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The
financial
lirtintrie
VOL. 126.
SATURDAY, MARCH 17 1928.
NO. 3273.
ond quarter contracts, becomes more impressive
in retrospect." On the other hand, says this ClevePUBLISHED WEEKLY
land publication, evidences of strength are not lackTerms of Subscription—Payable in Advance
ing, and it goes on to enumerate some of these,
12 Moq. 6 Mos.
Including Postage—
$6.00 among which the demand on the part of the auto$10.00
Within Continental United States except Alaska
6.75
11.50
In Dominion of Canada
7.75 mobile trade ranks foremost.
Other foreign countries. U.S. Possessions and territories__ _ 13.50
NOTICE.—On account of the fluctuations in the rates of exchange,
Both these trade authorities note much greater
remittances for European subscriptions and advertisements must be made
in New York funds.
The following publications are also issued. For the Bank and Quota- activity and more confident placing of new orders
tion Record the subscription price is $11.00 per year: for all the others is
$5.00 per year. For any three combined the subscription price is $12 per in the West than in the East and particularly at
Year. and for the whole five combined it is $20 per year.
Chicago, and thereby may be said to hang a tale.
MONTHLY PUBLICATIONS—
COMPENDIUMS-RA NE AND QUOTATION RECORD
PUBLIC 11 TILITY—(serni-annually)
We have often of late referred to the great transRAILWAY & IN DusTRIAL—(seml-ann.) MONTHLY EARNINGS RECORD
STATE AND MusicteaL—(somi-ann.)
formation in economic conditions that has been
Terms of Advertising
of Chi45 cents worked in the territory west and northwest
Transient display matter per agate line
On request
Contract. and Card rates
of last
harvest
wheat
Spring
the
by
bounteous
cago
CHICAGO Oreicx—in Charge of Fred. 11. Gray, Western Representative,
208 South La Salle Street, Telephone State 0613.
11.
wheat
Spring
The
country.
in
part
the
of
that
year
LONDON Omen—Edwards & Smith, 1 Drapers' Gardens, London. E. C.
in
50%
fully
was
1927
in
the
of
States
United
crop
Publishers,
COMPANY,
B.
DANA
WILLIAM
Front. Pine and Depeyster Streets, New York
excess of the short crop of the previous year, and
Published every Saturday morning by W 11.1.1A M B. DANA COMPANY. some districts had to their credit the largest Spring
President and Editor. Jacob Seibert: Business Manager, William D. Riggs:
Treas., wintain Dana Seibert: sec.. Herbert. II. Seibert. Addresses of all. Office of CO wheat yield on record. While there has been much
discontent in recent years on the part of the agriThe Financial Situation.
cultural communities in the whole of the western
renewed
speculation on the half of the country, this discontent found strongest
Notwithstanding the
in prices, general expression in the two Dakotas, and contiguous
advances
huge
at
Stock Exchange,
up
to expectations, States, the reason being that while all farmers have
come
to
fail
trade and business
and there is little indication of the early approach of had to contend with the unfavorable conditions aristhat revival of activity for which the business world ing out of a common cause, namely, the much bigis so earnestly yearning. Even in the steel trade, ger decline, relatively, in the market value of the
where a fairly large volume of business has been products of the farm than in the general level of
tinder way during the last sixty days, the tone is now commodity prices, the Spring wheat growers sufdecidedly less confident than it was not so very fered in a double way inasmuch as they had to put
long ago. There are fears that conditions during the up, not only with the relatively low level of agrisecond quarter of the year may not continue as fav- cultural prices, but also with short crops.
orable as they have during the first quarter. For
All this was changed by the abundant Spring
instance, the "Iron Age" of this city in its issue the wheat yield of 1927. The result has been beneficial
present week points out that "the steel market has in several ways. It has given the farmers more
lost some of the momentum that carried production grain to sell and the railroads more wheat to move,
and prices sharply upward in the first two months and, most important of all, it has increased the purof the year. Ingot output continues at a high rate, chasing and consuming capacity of a large populabut there has been a shrinkage in new business tion, thereby adding to the merchandise and general
which is not uncommon following a period of heavy freight of the railroads, besides increasing both
buying, and recent price advances have been pro- wholesale and retail trade in wide areas of terriportionately less effective." The "Age" goes fur- tory and brightening visions generally. Bank clearther and avers that the "less uncompromising atti- ings in the Minneapolis Reserve District in Februtude toward prices on the part of the mills is inter- ary the present year increased 13.4 over the same
preted as indicating their growing concern over the month last year, and there was not a single place
in that district that failed to share in the increase,
duration of the present high rate of operations."
The accounts in the Cleveland "Iron Trade Re- a record not equalled by any other Federal Reserve
view" are to the same effect, this publication the District. In four of the twelve Federal Reserve Dispresent week saying that "symptoms characteristic tricts, bank clearings the present year in Februof the peak of an upswing are more evident, and pro- ary were actually smaller than a year ago and no
ducers, regarding the first quarter better than a other Reserve District showed a gain in ratio anyyear ago, as an accomplishment, are more intent where near as large as this, excepting alone the
concerning the second quarter." The "Trade Re- New York Federal Reserve District, where stock
view" likewise finds the price situation less satis- speculation plays such a prominent part in swelling
factory, venturing indeed the statement that "the the totals of bank exchanges. In this New York
readiness with which some producers halved the re- Federal Reserve District the increase over the same
cent $2.00 advance in heavy steel awl solicite I sec- month of last year reached 16%, as a result wholly
ginancial Chronicle
1558
FINANCIAL CHRONICLE
of the stock speculation referred to, New York City
by itself showing an increase of 16.3%.
The influence of the changed economic status of
the Northwest is reflected at present mainly in the
West, which accounts for the brighter view of the
outlook taken there than here in the East. It may
be, however, that this influence will gradually widen
and eventually take within its embrace the entire
country, providing new retarding factors do not
come into play.
[vol.. 126.
While in some instances the market has taken cognizance of unfavorable returns accruing to manufacturing corporations its price trend as a whole
has moved independently of things not to its liking. It would seem that it has its own supply and
demand, its own funds, its own credits, its own
methods and its own public. Truly, a business entity in itself. It may be that the old order has
changed.
The difficulty about accepting this theory is that
in the long run market prices of securities must
find their justification in the earnings and profits
of the properties which the securities represent and
that with trade poor or declining, earnings and profits will also fall off or disappear, and the intrinsic
merit of the securities be correspondingly reduced.
A speculation for higher prices that is not firmly
buttressed on business activity and business prosperity, rests on foundations of quicksand. Unfortunately, the present unbridled speculation on
the Stock Exchange seems to be proceeding in
utter disregard of the fundamental conditions that
must in the end govern real values. And therein
lies its greatest and gravest menace.
A rather novel theory has been advanced to explain why the stock market and general trade are
not moving in parallel channels. In the past the
stock market has pretty accurately reflected the
course of general trade. Admittedly, however, it
did not do so during 1927, stock prices continuing
to rise at a time when trade was rapidly declining,
particularly during the closing months of 1927;
and the present recrudescence of the wildest and
most reckless kind of speculation on the Stock Exchange is plainly utterly out of harmony with trade
conditions and indeed in absolute conflict with it.
A news article in the "Wall Street News" of Wednesday of the present week undertakes to furnish the
Reason for satisfaction over the decline in brokers'
explanation. The writer of this article tells us loans on the Stock Exchange has proved short-lived.
that The Stock Market Refuses the Role of Barom- As was natural to expect under the sudden recrueter, but is "Now a Business of Itself Which De- descence of Stock Exchange speculation, this week's
clines to Be Swayed by Varying Winds of Trade return of the Federal Reserve Board shows that the
and Industry." The following is the argument and downward course of these brokers' loans has again
reasoning in full in support of the thesis. We re- been arrested and given way to a sharp movement
print it entire because it so clearly reflects the in the other direction; in a word, the movement has
prevailing view in Wall Street, which is that the once more been
completely reversed. After 4 successtock market is now a law unto itself.
sive weeks of diminishing totals, during at least 3 of
Other factors in addition to the new Federal Re- which stock speculation kept shrinking and the agserve policy which have been brought to light since gregate of loans to brokers and dealers secured by
the turn of the year and which must be considered stocks and bonds by the forty-eight reporting mem.as, being of a bearish nature include: the heavy move- ber banks
in New York City fell from $3,835,020,ment of gold from our shores; the failure of busi000
Feb.
8
to
$3,695,709,000 March 7, the amount for
ness in some lines to come up to early expectations;
the
present
week
(March 14) has bounded back to
prevailing
in many of the printhe unemployment
cipal cities of the country; the almost weekly de- $3,746,064,000. The increase for the week, it will be
creases in car-loadings shown in 1928 when com- seen, is $50,355,000. The increase appears entirely
pared with the corresponding weeks of the two pre- in the loans made by these reporting member banks
ceding years—this in itself might be taken as a on their own account, which now stand at $1,090,clear indication that business is not all that might 173,000 against
$1,019,403,000 on March 7. The
be desired; the developments unfavorable to the
loans made by the reporting member banks for
being
now
Administration
brought
light
to
present
at Washington in connection with the oil investi- account of out-of-town institutions declined during
gation, and, among others, the fact that this is a the week $15,167,000 and the loans made for account
of others decreased $5,248,000. As compared with
Presidential year. In the opinion of one keen market student, prices twelve months ago, huge increases are shown in
have been pushed into uncertain territory, people each of the different categories, the loans for own
have been over-trading and the tremendous volume account March 14, 1928,
being $1,090,173,000, against
spells danger.
$888,271,000
on
March
16,
1927; the loans for outOn the other hand, this explanation for the apparent utter disregard Of business conditions and of-town banks $1,446,270,000 against $1,139,113,000
and the loans for account of others $1,209,621,000,
unfavorable factors of other days is advanced:
For many years the stock market has been looked against $813,385,000. In other words, the grand
upon as being a perfect barometer of business and total the present year at $3,746,064,000 compares
its recent refusal to reflect these conditions has led with only $2,840,769,000 a year ago.
to the belief that a new order of things is in the
The Federal Reserve banks themselves in their own
making. It is suggested that the answer might be returns of
the present week show no changes of
found that business on the exchanges of the country
much
consequence.
As the figures are of date March
is becoming an institution in itself where the unbounded wealth of the country finds scope for its 14, and the Federal income tax payments were not
activity, and where greater rewards than those rea- due until March 15, and the payments on the new
lized in many commercial lines may be had. In issue of U. S. Treasury certificates of indebtedness
this connection it might be pointed out that some also did not have to be made until March 15, the
months ago Charles M. Schwab stated that many of dislocation usually incident to these operations
the steel manufacturers would have realized a greatfinds no reflection in the figures of this week's reer return on their invested capital had it been placed
in gilt-edge securities instead of being used to pro- turns. Figures of to-day's date would unquestionduce steel products to be sold at unsatisfactory ably make an entirely different showing. The Treasury undoubtedly again had to have recourse to ternprices.
MAR. 17 1928.]
FINANCIAL CHRONICLE
1559
day the sales were 3,875,910 shares, establishing
a new high record which was broken the very next
day when the sales reached 3,947,530 shares. On
Wednesday there was somewhat of a let-up and the
dealings dropped to 3,165,515 shares, but on Thursday the volume of business again expanded and the
dealings reached 3,510,990 shares, and on Friday the
day's transactions mounted to 3,886,400 shares.
While the general couse of prices was strongly upward,the fluctuations were exceedingly violent, with
many downward dips as erratic and wild as those on
the up-side.
The bulk of the business from day to day has been
concentrated in a few leading stocks, among which
foremost place has been held by Gen. Motors, Radio
Corporation of America, and American Linseed, in
all of which a large short interest evidently existed,
thereby facilitating operations for a rise which
were conducted with extraordinary daring and skill.
In Radio Corporation stock, indeed, the short interest appears to have been so extensive as to give rise
to rumors of a corner in the stock, with the result
that the Business Conduct Committee of the Stock
Exchange felt it incumbent to institute an investigation into the matter. General Motors was still
the feature on Saturday but .gave place on Monday, Tuesday and Wednesday to Radio Corp. and
then to American Linseed and several other stocks
in which more or less manipulation has been in evidence for a long time. General Motors stock, after
8
having closed last Friday at 159/
4 against 1391/
3
The New York Clearing House banks and trust on the previous Friday, opened Saturday morning
4.
/
companies in their returns last Saturday once more at 160 and advanced to 161, though closing at 1573
high
of
on
balance
reserve
the
being,
the
showed the
wrong side of This proved the peak for the time
2, and on
1
the account, evidencing a condition of strain which on Monday being 158/
4, on Tuesday 158/
3
appears to be ever recurrent. We noted in review- Wednesday 159. That there are powerful interests
ing .the figures for the previous Saturday that the behind this stock and behind the general market was
banks then had narrowly escaped showing a defi- made evident on Thursday when General Motors was
ciency in reserves, the excess above legal require- again taken in hand and whirled upwards to a new
ments having been no more than $1,004,130. This high of 164, with a further advance yesterday to 169,
was changed last Saturday into an actual deficiency which was also the closing price and compares with
4.
