -523-4
10012 101
J 484 5038
1931 J .1 10014 10034 19038 Feb'26 _
CM & Puget Sd let gu 48__1949J
24 extens Is guar
51 14 524
I
503 517 Feb'26 ---,
9312 95
48
6
94,8
Certificates of deposit
8138 MIL, Gale Hoes & Bend 1st 55_1933 A 0, 9458 Sale 944
82 , 17
8113
25
10414 10615
11104
10518
____
____
1
J
1957
5s
f
9
Ch M & St P gen g 4s Ser A _81989 J J 8218 Sale 7114
1st
6
7014 71 12 Genesee River
7113
Sale
7112
96 974
J
J
___I
Mar'26
9713
10014
13_
_e19,519
Ser
10018
General gold 334s
9038 9212 Ga & Ala Ry lot cons 5s____o1945 J J
9
9118
914 sale 91
9634 9714 1004 Mar'26 _ - - 10018 10012
Oen 434s Series(__May 1989 J y
4934 5371, Ga Caro & Nor lot gu g 55_1929 J J
5012 56
5018
Sale
5
5013
71
0
71
A
014
70
A
4344_02
0
A
Series
1446
ref
&
Gen
504 81' 4312 5312 Georgia Midland let 35
214
77
5012 5138 50
11534 9
97 Feb'26 _ __I 63
97
Certificates of deposit
5314 Or It& 1 ext 1st gu g 4349_1941 J 2 9313 116
48
11
50
49
11538 13 11434 116
11318
Gee ref cony Ser B 54.__a2014 1 A' A 50 Sale
Grand Trunk of Can deb 78_1910 A 0 11514
4712 53
5012 15
434
Sale
8
49
1067
10734
68
8
10718
1067
Sale
8
deposit
1067
of
5
tes
193682
Cert!flea
.__1 10212 106
15 year if 13s
11212 171 10954 113
1935 5- J 10312 10418 10312 Mar'26
11218 Sale 1114
lert sec 6s
484 53513 Great Nor gen 78 Series A.._19313I.1 .1 ----494 12
----11214 Feb'26 ____ 11214 11214
1932.1 D 4978 Sale 4878
IJ .1
Debenture 4349
Registered
4;34 5314
15
4914
4812
95
93
Sale
9418 12
--49
'
93
___
Sale
Certificates of depoeit
1st & ref 43.4s Series A__1961 J .1 944 Sale
47% 534
4914 35
49
50
43 10258 105
49
10;
1034
. :I i
1925
1952 J .1 10414
Debenture 4s
4712 53
General 5345 Series B
494 16
4813
Sale
,4
4
100
158
493
974
10014
9912
Sale
deposit
100
tes
of
J
Certifica
197313
5338
49
General Is &Hese
4
50 ,
7812 7914
80 1 7914 Feb'26 ____
1934.1 J 50 Sale 49
25-year deben ure 4s
Green Bay & West deb ctfs A____ Feb 75
4812 53
49 ' 19
1334
1534 1932
1,
4
133
'
16
154
Feb
Certificates of deposit ____!____ 4858 Sale 4312
li
9934
Debentures ctfs
1927.1 J 994 993 9918 Mar'26 ----` 9812
1940 NI N 8812 ____ 8818 Jan'26 __ -.1 8834 8834
Chic & Mo WY Div 58
9912 9934 Greenbrier Ry 1st gu 4s
1
99'2
,2
14 101 10414
104
950A 0 104 10412 101
ChM& N'west Ex148___11386-1926 F A 9912 Sale 99
99% Jan'20 ____I 9983 99[1 Gulf Slob & Nor 1st 530_1
100
994
1, 104 105
10414
AI
F
6
1886-192
.1 .1 10412 10312 19414
ed
_91952
Register
2
7458 7812 Gulf & S I 1st ref & t g 5s__
77,8
1987 M N' 7613 7714 7718
N ._ -- ____ 864 Feb'26 - - -.' 8434 8614
M
4
General gold 3348
1st
4s._195
Ches
Pt
&
R
.-_Harlem
July'25
721z
9414 27
9134 944
9312
94
9314
J
J
9
Registered
4348_199
g
cons
4, 2;5% -8812 Hocking Val 1st
874
_ 9012 May'25
1987 M N 87 Sale 87
General 49
1999 J 1 8614
ceirsetdg
Tist
Reg
IT 2,
2
88 Feb'26 ----I 8358 88
.7
3 100 10-1
86
100
24 100
1987 M N
.1 100 1-11.
Stamped 48
1937.1
Int
guar
107
104
6
106
2
9612 Ms
9713
9712
1937 M N 105 10534 05
98
General Is stamped
s Houston Belt & Term 1st 53_19:37 J 2 97
I057
104
Feb'26
.---I
054
10412
____
104
i
Oct'2
0
A
9
10018
1879-192
eilnkIng fund 68
& %V Tex 1st g 58.1933 M N 100 ____
0__-- 11F010'26 _ _ _ _ 100
A 0 10334 10412 0334 Feb'26 --, 10334 111334 Houston E55
_ _._ 101.1
Registered
1933 M N 100
1st guar red
Feb'..13 ----, 10012 102
02
1879-1929 A 0 10034 _
____ 9312 Feb'26 _._. 9513 9512
97
Sinking fund 58
eons g 5s..1937 SIN
Ity
ic
1004
Housaton
10012
Jan'23
---,
0013
,4
-..._
95
9212
110
4
---_
941
1879-1929 A 0'
9412 Sale 9414
Registered
5 100 101 14 Bud & Manhat fe Series A 1957 F A
1933 m N 10058 101% 10058 10038
F A ____ ____ 914 June'25 ____
Sinking fund deb 55
Registered
Dec'25 --„
10014
132
_
7514
---105
787
MN
7712
Registered
Adjustment income 5s___ _1957 A 0 784 Sale 9312
108 . 23. 107 108
9238 9312
Feb'26 ____
1930 J D 10734 108 10734
10-year secured 78 g
Illinois Central 1st gold 4fi___1951 J J 954 ____
93
11213 113 11212 1124 26' 11114 113
93
1
S
M
93
1936
93
g
634s
____
secured
8712
.1
1951 J
15-year
9958 102
Regletered
10112 22
8314 844
I
8434
8434
May 2037 J D 101 10113 101
1951 J J 8234
let At ref g 5s
87
85
5
1st gold 3348
8614
8534
86
8234 Jan'l i ___
I J 80 -86
Chia RI & P-Railway gen 4819883 J 8512
Registered
-- -,
83
Nov'25
3 -13- 1
8412
i-.1;
83
-_
_
8214
_
JI
.1
Jan'26
8312
____
8
827
0
Registered
Extended let gold 334s_1951 A
8914 136! W12 -8-94
71
71
Feb'26 ___
1934 A 0 8918 Sale 884
1951 M S 7118 ____ 71
Refunding gold 48
1st gold 3s sterling
8814 88(4
884 89%
2
8914
A -- --------8814 Jan'26 ---8914
4
____
883
0
A
2
48_195
Registered
gold
10312
Collateral trust
104
1
104
104
107
____
Nov'25
104
I)
4
.1
861
951
5.1.---1
gold
84
0
A 0
Chic sr. L& N
Registered
---907893
5 ---924
J D. 10112 _ 10214 June.25 -1955 51 N 92 -9i14 9234
Registered
1st refunding 45
784 Feb'26 ---8134 8334
781z 7812
89 83 Feb'26 ____
1951 J D 7834 __
1952.1 J 82
Geld 33513
d lines 3348
87
87
Purchase
---.
_
Jan'26
87
____
4
863
July'23
854
8414
0,
_
.1
1,951
J 2
Memphis Div 1st g4s
Registered
87
Feb'26 ---- 10134 102
85 - _--_8612 12
1932 A 0 1013 _ _ 102
85% 8-6-18 8512
C St L & P let cool g Is
Collateral trust gold 48_1953 MN 77.
4 1034 10412 Feb'26 ---- 104 10412
NI N 8258 ____ 8334 D0c.25 _ _ _
Chic St PM Ar 0 cons 68-1930 J 1.1, 1023
ed
_
_
Register
4
Oct'26
933
;
36
1065
-10i
3--9314
D!
1955 M N 10612 Sale 10612 10634
Cons fls reduced to 334s-1930 .1
Refunding 55
4 10214 104
1930 es SI 995 997 9913 100 1 39 18-14 101
103,4
1934 .1 J 10318 Sale 102%
Debenture 55
9812 100
3
15-year secured 5345
5 100
2
1
113
9912 100
11112
99
3
,
I
113
113
11318
113
.1
1936 .1
Stamped
15-year secured 6 3,48 g
90
87
7
8812
884 8834 88
1950 J D 9118 923 DO% Jan'26 -- 9034 9034
Chic T II & So East let 55-1960 .1 D
Cairo Bridge gold 45
8134
28
5
74
78
79%
74
Sale
794
____
S
I
M
Jan'26
Dec
1960
74
____
7312
J
J
35_1951
56
Inc gu
Litchfield Div lot gold
9418 9518
9412 27
9414 Sale 944
Mar'26 _ _! 804 8134
Chic Un Sla'n let gu 4345A-1983 .1 J 1023
Louis,/ Div & Term a 33481953 J J 8014 ____ 814
2 102:4 1034
4 1027 10234 103 1
7313 7334
1883 .1 .1
7312 ____ 7312.Mar'26 ____
let 58 Series B
Omaha Div Is gold 38....1951 F A
I 100 10234
101 I
101
1005
10014
744 744
D
J
Feb'26 ____
1944
7414
____
58
7314
.1
g
Guaranteed
& Term g 33_1951 J
3i,
oltdals13ly
Lo
Sc
11734 31 1154 11812
8218 8234
1963.1 J 11714 1174 116
78 ____ 8234 Jan'26 ____
J
1
1951
let 634s Series C
10514
10512 10613 10514 Jan'26 -, 10514
8212 824
Chic & West Ind gen g 65..91932 Q 51 8412 Sale 8314
Springfield Div Is g 330_1951 J J 78 ____ 8212 Feb'26 ___
85
81
894 33
8954 894
1952 J .1
Consol 50-year 48
104
Western Lines 1st g 48-.1951 F A 8918 ____ 894 Feb'26 __
-___ -1962 M 5 103(3 Sale 10234 104 I 76 10012 10311
A
1951F
ed
let ref 544e ser A
Register
102%
2
10234
10234 __ _ 10234
Choc Okla & Gulf cons 55_...11)52 M N
96% Ill Central & Chic St L & NO- I
96
96 Mar'26 ---fs;
101%
98
J J 96
101 I 49
1963 J D 101 Sale 1004
Cln H & D 2d gold 4345.- g 1937 Q F 93 ____ 9414 Feb'26 ---Joint 1st ref Is Series A
9334 94 14
1936
_ _ 8814 Aug'25 ___
4s___Au
g
ist
C
&
L
__
_
St
CI
Ind Bloom & West let ext 49_1940 A !
I
9312 9214 Dec'25 ---lis;
9234
F
Q
Feb'26
Aug
4
1936
913
9058-93
1950 J J 914
Registered
Jan'26 --- 19-13 -90 - Ind III & Iowa let g 45
90
5 10912
1942 51 N 8934
0018 10012 Ind Union Ry gen 58 Sec A 1965 j j 10178 __ 10112 10134 13 1005
Cln Leb & Nor gu 45 g
0012 Mar'26 --„.
5 10073 10115
J J 10014 101
10118
1965 J J 1017a ____ 111118
4
Clu S & Cl cons let g 58-.1928 J
Gen & ref 58 Series B
85,
85
'
*
,5
8
8512
853
86
8
853
D
8 103 105%
gen
105
48-1993
J J 105 Sale 103
A..1952
Sec
1st
6s
99
97i4
Nor
Cleve CM Ch & St L
Oct
&
Jot
9
4
983
4
983
4
734
71
105
1931 .1 J 9812 983
73
7194
20-year deb 434s
8 1024
Adjustment 65, Series A1952 Aprl 73 Sale
1893 .1 D 1027 ____ 0238 Feb'26 --,_!, 1023
Aprl -------- 7484 Dec'25 _ _ _ _
General 58 Series B
Stamped
10314 25 161a4 10312
10314 Sale 0234
2 ---1;7671111
764
7634
77
7611
N
M
2
1st
5m_197
Amer
Ref & impt 6e Series A-1929 J 1
107
Cent
Int
Rys
105
8
I
106
05
6214 6534
3
1941J J 10514
6314
6eSeries C
9934 1024 Iowa Central 1st gold 58____1938 J D 6278 6314 6214
8
10278
0034
Sale
65
4
1003
J
6014
J
5
1961
6014
604 62 6014
58 Series D
91 18
Certs of Deposit
91
Feb'26 ---J 9034 ____ 91
2014 234
224 15.1ar'26 ____
1951 M S 1934 22
Cairo Div 1st gold 48--.1939.1
Refunding gold 45
8134 83,4
8234 8312 83 Feb'26 ---885* 894
Cln W & M Div 1st a 49_1991 J .1 8414
8512 James Frank Az Clear let 48_1959 J D 834 9114 8912 Feb'26 ___
8213
Feb'26
---8512
____
N
NI
90
1938.3 J 100% ____ 100 Nov'25 __ _
G It I.gu g 58
&
St L Div let coil tr g 64e-19
A
8314
8314
Ka
Feb'26
---8314
hi N
_ _ 83
Jan'26 __-:83 83
1990 A 0 83
Registered
09
89
Kan & M 1st gu g 48
8934 ___ 89 Feb'26 ---3 10018 1014
- - 10018
10014
1927.1 1 100 I0018
Spr & Col Div 1st g 46_-..1940 M 5 88
4-year
0
,
2
d 1,
c
____ 8734 Jan'26 -,, 8734 874 K 2
J
7 1004 10334
1023
1928 M N 10234 Sale 10234
84
51scone g 60,
5
W yy yal Div let g 49____1940 J J 106% ____ 1064
107
8
1067
10
8
1067
8918 914
.1
34
9
8
8
10/12
65.---19
g
01
.
0
11
Sale
A
1
9113
,
cons
6
gen
I
413_193
____
g
ref
&
0C C
10112 Jan'26
C Ft 13 & M Ry
K
____
9834 9934
8
1017
0
A
g
58_1933
99131
9
Clay Lor dr W con tel
9638 (63s K C & MR & B 151 gu 5s_ 1929 A 0 9934 ____ 9934
1935 M N 9614 9934 9634 51ar'25 ---754
Sale
78
7518
0
74
A
7
4
75,
35_1950
let
gold
Sou
Cl'y
Cl & mar 1st gu g 434558_193
---Kansas
8 2 3 9914 ____ 9834 Dec'25
9334 9712
96 1 43
Apr 1950 3 J 9578 Sale 9538
____ -Cleve & Mahon Val g
Pef & Impt 58
99 54ay'25 ____
__
.1 .1 98
mos
85
0 J J 8578 Sale 85
857 126
-4(1_196
1st
Term
City
--__
Cl & P gen gu 4345 Ser A__1942
Kansas
Sept'25
8512
87
1948 MN 8134 85
____ 87 Feb'26 __ _, 86
---_- Kentucky Central gold 45..1987 J J 86
Series C 33.48
8534 8334 Nov'25
814
A
8512
F
8212
1950
J J 8918 ____ 854
854 15
Series D 3345
.._ __ 9812 Mar'26 -,, 1is4 184 Kentucky & Ind Term 4348_1961
__
Cleve shoe Line let gu 4348.1961 A 0 9812 Sale 106
Knoxville & Ohio lit g 6e__.19253 .1 --------100 June'24 ____
10634 38 10512 1(18
--1-%
- ;10
1972 A 0 10614
8 1001
101
J .1 101 Sale 100%
Cleve Union Term 5348
10212 18 100% 10334 Lake Erie & West 1st g 55_1937 J
Sale 10214
10212
0
98% 101
A
1973
7
J 101 Sale 1004
101
1941
8654
--„
874
let a f 55 Ser 13
e
Feb'26
4
d
k
2
863
La
8734
5 8112
1945 J D 864
78
I
4s
80
80
D
80
7834
gu
19971
let
Ry
3345
gold
Shore
goldIs
River
Coal
9814 994
5
01312
80
77
9 F A 9838 Sale 9814
10
7818
19971 D 7818 Sale 78,8
i84
13
8
ix
:(
17_8
ert ed
t:B
Mg
Register
Colorado Az South hit g 411_192 M N
9634 Sale
98% 99
984 95
1928 M 5 9834 Sale 9813
gold 49
Refunding & eaten 4340-1935 0 87
8 Jan'26 1 T114
8
9614 9734
1948A
36
I
97
Sale
96%
97
N
e
M
1931
extfpl
48
gold
&HVlet
25-year
Col
8414 Apr'25 1955 F A 8614 90
1931 M N --------96 Dec'25
-if 12-1-3
Jan'26.
Col & Tol let ext 48
1 102 1-04
45.-1943 A 0 82 ____ 8212
1038,
rbdor Term 543_1954 F A 10318 10338 1035
are
ste
l ill
8554 9334 '
ag
9234 251
Ve
Conn & Passum Riv let
Leh R
9234 Sale I 9114
.1
.1
9512 988s
1952
9818! 27
40 .1 J 972 9812 98
g
58
git
g
N
y
4345_19
-year
1st
3
7% Leh Val
,
0
10613i
Cuba RR let 50
2,4 19
05
- 19
7
i936,J D 10614 10634'111614
1940 3 .5 ___. ____ 9312 Dec'25 _-_
ed
Register
96
let ref 7345
54
9
96
J 9512
-8-2-5; 14
6,3
_18
_
613_196
_8_4_
kl_a_l_e_
M
aT
N
K
0
8
4
3
g
1st
415_2003
cons
Ry
(Pa)
3
Val
--„ 9778 9834 Lehigh
Cuba Northern
8034
80
J .1 9814 ____ 98 Feb'26
_
8
Feb
4261
'
9053 93
o
Registered
9234
Day &Mich 1st cons 4 As-19311
9412
92
3 MN 9234 Sale 92
9341 -3
2003 M N 9318 Sale 9234
11614 234 10812 11614
General cons 434s
Del &Hudson 1st & ref 414.-194 A 0 11514 Sale 109
2 10054 103
103
1935
10312 646 10278 1043s Lehigh Val RR gen 55 Series_2003 M N 102% 105 102
80-year cony 58
1937 M N 10312 Sale 103
Feb'26 ___ 1024 104
15-year 5(48
10713 11 107 110
Leh V Term Ry 1st gu g 58._1941 A 0 10314 ____ 104
8852 90%
1
1
00
90
5
91
19303 D 10712 103 107
M
89
48..1945
gold
guar
let
Y
N
1,414
10-year secured 75
&
Feb'26
Leh
9414
9414
-7,2
F A 934 95
10713 31 1054 10755
34 Li & East 1st 50-yr Is gu__1965 A 0 107 Sale 106%
8734 4°
D RR & Bdge 1st gu 4s g_ _1936,2 .1 87% Sale 8714
8538 88
2
9178
8434 8712
8618
864
1952 MN
1.ittle MIami 4s
Den dr R G-lit cone g 411-1936 J .1 9112 9134 9034 Mar'26 _,, 89
10912 Feb'26, ____ 109 10913
1936
1935,A 0 10914 __
98% long Dock consol a 65
98
Consol gold 434s.
1
90
2 22
14
83
99
6
4
98
Sale
98%
10012
D
100'2
____
10012
.1
Feb'26,
28
____
10012
Improvement gold 5s__19
6414 70,4 Long Isld 1st con gold fe__819313.2 .1
9412 95
19551M N 68 Sale 66
/11931,Q J 9412 974 9412 Feb'26 ____
4714
44
Feb'26 ---,
1st consol gold 46
44
Den & KG West gen 55.Aug 352 J 44
49
91
90%
____
Mar'26
91
____
904
48_19
gu
1st
D
General gold 48
47
42
8
4312
Des M & Ft
934 Sale 42
1932 J D 9234 ____ 9312 Aug'25 _ _ _ _
Temporary ctfs of deposit _____ I__-Gold 4s
__ 9312 Feb'25 ---,
4
4-3-8-4-3
;1
an'26 _ _ _
J
84%
1947 M N 9334
S
M
4345
1949
let
Val
/3
4
I
gold
Plaines
72
Unified
72
Des
97% 994
48_1995,2 D 72 Sale 65 Mar'26 _„.,
65 65
1934 J D 984 ---- 994 Feb'26I ____
Debenture gold 5s
Der Az Mack-lst lien g
70
94
9613
94
9414
I995'3 D 65
M N 9414 95
1937
9614
5s
4
deb
943
m
p
‘
31
-year
20
8'
Gold 45
957
85 864
8614 26
1961 M N 954 9534 954 Oct'25 ---8518
Guar refunding gold 45_1949 M 8 854 Sale
103
Det Riv Tun 434s
__ 100 10014
55_1941 J J 10214 ____ 10118 1‘
11.1
ar;26 -_-_-_-_ 1-111-1;1-0-2-3-4
,
Nor Sh 13, 1st con g gu 58_01932 Q J 100,4 100,2 10014 Mar'26
Dui Missabe & Nor gen
7 100 101
10013
1937 A 0 10118 102% 87
100
100
5
58
4
1927I51
let
100,
55.
g
Range
1st
Ark
&
a
87
Iron
Louisian
85
Dul &
8634 894
8814 8918 Feb'26 ____
50_1937 J .1 8714 8712 9018 Dec'25 --__
Lou & Jeff Bdge Co gu g 45_1945 M S 87
Dui Sou Shore & All g
104
45.'48 A 0 9034 92 100 Feb'26 -.-2 116" Louisville dr Nashville Is_....1937 M N 10312 ____ 10212 Mar'26 ____ 10212
-991Emit Ry Minn Nor Div let 1938 M El
95
934
50
95
9412
J
Sale
95
5s
194013
g
lien
45
Unified gold
.....
East Tenn reorg
-_ 101 Nlar'26 ---- 10038 101
:
-_
-.
i108
104
J
101
J
___
1930
....____ 10214 10312
23;b:2
iceb
Collateral trust gold 56_193111%1N 10014 10214 102 Mar'26_
1034 l
Fart T Va Ar On Div g 5s
9934
14 10514 107
1956 NI N
Sale 10512 10578
N
10512
1930M
75
fe
gold
eecured
-year
10
102%
102%
10118
let
Cons
2 107 11034
55._1941 M N 102,4
2 102% 1034
10278
3
1st refund 534s Series A..2003 A 0 107 109 10734 10734
78
2,
07
Elgin Joliet & Eaat lax g
1965 A 0 10284 -_-_ 10
12 10412 1084
107
2003 A 0 106 107 107
11 10712 10812
'107%
1st & ref Is Series B
El Paso & 8 W 1st 5378 ext_1930 M 5 10712 Sale
9834
96
16
4
983
9712
0
984
A
9788
2003
207
C
gold
Series
43413
767
1st & ref
7412 78
Ere leit consol
7634 Sale 7614
1 1114% 107
19963 J
1044
1930 J J 1044 107 10478
N 0 & M 1st gold 65
714 Dec'25
let eons g 48 prior
.1 .1
103513 10334
____
1997
s
Feb'26
J
1035
10312
105
19301
565
Ils
gold
2d
ed
4
683
;
-1
4
6
Register
4
67,
91%9134
1996 1 J 6834 Sale 6814
45
Paducah & Mem Div 413_1946 F A 91%_ 91% Feb'26 ____
68,4
65
Feb'26 ---_
let comet gen lien g
6512 6612
1996 .1 J
-6112 6512 1'eb.26 ____
8
97
96% 9812
Registered
St Louie DI9 26 gold 35-1980 M 8 6814
4 0658
-iii8 -913A
987s 99
F
___
99
951
5
Feb'26'_
M
99
5
45-....1
g
4345.194
1
1
gold
51
&Mist
9
15
L&N&
212 4
79
70
6714 73%
Penn col; trust
854 87
3
1953 A 0 7178 Sale
86
A
L & N South joint M 48._ _1952 J .1 86 14;1-e- 86
2531 6714 7414
72
SO year cony 48 Ser
9914
____
1953 A 0 7134 Sale 6988
Mar.26
MN
991r
1932
430
9912
gold
Lea
Az
Cln
B
Louisv
85
93Cord
76
10184
Sale 7734
10184
do Berle'
7914
0
_
_
_
A
4
.Ian'26
1953
.1
.7
1013
191
1934
--__
1.ls
Mahon Co RR
10612 13 104 107
106
Gen cony 48 Series D
1956 J J 10612 Sale
66
1
s
let
Jersey
sale.
Erie &
Option
fr
p
07a.
Due
Due
o
Oct.
Sept.
Due
is
July.
Dee June •Due May, A Due
p D:'s Feb.
a Ttri
9.912
New York Bond Record-Continued-Page 3
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 12.
a,
Price
Friday,
Mar. 12.
Week's
Range or
Last Sale
14:
9146
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 12.
it
Price
1
h
Friday,
..1f,a,, Mar. 12.
1435
Week's
Range or
Last Satz
"
.
11
to
Range
Since
Jan. 1
I
High No. Low
IBM
Ask Low
Ask Low
High N o. Low
High
Bid
HUI
I
Manila RR (South L flee) 45_1939 M N 6112 63 6314 Mar'26 _ _1 604 64
Norf & West gen gold 6s___ _1931 m N 10612 107 10634 Mar'26,---- 10634 10634
Improvement & ext 6a___1934 g A 1094 __ -- 10858 Apr 25'
151 45
6212 6634
1959 M N 6414 87 6414 Mar'26
5 107 - 1074
1932 A 0 10712 Sale 10712 107121
New River 1st gold
1004
Man toba Colon eat on 55_ -1934 J D 997 ---- 10034 Feb'26
l001 10034
15
904 93
91
Man GB&N W 1st 3;0_19411j 3 8158
9212 905
N & W Ry let cons g 4s....1996 A g) fil
81 Nov'25
89 Feb'26 ---89
Michigan Central 58
Registered
89
100%1
1
1931 M 13 9834
1996 A 0 -33;
icii7-4
- 10078
91.8
907
8
j
914
907
1
48_1944
j
s
90
7s 9158
lien
&
gen
g
Registered
DWI
1st
10014 Dec'25
5 14412 15614
45
1929 m s 150 152 14412 14512
10-year cony 6s
9334 Feb'26 _
Ilf: 15 1940;.1 J 9j1 90
92
6
J L & S let gold 334s
91
92%
Pocah C & Cjoint 48_1941 j 11:5 9114 -- 9114
79 80%
19511M S 8312 851 8058 Feb'26
let gold 333s_ _
Nor Cent gen & rei 58 A. 1974 MS 103 10414 10334 Feb'26 ---- 10334 10334
Jan'26 _ _
83 83
1952 M N 7878 ___ 83
_ _ _ _ 9012 Feb'26 -,:
20-year debenture 45
88
904
9814! 10Y
9734 9814 North Ohio let guar g 5e____1945 AO 92
19213A 0 9814 981 9734
8814 58
Mid of N J let ext be
864 8878
Nor Pacific prior lien 4s____1997 Q J _87_7: El_al_!_ 8712
92141 18
9214
9012 95
1940 A 0 92 _
8618
87
9
88
87
1997 Q J
MUwLS&WestlmpgSsj92O F A 10012 ___ 10012 100341
Registered
6 10018 100%
6512 15
General lien gold 35 ____a2047 Q F 63% Sale 6314
Mil & Nor lst ext 4Ss(blue)1934 J D 935 ____ 9412 Dee'25'____
6158 6512
60
Jan'26 -Cons ext 43.515 (brown)__ 1934 J D 9338 95
6060
Registered
02047 Q F
95 Mar'26
933s 98
87
905s 29
91
Mil Spar N W let gu 4s_ 1947 M
Ret & impt 4338 ser A____2047• j -5514 1612 90%
89 I
5
8914 9078 89
89 90%
11038
1b
1138
.25:-iati 1i:1;84 1
1001
_ _1_15_84
MUw & State L 1st gu 3345_1941 J J 8118 87
8558 Fe
y
Registered
8158 Dec'25
minn & St Louis ist 7s
Ref 42 impt 68 ger B
2047 .1 .1 11114 Sale
_ 103 Nov'25
1927J D
11014 10 19
18
014 100
181 consol gold 5a
- _ _ _ 11014
Registered
10:4
4
63 634 Feb'26
J J
63 64
1934 M N 62
10018; 27
100
____ 100
Temp ctfe of deposit
ser C
Ref &1911n
2047
61
Feb'26
61
60 63%
MN
2
10012
1st & refunding gold 4s_..1949 M S
Ref & impt 5s eer D
2047
1
22
22 I
J 10014 ____ 1004
2114 23
Ref & ext 50-yr be Ser A__1962 Q F
9914 Mar'24 -St. Paui & Duluth lst 5s_ _1931 Q F 100% -_
15
1614
-- 16 Mar'26
89 Feb'26 ---3
1st guar g 7s
87
let consol gold 48
1988 J D 874 _ _
102 102 Sept'25
1927 J 13
I
M St P&SSM con g 4e int 811'38 j J 89% Sale 8914
Nor Pac Term Co Ist g fal 1933 J J 10934 _ _ _'10934 1095
1-091.1489%; 31
8578 90
1024
____
10112
Jan'26
let cons 58
Cal
guar
of
g
515
1938
mug 101/
1
4
1938
J 9858 Sale 9814
No
A
0
97%
9934
9834'
9
10-year coil trust 634e
10218 1021
North Wisconsin let (Ie....1930 J J 10318 ____ 1024 Jan'26
.