3
of $5,021,830. Government deposits were further the close on Friday of last week at 159/
reduced from $4,569,000 to $2,738,000. After the
American Linseed closed last Friday at 77%, on
previous week's increase of $118,930,000 in the ag- Monday reached a high of 85, on Tuesday a high of
4; on Thursday the
3
gregate of loans and discounts made to their cus- 97, and on Wednesday of 111/
tomers, the amount during the week under the re- high was 1107
/8 and on Friday 105, with the close on
view was reduced $45,093,000. Deposits were re- the latter day at 987
8. The most sensational oper/
duced in still larger amounts, the demand deposits ations, however, were carried on in Radio Corpora2 on Monday,
falling $86,269,000 and the time deposits $16,900,000. tion stock; this reached a high of 1381/
The reserve requirements were correspondingly di- of 160 on Tuesday, of 153/
2on Wednesday, of 1521%
1
minished, but reserves with the Federal Reserve bank on Thursday, and of 148% on Friday. On Feb. 20
of N. Y. during the week fell off in amountof$18,194,- this stock had sold at 85%. General Electric, usu000 causing the deficiency in the required reserves ally very sedate in its movements, was also subalready mentioned. Out of the eleven Saturdays jected to most violent fluctuations. It closed yesbeginning with December 31, up to and including terday at 140 against 1325/8 of Friday of last week.
last Saturday, these Clearing House institutions Dealings in U. S. Steel common were also enorhave shown reserves impaired no less than eight mous, but .were encompassed within a narrower
times. There is much curiosity to see what to-day's range, the low for the week having been 1441% on
return will show, after a U. S. Treasury turn-over March 10 and the high 149% on March 12, with the
close yesterday at 146%, against 145% on Friday
the middle of the month of about $2,000,000,000.
of last week. Bethlehem Steel closed yesterday at
The stock market this week has had a wild and 60%, against 591/
2 on Friday of last week. Repub• spectacular record. Dealings have been of unprece- lic Iron & Steel closed yesterday at 61% against 62
dented magnitude, all previous records for volume at the close the previous Friday.
As far as the different groups of stocks are conof business having been broken on several of the
days of the week and prices having bounded up- cerned, none can be said to have been more promward in most sensational fashion. The dealings last inent than the others. The specialties all through
Saturday aggregated 2,200,630 shares, this having the week had the field largely to themselves. In
been the first time when the sales on a Saturday the copper group Greene-Cananea was again one of
half holiday exceeded two million shares. On Mon- these specialties; it moved sharply downward and
porary borrowing at the Federal Reserve Banks,
pending the collection of the income taxes, inasmuch as provision had to be made for taking up
about $514,000,000 of maturing certificates of indebtedness on March 15, and also for about $83,000,000 of interest falling due on the public debt on the
same day. The new offering of certificates proved
an overwhelming success, as every one knew would
be the case. The Treasury had offered, it will be
recalled, $560,000,000 of these new certificates and
the subscriptions aggregated no less than $1,000,773,000. The allotments were $562,491,500.
Taking the Federal Reserve figures just as they
stand, it is found that holdings of discounts during
the week by the twelve Reserve institutions declined
from $482,108,000 to $472,296,000, but holdings of
acceptances increased from $338,495,000 to $343,326,000. Holdings of U. S. Government securities
are slightly lower at $400,887,000 against $402,712,000 a week ago. The result, altogether, is that total
bill and security holdings the present week are $1,217,509,000, against $1,224,315,000 a week ago, but
compare with only $1,026,732,000 on March 16 last
year. Deposits of the twelve Reserve banks (representing almost entirely the reserve accounts of the
member banks) fell during the week from $2,410,738,000 to $2,402,926,000, the amount of Federal Reserve notes in circulation decreased from $1,591,370,000 to $1,574,114,000 and the gold holdings fell
from $2,812,218,000 to $2,788,417,000.
1560
FINANCIAL CHRONICLE
(VoL. 126w
and exceed the value reported for February of any
preceding year back to 1921, but for February of
that year the value of merchandise exports was
$486,454,000, and the amount was much higher in
some years prior to that date.
For eight months of the current fiscal year ending with February, merchandise exports have been
$3,283,034,000 as compared with $3,393,647,000 for
the corresponding period of the preceding fiscal
year, a loss for the current year of $110,613,000. Exports of cotton during this period contributed $47,869,000 to the above reduction. Merchandise imports for the past eight months ending with February, have been $2,752,521,000, while for the same period of the preceding fiscal year the amount was $2,796,567,000, a decrease this year of $44,046,000. The
excess of exports during the past eight months has
mounted to $530,513,000, as compared with $597,080,000 for the first eight months of the preceding
fiscal year.
Gold movements in February were quite reduced
as compared with January. Gold exports in February were $25,776,000 and imports $14,686,000, an excess of exports of $11,090,000. Gold exports in February were less than one-half the amount shown in
recent preceding months, and gold imports considerably under those of January. Compared with February, 1927, when gold exports amounted to only
$2,414,000, there was considerable increase this year,
but in the imports there was a decline, the importations of the metal in February 1927 having been
$22,309,000. For the eight months of the current
fiscal year gold exports have been $249,446,000 and
imports $99,168,000, an excess of exports of $150,278,000. For the corresponding period of the preceding fiscal year, gold exports were $91,276,000 and
The foreign trade statement for February is in imports $172,049,000, an excess of imports of '$80,some respects somewhat more satisfactory than that 773,000. Silver exports last month were $7,479,000
for January. Merchandise exports from the United and is• orts $4,658,000.
States, considering the short month, were practically
on the same basis in February as in the preceding
ecretary of State Frank B. Kellogg, in an admonth, while a considerable increase in the valu dress in New York Thursday, reviewed his recent
exchange of notes with Foreign Minister Briand
of imports appears for last month over Januar
well as over February a year ago. Exports last of France and reaffirmed his desire, expressed in
month amounted to $373,000,000, while in January that exchange, to conclude an unqualified multilatthey were valued at $410,820,000 and in February eral anti-war treaty. Those negotiations, Mr. Kelof last year $372,438,000. The increase over Febru- logg said, were of a dual character, having been
ary of a year ago was very small, amounting to only concerned in part with the framing of new arbitra$562,000. In January there was a decrease this tion treaties, end in part with the anti-war treaty
year as compared with the corresponding month of proposed by M. Briand last June. The Government
1927 of $8,582,000. On the other hand, merchan- of the United States, the Secretary added, will never
dise imports into the United States in February of be a laggard in any effective movement for the adthis year were valued at $353,000,000, these figures vancement of world peace, the negotiations with M.
comparing with $337,956,000, the value of imports Briand being portrayed as growing out of this ideal.
in January, and $310,877,000, the value in February The projected anti-war treaty was seen by Secretary
of last year. Owing to the increase in the value of Kellogg as supplementing existing treaties of arthe imports, the excess of exports for February this bitration and conciliation. But these, he said, had
year was only $20,000,000; for January it was $72,- no real relations to the proposal submitted by M.
Briand for a treaty declaring against war and re864,000, and for February 1927 $61,561,000.
A considerable reduction in cotton exports last nouncing it as an instrument of national policy. "If
month occasioned some loss in the value of merchan- war is to be abolished," he continued, "it must be
dise exports as it did in January as well as for through the conclusion of a specific treaty solemnseveral months after July 1927. Exports of cotton ly binding the parties not to resort to war with one
in February were only 634,890 bales, against 1,010,- another. It cannot be abolished by the mere decla507 bales in February of last year, while the value ration in the preamble of a treaty." Expressing a
of the cotton exports last month at $65,372,000 was wish to define the positions of the two Governments
but $5,924,000 less than in February 1927. It has in the matter of the arbitration treaty signed at
been publicly stated that February merchandise Washington Feb. 6, Secretary Kellogg exhaustively
exports were at record figures for that month. They explained the significance of the three articles of
are slightly higher than for February of last year, that treaty. The new treaty, he said in effect, is a
closed yesterday at 129 against 135 the close the
previous Friday. In fact, several of the copper
stocks show a net loss for the week. Calumet & Ari8 at the
zona closed yesterday at 93% against 951/
close the previous Friday, and Anaconda Copper
/
4. The rubber stocks atclosed at 55% against 551
tracted very little attention but were somewhat stimulated by the advance in crude rubber. U. S. Rubber
8 at the close
pref. closed at 91 yesterday against 891/
the previous Friday, while the common closed at
44/
1
4 against 43%; Goodyear Tire & Rubber closed
4 against 55% and B. F. Goodrich
yesterday at 521/
at 80 against 81%.
The railway shares were strong in a quiet kind of
a way the early part of the week, and moved sharply upward the latter part, with Wabash and New
York Central the features. Wabash common closed
yesterday at 74, against 61 at the close the previous
Friday; New York Central closed yesterday at
173/
1
4 against 162; Union Pacific at 195 against
/
8; Ches192; Canadian Pacific at 214% against 2093
apeake & Ohio at 194% against 189; Atchison at
/
8 and Del. & Hudson at 169
1897
/
8 against 1837
against 165/
1
4. The securities of Florida railroads
have also given a good account of themselves. Seaboard Air line consol. 6s which closed on Friday of
/
8 and the previous Friday at 78%,
last week at 837
closed yesterday at 85%; the refunding fours which
/
8 on Fri1
4 two weeks ago and at 637
closed at 60/
closed yesterday at 64%, while the
week,
day of last
adjustment fives which closed at 47 March 2 and at
53% on March 9, closed yesterday at 55. Various
other bond issues which were under pressure during February also made considerable strides in recovery the present week.
MAR. 17 1928.]
FINANCIAL CHRONICLE
1561
much more satisfactory and practical instrument for will not become a party to any agreement which dithe adjustment of justiciable international contro- rectly or indirectly, expressly or by implication, is
versies than its predecessors, as "it is only justiciable a military alliance. The United States cannot obquestions that are susceptible to arbitration." The ligate itself in advance to use its armed forces
Secretary disagreed explicitly with the pronounce- against any other nation of the world. It does not
ment of many organizations and publicists engaged believe that the peace of the world or of Europe
in the discussion of international arbitration to the depends upon or can be assured by treaties of milieffect that every question between nations should tary alliance, the futility of which as guarantors of
be arbitrated. This, he said, is a very simple and peace is demonstrated in the pages of history." The
all inclusive formula, but it will not stand the test millennium has not yet arrived, said Mr. Kellogg in
of careful examination and never has and never conclusion, but he added the opinion that the world
can be universally adopted. "A political question is making great strides toward the pacific adjustcannot be arbitrated," he declared, "because there ment of international disputes and that the comare no principles of law by which it can be decided, mon people are of one mind in their desire to see
and unless there are relevant treaty provisions re- the abolition of war as an institution.
quiring construction, no nation can agree to arbiPostponement was again the order of the day late
trate purely domestic questions like tariff, taxaweek in the final meetings of the forty-ninth
last
tion, immigration and, it may be said, all political
session
of the League of Nations Council. Two
questions involving the exercise of sovereignty within the nation's territorial limits. There are no posi- grave disputes were on the agenda of the meettive rules of international law applicable to such ing when the Council members convened at Geneva
questions to guide arbitrators in reaching a deci- on March 5, and a third came up for consideration
sion." In summing up his discussion of arbitration because of the inadequacy of a previous "settlement."
treaties, Secretary Kellogg said he knew of but one The action of the Council on the first of these conother form of treaty which can be concluded for the troversies, that pertaining to the arms shipment
purpose of preventing war, and that is a treaty in found at St. Gothard on the Austro-Hungarian borwhich the parties specifically bind themselves not to der, was indicated in an open session on March 7.
resort to war. "It is this kind of treaty which people The shipment, consisting of 2,000 machine guns lahave in mind," he added,"when they discuss treaties beled as "agricultural machinery," was alleged to
for outlawing war, and it is a novel idea in modern have been made from Verona, Italy, to an unnamed
destination in Hungary in direct violation of the
international relations."
In a review of the negotiations with France for Treaty of Trianon. After it was uncovered through
the purpose of establishing such a treaty to out- the zeal of an Austrian customs official, the Little
law war, Secretary Kellogg outlined his reasons for Entente nations—Czechoslovakia, Yugoslavia and
refusing to limit the projected treaty by a reserva- Rumania—demanded an investigation by the League
tion confining its effectiveness to "wars of aggres- of Nations. The matter was accordingly scheduled
sion" only. Such a reservation was suggested by for a hearing before the League Council on March
France, he pointed out, after that country had 5. A fortnight before this date, however, reports
agreed "in principle" to the idea of a multilateral from Budapest told of the destruction of the guns
anti-war pact. "My objection to limiting the scope by order of the Hungarian Government, unofficial
of an anti-war treaty to mere wars of aggression," press reports from Austria adding the incidental
he said, "is based partly upon a very real disinclin- information that the guns had been taken on a mysation to see the ideal of world peace qualified in any terious trip into the interior of Hungary before
way, and partly upon the absence of any satisfactory the alleged destruction. The guns, these reports
definition of the word 'aggressor' or the phrase said, were somehow metamorphosed into "old rifles"
'wars of aggression.' It is difficult for me to see in the course of this journey.
The matter was considered by the Council in a
how a definition could be agreed upon which would
not be open to abuse. It seems to me that any at- closed session on March 5 and again in an open
tempt to define the word 'aggressor' and by excep- session on March 7. On the latter occasion an acritions and qualifications to stipulate when nations monious dispute developed between General Tancare justified in going to war with one another, would zos of Hungary and M. Titelescu of Rumania. Gengreatly weaken the effect of any treaty such as that eral Tanczos maintained that the shipment was inunder consideration and virtually destroy its posi- tended for Poland and persisted in this explanation
even when it was pointed out to him that it was abtive value as a guaranty of peace."
In his last note to France on Feb. 27, Secretary surd in view of the fact that Poland is free to buy
Kellogg said that the United States stands ready arms when and where she chooses and need not reto conclude a single multilateral pact to abolish sort to clandestine methods. The Council, at the
war, and he repeated the statement Thursday as close of the session, appointed a committee of three
being the object the Government of the United States of its members to study the matter. At a further
is still seeking to attain. "I earnestly hope, there- hearing last Saturday the Council voted unanimousfore," he said,"that the present negotiations looking ly for an official investigation of the affair and deto the conclusion of an unqualified multilateral tailed Beelearts van Blokland, of Holland, Enrique
anti-war treaty may ultimately achieve success, and Villegas of Chile, and M. Procopis of Finland to
I have no doubt that if the principal powers of the conduct it and report their findings to the June
world are united in a sincere desire to consum- meeting of the Council. This result, a dispatch of
mate such a treaty, a formula can be devised which March 10 to the New York "Times" said, "stands
will be acceptable to them all. Since, however, out as a French victory, for if the League can inthe purpose of the United States is so far as pos- quire into the alleged violations of the Treaty of
sible to eliminate war as a factor in international Trianon by Hungary its right to inquire into alleged
relations, I cannot state too emphatically that it violations of the military clauses of the Treaty of
1562
FINANCIAL CHRONICLE
[VoL. 126.
Versailles by Germany stands intact." That being servers were in attendance from the United States,
said, the correspondent added, "one is permitted to Russia and Turkey. Moreover, the agenda of the
have doubts that any direct, positive action will present meeting was considered to be more promcome out of the investigation."
ising than has hitherto been the case. The first
The second important item on the agenda of the item on the agenda consisted of a report by the Semeeting was the five-year-old dispute between Ru- curity and Arbitration Commission, a subsidiary
mania and Hungary over the application by the for- body of the Preparatory Disarmament Commission
mer of reform laws to the large estates of Hungarian which was appointed last December to study the
subjects in territory that was ceded to Rumania as problem of security and draw up suitable draft
a result of the war. When consideration of this agreements on arbitration. The Commission was
question was begun by the Council on March 9, Sir also expected to consider the sweeping proposals on
Austen Chamberlain, Foreign Secretary of Great disarmament submitted by Russia last December
Britain, was said to have declared that it "has poi- and recently re-submitted to the League Secretariat
soned the relations between the two countries for by M. Boris Stein, the observer for Russia on the
years," and it was added in a New York "Times" Security Commission. It was also believed that
dispatch that it has also poisoned the atmosphere a general discussion of disarmament would ensue,
of the League at many sessions of the Council. In in which the problem of a suitable time for holdconsequence, the leaders of the Council were repre- ing a formal disarmament conference would be consented as demanding an immediate settlement. Nev- sidered. Jonkheer J. Loudon of Holland, who preertheless, as it was put in a dispatch of March 9 to sided, opened the initial meeting by remarking that
the New York "Herald Tribune," "members of the security pacts were the only means of preparing for
International Council for the perpetual contempla- disarmament. He touched also on the Russian protion of the Hungarian-Rumanian dispute failed posals, declaring that they failed to take into acagain to-day to find a means of cleaning this dusty count the present state of mind throughout the
cobweb at the council table." The proceedings ap- world. At the conclusion of this address Count von
pear to have become stormy the moment the sub- Bernstorff, of Germany, announced that he would
ject was broached. Nicholas Titulescu, Foreign Min- push a resolution requiring full publicity in regard
ister of Rumania, promptly opposed the opening to all armaments. He asserted that such publicity
suggestion which was that two neutral members be was the necessary starting point for the reduction
added to a committee which has already been con- of armaments. Resolutions holding over the imporsidering the problem for more than a year. This tant matters before the conference until March 19,
attitude brought threats and pleadings from Sir Aus- when all delegates and observers will be present,
ten Chamberlain, M. Aristide Briand of France, were thereupon adopted and the initial session was
and Dr. Gustav Stresemann of Germany. M. Titu- adjourned.
lescu countered by threatening to resign both his
portfolio as Foreign Minister of Rumania and his
Signature by President Coolidge on March 10 of
seat in the League Council. He agreed finally to the Settlement of War Claims Bill paves the way
submit the matter to his Government by telegraph, for a final settlement of the claims of American citibut before he could receive a reply the Council zens against Germany growing out of the war and
passed a resolution anyway.
for the return to German owners of property still
Thereafter the further consideration of the ques- in the hands of the Alien Property Custodian. Untion was postponed, as it always has been previous- der the provisions of the bill, which thus became
ly, to the succeeding session of the Council. M. Ti- law, payments on the claims of American citizens
tulescu on March 14 made good his threat to resign are to begin immediately. Such claims, according
from the League Council and on the same day the to a Washington dispatch to the New York "Journal
Rumanian Parliament adopted a motion refusing of Commerce," now amount with interest to Jan. 1
acceptance of the League proposal to add two mem- to $191,700,000, while claims of the United States
bers to the commission which is considering the Government are in the further sum of $62,000,000.
claims of the Hungarian land owners. The third All of the private claims not in excess of $100,000
matter which the Council left unsettled after a per- each and all claims in respect of death or personal
functory consideration was the seven-year-old dis- injury are to be paid in full, the remainder of the
pute between Poland and Lithuania. This problem private claims to be paid in installments. The large
originated over the occupation by Poland of the claims in the latter class are 178 in number and
former Lithuanian capital of Vilna and it was an- $158,000,000 in amount. Of the total of private
nounced to have been settled satisfactorily last De- awards,80% is to be paid within six years. The law
cember. Nevertheless, the frontier between the two provides also for some 5,000 American claims which
countries remains closed and as Premier Walde- were not presented to the mixed claims commission
maras of Lithuania summarily declined to come to within the time limit originally fixed. The PresiGeneva at the invitation of the League Council dent is directed to enter into negotiations with Gerlast week, consideration of the problem was again many with a view to extending this time limit to
postponed, this time until June. The meeting of the July 1 next.
Council ended late last Saturday.
Equally prompt attention is to be given to German claims for property now held by the Alien PropThe sessions of the Preparatory Disarmament erty Custodian. Eighty per cent. of such property
Commission of the League of Nations were opened is to be returned immediately, with the exception
at Geneva Thursday in a twenty-minute initial meet- of trusts less than $2,000, which will be returned in
ing, representatives of twenty-four nations being full. The so-called "unallocated interest fund"—
present. The meeting was regarded as more im- earnings and profits upon moneys deposited in the
portant than its predecessors, because, besides the Treasury prior to March 4, 1923—is to be returned
representatives of twenty-one member States, ob- later on when all other claimants have been paid.
MAR. 17 1928.]
FINANCIAL CHRONICLE
In the matter of ship claims provision is made for
an arbiter who will determine the awards to be entered, with a maximum limitation of $100,000,000.
Of this sum, $50,000,000 is to be made available for
early award, representing a value of $34,000,000 and
interest of $16,000,000. Proof is required that neither the German Government nor any member of the
former ruling family had any interest in the ships.
The total amount of such property now or soon to
be available for return amounts to $138,000,000. If
no claim is entered against property held by the
Custodian within one year of the date the bill became
law, it is provided that such property will revert
to the German Government. The bill provides further that property held by the Custodian and belonging to nationals of Austria and Hungary will be
returned in full immediately upon the deposit by
the Governments of those countries of amounts sufficient to pay the awards to American nationals
against them. Such awards against Austria were
estimated at $3,000,000 and those against Hungary
at $1,000,000. The fund of the Alien Property Custodian was said to hold slightly more than $12,000,000 of property belonging to Austrian nationals and
somewhat less than $1,000,000 belonging to Hungarian nationals.
A notable feature of the act is said to be a provision for the payment of claims of American insurance companies on the same basis as claims of
other American nationals. Moreover, the properties
of German insurance companies are to be returned
on the same basis as the return of other German
property to the nationals of that country, regard, less of former legal provision that returns of this
character are to be prohibited until such German
companies paid claims filed against them. The machinery for carrying out the provisions of the law
is said to have been set in motion by the Treasury
Department immediately after notification of the
signature of the bill. Officials of the Mixed Claims
Commission are said to have expressed the opinion
that 85% of the awards will be certified within the
next sixty days. After such certification, it was
estimated that it will take the Treasury about a
week to prepare checks. Treasury experts were
quoted as saying that the total liquidation of the
Alien property will require approximately forty
years.
International complications of a peculiar sort are
apparently to follow on the heels of a shipment of
$5,201,000 in Russian gold, consigned by the Soviet
Government to two New York banks. The gold arrived at New York on Feb. 21, the object of the
shipment being to facilitate the handling of finances
in the expanding commercial relations between this
country and Russia. The receiving banks tendered
the shipment to the Treasury Department for assay
at the Mint, such assay being required before the
gold could be used for bank reserves. At first it
was thought that the Treasury Department would accept the shipment for assay which would have indicated relaxation of the embargo on Russian gold
established in 1920. The Treasury Department was
understood to have no objections to the assaying of
the gold, but it became known at the same time that
a ruling had been requested from the State Department. This also appeared to be favorable, although
it was expressly stated that such approval did not
imply a change of any kind in the diplomatic stand-
1563
ing of the two countries. A remaining question,
that of the title to the gold, was submitted to the
Attorney General of the United States. The latter, in an opinion submitted on March 6 to the Treasury Department, held that the Mint could purchase
the gold legally only if the two receiving banks
guaranteed title to it. This the banks declined to
do, claiming that they were only agents of the Soviet Government.
The gold, consequently, is held in the vaults of the
two New York banks and it is conjectured that it
will probably be returned to Russia, or possibly sent
to England, and merged with the reserves of the
Bank of England. It was suggested as one curious
possibility of such mingling that the gold might then
be re-exported to this country and accepted without
question by the United States Mint as "English
gold." Last Saturday, however, a further complication was introduced in the form of a suit, filed
by attorneys for the Bank of France, for the recovery of the gold on the theory that it is owned by the
Bank of France and was stolen from the vaults of
the State,Bank of the Russian Empire following the
revolution there. This suit was said to represent
an explicit challenge to the title of the Soviet Government to the gold. It was filed directly against
the two receiving banks, but attorneys are represented as admiting tacitly that it could not be prosecuted without bringing the Soviet Government into
the case. But as the Soviet is not recognized by the
United States Government, it was held that it could
not become an interest at law and considerable difficulty was foreseen in the determination of this point.
The suit was declared to be imposible of determination within less than a year and it was added that
it might take two years, during which time the gold
must lie idle in the vaults of the banks.
A gay reception, in which more than a touch of political color was mingled, was staged in London
Tuesday in honor of the arrival in Britain of the
Afghanistan Bing, Amanullah, and his consort.
Bing Amanullah and Queen Souriya had previously
visited in Rome, Paris and Berlin in the course of
a tour designed to reach all important European
capitals, but such visits, though attended with
pageantry and splendor, were held without political significance. But the visit to London was differently regarded, as will also be a coming one to
Moscow, attention being directed to the immense
importance of Afghanistan as a buffer state between
India and Soviet Russia. Ameer Amanullah, accordingly, though the ruler of a tiny kingdom, was
greeted at London with a thunderous ovation. Bing
George and Queen Mary personally welcomed the
Eastern Potentate, with Prime Minister Stanley
Baldwin and members of his Cabinet forming a committee of welcome for the Government. And thus
London began what will be an entire month of British hospitality for the tourist ruler of Afghanistan.
That monarch, as observers pointed out, has maintained a quite even attitude toward the two great
rivals for influence in Asia since the Anglo-Afghan
skirmish of 1919. Nor is there any anxiety in Britain
regarding the possibility of a too militant Soviet
policy in the Pamirs. Russia has too many troubles
of her own for that, and will have them for years to
come. But the advisability of having a distinctly
friendly neighbor on the northwest frontier of India
was nevertheless recognized and official Britain,
1564
FINANCIAL CHRONICLE
[VoL. 126.