104
16 10234 104
1931 M 5 10312 Sale 103
let & ref 68 Series A
8946 j J 10158 10134 10114 1014
9 10038 10358 Og & L Chem let gu 4s 3-1948 J J 7514 Sale 7514
754! 4
19363 13 10158 10212 10112 Feb'26 -- 10% 10
25-year 534e
72
514
8912 9278 Ohio River RR lst g &
92
33
1949 M S 92 Sale 9112
1st Chicago Terms f 48
General gold 58
19371A 0 10058 10134 100 Dec'25 -13
93
1941 M N 9212 ---- 93 Mar'26 _
192713 j 10038 Sale 10038 10054 11
Crl
1st
guar
g
Ea
dr
Dec'25
Ore
99%
MSSM&Alstg4sintgu-1926j
914
15
9118
____
903
8
Mississippi Central let 5s_ _ _1949 .1 J -55T ---- 9334 Feb'26
11046°8
19463 Dj
Ii34 Ore RR & Nay eon 134s
116097111i
105141 14
8458 8618 Ore Short Line-let cons g 55246 J 3, 106 Sale 10514
58
Mo Kan dr Tex-let gold 48.1990.2 13 8518 8614 8518
8534 15
10534 Sale 10534 106
6 Iowa 10618
Mo-K-T RR-Pr 1 5eSer A.1962
Guar cons 5s
1946.2
99 I 81
9614 99
.1 99 Sale 9712
5
97
185
804 854
9678 97%
40-year 48 Series 13
Guar refund 4s
1929 J D 9734 Sale 974
8134
8512, 9
1962 j j 824 83
8558 29
10-year 6s Series C
10312 Sale 10212 10312 19 10212 10414 Oregon-Wash 1st & ref 4._1961J .1 8512 Sale 85
1932 J
/
4 9218 91%
9134
9
9
9
02
3
13
14
38
4 861
9
n
6/
Cum adjust 5e Ser A Jan_1967 A 0 9312 Sale 9214
2
9112 9534 Pacific Coast Co let g 5s_...1940J D _911
94 I 782
1
4 ____ 9212 Mar'26 ----I
Pae RR of Mo 1st ext g 4s_ 1938 F A' -92/
Missouri Pacific (reorg Co)
1003
8
___
10058
Feb'26
-100
100%
1st & refunding 55 Ser A_ _1965 F A 934 Sale 934
extended
gold
55
1938
2d
J
.1
93341. 98
8914 95
3
9614
-97
95 Nov'25
let & refunding 65 Ser 13 1949 F A 104 Sale 10314
10412; 75 10154 105 Paducah & Ills lets f 43411_1955 J .1
781k
78
7754 90
Paris-Lyons-Med RR 63
1958 F A' 7714 Sale 76
1st & refund 65 Ser E Int_1955 M N 104„.14 Sale 10358 10412 75 101% 105
8634 102
6512 6858
8214 8718
1958 M S; 864 Sale 85
S f external 7e
General 41)
6612
68 I 231
1975 M
84 87
8658 98
1954 111 S 8638 Sale ' 85
Mo Pac 3d 75 ext at 4%
88 88% ParL5-Orleans RE.f 7s
1938 MN 85% 894 8834 Feb'26
10112 102 1014 101% 28 100% 102
1942 M
Paulista Ry 78
Mob dr Bir prior lien g 5e
1945 J .1 9912 -- 99 Sept'25
95 I 9412 Feb'26
_
I(118 1• 1-5-8 Pennsylvania RE-cons g 451943 M N 93
81
8158 Jan'26
Mortgage gold 48
1945.7 J 80
93
9
94
118 9
99
41
3
1948 M N 93 Sale I 93
Consol gold 4s
10218
6 10138 10312
Mobile & Ohio new gold 6s_.1927.7 D 10218 Bale 10218
9113
9312 92%
934
9
stamped
May
1
4s
1948
MN
102%! 13 , 10158 1024
let extended gold fis
51927 Q J 10118 102 102
10034
17
154 10
93
1.114
9
3! 98
Consul 434s
1960 F A 10034 Sale 100
90
92
9058 Feb'26
90
90%
General gold 4s
1938 M
97 I 107
General 4348
19653 D 97 Sale 9658
an' _
9918 100
Montgomery Div 1st g 58.1947 F A 0934
94
25
14
5 10
1968 J D 10434 Sale 10412 10558. 54 10
95
General 58
7714
s
100 I
i
9934 10012
Si Louis Division 5.
1927• D 100 10012 100
10734 105
87
1930 A 0 10734 Sale 10714
Jan'26 ___
87
10-year secured 70
87
Mob & Mar 1st gu gold 4a
1991 M s 8734 95
1124 105
1936 F A 1123 11234 11218
15-year secured 63.4e
Mont C 1st gu g 6s
1937 .1 .1 109 10912 1094 'Oct'25
_
10912 June'25 _
Registered.
'
F A
_ 10178 Feb
2
12
4
6
2 1611-2 1611st guar gold 51)
1937 j J 10112
40-year gold 58
.le 9924 loo
ii3
1964 M N 155 687878 81%
M&Eletgug 3Ss
2000• D 79 -8012 81
Nashy Chatt & St L 1st 513_ _1928 A 0 10118 Sale 10034
10115 47 10034 101% Pa Co-Gu 3Ss coll tr A reg 1937 M S 8612 ____ 8612 Oct'25
88¼
Guar 355s coil truet Ser 13_1941 F A 83 ____, 8314 Feb'26 _N Fla & lst gu g 5s
10134 101%
1937 F A 1004 103 10134 Feb'26
1942 J D 834 _ _ _' 82 Dec'25 _ _
--------30 Sept'24
Guar 334s trust etre C
Nat Ry of Mex pr den 4Se_ J957
1944 J 0 82 ____ 82 Dec'25 _19 Apr'25
_
Guar 334s trust et% D
July 1914 coupon on
5
963*
96's 167s
1612 Bale 1613
Guar 15-25-year gold 48_1931 A 0 96% =-' 908
Assents f red June coupon on _ _
1612
•
W2
152
964 138
Jan'26 _ _
1952 M N 8612 -88% 88
874 June'24 _
Guar 4s Ser E
Guar 70-year e f 48
1977A 0
84 I 13
7955 84
1812 20
20 Mar'26
Peoria & East 1st eons 4s..1940 A 0 84 Sale 83
Gene f 4s assenting redeem_ _ _ _
20 22
3738 19
3812 July'24 _
35
4118
Income 42
1990 Apr. 37 Sale' 3534
Nat RR Mex prior lien 4%61_1926 J .1
10014 102
24 Sept'25_ _
July 1914 coupon on
Peo dr Pekin Un let 5Se_ _1974 A 0 10038 10012 101 Mar'26
J J
29 12
3114 Feb:8261_:0-_
Assent with July '24 coup on
Pere Marquette let Ser A 58-1956 J J 1027 Sale 10258 1027 • 26 1014 103
-1114
86
87187
87
5
28 Apr'25 _
19561
85% 87
let re Ser B
1st consol 4e
1951 KÔ
Sale 13
93/
1
4 9358
1943 M N 9358 9912 9358 Mar'26 _Assent with Apr 1924 coup on _
-13
1634 Phila Balt & W 1st g 48
1974F A 10814 10912 1084 Mar'26 _- 106% 10818
New England cons 5e
Gen Ss Series B
1945
J 95 ____ 94 Dec'25
4312
5
4312
8258 ____ 8212 Feb'26 -404 444
Consol 48
If- 8212 Philippine Ry 1st 30-ye sf45 1937 .1 J 43% 44
19453
___ 8412
8412
19323 13 10558 ____ 10512 Mar'25
N J June RR guar let 4s_ _ _1986 F A 84
8412 8412 Pine Creek regstd (is
1
9434 10
96s 97
1940A 0 96% ____ 9718 Jan'26 _
NO& NE ler ref&imp 4SeA '52
j 94 -9514 9434
9234 9434 P C C & St L gu 4Ms A
86
85
____ 97 Feb'26 _ _
84
8612
963e 97
1942 A 0 97
Series B 4Ss guar
New Orleans Term let 48_ _ _1953 J J 8.5
88 I 11
100 Sept'25
924 Dec'25
1942 M N 9534
Series C 4Ss guar
NO Texas & Mex 1st 6e_Oct 1925J 13
-16-1
9834 -tia
9218 Dec'25
4 1873Non-cum income Se_Oct 1935 A 0 9914 Sale 9818
Series D 48 guar
1945 M N 9314
4
1 - 9258
Series E 3335 guar gold
1949 F A 93 _ _ _ _ 1 9214 Feb'26-- 9-5;
let 58 Series B
96
9914
I954'A 0 9834 Sale 98
994 37
_ 92% Feb'26 _
9278 93
Series F 48 guar gold
1953J D 93
let 5348 Series A
1954A 0 10334 Sale 10234 104 I 31 1024 104
9538 96
9434 Feb'26
93 9318
9418 9434
N & C Bdge gen guar 4;0_1945 J
Series 048 guar
1957 M N 9314 ____I 9318 Feb'26
NYB&MB 1st con g 56_1935A 0 10014 10012 10014 Mar'26 _4s
1960 F A 94 ___ 9334 Sept'25'___Series
10734 -45
964 Feb'26 _- -9-31
;0;
Series I cons guar 4;0_1963 F A 9614
Y Cent RR cony deb 68_1935 M N 10713 Sale 1067
1087s
10612 Jan'26
9638'
1
96
9618
Registered
Series J 4Ss
1984 M N 9658 Sale-I 9658
M N
10612 10612
Consol 4a Series A
8814 e5
General M 55 Series A
1970 J D 101 Sale 10012 101 I 10 100 10113
1998 F A 8814 Sale 865s
8534 8814
9412 78
9918 1014
Ref & impt 4L55"A"
42
Gen mtge 56 Series B
1976 A 0 10034 Sale 10012 101
2013 A 0 94 Sale • 9312
9214 95
10358 110 10118 10315 Pitts & L Erie 2d g 513
101 101 Dec'25___.
Ref & Dann 55 Series C_2013 A 0 10212 Sale 10214
a1928 A 0
10034 Aug'25
Registered
106 Aug'25..._ _
Pitts McK & Y lst gu 613.-1932 J .1
101181
---- 101%
frif Ed%
N Y Central dr Hudson River- t
Pitts Sh & L E let g 5s
1940 A0
Mortgage 3348
____ 10018 Oct'251 _
79% 147
2997.2 J 79 Sale 78
let consol gold 58
1943 J J 101
7618 80
76% Jan'26
Registered
1997 J J
1943 M N 894 -___' 9114 May'25
764 7712 Pitts Va & Char 1st 4a
95
9512 9458
9414 95% Pitta Y & Ash ist cons 5a
Debenture gold 4s
1934 M N
1927
N 9934 ____ 10114 Dec'25
9512 -55
9418 Jan'26
Registered
91
9418 944
MN 9214
1st gen 4s series A
19483 D 9114 ____' 9114 Mar'26
9158
9258
1942.2 .1 931 ____ 9258
30-year debenture 46
let gen 58 series B
1962 F A 10014 ____ 102% Jan'26 _ _
10218 1024
93 Feb'25 _
Registered
Providence Secur deb 4s
1957,M N 63 ____' 6058 Dec'25 _ _ _
777k 77
Lake Shore coil gold 3;0_1998 F A 77
7814 -55 /A; 78 Providence Term 1st 4s
8318 Dec'25
195 ,M S 844
9515 9754
Registered
76
1998 F A 76 Sale 76
Reading Co gen gold 4s
76
19973 J 963 -97
1
9614
76
96141
7
787
80
79
Mich Cent coil gold 3WL-1998 F A 79
Registered
7912
32
_ 947 May'25
77
'.1 J 763
80
77
RegLstered
Feb'26
1998 F A
7
77
90 9158
Jersey Central colt g 4s___19511 A 0 9658 11-14' 9012
9012
933
94% 9234
9234 io
N Y Chic & St L let g 4a1937 A 0
9414 964
Gen & ref 4Ss Ser A
9534 59
1997,J I 953 Sale I 9558
92% 94
Registered
99% 100
1937 A 0 924 ____ 92% Mar'26
9934
1
9218 Richm & Danv deb 5e BUM_ _1927;A 0 9934 Sale 998
92
9534
Sale
9514
9534 42
934 9734 Rich & Meek 1st g48
25 year debenture 4e
1931 M N
7712 75 Dec'25
1948,M N 75
10312 18 102% 105
ith-22 111178
2d 6s Series A B C
1931 M N 10314 Sale 103
Riehm Term AY let gu 5919521J
_
J 10134 10212 10178 Feb'26
1007
Refunding 5Se Series A_ _1074 A 0 10078 Sale 10014
984 1008 Rio Grande June 1st gu 58_19394 D 9634 98
9512 98
64
98 Feb'
9314
9312
331
9312
.
Y Connect Ist gu 4Se A_ _1953 le A
4
558 Dee'
Rio Grande Sou let gold 48_ _1940'J J
92
94
7
-___ 8912 Feb'26 _ _
8918 8912
N Y & Erie let ext gold 4a 1947 M N 88%
Guaranteed
IJ J
1933M 5 958 ____ 94 Nov'25
86% 90
ad eat gold 43Se
81% 18
Rio Grande West 1st gold 45_1939,J .1 89% dtae 8912
1930 A 0 10018 ____ 10012 10058
4th eat gold 55
7418 80
7934 52
Mtge & coil trust 4a A __ _1949 A 0 7958 Sale 78%
1-66-2-2
9712 Sept'25
1928 1 D
5th ext gold 48
89 93
9134 917 9118
9134 29
RI Ark & Louie 1st 434s1934,M
94
96
97
Feb:25
1946 M N
97
N Y & Greenw L gu g 5a
77 Feb'26 ____
94
7558 77
-Canada
Rut
let
gu
g
48
194
9
J
J
79 Nov'25
N Y & Harlem gold 3Se_ _ _2000 M N 7914 81
4
Rutland 1st eon g 4Ss
4
4
1941 .1 J 8912 -80
24
N Y Lack dr W let & ref 58_1973 MN 99%
7814 79
79 -791
8 79 Feb'26
St. Jos & Grand Tel 1st g 4s 1947
.1
10013
9958 Jan'26
998 t3t Lawr & Adir let g 5s
1973 M N
let & ref 4Se
99sf
973
4
_
_
97%
Mar'26
____
97
J
/
1
4
97
/
1
4
1996
105 108 107 Dec'25
1930 M
NY LE& W let 7sext
2d gold 5.
1998 A 0 10118 10312 101 Sept'25 _ _
10214 Mar'26
1943 J J,
Dock dr impt 55
957 98
96 Feb'26 _ __I -95% - 961St. L & Cairo guar g 41/
s
1931 3
10078 Mar'26
_
1932 F A; 10058
N Y & Jersey 1st 5e_ .
St I. Ir M & S gen eons 511-1931 A 0 10012 Sale 10012 10034 23 10014 100%
01
93
9112
June'25
Branch
M
_
Long
gen
g
4s_1941
_
_
7
N Y&
Unified & ref gold 48
95% 97
1929J J 9678 Sale 1 9612
96
39
7012
_-_7012
Jan'26
NYNH& Hart n-c deb 48_1947 M
Registered
93 Sept'25 _
J
60 June'25 _
M S
Registered
89 917*
Rly&GDivletg4s
1933 M N 5iEs
90%
917 i53
6912 661s Feb'26
Non-cony debenture 348_1947 M 8 69 .
1C• 11.
8 183
10012
lot%
1
no
A
0
10012
lool2
tools
6s
1930
Ter
gu
Bridge
63
6312
6312 Mar'26
6134 84
Non-cony debenture 3%0_1954 A 0
StL&SanFran(reorgco)4s1950J J 7934 Sale 7855
773* 8012
797 302
6934
69%
5
J 6858 72
6834 71
Non-cony debenture 4a......1955
Prior Hen Ser &
1950J J 9534 Sale 943
9534 79
93 9614
70%
Sale
7058
19
684 71
Prior Ilen Ser C 5a
Non-cony debenture 4s_ _ _1956 M N 63 Sale
1928J .1 10213 Sale 10214
10213 30 1024 103
6212
63
1956
J
2
6134 64
Cony debenture 3,Se
Pr'or lien 533s Ser D
994 1011
19423 J 10138 Sale 10012 10112 60
9912 gg
1948 J J 9918 Sale 984
9734 997s
Cony debenture 6a
Cum adjust Ser A 6s____51955 A 0 9418 sale 9312
9412 107
92% 96
96
Mar'26...
J .1,
96
97
Registered
Income
Series
A
65
Oct.
8818
51960
Sale
182
85 8914
8612
88141
98
4
1940 A 0: 97 Sale 97
9618 9912 BtLouis dr San Fran Ry gen (35'31 J J 10558 ____ 10512 Feb'26
Collateral trust Os
104% 1054
6234 Mar'25
1957 M Nj 6018 62
601a 6234
Debenture 4.8
General
gold
5s
10115
19313
10034
1004
J
__
1003
4
1
1003
41
68 Mar'26
6518 70
Cons Ity non-cony 4s_ _1954 .1 .11
St. L Peo & N W 15t gu 5s
10218 1024
1948 J J 10158 _
10212 Jan'26
67%
67%
1
654 7014 St. Louis Sou let gu g 4s__1931 M
Non-cony debenture 4E1_1955 J JI
934
95
12
9412
Feb'26'____
941
4
9418
68
68
2
65% 70
St L W let g 43 bond ale_ _1989 MN 8514 Sale 804
Non-cony debenture 48_1956 J J 155- Sale
844 854
854' 41
loo
6 100 10014
2dg 48 Income bond et/3_81989 J J 76
NY & Northern 1st g 8s.._.1927 A 0, 70 Sale 69%
75
78
7734 76 Feb'26 ____
703
8
19
13778 7012
Consol gold 4s
913* 93
1932.2 13 9213 Sale 9113
N Y 0& W ref ist g 4s-June 1992 M
9213 83
64
64 ,
1
1955.2 D, 6314 64
8338 6512
let terminal & unifying 58.19523 J 91 Sale 9018
General 48
8918 92%
91 I 105
85
Apr'25
D'
Bt.
Paul
& K C Sh L let 4Se 1941 F A 8814 Sale 874
Registered
86 90
88141 15
8613 Feb'25
St Paul E Cr Trunk 434s,.19473 J 91
____ 91
Jan'26
9011 91
N Y Providence & 13oston 4.1942 A 01 -334 Ws; 86%
8614
1
St Pau. Minn & Man con 45.19333 D 97
97
96
_ _ 97 Feb'26 ____
N Y & Putnam ist con gu 48_1993 A 0 10014 Sale 10014
10014
1
1
0
6
S
16614
1927 M
Registered
--.J D
9214 July'25 ____
N YARD ist gold 5s
7813
80
8118
Mar'26
77% 84%
J
let consol g 48
109
107%
J
D
1.08%
Feb'26
1933
___
109
NY Soso & West let ref 55_1937
74
68
68 1
3 84
7012
1937 F A 68
Registered
J J --------106
Oet'25
2d gold 4S5
7014 11
744
63
6.reduced to gold 43.4e_1933 J 3,
1940 F A 7014 Sale 6834
i -99% -99%
9934
General gold 55
14 _ _ _ 9934
9754 99
1943 M N 974 ____ 9812 Mar'26
Registered
9
9
28
,
142 98
212
4
Terminal let gold 5a
_
9812 Feb'26
1933 J J
Sale
73
7318
7312
41
Mont ext let gold 4.
6935 76
& B 1st Set I 4Ss'46 J J
1
9358 9558
13
-_-___
9312
9312
1937
J
NY
Sale
79
81
49
784 8214
1950 A 0 81
Registered
J D
____ 92 2 Mar 26 -Nord By eat!•f 6Se
8112 Sale 8112
8112
2
Pacific ext guar 48
7754 82/
1
4
894 894
1940 .7 J 8914 ____ 8912 Feb'26 _ _ Norfolk South let & ref A 5s.1961 F A
3 9834 Feb'26
1
4
10212
5 101% 103/
98
98% St Paul Union Depot 5a___ _1972 J J 103
_ _ 102%
South 1st gold 58_1941 M N 9812 98
Norfolk
1i071%
if.;
Dile Jan. ADu. July.
Due Nov.
Option sale
gar,83
New York Bond Record-Continued-Page 4
1436
Range
Week's
Pike
•1 ;
Since
1 111 Friday, I Range or 111
Jan. 1
co
Last Sale
*...a. Mar. 12.
High
Nigh No. LOW
Ask Low
1
Rid
40
88
84
86
2 A & A Pass let gu g 4a____1943'j J 86 Sale 8518
10012
100%
---Jan'26
10012
10012
5
____
M
Santa Fe Pres & Phen 5s_1942
____ 110
Jan'26 _- 110 110
8av Fla & West lot g 60_1934 A 0 107
10134 Dec'25 _
1st g 5s
1934 A 0 102
9338 88% Mar'26 ---, 87% 81;
Scioto V & N E 1st gu g 48_1989 M N 88
79 82
1950 A 0 81 Sale 8034
7
8112
Seaboard Air Line g 45
79 82
1950 A o 8084 Bale 76'8
Gold 48 stamped
80483
8034 8778
83 , 314
Oct 1949 F A 824 Sale 8134
Adjustment 50
721: 43
1959 A 0 7212 Sale 72
7114 74
Refunding 45
9212 96%
95 1 134
lot & cons 60 Series A ___ _1945 M S 94% Sale 9414
8812 91
2
90%
Atl & Birm 30-yr 1st g 4041933 M 8 90% Sale 90
1 100 10038
10014
1926 J j 10014 _ .. 10014
Seaboard & Roan 1st 58
10312 10312
1936 10 A 10313 foils 10312 Feb'26 _
8 & N Ala cons gu g 5a
Gen cons guar 50-yr 56_1963 A 0 10634 10814 107 Mar'26 -- 10534 107
86 8733
86% 18
00 Par Col 48(Cent Pac col)k1949 .7 D 8612 Sale 8614
.1 D --------86 Sept'25
Registered
97I8 54 117; 977;
8 Sale 9712
June 1929 M 8
20-year cony 45
6 100 10212
20-year cony as
.5 D 19212 Sale 10213 10213
9934 10118
10038 12
20-year g 51
1944 M N 10038 Sale , 9934
90
87
8818 Sale ' 8814
San Fran Term! 1st 0_1950
8814
9
85
g5
Jan'26
85
Registered
A 0
2 10314 104
1927 M 14! 10314 Sale 10314
10314
So Par of ('al-flog 58
94% 9414
94i4 Jan'26 -1937 .7 J 94I ---- 9414
So Pan Coast 1st go g 48
921s
90
9113' 47
1955 j 2 9112 Sale 91
Po Par RR let ref 48
30 10.4 10578
105
105 Sale 10433
1994
Southern-let cons g 5s
6 10134 10212
Registered
J D 102 Sale 10134 lO2lZi
8114 84
8314 163
Develop & gen 40 Sec A...1958 A 0 82% Sale 8178
1956 A 0 198% Sale 10712 10813 27 1071s 100%
Develop & gen 68
11414 115 112 11414
1956 a 0 11414 Sale 11314
Develop & gen 6340
7 10134 10318
10378
Mem Div 1st g 430-58_1996 j J 193% Sale 10378
ggis 85%
8914 8914 Mar'26 --__
88
1951
St Louis Div lot g 48
9
91
8712 92
Mob & Ohio roll tr 45_1938 M S 9414 Sale 9014
101%
10114
61
101%
18
1008
8
1017
101
ext
1st
530_1929 MN
So Car & Ga
82%
81
8pokene internat 18t g 55_1955 J J 82
83% 82% Feb'26 --9678 9712
1
9714
Term Assn of St L late 430.1939 A 0 9714 Sale 9714
101 106
_ 106 Mar'26
1944 p A 103
ns gold 513
let cons
84% 87
1
85%
1953 3 2 858 86% 8558
refund s f g 4.8
99 99
99 Feb'26 -1943 .1 .11 9814 _
Tex & N 0 con gold 511
4 103 10413
1931:
2000 .1 0 10312 104 10312
Texas & Pac lot gold 541
15 ' 9934 lul
1931 j J 100 Sale 9934 100
La Div 11 L 1st g 58
9914 10175
Tex Par-Mo Par Ter 530_1964 M S 10034 101 10012 10034 21
____ 101 Mar'26 --__ 10(118 11)1
Tol & Ohio Cent 1st gu 55_1935 J j 101
11.10% ____ 10012 Jan'26 --__ 19012 10012
Western Div 1st g 50_ _1935
97% 99
99
99 Mar'26 ---1935.1 0 98
General gold 58
37%
31
26 ---'
Toledo Peoria 24 West 46_1917 J J ---- 3611 375 21111
_
--__
____
May'25
99%
____
j
J
330..1925
To St L & W pr lien g
-87% 8812
1959 A 0 8754 8812 88% Mar'26
50-year gold 48
97% 95
1931 .1 1 9712 9914 973 Jan'26
Tol WV 24 0 gu 430 A
1933.5 j 97% ____ 963 1,ee'25 -Series 134145
____ 92 Nov'25 --1942 M s 91
Serifs C is
-8413 -1/12
1946 2 0 8714 8813 8712 Mar'20 ---_
Tor Ham dr Ituff lot g 4a
8.,
76
81
84) Mar'26 ---Ulster & Del lot eons g 56_1928 2 0, 80
4414 48
1952 A 0 45% 4778 47 Mar'26 -1st refunding g 45
9412
921:
52
94
93%
4
3
.2
93
.7
1947
938
Union Pacific 1st g 48
92% 93%
9314 Feb'26 -Registered
J .1
914,4 100
1927.1 1 99% Sale , 99%
99% 72
20-year cony 48
89%
go
84
89
87%
'
42008 m 8 8834 Sale
lot & refunding 45
10818 13 10612 108.3
e2008 m 8 197 Sale 197
lot lien & ref bs
10-year perm secured eis_ _1925 J j 112318 Sate 10234 103-8 29 102% 103.34
___ 92% Dec'25
1944 M 8 893
Cl N J RR & Can gen 40
fob- 100
Jan'26
100% 100
19211 2 2, 100 4Utah 24 Nor gold 55
1933 2 j, 94
____ 9318 Sept'25
lot extended 40
2
8814
Vandal's cons 548 See A--1955 F Al 8818 ---- 8814
1957 M N 8818 -___' 87% Dec'25 --_
C00801 48 Series 13
- .. 79 Sept'25 ---------4.
Verz Cruz & P 1st gu 454s1934.5 3' ---26 23
-25% 2518 Jan'26 ---_I 1934
Assenting lot 430
4 Feb'26 S---------993
9934 9934
1926 M
Verdi V I & W Istg 55
____ 10014 Jan'26 ---- 100Is 10014
1926 M 8 100
Virginia Mid Series E 58
1931 2 j -------- 100 Dec'25
84 Series F
___ 102 Mar'26 ___ fill-- 1-112-1936 m N 102
General 58
991j IOU
2
luu
Va & Southw'n lot gu 582003.5 2 190 1-03 100
904 4.14
9114
9213
5
9114
9118
0
A
19511
lot cone 50-year 58.4 102
993
62
10118
8
196I M N 101 Sale 1003
Virginian 1st he Series A
10212 19' 10114 102%
1939 M N 10213 Sale 102%
Wabash 1st gold 58
9813
10012
12
100
4
993
101
4
1991
A
F
1939
2d gold 58
159. 98% 10.2,2
197551 8 10043 Sale 10012 101
Ref s 1 530 8er A
Debenture It Os registered_1939 M 8 ---- 9334 Feb'26
4
-a- -71:41let lien 50-yr g term 48_1951 J J 84% ---- 84% Mar'25
b6:14
,
0114 112
104
____ 10214
10214
Det & Chl ext 1st g 58-.1941 2 .1 102
--__
Feb'26
85
____
84%
J.
Dee Moines Dlv 1st g 48..1939 J
8012 66
77%"
1941 A 0 8912 Sale , 8018
Om Div 181 g 330
87 89
194151 13 87st -..... 88 Mar'29 --__
Tol & Ch Div a 413
OcV25 -__! ___ -2009 F A 7712 ____ 77
Warren lot ref gu g 3340
19481(1 M 8514 8734 8312 Dec'25
Wash Cent lot gold 40
1
833* 88's
8434
1945 F A 8212 __ 8434
Wash Term 1st go 330
911a
91% Feb'26 -- 1 83
1945F A 9114
let 40-year guar 48
9638 98-3
W Min W & N W 1st gu 58-1930iF A 27 ---- 68% Mar'26 ----'
67% 7933
79
69%
Sale
6914
6818
0
A
West Maryland let g 43_ _ _1952
2 10078 101%
100% 10078
West N Y & Pa lir g 5s----1937 J .7 10073
8338 8534
1
8534
1943 A 0 854 8612 8534
Gen gold 4s
---..1
Feo'25
--------45
Apr I 1943 Nov
Income g 54,
17,
98
Western Par 1st Ser A 511-1946 M 8 98 Bale 97%
5' 10034 104'4
1946 M 8 103% ____ 10314 104
lot gold 138 Series B
8438 Salo 84%
8478 15
8 64 85
2361 J J3
West Shore lot 4s guar
83% 30
Sale
j
8312
8314
2361
83 85
J
Registered
100
100
100
Feb'26„....'
10014
100
1926 A 0
Wheeling & L E lot a 50
7
10212 0
10218 Sale 10213
14 10212
Wheeling Div let gold ba_1928 J J10
_;_
____,
9513
____
Dec'25
9812
A
F
1930
Ext'n & inapt gold 58
86
33
1 8418
Refunding 4 itt Series A-1966 M S 8512 88
1949 M s 6
8 86
86
1121 6
4
86
RR lot coiasol 45
2
18
'
88
6
63
1 -6
88°
1 4 -8
4
:
73
8
64-:-32.
1942 J D
Wilk & East 151 gu g 50
____ 10212 Jan'26,---193812 D 102
WIII & S F lot gold 56
2
2314
7
9
18
%
2
6
9
8
1
Mar'26
_-__
8612
86
85%
J
J
8.....1960
4
13
8131st
, Winaton-Salem 8
3
83 4
8334 Sale 83 4
8018 84
Wls Cent 50-yr lot gen 48_ .._1949.J .1 8934 Sale 8914
86% 89%
8934 10
Sup & Dul dly & term let 45'313M N
8218 Dec'25 -----------Wor & Con East 1st 410_1943 1
INDUSTRIALS
85 88
3
8514
85
M
413_1948
g
tr
coil
Adams Express
103% Sale 10313 10414 12 10214 105
Ajax Rubber 1st 15-yr s f 88_1936 J
418 41s
41,3 Feb'26 --__
418 5
1925 M
Alaska Gold M deb 68 A
412
4
4% Feb'26 -- _
4% 6
1026A1
Cony deb 6s Series B
40
9113
91
9118
91
Sale
I
91
Alpine-Mentan Steel 70......_1955'M
10314
1 102% 10314
_- 10314
103
19281A
lot
58
Chem
Agric
Am
10434 49 10334 105
1044 Sale 104
1941 F
1st ref s f 730 g
98% 10112
8
99's
99 Sale 983
Amer Beet Bug cony deb 66_1935 F
9814 101
100
10018 47
Sale
100%
.19331A
Os.
f
s
American Chain deb
9714
95
18
96
9614
4
963
95
Am Cot 011 debenture 55_1931 M N
106% 11 10534 1065
106% Sale 106%
j
1936.5
65
gu
!mot
&
Am Dock
1
13412
118
125
125
125
11812
Amer Ice deb 75._Ju.y 15 1939 ____ 102 10212 10113 102
3 10014 103
1939, A 0
Am Mita & Fdy 5 I Os
98 99%
3
9912
1937!A 0 9918 9914 9918
Am Republic Corp deb 68
99 10114
113
100%
Salo
4
993
100
0
Am Sm & R lot 30-yr 58 ger A1947 A
10713
Sale 107
5 106 10834
10712
0
19471A
B
Series
1st M 68
14
10412
103
104
67
Sale
103
104
J
Amer Sugar Ref 15-Yr 811_ -1937,3
9678 98
141
98
J 98 Sale 1 9712
Am Telep & Teleg coil tr 40_1929 J
2
93
Convertible 48
214 98
97
314
314 Mar'26 --__
2 -_-_-_-_! 98
2114
11 98
AI 8
38 M
1133
20-year cony 4348
10234 20 10074 10234
Sale 102%
1946.5 D 10218
30-year coil tr 58
9914 235
99% Bale 9834
J
.1
1960
35-yr s f deb 58
180 IP 134
24
1943 m N 104 Sale 10312 104
20-year 8 1 5348
9534 9712
9673 20
1934 A 0 9812 Sale 1 9613
Am Wat Who & Elea 5e
47
18
56
48
4714
Sale
8
477
Am Writ Paper 5 1 7-68-1939 J J 47 Bale , 4634
4634 5412
4813 15
Temp Interchangeable Ctrs deli- I --10314 240 10114 10412
F A 10314 Sale 102%
.