Grave political difficulties were added this week
dispatches said, was very willing to insure this
to
the military ones already met with by the United
Ameer
Amanin so far as the greatest cordiality to
States
Government in its intervention in the Cenaccomplish
it.
ullah and Queen Souriya could
tral American republic of Nicaragua. The NicaMysterious troubles in the depths of Russia, where raguan Congress on March 5 began consideration
six German engineers have been arrested for par- of the McCoy law providing for American superviticipation in a so-called "technician's plot," caused sion of the October presidential election in Nicathe abrogation Thursday of negotiations in Berlin ragua, in accordance with the Stimson agreement
for a revision of the Russo-German trade treaty. The negotiated last May. Bitter disputes between the
arrest of the Germans for taking part in a counter- Liberals, who favored the law, and the Conservarevolutionary movement in the Donetz coal basin tives, who opposed it, had already developed in prebecame known in Berlin last Saturday and brought vious consideration of the decree. The Conservaa prompt demand from the German Government for tive faction, led by General Chamorro, was assumed
an explanation. The Soviet, however, did not meet to be making political capital out of their opposithe request satisfactorily, Georges Tchitcherin, the tion, but the position of the United States authoriSoviet Commissar for Foreign Affairs, refusing to ties in trying to make such supervision legal in
intervene in favor of the engineers. He stated sim- internal Nicaraguan affairs was rendered none the
ply, according to a Berlin dispatch of Mar. 12 to the more comfortable by this assumption. The bill was
New York "Times," that the charges of sabotage and modified by Foreign Minister Cuadro Pasos of Nicatreason seemed to be substantiated by creditable wit- ragua, and presented to the Senate and House of
nesses. It was stated in Berlin, however, that at Deputies at Managua. It encountered little opposileast three of the engineers were old officials of the tion in the Senate, which passed it on March 7.
"AEG," the general electric company of Germany, In the House of Deputies it was voted down on
who had special instructions not to interfere in March 13 after a stormy session. The Liberals and
Russian politics of any kind and it was said to be Moderate Conservatives voted solidly for the measaltogether improbable that they were concerned in ure; the Chammorist Conservative bloc voted solidthe alleged plot. Berlin called attention, more- ly against it. The actual vote was 23 against the
over, to a marked lack of precise details regarding McCoy bill and 17 in its favor. This was considered
the alleged crime. In view of the unsatisfactory a flat rebuff of American policy in Nicaragua. In
attitude taken by Moscow, the German Cabinet de- consequence of this situation, General Frank Mccided Thursday to suspend the treaty negotiations Coy and American Minister Eberhardt conferred
at least until the six engineers have received a fair Thursday with President Diaz and Foreign Minisand public trial. Dispatches from Berlin made it ter Cuadro Pasos in the Presidential Palace. They
clear at the same time that the difficulties encoun- discussed all phases of the matter, according to a
tered by German technicians in Russia have been one Managua dispatch to the New York 'Times," with
of the main stumbling blocks in the treaty negotia- a view to taking whatever course may be decided
tions of the last six weeks. The chief result of the upon as legally sound. The opinion in Managua
suspension of negotiations, reports said, will be the was said to be that the method will be by Presiholding up of credits totaling 600,000,000 gold marks dential decree. Washington reports of March 13
which it was planned to extend to Russia.
(Associated Press) indicated that "blunt statements
have been made in official quarters here that the
A hearty assurance that the relations between United States Government would in no respect reMexico and the United States are constantly improv- cede from its determination to carry out its pledge
ing, owing to the influence of Ambassador Morrow, and supervise the election."
The military situation in Northern Nicaragua,
was given a party of visiting journalists in Mexico
City by President Plutarco Elias Calles, late last meantime, shows little apparent change. The forces
week. The journalists called on President Calles on of the irregular General Sandino were reported back
March 9 to express their appreciation of the many in the Matagalpa and Jinotega regions, according to
official courtesies shown to them during their stay a New York "Times" dispatch of March 14. When
in the Republic. The leaders of the group were pre- driven from these regions several months ago they
sented to the Mexican Executive by Mr. Morrow. entrenched themselves in their mountain stronghold
After an exchange of courtesies, the President de- of El Chipote. Lately, the American Marines disclared to his callers that he was able to assure them lodged them from this coign with the result that
that "Mexican-American relations are daily becom- they have since been conducting raids and depredaing more fraternal, with a greater sense of under- tions near Yali, lIatagalpa, Esteli and Jinotega.
standing between the two republics." Small diffi- General Feland,commandant of the Marines in Nicaoulties, he added, "are being ironed out in this ragua, on March 14 issued a general order to his
era of new relations between us, thanks to the abili- forces which read: "The next two months not only
ty, talent and sincerity of Ambassador Morrow." by reason of the reduced resources of the outlaws
Mr. Morrow,in reply, expressed keen appreciation of due to your past efforts, but also on account of the
Senor Calles's observations. The American journal- fact that weather conditions and the state of the
ists, according to a dispatch of March 9 to the New trails will become worse until next November, are
York "Times," afterward praised the efforts being months most favorable to complete accomplishment
made by the Calles Administration to raise the gen- of the task of freeing the northern part of Nicaragua
eral economic status of the majority of the popula- of outlaw activities. With full appreciation of your
tion by good schools, irrigation works, good roads past work, I urge upon each one of you the need of
and by intensified effort to conserve law and order, untiring exertion in the immediate future to the end
thus raising Mexico from the chaos resulting from that our work may be accomplished in the shortest
possible time."
years of rebellious bandit operations.
MAR. 17 1928.]
FINANCIAL CHRONICLE
1565
In its statement as of March 7 the Bank of Germany showed a decrease in note circulation of
200,564,000 marks, reducing the total of that item
to 4,067,656,000 marks as against 3,346,877,000
marks last year and 2,729,707,000 marks the year
before. Other daily maturing obligations increased
35,488,000 marks and other liabilities 1,585,000
marks. On the asset side gold and bullion decreased 97,000 marks, bills of exchange and checks
75,333,000 marks, silver and other coin 4,607,OCO
marks, advances 66,482,000 marks and other assets
41,836,000 marks. Deposits abroad remained unchanged at 85,626,000 marks and investments unchanged at 94,239,000 marks. Reserve in foreign
currency rose 15,391,000 marks and notes on other
The Bank of England, in its statement under date German banks 9,473,000 marks. Below we furnish
of March 14, reported a loss in gold of £45,339. a comparison of the various items of the Bank's
This with the decline in notes in circulation of £712,- return for the past three years:
REICHSBANICS COMPARATIVE STATEMENT.
000, caused a gain in the reserve of gold and notes in
Changes for
Mar.
.7 1928. Mar.7 1927, Mar.61926.
Week.
the banking department of £666,000. Gold hold- Assets—
Retchsmarks. Retchsmarks. Reichsmark: Reichsmarks.
1.888.253,000 1,843.956.000 1,404.902,000
97.000
Dec.
and
bullion
Gold
93.007.000 207.705.000
ings now total £157,852,718, against £150,736,021 Of which depos. abed
85,626.000
Unchanged
Res've In for'n curr'cy_Ine. 15.391.060 297,344,000 202.135.000 468.300.000
1,603.976.000
1,159.641.000
2,260.942.000
and £145,561,670 in 1927 and 1926, respectively. Bills
75.333,000
of each. & checks_Dec.
63.050.000 129.325.00)
89.102.000
and other coin_ _Dec. 4.61)7.000
14.989.000
17,696.000
19.247.000
The ratio of reserve to liabilities dropped slightly, Silver
Notes on oth. Ger. bks_Ine. 9.473.000
46.226.000
50.630.000
4.362.000
Advances
Dec.66,482.000
92.765,000 234.896.000
94.239.000
Unchanged
and now stands at 38.10%, against 38.20% last Investments
457.243.000
905.872.000
509.987.000
41.836,000
Dec.
Other assets
tes—
week and 38.33% two weeks ago. At this time last Llabilit
Notes in circulation_ _Dec. 200.564.000 4,067,656,000 3.346.877.000 2.729 707.000
daily matur. Ong-hie. 35,488,000 542.523,000 524.228,000 714.727.000
year the ratio stood at 27.83%. Both the deposit 0th
Inc. 1.585,000 222,870,000 159.637.000 533,293.000
Other liabilities
expanding
£753,000,
items gained, "other" deposits
The New York money market remained steady this
and public deposits £1,308,000. Loans on Governon
while
loans
£255,000,
decreased
ment securities
week with a tendency toward ease notwithstanding
in
Notes
£1,661,000.
increased
securities
other
the large income tax payments and the heavy
circulation now aggregate £134,402,000, against Treasury turnover calculated at $2,000,000,000.
£136,706,105 last year and £141,206,640 in 1926. The opening rate for call money Monday was 43%
The Bank's official discount rate remains at 43/2%. which was 4%
1
up from the previous week, the
Below we furnish comparisons of the various items advance being influenced to some extent by another
of the Bank of England returns for five years:
deficit in Associated Bank reserves reported by the
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Clearing House last Saturday. The 43'% rate re1925.
1926.
1924.
1927.
1928.
March 14. March 16. March 17. March 18. March 19.
mained in effect all week in Stock Exchange borrowi
£
b134.402,000 136,706.105 141,206,640 124.073,935 124.905.370 ings, while in the outside market conceRsions of 3i%
Circulation
19,812,755
13.752.406 23,997,491
Public deposits_ .. 9.771,000 19.183.864
103,632.000 102,179.364 100,202,646 108.508,333 105.795.098
Other deposits
were reported Wednesday and Thursday. The
Governm't securities 31.506,000 32.657.560 38,020,328 39,891,830 48.357.455
56,982,000 73.230.664 76,176.864 76.349,489 76.748,003
Other securities_
called loans of some $10,000,000 on Thursday
banks
24,105,030
24.294.619
33,779,916
22.949.676
43,200,000
coin
tic
Reserve notes
Coln and bullion_.a157,852,718 150,736,021 145,561.670 128,618,554 128,105,046 representing the heaviest withdrawal. The demand
Propoi Lion of reserve
20.08%
197i%
27.83%
38.10%
175%
to liabilities
5%
5%
5%
4% for funds was lively on the early days, but if shaded
4si%
Bank rate
gold
£27.000.000
coin
1925.
29
April
bullion
and
off as the week advanced. Brokers' loans against
• Includes, beginning with
note* issued and which was transferred to the
Previously held as security for currency
to
decision
return
Government's
to
gold
the
standard.
British
the
and bond collateral have again resumed their
stock
on
Bane of England
April 29 1925 Includes /27.000.000 of Bank
b Beginning with the statement for
same amount of gold coin and bullion upward course, according to the weekly statement of
the
for
return
In
Issued
notes
England
of
of currencr_note Bele.
held UP to that Bine in redemption account
the loan totals issued by the Federal Reserve Bank
the
14
March
of
Bank
of
as
France
statement
New York for the 49 reporting member banks.
of
its
In
showed a decrease in note circulation of 371,833,000 Such loans in Thursday's statement showed an infrancs, reducing the total of that item to 58,898,- crease of $50,355,000, thus cancelling a substantial
782,585 francs as against 52,273,350,065 in 1927 portion of the decrease of the 4 previous weeks.
and 51,698,934,615 francs the year before. Gold Furious speculative activity in the securities markets
holdings in France rose 5,811 francs, while holdings was the plain and sufficient cause of this advance.
abroad available and non-available remained un- The rise in the loan total, coming at a season when the
changed. Trade advances diminished 58,180,000 industrial activities of the country invariably make
francs, treasury deposits 92,774,000 francs, general progressively heavier demands for funds, caused
deposits 25,195,000 francs, advances to the State serious misgivings in informed quarters. More100,000,000 francs and divers assets 666,936,000 over, it is to be noted that gold is again flowing out
francs. On the other hand, silver increased 5,000 of the country in substantial volume, shipments of
francs and bills discounted 144,280,000 francs. Be- $26,863,000 being reported as having taken place
low we furnish a comparison of the various items of from the port of New York in the week ending
Wednesday.
the Bank's return for the past three years:
Dealing in detail with the rates from day to day,
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
the
story this week is again a short one, the call loan
Mar.
.18
1927.
Mar.
141928.
17
Mar.
1926.
Week.
for
Francs.
Francs.
Francs,
Francs.
Gold Holdings—
3,679,515,893 3,683,507.443 3,683.970,959 rate at the Stock Exchange on each and every day of
5,811
Inc.
In France
462.771,4781 1,864,320,907 1,864.320,907
Unchanged
Abroad—avallable
the week having ruled at 43%, this including reUnchanged 1,401,549,4291
Abroad—non-avail
5,811 5,543,836,800 5,547,828,350 5.548.291.867 newals. Rates for time loans remain unchanged at
Inc.
Total
342,945,306
342,107,018
329,699,287
5,000
Inc.
Silver
1,649,433,266 2,723,052,028 3,236,909,347 4%@4% for thirty days, 43'% for sixty days and
Bills discounted—Inc. 144,280,000
58,180,000 1,739,100,477 1,935.801,290 2,487,381,671
advances—Dee.
Trade
58,898,782,585 52,273,350,065 51.698,934,615 43"2©4%% for ninety days and for four, five and six
Note circulation_ _Dee. 371.833,000
20.832,927
28.392,730
48,651,471
92,774,000
Treasury deposIts_Dee. 25,195,000 7,803,824,851 3.895,753,625 2,673,310,783
months. For commercial paper quotations for four
deposit8—Dec.1
General
100,000,000 23,100,000,000 28,900.000,000 36,250.000,000
Advances to State_Dee.666,936,000
9.784,132,717 3,367.408,832 to six months' names of choice character remain at
25,723,138,631
Dee.