Anaconda Cop Min lot 66-1953
10434 10514 10438 10514 125 103 107%
A
F
1938
75
deb
cony
15-year
967 102
J 100% Sale 9813 10013 150
Andes Cop Min deb 71350% p643.5
99141 85
97 1001*
9812 Sale , 98
MN
Anglo-Chilean Nitrate 78.._1945
9112' 3 8612 1214
Sale ! 91
91
AntIlla (Comp -sue) 73097
94% 9714
97 I 22
543.1964 M 8 9634 97
Ark & Meta Bridge& Ter
Optloa NM
IS May. a Due June. 8 Due July. C Due Aug. a
BONDS
N Y.STOCK EXCHANGE
Week Ended March 12.
A
0
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 12.
I
r
Ma
Prang.
Mar.12,
weer,
Ra tee or
Last Sale
g
co
Range
Since
Jan. 1
VD
Bid
High N 0.
Ask Law
9012 923*
9134 26
Armour &Co 1st real est 41481939 J D 91 Sale 9.08
937 95%
9514 176
Armour & Co of Del 530.__1943 g j 9514 Sale 9434
171 102 103%
Associated 0118% gold noted 1935 M S 10234 Sale 1023* 103
1947 J D 993* .- -- 9838 May'25
Atlanta Gas L 1st 55
28
20
1934 2 D 2634 __._ 28 Jan 26 -Atlantic Friut 7s ctfs dep
2014 20%
2314 397 2018 Jan'26 -Stamped etfs of deposit
9944 101
10012
8
1937 3.5 10038 10012 100%
Atlantic Refg deb 58
10234
Baldw Loco Works 1st 50_1940 MN 19212 10234 102%
5 10214 10534
Baragua (('o'l' Az) 7348._ ,_1937 .1 J 10412 105 110.5 Mar'26 ---1 105 106%
Bartow:1811 Corp P f cony 8% _1931
3 100 10014 10514 Feb'26 -_-..- 105 107
'
1948 ii 103 Sale 1 10212 103 " 100% 103%
Bell Telephone of Pa 511
1960 AO 10234 Sale ;10238 10234 184 100 103%
1st & ref M Ser (7
1926
Beth Steel 1st ext 8 f 5a
3 984 9912 977 Dec'25 - - -'
-9-5-4 1-014
1942 MN
1
1st & ref 5s guar A
6718
2 Sale 9N
2
8514
9314 2142' 93 904
30-yr p m & Imp f 58....„1936 J J 95
4
973
Sale
9712
..1948
A
98 . 1261 95% 99%
Cons 30-year lia Series
FA
571: 93%
Cons 30-year 530 Series B 1953 FA 92 Sale 91
214i 4
94
; 9213 95
1950 MS 9213 9412 94
Bing & Bing deb 6i-4s
4, 80
97
801
821 80
1926 40 80
Booth Fisheries deb s f 68
92 , 1)1 91% 95%
Botany Cons Mills 630__1934 AC 92 Sale 9134
103
101
6
1
1014
102
Sale
lot
Steel
510
18111
1942
101%
Brier
A 0
7818
74 1 7218 Mar'26 ---:1 71
Irway & 7th Av 1st c g 50-1943 .1 0 74
7013 21
71
74
71
71
..,
CPIs of dep stmod June '25 int ____
95
9314
g
.1
94
Sale
94
9412 a
1941
Brooklyn City RR 58
Bklyn Edison Inc gen 58 A 1949 J J 10334 Sale 10333 10334 13 103 10534
1930 J J 105 1033* 105
General 65 Series B
1 lugs 10613
105%
92% 9912
9414 303
1968 j j 9413 Sale 9334
Bklyn-Man R Tr See 68
63
N 83 Sale 1 62
63
. 61
.8
Bklyn Qu Co & Sub con gtd 58'41 MN
7713
72
756
72
7534
j
Sale
j
8
13
1941
lot 58
__ 92 June'25 ---Brooklyn It Tr 1st cony g 0_2002 j j 88
1921 j j --------13614 Nov'25 --3-yr 7% secured notes_
(Argot depoen stamped....... ____ -___ -___ 123% May 2., ---5Si 92
4
9112
9112 917 9112
1950 F A
Bklyn tin El ist g 4-58
8813 112
9113 92
9112 Mar'26 ---.;
1950 F A
Stamped guar 4-543
Bklyn 17n Gas 1st eons g 50_1945 m N 103 10313 103%
103% ' 11)212 1°3'2
1932 m N --------18314 Nov'25 ---10-yr cony deb 78
10 Oil 11-2-4
112
1st den & ref Os Series A 1947 M N 11213 -___ 112
92
92
94 , 92 Mar'26 -Buff & 80gri Irons f 58
1932,0 D 92
8734 6811
4
--873
I
91
Mar'26
8714
0
19521A
Bush Termina, 1st 40
9112 93
9618 92 Mar'26 - - - 1955,3 2 96
Consul 55
9534 100
9712 34
97 Sale 96
Building 58 ;mar tsx ex_ 19611A I'
19012 101%
(lam (1 & E Corp unit & ref 58 1937 1i.1 14 11,014 10058 10012 Mara)--30 10313 105%
Cal Petroleum 0 f g 610____1933 A 0 19312 Sale .10312 104
13912 99%
9912 100
Camaguey Suit 181 3 i g 70_ _ _1942:A 0 9912 Sale 9814
3 10118 104
104
Camilla 58 Lines ist eoll s f 7s '42 M N 10312 104 104
10234
tent Dist Te1 lot 311-yr 55.__1943 .1 D 10213 ____ 10214 Mar'26 - -- - 101%
9434 99%
9358 9854 9634
97 , _2,
1931 F A
Cent Foundry let of (1s
101 I 01-1 luta, 10118
Cent Leather 1st liens f 613_1945 J .1 1003* Sale 100%
Central swel lot go t 88._ _1941 31N 11612 Sale 1163* 11614
6 11514 11614
.
10178 „.7. 10164 102%
Ch G L & Coke lot go g 59_1937 .1 J 10178 --._ 10178
: 51
711
7434 Sale 73%
1927 F A
75% oa 19512
Chime° Rys 1st 5s
10913
1932 A 0 10734 Sale 10612
Chile Copper Os Ser A
102+4
2743
44
7
3
9
0
1
18313
Chacin Gas & Elec lot & ref 50'56 A 0 102 10212 102%
6 10213 104%
1961 A 0 104 104% 10413 1043*
530 Scr 11 due Jan I
8218 8213
1940 2 J ---- --__ 8218 Feb'26 -Clearfield lilt 1. 031 lot 40
9314
9/
93
89
9314 Mar'26 ---Colo F & I Co gen s f 53_1943 F A
8314 85
8414 8412 8414
84% ---,- 100
Col Indus lot & coil 55 gu_ .1934F A
4
1011
100
9
10014 10018 10012
1927 J J
Columbia G & E 1st 58
10014 22 100 101
1927 j j 10014 10012 100
Stamped
Co.& 9th A v 18t gu g &L....1993 al S --------10 03V2i --WI;
Columbus Gas let gold 58_1932 J J ---- - - - - 99% Jan'26 -78
76
75
1
Commercial Cable 1st g 48_2397 Q 1 7434 7634 75
99% um%
-9)
8
N
Credits
997
Feb'26
6s
M
f
54
99%
1934
Commercial
Commonwealth Power 65. _1947 M N 103 Sale 103
10312 107 10214 105
Computing-Tab-Ree s f 65_1941 J .1 1043* Sale 10433 10513 10 19415 105
9113 92
Cont, Ry & L 1st & ref g 430 19511.1 J 9013 ____ 9112 Feb'26 ---9213
91
92% Mar'26 ---195112 J 9012 93
Stamped guar 410
13
88
8118
I
83
Coal
lot
of
Az
4
843
ra
Md
Cons
ref
83Ie 844
1950 J 0
106
10414
Consol Gas(N Y) deb 530_1945 F A 10;38 Sale 105
10512' 92
Comi'd Pr & Lig lot 630_ __1943 M El 194% 105 10478 Mar'26 ---- 104 105%
737s 82
5
80 I
Cont Pap & Bag Mills 610_1944F A 80 Sale 80
984 101
Consumers Gas of Chic gu 58 1936 J J 10118 -___ 101 Mar'26 --;;."
Wig 101'4
Consumers Power lot 5s____1952 M N 10114 Sale 99%
101% 6°
Corn Prod Rein s f g 58
1931 M N 99 ____ 9018 July'24 -4
3 1-01-3let 25-year 81 58
1034 M N 10114 10212 10114 Feb'26 -- - - 1-0-01.
515
_
8234 8
Crown Cork & Seal 1st s f 80_1943 P A 82% 8314 82%
83% ,T,
94% 90%
Cuba Co con,is f Os
1935 3 .7 95 Sale 95
96 I 63
9314 96
1930 J J 9412 Sale 9414
Cuba Cane Sugar eonv 7a
9478' 10
97% 100
Cony deben stamped 8% _1930 J J 9934 Sale 9913
9934 14
Cuban Am Sugar lot coil 88.193151 B 10812 10814 10814
108%!
1 108 10913
9114 98%
Cuban Dom Sug lot 7348_1944 IS N
10134
134 86
90
Comb T & T ist & gen 6s__ _1931,1 .1 10
10118 10
12 NIa9
911%
r626
-1
12.- -6
- 100%
937g 9512
uyamel Fruit lot 65 lot (Ifs '40,A 0
Dens'City'eramw lot con 513 1933IA 0 _64
_1_2 6.6.1!.• 92
% Aug
412
4 -2
94216
:94 96s
4
9312
Den Gas& E L 1st & ref s f g 53'51IM N 9534 Sale 9514
93% 96
1M N 9514 ____ 9514
00 1 48
Stamped
sais 91
8834
Dery Corp(D G) 1st 5 1 7a._1942 M S 87
89
88341
2
3 101 102%
53. 12
1.3
Detroit Edison Ist coil tr 56_193.3.2 J
e38 10112
102
100% 10234
2 4 Sale
01
1st & ref 58 Series A.July 19401 M $ 19
100
10234
8
I949'A 0 10034 10112 10038 10034
Gen dr ref 5s Series A
10814 Sale 108
1st 24 ref 68 Series B...July 1940'M
10814 23 10714 10814
109%
10111
2
D 10034 101 101
Gen & ref 55 ser
101
9234
90
3
Del United Ist, cons g 430._193211 J 9034 91
91)34
9034
9534 92%
1941 151 N 9534 Sale 1 9.512
Dodge Bros deb Os
0818 144
83
72
Dold (Jacob) Pack let 60_19421M N 7814 Sale 7614
7814 14
60 62%
3
1939 J J
Dominion Iron & Steel 50
92% 97%
4
914 6
94
1942.5 J 6
5 1 9
Donner Steel lot ref is
92
978
64
11713
94
6
4
99% 99%
__._ 9914 Jan'26
du Pont(E I) Powder 430._193131.1 D 105
10514 107
106 Sale 10534 10814
DUQUeSne Lt 1st & coil 6s_1949
1 105 10638
083
1800
42 sa8
1
73:
5
1_0;
lot coil trust 530 Series 11_1949 J J :
14:
.
11:
085
18000
1
:
51
105
1
71
38 10438 198%
East Cuba Sue 15-yr a f g 730'37 M S
9974
93
J 9314 Sale 93%
9314
Ed El III Ben lot eon g
103 105
Ed Elec III lot cons g 5s19951J
8573 8934
Elec Pow Corp (Germany)830'50 M 8
614
88
19
99 99%
19251J D
9912 Mar'26
Elkhorn Coal 6% notes
Empire Gas & Fuel 730_1937,M N 1E612 Sale 102
103
116, 102 103
9978 100%
S
1003
58_1932IM
8
__
In
Light
____
,
con
Gas
Enult
10034 Feb'26
93 97%
Federal Light & Tr lot 58_ _1942M 13 9412 Sale 9414
9412 i5
6 1017a 10481
1942 M
10312 104 104
1043
lot lien 6s stamped
3
93 98
5
D
J
1954
11
Ser
94
9413 941*
95
30-year deb 13s
93 97
14
933
1939 .1 D 9314 9513 93
Federated Metals 8570
1941 M
11618 Sale 11534 11618 17 11312 11614
Fisk Rubber lot sf88
7514 86
7
7812 7812
80
Ft Smith Lt & Tr 1st g 5s_ _ _1936 M 8 78
88% 93
Fraineric Ind & Dev 20-yr 73042 J J 9118 Sale 8914
9113 26
104
107%
10512
N
106
106
730.1942M
af
lot
Sugar
Mar'26
-1
Francisco
Gas& El of Berg Co cons g 5019493 D 10078 ____ 10012 Feb'26 -- 10038 10011
105 1 15 104% 1061s
1939 A 0 10512 ____ 105
Gen Asphalt cony fla
10473 Nov'25 --- General Baking lot 25-yr 65.1936.5 D
87
S8Ii
1942 F A 87% 89 i 87
87
1
Gen Electric deb g 3388
2 10018 102%
Gen Refr Ist s f g 6a Ser A 1952 F A 101 102 10134 102%1
95
9812
German Gen Elec 7s_Jan 15 1945.5 .1 9812 Sale I 9713
9813 42
1947 J J 10534 Sale 10513 1057si 46 104 10838
Goodr1ch Co 630
Goodyear Tire & Rub 1st a f 1941 NI N 12114 Sale 121
12112 75 121 122
dI931 1, A 11034 Sale 11012 111141 35 10934 111%
10-year s f deb g 80
91% 9312
92 Sale . 9112
9212
Gould Coupler lot s f 135____1940
3
Granby Cons M S & P eon 65 A'28 M N 100 10012 100 Mar'26 ----' 100 101
1928 M N 100 ____ 10012 Jan'26 ----' 100% 101
Stamped
9814 103%
10234 10312 10312 10313' 4
Gray Sr Davis lot cony a f 713_1932
91
93%
92 1 22
fit Cons El Power(Japan)78.1944 F A 911 Sale I 9114
1011
4 10334
Great Falls Power lot of 58_1940 M N 10312 Sale 10312 10312'
2
86% 88
1952 J J 87'3 88 . 8712
Hackensack Water lot 4s
8712
1
1930 M S 8612 __ _ 8512 Ator25 -.Hartford St Ry lot 4s
9314 10 Ili IC
Havana El Ry L & P gen bs A*54'M S 0334 94
935
9441 9614
Havana Elm consol g 5s._ 1952 F A 9514 97
95% Mar'26 ----1
Hershey Choc Ists f g 68_ _1942 M N
1 102
lot M & coil 5140 101 eU 1940 J J Jai- Eiiie- Ii;
-8,
--5.
Hoe(R) dr Co 1st 634 temp_1934 A 0 9673 Sale I 9673
97 I " 97% 6614
79
22
Mk
83
Holland-Amer Line 68 (fial) 1947 MN 82% 83% 8214
1008. 101/8
1940.M N 10034 101% 10034 Mar'26
Hudson Co Gaii 1st g 60
12'8 °I425
1437
New York Bond Record-Continued-Page 5
I il
BONDS
N.Y.STOCK EXCHANGE ! t la
Week Ended March 12.
"va.
-
Price
Friday.
Mar. 12.
Week's
Range or
Last Sate
..21;
, .e. '
es I
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 12.
11
Price
Friday,
Mar. 12.
Week's
Range or
Last Sale
4
Range
Sines
Jan. I
High No.' Low
High
A ek 1.410
Bid
High
High Na. Lao
Ask Lme
Bid
8 101% 1034
4 Sale 10212 1023*
1
Pillsbury Fl Mille 20-yr 65_1943 A 0, 102/
10218 51 10113 103
Humble Oil & Refining 5646.1932 .1 J 102 Sale 10134
9819
9812
Feb'26
9812
____
J
9812
.11'
58_1928
10234 78 10034 10328 Pleasant Val Coal 1st get
7
Illinois Bell Telephone 6e....1956 J D 10234 Sale 102%
92
90144 92
9112 Sale 91
9614 16 - 9434 9628 Pocah Con Collieries 1st e f 5431957 J J: 10213
1940 A 0 9512 Sale9513
Illinois Steel deb 4645
103
____•1
102
Mar'26
103
____
AI
F
A_1953
Os
Dk
&
Can
1936 M 19 9312 94 I 9328 Mar'26 ____, 9115 93% Port Arthur
Ind Nat Gee& 011 58
4 103
/
1011
103 Feb'26
1953 F A 10212
let NI (is Series B
5 10228 1044
1035
1952 M N 10312 ___ 10312
Indiana Steel let 58
10214 18 I 99 10214
4 10214 101
/
____ ---- Portland Elec Pow let 65 B.1947 M N 1011
____ 9934 Dec'25 ____
1935.1 J 100
9
1%
Ingersoll-Rand let fis
,
100%
Feb'26
1004
____
4
1003
3
J
56....1935
let
_--- --_- Portland Gen Elec
Apr'25 _ _ __
Interboro Metrop eoll 430._1958 A 0 ____ 20I 11
4
1
2 ' 92% 95/
94%
1930 SIN, 9412 Sale 9411
Portland Ry 1st & ref 5s
412 Aug'25
____15
Guaranty Tr('o (Ifs dep ______
2' 8334 93
9378
9378
Sale
9018
Al
F
551942
ref
151
P
&
Lt
Ry
Portland
99
Ctf dep stpd agetd 16% sub.__ ------------1012 Mar'25 ____
1014
12
10114
10012
10214
101
N
1947
M
188 IA ref 63 Sir II
213 -7-3
-2
1.
7012 145 -6
Inteeboro Rap Tran let 56....1966 J J 70 Sale 6914
7 , 108% 108
10814
1st & refund 7345 Ser A._1946 M N 10712 1081a 10714
724
62
692 196
L....69 Sale 68
Stamped
10.534 10014
1931 M N 10534 ____ 10818 Feb'26
767k Porto Rican Am Tub 85
64
73 i 14
4 Sale 71
1
1932 A 0 72/
' 94% 98%
10.year fis
24
96%
964
Sale
193313 3 9612
pressed Steel Car 51)
8534 94
92 I 53
10-year cony 7% notee_1932 M S 9128 Sale , 9012
11114 Feb'26.,,, t 11012 112%
Sale
D
1
1104
waentsr31
lis(with
f
s
Ref
&
Prod
8814 951
:
8
4
1
93/
95 t 9312
4
1
let Aerie Corp let 20-yr be .1932 M N 93
b 10934 110/
11012
Without warrants attached_ _ J D 11012 11058 1104
8218 90
2
8928
8812
104% 105
Stamped extended to 1942_ _ _ M N 8812 89
898 Pub Serv Corp of NJ gen 56.1959 A 0 1004 ____ 1044 10441 34 1(14) 10314
85
8614 99
4
1
Inter Mercan Marine s 1 63_1941 A 0 86 Sale 85/
10212
4
1013
Sale
102
A
F
1944
Secured a 65
9374 9514
9413 25
1947 1 J
9414 Sale 9334
Internatlointl Paper 58
10114 le, 10372 10528
10.i
Pub Serv Elee & Gas lst 53461959 A 0 105 Sale 10k84
97 100
24
99
Ref e f (te Ser A
1955 M 5 99 Sale 9812
1054 21 10378 105311
19641A 0 10714 Sale
let At ref 5349
1137 701 10812 11614
lilt Telep At Teleg cony 564.1945 51 S 11314 Sale 110
37 106 108
107%
107
Sale
107
0
A
68_1948,
10912 110 109 111% Pub Serv F.) Pow & I.tg
Jurgens Works 6s(3lot prtce).1947 3 J 109 Sale 10634
12 10534 111
1937 .1 J 8634 Sale 10618 107
10134 26 10014 10228 Punta Alegre Sugar 75
Kansas city Pow & Lt 58_1952 M S 10128 Sale 101%
8238 Sil
11
85
804
10014
4
M
NI
1937
993
68
Arms
10514 28 101% 10514 Remington
1
Kansas GAS & Electle 66_....1952 M S 10412 Sale 10414
9714 100
2
4
99
9914
Sale
3 10612 10712 Repub 1 & S 10-30 yr bs il 1-.1940 A 0, 9414
10718
10714 10712 10718
1942 F
Kayser & Co 78
941
9213 9412
21
4 Sale 935s
1
/
89
,
3,
J
1953
A
Ser
108
5'.4s
gen
&
Ref
10318
22
106
Kelly-Springfield Tire 816_1932 M N 106 Sale 10528
1
8912 On
14
2
Sale
89
8912
6712
A'
1955
F
9112 Rime Steel 1st 75
90
Keystone Telep Co let 5e
1936 J 3 9128 ____ 9112 Nov'26 __
KO
6713
6
6712
0 11228 Sale 63
19.523
7s
f
e
108
Myers
&
Robbins
102
____
Feb'26
103
____
g
P
A
103
be_1937' 0
Kings County El &
1123* 10 112% 114
112%
10514
S
Seri:1_19461M
F.179
&
Gas
123
2
7
Rochester
123 Feb'26 ____ 120
19971 0 121% __
108
Purehase money 65
5
1053
1
4
1053
4
Sale
1053
711g
S
Gen Mtge 5 348 Series C___1948 M
774 79
Kings County El let g 444_1949 F A 7712 7928 79 Feb'26 ____
63 7314
7
9412 7C1
7334
Rogers-Brown iron Co 75.„1912 IN NI 94
78 80
7934 79
1949 F A 78
Stamped guar 4e
914 97
14
11
3s St Jett fly Lt Ht & Pr 58_.._1937,M N' 9713 ____ 94
I
g18
9.534 98
.1 99 Sale 99
_54
Kings County Lighting 551913
Jan'26
96
81
Yds 1st 430_1930,J J 7934
81%
04-46
19543 J 1084 112 10812 Feb'26 ____ 106 10811 St Joseph 5th &
78
6
83
4
793
---75
J
I955'J
stmpd_
5s
P
Mt
107
Rock
E.
St
2 104
105
193613 D 1054 10512 104
7013
Kinney Co 7365
7012
Feb'26
7012
100
4
953
0
19241A
96 498 St Louls1 ranalt 58
98 I 12
Lackawanna Steel 55 A..,.. 1950 M S 97/3 Sale 9734
AA
4
/
9.514
951
Feb'26
1937 3 3 9572 Sale
2 10034 10134 St Paul City Cable SP
10128
9512
Lac Gas Lot St L ref&ext 55.19341A 0 10118 Sale 10112
924 9678
43
g
Sale
3
1087
A
'45'F
76
(Germany)
8
Wke
Saxon Pub
10414 80 102% 104
110
('oll & ref 56413 Series C _ _1953,F A 10418 Sale 10334
10718
108%
2
108%
__
l942 1W 19
6,2 Saks co Ts
98
98 12
Jan'26 __
Lehigh C & Nay s f 4365 A..19543 J --------98
10312 -11 10138 ;0312
10712 109 103
1004 101
San Antonio Pub Sere 65_ __ -1952 1 .1 103'
___
34 Mar'26
Lehigh Valley Coal 1st g 58.1933 J J 10014 004 10
3 1074 um,
.
1 Sharon Steel Hoop 1st Ss Ser A'41 131 S 10734-- -- 10712 1073*
Lax Ave & P F 1st gag 5e. _1993,51 S
6 h067s 10812
108
103
9414
4
3
1942 A 0 93
Sheffield Farms 664s
40 118
122
Liggett & M yera Tobuceo 76.1944 A 0 119 gale 119
9112 95
5
9334
9313
Sale
....
96
A
F
58_19W
Power
Fran
122
San
&
Serra
Jan'26 ___ 122
117
____ 122
9334 974
Registered
9455
9514 92
-year 7s_1937 M 5 11034 Sale 109
Sinclair Cons 01115
4 103
16
993
10012
113%
4 Sale 9934
/
107
A °
tie
A 1001
1951 F
III%
276
.
1st In col tree C with warr 10273 D 93 Sale
87 9014
F A 984 ____ 08
Registered
9334 84
19383 D 10028 Sale 8934
2 1115e
let lien 6!-4s Ser B
12 1111119
101
4
2
119 Sale 11814
19441A
10014
82
Lorillard co(P)7s
--------10012
100
Sinclair Crude Oil 3-yr Os A_1928 F A
___ 11534 Oct'25 ____
0 115
Registered
10034 41 100% 101
9314 Sale 1003
3-ye 6% notes It Feb 15_1926 F A
100 . 13 "ciii, iii61-2
91
87
9314
1931 IF A 100 Sale 9934
Cia
8912
108
Sale
120
0
A
1942
55
Sinclair Pipe 1.1,0
614 Oct'2I _
99
9
F A 9414
Registered
12012 82 11212 131
1927 A 0 10112 Sale 115
Skelly 01161-3% notes
O-1
9774 -„,2
994 69
9918 Sale
4 10211
/
1011
102
Louisville Gas & Electric 58,1952:51 N
5
10112
Sale
10712
N
M
6365.1933
let
Corp
0)
4 1 9015 1,41Z Smith (A
4
/
911
4 Sale 9112
/
1930 3 J 911
6 107 lox%
Louise Ry 1st con Ile
108
South Porto Rico Sugar 75._1041 J 0 10212 Sale 10712
8 10115 10314
10212
Lower Austrian Hydro-Elec Co1
J 3 10212 Sale 10214
87 1 24 1 8512 8734 South Bell Tel & Tel let 31581941 F A
8613
1
1944 F A 8614 87
10088 10314
35
lets033411
10212
102
4
8
987
9818
53..1954
ref
at
191
Tel
S'weet Bell
3 100 103
10234
9712 994
1942 A 0 102 10234 101%
Manati Sugar 760_ .
981
22
___
93%
8
6
s
Southern Colo Power 63.....11147 J 1 973
594 66
49
64
a Dee'25
99
Manhat Ry(NY)cones 43_1990 A 0 64 Sale 6214
Sale
99
N
M
1948
54)
g
Water
Val
Spring
53 60
3
60
2013 3 D 60 Sale 5912
101
III;
2d 4e
4
9912
9912
Sale
108
N
NI
1930
Standard Milling 151 55
79 102 111
111
1942 M N 10934 Sale 107
Manila Electric 75
10812 65 10734 109
Steel & Tube gen s f 7s Ser C 1951 1 J 100 Salo 108
8912 91
94 I 68
Manila Elec Ry & Lt a 1 51,1_ _1953 M S 91 Sale 9078
8912 100
99
103
____
14
9718
76_1942
(Oriente)
98 9912 Sugar Estates
9812 13
9712
95
1940 Q J 9818 Sale 9818
Market St Ry 78 Series A
1929 FA-I 10018 ____ 97 Mar'28
14 104 1014 Superior 011 1st s f 75
107
Metr Ed 1st & ref g 08 See B_I952 F A 107 Sale 107
100 100%
____ 101) Mar'28
9634 99.91 Syracuse LlghtIng 1st g 5e 1951 J D 10312 Sale 11134 Feb'26 ____- 10315 10311
bl
991
let & ref Se Series C
1953 1 J 9928 Sale '9914
10514
J
J
55.1951
gen
RR
4 10212 10412 Tenn Coal Iron dr
1953 1 D 10414 10412 10334 10334
Metropolitan Power Os
1025)10512
1012
7112 73,4 Tennessee Elec Power let 463.1947 J D 608 Sale 105
2
7414
5.513 6515
7414 Sale 7414
Met West Hide El (Chic) 45_1938 F A
49
17
6I
1900 J J 61 Sale 6J14
10234 45 10114 1044 Third Ave 1st ref 45
1940 M 8 10212 Sale 10211
Mkl-Cont Petr ist 664e
4 1157p
/
411
1
,
,
21
4
611
5812
95%
Sale
Ad) Inc 58 tax-ex N Y__..a1960 A 0
9412 51 , 9234 9-32
Midvale Steel & C cony e f Is 1936 NI S 94 Sale 037
9
937s 96
.1 J 10834 Sale 95%
1937
55
a
1st
7k
Ry
Ave
Third
--------097
Jan'26
9?,13
' 99 ,
109%
Milw Elec Ry dr Lt come 55.1926 F A
10814
14
4
109
1083
9814
9828
S
M
1941
78
97
99 Toledo Edison let
98 1 13
Refunding & eaten 460_1931 J J 9728 Sale 97
98 99
9812 10
983*
9832 100 Toledo Tr I.& P514% notes 1930 3 J 10058 ___ 10018
9928 10
1051 3 0 9928 Sale 9914
General 55 A
4 MI
1
Jan'26 __, 100/
Sale
9618
8
M
1949
5a
g
1st
El
&
9418
G
4
1
/
00
Trenton
94% 51 '
941 1 9314
1961 J D 94
let be II
93 97
96% 41
1940 F A 68 Sale 981g
10313 23 10034 1044 Trumbull Steel debits
1953 51 8 10312 Sale 10214
1st & ref g 168 Series C
7013
61
4
6828
09 99% Twenty-third St Ry ref 581962 J 3 9414 ___ 68
1
994
4
1
Milwaukee Gas Lt let 45._1927 M N 9914 9928 99/
94 9512
Feb'26
95
___
8912
J
J
430-1933
7
99 10112 Underged of London
10078' 8
Montana Power 1st 58 A...1943 J 1 1007 Sale 10018
4
928
9284
Feb'26
4
923
Sale
1948 J 3 105
Income 65
9612 9734
9
9734
Montreal Tram let & ref 58_1941 J .1 9714 973 974
8 1017a 10515
105
____ 105
Union Bag & Paper let M es-1942 AI N 10074 Bale 10034
87 I 10
,,,
847 88
Morris & Cc let s f 430_ .19393 J 8614 Sale 8618
10214
1
1001
1
4
3
100
1003
S
51
Union Elec Lt & Pr let g 53.1932
81 I 80 Mar'26
,,
93,
2.1966 A 0 80
1 80
.
Mortgage-Bond Co 4s Ser
10134
1933 M N --------10034 10134 16 10015 10212
Ref & ext 58
9634
1 ' 064 93
10 25-year be Series 3_1932 J J 962 Sale 9634
1 10012
3
,
4
101114
1954 3 .1 7914 Sale 1011a
1st g 5665 Senes A
1934,3 D 90 Sale 89
Murray Body let 014s
:
771
80
7
7914
10012
10014
_ _1947 M N 9934 ._. 994 Feb'26
3:
4 ___
1
!
4% ,1‘19
3 Union Elev Ry (Chic) 58_1945 A 0
13
98
8
Mu Fuel Gan let itti g be_
98
'
26 ___
' 10011 10113
,
8_
:Sale 10114 Feb
10128 102'
- 1941 M N 10128 1-0212 10128 Feb'26 __
4 Union 011 1st Ilen s f 5s. _1931 J J 1051
1 100% 10512
Milt Us gtd bonds ext 4%
4
/
1051
4
1
/
105
Sale
97
A
F
May 1942
30-yr as Ser A
6134 6112
Nassau Elec guar gold 45...1951 J J 61
5834 9434
6214 19
9514 98
1935 F A
let lien s f 5s her C
Feb'26 ____ 101 103
Net Eaam & Stampg let 58.19293 11 101 10514 101
1 Aug'25
96
e- 10
1931 J D 9878 Sale 99
9814 100,4 Union Tank Car mule 75.. 1930 F A ioir: 64:1National Acme 734s
10019
-1-2 1-66-1;
63
1
4
24
1053
5
1047
Sale
103
99.1 101
3
United Drug 20-yr 68.0ct 15 1944 A 0
101 I
Nat Starch 20-year deb 55_1930 3 J 9914 101 101
20 10112 104
10134 10.12 United Fuel Gas 1st s f 65.._1936 J J 994 100 102374 1034
1952 M N 102% 103 103 Mar'26
Nationa! Tube let 58
1001e
9934
6
99%
9
9
100
99%
N
M
1926
1948 J D 10028 10112 10034 Mar'26 ____ 10058 10034 United Rye Inv 58 Pate issue
Newark Consol Gas 59
9975 100
6
99%
Stamped77% Sale 99%
9 1004 1°34
102%
New England Tel & Tel 58_1952 J D 10234 Sale 10214
4 78
/
741
2
77%
7728
95
9412
J
19341J
102%
ea
g
ist
L
United Rya St
Feb'26 __• 101
'N Y Air Brake 1st cony 65_1928 M N 101 10214 101
944 95
944 54
1937 M N 104 10412 9412
12 Uulted 58 Co 15-yr 68
9034 944
94 1 51
New ON Pub Sere let 58 A 1952 A 0 9312
1 103 104,2
10414
10412
1955 3 D 9314 Sale
9014 9414 United Stores Realty 20-yr 65'42 A 0 9412 Sale
9334' 23
let Az ref 58 ger B
9134 944
214
93%
Sale
107
412
9
3
248
9
1
J
Sale93
A1947
8112 834 I.' S Rubber let & ref 5s Ser
_ 82/
I
4
1
8212
et Y Dock 50-year let g 48_1951 F A 824
18 Jan'26"107 10712 53 106341088*
1930 F A
116 1 46 115 11108
10-yr 764% SPC notes
N Y Edhoon let dr ref 6345 A_1941 A 0 116 ga:le 11515
994 10018
9945
E
4
i
L
6
i
itde
A
F
68_1926
cony
51
&
Ref
B
103
58
1944
0
%
3
102
ref
A
10
&
,10214
10228
U S Smelt
102731 13
let lien
106
114 105 10634
7 104 105
104141
U 8 Steel Corprcoupon_d1963 51 N ---_ -___ 105%
N Y Gas El Lt & Pow g 541_1948 J D 10414 Sale 10414
105% 105%
8914 9028 a f 10-60-yr 581 registered _d1963 MN 8828 Sale 1055* Mar'26
1949 F A
90 Salei90
90
10
Purchase money g 411
884 894
15
4
8812
873
Sale
4
963
0
A
1944
513
&ref
Utah Lt & Trate 1st
WY LEA Neste &RR 560 1942W N -___ 10312 10012 Apr'25 -___' --------..
95 97
97
37
9614
_
_
4 10114 100/
1
4 Mar'26__ 100/
1
NY Q El L & P let g ba_ -.1930 F A 100/
4 19494 Utah Power & Lt 1st 5e__1944 F A 1013*
1
100% 101%
10212 10134 Jan'26
10112
J
J
_1950
_
let
60
P
&
52
L
Elec
45_
E
J
R.
ref
_.1942
J
&
let
-.__
Utica
611
__
Rye
4 60
/
Feb'26
11 Y
10212
101%
1004
-6
4
1013
62
55
J
t
ext58 1957 J
Certificates of deposit
48
Utley Gas& Elec ref &5e6 60
598 53 Mar'26 __ _. 1
5314 62
812 mur.
1953 3 3 107 Sale 62 Feb'26
. 8 1 4514 1014 Victor Fuel lets 558
go-year adi Inc 55_ _Jan 1942 A 0
6 111913 10734
107
10512
D
J
1947
312
1014
78
let
Chem
5
__ __
V,-Caro
10
Certificate.] of deposit
7
2 10512 105%
1053* 105%
____
Certificates of deposit
3484
22
314/ 95
NY Rye Corp Inc 65____Jon 1965 -- 31 Sale 30
10234 Oct'25
4 101 10234
Certificates of deposit stmpd ____
10212
1951 M N 10034 102 102
Y & Rich Gas let Os
prin
of
Stpd as to pay% 40%
My State Rye let cons 4645_1962 M N 57 Sale 58
17 10514 108
107
9912 10712 10514
1947 let 78
1962 M N 7814 Sale 7814
2 10
let con 660 series B
4
71
8
78
6
4 6.'4
1
6/
78
6
829
8 12 10434 1095g
50
,
08
10
4 ja
12
43
07
10614 Ste_ 10
CU of deposit
71, 10214 10334
10334
N Y Steam let 25-yr 6a Ser A 1947 111 N 10234 103 102%
10012 10813
- -779812
97
CU of deposit etpd..__ .._
N Y Telep 1st & gen 5 f 4645_1939,M N 9778 Sale 97141
9814 20
107 11112
7 Feb'26
10
0
_108_18 1:0_8:2_:
-764e with & without war..1937 J1:
11034 14 1097s 11034
30-year deben s f 63.__Feb 1949 F A 11014 Sale 1104
10312
100 113%
7
106
102
____
ware_
Certifs of dep without
10912 62 10712 1094
20-year refunding gold 63.1941 A 0 10812 Sale 10814
Ja
r26
1
107 107
Certits of dep with warrants.
2 10034 102%
102
Niagara Fall Power let 511_1932 J J 102
`
9149214
9214 Feb'26
___
8
92$
4
1
/
106
ii-5
4
1949
56
g
Ref & gen 63
1st
&
1043
Coal
Coke
Iron
Vs
Jan 1932 A 0 105% git.14)- 105%
11'
106
1
9711 99
29
Sale
97%
4
98
978
J
1943 J
Va Ry Pow 1st & ref 58
27, 99 101
101
NW Lock & 0 pr let be A _1955 A 0 10034 Sale 10058
99
9012 994
65
98 100
Vertlentes Sugar 1st ref 76_ _1942 J D 99 Hale 99
34
99
No Amer Cement deb 6645 A 1940 m S 98 Sale 98
9634
96
95 100
9
1952 M S 10334 Sale 103
10334 31 1014 10412 Warner Sugar RefIn let 78 1941 J D 9634 Sale 8212
Nor Amer Edison 139
8112 8875
834 16
Warner Sugar Corp let 75._1939 3 J 8213 Sale
4 1054
1
Secured s I g 664e Ser 13_1948'M 5 105 105/
105/
4 13 10374 106
1
10112 10214
963 Wash Wat Power s f 53------339 J J 10134 ____ 102 Mar'26
&
Tree
94
IN
94
Light
Sale
19
5
924
Ohio
4
/
941
65_1947
Nor
103
103
10215
103%
____
3
10214
D
3
1950
ttd
100
9734
99% 30
Weetches Lte g 5settned
Nor Metes Pow 25-yr 5e A_1941IA 0 9912 Sale 9812
101
3 100 101
1944 M N 1005e ___ 101
A 0 --------9314 Jan'26
West KY Coal 1st is
Registered
102
8
10012
997
10
10012
Sale
10114
4
10012
165
1
.
5
NI
1
i
i
A
Ser
58..1946
Penn
0
Power
Ser
25-yr
10512
fis
West
B.__1941,A
Sale
1st & ref
10624 14 10.51s 11)834
1946 m 8 10004 sale 10514
____ 1 9012 9712
let 75 Series D
1311 Mar'26
North W T INI fd g 4 lie gtd.19341.1 3 9634 ___,. 111
l6
9934 102
24
____ 10012 101
1963 fey s 101
1st 53 Series E
2 1124 11313
112%
Ohlo Public Service 7345/1._1946 A 0 11218 117 112%
1 emporary 56 Series E._1963 M S --------9884 Sept'25
4 1103s 11158
__ 111
1114
1947 F A 111
let & ref 79 series B
10512 ill 10435 106
4 Sale 10535
1
1953 A 0 105/
let 53444 Series F
71 102 104
Ohio River Edison 1st 69-1948'..1 J 102% 104 10312 10378
81
91
86
13
974'
1950 3 J 85 Sale 85
Vs C & C let 65
West
9612
fie
Sal
1st
A
1944
F
97
Coal
13
9612
Ben
97
Old
101
14 10018 1014
10012
Sale
101
101
gose
Western Electric deb 58_1944 A 0
2
10012
Ontario Power N F let 6&..1943 F A 1004 10012 1001/
1 102 10338
10238
99%
Western Union coil tr cur 511_1938 J J 10252 ____ 1023*
1945 M N 99% 9912 9928
Ontario Transmission 5s
9712
4 9713
1
96/
3
M I 105
4 10834
1
/
rea
0
Fund
a te g 460_1950 114 N 97 Sale 97
1 ;t
542
10.
1941-F A 10814 Sale
4 -93
1U6
Fe
10024
Ode Steel 85
113
7 III 113
10939:
1936 F A 11212 Sale 1124
10314
let 25-yr eta 76414 Ser B 1947 F A 10314 Sale 103
1054 53 10518 1064
1931 M N 1058a Sale 10515
Westinghouse E & M 7a
9912 311 9712 1110
Pacific 0& El gen & ref.56._1942'.1 J 9912 Sale 9858
681
1
6712 704
4 1004 Wickwire Seen Steel 1st 78_1935 J J 6812 Sale 6812
1
99/
Pao Pow & Lt Ist&ref 20-yr 511'30 F A 100% Sale 9912 10012 12
91
755*
Certificates of deposit
1937,3 J 10112 Sale 101%
Pactfic Tel & Tel In 55
7013
71
.
Jan
77-4112
26'____
---MN
stamped
of
deposit
Certificates
A
N
4
series
M
1003
Sale 10012
1952
Ref M 58
63
63
66
13 63 6813
4 10412 10772 Wickwire Sp Steel Co is Jan 1935 MN 63
10534
Pan-Amer P dr T 1st to-yr 76 1930 F A 10534 106 10534
11 , 1024 1034
142 Willys-Overland s f 6645___1933 IQ S 10234 103 10212 103
134
1!2
41
1
043
1!I 147
51
1934 M N 10634 Sale 10578 "
4 11
18
:
106
Cony 5 f 6a
35 1 98% 101
4 101
/
Wilson & Co let 25-yr s f E35_1941 A 0 10034 ____ 1001
96 , 94.
854 96
96 Sale 9113
Park-Lax et leasehold 6645_ _1953 J J
_ _ _.
Feb'25
Registered
____ 10012 Feb'26 ____1 100 10055
Pall& Pasealc G & El cons 5e 1949 M S
Mar'26
-71Os
f
111
e
11014
cony
-year
10
4
1st
0
A
cones
11014
6a..1943
11038
C
Sale
1104
peop Gas &
5
5
8
7
6
12
%
3
6
76
4
3
____
Mar'26
6
1
6
67
72
ij
j
1628
__
deposit
of
101
Certificates
9815
1947 51 S 99 1004 100
10012 14
RefundIng gold be
2 6712 83
6712;
10-yr cony el f 7343
105 1 15 10313 106
Philadelphia Co coll tr 65 A.1944 F A 10434 Sale 16434
71'2
e I 63
72
1
Th
1
Sal
6312'
61
6112
11.--1:
11i66i
deposit
of
Certificates
12
0
10
s
5
98
100 1 16
15-year cony deb 5345.__1938 M 8 100 Sale 9912
102 1
3 10153 107.34
1941 A 0 102 Sale 102
Winchester Arms 76444
Phila & Reading C & I ref 55.1973 J J 10012 Sale 100 . 10012 19, 99 2 3
10212 77 10114 10i72
J J. 102 Sale 102
641_1943
T
&
20-yr
Sheet
Young%
103
10
9,
10412
814
M
107
Sale
deb
107
)4
831943
Car
Mot
Pierce-Arrow
7
Pierce 011 a it Se_-__Dee 16-1331 J D 10584 10634 105% M.ar'26 ____1 10312 107
__'
--------
A
A
lig
IA
-93
s Due Jan. d Due April.
p Due Deo. I Option sale.
1438
BOSTON STOCK EXCHANGE-Stock Recordseet;',t".....
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Monday,
Tuesday,
Wednesday Thursday,
Friday,
Mar.6.
Mar.8.
Mar.9.
Mar.10.
Mar. 11.
Mar. 12.
Sales
for
the
Week.
STOCKS
BOSTON STOOK
EXCHANGE
Range Singe Jan. 1 1928. 1
I
Lowest
1
HighestI
PER SHARE
Range for "NW"
Year 1925.
LowellMOM
Railroad.
. - 52168 168
166 166
I
166 186 *216614 188 168 188
92 Boston & Albany
*80
.P:16581100 159 Jan 9 175 Feb 13 158
81
81
8112 82 28012 80% •28012 81
161 Boston Elevated
*100
8012 81
1111,
_ 100 100
100 78 Jan 28 8214 Jan 111 7514 Feb 1544 .
100 100
100 100 *101 102
Jan
Mar 86
100 100
36 Do pref
*115 11612 *11512 11612 511512
100 89 Feb 27, 100 Jan 5
----------11812 116 116 *117
92
Jan 10414 Dee
23 Do lit pref
5108 10812 108 108
100 11512 Jan 16 122 Jan 7i 109
52104 ___ 107 1-0I
____
Mar 130 Deo
__
140 Do 2d preferred
40
40
100 98% Jan 9 112 Jan 2
39
3912 *10839
4014 39 -40
--------415 -42 450 Boston & Maine
*35
100 38 Mar 3 4814 Jan 7, 94 Mar 116 Dec
*35
37
*35
39
*35
39
*35
__ ___ ____ _ _ _
10 Apr 4912 Deo
Do pref
560 ____ 60
100
35
Mar
60
1
60
4712 Jan 8,1
62
8334 134
*6234 -64
1112 Apr 46 Deo
--------1,431 Do series A let pref
590 ____ *90 ___- 590 ____ 590
5912 Jan 2
__ *90 __ ____ ____
17 Apr 65 Dee
Do series B 181 pref.. 1001 85 Jan 29 68 Feb 41
580 ____ 581 ____ 581 .._ _ *80
95 Feb20
*80
__ ____ ____ ____
29 Apr 8712 Dec
Do
series
5110 _ _ 5110
C
lit
prat_100
__ 5110
75
2_ 5112 ifs
Jan 41 85 Feb20' 25 Apr 7912
112 112
____ ____
10 Do series D lit pref_100 105 Jan
Deo
*97
9712 597 -9712 *97 -9712 *97
29: 120 Feb20
9712 *97
9712 -_ ____ ____
3512 Apr 118 Deo
Prior preferred
179 179 31179
95 Jan20 9812 Jan 4
*179
__ *179
___ *179 ------------11 Boston & Providenc
95 Dec 99 Nov
e
*5412 '55
100
179
54 -544 54 -54
Jan
182 Jan 29 167 Feb 180
5412 -5412 5412 58
5512 58
872 East Mass Street Ry Co-100, 50 Mar 8
May
563 65
*63 65
*84
4 81 Jan 6
65
583
65
563
65
_ __ ____ ____
26 Sept 6212 Nov
Do lit pref
•____ 82 *___ 62 *_-__ 62 5____ 82
100 6412 Feb 10 71 Jan 2
6078 61
____
60 July 73 Deo
_
_
15
Do
pref
B
46
48
100 8072 Mar 11' 89 Jan 13
544
451 *4412 4512 4513 4512 4512 4512 4512
51
16
Aug
70
225
Dee
Do adjustment
557
60
100 43 Feb 25 4914 Jan 29
57
57
558
59
57
58
57
57
35 Sept 50 Dee
--------110 Maine Central
384 3834 *357 36% 36% 36% 37
100 50 Feb10 80 Feb 3
3734 *375 377 ------434 NY N H & Hartford
23 May 56 Dee
588
100 3812 Mar 5 4514 Jan 4
90
588
90
*88 --_- 88
8412 584 ------------35 Northern New
28 Mar 4634 Dec
Hampshire_100 84 Mar 10 88 Jan
•122_ *122 ____ 5122
13
70 Feb 90 Dee
__ *122 125 5122
____
_ ___
Norwich & Worcester prer_100 121 Jan 7i
116 1-1-0.12 *11812 _ _ •117 1-20 •117 _ _ +117 125
123 Jan 28 100
____ 2116 11814
Jan 125 Oct
Old
112
Colony
*___ 101
100 111 Jan
599 fof
loo loo *zoo lof 'Ps_._ _101
96
9934 9934
Jan 113
Oct
40 Vermont & Massachusetts_100 9034 Mar 6, 120 Jan 29
12, 10314 Feb 4
87 Feb 101 Dec
Miscellan
432 432
41
eous
4% *4
4%
4% 4%
432
414
412
412
559
Amer
Pneumatic
Service_25
52234 23
23
2312 23
38 Mar 41
2312 2212 23
5 Jan 7
212 Mar
518 Do pref
5 Deo
14714 14734 148 1481! 148 14812 1477 14814 2312 231/ 2334 24
50 2112 Mar 3: 24 Jan 29
14772 14814 1481 14312 1,518 Amer Telephone & Teleg_10
1812 Mar 2412 Dee
62
0 14214 Mar 3 15034 Feb15 1305
62
62
82
62
62
82
62
63
6312
63
Jan 145 Deo
8412
Amoskeag
793
Mfg
*77-- _ _ *77
No par 82 Mar 21 71 Jan 2
--- 77
77
+77
_
_
577
6112 May 87 Aug
__
78
78
40 Do pref
520
No par 7312 Jan 27,
22
•20 -22
520
22
520 -22
520 -22
7014 May 8634 Aug
____ ____
Art Metal Construe, Inc__ 10 20 Jan 181 78 Feb 23
55812 80
*5812 60
55812 80
2112 Jan 23
55812
*5812 80
14
Jan 16 Aug
Atlas Plywood t c
511% 1212 51212 1312 *1212 1312 51213 60
58
Mar
3
633
4
Jan
1312 513
19
4612 Aug 671, Deo
1312 ____
___
__
_
Atlas
Tack
Corp
*1714 1734 51732 18
No
par
12
Mar
5 1714 Jan 2
51732 18
*1732 18
5173
913
8
18
Aug
1714
21 Deo
17
14
Beacon
100
Oil
Co corn TO
92
92
17 Mar 3 2012 Jan 14 _
92
9214 92
92
92
92
92
92
- -__
9114 92
____
552 Bigelow-Hartf Carpet__No par 9114 Mar 12 98% Jan
5107
__ *108
___ 108 108 5108
2
___ *108
9712 key 10912 Oct
___ ____
__
10
Boston
Cons
8t9%100
pref
Gas
105%
6412 -6412 *8412 -65
Jan 25 1081g
*6412 65
*6412 -65
58412 -6514 8434 -843-4
Jan 10814 Aug
35 Dominion Stores, Ltd__No par .6412 Mar 6 6812 Feb 18 103
+112 114 *112 114 .112 114 5112 114
Feb
1
5112 114
2814 Jan 74
____ _ _ ___
Oct
Do pref A
*214 3
100 104 Jan 5 112 Jan 26
*214 3
*214 3
*214 3
99 June 100 Deo
*214 3
214 -2-12
200 East Boston Land
10
*312 4
214 Mar 12
312 34 '311 412
3% Jan 21
312 412 5312 412 54
1% Apr
412
638 Sent
Eastern Manufacturing- 5
7612 7812 76
312
Mar
77
8
77
412
77
Jan
19
77
7712 78
3 July
78
834 Jan
7814 7814
408 Eastern 88 Lines, Inc
1
43
43
*4212 43
43
43
8812 Jan 22
4234 425 54212 43
42 Mar 897 Dec
43
43
55 Do pref
*9714 99
No par 42 Mar 3 45 Jan 6
*9714 99
*9714 99
*97
99
35
597
Jan 4614 Oct
99
____ ___. ___ __ _
pref
1st
•__ 2534 52412 26
100
97
Mar
3
9912
524
Jan 9
2534 25
25
89
25
Jan 100 July
2534 --------205 Economy Grocery Stores
20% Jan 2 26 Feb 5
18 Aug 2312 Sep'
229 230 5227 229 227 227
227 228
227 228
228 228
512 Edison Electric Illum
____
2 *____
100 2207 Jan is; 250 Feb 11 200
2 5._ _2 5_ _ _Jan
2 *____
213 May
2
2
2
50 Elder Mfg Co (v t C)
10
524
2 Mar 12
25
524
25
524
212 Jan 8
2434 524
2 Dec
2434 524
534 Oct
2434 -..- _ __ Galveston-Houston Elec 100 92 Jan 71 2512 Feb 25
51412 15
+1412 15
*1412 15
51412 15
17
Oct
51412 1512 ____ ___.
38
Jan
General Pub Ser Corp corn_
t_ Jan 26i 17 Jan 22
---s- - rr- ss- rrr- _--- ---- - -- ---_
__
___
___
Georgia
Ry
Elea
&
537 1712 *37 -3712 537
5%
Pref
100
-38
-7-812 Apr i974 17337% .
3
8
*3712
epi
3
3
38
Glichrist
381
/
4
Co
150
101 10312 9934 102% 10034 10112
No
3234 Aug 43 July
101121023* 1021 10312 10212 10314 8.878 Ghlette Safety Razor-No par 36 Mar 3 403* Jan 12
1112 1112 1112 1112 12
par 9834 Mar 3 11312 Feb 6
12
1112 1112 51112 12
5712 Jan 11512 Dec
-----Greenfield
--160
Tap
&
Die
*83
25
64
1012
63
83
Jan
12 12% Feb 11
63
83
63% 6412 6312 84
11 May
1512 June
64% 8412
631 Hood Rubber
564
No par 60 Feb 9 8834 Feb 4
65
58212 8312 56212 6312 58313
52 May
*85
72
Go
60
____ ____
Internat. Cement Corp_No par 6812 Jan 7, 88
•.25 .35 5.25 .50 5.25 .50 5.25 8412
/
1
4 Feb 9
.50 41.25 .50 ____ ____
52% Jan 80
Oct
Internatio
nal
Productspar
No
5.50 1
.10 Jan 2; .15 Feb 19 .05
5.50 1
5.50 1
5 50 1
5.50 1
2 Jan
______
Do pref
100 .50 Mar 3' .55 Jan 5 .10 Dec
Dec 1012 Jan
Kidder, Peabody Acceptance
*951/4 - -- *95/
1
4 - -- *9514 - _- 595/
1
4 _
595/
1
4 _
__
____ ____ _ _
Corp Class A pref
8
-8
100 9414 Jan 51 95/
8 .
8
8
-8
1
4 Jan 9
8
82% Jan 9512 Nov
-8
8
-8-- -_-_
_
58 Libby, McNeill & Libby
1
11%
12 1112 1112 1112
10
714 Feb 181
1
1112 51112 1134 11% 1112 1112 _11 _
934 Feb 1
64 Apr
992 Jan
97 Loew's Theatres
12
8412 8412 85
25 1112Mar 1 1212 Jan 18
85
58412 85
85
1114 Aug 137s Jan
85
85
8512 --------239 Massachusetts Gas Cos_100 28312
68
68
88
68
Jan 5, 8812 Feb26
88
68
*88
88 Feb 85 Dec
68
68
280 Do pref
8812
52____ 212 *x____ 210 *2207 208 *.2 _ _ _ .. ___ 68
100
65
Jan
61
701
212 210 210 *206 212
6312 Jan 70
Oct
15 Mergenthaler Linotype-100 19312 Jan 8 218 Feb20
Jan 28 167
Jan 197
Oct
70 Mexican Investment. Inc- 10
8 Mar 111 1034 Jan 7
714 Sept 1634 Jan
Mississipp
i
River
Power_
;99- 15 - iii" lit_
_100
85 Jan 6 85 Jan 8
4 'OW4 9534 *9412 96
38
Jan 124
*94
98
Oct
____ ____
100 Do stamped pre!
4
100 93% Mar 3 96 Jan 4
4
38 41g
4
4
*4
44
8712 Jan 96/
4
1
4 Nov
4
--------555 National Leather
37 Jan 4, 413 Jan
10
5
25
334 Dec
25
52412 28
64 Jam
25
2514 524% 254 25
254 2514 26
915 Nelson(Herman) corp
.55 .85
5 1512 Jan
.55 .55
.55 .55 5.55 .75 41.30 .50 ------2814 Feb 19
113* Dee 17 Dee
-3.400 New Hug Oil Ref Co tr ctfs_ _ .20 Jan 9
*8
1012 *8
1012 58
21 .65 Mar 6 .10 Dec
1012 58
1012
2 Junt
1012 ______ ____
f (tr ctfa)100
D
96
9712 9714 9714 +2____ 9712 *z_ _ _ - 9712 58
8 Feb 25 1012 Jan 6
5.14
+2_ _ 97
___New
England
_
20
.
Pub
Serv
prior
5412
pf 98 Mar 2 100 Jan 8 --__ Apr 12 Sept
*412
-- *412 ___
*4%
*412
___.
-___
___
-____
____
New
Eng
South Mills_ _No par
*____ -25 5_ _ __ -95 *__ -25 5._25
414 Jan 28
8 Feb 18
-- •____ 25
272 Dec 11
Yet
__ _
. __
Do pref
100 25 Jan 16 28 Jan 29
11514 11534 11512 116% 115 11814 x114 11412
20
11414
Dec
55
115
Jam
1191/
New
Engi'd
1,
Telep
11434
--7
_43
dr
Teleg.100
- 527
29
+27
11334 Mar 4 1183* Feb 17
29 •27
29
527
99 Apr 12212 Non
29
*27
29
___
___ ___ __ _ Orpheum Circuit, Inc
47
1
47
2934
4812 47
Jan
47
9
47
80
Jan 14
4812 47
2112 Oct 3234 July
4634 47
47
Pacific
.
671
47
Mills
100
r - 550
42
Jan 28 65 Jan 2
,- 50
50
+50
50 Dec 8112 ALE
_
51
51
____
,48 Plant(Thos 0), 1st pref
100 50 Mar 3 8814 Jan 12
1350-1614 1514 51512 -15/
1
4 51512 164 1814
32 Aug 75
0c11
35 Reece Button Hole
5112 134 *112 134 *112 134 5112 1-614 1814 1614 1814 -1-614
10 15 Feb 8 17 Jan 12
15/
134 *112 134 ____
1
4 Aug 18
Ain
Reece
___
Folding
_
11614 11614 11534 117
_,
_
Machine
10
112 Jan 19
11614 11614 211412 115
112
Jan
191
114 Nov
114%
2/
1
4 Jar
115
1144 1144
100 112% Jan 2 117 Feb20.
493 Swift & Co
65
66
*85
88
564
68 5_ _ _ _ 66
*65
6512 --_- ---60 Torrington Co
11
25 65 Feb 9 70 Jan 4 10914 Apr 120 Fet
11
12
12
51012 12
12
12
4512 Apr 7312 Dec
12
12_
399 Union Twist Drill
49/
5
1
4 4934 4914 50
7 Jan 5 1512 Feb 11
50
5012 5018 503* 50
71 Jam
3
Oct
ow* 5014 -5-678 2,625 United Shoe Mach Corp
25 48 Jan 5 5234 Feb 201
2818 2812 *2818 2812 2812 2812 *28
28% 28% 2812 2812 281s
4034 July 50 Non
pref
107
Do
25
28
18
18
Jan 2 281 Jan 251 2612 Jan
18
18
18
1814 1812 1882 1812 1878 1884 1834 3.619 WaldorfSys.Inc. new sh
29
Ool
No par 17 Jan 6 20 Feb
38
38
53712 30
38
38
3812 394 37
111
141* Aug 1934 Jam
3812 --------452 Walth Watch cl II com_No par 29 Jan 18
55
58
*56
58
40 Feb 5'
5812 58% 57
5812 5812 I.8% 57 - 58
5
Jan
34
Dec
prof
trust
497
Do
ctfs
100
52 Jan 23 59 Feb
105 105 5103 106
105 108 *105 107
1714 Jan 57 Dec
107 107
_
30 Do prior pref
100 102 Jan 29 108 Jan 10
2034 21
2014 2078 21
21 *.22012 21
4
Jan 105 Der
2034 21
20/
1
4 if
518 Walworth Company
20 2014 Mar 1 23 Jan 27. 65
46/
1
4 46/
1
4 548
47
4612 46:2 46
48
165* June 27/
485 47
1
4 July
4634 47
476 Warren Bros
50 45 Jan 21 50% Feb 18
37
Jan 5012 July
.41
4212 541
4212 541
4212 541
4212 4214 4214 --------.10 Do 1st pre
50 40 Feb 25 4214 Mar 111
*4512 47
*4512 47
*4512 47
*4512 47
431
373* Jan
*4512 47
July
____ _Do 2d pref
50 48 Jan 2 47 Feb 10
•1434 1512 *1434 1512 51434 1514 *1434 1512
4012 Jan 48 Dei
*1434 1512 __-- --WI/1 & Baumer Candle Corn....