Divers assets
There have been no changes this week in discount
rates by any of the central banks of Europe. Rates
continue at 7% in Germany; 6% in Italy, Norway
and Austria; 5% in Denmark and Madrid; 41A% in
London, Belgium and Holland, and 3% in France,
Switzerland and Sweden. In London open market
discounts are 43'@,4 3-16% for both short and long
bills, against 438(4)4 3-16% for the former and
4 3-16% for the latter on Friday of last week. Money
on call in London was quoted at 43i% on Tuesday
and Wednesday, but was down to 3/% yesterday,
against 3% on Friday of last week. At Paris open
4 % and in Switzerland
market discounts remain at 33.
at 3H%.
1566
FINANCIAL CHRONICLE
[vol. 126.
4@431%. The market for paper is gradually mov- • Reserve Board before the Banking and Currency
ing towards a flat 43% quotation, though at present Committee as signs pointing to easier money here,
very good names are still selling as low as 4%. For which will react to the benefit of sterling. Recent
names less well known the quotation is 432%. For reports originating in Washington indicate downward
New England mill paper the quotation is 431.@43/2%. adjustment of Federal Reserve rediscount rates, at
least so far as the rates of the Eastern reserve banks
In the market for banks' and bankers' acceptances are concerned, before the end of spring. London
the posted rate of the Amsterdam Acceptance Council bankers are taking great comfort from these sugfor call loans against acceptances has again remained gestions, feeling that the way will soon become clear
unchanged at 332%. The posted quotations of the for a reduction of the Bank of England rate from
Acceptance Council for prime bankers' acrptances 432% to 4%, for such a reduction, it is believed,
eligible for purchase by the Federal Reserve banks will prove stimulating to British trade. The British
also remain unchanged at 34% bid and 334.70 asked Board of Trade report for February shows a gradual
for bills running 30 days, 332% bid and 34% asked recovery from the grave industrial events of 1926.
for bills running 60 days, 34% bid and 332% asked The overseas trade figures were especially satisfor 90 days, 3% bid and 34% asked for 120 days factory. It is believed that with the currency amaland 34% bid and 3%% asked for 150 and 180 days. gamation program shortly to be effected and with a
Open market rates are likewise unchanged as follows: lower Bank of England rediscount rate, trade will
receive the exact stimulus necessary to bring business
SPOT DELIVERY.
•
—180 Days— —150 Dogs— —120 Days—
back to flourishing condition.
Asked.
Bid.
Asked.
Bid.
Md.
Asked
Prime eligible bills
31,4 31434 34
334
8%
London dispatches this week indicate that there is
—90 Dart— —60 Dog.— —30 Dafa--less anxiety in Great Britain over the prospect of
Asked.
Md.
Asked.
Bid.
Md.
Asked
Prime eligible bills
344
34
34
344
854
34
large gold withdrawals from London by France.
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
344 bid There is a confident feeling in British banking circles
Eligible non-member banks
344 bid
that the central bank authorities of both countries
will so regulate the gold movement that money marThere have been no changes this week in Federal kets will not be disturbed, and the reserve position of
Reserve Bank rates. .The following is the schedule the Bank of England will not be in any way impaired.
of rates now in effect for the various classes of paper Amsterdam bankers ascribe the remarkable strength
at the diferent Reserve banks:
of sinning so substantially above the figures usual at
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES this time of year largely to the transfer of the heavy
AND MATURITIES OF ELIGIBLE PAPER.
credits obtained in the United States by French,
Rate in Effect
Date.
Previous Italian, and German interests.
There is, of course,
Federal Reserve Bank.
on ar 16
Established.
Rate.
also
a
large
transfer
of
to London for
American
funds
4
Boston
Feb. 8 1928
344
New York
4
Feb. 3 1928
344
investment in London quoted securities. American
4
Philadelphia
Feb. 16 1928
354
Cleveland
4
Mar. 1 1928
354
security buying in London has resulted in the markRichmond
4
Jan. 27 1928
344
Atlanta
4
Feb. 11 1928
314
ing
up of a number of issues to points considered by
Chicago
4
Jan. 25 1928
314
4
St. Louis
Feb. 21 1928
34
the
London
traders as excessively high.
Minneapolis
4
Feb. 7 1928
314
Kansas City
4
Feb. 10 1928
354
This
week
the Bank of England shows a loss in
Dallas
4
Feb. 8 1928
334
San Francisco
4
Feb. 4 1928
334
gold holdings of £45,339. On Tuesday the Bank of
England sold £36,000 in gold bars to unstated designaSterling exchange has been dull this week and al- tion. On Wednesday the Bank of England sold
though rates continue to rule firm, they have, never- £31,000 in gold bars to an unstated buyer and extheless at times been slightly lower than a week ago ported £6,000 in sovereigns to Spain. On Thursday
as the result rather of inactivity than of pressure. the bank sold £10,000 in gold bars to unstated desigWhatever demand there was currently seems to have nation. At the Port of New York the gold movement
exhausted itself last Saturday and Monday, after for the week March 8-14, as reported by the Federal
which throughout the greater part of the week Reserve Bank of New York, consisted of imports of
quotations were largely nominal. The range this $300,000, chiefly from Latin America. Exports to% for bankers taled $26,863,000, of which $11,500,000 was shipped
week has been from 4.87% to 4.875
sight, compared with a range last week of also 4.874 to Argentina, $7,134,000 to Brazil, $5,000,000 to
to 4.87%. The range for cable transfers has been Germany and $3,000,000 to Italy. The Brazilian
from 4.87 13-16 to 4.88, as compared with 4.87% shipment and all but $2,000,000 of the Argentine
to 4.88 a week ago. Very little can be said regarding shipment was accounted for here last week. The
the present market and price trends of sterling National Bank of Commerce, in New York, will towhich has not already been repeatedly covered here day ship $1,370,000 in $20 gold pieces to Rio de
in the last few weeks. The underlying factors are Janeiro for the account of the White Weld Co. of
unchanged in all important respects. There is New York. Canadian exchange was a feature of this
constant evidence of close cooperation on the part of week's market. Montreal funds, which were at a
the heads of the central banks of the Continental discount of 3-32 of 1% on Monday and of 5-64 of 1%
countries, the Bank of England, and the Federal on Tuesday, were quoted at par on Wednesday for
Reserve authorities here, especially with respect to the first time in many weeks, and went to a premium
gold movements and rediscount rates, with a view to of 1-32 of 1% on Thursday. The last time the Canamaintaining sterling and all the exchanges as nearly dian dollar was quoted at par was on Dec. 3. Canaas possible on even levels. Bankers in New York dian exchange is acting strictly according to precedent.
consider recent developments in the money market When winter pressure is lifted there is usually a quick
here as bullish on sterling. They point to the post- rise to a substantial premium. The rise has occurred
ponement of the Treasury's offering of long-term earlier this year on account of the milder winter and
bonds in exchange for Third Liberty Loan bonds and the prospects of an earlier resumption of navigation
to the testimony of Governor Young of the Federal on the St. Lawrence.
MAR. 17 1928.3
FINANCIAL CHRONICLE
1567
for French account, it is
Referring to day-to-day rates sterling was in showed no purchases of gold
represented withdrawals
shipment
the
that
presumed
was
sight
Bankers
last.
4.873/2
• demand on Saturday
Bank of England for
by
the
held
gold
to 4.87% and cable transfers were 4.87 15-16 to of earmarked
France.
4.88. On Monday the market was fractionally easier. the Bank of
Portuguese exchange is one of the most inactive of
2@4.87% for bankers sight and
The range was 4.873/
the minor exchanges quoted in New York. It is
all
4.87%@4.88 for cable transfers. On Tuesday the
ss of interest to note that there was a sharp
neverthele
The
market was steady though inclined to ease.
e escudos on Thursday. Private
in
Portugues
drop
and
sight,
range was 4.87%@4.87.60 for bankers
stated that the official exchange
Lisbon
from
cables
On
transfers.
4.87 13-16@4.87 15-16 for cable
in accordance with the decline
lowered
been
had
rate
steady.
rates
with
Wednesday the market was dull,
escudo has been gradually
Bankers sight was 4.87 7-16@4.87 9 16, and cable in outside markets. The
year. The unit is actransfers 4.87 13-16@87 15-16. On Thursday the declining since the end of last
is of practically no
but
market was dull and steady, with rates nominally tively dealt in in London,
has been trying
Portugal
York.
quoted. Bankers sight was 4.87 7-16@4.87 17-32, importance in New
at about 5.10.
1925
since
ever
the
exchange
and cable transfers 4.87 13-16@4.87 29-32. On to peg
been around
has
York
New
in
quotation
The
nominal
2@487% for bankers
Friday the range was 4.873/
an
application
has
Portugal
time.
a
long
for
4.60
sight and 4.87%@4.88 for cable transfers. Closing
ip for
sponsorsh
Nations
of
League
obtain
to
pending
quotations yesterday were 4.87 9-16 for demand,
apis
n
applicatio
this
Unless
loan.
ion
a
stabilizat
and 4.87 15-16 for cable transfers. Commercial sight
better
a
of
prospect
little
be
to
seems
there
proved,
bills finished at 4.87 7-16, 60-day bills at 4.83%,
e unit.
90-day bills at 4.82 1-16, documents for payment quotation for the Portugues
and little traded in
minor
another
leu,
Rumanian
.
%
4.863
at
bills
(60 days) at 4.833
% and 7-day grain
undertone after a
strong
unit in New York, shows a
Cotton and grain for payment closed at 4.87 7-16.
in Rumanian
strength
The
long period around 0.61.
is nearing
ion
loan
stabilizat
The Continental exchanges, like sterling, have been is due to reports that the
that the
circles
banking
in
stated
extremely dull this week. German marks and a conclusion. It is
realready
officials
France
of
Bank
of
visit
the
two
Italian lire have been moderately active for reasons
and
subject
this
with
partly
is
to
ferred
concerned
repeatedly stated here, the transfer of funds to
sought. Business has
Germany to supply the demands of the money American participation will be
a long time, owing
for
Rumania
in
been
depressed
markets and from the proceeds of loans, while there
The central
credit.
of
scarcity
the
to
very
largely
Italy
to
is a small, but steady volume of transfers
Sept. 4
since
6%
at
been
has
of
rate
Rumania
bank
and
for investment in the Italian security markets
of
Bank
National
for immigrant remittances. It has already been 1920. Governor Pospisil, of the
recently
meeting
noted above that the Federal Reserve Bank of New Czechoslovakia, stated at the annual
crown has
Czech
the
of
ion
the
defacto
that
stabilizat
gold
in
0
$5,000,00
of
York accounts for a shipment
gradproceed
to
to Germany this week. Although there appears to be been continued because of the desire
intimano
gave
He
no prospect of easier money in Berlin during March ually toward the return to gold.
the legal
and the banks are showing reserve in granting credits, tion as to when conditions might warrant
payments
gold
when
that
stated
there are not wanting signs of a slackening in German step. However, he
value would be
requirements which may presently result in a re- are begun, the present unit and its
been pegged
has
unit
vak
Czechoslo
.
The
unaltered
duction of money rates in Berlin, though hardly to a
five years.
about
for
2.96
around
at
the
rates
present
point where the market will cease to be attractive to
nomipurely
be
will
made,
when
The
gold,
to
return
the
remarks
foreign lenders. As stated above in
been
has
country
the
purposes
practical
as
nal,
for
all
of
Reserve
Bank
on sterling exchange, the Federal
New York also reported a shipment of $3,000,000 in on a stable basis for several years.
The London check rate on Paris closed at 124.02
gold to Italy.
on Friday of
French exchange presents no new features of on Friday of this week, against 124.03
the French
on
bills
sight
importance. Preparations are being actively made by last week. In New York
week ago;
a
3.93%,
against
the French authorities for the stabilization of the centre finished at 3.933,
and
com3.9332,
against
franc and the return to gold. The large shipments of cable transfers at 3.9332,
Ant15-16.
3.92
against
gold to France from both London and New York mercial sight bills at 3.93,
13.94
at
and
checks
for
13.93
at
in recent weeks are a part of these preparations. werp belgas finished
13.94 on
It deserves mention here that Charles Rist, Deputy for cable transfers, as against 13.93 and
Berlin
for
s
quotation
Final
week.
Governor of the Bank of France, and M. Quesney, Friday of last
cable
for
23.91
and
checks
for
23.90
marks
the
were
e
the
of
Finance Committe
former chairman of
week
a
23.91
and
23.90
with
n
compariso
in
of
head
the
now
transfers,
Economic
and
League of Nations,
bankers'
for
5.27%
at
closed
lire
in
of
Bank
are
Italian
of
the
nt
earlier.
France,
Research Departme
%for cable transfers, as against
New York for a series of conversations with the sight bills and at 5.281
week. Austrian schillings
last
5.281
5.28%
%
and
and
other
bankers.