15 Feb 10 17% Jan 2
11 Mar 2172 Der
Mining
5.08 .25 5.08 .25 5.08 .25 5.08 .25 5.08 .25
1
5.08 .25
Adventure Consolidated
25.20 Feb 1 .20 Feb 11 .05
•.10 .25 5.10 .25 5.10 .25 5.10 .25 5.10
Dec .25
Jar
.25 5.10
Algomah Mining
20
25 .10 Feb 2 .10 Feb 2 .10 Mar
•.40 .50
.35 .35 5.35 .45
.50 .50
.40 .40
Jar
.45 .45
170 Arcadian Consolidated
25
.35 Mar 3 .90 Jan 4 .50 Dec .25
1034 11
511
1114 111
/
4 1112 *Ills 1114 1112 1O2 1112 1112
3
Jan
Commercia
Arizona
746
l
5
1012Mar
2 1234 Jan 2
4612 47
54814 47
-4612 4812 47
91* Mar 1532 Yet
51
51
52
5112 53
5,500 Bingham Mines
10 44 Mar 4 55/
1414 1412 1414 148 14
1
4 Jan 4
1414 1412 14% 1412
2814 July 6014 Orn
25 1372 Jan 4 1512 Jan 7
•.30 .40 5.30 .40 5.30 .45 5.30 .45 5.30 1412 1412 1412 1,001 Calumet & Hecia
123* June 1872 Jar
.45
5.30
.45
Gold
Carson
Hill
1 .30 Mar 1 .50 Jan 2 .20
17/
1
4 1712 1712 1718 17% 1712 1712 1712 173
May .90 Aue
4 177
1712 1758
505 Copper Range Co
25 1812 Mar 4 20 Jan 4
*312 4
*3% 4
18 Dec 33 Jar
312 312 *314 4
312 3%
34 33
230 East I3utte Copper Mining_ 10
314 Jan 27
'a.....80
4 Feb 3,
.50 .50 5a_ _
3
.80
June
.50 .50 5(4.50 .80
814 Jar
.50
.50
94 Franklin
25 .50 Jan 4
5.80 1
11
/
4 Jan 20 .04
31.80 1
5.80
.- 1
13 Jar
Jan
5.80 1
5.80 1
5.80 1
Hancock Consolidated__ 25 .50 Feb 25 .80 Feb 13 .50
175* 173
1712 1712 1712 1712 1712 1712 517
June
134 Fet
18
17
17
Coal
Hardy
90
Co
1 17 Mar 4 2114 Jan 4
1311
/
4 112 *114
18
15%
*114 134 *114 134 *114
July
23
Jar
134 *114
Helvetia
134
25
1 Feb25
165 16612 184 164 5164 167
2 Jan 11
1 Dec
165 16612 166 107
312
16672 187
342 Island Creek Coal
1 150 Jan 15 175 Feb 8 121 Mar 185 Fet
_ •101
_ *101
_ 101 102 5101 102 5101
Dei
_
10 Do prof
1 9912 Jan 4 10212 Jan 26
510111
11
-11
1114 1114 1114 *11
94/
1
4 May 10012 Do,
12
011
12
1114 1114
285 Isle Royale Copper
25 11 Jan 21
5.85 1
13/
97
1
4 Feb 10
.85 .65 5.85 1
.65 - .65
.65 .85
.65 .65
131 Keweenaw Copper
25 50 Jan 2 .70 Feb 24 .50 Apr 2012 Jar
*1% 112 *11g
112 *118 112
.90
June
112Juni
1lg
.90 .90 *1
112
182 Lake Copper Co
25 .90 Mar 10
'1'4. 131 *1 w. 138 *1.(, 138
11
/
4 Jan 4
1
Apr
1x
l . l ;f, *I%
3
Jar
112 511
/
4
112
55 La Salle Copper
25
1 Feb 1
112 Jan 2
1
Dec
84 Jar
•17s 214 517
214 52
214 5218 238 52
212 52
5
Mason Valley kllne
211
134 Jan 28
•.40 .80
232 Feb20 .95 Sept
.40 .40 5.40 .60
.40 .40
.40 .40
234
Jar
.40
.40
130 Mass Consolidated
25 .35 Feb 28 .70 Feb 13 .40
5a114
112
1/
1
4 14
114
114 1%
15*
13
May:
132 51.38
1/
1
4 Jar
11
/
4
365 Mayflower-Old Colony
25
11
/
4 Jan 4
324 3212 32
112 Jan 5 .50 Nov
324 32/
1
4 3212 323* 33
33% 3314 *3212 33
3 Jan
390 Mohawk
25! 31 Mar 3: 37 Feb 10
1934 1934 1934 1934 192* 20
1912 2012 2012 204 2014 2034 1,195 New Cornelia Copper
251/ June 41
Jai
5 19 Mar 3 2114 Feb 13
.08 .08 5.05 .10 5.08 .10 5.05 .10 -----•.05 .10
18 Mar 25 Jar
--500 New Dominion Copper
1 .05 Jan 30 .10 Jan 7
•____ 25 5____ 25 •_-__ 25 *____ 25 5 _ 25 •____
25
New River Company
100, 25 Feb 4 25 Feb 4 .10 July, .85 Fig
68 5:59
58% 58% 68
61 5258
61
81
25 Apr, 31 Aug
8312 63
6312
378 Do pref
1001 50 Jan 4 72 Feb 11
6
81g
56
614 58
614
6
6
612 8%
90 June 65 Mg
614
885 NipissIng M
Mines
5
534 Mar 5,
•212 3
772 Jan 27
234 2% *212 3
212 212
284 2/
1
4
45* July, 64 Jar
25j 2%
390 North Butte Mining
15.
212Ma
r
3
.
5.50 .70
334
Jan
.
50.50 .75
9 .89 June
.55 .55
37 Noi
.55 .55
.55 .55
124 OJIbway Analog
25! .50 Jan 4' .60 Jan 6 .15
18
18
18
18
518
1812 518
1812 1734 1734 1712 1712
Nov
114 Jar
137 Old Dominion Co
25' 1612 Jan 20 19% Feb
13
1234 1234 1214 1212 *12
13
13
10
1234 1234 12% 1214
1634 Dec 27
Jar
965 P'd Crit Pocahontas CoNo Dori 12% Mar 12 15
2014 2014 2112 21
2034 2034 20
Jan 2
2112 2114 2132 521
1012
June
187
2112
Sept
718
Quincy
•
25 18/
1
4 Jan 22 237 Feb 25
3312 3412 34
341
3334 3412 344 344 3334 3334 533% 3412
19 Apr, 39% Jar
485 St Mary's Mineral Land
251
32
Mar
1
3812
61,,',
4
6% 5834 7
Feb 10
56% 714
5612 714 *612 7l.
2812 Apr 48 Jai
---10 Seneca Mining
614 Mar 4
- 5.50 .80 5.50 .65
98s Jan 4
.50 .50 • 55 .
7/
1
4 Nov
11 Noi
.55 .60
310 Shannon
10, .50 Jan 13 .80 Jan 5
.80 .80 '
:80
1%6.5 .90
-117..6
.
.80 .60 *.130 .90 5.80 .80
0.
.50 May!
Superior
125
1/
1
4 Jim
&
Boston
Copper-1
.60
01
Mar
10
9.X8 94
MI Mar 1 .70 May
9%9l
918 94
93* 97
2 Jai
94 94
94 912 4,510 Utah-Apex Mining
5' 6 Jan 6 11% Feb 5
37 Jan 811, Jai
14 14
11
/
4 1'*
1 iii 14
14
13s
1 ifa 17
2
214 39,410 Utah Metal & Tunnel
11
.50
Jan
8
24
Mar 12 .40 July .98
.50 .50 •.50 .75 5.50 .75
.75 .75 5.50 .75 5.50 .75
175 Victoria
Jai
25 .43 Mar 2 .75 Feb23
.18 .18 5.18 .25
.18 .18 5.17 .25
Nov
•.18 .25
114 Jai
.18 .18
535 Winona
25, .15 Jan 23 .25 Feb 9, .22
•Kil Ll
an a_ ___ .50 a _ _ _ _ .50 a_ _ _ _ .50 5(1.50 .65
.10 Dec .48
Jai
Wyandot
25 .40 Feb 1 .40 Feb 1 .05
Beg
Air .21
•Egg and asked priced: n Bales on this day. 2 Ex-rlirhtI. b Ex-dividend and rights. s Ex-dhddend. b Ex-st
ock dividend. a Assessment paid. Price
: bags.
on me,
MAR. 13 1926.]
THE CHRONICLE
Quotations of Sundry Securities
1439
Outside Stock Exchanges
All bond prices are"and Interest"except where marked'
Boston Bond Record.-Transactions in bonda at Boston
Standard •Oil Stocks Par BM. I Ask
Railroad Equipments Per Ct. Basis Stock Exchange Mar. 6 to Mar. 12, both inclusive:
Anglo-Amer Ott Vol st.....£1 *1734 18 Atlantic Coast Line 139..... 5.15 5.00
Friday
Bonus stock
*1714 1713
4.95 4.75
Equipment 635s
Last Weel's Range Sates
Range Since Jan. 1.
Atlantic Refining
100 10234 10312 Baltimore & Ohio 13s
5.20 5.00
Sale
ofPrices.
for
Preferred
100 11612 11712
4.90
M.-4.70
Equipment 4355 &
Bonds
Low. High Week.
High.
Price.
Low.
_Borne Scrymser Co
100 245 250 Buff Koch & PIUS equiP 68- 5.15 5.00
Buo_eye Pipe Line Co_ 50 *5514 56 Canadian Pacific 4355 55. 4.95 4.70
Mar
AIIG&WISSLIa..1959
71
71
70
74
Jan
70%
$4,000
Cheeebrough Mfg new
14
25 *68 69 Central RR of N J 65
5.16 5.00
Jan 101
100% 101
5,000 99
Mar
Preferred
100
5.20 5.00 Chic Jet Ry & U BY 59.'40
Chesapeake & Ohio 68
Mar 70
Jan
65
66
550 65
•Continenta1.011 new.... 10 **-2-254
8 2235.00 4.80 East MassStRR ser B 58'48
Equipment 6355
Feb
1937 104% 104% 104% 7,000 10434 Jan 105
Rights
4.90 4.70 Hood Rubber 78
*850 850.
Equipment 58
Jan 9831 Mar
K CM &B Inc 58.__ _1934
9835 • 9835 2,000 98
Crescent Pipe Line Co__ 50 *1412 16
Chicago Burl & Quincy 65- 5.15 5.00 Kendall MillsInc 6%51944
Mar 99
Mar
99
99
99
1,000
'Cumberland -Pipe LIne.-100 129 132 Chicago & North West 65
5.00
5.15
1,000 8851 Jan 91% Mar
Pureka Pipe Line Co_ _ _ _100 58 60
5.00 4.75 Maine C entral 434s_ _ _1935 91% 9151 91%
Equipment6358
99
99
1,000 9835 Jan 9935 Feb
1929
Galena Signal:HI com_ _ _100 *26
4.90 4.70 Mass Gas 4348
27 Chic R I & Pac 4358 & Ps
Jan 97
Feb
1,000 96
9634
9635
1931
4355
Preferred old
100 88
93
5.30 5.05
Equipment68
10135 10135 1,000 9931 Feb 101% Mar
535e
1946
Preferred new
100 78
85 Colorado & Southern 68
5.15 500
4,000 99% Jan 100% Jan
Humble Oil& Ref
25 *883 8914 Delaware & Hudson (is-- - 5.15 5.00 Miss River Power 5s..1951 99% 100 100
3,000 100% Feb 10134 Feb
New
*64
5.00 4.80 New Engl Tel& Tel 581932 10135 101% Ung
6412 Erie 4348 & 55
Ma 111
Feb
105 106
13,000 105
-Rights
2538 26
5.30 5.10 PC Pocah Co 7s deb_ _1935
Equipment 6s
99% Jan 101
Mar
15,000
100%
100%
101
1944
Swift
&
Co
55
Illinois Pipe Line
68.........
100 142 144 Great Northern
5.25 5.00
Jan 10134 Jan
Imperial 011
25 *13412 135
4.90 4.75 Western Tel & Tel 58.1932 10055 100% 10034 8.000 -100
Equipment 55
New when issued
t 34tj 3514 Hocking Valley 58
4.90 4.70
_Indiana Pipe Line Co_ _ _ 50 *69
Philadelphia Stock Exchange.-Record of transactions
70
5.20 5.00
Equipment es
'International Petroleum_ _ t *313 32 Illinois Central 4348 & 58..
4.80 4.65 at Philadelphia Stock Exchange, Mar. 6 to Mar. 12, both
'National Transit Co_ _12.50 *1734 18
5.15 5.00
Equipment6s
New York Transit Co...100 51
5412
Equipment 75 & 6345.... 4.95 4.75 inclusive, compiled from official sales lists:
Northern Pipe Line Co_ _100 7612 771k Kansa ha & Michigan 68
5.25 5.00
Sales
'Ohio 011 new
Friday
25 64 6412
5.00 4.80
Equipment4358
Range Since Jan. 1.
Penn Mex Fuel Co
Last Week's Range for
25 *1712 18 Kansas City Southern 5358. 6.35 5.00
'Prairie Oil& Gas new... 25 *5534 5614 Louisville &Nashville 68- 5.15 5.00
Week.
ofPrices.
Sale
High.
Prairie Pipe Line new...100 126 12612
Low.
Par Price. Low. High. Shares
Stocks4.95 4.75
Equipment 63511
Solar Refining
100 198 200 Michigan Central 51 & 68.
5.15 4.75
-Southern Pipe Line Co_ _100 7212 7312 MinnSt P&EISM 4358 & 58 5.10 4.85 Abbotts Al Dairy, pref.100
51 100% Jan 10235 Mar
10251 10251
Jan
Jan 59
'South Penn Oil
242 36
52%
52
10
100 162 165
5.20 4.90 Alliance Insurance
Equipment 6358 & 78-Mar
-Southwest Pa Pipe LInes.100 *54
128 10134 Jan 108
105% 108
56 Missouri Kansas& Texas65. 5.35 5.10 Am Elec Pow Co, pref_100 107
Standard Oil (California) 25 *5678 57 Missouri Pacific 68 & 6358
110 11% Jan 13% Mar
13
1354
10 1334
5.25 5.00 American Milling
9
Mar
'Standard Oil(Indiana)._ 25 *6478 65 Mobile & Ohio 4355 & 589
Mar
200
9
9
•
5.00 4.70 Am Ship & Corn Corp_
Mar 9435 Jan
Standard 011 (Kansas)._ 25 *3034 3112 New York Central 43-58 & 58 4.80 4.65 American Stores
18,974 70
• 83% 7954 85
Jan
'Standard 011 (Kentucky) 25 *122 123
119 110% Feb 112
110% 111%
5.15 5.00 Bell Tel Co of Penn, pref _- 111
Equipment65
Standard 011(Nebraska).100 230 235
50 38% Jan 3935 Jan
39
3954
50
4.95 4.75 Cambria Iron
Equipment 78
Feb
'Standard ()Hof New Jer_ 25 4212 4312 Norfolk & Western 450
20
2034 1,727 1755 Jan 21
4.75 4.62 Congoleum Co Inc
•
Feb
Jan 35
Preferred
10 30
100 11712 11814 Northern Pacific 75
3234 3234
5.00 4.80 Consol Traction of N J.100
Feb
'Standard 01101 New York 2 *3434 35 Pacific Fruit Express 78
32 39% Mar 40
3931 40
4.95 4.80 Cramp (Wm)& Sons_ _100 40
Jan
"Standard 011 (Ohio)
Jan 96
78 94
_ 100 332 335 Pennsylvania RR eQ 58 & 68 5.10 4.70 Eisenlohr (Otto), pref _100
94
94
Jan 7834 Mar
Preferred
75 73
100 11712 119 Pitts & Lake Erie 8348..... 5.00 4.80 Electric Storage Batt'y_100
7635 7834
Jan
-Swan & Pinch
68
260 5935 Ma
100 19
5.30 5.05 Fire Association, new...10 59% 5935 60
21
Equipment 68
'Union Tan_ Car Co--.-100 91
5935 Mar
50 5935 Ma
5.80 4.60 General Asphalt
93 Reading Co 4345 & 55100
5935 5935
Feb
Jan
50
Preferred
37
20
100 115 117 St Louis & San FrallailiSCO 55. 4.95 4.75 Giant Portland Cement.50 45
45
45
'Vacuum 011 new
25 102 10212 Seaboard Air Line 5% &65- 5.40 5.15
25 3435 Jan 4835 Feb
47
47
Preferred
50 47
'Washington 011
Mar 64% Jan
1,155 54
10 *
4.85 4.70 Insurance Cool N A. _ _10 5754 5634 57%
-- Southern Pacific Co 4345-.
4% Jan
Other Oil Stocks
3
Mar
360
4.95 4.80 Lake Superior Corp..._100
3
331
Equipment 78
335
Atlantic Lobes Oil
t *178 2 Southern Ry 43.45 & 55
3.960 9735 Mar 12035 Feb
4.95 4.70 Lehigh Navigation
105% 109
50 109
Preferred
3334
Jan
50 *278 4%
2531
Mar
5.00
1,190
5.15
Lit Brothers
26% 28
Emdpment65
10 27
'Gulf 011 new
Jan
8
25 *8512 8578 Toledo & Ohio Central
235 Jan
5.30 5.05 Man Rubber
1,740
10
3
6%
6%
Mountain Producers
10 *2538 2512 Union Pacific 75
4.95 4.80 Minehill & Schuyl Hav_.50
70 5134 Mar 5135 Mar
51% 5135
Mexican Eagle 011
5*
295 7234 Jan 7335 Jan
72% 7335
Penn Cent Lt&P cum pt.*
National Fuel Gas
100 145 148
50
Mar 55% Jan
Tobacco Stocks
Pennsylvania RR
50
51% 5255 17,24
'Salt Creek Cons 011
Feb
10 *914 912 American Cigar COD2D4011 100 115 117
Jan 91
256 71
76
Pennsylvania Salt Mfg .50 76
75
Salt Creek Producers_ 10 32
Jan
100 97 100
3212
50 37% Jan 38
Preferred.
Phila Co (Pitts) pref(5%)50
3735 3734
Mar
Mar 60
10 49
Amer Machine dordr -100 200 215
Preferred
(cumul
_50
4935
4935
6%)
Public Utilities
27
British-Amer Tobao ord. Ll •26
4334 Mar 67% Jab
Philo, Electric of Pa
25 52% 5035 54% 139,54
Amer Gas & Mee
el *26
t *78 80
27
754 Mae
3% Mar
Bearer
4%
351 73/ 33,24
Warrants preferred
6% pref new
94 Imperial'rob of GB & Irerd .2334 2434 Phila Insulated Wire
t *93
Feb
Jan 55
60 50
*
53
53
Deb 68 2014
KILN *99 100 Int Cigar Machinery-..100 95 105
Jan 87% Feb
1,44
51
5435
55
Phila
Rapid
Transit_
..50
5454
Amer Light & Tract con'_100 217 219 Johnson Tin Foil & Met-100 60
1455 Jan
75
12
Mar
46
12%
13
Phila
&
Western
50
Preferred
100 106 110 MacAndrews & Forbes.-100 42 45
34% Jan 35% Mar
21
Preferred
35
35%
50
Amer Power & Lt common__ 59 5912
100 102 104
Feb
Preferred
Jan 101
89
10
Scott Paper Co, pref....100
98
9834
Preferred
100 93
95 Mengel Co
100 43 45
435 Jan
4,92
2 9-16Jan
3%
4
Tono-Belmont Devel_ _ _ _1
Deb 68 2016
M&S 97
98 Porto Rican-Amer Tob.-100 70
735 Feb
75
4 15-16Jan
2,14
1
654 7
Tonopah
Mining
Amer Public Utll corn...100 78
82
Leaf'rob com-100 63 66
Jan 43% Jan
38
68
40
40%
Union Traction
50
7% prior preferred_ _ _ _ 100 88 92 Universal
100 99 101
Preferred
Mar 14435 Jan
United Gas Impt
50 102% 9635 104% 16,566 91
4% partic pref
100 88
91
100 128 132
Young (J li) Co
Jan 3834 mar
37
40
37
37
Dairy
Prod
"A"
*
U
S
Associated Gas & El pf_t *50
51
100 105 110
335 Jan
Preferred
3% Mar
160
3% 3%
Warwick Iron & Steel_ _ _10
334
Secured g 6355 1954_ _J&J 10112 10212
Jan
Mar 47
260 43
43
46
West Jersey & Sea Shore_50 46
Blackstone Val G&E corn 50 *95 100 Rubber Stocks (Cleveland)
Jan
58
50
Mar
271
50
52
_50
Westmoreland
Coal_
Cities Service common
20 *42
4212 Firestone
& Rub corn 10 *115 118
38%
Feb
15 3635 Jan
37
37
York Railways, Pref. ..50
Preferred
100 8312 84
100 10314
6% Preferred
Preferred B
10 *738
7% preferred
100; 981
BondsPreferred B-B
100 75
General Tire & Rub corn. 25 *180 182
Mar
27,000 10034 Jan 104
10334 104
Adv Bag & Paper 78_1943
Cities Service Bankers Shares, .2034 :- 100; 105
Preferred
94
4,500 89% Feb 9431 Feb
91
Com'w'Ith Pow Corp new- *3334 3414
- Goodyear Tire & R com_1001 361 -311-3 Amer Gas & Elec 55_ _2007 94
Feb
69%
Jan
58
6035 6035 3,000
Consol Trac N J 1st 55 1932
Preferred
100 84 1 8512 Goody'r T & R of Can pi 100 r.... 96
Jan 65% Feb
r
Elec & Peoples tr ctts 45'45 63
E eo Bond di Share pref _100; 104 106
l
India Tire & Rubber-.-100 150 165
Feb
9255
Telep
lst
58_1935
Keystone
Elec Bond & Sh Secur
I 69 I 70
96 100
Preferred
Lehigh Val Coal 1st 58 1933 10035 10035 10035 21,000 10035 Fe 100% Feb
Lehigh Power Socurities..t 1 *1412 1512 Mason
2
Tire & Rub corn- MI *11
1,000 10734 Mar 10734 Mar
10735 1073.4
7s..1930
Pennsylvania
RR
Mississippi Riv Pow coin 100 62 i 75
100 12
14
Preferred
4,000 633.4 Feb 68% Jan
413_1943 66
6534 66
Preferred
100 *94 I 96
42% Peoples Pass tr Mrs
Miller Rubber corn new-100 41
1,000 9635 Jan 9931 Mar
9931
Phila Co rand s f & red 1951 9931 99
First mtge 55 1951_ _ _J&J 9934 10012
100 10112 102
Preferred
Jan
Jan 103
10235
102%
5,000 102
102%
S F g deb 7s 1935....M&N 102
Phila Elec 58
1960
100 35
50
Mohawk Rubber
1966 10334 10235 10331 17,800 10231 Jan 104% Feb
58
Nat Pow & Lt prof
1st
t *loco 11-61-78 80
Preferred
10235 10331
1.500 10235 Mar 103% Mar
Small
1966
Income 78 1972
J&J 102 104 Seiberling Tire & Rubber(t) *25
26
North States Pow corn _ _100 111 11212
1947 10735 107 10735 22,000 10634 Jan 107% Jan
530
100 9412 95%
Preferred
Jan 10735 Jan
Preferred
107 107% 20,200 106
1953
• 100 101 10112 Swinehart Tire & It com 100 _ _
534s
2,000 10734 Mar 10834 Feb
10734 108
1941
Nor Texas Elec Co cam _100 ____ 43
65
Preferred
Preferred
100
_ _ 58
•No par value.
Pacific Gas & El 1st pref_100 -9812
9912
Sugar Stocks
Power Securities corn
t *9
12 Caracas Sugar
50 •111 312
Baltimore Stock Exchange.-Record of transactions at
Second preferred
t *19
24 Cent Aguirre Sugar coin_ 20 82 84
Coll trust 6s l949._.J&1) *86
Baltimore Stock Exchange Mar. 6 to Mar. 12, both in89 Fajardo Sugar
100 149 152
Incomes June 1949_ _F&A *77 80 Federal Sugar Ref corn._100
clusive, compiled from official lists:
Puget Sound Pow & Lt.-100 52% 56
100 60
Preferred
75
6% preferred
BOW
100 84
Friday
86 Godschaux Sugar. Inc-(t)
6
7% preferred
Range Since Jan. I.
100 5107 109
Last Week's Range for
30
Preferred
100 20
1st & ref 5%5 1949..J&D 10012 10111 Holly Sugar Corp corn (t) *35
Sale
ofPrices.
Week.
38
MO.
LOW.
Republic Ry & Light...100 80 90
StocksPar Price. Low. High. Shares.
Preferred
190 83 87
Preferred
100 103 105 Juncos Central Sugar..._100
South Calif Edison com_100 125 12612 National Sugar Refining _100 111 114
Jan
Arundel Corp new stock...' 32% 3234 3335 3,369 28% Mar 36
Mar 26235 Jan
8% preferred
335 215
100 135 140 New Niquero Sugar
220 235
100 55
Atlan Coast L (Conn)_50 235
75
Standard G&E17% pr p1100 101 10212 Santa Cecilia Sus Corp p1100
Mar
Mar 86
44 86
86
86
Baltimore Brick pref _ _ _100
4
1
Tenn Elec Power let pf 7% 101 102 Savannah Sugar com
Jan 4635 Mar
170 45
46
4635
50
Bait Electric pref
(t) *154 160
Western Pow Corp p1._100 96
Feb
Jan 154
117 147
14835 149
9812
Baltimore Trust Co
_50
Preferred
100 120 126
West Missouri Pr 7% Pref.- 94
Jan
40 2611 Jan 27
97 Sugar Estates Oriente 61_100 65
26% 27
Benesch (I) preferred_ _25
75
190 2634 Jan 2851 Feb
2735 27%
10
Central
Fire
Short Term Securities
Feb
79 15535 Jan 182
162 170
Indus. 8c Miscellaneous
Trust
50 182
Century
Cop
M
Anaconda
60'29 J.4.1 102i4 10234 American Hardware
8 11034 Jan 11334 Mar
25 *90
113 11335
92
Ches & Po Tel of Balt pf 100
Chic It I & Pac 5s 1929_3&J 9934 100
Mar
100 140 144
10 5735 Feb 61
Babcock & Wilcox
61
61
100
Commerce Trust
Federal Sus Ref 68'33..M&N
93
Mar 4634 Jan
96
3331
156 30
B11138(E 1AT) Co new
32
Credit__, •
26
(t) *20
Commercial
Missouri Pacific 55
9978 10014
514 2534 Jan 2634 Jan
Preferred
50 *53
Preferred
25 2531 25% 2555
58
S&L
'27J&.1Blom-Shef
'29.F&A
10212 10314 Borden Company corn..(t) *99 10012
Jan 2731 Jan
771 26
2634 27
Preferred B
25 27
Wis Cent 535s Apr 15 '27_ _ 10088 10034 Celluloid Company
Feb
Mar 99
30 97
19
9735 9734
21
100
634% preferred
Jan 5735 Feb
Preferred
67 45
100 6112 6312 Consol Gas, EL & Pow_ • 50
4934 51
Joint Stk Land Bk Bonds
Mar
Jan 105
Childs Company prof.--100 117 119
52 102
105
105
6%
preferred
160
ChM Jt St Ld B 5s_.._1951 101 10212 Hercules Powder
Jan
25 10834 Jan 110
100 150
110 110
100
634% preferred
Si 1952 opt 1932
10118 10234
Preferred
100 116 118
12 11035 Jan 11555 Feb
11434 115
100
7% Preferred
5a 1963 opt 1933
10114 10314 International Sliver pref _100 103
Jan 128% Feb
183 124
12835
128
127
100
8%
preferred
5515 1951 opt 1931
10212 10312 Lehigh Valley Coal Sales 50 85 -i7
Jan
Mar 53
592 36
43
36
Consolidation Coal_._ _100 43
4%s 1952 opt 1932
10012 10112 Phelps Dodge Corp
Feb
100 130 135
1.689 3135 Mar 48
36
39
Eastern Roll Mill new stk• 39
4;0 1952 opt 1932
9911 10034 Royal Baking Pow com_100 180 200
Mar 3035 Jan
10 30
30
30
Federal
Finance
Comm...'
4345 1964 opt 1934
9934 10034
Feb
Preferred
100 10112 103
30 117% Mar 124
120 120
Fidelity & Deposit
51)
444s 1963 opt 1933
10013 102 Singer Manufacturing_ _100 345 350
40 1835 Mar 1834 Mar
1835 1835
Finance & Guaranty Co_25
4315 1965 opt 1935
100 10034
Jail
20
Feb
1635
43
1834 19
Preferred
25 19
Pao Coast of Portland. OreJan
200 1031 Mar 12
Finams Co of America...25
1051 1051
---55 1955 opt 1935_ __M&N
Mar 2135 Feb
187 20
2031
20
Finance
Service
class
A.10
55 1954 opt 1934...M&N ____
Jan 1034 Feb
40 10
10
Preferred
10
10
Jan
Mar 89
10 84
Houston Oil pf tr ctfs _100
8434 8434
6834 Feb
Jan
63
324
65
64
Manufacturers Finance_25 65
Jan
Mar 23
827 21
First preferred
25 2135 2135 22
•Per share. I No par value. b Basis a Purchaser also pays accrued dividend.
613 2235 Jan 2434 Feb
2d preferred
2335 24
25
New stock. IFlatprlce. k Last sale. n Nominal. z Ex-M vid end • if Ex-rigala.
23
Jan
Jan
2035
122
25
Trust preferred
21
21
Ex-stock dividend. t Sale price. r Canadian quotation.
16
'11
14
- U3i
N.,2g t13'
1440
Maryland Casualty Co_ _25 10055 10034 101
Merch & Min Tr Co _ _ _100 49
48
50
Merch dr Miners new. •
4654• 4954
Mortgage & Accept cont.* 1534
1555 17
Preferred
4334 4434
50
M117-Woodb Mills v t r 100
1555 1534
Preferred v t r
100
78
7854
Northern Central
50
7954 80
Penna Water & Power_100
150 150
Security Mtge pref
2634 2654
Silica Gel Corp
•
1534 1554
United Ry & Electric_ 50
1854 1955
US Fidelity & Guar_ _ _ _50 204
20154 205
Wash Bait & Annap_ -50
8
10
50
Preferred
23
23
West Md Dairy, Inc, corn* 111% 101 115
Bonds•
Bernheimer-Leader 7s1943 101
101 101%
Commercial Credit 68_1934
100 100
Cense' Gas, E L & P555% notes. ser E_ _1952
10554 10554
10655 10654
6% notes, ser A__ _1949
Corstol Coal ref 455s_ _1934
9354 94
Danville Trac dr P 58..1941
6655 6634
Davison Sul & Phos6s 1927
10054 100%
Elkhorn Coal Corp 66.1925
9934 9951
Fair & Clarks Trac 53_1938
9154 9154
Georgia & Florida 5s_ _1956
10054 10054
Houston 011655s
1935 100
1C0 100
Macon Dub dc Say 5,1947
85
85
Monon Valley Trac 581942
92
92
Md Electric6%8
1952
95
9654
Ohio Public Service 75_ _ ._
111 111
United E L & P 455s_ _1929
9855 9854
United Ry dr E 4s_ _1949 7155 69
7154
Income 44
1949 5055 4854 5055
1936 71
Funding 5s
69
7155
6% notes
1927 9834 9754 98%
6s, when issued. _ _ _1949 96
93
96
Wash Balt & Annan 581941
7152 7151
_
Range Since Jan. 1.
Low.
74 9855
922 4455
335 4454
285 1555
71 4234
40 15
118 78
30 7834
10 150
100 2654
60 12
4,687 17
55 19734
147
8
353 23
974 94
Feb
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Mar
Mar
Jan
Jan
Feb
Mar
Mar
Jan
High.
102
5334
5334
2334
46
1654
83
8154
171
2655
22
1935
2195-4
1535
2535
115
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Mar
85,000 10054 Jan 10254 Feb
3,000 9954 Jan 10054 Feb
4,000
1,000
9,000
20,000
2.000
5.000
3.000
1,000
1,000
5,000
3,000
10,000
2.000
5 000
91.000
82,000
19.600
12.000
35.000
1.000
104%
10534
91
6655
10035
9954
9035
100
100
85
8735
9154
111
9834
69
48
6755
9754
9134
7134
Jan
Jan
Jan
Jan
Mar
Mar
Feb
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Jan
10534
107
94
6654
101
9951
9134
10055
100
85
92
9655
111
98%
7134
5054
7155
983.4
96
7351
Feb
Feb
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Feb
•No par value.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Mar. 6 to Mar. 12, both inclusive,
compiled from official sales lists:
Stocks-
[VOL. 122.
THE CHRONICLE
FrWay
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High Shares.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares
Adams Royalty Co com- _• 3034 3054 35
Rights
3
3
454
All America Radio Cl A.5
1355 14
American Pub Eery pt. _100 9634 9634 9634
Am Pub Mil Co par pld 100
88
8834
American Shipbuilding.100
7211 7334
254
Amer States Becur C.rp A•
2% 554
Class B
335
•
154
I
Warrants
35
34
154
Armour & Co(Del) prof 100
9654 9734
100 9034 9054 92',
Armour & Co pref
Common Cl A v t c__25 2455 2354 2434
13
1454
Common el B v t c__25 1434
15
554
555 6
Armour Leather
37
•
37
Asso Invest Co corn
5254 6355
Auburn Auto Co com__ _25 63
73
Balaban & Katz v t c.. _ _ _25 7254 67
35
Beaver Board pf aria._ _100
36
10
27
Sandia Corp el A
29
10 3234 3135 3254
Borg & Beck com
Brach & Sons(E J)com__• 3755 3734 3754
10 15
15
Bunts Bros
16
Central 111 Pub Sen. pref.'