American
officials
Reserve
Federal
14%. Exchange on
from
changed
have
been
not
to
made
has
been
with
respect
statement
No official
/g, against 2.961A;
the nature of these conversations, but the banking Czechoslovakia finished at 2.961
world is of one opinion that they will relate prin- on Bucharest at 0.62, against 0.613/2; on Poland at
cipally to the French stabilization program and to 11.20, against 11.20, and on Finland at 2.52, against
perfecting plans for gold withdrawals from New York 2.52. Greek exchange closed at 1.32 for checks and
2 for cable transfers, against 1.323 and
to Paris in an orderly way, so as to cause the least at 1.323/
1.323/
a
week ago.
or
possible disturbance to money markets here
week
for
the
return
abroad. The British customs
The exchanges on the countries neutral during the
ended March 7 shows that £1,508,011 bar gold has
quite featureless, although very
been exported to France, but as the daily bullion war have been
Scandinavians are especially firm.
reports of the Bank of England during that period steady. The
•mig
1568
FINANCIAL CHRONICLE
[VOL. 126.
This week the Spanish peseta was inclined to rally.
The Far Eastern exchanges have been dull, but
The peseta was quoted on Saturday last as low as steady, with a certain firmness in tone due to satis16.74 for bankers sight and the unit was quoted as factory silver prices. Japanese yen have been rehigh as 16.873 on Monday. This was the widest markably steady, with fluctuations hardly noticeable
movement of any foreign exchange unit recorded for several weeks. Recent reports from China sugthis week. It is believed that the rally was based upon gest that import relationships with United States and
dispatches front Madrid to the effect that the other countries are resuming more normal trends.
Spanish Government is about to convert a large Despite the political and revolutionary disturbances
portion of its debt on a basis which will prove which have been going on for many years, Chinese
advantageous to the Government. The dispatches exports have been fairly well maintained, although
were vague, however, permitting of no analysis imports of ordinary goods have been severely refrom the viewpoint of bondholders. Fluctuations in stricted, their place having been filled by heavy impesetas are more or less meaningless, as the currency ports of silver. China has absorbed vast quantities
is subject to considerable speculative trading, es- of silver during the past year. If it is true, as repecially by small traders in Europe. On the whole ported, that Chinese international trade is assuming
the Spanish quotation is very little different from more normal relationships, there will probably be a
what it was a few weeks ago. Holland guilders are, falling off in demand for silver from this source, with
of course, the most important of the neutral ex- possibly a weakening in quotations on the Chinese
changes,, but, like other European currencies, they exchanges. Sir Basil Blackett,in introducing his sixth
have been dull this week. Amsterdam is probably and last budget in the Indian Legislative Assembly on
the third in importance of the world's money centers, March 1, set out a highly satisfactory record of Indian
and cloEely rivals New York and London in exchange financial progress. For the fifth successive year there
transactions, especially as they relate to money is a surplus in the national accounts, while the visimarket transfers and loan issues. Money is in ble trade balance in India's favor is improving. These
great supply in Holland and funds are constantly facts, reinforced by the stability of the price level,
seeking investment opportunity there. During the give striking proof of the advantages of the stabilizapast year foreign issues placed in Holland reached a tion of the rupee at its present level. Closing quotatotal of 343,000,000 guilders, compared with tions for yen checks yesterday were 46.95@47 1-16,
292,000,000 guilders in 1926, while new issues on against 46.92@47 1-16 on Friday of last week; Hong
domestic account reached 154,000,000, compared Kong closed at 50, against 49.85@50 1-16; Shanghai
with 161,000,000. Though Dutch capital is abundant, at 63h,@633
%,against 633@63%;Manila at 49 9-16,
there is nevertheless an active transfer of foreign against 499-16;Singapore at 56%,against56%@56%;
capital for investment in Dutch enterprises.
Bombay at 36 11-16, against 36%, and Calcutta at
Bankers' sight on Amsterdam finished .on Friday 36 11-16, against 36%.
at 40.22, against 40.19 on Friday of last week; cable
transfers at 40.24, against 40.233/2, and commercial
Pursuant to the requirements of Section 522 of the
sight bills at 40.18, against 40.18. Swiss francs closed Tariff Act of 1922, the Federal Reserve Bank is now
at 19.24% for bankers' sight bills and at 19.253/
2 for certifying daily to the Secretary of the Treasury the
cable transfers, in comparison with 19.24% and buying rate for cable transfers in the different coun19.25 a week earlier. Copenhagen checks finished tries of the world. We give below a record for the
at 26.78 and cable transfers at 26.79, against 26.77
week just past:
and 26.783/2. Checks on Sweden closed at 26.83 and fOltEICIN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
cable transfers at 26.84, against 26.83 and 26.84,
MAR. 10 1928 TO MAR. 16 1928. INCLUSIVE.
while checks on Norway finished at 26.64 and cable
Rate for Cable Transfers to New Tea.
transfers at 26.65, against 26.62
and 26.633/2. Country and Monetary Noon BUVing
Value in United States Money.
Unit.
Spanish pesetas closed at 16.83 for checks and at
Mar. 10. Mar. 12 Mar. 13. Mar. 14. Mar. 15. Mar. 16.
16.84 for cable transfers, which compares with 16.743/ EUROPE$
Austria. chilling
5.140822 3.140754 .140735 5.140684 1.140744 1.140715
Belgium. belga
and 16.753/ a week earlier.
.139356 .139373 .139363 .139357 .139353 .139351
Bulgaria,
The South American exchanges continue to be
steady, with Argentine and Brazilian exchange especially so owing to the heavy gold transfers of recent
months. This week the Federal Reserve Bank reports a shipment ot $11,500,000 in gold to Argentina,
all but $2,000,000 of which was accounted for here
last week. The New York Federal Reserve Bank
also reports the shipment this week of $7,134,000 in
gold to Brazil. This shipment was accounted for here
last week in the discussion of sterling exchange. A
further shipinent to Brazil of $1,370,000 is leaving
New York to-day. Argentine paper pesos closed
yesterday at 42.73 for checks, as compared with
42.75 on Friday of last week, and at 42.78 for cable
transfers, against 42.80. Brazilian milreis finished
at 12.04 for checks and at 12.05 for cable transfers,
against 12.07 and 12.08. Chilean exchange closed
at 12.19 for checks and at 12.20 for cable transfers,
against 12.19 and 12.20, and Peru at 3.90 for checks
and at 3.91 for cable transfers, against 3.91 and 3.92.
ley
007208 .007219
Czechoslovakia. krone .029620 .029621
Denmark, krone
.267859 .267836
England, pound 'tersterling
4 879315 4.879062
Finland. markka
025186 .025180
France. franc
.039333 .039337
Germany, relehsmark. .239006 .239025
Greece, drachma
.013233 .013241
Holland, guilder
.402379 .402380
Hungary. pengo
174690 .174652
Italy, lira
.052838 .052831
Norway. krone
.266336 .266315
Poland, zloty
.111950 .112050
Portugal, escudo
045173 .046042
Rumania.feu
.006182 .006179
Spain. peseta
.167900 .168659
Sweden,krona
268350 .288331
Switzerland. franc
.192521 .192503
Yugoslavia, dinar _
.017595 .017594
ASIAChinaChefoo tadl
650416 .648541
Hankow tael
.645416 .645208
Shanghai tadl
.630821 .631696
Tientsin toed
.663750 .664791
Hong Kong dollar
.497500 .498928
Mexican dollar__
.457250 .456750
Tientsin or Peiyang
dollar
458333 .457083
Yuan dollar
.455000 .453750
India, rupee
.365303 .365083
Japan. yen
469356 .469303
Singapore(8.8.)dollar_ .564916 .563750
NORTH AMER.Canada, dollar
.999045 .999126
Cuba, peso
1.000656 .000625
Mexleo. peso
487500 .487500
Newfoundland. dollar. .996625 .996843
SOUTH AMER.Argentina. peso (gold) .972594 .972486
Brazil, m lire's
120327 .120290
Chile. peso
122107 .122103
Uruguay, peso
1 036110 1.037410
Colombia, peso
.980400 .980400
.007195
.029622
.267811
.007191
.029624
.267828
.007226 .007229
.029622 .029619
.267810 .267846
.878835
.025180
.039333
.239038
.013230
.402339
.174755
.052814
.266309
.112427
.045577
.006183
.168285
.268331
.192510
.017594
.878394
.025179
.039332
.239023
.013246
.402329
.174793
.052804
.266311
.112483
.042575
.006181
.167709
.268327
.192501
.017593
.878214
.025172
.039329
.239034
.013234
.402315
.174767
.052801
.266308
.112310
.039000
.006178
.168110
.268323
.192489
.017591
.648958
.645625
.631607
.665208
.498660
.456750
.648125
.644375
.630803
.663541
.498214
.456000
.647500 .647500
.644166 .644583
.630714 .630785
.662916 .662500
.407946 .498321
.455625 .456125
.457083 .457083 .456458
.453750 .453750 .453125
.365200 .365289 .365490
.469200 .469465 .469528
.562291 .562083 .562500
4.879092
.025174
.039336
.239048
.013248
.402351
.174723
.052802
.266401
.112110
.037000
.006179
.168515
.268344
.192495
.017594
.457291
.454375
.365389
.469469
.562500
.999288 .990878 1.000230 .000377
.000656 1.000656 1.000531 .000656
.487500 .487333 .487166 .487333
.997000 .997656 .997937 .997781
.972693 .972685 .972448 .972552
.120270 .120227 .120245 .120250
.122101 .122097 .122096 .122104
.037310 .038860 1.038710 .038310
.980400 .980400 .980400 .980400
MAR. 171928.]
' FINANCIAL CHRONICLE
1569
but he nevertheless wanted to use the bonds, and he
accordingly asked Secretary Mellon to hold the
bonds as security for some kind of a contribution
from him to the deficit fund. Something, it is not
quite clear exactly what, was also said about ultimately redeeming or returning the bonds. Secretary Mellon declined to act upon Mr. Hays's suggestion, and shortly afterwards returned the bonds.
He was, however, entirely willing to make a contribution, and his check for $50,000 was presently sent
to the Treasurer of the National Committee.
It does not appear from the testimony that the
transaction, peculiar as it obviously was, made any
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK special impression upon Secretary Mellon's mind,
AT CLEARING HOUSE.
or that he connected it in his thought with the Teapot Dome investigation which, as Senator Walsh reSaturday, Monday, Tuesday,ilVednescry. Thursday. Friday,
Aggregate
Mar. 10. Mar. 12. Mar. 13. Mar. 14. Mar. 15. Mar. 16.
for Week.
minded him, began in October, 1923, and, according6
$
$
$
96.000.000 93,000.000 105.000,000 116.000.0001 123,000,000 199,000,000 Cr. 732,000,000 ly, was in progress and a matter of wide public inNote.—The foregoing heavy credits reflect the huge mass of checks which come terest when the transaction occurred.
Secretary
to the New York Reserve Bank from all mute of the country In the operation of
the Federal Reserve System's par collection scheme. These large credit balances, Mellon had already subscribed $2,000 to the expenses
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable In New York City are represented In of the Harding campaign, and had expressed his
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 readiness to make a further contribution to extinnot pass through the Clearing HOURS but are deposited with the kederal Reserve
Bank for collection for the account of the local Clearing House banks.
guish the deficit. "I felt," he told the Committee,
"that in my position there was something more due,"
The following table indicates the amount of bul- but he preferred to wait until the time when the
lion in the principal European banks:
whole deficit could be cleaned up. "I thought I
would put it off," he said, "knowing that I would
Mar. 15 1928.
Mar. 16 1927.
Banks of
have plenty of opportunity, and the opportunity
Silver. f Total.
Gold.
Gold.
Silver. i Total.
came
when Mr. Hays came to me with those bonds."
E
I £
E
£
£
£
157,852.718150.736.021
England.. 157.852,71
150,736.021
France a.- 147.180.636 13.717.592 160,898.228 147.340.268 13.680.000161,020,268 His refusal to fall in with Mr. Hays's proposal was
Germany b 90,131.350 c994.600 91,125,950 87,093.400
994,600 88.088.000
Spain ___ 104.310,000 27.884.000132.194.000 103.378.000 27,499.000 130.877,000 due to his feeling that, if he accepted it, he "would
49,181,000 45,741,000 4.243,000 49,984,000
49.181.000
Italy
Nethlands 38.266.000 2.221.000 38.487,000 34,912,000 2,314,000 37.226.000 be making a subscription that would not be what
Nat. Bois_ 21,202,000 10,244,000 31,446.000 17.900.000, 1.138,000 19.038,000
Switsland i7,302.00(2,491,000 19.793.000 17.914.000, 3,004,000 20,918,000 it purported to be, a personal subscription or bona
12,952,000 12,589.000
Sweden... 12,952,000
1 12,589,000
641,000 10,750.000 11,202,000
Denmark. 10.109.000
834,000 12,036.000 fide subscription." Asked by Senator Nye why he
I 8,180.000 8.180,000,
Norway __ 8.180,000
1 8.180,000
had not sooner disclosed his knowledge of the bonds,
Total week654,666.7041 58.193,192712.859.896636.885.689 53,706,600690,692.289
Frey. week 654.790.673 49.282,192704.072,865636.188,089 53.838,600690.026,689 Secretary Mellon statcd that
at the time of his cona Gold holdings of the Bank of France are exclusive of gold held abroad,amounting
the present year to £74,572,836. b Gold holdings of the Bank of Germany are tact with Mr. Hays nobody knew of a Continental
exclusive a gold held abroad, the amount of which the present year is £4,281.300.
Trading Company or of Mr. Sinclair's holdings of
As of Oct. 7 1924.
Government bonds, that Mr. Hays's statement that
Legal and Ethical Aspects of Campaign
Mr. Sinclair had made a subscription in bonds "had
Contributions.
no significance," and that since the Senate commitThe testimony which was given on Tuesday by Sec- tee "had all the information," "the only thing that
retary Mellon and Will H. Hays before the oil in- would have been disclosed that you did not have was
vestigating committee of the Senate is not altogeth- my name, and I was not particularly keeping it seer agreeable reading, and some of the statements cret. Many around knew of it, as far as knowing
made are of a character to be pondered by any one it at the time it arose, but it is an incidental thing.
who believes that the use of money in elections can- I do not think I ever thought that there was any
not be too scrupulously safeguarded, and that cam- occasion, and what purpose would have been served
paign contributions, whether direct or indirect, by that?
•
ought to receive both ethical and legal scrutiny.
William M. Butler, who succeeded Mr. Hays as
The particular aim of the hearing was to ascer- Chairman of the Republican National Committee in
tain the parts played by Secretary Mellon and Mr. December, 1923, testified at the same hearing that he
Hays in a transaction involving a contribution, or had refused to accept $25,000 of bonds from Mr.
loan, of several hundred thousand dollars in Liberty Hays and to "make an equal contribution" to the debonds by Harry F. Sinclair to help wipe out the Re- ficit because he "did not like the idea" of making a
publican campaign deficit of 1920, and to learn why subscription for any purpose "of money or things
Secretary Mellon and Mr. Hays had refrained for of value which belonged to somebody else." Mr.
so long from disclosing what they had done. Secre- Hays, the other star witness, when asked why he did
tary Mellon, testifying at considerable length under not disclose the bond transaction to the Committee
the searching questions of Senator Walsh, stated in his previous testimony, declared that he did not
in substance that in or about November, 1923, he had consider such an explanation "relevant." Precisely
received from Mr. Hays, at that time Chairman of why he deemed it necessary to offer Secretary Melthe Republican National Committee, a valuable pack- lon $50,000 in bonds as an inducement to make
age, which, when opened, was found to contain $50,- a contribution of like amount, since Secretary Mel000 in Liberty bonds. A few days later Mr. Hays, lon, in Senator Walsh's phrase, was not in "desin an interview with Mr. Mellon, explained that the perate financial circumstances," the Committee was
bonds were a part of a subscription made by Mr. Sin- unable to ascertain. Mr. Hays seemed entirely satclair towards the extinguishment of the 1920 cam- isfied with the assertion that "it worked."
The whole story of the Sinclair bonds and the use
paign deficit. Apparently Mr. Hays did not want to
record so large a contribution from any one person, that was made of them will doubtless be brought
Owing to a marked disinclination on the part of two
or three leading institutions among the New York
Clearing House banks to keep up compiling the figures
for us, we find ourselves obliged to discontinue the
publication of the table we have been giving for so
many years showing the shipments and receipts of
currency to and from the interior.
As the Sub-Treasury was taken over by the Federal
Reserve Bank on Dec. 6 1920, it is also no longer
possible to show the effect of Government operations
on the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
1570
FINANCIAL CHRONICLE
[VOL. 126.
out as the Senate committee proceeds with its in- Upon party managers and public officials alike dequiry, and a final verdict in the case must be with- volves a greater obligation than that of merely keepheld until the testimony is complete. There is no ing within the law; they must also avoid even the
apparent reason why Secretary Mellon should not appearance of evil.
have made a contribution of $50,000, or any other
Most important of all, the present disclosures make
sum, to the fund that was being raised to wipe out it apparent that there is need of broadening the statthe 1920 campaign deficit, if he chose to do so. Mr. utory provisions regarding the giving of publicity
Mellon is a very rich man, and the amount of his to campaign contributions in any shape. The law
contribution, while it might have been very large should be made all inclusive, so that it.will apply to
for some, was not necessarily very large for him.
all kinds of campaigns for Federal voting, whether
There is another important aspect of the case at the primaries or at general elections, and whether
which merits consideration, and to which, as far as for the House of Representatives or for United
we have observed, attention has not been called. Cam- States Senators or for Presidential electors, and it
paign contributions in aid of the election of Sena- should be made to include contributions after the
tors or Representatives have for several years been elections or the primaries, as well as before them.
subject, under Federal statutes, to somewhat exact- The fullest publicity should be required concerning
ing regulation, and detailed reports of such contribu- such contributions of any sort and no one should be
tions and their expenditure are required to be made. allowed to escape from the requirements.
Similar statutory requirements are in force in many
The Inherent Honesty ofBusiness—A Divine
of the States. But what about contributions made
Decree and a Wise Purpose.
to extinguish a campaign deficit? Do such contributions stand upon the same legal footing as conOn the day after he testified before the Senate
tributions made while a campaign is in progress, or investigating committee in Washington, probing the
while preparations for a campaign are being made? affairs of the Continental Trading Company, in the
If they do not, it would seem to be easy for party "oil scandal," John D. Rockefeller Jr., in a radio admanagers or campaign committees, desirous of avail- dress, said: "It is true that money is often made by
ing themselves of contributions which, for various trickery and sharp practice, but successful business
reasons, they may be reluctant to make public, to is not established on a foundation so shifting." This
incur a deficit of any amount they please, and later truth suggests another, too often overlooked, that
extinguish it by contributions whose details need there is a distinction between the honesty of business
not be reported. Mr. Hays, who must be assumed and the honesty of men. Take this very "oil scanto have known the requirements of Federal and dal" as an illustration and consider it without heat
State statutes, appears to have been very anxious to or bias. First, though there is legal doubt as to the
conceal the fact that a very large contribution to- right of the Government to lease these oil lands in
ward the extinguishment of the campaign deficit of question, there is no doubt whatever that the leasing
1920 had been made by Mr. Sinclair, and to have re- system in general is right, for it is the custom presorted to a rather clumsy device which he hoped vailing over the country and royalties by developers
would enable him to use the contribution without are accepted without question. To go a step further
seeming to do so. The revelations of the oil inves- in this particular case as far as examination shows
tigation abundantly explain his anxiety, and but for it was not asserted that the terms of these leases
the fact that a number of well-to-do Republicans were not lived up to after they were granted—in
thought well enough of his scheme to become parties fact, there was testimony to show that the Governto it, the scheme might well be adjudged stupidity in ment "drove a good bargain" in the terms of the
the extreme, unless the purpose was—and it is con- leases. Not to go into details or discuss the matter
ceivable that this may have been the real purpose— further, barring questionable official acts, the "scanto shame dilatory subscribers to come forth with dal" lies in the personal alleged dishonesty of offitheir subscriptions. Whether, in acting as he did or cials and individuals and not in the essentials of the
in testifying before the Senate committee as he has, transactions themselves.
he allowed himself to serve as a scapegoat for others,
Business, in itself, being in the original natural
or whether he took advantage of some loophole in the law, is holiest because nature is honest, and all the
law to make use of a contribution which for politi- dishonesty of all men cannot make it otherwise.
cal reasons it was inexpedient to accept, we may This may seem a broad statement, yet it is true.
know in due time.
There is a saying that in nature nothing is ever lost.
It is alwa,ys unfortunate for any Administration This is equivalent to saying that the natural laws
to have oneof its conspicuous and important mem- under which we live never fail to give full returns to
bers become--involved in an election scandal, even man according to their kind. They do not shirk,
though, as appears to be the case with Secretary they do not evade, they do not give one thing for
Mellon, the _afficial himself is guiltless of wrong- another. In the parable of the sower, the seed that
doing. The Smith Senatorial election case in Illi- fell upon good ground produced abundantly and that
nois has emphasized sharply the need of preserving which fell upon stony ground failed to produce. Nathe purity of elections, and to that need the oil inves- ture gave back according to promise, even adding
tigations have, added great weight. However large thereto. And so with man's energy and industry,
the necessary and proper expenses of a national po- though they sometimes seem to fail, it is because
litical campaign-may be, there is nothing but trouble they are misapplied. Natural law, in the material
in store for party managers who allow such expendi- or in the spiritual, is divine; it is honest. Man,
tures to run beyond the limits of careful economy, in his relation to life and environment is guided and
or accept contributions to which the least taint of controlled by this law, and he thwarts it at his peril.
suspicion may validly attach, or sanction methods Business is "making a living" in a world of natural,
of wiping out a deficit which they would not ven- divine law, and it must be honest if it would sucture to sanction while a campaign is in progress. ceed.
MAR. 17 1928.]
FINANCIAL CHRONICLE
1571
And lest if it appear that there is thus a sort of so far into the habit of injecting government into
forced honesty in men, it should be said that they business that we are fast inculcating the belief
only what the Government sanctions an perin the exercise of a free will thwart the spiritual law that
-.
n business is honest. On the contrary, governi
nuts
physical
between
consonance
The
peril.
at their
laws in nature and spiritual laws in man is the ment has no natural ordained right in the compofoundation and being of business. Neither nature sition or conduct of business. It is an interloper.
nor man can abdicate. To man it is given to oppose Its purpose is to govern men, not industry. It can
himself to the spiritual law of equal returns. He set up no laws of trade until trade has developed
can give short weight—nature never does. He can them. It can punish crime in men, not conduct in
promise without fulfillment; nature never does. He trade. It can prohibit "unfair practices" in busithat sows in good ground shall reap; he that sows nes, trade, commerce, only after they have developed
in stony ground shall not. One does not gather "figs through the actions of men and then only in accordfrom thistles." And here enters the universal law ance with the judgments of majorities through the
of success in business—service! He who gives noth- demonstrations of experience. Business itself opering for something does not serve. . He cannot suc- ates under a higher law. The rights of man are subceed, though for a time, in a superficial way, he servient to the natural law—the law of man's susmay seem to do so. And the larger the business tenance and welfare through utilization of environunit the more outstanding the law. Dividends, prof- mental resources—and these rights evolve, change,
each as
its, wages, interest, are the price of service. Busi- become fixed and adapted to the freedom of
crime.
punish
to
courts
are
There
all.
to
relates
it
ness is but fitting man's "self to his sphere."
to oballowed
be
not
should
investigations
Senate
divine
Slowly through the ages man evolves. The
facts.
the
fundamental
scure
responcomes
decree is "dominion." With dominion
sibility. And with responsibility, duty. So to fit
Placing the Museum of the City of New York
himself to environment as to lift himself in the scale
on an Enduring Foundation.
of being is duty. And this fitting himself, evolving
In the turmoil and excitement occasioned by the
through agriculture, manufacture, transportation,
and exchange, is "business." Through commerce to doings of Congress, which are now finding a confinance, and through these to culture. Initiative spicuous place in the daily newspapers, it is to be
and inventions, directed energies and accomplish- hoped that attention will not be diverted from a very
ments, labor and acquisition, ownership and enter- meritorious local undertaking, which surely must
prise, energy and power, all these are the processes make a wide popular appeal and which yet must
by which man essays the purposes of existence. And fail through lapse of time if response is greatly desince the decree is divine and the purpose wise, the layed. A number of public spirited citizens have
means is "honest." When riding forth to investigate for some time been actively at work in the endeavor
business at the instigation of man-made law, it to give life and perpetuity to the project for estabmust be remembered that the primal natural laws lishing the Museum of the City of New York on a
of this never-ending advance through business are basis where it will compare favorably with similar
"honest." There is neither degradation in "busi- institutions in London, Paris, Berlin and some other
ness"-:—the complieated and complex means of exist- cities of the old world, all of which are the pride of
ence—nor deceit. Left to its own inherent processes such cities as store houses where objects of historic
"business" brings the greatest good to the greatest interest, indicative of National and local achievenumbers at the least cost. And while Senate "inves- ments and of advance and progress and of changing
tigations" proceed to nick the surface of the great habits can be properly presented and displayed.
structure, the dishonesty of men should be sepa- Such institutions not alone constitute primary objects of interest for foreign visitors, but also supply
rated from the inescapable honesty of business.
But what of processes instituted by man such as the material for study and survey by the communiinsurances, monopolies, exchanges, investment com- ties and peoples whose civilization and characterispanies, development enterprises, finance corpora- tics are thus depicted and portrayed.
The Museum of the City of New York was estabtions, protected and subsidized industries, in their
and
consolidating aspects? They lished in commemoration of the Three Hundredth
varied, increasing,
the
increase of population and Anniversary of the Founding of the City. It is now
of
are the results
are in themselves honest in housed in the Gracie Mansion at the foot of 88th
and
dominion
spread of
to the growth and devel- Street, East River. This mansion is a frame dwellfitness
their
to
proportion
of
man. Government is the ing which the Park Department has assigned for the
civilization,
opment, the
law
which is often stated purpose and is in every way unsuited for the rethe
under
all
of
protector
in the words "Business the civilizer." Each may be quirements, except that it is an object of historic
distorted by personal greed, or by the subjugation of interest itself. Worst of all, it is not fireproof and
government to specialized and therefore unequal pro- therefore not a safe place as a depository for pricetection. To lease lands held by the Government was less relics and treasures relating to City life which
not a crime in itself. Under our form of Govern- cannot be replaced should they be destroyed—and
ment, guaranteeing individual rights and liberties, the very object of a museum is that they should be
private ownership of public domain and natural re- permanently preserved and guarded against destrucsources, when acquired in the right way, is honest tion for the benefit of the present and of future genand just. Labor and capital are each subject to erations.