8954 90
Central Ind Power prat100
9034 91
• 9254 91
93
Central SW 7% pref
*
98
98
Prior lien pref
• 1834
17
1854
Warrants
Chic City & Con Ry pt eh*
55
54
*
Preferred
554
5
3134 3354
Chicago Fuse Mfg Co__ __•
60
5454
Chic N S & Milw corn 100 54
100 76
Preferred
76
76
12
12
Chic Rys part ctf ser L100
Chicago Title & Trust..1 0
580 680
Commonwealth Edison 100 14154 141 14154
5
955
955 10
Consumers Co new
100 80
77
Preferred
80
• 12
Continental Motors
1154 1254
25 57
52
5834
Crane Co
100
11454 115
Preferred
Crown(Wm)Pap 1st pfd_• 10034 10034 10034
9154 9154
Cudahy Packing Co- --100
49
50
49
Cuneo Press A
29
29
Decker(Alf) dr Cohn.Inc_•
100 125
125 125
Diamond Match
El Household UM Corp.10 2134 2134 22
• 22 '21
2255
Elec Research Lab
9134 9234
Empire G & Fuel 7% Pt 100
2654 28
Evans & Co Inc class A--5 28
3155 3154
Fair Co(The)
100
106 106
Preferred
28
28
Fits Simons & C D & D Co 28
1254 13
Foote Bros(G & M)Co_.• 13
4
434
10
455
3111 Mfg Co
4
4
Dodchaux Sugar
•
• 36
35% 36
Dossard Co(H W)
145 149
3reat Lakes D & D100 148
3relf Bros Coop'ge A com • 3954 3954 3934
10 23
2234 2354
Hupp Motor
4455
25 413.4 40
Illinois Brick
9155 92
Illinois Nor Militia pf_100
59
50
Intim Pneumatic Tool._ -• 59
•
3854 3855
Inland Steel corn
27
27
laeger Machine Co com_ •
3434 35
_25
Kellogg Switchboard
50
50
Ky. Utilities cum pfd _._ _50 50
25 6935 65
7354
craft Cheese Co
1154
_
.10
1054
1054
(II)
Univ
Ext
Salle
At
854 814
Abby. McN & Llb new_10
3954 3934
*IeCord Radiator Mfg A_•
2055 22
• 22
daytag Co
114 122
Riddle West Utilities__ • 119
100 108
1063-4 10854
Preferred
11634119
Prior lien preferred_ _100 118
48
45
dldland Steel Products_ ..• 48
didland Util prior lien_100 9954 9954 9955
9654 97
100
Preferred A
,torgan Lithograph Co_ -• 6054 5954 61
126 126
fat Carbon pref new_ -IN
fat Flee Power A w I__ _• 2155 2055 22
jot)
9354 95
Preferred
454 454
434
10
Tarional Leather
2954
2734 3034
•
A_
cl
Car
forth American
9855
fOr West UM pr In pf_100 9755 9754 96
95
100
. 96
.
7% preferred
10
20
- .
6,200
2,415
480
50
24
111
66.450
49,700
37,000
250
2,400
8,445
5,698
720
100
25,525
15.575
100
800
2,680
1,675
120
195
25
640
50
1,135
100
75
300
1,840
17
50
40
666
4,370
810
3,950
352
66
110
50
110
40
95
335
2531
4.100
615
170
20
175
570
285
150
1.720
295
390
1,485
3.200
20
50
50
180
225
25
9,110
695
70
20
245
11,300
2.265
1.100
2,585
350
26
1,615
10
445
610
1,200
1.080
95
80
40
Range Since Jan. 1.
Low.
High.
2735 Jan
3
Mar
11
Feb
95
Mar
82
Jan
72
Jan
254 Mar
Mar
1
54 Mar
9655 Mar
90
Jan
2354 Mar
1234 Mar
4
Jan
Mar
37
4854 Jan
64
Mar
3454 Mar
2634 Jan
28
Jan
3754 Feb
15
Mar
8734 Jan
Jan
89
89% Jan
9554 Mar
1054 Jan
55 Jan
5
Jan
3134 Mar
47
Mar
76
Mar
754 Feb
575
Jan
13954 Jan
5% Jan
73
Mar
1034 Mar
52
Mar
11355 Mar
100
Jan
88
Mar
47
Jan
28
Jan
125
Jan
20
Mar
19
Mar
91% Feb
2654 Jan
29% Mar
105
Jan
26
Jan
1254 Mar
354 Jan
354 Mar
35
Mar
140
Mar
3934 Mar
19
Mar
37
Jan
9054 Feb
58
Jan
3854 Mar
25
Mar
25
Jan
49
Mar
65
Mar
10
Ja.
Mar
8
Mar
39
20
Mar
109
Mar
9734 Jan
10634 Jan
4454 Mar
Jan
99
Jan
96
5634 Jan
125
Feb
20
Mar
Jan
93
4
Mar
2754 Mar
93
Jan
9354 Feb
15
Jan
3734 Feb
454 Mar
1955 Jan
9755 Jan
91
Feb
7554 Jan
854 Feb
555 Feb
314 Feb
08
Mar
9234 Mar
2554 Feb
17
Feb
654 Feb
37
Mar
7254 Mar
Mar
73
40
Feb
3134 Jan
3455 Feb
3734 Feb
1655 Jan
91
Jan
93
Jan
94
Jan
Feb
100
2255 Feb
54 Jan
7
Jan
35
Feb
6154 Feb
83
Jan
12
Mar
585
Jan
144
Jan
1054 Feb
93
Feb
1354 Jan
60
Jan
11754 Jan
10054 Jan
9554 Jan
50
Feb
31
Feb
12954 Feb
25
Jan
3235 Jan
97
Jan
3054 Feb
3355 Jan
107
Feb
3054 Feb
1534 Jan
5
Feb
7
Feb
39
Jan
171
Jan
4034 Feb
2854 Jan
4454 Feb
92
Mar
61
Jan
3854 Mar
2955 Feb
38
Jan
50
Mar
9054 Jan
1434 Jan
10
Feb
42
Jan
23
Feb
13454 Jan
11134 Feb
12354 Feb
4954 Feb
Jan
100
98
Mar
65
Feb
12755 Jan
26
Jan
9634 Feb
455 Jan
32
Jan
99
Jan
96
Mar
2154 Feb
Pricias
Sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded, Par Price. Low. High. Shares,
Penn Gas & Elec w
• 21%
Pick Barth & Co pref A •
Pines WInterfront A
5 36
Pub Serv of Nor Ill__ _100
Preferred
100
7% preferred
100
Quaker Oats Co
Preferred
100
Real Silk Hosiery Mills_ AO 54%
Reo Motor
10 23
Ryan Car Co(The)
25
So Colo Pr Elec A com.25
Southw Gas& El 7% pf 100 98
Stew-Warner Speedom _ _ _• 8454
Swift dr Co
100 114%
Swift International
15 19%
Tenn Pow Corp corn.,.--• 15
Thompson (J R)
25 46
Union Carbide & Carbon_* 86
United Biscuit class A
* 48
United Iron Works v t c _ 50
United Lt dr Pr A w I new_•
18
Common CIA w I a__ •
Common el B w I a__ •
Preferred cl Awls
8631
Preferred clBwi a_ _ _ _* 4714
United Paper Board_ _..100 3534
U S Gypsum
20 145
100 117
Preferred
Univ Theatres Cone el A_5
454
Utilities Pr & Lt el B. *
Vesta Battery Corp_ _ _.10 1454
Wahl Co
• 1255
Ward(Montg'y)&Co Pf 100 117
Class A
• 112
Williams 011-0-Mat corn-s
Wulff Mfg C3rp
•
Vot trctts•
Wolverine PortI'd Cem_10
5354
Wrigley Jr
Yates Machines part pfd_• 3035
Yell3w Tr & C'elt Mr;B 10
30
100
Preferred
Yellow Cab Co Inc(Chic)_• 47%
Range Since Jan. 1.
High.
Low.
21
2155 1,600 21
Feb
2155 2155
100 2155 Mar
3555 36
500 35
Feb
132 13255
115 130
Jan
101 102
118 10054 Jan
116 116
10 112
Jan
130 131
45 128
Jan
106 10654
85 105
Feb
5254 54% 5,395 5154 Mar
2255 23
545 21% Mar
15
15
15 15
Mar
24
24
100 24
Mar
95% 98
190 9535 Mar
7454 8455 28,800 7254 Mar
114 117
1,995 113
Jan
19% 2054 3,280 19% Jan
15
15
140 15
Mar
45
46
630 445( Jan
79
86
14,750 7254 Jan
4354 49
2,800 42% Mar
2
2
200
155 Feb
15
185( 9,425 15
Mar
77
85
590 77
Mar
7434 110
1,875 7434 Mar
82
88
870 82
Mar
45
48
400 45
Mar
34
36% 8,000 3155 Jan
144 14534
970 138
Jan
115 117
90 114% Jan
454 555
850
4
Feb
16
17
200 16
Jan
14% 1554
250 1454 Mar
1055 1234 1,475
9
Jan
117 117
40 115
Jan
110% 112
550 109
Jan
20
21% 4,330 1654 Jan
9
9%
250
854 Jan
954 954
50 :
258
751 %4 Frviwiaa
Jan
ebrr
7
7
125
52
53%
1,325
2934 3035 1.405 28% Mar
27% 31
5,175
94
94
15 93
Jan
46% 475.1
1,070 46
Mar
Bonds7234 73
Chicago City Ry 5s_ _1927
Chic City dr Con Rye 5s'27 5234 5155 5234
73
73
1927
Chicago RYs 5s
3655 3634
1927
4s Series B
Commonw Edison 59_1913 10055 10055 10034
97
97
HousOGCos f g53%s 1931
Motor Discount Inc100 100
1926-30
6% "A"
mow 10054
Swift dr Co Is"s f g 55_1914
24
22%
5954
135
102%
116%
134
107
5834
25%
16
2554
98
93
117
2254
15%
48
86
59%
2
26
144
155
92
51
38
16155
117
7
18%
25
14%
117
112
2354
10%
1054
954
5534
32
33
95%
50%
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Mar
Feb
Mar
Jan
Mar
Feb
Jan
Jan
Mar
Feb
Mar
Jan
Mar
Jan
Feb
Jan
Feb
Jan
Mar
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
818.000 7254 Mar 7954 Jan
21,000 4955 Jan 5554 Jan
3.000 73
Mar 80
Jan
1,000 35
Mar 40
Jan
29.000 10054 Mar 10254 Feb
5,000 97
Feb 99
Feb
3.000 100
Jan 100
Jan
20 000 997
4 Jan 10054 Jan
•No par value.
Cincinnati Stock Exchange.-Record of transactions at
Cincinnati Stock Exchange Mar. 6 to Mar. 12, both inclusive, compilea from official v,les lists:
Stocks-
JWC.T
rrtaay
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares
Range Since Jan. 1.
Low.
High.
Am Laundry Mach corn_23, 12234
Amer Rolling Mill corn_ _2f
5334
Preferred
101 111
Am Seeding Mach prat _100 7455
American Thermos
20
44
Preferred
American Products prf
26
100 240
Baldwin COO
106 103
New preferred
100 3334
Buckeye Inc
Campbell's Ck Coal p1.100 100
Carey (Philip) pref.__ _101 115
Champ Coated Paper pf101, 11034
Mt 1053
Champ Fibre prat
Churngold Corporation_ • 64
• 25
City Ice & Fuel
100 80
Cooper Corp new
100 104
New preferred
Crown Overall pref....100 10134
100 300
Dow Drug corn
Eagle-Picher Lead coon_ _20 31
• 40
Early & Daniel com
100 95
Fay & Egan pref
• 22
Formica Insulation
• 355
L I tnt Tire
' 3934
3lbson Art coon
:Hobe Wernicke com-_100 98
100 92
Preferred
• 4054
3ruen Watch corn
100 10154
Preferred
Hatfield-Ttellance com....• 1755
fohnston Paint pref.....100 10234
20 21
Kodel Radio pref
10 11954
Eraser corn
100 11254
New preferred
',
19
VIcLaren Cone
8
Ptragon Refining eom__25
Procter & Gamble com20 151
100 16034
8% preferred
100 11034
6% preferred
100 9354
Pure 0116% prof
101 107
8% preferred
100 10754
Richardson pref
''
59
11 S Can corn
100 10154
Preferred
20 143
(1. 8 Playing Card
U Sprint dr Litho prat100 100
"
6%
LT El Shoe com
100 50
Preferred
Whitaker Paper pref._ _100 10354
100 10954
Wurlitter 7% pref
100 10534
8% preferred
119 12255
1,25 115
Jan 145
Jan
3,350 51
5334 57
Jan 593.3 Feb
110 111
123 10854 Jan 111
Mar
25 74
7434
Mar
74
76
Jan
1,013
1955 20
1955 Mat
19% Mar
4354 44
725 42% Mai
4354 Mar
445 25
2534 25
Ma' 27
Mar
240 240
2 210
Jan 248
Jan
103 103
1 105
FM, 103
Feb
32
3334
370 30
Jan 3354 Feb
100 100
5 100
Mar 100
Mar
115 115
1r 110
Feb 115
Mar
110 11054
11 110
Mar 11034 Feb
10134 IN%
20 10354 Jar 10534 Mar
64
64
45
2154 25
210 2454 Mu. 2555 Jan
80
80
2' 80
Mar
80
Mar
101 101
10 101
Feb 108
Jan
10155 10154
lt. 10134 Mar 103
Mar
300 300
1 275
Jan 300
Mar
3054 31
2,311 30
Feb 3334 Feb
40
40
20 38
Jan 40
Mar
95
95
1 105
Mar
Feb 95
21% 22
97 21
Feb 2654 Feb
35
3554
79
39
40
'1,610 • 3634 Feb 40
Feb
97% 98
2.
92
92
12
40
41
144
1015510154
71 10334 Feb 105
Feb
1754 1754
5 1755 Jan
181,4 Feb
100 10254
200 99
Jar 10254 Mar
21
20 2034 Feb 2154 Feb
21
11955 120
82 120
Mar 1355( Jan
112 11254
18 112
Jan 11254 Mar
19
19
35 19
Mar 21
Jan
774 8
150
754 Mar
934 Jan
150 152
782 13955 Jan 160
Jan
16034 16054
3 160
Feb
Jan 162
11054 III
90 11055 Mar 11254 Jan
9354 9554
35 8554 Jan 9.355 Feb
107 10934
4 100
Jar 10954 Mar
10734 10754
10 10534 Mar 107
Mar
59
50 59
Mar 513
60
Feb
10134 10154
51 10134 Mar 10314 Feb
141 143
Jan 1145.4 Feb
73 139
.3 9155 Jan 100
100 100
Feb
50
651 Mar
634 634
7
Feb
265 50
50
Mar 5654 Feb
50
10 101
10334 10354
Jan 10334 Mar
10955 1094
Jan 10955 Mar
10 107
5 10534 Jan 10555 Jan
10554 10534
BanksFifth-Third-Union units100 325
100 300
Lincoln National
325
300
Public UtilitiesDincinnati & Sub Tel_ _ _50 9254 8255
100 94
9254
:in Gas & Elea
86
3 N & C Lt & T ac corn 100 86
100 6634 66
Prefer red
100 11034 110
Dhlo Bell Tel prof
Tractions50
3In Street RY
;:olumbus Ry Pr&Lt B 100
100
Dhlo Traction pref
RailroadsDNO&TPcoto
,.........-...
* No par value.
35
9454
80
326
300
83
95
8654
6654
11054
3334 35
9434 9455
79% 80
825
100 825
825
Inn
1 ill IL Int I/
Int Id
32 321
12 300
Jan 326
Mar 300
155 8234 Mar 8454
1.027 89
Jan 95
160 8154 Jan 86
121 6455 Jan 6634
214 10934 Jan 11055
545
62
110
3251 Feb
9455 Mar
78
Jan
1 825
no
Int .,
Feb
Mar
Feb
Feb
Feb
3354 Feb
9454 Mar
8454 11.Jan
Mar 825
r--
Mar
Mar
Mar
•n• IL 1.al.
MAR. 13 1926.]
1441
THE CHRONICLE
Pittsburgh Stock Exchange.-Record of transactions
New York Curb Market.-Below is a record of the
at Pittsburgh Stock Exchange Mar. 6 to Mar. 12, both transactions in the New York Curb Market from Mar. 6 to
inclusive, compiled from officials sales lists:
Mar. 12, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Friday
Sales
Last Week's Range for
Range Since Jan. 1.
Market Association on June 27 1921 transferred its activities
Sale
ofPrices.
Week.
High.
Low.
Par. Price. Low. High. Shares
Stocksfrom the Broad Street curb to its new building on Trinity
Jan 3344 Jan Place, and the Association is now issuing an official sheet
3234 3234
60 31
Am Vitrified Prod, c0m_50 3234
Jan
Mar 80
74
120 79
Am WInd Glasa Mach_ 100
7634
compilations below.
Jan which forms the basis of the
7
Arkansas Nat Gas com.10
534
5% Feb
25
Blaw-Knox Co
Byers(AM)Co pret _100
10 194
Carnegie Metals
100
Colonial Trust Co
Consolidated Ice pret- _50
10
Devonian Oil
Duquesne Light pref _ - _100
Houston Gulf Gas
50
6%
Indep Brewing com
Preferred
834
50
Jones & Laughlin pref__100
Lone Star Gas
21 824
Nat Fireproofing com __.50 ..
Preferred
50 36
Ohio Fuel Corp
35
Oklahoma Natural Gas_.25 32
Pittsburgh Brew com......50
634
Preferred
50 14
Pittsburgh Coal pref__.100 77
Pittsb & Mt Yhasta Corp__
1
Pittsburgh Oil & Gas
Pittsburgh Plate Glass_100 305
San Toy Mining
1
Stand Sanit Mfg coin._ _25 112
Preferred
100
U S Glass
2'
West'house Air Brake_ _50
534 6
45
4744
994 9934
194 1944
250 250
24
22
154
15
113 113
744
744
4
634
744, 7%
116 116
52
5234
16
16
3544 36
3434 354
31
32
634
5
124 14
77
79
14 1%
44 44
300 305
3c
3c
10645 112
1154 1154
174 1834
1124 1184
770
111
105
404
49
100
330
50
300
901
200
40
2,063
20
395
1.602
830
635
550
151
900
50
20
2,000
1.447
20
285
488
45
99
16
220
22
15
112
7
234
544
114
514
14
34
3434
31
3
11
77
1%
44
298
3c
103
11534
174
1124
Mar
Jan
Jan
Feb
Mar
Mar
Mar
Mar
Jan
Feb
Jar.
Mar
Feb
Feb
Mar
Mar
Jar
Jan
Mal
Feb
Mar
Feb
Jan
Mat
Ma:
Mar
Mar
56
100
21
280
24
17
114%
10
634
8
116
5644
18%
39
3644
34
6%
15
8354
144
6
310
40
11834
11534
194
127%
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Mar
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Mar
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Feb
BondsPittsburgh Brew 6s...A999
West Penn its Ss_ _ _ _1931
Mar
96
Jar 06
96 510.000 94
500 ml•S MAI 9141 Mar
9644 9134
* No par value.
Note.-Sold last week and not reported: 10 Birmingham Fire Ins. Co. at 91
35 A. M. Byers Co., Prof., at 9954@9944: 150 Carnegie Metals at 17344518%;
35 Keystone Nat. Bank at 225; 35 Pittsburgh Coal, pref., at 80; 35 Pittsburgh CII &
Gas at 954:10 Pittsburgh Steel Fdy., pref., at 75; 155 Salt Creek Censol. Oil at 844 @,
2:50 Standard Plate Glass, pref., at 40. Bonds-510.000 Pittsburgh Brewing 68 at
96: 52,000 Pittsburgh McKeesport & Connellsville at 97.
St. Louis Stock Exchange.-Record of transactions
at St. Louis Stock Exchange Mar. 6 to Mar. 12, both
inclusive, compiled from official sales lists:
Stocks-
?Tway
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
Range Since Jan. I.
Low.
High.
Bank StocksBoatmen's Bank
101
First Nationt.1 Bank
Ilk
Nat'l Bit of Cosimerce_104.
16034 110%
230 235
110 HA
P. 153
11 228
70 155
Jar
Jar
Jar
11134( Mar
235
Mar
171
Feb
Trust Co. StocksTitle Guaranty Trust_ _ 10G
5044
5034 51
21
5034 Ma.
52
Feb
Street fly. StocksUnited Rys, preferred_ _10C
94
70
8
FeL
94.
121
136
535
100
14
98
CO
39
40
Mat
Ma.
Ma,
94 Mar
Miscellaneous StocksK
Amer Investment "13.•
14
14
Baer,Sternberg & Cohen- .st 1.47 98
98
Best CM,er Co
CO
10
•
Boyd-Welsh hoe
39
40
Brown ...nue, commoo tut,
40
41
Certain-teed Products-104,
1st preferred
105 105
00na_2,
Equip,
Chicago Ry
40
40
•
EL Bruce. common
51
51
Preferred
101.
101 101%
Ely & Walk.r 4.4.1 1st MM..
104 109
Ric 90
2d preferred
VO
90
2
Common.
304 31
Fred Meda.v atfg cora--.• ------323.4 33
'...... 264 29
Fulton Iron Works coin__
Hamilton-Bret% n thoe..25
46
49
•
Hussman Refl., corn
38
38
39
HMOs 13 & is, common_
38
38
Prefernd
104.. ...... 103 103
Hydraulic ke yak coo._ Ita.
5
534
101
Preferred
.... 88
89
Independent Pack ma_ •
27
27
106
Preferred
107 107
International choe. 00w....
157 170
Preferred
101,
.. 110 111
...
Johnson-s & la thoe
64
65
Mo-Ilis Stores, common_ • ...... 154 1534
57
Mo Portland Cement...21 60
6034
Nat Candy common_ _ AOC 80
80
81
4
pedigo-NY eber bhoe
34
34
34
3634
3544 36
Polar Wave I & 10"A"_.4
2334 24
Rice-Bus 1) tads coin_ _._, 24
Rice-Sax 1)Gds 1st pfd 106 10834 10844 10834
106 10134 101 10134
25 prof
104„ 107
Scullin Steel, pref
107 107
•
Sheffield Steel, corn
254 26
'
SkoUras Bros "A"
46
4734
So'western Bell Tel pref 100 113% 11344 114
"A"'
Amusement
50
St Louis
50
16
St Louis Car common_ _10
16
31
Stlx-Baer & Fuller com_ *
3144
2549 26
Wagner Elec common_ _ _ ..•
2534
Wagner Elea Corp pref _100 ...... 80
80
Waltke & Co common_ • ...... 40% 41
ioo
Preferred
106 106
27
25
11
115.
5
31
621
135
430
17.
65
154
2184,
121,
26
1
239
l
68
49
1,331
95
104,
275
615
20
11
40
445
56
176
50
50
3I5
100
IL
370
60
1024
38
II
100
10734
87
304
3354
264
46
3744
3534
102
5
88
26
107
154
110
10
1534
56
75
30
3544
22
108
100
10834
25
46
11244
50
16
31
25
80
4034
10444
Ma,
14
98
65
4434
444
Mar
Mar
Feb
Feb
Feb
Jai
Fel
Ma.
Fat
Jai
Jar.
Mar
Mar
Ma.
Ma.
Fel
Jar
Frit
Ma,
Ma.
Fel.
Ma,
Ma,
Ma,
Fel
Mar
Mar
Fel
Ma.
Ma,
Mai
Pet.
Jai.
Jar
Man
Ma,
Jar
Man
Man
Mar
Mai
Mar
Fel
Jar
105
45
5334
10134
109
90
3334
34
35
57
41
44
103
644
974
29
107
17534
111%
9844
174
67
92
39
374
2534
109
10244
107
2944
59
114
504
164
3554
3454
85
4444
106
Mar
Jan
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Feb
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Mar
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Mal
Mining StocksCanso! Lead & Zinc Co...20
2734 2734
1,005
274 Mar
2734 Mar
83
75
74
Mar
85
Feb
78
774 Mar
Street fly. BondsE St L & Sub Co 58..1932
193s
United Rys 4s
193.,
4s ctfs deposit
7744
85
86
$1,0043
7744 7744 10,000
7744 774 20.000
Jan
Jan
Jan
Miscellaneous Bondsindep Breweries OS _ _1043 ,UM
Scruggs V 1571
No par value.
'
35
103
36
103
4,400 36
1.000 103
Mar 36
Mal 103
Mar
Mar
Sales
Friday
Last Week's Range for
Week.
Sale.
ofPrice?.
Par. Price. Low. High. Shares.
IVeek Ended Mar. 12.
Stocks-
Range Since Jan. 1.
Low.
High.
Indus. & Miscellaneous.
Jan
200 1044 Mar 14
Aero Supply Mfg class 13..• 1044 1044 11
Mar 108% Feb
400 95
9844
95
50
.,la Gt Southern, coin
7sr•
110
Mar
95
610
9944
9944
95
50
Preferred
354 Feb
234 Mar
100
244 2%
•
Allied Packers corn
Feb
Jan 138
190 115
134 135
Alpha Portland Cement 100 135
Feb
800 5434 Jan 76
69
6844 71
tit.A.loUiii LAP cum ucst
Mar
100 9854 Jan 101
101 101
100
Preferred (6%)
Feb
1544
Feb
14
400
14%
1544
•
com_
Amalgam Leather
Feb 1174 Mar
20 97
11744 11734
American Cigar. com 100
200 36% Jan 464 Feb
42
4534
Abler Cyanamid class A w I
Feb
400 3544 Jan 47
4154 4444
Class B. w 1
Feb
Feb 96
20 88
93
93
100
Pre.erred
11% Feb
Mar
9
300
10%
11%
*
c_
I
v
Corp
Amer Elec
100 23% Mar 2444 Feb
2344 2334
25
Class A
Mar W.% Jab
7444 80% 12,100 64
kmerican Gas& Elec corn • 779
95% Jan
9214 Jul
400
9344
9344
•
Preferred
1,34 Mar 114 Jan
1,700
944 10
10 10
Amer Hawaiian SS
5.700 2644 Mar 274 Feb
American Home Products.* 26% 2644 27
Jan
Mar 20..
6,850 197
202 222
Amer Li & Frac cote_ roll 218
Mat 11544 Jan
100 108
103 103
100
Preferred
Jan
794
Ma,
50
614
31,200
65
59
•
__-coin
Lt
Amer row &
Jan
180 924 Jan 96
1011
934 9334
Preferred
31% 3,100 2944 Feb 35% Jan
Gner Rayon Products.. • 31% 31
5934 Feb
430 5154 Jar
534
Amer Rolling Mill (.4)474_25 5144 51
Feb
Jan 335
40 265
290 297
American Seating Co-100 297
Mar 37% Jas
3,400
24
•
2
25)4
2
A.
01
l..ory
aperpur.
km 6
Jan
Mar
39
2244
17,000
2754
2434
CIM3844• 27
900 2444 Mar 28)4 Feb
21% 25
25 25
Prior preferred
Jan
4
3y9
10(1
334
344
pref
Amer bread
Mar 3944 Jan
100 27
29
29
Arizona Power common 100
300 3244 Mar 35% Jan
•
324 33
Arundel Corp A
3.900 2144 Mar 8634 •-111
31
Gas s. Bite Class A.• 30% 29
Jai.
2% Feb
1%
134 3,700 Mk
144
%Bantle Frtilt .itear .•
2.100 49% Feb 55% Mar
54%
5534
..•
4944
Cement_
Portland
Atlas
Mar
73
Jan
5044
1,000
51% 65
Auburn Ani°mobile. rotn25 64
Mar
Feb 72
50 63
72
72
Balban & Katz com v t 0_25 72
Jan
934(
75
Mar
9144
9144
corn•
914
9144
Carpet
Bigelaw-Hartf
Jae
Mar Ito
1,100 92
s,
99 102
111•W
11,...k.
Mar
13
Mar
12
100
12%
•
12%
com
Mills
Cons
Botany
Jan
134
Jan
630
1
8,200
1
840
Bradley Fireproof Prod- -1
•
400 10% Mar 154 Jan
11%
11
Bridgeport Maell emu
Jan
574
4244
42%
A.•
40
1,100
Mar
364
Class
(new)
Brill Corp
Jan
214 Mar 33
• 24
2244 21
50
Class 13
1,900 2649 Feb 2744 Jan
25% 23% 26%
Brit-Amer Tob ord bear El
Feb
29
Jan
100
28
25
new_
28
Brockway Mot Trk
954 Feb
.1,
74 Jar
844
734 834 5.200
City RR
Fsb
ta
3044 2,900 28% Man
Ruff Niss & F Pow Porn • 29%
Feb
107
Jan
10 105
1011 10
Burroughs Add Mach pf100 103
411% Ysb
46% 4644 4754 3.000 40% Jan
I Sii
is k
24 Mar
14 . Jai.
234 4,900
2
234
Car Ltg & Power. corn_ _25
Feb
Mar 96
83
10 80
83
central Aguirre Sugar....-51,
Mai 7434 Jan
003 60
6544 69
Central meet moo
Jan
27
23
23)4
1844
9.500
Corp..
Man
21
Centrifugal Pipe
Feb 43% Jan
42% 4244 42%
3.300 42
Chic Nipple Mfg CI A
Jan
27
Fel
2154
2144
2634
ho
600
25%
Class B
kla 1194 Jan
115 115
33 115
104.
Childs Co prof
42
t.
40% 4244 30.800 37% Feb 42% Mar
Glues Service coin..
Jul
Mar 84
83%
3,100
83
10
8344
83
Preferred.
754 Jao
7% Fee
ii
200
744 744
Preferred B
Jan
Mar 76
100 74
7
101
74
Preferred 11 13
2034 Feb
as,
100 19
20% 20%
Bankers shares
Jan
100 2444 Mar 30
!mandate eont
.244 24%
Cleveland
31454 Mar
134:,
39%
33
1.000 38
Collins & Alkman Co corn'
Jan
34
Mar
2%
2
ris 2% 16.500
Cohnublan 'patties!e_
Feb
Ma, 193
120 137
CommonwIth Ed Co__100 141% 141 142
Com'weiiith Power Corp
Mar 424 Jan
31
35
32
14,200 29
Common
Jan
Mar 58
85
700 8'2
8544
104
Preferred
Feb
40% 48
1.375 3034 Mar 76
Warrants
Feb
Mar 44
42
40
1.100 40
Congress Cigar CO w 1-•
544 Jan
444
444 434 1,100
334 Mar
Consul Dairy Products
k eb
58
Con Gas. E Ldc P halt corn' 5044 49% 51% 4,400 4444 Jan 284 Feb
Mar
29
21%
224
.•
_
23
WI.
4,700
Laundries.
Consol
Mar
1044
54 Jan
94 1044
400
Consumers Co. coin_ _20
Mar 121% Feb
11134 107 1114 2.306 WO
CoutiuenUsl OAMMI,COMA
Mar 30% Jan
20% 17% 21% 64,800 15
•
Common B
Veo
9744 9154 93
_104
1,400 924 Mar 101
843 preferred
16% Jan
1344 1334
200 1255 Mal
Continental Tobacco. •
Copeland Products, Inc2144 2044 2144
800 2034 Mar 27% Jan
Class A with warrants.
Feb 3434 Jan
CI
32% 3344 1,100 31
Courtalilds Ltd
Jan
Feb 64
100 57
60% 604
Cuban Tobacco v t0•
3134 Feb
Pet
•
3054 28
3044 2,400 28
Cones Press corn
Jan
23%
Mar
20% 20
2144 2,800 17
Curtiss Aeropi & M.corn •
Slat 8944 Feb
200 80
80
80
100
Preferred
544 Mar 104 Jan
1,000
64
•
544 6
De Forest Radio Corp
Jan 4034 Feb
200 34
3544 38
Denver Tram new pt w I_ •
Dinkier Hotels Co25% Jan
Mar
23%
200
Class A with pureb warr• 2334 2344 24
Jan
Mar 159
150 148
148 150
Dixon (Jos) Crucible. -100
Jan
18
Jan
1314
1043
15
Casting
15
Ilia
iluenlet
Jan
11
Mar
6
64 844 3,200
Dubllier Condenser & Rad
21
•
21
300 20% Mar 2644 Jan
Dunhill International_
Jan
13%
Mar
5,800
9%
•
944 1034
9%
Durant Motors. Inc
Feb
21
Jan
• 19% 17% 20
700 14
Dus Co. Class A
Feb
Jan .22
19
600 14
20
• 20
ClassA vtc
39%
600 3434 Mar 4a% Feb
Eastern Rollins mill. corn' 4•3944 36
Mar 3744 Jan
100 33
3354 33% 33%
EltIngon-SchIld Co
350 104% Jan 108% Jan
LIB:13mM & hare. pf 1011• 105% 10544 10534
Jan
Mar 86
Elec Bond & Share Sec__ • 6944 6554 70% 21,000 65
4544 52% 27,700 41)4 Mar 7444 Jan
Eles InGistors without war• 49
Fleetrle Refriserstion
• 67
62
6944 31,800 594 Mar 904 Jan
Feb
27% Mar 32
•
80
Empire Power Corp
2744 29%
• 36% 8344 33%
Emporium Corp w I
200 3644 Mar 3944 Jan
Jan 2934 Jan
3,300 24
Engineers Public Sere com• 2634 25% 27
Feb
Jan 104
99
100% 102%
Preferred (full paid). •
1.50
10144 10144
Preferred (60% paid). •
9834 Mar 1044 Feb
50
Paseo! Motors Co. corn.If
654
45' Mar 104 Jan
7
6
3,000
Feb
Fajardo Sugar
Jan It 9
'no 150% 147 15044
60 139
Federal Finance Corp el B• 14
14
14
400 1344 Mar 1741 Jan
ewleral SA".4a I ruck_ II
Mar 454 Feb
40% 38% 41
1,900 36
Jan
22
Mar
•
Federated Metals
184 18%
200 17
Jan
Firestone T & R 7% pf.100
99
9944 2,000 9844 Pet - 1110
Mar
Ford Motor Co of Can-100 650
Mar 650
140 600
615 650
Jan
Forhan Co cla4 A
• 1844
1644 18% 3,700 1344 Mar 20
Foundation CoJan
Foreign shares Class A.
22% 20
23% 12,500 164 Mar 55
Fox Theatres Cl 4 eom,• 26
5,400 2144 Mar 34% Jan
2444 26'
64 Jan
Feb
Freed-Eksemann Radio,. •
634 64
800
Freidman (Chas) Co
• 2244 184 2244 6,000 174 Jan 2534 Feb
Mar
59% Slur 62
Galv-Hous Eiec Co,com100 5954 59% 62
20
Jan
1
Jan
Garland Steamship
Sic 1.200 90c
3 91c
910
Jan
7
Oared Corporation
2% Feb
2,500
•
3
334
1442
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
General Baking class A..-• 6633 6034 66%
Class B
• 1031
933 10%
Gen Fireproofing corn_
44% 454
•
Gen'l Ice Cream CorP_
51% 52%
•
General Public) Sere w L •
15
15
7% preferred
• 102
101% 103
Georgia L Pr & Rys com100
58% 64
Gillette Safety Razor__
103
99% 104
Glen Alden Coal
,• 159% 155 159%
Goodyear Tire At R.com100 38
344 40
Grand(FW)5-10-25c St- •
66%
66
Grimes Ra & Cam Rec...'
334
34 433
Happiness Candy St cl A-•
7%
7
733
Founders shares
•
694
633 6%
Havana Eleo Utll v Io- •
43
4333
• 6933 684 6933
Preferred
Hazeltine Corporation -• 1333
13% 1433
Hellman (Rich), Inc,
Pre: with warrants_
33
33
•
Hercules Powder, com _100
151
152
Hoyden Chemical
•
133 2
Hires(Chas E)CoClass A common
•
23% 24%
Hollander(A)&Son,Corn.'
304 3034
Horn & Hardart Co
•
53
51
Industrial Rayon Class A_• 1533
1533 16%
Int Concrete Ind Frs 811_10
7
7
734
Internat Rye v t c
314
100 3133 31
Internist Utilities class A..• 35
35
35
Class B
54 533
5%
Johns-hlanyllie, Inc
138 142
•
Jones(Jos W)Radio Mfg_
50c
50c
Heiner Williams Stamp....
16
16
25 70
Kraft Cheese
68
7133
Kroger G ocery & Bak._10
118 118
Land Co of Florida._- _• 27
27
2834
Landover Hold'g Corp CI A 1
33
33
108 110
Lehigh Coal & Nay
50 110
Lehigh Power Securities_ _•
15
New Cons Corp
14
16
Lehigh Valley Coal Sales.50
854 8531
Lehigh Vail Coal eta new.. 4033 394 40%
Libby Owens SheetGlass 25 158
146 158
45e
45c
Liberty Radio Ch Stores_.* 45c
1
95c
Marconi Wireless of Can_l
5%
54 534
Marconi Wlrel Tel.Lend.E1
40
40
McCall Corp* ation
McCord Rad & Mfg v t c.• 2134 2131 2133
39
454
Mengel Co
100
134
133
134
Mesabi Iron
38
38
Metro 5&500 St. pref _100
aletropoll. Chain Stores • 3933 3934 40
11334 12233
Middle West UtWties,com• 119
117 118
Prior lien stock
100 118
Preferred
100 107% 107 108
45
Midland Steel Products.' 48
484
Midvale Co
• 24% 2434 25
102 102
Miller Rubber pref. _ _100
94% 9534
Miss River Pow pref_ _ _100
Mohawk & Bud Pow cota_• 2533 25
26%
Mohawk Valley Co_
3234 35
•
Moore Drop&Forge,Cl A.•
63% 6334
Municipal Serv Corp
• 134 13
1333
134
•
Music Master Corp
1% 231
Narragansett Elec Ltg_ _50 28033 804 804
Nat Elea Power, Claw A-• 2131 2031 2134
National Leather
4
4
10
•2100 2100 10033
Nat Pow & Lt Pref
18
Nat Pub fiery CIA corn..' 20
20
•
12
ClassB common
1333
2112 112
Nati Sugar Refining._ _100
Neptune Meter Class A •
244 2433
2333 2433
Nev-Calif Elec corn_ _100
New Mex & Ariz Land. .1
13%
1233 13%
N Y Talon 64% met_ _100 112% 112 11233
Northeast Power. w I
2534 2334 264
Northern Ohio Power Co.• 17%
16% 1833
Nor Ont Lt & Pr com 100 534 5233 534
Nor States P Corp com_100
107 113%
100 101
101 101
Preferred
*
Ohio Brass Co "B"
78
78
Ohio Traction,corn_..100
934 9
.
4
Pacific Steel Boller
1334 14%
Penns Water & Power_100
146 15733
Peoples Drug Stores, Inc.*
3431 3431
Philadelphia Elea corn. 25
53% 54%
Pillsbury Flour Mills
_50
38
3934
Pitts & L ERR.corn_ _ _ 50 148
148 152
Portland Elce Power_ _100
4433 44%
Procter & Gamble com_ _ 20
48 150
Puget Sound BA Lcom 100 55
5133 5534
Purity Bakeries Class A_25
39% 4034
• 36% 34
Class B
3634
Pyrene Mfg
1034 1033
10 10%
42
Rand-Kardex Hu new w L• 42
45
Rein Noiseless Typew A_ _• 40
3433 40
Reo Motor Car
22% 224 23
1(
Republic Mot'Truck v t c •
9
631 9
17
18
Richmond Radiator-•
4054 41%
Preferred
100
633 64
Rickenbacker Motor
633
•
674 70
St Regis Paper corn
•
52%
Schulte Retail St new w I --* 5233 49
10
19
Schulte Real Estate Co_ •
50
53
Sears, Roebuck, new corn.'
24
26
Selberling Tire & R,com_"
23
25
Servel Corporation A___-• 25
Sharon Steel Hoop
25
25
50 25
Sherwin Wma Co corn_ _25 4234 4034 42%
Shredded Wheat Co.old100
200 200
Sierra Pac Elec Co com_100
2433 25
Silica Gel Corp corn v t o.
15
16
Singer Manufacturing._100 365% 350 370
Singer Mfg Ltd
633 633
El
Snia Viscosa. ord_(200 lire) 1334 134 14
Sou Calif Edison corn_ ..10(, 125
121 125
New common
25 3131 3034 314
7% pref series A_ _ _ _100 11033 1104 110%
6% pre:series B
97
974
100
Southern Cities UtIlities100
32
35
2533 2633
Voting trust certifs. _100
23
23
South Colorado Pow A._25
5134
48
South Dairies Class A- _• 50
•
3034 3433
Class B
Southern 0& P Class A_ _• 2433 2331 25
2933
Southern Ice & lJtllitles A• 2934 27
31%
ereastern Pr & U. Coni_• 304 28
284 32
Common new w 1
62% 6234 6234
Preferred
11%
11% 10
Warrants
114 114
Southwest Bell Tel pref 100 114
Sparks-Withington Co_
22% 2133 2234
Splitdorf Beth Elce Co...' 3734 3733 3733
1634 17
Stand Publishing Cl A__25 1633
1034 104
Stand Tank Car corn....'
102% 10234
Steel Co of Can, coin_ _100
33
33
25 33
Stromberg-Carlson
4334 4333
StrOok (S.) & Co, Inc- •
294
2733
28%
•
Stutz Motor Car
138 138
•
Superheater Co
100
113% 117%
Swift & Co
[VoL. 122.
THE CHRONICLE
Range Since Jan. 1.
Low.
High.
48,300 584 Mar 79%
84 Mar 17%
66,700
200 444 Mar 57
1,400 4733 Mar 58%
600 13% Jan 16%
850 10134 Mar 106%
Star 7333
200 58
10,600 9533 Mar 114
2,800 13833 Jan 166
22,700 314 Mar 50
Mar 85
300 58
7
333 Mar
1,800
633 Feb
84
1,300
Jan
6
7%
1,800
Feb 4433
1,200 43
Mar 7134
700 67
400 134 Mar 1733
Mar 31331
100 32
20 14034 Feb 152
134 Mar
2%
1,500
500 234
200 4033
1,000 41
10,100 1333
7
600
400 30
200 3433
5
8,400
125 136
200 500
100 15
800 68
10 118
1,500 27
100 2833
900 103
76,900 10
50 8031
5.000 3734
830 146
1,000 35c
800 95c.
533
1,400
300 40
500 2134
450 37%
14
5,300
25 38
300 3934
8.100 109
170 98
230 97
900 44
600 234
10 100
150 9433
3,900 214
1,200 30%
100 6333
800 13
133
2,900
300 75
3,000 1534
4
100
725 98
3,100 1533
700 10
25 2112
200 2333
400 184
2,800 114
200 11133
18.700 2033
16,300 15
500 45
6,800 1014
50 100
100 77
833
100
3,600 124
180 146
100 344
300 40
300 36
150 130
300 44
470 14233
3,800 45
400 3934
2,000 33%
100 10%
1.300 39
900 3033
4,100 2131
1,100
64
300 15
300 3634
54
4,400
600 58
400 45
100 19
5,800 994
300 24
3,6C0 2034
100 25
200 42
50 200
1,000 23
400 114
50 350
6
200
4,500 114
5,100 11533
3,300 2933
200 109%
200 97
300 32
500 25
100 23
2,800 44
24,800 25%
3,200 22
1,800 2431
21,200 24
1,200 23
300 61
7
6.000
50 111%
800 2133
100 3733
3,300 15
100 104
25 101
100 28
100 40%
4.400 23%
25 138
250 113
Mar 26
Mar 364
Mar 62%
Mar 194
Jan
834
Mar 32
Mar 39
Mar
933
Mar 159
Feb
1%
Mar 18%
Mar 88%
Mar 130
Mar 47%
Jan 35
Mar 1204
Mar
Jan
Jan
Mar
Feb
Mar
Mar
Feb
Mar
Mar
Feb
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Feb
Feb
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Feb
War
Feb
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mat
Jan
Fel
Mat
Mar
Mat
Mat
Mar
Slat
Mar
Jan
Feb
Mat
Mar
Mar
Mat
Mar
Mar
Mar
Mar
Fet
Mar
Slat
him
Mat
Mar
Mar
Mar
Jan
Mar
Mar
Feb
Mar
Jan
Jan
Mar
Mar
Mar
Feb
Mar
Jan
Mar
Mar
Jan
22
8833
454
219
334
14
8%
43
25%
52
2)4
49
49%
135
12234
11134
4834
25
103
98
2834
37%
67
1315
354
8634
28%
4%
102%
24
174
12934
2534
4433
17
113%
36%
264
674
138%
10133
7933
1031
16%
174
34%
87
48
1624
4834
163
66%
42
3934
11
48
52%
25%
164
23
914
933
90
56%
24%
5714
28%
3034
2933
43
210
28%
2231
385
9
18
142
35
112
9931
49
3333
27
57
3933
2731
3034
484
414
654
1533
114
2834
43%
19
144
1023.')
33
454
3734
140
11634
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Far Price. Low. High Shares.
Swift International
15
Tampa Electric Co__ _100
Thermiodyne Radio
•
Thompson(RE)Radlo vtc •
Timken-Detroit Axle_..10
Trans-Lux Day Pict Screen
•
Claas A com
Trumbull Steel, com _ _ __25
10
Truscon Steel
Tubize Artif Silk Cl B __•
Tung Sol Lamp Works. •
•
Class A
United Flee Coal Cos v t co
United Fruit Cowl
United Gas Improvem't_50
United Lt & Pow corn A •
•
Common A new
United Profit Sharing._ 1
Un Rys& El of Balt,com.50
united Shoe Mach.,com.25
S Dairy Prod class A...'
20
US Gypsum corn
US Light &I.eat corn. _10
10
Preferred.
U S Radiator Corp new w 1
(I 8 Rubber Reclaiming_ •
US Stores Corp class A..'
•
Class B
•
Universal Pictures
Utilities Power & Lt 13 •
Utility Share Corp
Option warrants
Vesta Battery Corp
Victor Talk Machine_ _100
•
Ware Radio Corp
Warner Quinlan Cow I...'
NVest'n Auto Supply partie
pref with warrants_ __ _•
Western Power, pref_ _ _100
White Rock Sun Svgs, new
White Sewing Mach. Pre-•
Wilson & Co (new) w I__ _
•
Class A
Preferred
100
Winnipeg Electric
Yellow Taal Corp. N Y..'
Range Steles Jan. 1.
Low.
Hies.
Mar 22% Jan
Feb
Jan 330
Mar
2% Jan
Mar
531 Jan
Mar 11% Jan
1933 194
30734 318
75c
1
75c
233 254
933 10
954
1,600 1933
90 292
900
75e
233
900
9%
600
1033 10
10%
1234
1233 12
2331 234 2333
200
197 206
8
sy,
1834 18%
314 35
11133 107% 113
101% 96 104%
7034 90
8534
1733 15% 18%
1233 1233
18% 1933
50%
50% 50
3733 374 3733
146 146
146
20
234
64 7
6%
41
4133
1634 1833
23% 2433
10% 1032
3033 3033 3233
15
17
12,100
8
834
3,500
200 2333
480 197
500
731
500 18
1,400 25
2,600 107%
37,100 85
69.800 70%
118,600 15%
100 11
200 1733
700 48
100 35%
10 146
1,700 16
600
400 40
700 1333
300 234
100 1034
200 3033
500 15
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Feb
Jan
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
14
134
30%
240
1034
2034
4434
117%
144%
14334
28
14%
1933
52
41
158
2331
734
4234
2131
27
14
41
IS
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Mar
Feb
Jan
Jan
Mar
Feb
Feb
Feb
Jan
Jan
Feb
Feb
1933
3%
16%
80%
50e
2633
333
16%
86
50c
27%
400
50
600
200
1,200
234
16%
7734
50c
244
Jan
Mar
Mar
Feb
Mar
8
16%
9633
14
29
Feb
Mar
Jan
Jan
Feb
14
2634
9834
3033
38
934
2234
61
4933
94
200
2633
9833
30
3033
100
50
7,600
124
1,700
26
3,200
64
700
5133
700
14% 17.000
26
96
27
38
94
2233
61
4933
9
Jan
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
28
99
3033
50%
1433
3034
7334
514
144
Jan
Jan
Mar
Feb
Feb
Jan
Jan
Mar
Mar
25%
2533 2631
4,900
18
Anglo-Amer 011 (rot sh).E1
Non-voting sharer, -Z1
Borne Scrymser & Co-100
50 554
Buckeye Pipe Line
25 69
Chesebrough Mfg
Continental 011 v to....10 22%
Crescent Pipe Lines_ _25
Cumberland Pipe Line_100 132
Galena-Signal OIL com_100
100
New preferred
100 92%
Old preferred
Humble 011 & Refining_ _25 28833
65
New
Illinois Pipe Line
100 143
Imperial 011 (Can)
• 35
50
Indiana Pipe Line
National Transit _ _ ..12.50 17%
Northern Pipe Line_
100
25 64
Ohio 011
25
Penn Mex Fuel
Prairie Oil& Gas
25 56
Prairie Pipe Line
100 12631
Solar Refining
100
100 2162
South Penn 011
25 4131
New w 1
100 7234
Southern Pipe Line.
So West Pa Pipe Lines_ 100
Standard Oil Calif new co.. 5531
Standard 011(Indiana)_ _25 64%
Standard 011 (Kansas)_ _25 31%
25 212234
Standard 011(KY)
Standard 011 (Neb).......100 235
Standard 011 of N Y....25 35
Standard 011(0) corn .100
Preferred
100
100
Swan & Finch
25 102%
Vacuum 011
174 18
17
1731
245 250_
.554 56
684 7134
21% 2233
154 1534
131 132
2533 27%
78
78
9231 93
8233 8933
63
6533
13633 144
3333 35%
67
70
174 1834
7734 7734
6033 64%
18
18
5433 57%
125 126%
200 202
160 167
41
4134
72
73
554 56
5333 564
634 65
3033 314
118 1224
231 235
32% 3533
333 337
1174 117%
19
20
98 10233
3,100
300
20
500
1,300
19,100
100
30
525
20
120
13,200
1,900
220
6,200
900
300
50
4,000
100
9,840
700
70
430
890
150
250
32.600
21,300
2,800
2,000
160
16,100
110
10
250
8.500
27
26%
4734
114
23
RightsHumble Oil & Ref
2434 Mar
27% Feb
Former Standard 011
Subsidiaries.
Mar
Mar
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Jan
Ma
Jan
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Jan
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Mar
56
584
70%
381i
134%
254
47g
362
11834
23
1093.4
Jan
Jan
Mar
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Star
Mar
Jan
Mar
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Star
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
1,100 2534 Mar 2631
2,700
Jan
5
6,600
733 Mar 14%
Jan
300
2
214
433
300
331 Jan
3,400 1633 Mar
19%
4,800
1
Jan
33-1
40,100 10
Jan
2234
700
834 Jan
1033
Mar 154
1,900 11
7,100
734
233 Mar
10(3 81c
Jan
1
700
134 Mar
Mar
814
19,900
4
Jan
1
200 48c
4,800 8233 Mar 93%
17,700 284 Mar 37%
1,100
333
24 Jan
72,900 174 Mar 2533
Mar
5.200
13
9
13,100
Mar 124
9
3.200 2234 Mar 25%
2,100 750
Jan
14
100 52
Jan 56
2,100
134'Jan
33
5%
21,100
333 Mar
4,000 10o
Jan
12o
200
14
133 Mar
14,500 23% Jan 28
Jan 159
10 135
3,400
Jan
6
634
17
900 11% Jan
Mar 1233
100
9
100 344 Jan 36
100 3434 Mar 35
7.300
231
1% Ma
2234
1,500 194 Ma
2,300
634 Feb 20%
5,600 14% Jan 24%
660
5,000 30c Ma
5% Feb
7%
800
10
833 Ma
200
36
Ma
5.600 29
23-i
1 013
500
1'4 ,
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Star
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Mar
17
1633
226
55
65
20%
1531
130
25%
78
924
8234
63
1343.4
3234
68
17%
70%
59%
16%
534
12234
195
157
39
131%
52%
5231
6133
294
108
211
3134
328
11634
1533
94
1931
18%
250
5934
7331
25%
16
137
3233
9034
9734
99%
6533
144
38%
70
20%
8033
674
23
sot
127
212
197
ao
7434
Other 011 Stocks.
• 2534 2533 2533
Amerada Corn
6%
•mer Contr 011 Fields._.f
533 631
•
933
Amer hiaracalbo Co
734 9%
2
Atlantic Lobos Oil corn.. •
2
2
•
4
Preferred
4
44
• 174
Beacon 011 Co corn
1734 17%
1%
Cardinal Petroleum ONO(
134 1%
17% 1434 1733
Carib Syndicate
l
Consol Royalties
934 9%
11%
I
Creole Syndicate
1131 1133
3%
Crown Cent Petrol Corp.'
233 3%
,
Darby Petroleum
81c
81c
1
Euclid Oil
1%
14 1.11ii
1
Gibson 011COrp
5%
433 5%
IC 55c
Grenada 011 Corp
55c
60c
21 854 834 86
Gulf 011 Corp of Pa
International Petroleum. . 32
304 324
233
•
Kirby Petroleum
233 231
Lago Oil & Tr Corp al A..* 20%
1933 214
11
Lugo Petroleum Corp__ _ _•
10
12
Leonard 011 Developm't.2)
104
9% 1033
• 25
Lion Oil& Refining
2233 25
•
Livingston Petroleum_
90c
133
2'
Lone Star Gas
52
52
133
hlargay 011 Corm
1% 14
4%
Mexican Panuco OIL__ _1(
433 431
ii
10c
Nieziro 011 Corp
10c
10c
1
Mountain & Gulf 011
14
134
Mountain Producers.. 11
2533 24% 2533
10C 145% 14533 14534
National Fuel Gas
64
NOW Bradford 011
133 633
21
*few York Oil
12%
124 1231
933
North Central Tex OIL
9% 934
Ohio Fuel Corporation_ _25 3533 3533 3533
35
Ohio Fuel 011
35
14
Peer 011 Corp
134
133
•
2033 21%
Pennock 011 Corp
20
19% 20
Red Bank 011
Reiter-Foeter 011 Corp...' 1834 1733 20%
30c
•
Royal-Can 011 Syndicate.'
30c
40c
Ryan Conaol Petroleum...* 634 634
9
9
Salt Creek Consol Oil. _lb
Salt Creek Producers. lb
32
314 32
•
Savoy 011
2
2)4
1443
THE CHRONICLE
MAR. 13 1926.]
Sales
Algae
Lair Week's Range for
Week.
Sale
Of Prices.
Other 011 Stocks
Par. Price. Low. High. Shares.
(Concluded)
Range Since Jan. 1.
Low.
sigh.
Bonds (Concluded)-
Friday
Lan Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
Feb
Ohio Power Ais Ser B _ _1952 9554
Feb
1941 98%
Jan
Otis Steel 5a
101%
11940
Feb
Pao Amer Petrol68 w
Jan
Pammount Bdway 5348'51 96%
102
64.--1950
Edison
Jan
Penn-Ohlo
Jan
Penn Pow & Light(38._1952
1953 98
Feb
55 Series D
_1947
Mar
Phila Electric 5%e__
Mining Stocks
1953 10754
Jan
5%a
1941
Mar
Os
Feb
Jan 21e
160 4,000 Ile
14c
I4c
Arizona Globe Copper__ -1
Pow 531s-1972 100%
Elec
Feb
Phila.
Mar
5334
Mar
49
10 5334 49
5334 4,800
Bingham Mines Co
Feb
Jan Phlla Rapid Transit 651962
4
234 Mar
600
1
2% 331
1933 1033-4
Calaveras Copper
Jan
16c Feb Pure Oil Co 6348
Jan
110 1,000 10c
lle
110
Calumet & Jerome Copp..1
514s '31 109
But
ex
Rand-Kard
Feb
21%
1,700 1834 Mar
10
20
19
Carnegie Metals
Feb
Jan 98
2% Jan Rhine-Main-Danube Corp
94
1% Jan
23,000
234 4,400
9711
2
97
Consol Copper Mines
1950 9711
Feb
78 Series "A"
Mar
Mar 222
110 180
95% 60,000 9334 Jan 96
180 210
9534 95
Cons M & Sm of Can__ _ _25 206
Feb
80 Mar Rhine-Westphal El P 78'50 9434 943-4 95
Jan
Be
Sc 6,000
19,000 9434 Jan 96
7e
Cortes Silver Mines Co__I
Sauda Falls Co 5s....1955
9834 Jan
Mar
Jan
Mar
93
2%
600
17,000
2%
2%
9734
&M.1
M
211
9434
Creeson Cons Gold
Jan Schulte R E Co Ga.__ _1935 97
Mar 8854 Jan
3
Feb
2
200
8454 13,000 84
234 234
2%
84
Derby Oil & Rep; com___*
935
comstock1
Jan
witbout
10234
6s
Sc Feb
3c Feb
3c 1,000
7,000 99% Feb
1
3c
10034 101
Divide Extension
__1931
Jan
Jan 1834 Feb Shawabeen Mills 7s_
30,000 983-4 Jan 9914 Feb
98% 9834 99
Engineer Gold Minee,Ltd.5 14% 12% 15% 7,200 12
75__1928
Halake
&
Siemens
97%
Jan
Jan
Te
Jan
50
1
69,000 94
Bc 5.000
50
963-4 97
E treks Croesue
Feb
7s ------------1935 97
103
Feb
Jan
25e
Ma
102
17c
8,000
5,000
20c
6
170
200
103
Cop
103
Nat
First
Mar
Jan Sloe.-Sheff Steel & 163 1929 103
Jan 10e
Be
80 26,000
9.000 10254 Jan 103
60
7c
103 103
FretThought Gold M in_ _1
103
Feb
Purchase receipts
Jan
Jan 103
80
Sc Feb
Be 2,000
Be
103 103% 06,000 102
Forty-nine Mining Co1
1934
Cie 6s
&
Solvay
Jan
2)4
Mar
I%
2
_
2.700
13(
Golden Centre Mines_
6...2025
L
&
Feb
P
Southeast
93
Feb
Mar
Jan 18e
(le
2.000
11
11c
1
9111 9011 92 246,000 89
Goldfield Florence
Without warrants
33,000 91334 Jan 99% Mar
28 85,500 16e Feb 32e Feb
20c
20c
Htwthorne Mines,Inc_ _1
Edison 53_1944 9934 9954 9934 26.000 10534 Mar 10734 Jan
Calf
Sou
Mar
193(
Mar
1534
25t
19% 1634 1931 10,600
10534 10554 106
Hmla Mining
Jan
Jan 120
19% Feb Stand Oil of N Y 6 Sis_1933
300 17% Jam
3,000 111
18% 18%
114 114
Hollinger Consol 0 M_
1% Feb Stint. Motor of Am 7348'37 99% 9954 99% 38.000 9734 Jan 9934 Feb
Jan
700 gle
1% 134
134
Jfrome Verde Develop-50e
1939
5548
Sun
011
Mar
Jim
231
98
1% Jan
2% 14,900
2
2
Kay Copper Co
9734 9734 97% 86.000 9634 Jan
Feb
Jan 97
I% Feb Elwin & Co 5s._Oct 15 1932 964
Jan
1
300
1% 1%
1%
97 154,000 '93
95
Rev Lake
I&S 78 1930
Mai
(Aug)
Thyssen
105%
Feb
Jan
Jan
10334
1%
2
100
3,000
2
6
Mason Valley Mines
1043-4 105
Jai
Jan Tidal-Osage Oil 7a....1931
7c
Sc Feb
6c 5,000
44,000 9234 Mar . 98
Sc
Sc
50(
9334 94
National Tin Corp
2111 Feb Trans-Continental 01176'30 9334
800 19% Ma
20% 19% 20%
New Cornelia Copper _
Westph Power
'Feb
Elm
874
United
Jan
Jan
210
85
Ma
80 194
75,000
198 199
.1K
86% 87
New Jersey Zinc..
Feb
45
Corp (Germany)6348'50 87
200 4634 Jan 57% Feb
3934 2,000 3054 Jan
31
Newmont Mining Corp_10 534 5334 5334
'31
Jan
7% Jan United Oil Producers 8ss'311
5% Ma
8,000 109% Jan 110
1,300
f
634 6%
110 110
110
Niplesing Mines
4
7
Hay
Jae
of
10234
Rya
United
Feb
Mar
18%
1.000 10034
• 13% 13% 14% 1.600 1231 Ma
101 101
Nomnda Mines Ltd
Jan U S Rub ser64% notes'27
Jan 1023-4 Jan
Feb
102
2%
100
2%
13,000
2%
102%
15
102
North Butte
Jan
notes._1928
634%
1024
Serial
Jan
JILD
75c
Mar
102
26,000
67c 23,800 47e
50c
47e
0110 Copper
Serial 634% notes..1929 10254 102 10234 8.000 10154 Jan 1024 Jae
Jan 21c Mar
Sc
210 25,500
140
Plymouth Lead Mines...1 210
10214 Jam
Serial 64% notes__1930 10234 102 1025-4 5,000 101
Mar
M
55c
Feb
55e
50c
700
'
500
50c
10134 101%
Portland Gold Mining___1
Serial 614% notes._ 1931
10254 Jan
2% Mar
2% Jan
2% 211.6 2,800
101341013-4 6,000 10054 Mar 10234 Jan
Premier Gold Min, Ltd...1
Serial 651% notes_ _1932
Jan 350 Feb
8,000 10034 Mar
25c 2,000 200
23c
101% 102
1
Red Warrior Mining
% notes 1933
634
10231 Feb
Serial
Feb
Mar
3c
Feb
3c
1013-4
1.000
6,000
3c
30
10154 102
Rochester Silver Corp__ _1
634% notes_ _1934 102
3% Feb 5% Feb . Serial
3,900
3,000 10034 Mar 102% Jim
4% 5
South Amer Gold & Plat _ _I
Serial 634% notes_ _1935 101% 10134 102
Jan
be
Mar 10234 Jar
Feb
101
20
40
18,000
7.000
102
30
40
1
10134
Fel
Spearhead Gold Mining
Serial 634% notes_.1936
33-4 Feb
2111. Jan
334 334 2,000
5,000 10034 Mar 1023-4 Mai
10134 102
Tack Hughes
Serial 634% notes_1937 102
Jan
2% Jan
5,000 10054 Mar 102% Fel
3% 334 1,100
10134 102 '
Tonopah Belmont Deve1.1
Serial 63-4% notes_ _1939
Jan
Feb
134
10234
Mar
520
18,000
10034
80c
3.000
102
58e
800
.._ _1
10154
Tonopah Extension
Serial 634% notes 1939
Pet
Jan
Jan 47c
46e 1,000 43c
7,000 100% Mar 1023-4 Fel
46c
101% 102
_1940
Serial 634% notes..1940
United Eastern Mining_ _1
Feb
Mar 33
Jan 102
400 27
21,000 100
28% 30
100% 102
United Verde Extens_ _50(
Jan
Feb El S Smelt & Ref 5%6_1935 101
10434
11%
Feb
Mar
6%
7.000
104
931
51,000
934
104 104
9%
1936 104
Utah Apex
2% Mar Vacuum 01178
11( Feb
Fel
1% 234 8,700
Jan 98
2%
9614 13,000 95
614 96
Utah Metal & Tunnel
Jai
97
Mar
331 Jan Walworth Co6411--1935 9
Jan
2%
2,200
943-4
2%
4,000
234
2%
95
I
95
1945 95
menden Copper Mining
6e
Jan
Jan
17.3
30 Nov
Feb 101
40 1,000
40
97% 6,000 97
40
97
1953
,
8%s
West End Extension Mini
Webster MI.
3911
99
Mar
95
151,000
97
95
98
631936
Mach
White Sewing
. Tide Water Associated Oil_
Preferred
Venesuelan Petroleum _ _5
_•
Wilcox Oil& Gas new
1
"Y" Oil & Gas
2611
99%
7
25
25% 26% 29,800
9734 99% 10,300
5% 731 33,700
1,400
24% 25
Sc 5,000
Sc
25%
97%
44
22
Sc
Mar
Mar
Jan
Mar
Jan
26%
994
734
2734
6c
Mar
Mar
Feb
Jan
Feb
9534 39,000
95
983-4 98% 36,000
54,000
101% 102
9834 414,000
96
43,000
1014 103
9734 9831 11,000
9734 9834 21,000
106% 1063.4 2,000
106% 10734 10,000
1,000
107 107
100% 10031 122,000
9934 9934 9,000
103 1033-4 77,000
10834 11154 117,000
94
9754
101
96
98%
9734
9734
10654
106%
106
10054
9734
102%
101%
Jan
Mar
Mar
Mar
Jan
Mar
Mar
Jan
Mar
Jan
Mar
Jan
Jan
Mar
96
9834
10454
9854
108
99
99
10754
10754
,
10034
9954
10/44
115
BondsForeign Government
and Municipalities.
Jan
Mar 89
Feb 9334 tel
8335 815,000 75
95,000 93
93
93
Allied Pack, deb 89_1939 8334 77
(Germany)76-1951
Fel
Baden
Jan
Mar
80
24,000 70
72
70
1939 71
1003-4 1003-4 197,000 9954 Jan 10134
Debenture 6s
9554 Ma
Jan 107% Feb Buenos Aires(Prov17 14s'47 10034
1.000
1064
Mar
107
9534
107
2.000
7.193:
Am
Coot
9534
953-4
9534
Aluminum
tof)Col 730'46
Pal
Caldao(Dep
99
Feb
100
Mar
Jan
98
186.000
98)4
100
9834 9834 47,000
Amer G & E deb 65._ _2014 9934 9934
Canada(Dom of) 411s 1936
Jan 8854 Eel
8734 107,000 85
American Power & LightJan Cologne (City) 634e _ _13+50 8754 86
Jan 98
97% 210,000 96
of) Dept of
er( old without warr_2016 9734 9734 1024 8,000 101
(Rep
Columbia
Mar
Jan 924 Ma
103
Jan
90
101%
31,000
1945 9131 9111 92
Amer Rolling Mill 6s.._1916
Antiontda 7s
1,00 102% Mar 10334 Jan
102%
9811 76,000 9734 Mar 9954 Eel
98
American Thread 68_1928 10234 10234 93% 30.000 93
Cons /Annie 5%8'55
Danish
99% 3111
Jan
Mar
9434
Mar
98
93
9354
85,000
9934 98% 9954
Amer W Wks Ex El 60_1975
102% 52.000 102% Mar 103% Jan Denmark(Kg)5349 .1958
24,000 9934 Jan 1013-4 J31
10054 101
1970 101
Anaconda Cop Min 69_1929 10234 10234
Jai
Os
94
Jan
92
1940
37,000
93
68
92%
1945 92%
Andlan Nat Corp
1124 tel
9914 99% 99% 10.000 99% Mar t00% Jan Dresden (City) 7s
803-4 8134 30,000 7834 Jan
1940 81
without warrants
934 67,000 92% Mar 95% Jan French Nst Ats11 SS 7e
93
9534 Mar 953-4 Fel
37,000
954
95
9531
'47
75
Assoc Gas & Elea 68_ _1955 93
J111
Jan 98
Jan 9634 Feb German Cons Munk( '54
95% 95% 35,000 95
Asime'd Sim flardw 64e'33
9634 963-4 9734 4,000 98
Jai
Jan 3334 Jan Gratz (City) Austria 8s
34,000 20
23% 28
1949
983-4 20.000 9854 Jan 9854
Atlantic Fruit Ss
Feb Heidelberg (City)7%111950 9854 9834
75
72
Ma
23.000
71
69
70%
,
195
55L58..
AtiG&W1
Bk of Finland
Mtge
Jai
Indust
90
Jan
Jan
95%
98,000
95%
Feb
953(
95%
51,000
9631
9874
1944 9831 98
Balt & Ohio RR 58_2000 95% 95
ist M coil A t 7A
Ma
Feb
Mar 93
9,000 93% Feb 98
96
5,000 93
1933
93
93
Beaver Board Co8s
Fel
Mar Italian Pub UM Inst 7e '52 93
100
10034
9,000
100
Jan
100%
Jar
100%
98
27,000
681943
Pap
100
9934 9954
Belgo Canadian
Fel
10034 100% 10011 19,000 9934 Jan 100% Jan 81 edellin (Colom) 86..1945
10634 10634 6,000 toe% Mar 10934
'72
Bell Telep of Can 55 .1951
9911 14,000 98
Mar 9934 Mar Nether'cle (Killed) 65 Bietr
Mar 974 Ma
97
973-4 4.000 97
Berlin City Elea 6315.1928 9914 98
Jai
94%
98% Mar Oslo(City)5148
Jan
97% 98% 119,000 97% Ma
94
1926
9754
62,000
9414
944 94
648
103% 104% 53,000 10334 Jan 1044 Jan Rhinelbe Union 711._ _ _1946
1,000 144 Mar 173-4 Fe
1454 1434
Beth Steel equip 78.-1935 104
Fe'
Jan Rumble Govt 611s.....1919
2,000 94% Jae 96
17
95%
Mar
95
14
691933
9,000
RR
Maine
14
&
1434
Boston
1910
648 caitiffs
9,000
Ja
97% Jan
1434 143-4 9,000 1411 Feb 1734
Brunner Turb & Eq 74855 95% 95% 95% 22,000 95% Jan 1014
1921
Fe'
Feb
53-48
100% 101%
99% Jan
10,000 1311 Mar 17
Buffalo Gen Elea 5a--1956 101
1334 13% 14
certificates_ _ _1921
511%
Fe
Feb
3,900
944
111%
111
Jan
110%
110
Jan
78.1935
44.000
9254
Canadian Nat Rye
9334 9434
1942 94
Jan 9654 Fe
1969 933-4 93% 93% 68,000 924 Jan 9334 Mar SantaFe(Argentina)78
3,000 94
Cities Service 68
Mar Sarre Basin con 78....1935 9534 953-4 9554 21,000 934 Jan
NH Fe
9334 9311 934 57,000 93% Feb 94
Newwl
9354 94
78'45 94
Inv
Mtge
State
Mar
Saxon
130%
10234 JS
128%
25.000
125
130%
Fe
Mar
10154
13034
1013-4 10134 17,000
Cities Berv 78, Bet C .1966
Ja
Jan 10311 Mar Switzerland Goer 54s 192f1 10134 90
JaJII 91
90
4.000
go
Cities Serv 78, Ser D _1966 103% 10234 103% 109,000 101%
78'45
(Pray)
Feb Unser Auair13
95
Cities Berv Pr & !Alia _1944 9434 9434 94% 75.000 9331 Jan 107
Jan
where
week,
107
10634
Feb
11,000
10511
Stock Exchange this
Cons(I. E L & 68 A _194P 107
2,000 105
Mar 10511 Jan
•No par value. k Correction. !Listed on the
105 105
195',
Ex-cash and
5%s Series E
Pption sale.
Feb additional transactions will be found. o New stock.
2,000 85
87
87
Jan 92
87
1941
Consol Textile 80
div.
Feb
99%
99
99
11,000 99
Feb
tEx-divIdend. if Ex-rights. e Ex-stock
'51 99
Issued
When
w
dividends.
Crown Will Paper 6
stock
..194I 10934 109% 109% 6.000 1083-4 Jan 109% Feb
Cuban Telep 7548
Jan
Jan
95%
94
49,000
92%
93%
Cudahy Pack deb 5%8.193'. 9334
194( 9534 9534 95% 16,000 9411 Jan 9511 Feb
Exempt from
58..
Jan 106% Feb Americans Engaged in Business Abroad
Detroit City Gas 66_1941 10654 106% 106% 24,000 104% Mar
138% Feb
1,000 125%
12534 125%
Tax.
Detroit Edison 7s.. _ _1930
Income
of
ons
Provisi
9834 98% 50,000 98% Jan 98% Jan
Eitingon-Schild Co 68.193e
Jan
122,000 100% Mar 107
1926 tax revision
Esee Refrigeration6s_ _1936 102% 102 103
844 Feb
One of the provisions included in the
Etir RR of France 7s_ _195, 8234 8234 82% 71,000 81% Jan
mat
96
Jan
96
10,000
92%
n citizens en9534
America
730'50
Inv
levy
&
Meg
tax
EuroP'n
the income
1933 9434 9434 9534 7,000 90% Jan 98% Feb Act relieves from
Federal Sugar Be
National ForThe
s.
9834 24,000 9834 Feb 9834 Jan
9834
countrie
_1931
_
foreign
5348..
Rubber
in
business
Fisk
Feb gaged In
94
with the
Florida Pow & Lt 58..1954 9354 9334 93% 107,000 9334 Jan
Mar
3.000 10334 Jan 105
104 105
Council points out that it, together
(lair (Robt) Co 7s__1937 105
Jan eign Trade
103
Jan
102
10234
9.000
10234
102%
7s..1930
011
nal
American ManuGalena-Sle
the
e,
Commerc
of
r
Jan
Chambe
1024
17,000
Ma
101%
States
101%
101%
United
General Petroleum 63_192/
Mar 95% Mar
ion and other organizations have
let 513 _ _ Aug 15 1941` 9531 93% 95% 197,000 93
87.000 98% Jan 99% Feb facturers' Export Associat
German Gen Elec 648.1940 97% 97% 98
99% Jan
Ma
58,000
98
97%
98%
several years. The Council says:
for
ion
Goodyear T & R 58_ _-1928 98
legislat
this
backed
Ma 109% Feb
fact
Grand Trunk Ry 63411-1936 10731 10731 10834 11,000 107% Jan 86
Jan
but the irritation caused by the
large,
8531
85%
been
27,000
not
85%
has
The tax involved
Great Cons Elec 6%8_1950 8534
who
Feb
99% 100
18,000 98% Feb 101
foreign traders engaged abroad
1937 100
only
the
been
have
Americans
Gulf Oil of Pa fis
that
Jan
difficult
100% 100% 5.000 10034 Jan 101
1927
Serial 59-4s
their own Government has made it
to
tax
pay
income
to
had
Jan
have
101%
JAI
1
10134
6.000 0034
101
1926
the foreign field.
Serial 534s
Jan 96% Feb to secure the best type of Americans for representation in
953-4 29,000 94
Hamburg Elec Co 78..1935 9534 95
abroad should be
Feb
1936 10454 10434 10454 5,000 1044 Jan 105
The recognition of the principle that American citizens
IIood Rubber 78
Feb
promote
100%
Mar
45,000
9711
98% 99
their competitors in their efforts to
Indep011 & Gael:3%5_1931
Mar 99% Feb put on an equal footing with
81,000 98
Inland Steel deb 548_1948 9834 9834 99
ng value.
far-reachi
is
of
trade
Mar
foreign
101
our
Mar
100%
101
100%
33,000
on incomes earned
Inspir Con Cop 6Si a_ _1931 10054
53,000 9011 Jan 9334 Feb
The citizens of all foreign countries pay no income tax
93
92
Krupp (Fried), Ltd. 751929 93
Jan 10054 Feb during their residence abroad, and this provision (Section 213-b-14) now
99
9934 8.000 98
Laclede Gas L 5548....1935
Feb
95%
Mar
competitors. Some of
95% 76,000 93
95
Lehigh Pow &cur 65.-2026 95
places American foreign traders on a par with their
are as folLeonard Vets Inc 7411'46
Feb the classifications of Americans thus relieved from income tax
9734
Mar
95
56.000
96
95
96
with stock purch warets
Jan lows: Exporters, importers, sales managers and the business force generally
10434 104% 104% 34,000 104% Jan 105
Lib
78.1931
A
MeN
employed in
Libby,
107% 107% 3.000 107% Jan 108% Feb of American firms situated in the foreign field, Americans
Liggett Winchester 78_1942
Jan 101% Jan
10034 100% 12,000 100
forwarding, branch manufacturing
freight
g,
Long Island Lig Co63-1945
accountin
Mar
insurance,
banking,
105%
10534 105% 20,000 103% Jan
employees of shipManitoba Power 78 '941
Feb 96% Feb professional men, such as lawyers, doctors, dentists, etc.,
9634 9634 1.000 96
1951
educators.
Feb
5115
0 10134 101 101% 58,000 99% Jan 102% Jan ping companies, retail and wholesale merchants and
00.-194
Cos
Gas
Mass
of Americans who are
10,000 104% Jan 105
105
105
The terms of the ,paragraph provide for the relief
Morris Jr Co 748- --_1930 97% 105
Jan
17,000 96 Si Feb 99
9634 98
5
more of the taxable year upon
or
months
six
during
nts
Jan
non-reside
fide
131
bona
Nat Dist Prod 8%s...194 10
Mar
6
13
114% 116 339,000 108
No6r413staoeetn14Pnonw.„(01118_
25.000 107% M" 10,4
income earned in the country of residence.
103 103
_!2,311
1444
Xnvestutent and Sailiroad gutelligenco.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of March. The table covers 5 roads and shows
4.66%
increase over the same week last year:
First Week of March.
1926.
1925.
Increase. Decrease.
-Gross Earnings--Net Earnings
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
$
$
S
$
cElec Pr & Lt Corp /Dec 4,164,056
3.793.656 *1,765.032 *1,558,212
Is 12 linos fended •Dee31 44,614,878
F41,452.378 18417,861 16425,549
Winnipeg Electric Co a,aTi 1 id' r'
a,50i7833
f49,15.8
504,814
168,858
.After taxes. c Earnings of subsidiary companies
only. e Given in
pesetas.
Companies.
Gross
Net after
Fixed
Balance.
Su
Earnings.
Taxes.
Charges.
Companies.
$
$
$
Kansas City Power Lec'25
989,836
425,252
531,683
106,431
& Light Co
'24
944,348
393.434
480.881
87,447
14,562
12 mos ended Dec 31 '25 10,162,301 5.334.431
1.202.948 4.131,483
31.255
'24 9,498,741 4,716.030 1,080,387 3,635,643
Jan'26 1,013,651
459,130
566,445
107,315
45,817
'25
987,414
452,332
546,450
94,118
12 mos ended Jan 31 '2610,303.761 5,354.427
1,216.145 4,138,282
In the table which follows we also complete our summary
'25 9,567,161 4.798,988 1,078.793 3,720,195
Southern California Jan'26 2,082,354 1,225.865
725.438
500,427
of the earnings for the fourth week of February
Edison Co
1,813,946977.460
:
553,249
424.211
12 mos ended Jan 31 '26 25,100,811 16,809.102 5.896,028
10,913,074
'25 21,534.402 8.575.889 4.972.105 3,603,784
Fourth Week of February.
1926.
p1925.
Increase. Decrease. Utah Power &
Dec'25
925.525 *535.090
357,618
177.472
Light Co
'24
878,994 *497.507
177,222
320,285
12 mos ended Dec 31 '25 9,854,500 *5,370,356 2.139.345 3,231,011
Previously reported (5 roads)._ _ _ 10.040.925
9,259,278
816,705
Duluth South Shore & Atlantic_
35,058 '24 9,331.444 *5.001.562 2,130,696 2,870.866
107,040 is 104.329
2,711
Georgia & Florida
44.400
'includes other income.
34,843
9.557
Great Northern
1,729.000
1.658,462
70.538
Mineral Range
Month of January- --12 Months Ended Jas. 31-8,434
12.636
4.202
Mobile & Ohio
&up.after
Surp.after
390,861
364.477
Year26.384
Gross.
Nevada California & Oregon...
Na.
Charges.
Gross.
Charges.
Net.
2,474
3.428
St Louis Southwestern
954
$
5
$
5
$
$
503,500
540,516
Baton Rouge Electric Co-Southern Railway System
37,016
3,992,920
3,785.395
207,525
1926
Texas & Pacific
85,302
32,828
26.870
810.898
2N,A1
94.Z1
1
(
657.215
644,891
12,324
1925
Western Maryland
74.018
33.970
28.416
716.969
2
464.406
375,403
89.003
Black Val Gas & El CoTotal (15 roads)
1926
505,008
197,031
150.937 3.099.192 1,931,726 1,504,822
17.941.175 16.783.658 1,234,747
77,230
Net increase (6.90%)
1925
474.056
204,925
169,611 4,674.335 1.592,072 1.149,107
1.157.517
Cape
Buffalo Rochester & Pittsburgh.
314,274
295,274
19,000
CanadianNational
4,386,699 4,086,169 300,530
Canadian Pacific
2,963.000 2.809,000 154,000
Minneapolis & St Louis
273,326
287,888
St Louis-San Francisco
1,674,027 1,705,282
Total (5 roads)
9,611,326 9.183,613 473,530
Net increase (4.66%)
427,713
In the following we show the weekly earnings for a
number
of weeks past:
Week.
1st week
2d week
3d week
4th week
1st week
36 week
3d
Jan. (15
Jan. (15
Jan. (15
Jan. i15
Feb. 15
Feb. 15
rea__
roads).....
roads).....
roads)--...
roads).roads)----
week Feb. 15 roads)_ _ _ _
6th week Feb. (15 roads)____
(at week Mar.( 5 roads).-__
Current
Year.
Previous
Year.
Increase or
Decrease.
$
16.483.387
16,801.718
17,314.742
23.422.685
17.503.007
17.767.644
17 674.105
17.941,175
9,611.326
$
15.221,149
15.778.084
16,076.124
23.465.449
16.641.621
17.263 755
16 050 505
16.783.658
9.183.613
$
+1.262.238
+1.023.634
+1.238,618
-42.764
+861,386
+503,889
+725.510
+1,157,517
+427.713
%
8.29
6.50
7.71
0.18
5.17
2.91
4.27
6.90
4.66
We also give the following comparisons
of the monthly
totals of railroad earnings, both gross and net
(the net before
the deduction of taxes), these being very comprehensive.
They include all the Class A roads in the country, with
a total
mileage each month as stated in the footnote to the
table.
Gross Earnings.
Month
1925.
1924.
Increase or
Decrease.
Net laming..
1925.
1924.
Increase or
Decrease.
$
$
$
Feb.. 454,009.669 178.451,607 -24,441.938 99,460.389
Mar_. 185.498,143 504,362.976 -18.864.833 109,230.086 104.441,895 -4.981.506
April- 172.591.665 174,287.788 -1.696.10:1 102.861,475 114.677,751 -5.447.665
May. 487.864.385 476.549.801 +11.114.584 112.859.524 97,471.685 +5.389.790
96 054.494 +18,805.030
June. 506.002.036 1434,774.329 +41.227.707 130.837,324
July__ 521,538.604 480,943,003 +40.595.601 139.606.752 101,487.318 +29.350.008
Aug.. 554.559,318 507.537.554 +47.021.764 166.558.666 111,786.887 +27.819.885
Sept-. 564.443.591 540,063.587 *24,381.004 177.242,895 134.737.211 +31,821.455
Oct - 590,181.046 571.576,038 +18.585 008 180 695.428 159.216.004 +18.028.891
Nov_. 531.742,071 504 781.775 +26.960,296 148.157,616 168.640.671 +12,054.757
131.381.847 +18.775.769
Dec... 523.041.764 504,450.580 +18.591.184 134.445.634
124,090.958 +10.354.676
1928.
1925.
1929.
1095.
Jan __ 480,032,657 481.022,695 -3,140.038 102,270,877
101,323,883 + 048,994
Note.-Percentage of increase or decrease In net
for above mon hs has been
February. 4.77% dec.; March, 4.74% dec.; April,
5.53%
June, 18.91% Inc.; July, 24.88% Inc.; Aug., 23.26% Inc.; Inc.; May. 17.49% inc.:
Sept., 11.32% Inc.; Oct.,
7.14% Inc.; Nov.. 12.77% Inc.; Dec.. 3.69% inc.: Jan.
1926.0.93% Inc.
In February the length of road covered was 235,642 miles
in 1925, against 238,031
miles in 1924; in March, 236,559 miles, against 235.018 relies
in April; 236,664 wiles
against 233,045 miles; in May,238.663 miles, against 235,098
miles; in June,236,779
miles.against 236.357 miles; in July. 236.762 miles. against 236,525
miles; In August.
236.750 miles. against 238.546 miles; in
September. 236,752 miles. against 236.587
miler; In October, 236,724 miles, against 235,564 miles; in
November,
236,726 miles
against 235,917 miles;In December. 236.959 miles, against 236,057
miles;in January,
1926. 236,944 Mlles, against 236,599 miles In 1925.
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Gross from Railway- -Net from Railway- -Net after Tares
10213.
1925.
1926.
1925.
1926.
1925.
$
$
Baltimore & Ohio Chicago Term MaiJanuary _ _
275,295
297,808
32.826_
35.284 -11,356
-5,018
Southern PacificAtlantic Steamship Lines-January _-- 933,401
79.5,988
75,867 -287,183
52.870 -282,313
Union PacificJanuary ___ 7,692,372 7,523,808 2.237.384 2.101,219 1,566,110 1.414,753
St Joseph & Grand IslandJanuary
321,189
286.214
114,882
81,333
90.346
64,764
-Gross from Railway- -Available for Int.Vet Income
1920.
1925.
1926.
1925.
1926.
1925.
5
5
Missouri Kansas Texas LinesJanuary
4,537,966 4.901,323
977,628 1,039.986
386,618
417.823
Electric Railway and Other Public Utility Net
Earnings.-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings- -Net Earnings
Current
Pretiouit
Current
Previous
Year.
Year.
Year.
Year.
Companies.
$
S
$
$
american Pr & Lt Co Dec 4,852,590 4.199.454 *2.339,954 *2.051.149
-50.519.12
31Dec
0
ended
44.112.399
mos
02281
3,173
12
'190138409
American Tel & Tel Co Jan 7,889,000 6.835.000 *3,672.000 *3,099,000
eBarcel Tr, Lilt Pr Ltd Jan 8,622,175 7,922,049 6.033.629 5,620,143
Breton El Co Ltd1926
55.106
11,068
5,357
93.368
24,537
566.277
1925
56,743
10.539
4,588
853,362
119,337
50.939
Edison El Ilium Co of Brockton1928
170.280
63,156 •
62,379 1,675,858
583,497
589,443
1925
171,429
79.143
79.533 1.590,542
575,909
575,619
The El Lt*Pr Co of Abington di Rockland1926
53,382
11,180
11.001
548,941
113.200
108,470
1925
42,018
4.728
4.324
442.408
62,469
59,619
El Paso Elm! Co (Del)1926
241,620
99.149
85,811 2.570,631
921.535
737,050
1925
223,608
83,525
67,351 2,438.622
855.546
638,660
Fall River Gas Works Co1926 -_,
88.633
24,874
24,829
996.332
246,810
243,555
1925
90,327
29,025
28,647 1,009,371
258,522
254,971
Gal-Houston Elec Co1928
333,586
75,724
20,135 3,918,408 1,009.409
368,494
1925
326,122
70,450
24,123 3.874.883 1,029,579
490.740
Haverhill Gas Light Co1926
55,401
6.853
6.648
635,836
130.545
130,231
1925
57,487
10,822
10,817
024.677
145,912
147,159
Houghton Co El Lt Co1928
52,508
21,747
17,935
507,222
108,136
153,618
1925
52,814
22,100
17,851
511,269
138,498
89,340
Jacksonville Traction Co1926
137,009
53,213
39,779 1,368,000
402,833
339.307
1925
101.641
31,201
20,931 1,115,525
321,037
197,250
The Key West Eiec Co1926
28,835
11,589
8,664
273.974
105,659
75,199
1925
22.718
8,360
5,580
242,405
93,859
64,239
The Lowell El Lt Corp1928
171.838
67,703
67,692 1,634,189
572,646
569.647
1925
158,180
60.822
60.520 1,548.948
533,018
016,495
Northern Tex Elec Co•
1920
210,050
65,066
35,962 2,447,803
788,122
421,043
1925
220,530
71.192
42.807 2.680.428
925,195
587,536
Puget Sound Pr & Lt Co1926
1,255.795
578,539
371.880 12.913.522 4,137,539 2,723,944
1925
1,181.549
503,760
325,132 12.557,821 4,614.691 2,624.219
Savannah El & Power Co1926
193.302
78.053
47.382 1,982,736
721,235
352,313
1925
170,238
65,608
34,263 1.902,115
718,145
343,987
Sierra Pac Elec Co1926
98,588
31,000
28.318 1,135,114
488.783
436.690
1925
100,329
26,817
20,910 1,106,822
429,856
357,060
Tampa Elec Co1926
440,484
186.308
177,908 3,502,399 1,485.843 1,404,303
1925
264.975
130,426
126,1.7 2.406,410 1,041,813
986,534
New York City Street Railways.
Gross
*Net
Fixed
Net Corp
Revenue.
Revenue.
Charges.
Income.
Companies.
$
$
IS rooklyn City
Dec '25 1.025,910
194.331
47,557
146.774
'24 1.019.277
182.820
38.375
144,445
12 mos ended Dec 31 '25 11.664.945 2.121.721
598.651 1,523.070
'24 11,877.654 2,282.418
479,590 1,802,828
Brooklyn Heights Dec '25
1,560
7.879
57.954 -50.275
(Receiver)
'24
1.560
7,494
57,954 -50.460
12 mos ended Dec 31 '25
19.020
84.279
695.465 -611.186
'24
42,546
70.580
696.677 -626,097
Brooklyn Queens
Dec '25
233,057
33 815
57,716 -23,901
County & Suburb
'24
228.938
50,811
52.669
-1.859
12 mos ended Dec 31 '25 2,606.213
208.758
648410 -439,652
'24 2,565,993
513,890
631,339 -117,549
Coney Island &
Dec '25
225.964
27,460
32 852
-5.342
Brooklyn
'24
226.856
46.579
27.038
19,541
12 mos ended Dec 31 '25 2,877,442
487.941
385.821
102.120
'24 2.915.947
719.959
332,548
387.411
Coney Island &
Dec '25
5,565
-1.068
13,524 -14,592
Gravesend
'24
5,016 -11,291
13.504 -24,795
12 mos ended Dec 31 '25
131.086
20.078
162,849 -142,771
'24
129.896
9,050
162.937 -153,887
Nassau Electric Dec '25
502.361
19,190
96,379 -77.189
'24
507.954
109,981
92.547
17,437
12 mos ended Doc 31 '2.5 5,987.367
896,168 1,127.264 -231,096
'24 5,905.658 1.114.759 1,109,297
5.462
South Brooklyn
Dec '25
95.750
25,573
23.475
2,098
'24
91,672
22.996
23.656
-660
12 mos ended Dec 31 '25 1,431.625
449.216
312.836
136380
'24 1.228,347
345,676
289.413
56,263
Manhattan Bridge Dec '25
21,711
2,173
334
1.839
3e Line
'24
23.388
1,563
297
1.266
12 mos ended Dec 31 '25
251,669
13.881
3.824
10,057
'24
269.884
10,211
3,481
12.730
Interboro R T Sys Dec '25 3,840.045
1.889.603
774,804
(Subway Division)
'24 3.582,106 1,668.673 1,094,798
1,100.593
568,080
12 mos ended Dec 31 '25 40.946.227 18.029.823
4.993,034
'24 39.154.098 17.149.926 13,0'36.789
12,791.548 4,358,378
Elevated Division Dec '25 1,646,079
476.751
692,889 -216.138
,610.187
388.265
690.153-301.888
12 mos ended Dec 31 '25 19.093.631 5,277,244
8,290.952-3,013,708
'24 19.196.829 4,842,409 8.210.196-2.867.787
New York Rapid
Dec '25 2.768,617
875,292
375,805
499,487
Transit
'24 2,610.721
810,638
494.034
316,604
12 mos ended Dec 31 '25 31,471.030 10,395.974
5,982.073 4,413.901
'24 29.315,1t17 9.028.420 5,824,095 3,204,325
THE CHRONICLE
MAR. 13 1926.]
1445
GENERAL BALANCE SHEET DEC. 31.
Net Corp.
Fixed
*Net
Gross
1924.
1925.
Income.
Charges.
1924.
Revenue.
1925.
Revenue.
Liabilities•
$
$
AssetsCompanies.
Common stock_ ..10,500.000 10,500,000
12,001
road
in
225,292
Invested
237.293
Dec
Ry
'25
1,264,880
Avenue
Third
equipment, &c_64,985,971 64,946,833 Preferred stock_ __ 6,000,000 6,000,000
226.263 -17,015
209.248
'24 1,251,759
System
Gen. mtge. bonds_ 4,4271)00 4.427,000
-2,661 Improvements on
12 mos ended Dec 31 '25 14,584,358 2,666,984 2,669.645
826,327 Cons. mtge. bonds.25,578.000 25,578.000
-33,794
leased property_ 2,326,042
2.695,757
'24 14,711,897 2,661,963
First mtge. L.P.&
46,643 Dep.In lieu of mtg.
72.337
118,980
350,000
642.854
350,000
New York Railways Dec:25
C. RR. bonds_ _
50,000
property sold__ _
210.663 -50,447
160,216
,
Equip, trust oblig. 5,714,000 6.457,000
17,332
990
_
_
funds_
Sinking
12 mos ended Dec 31 '25 8.310,234 1,537,900 1.505,287 -32.613 Misc. phys. prop__
to
debt
Non-negot.
6,82
@FedFRASER