The city has done its part towards providing a
hire, and the process and result are right and just.
has set aside
Unless we recognize this condition we lay the foun- permanent home for the museum. It
Fifth
Avenue
of
side
dation for overthrow by stamping "business" as dis- a whole block front on the east
and
eligible
very
a
Streets,
between 103d and 104th
honest.
some
though
us,
to
seems
it
site,
The old common exposition of trade as mutual centrally located
would have preferred
good, will never be superseded. But we have fallen of the promoters of the project
1572
FINANCIAL CHRONICLE
[VoL. 126.
a location further downtown. The city has made number of public spirited individuals. James Speyer,
it a condition, however, that the trustees (compris- far famed for his fine public spirit, is Chairman of
ing the names of many of the most eminent men in the Finance Committee and has entered into the task
the city, with Hon. Phoenix Ingraham as President) of raising the money with his usual relentless enshall raise $2,000,000 in cash and this must be done ergy and vigor. The financing is to be done by
prior to June 1 1928, barely eleven weeks hence. means of a financial program which we reproduce,
One half of the sum thus to be raised is to be used just as it appears in the circular issued by the Mufor the erection of the museum building and the seum.
other half is to constitute an endowment fund for
MUSEUM OF THE CITY OF NEW YORK, Inc.
the perpetual maintenance of the museum.
A Museum of old and new New York.
To be built and maintained by New Yorkers.
The plans have been very carefully worked out by
For All the People of New York
the trustees and are most comprehensive in their
and Strangers within Our Gates.
scope. This will appear when we name the divisions
CLASSES OF PERMANENT MEMBERSHIP:
4 "Patrons"
who contribute 8250,000 each
in which the exhibits are to be arranged. First there
4 "Donors"
100,000 "
is the Topographical History Division, which is to
10 "Fellows"
25,000 "
10 "Associates" "
10,000 "
comprise a series of models showing the appearance
30 "Supporters" "
5,000 "
"Founders"
"
50
and growth of the City at intervals of 25 years
L000"
Payment may be made at once,or as called for, during the next two years.
throughout its history. Then there is the Architec- prior to December 31 1929.
tural History Division, in which will appear models, "Patrons" and "Donors" will have the privilege of naming an Exhibition
Hall or Room with their own name or in memory of someone they wish to
pictures, &c., illustrating in chronological order the honor, subject to the approval of the Board of Trustees.
memberships, if fully subscribed (with $50,000 to be contributed
history of municipal and public buildings, of eccle- in These
smaller amounts), will complete the $2,000,000 that the Trustees will
siastical buildings, of commercial buildings, of pri- have to raise in order to get possession ofthe Fifth Avenue property (a whole
block front between 103rd and 104th Streets), which the City Government
vate houses, apartment houses and tenement houses. has
offered for the new Museum building.
Then there is to be a division devoted to the Harbor
New York City is a cosmopolitan centre and there
and Shipping; another to Transportation; another
is possibly less local pride here than in any other
to the History of the City Departments; another to
city of the country and possibly less than in any
the History of Manners and Customs; still another
other city of the world, but we are certain that this
to the History of the Theatre and Music; and still
appeal will meet with wide public support, as inanother to show the Contribution of Various Nadeed it should. Over a hundred years ago Sir Waltionalities and Creeds which have become incorpoter Scott, in the Lay of the Last Minstrel, gave exrated in New York life: what the Dutch have done,
pression to a thought which cannot fail to stir the
the English, the Irish, the Germans, the Italians, the
heart of many old New Yorkers as it has mankind
Jews, the Catholics, &c. It is felt, and with reain general when he wrote the words which have since
son, that many old families have relics relating to
the past which will readily be transferred to the cus- become a household classic:
Breathes there a man with soul so dead'
tody of the museum when once there is assurance of
Who never to himself hath said
the enduring character of the institution and of the
This is my own, my native land?
safety and preservation of the objects committed to
Whose heart hath ne'er within him burned
its care.
As home his footsteps he hath turned
From wandering on a foreign strand?
In a contemplation of this subject we have been
very much impressed by a booklet gotten up in fine
In this case we are dealing not alone with the
typographical style which has just come to the edi- American who is traveling abroad but also with the
tor's desk, containing reproductions of a number of American who stays at home. Local pride is no less
historical paintings connected with the early his- desirable a quality than national pride, and it is
tory of Greater New York. They were painted for hard to conceive of an individual in whose heart
the Title Guarantee & Trust Company for use in there does not always burn a yearning desire for his
making up its yearly calendar and are now repro- birthplace and the associations and recollections
duced in booklet form. In viewing the quaint scenes connected with the same. Last Summer with the
and incidents depicted, we could not help thinking dedication of the International Peace Bridge over
what a huge mass of interesting and instructive the Niagara River, from Fort Porter, at Buffalo,
material—pictures, relics and various documents of to Fort Erie in the Province of Ontario, Canada, the
one kind or another—the Museum of the City of opening ceremonies of which were attended by StanNew York will ultimately hold if the plans of the ley Baldwin, the British Premier, and the Prince
trustees are carried out as designed. Such a re- of Wales, as well as Prince George, and other notpository will be a delight to revel in as well as a ables, besides Vice-President Dawes, Secretary of
field for research and study. Incidentally it de- State Kellogg, and Governor Smith of New York,
serves to be noted that this Museum of the City of the Canadian Premier, Mackenzie King delivered an
New York will in no way conflict with the design address which has now been reproduced in a book
and scope of the- Metropolitan Museum of Art. As published by Macmillan and which bears the title
a matter of fact, some of the moving spirits in this of"The Message of the Carillon." It will be recalled
Mukeum of the City of New York are also actively that a carillon with 54 bells was set up by the Governidentified with the Metropolitan Museum of Art. ment in the newly completed tower of the Houses of
The two institutions will supplement each other's the Dominion Parliament, and the Canadian Prework. One will be complementary of the other.
mier made that the vehicle of the message he as PreThe trustees have been, we understand, assured mier had to send to his fellow countrymen of what
of fairly large contributions from leading citizens of the Diamond Jubilee meant to them. The carillon
the city, but want the undertaking to be a public is to sound this continually as the underlying note
one, and contemplate, we believe, making a public of good-will which, as we point out in our review
appeal for subscriptions to the fund to be raised of the book on a subsequent page, the men of the Dowith the view to enlisting the support of a large minion desire to make the expression of the nation's
44
171928.]
FINANCIAL CHRONICLE
1573
in her tower striking hours and quarters sounds
the notes of "Big Ben" and the Westminster Chimes
of the Parliament Houses in London. The Empire
has grown from isolated and scattered communities
to a union of free nations enjoying the fullest measure of self-government, bound together by a common
allegiance to the Crown. That represents a solidarity in which all find strength and peace and an
ordered life which is at once its witness and its
guaranty. The Crown embodies therefore the combined action of Parliament and of the North American provinces in creating the constitution of the Dominion. That Constitution is the charter of Canada's freedom, and the enduring foundation of the
British nation. It has proved its exceptional value
by the ease with which all the various parts of the
Empire can at any time adjust their relations and
act for the common, as well as for individual, interests. There is a common political language and a
common understanding. Under it a responsible
Canada Under the Premiership of
government for each part is secured with a possible
Mackenzie King.
subsequent growth. This increases with the years
Last year the 60th anniversary of the Confedera- and is the secret of liberty for all.
tion was celebrated as a jubilee in Canada. It was
The Premier paid tribute to the part of his great
made memorable by the fact that Canada then took predecessor, Laurier, in securing this result. Laurithe final steps in completing her position as a sov- er, who was a representative of eight generations of
ereign state. This was recognized abroad by the French constituents, and for fifteen successive years
appearance of foreign plenipotentiaries in Ottawa Prime Minister, impressed himself by his talents
and in America by the coming of her first ministerial upon every department of the life of the country.
representative to Washington.
He secured for it an indissoluble unity in connection
The British Premier, Stanley Baldwin, who came with liberty of worship, of language, and of custom,
over with the Prince of Wales to convey the Empire's which means national peace, and went far to make
confirmation of the new dignity assumed by the the Empire "a galaxy of nations," united and free.
Dominion used the opening of the new bridge across Three hundred years ago the little settlement of
the Niagara River as the symbol of the unity of in- Quebec was but a spot in a vast wilderness. For 150
terests and of sympathy that exists between the years Canada's history was a part of that of France.
In the next 150 years the new Canada has come into
United States and Canada.
It remained for the Canadian Premier, Mackenzie being. Up to 1867 there were Upper and Lower
King, to make the song of the 54 bells in the Carillon Canada with but slight unity. Then the Dominion
which the Government had set in the newly com- was created. In 1870 Manitoba became a province.
pleted tower of the Houses of Parliament, the vehicle In 1871 British Columbia followed; in 1873 Prince
of the message he as Premier had to send to his fel- Edward Island, and in 1905 Saskatchewan and Allow countrymen of what the Diamond Jubilee berta completed the Dominion as of to-day.
The growth is represented by the National Exhimeant to them. The carillon is to sound it continually as the underlying note of good-will which, bition held annually in Toronto, which gathers exwhatever may be the song of the bells, the men of hibits from all parts of the British Empire and has
the Dominion desire to make the expression of the acquired international character. Last year there
nation's hearts. To put this in words he prints in was an assembly and an exhibition that represented
the book before us, "The Message of the Carillon," the Provinces and the immense resources of the counpublished by Macmillan, his address under that try in its literature, its arts and science, no less than
name, coupled with some others in which he enlarged in its agriculture, its forests, its minerals, its manufactures and its commerce. The blending of all
his theme.
The tower carrying the bells is to be called the classes into a single people is achieved while pre"Tower of Victory" as it is devoted to memorials serving the richness of individual traits and characof the Canadian forces in the war. The Memorial teristics united by a common aim and purpose. Its
Chamber with its roll of 60,000 who made the su- exhibition is now said to be "the greatest annual
preme sacrifice is connected with the carillon that exhibition existing anywhere in the world." Toronto
its song forever associated with the memory of that rivals Montreal in size and importance and has a
sacrifice, shall be of peace no less than of victory.
university which in its 100 years of existence has proThe commanding note of the address is that Can- duced scholars of world-wide recognition. Canada
ada was never happier than in her relations with all has been essentially a land of reconciliation. The
other parts of the British Empire, or her citizens enmities of past generations lie buried; her unity
more conscious of their unity and more proud of aims not at uniformity but delights in a diversity
their native land. Canada's expansion began in 1867 which is a type of the Empire in its world-wide exwith the Confederation. Rapidly she grew to four, tent, and her unity is so complete as to be an assurthen to seven provinces, and to a Dominion in 1905, ance to all the British Commonwealths. It does not
occupying the northern half of the Continent and depend on trade, or war, or discovery; it is not of
extending from coast to coast. Her Union is main- geography or of arithmetic, but of the mind and the
tained in common with that of all other parts of the heart. The flow to all of life from the ancestral
British Empire by loyalty to the Crown. The clock home of the nation has secured the vision of the mind
heart. The view which Mackenzie King undertakes
to stress is that Canada was never happier than
in her relations with all other parts of the British
Empire or her citizens more proud of their natal
land. There is nothing boastful or vainglorious in
all this. It is merely a natural and rational feeling
of pride on the part of the Canadian over his glorious record of achievement in the progress and development of the Dominion, his fatherland. There
ought to be the same pride of feeling on the part
of New Yorkers in seeing the record of progress
made by the City of their birth or adoption during
the three hundred years of its existence—a record as
marvelous as it is typical of the growth and development of civilization during the same period of time.
Moreover, if New York takes the lead in the establishment of its museum, may not other American
cities be expected to follow its example?
FINANCIAL CHRONICLE
1574
and the dream of the heart which create a unity
that charters and agreements and treaties could not
produce. Its completeness is witnessed in the monumental shaft in Quebec which is not for Wolfe or
AIontcalm but is a memorial of both.
Mackenzie King says that the spirit of the home
is determined by the mutual service. In turn it becomes by service the spirit of the town; and that
also by service the spirit of the State and the nation,
and so of the world. Peace and good-will, however
expressed, are the ultimate aim of all citizenship;
and that, if it is to be achieved, will depend, more
than all else, on how we serve.
He appeals to the evidence furnished at the Imperial Conference in London of all the Commonwealths united in the Empire, that all the elements
of national life represented in the Conference, autocracy, freedom, brotherhood, peace and good-will,
were not things to be attained, but traits already acquired and possessed. Liberties individually enjoyed and cherished are enlarged in the new fellowship, while familiar British institutions are having
a natural development along inevitable and desirable
lines. The prophecy is once more fulfilled: and we
have seen that ". . . through the ages one unceasing purpose runs," and the "thoughts of men are
widened with the process of the suns."
The evolution yet to come will be with the advocacy of the principles which underlie all free Governments. Speaking of Canada he can say that she is
utterly loyal to that as her united task. He finds
confirmation of the words of the early English
statesman, John Pym:"That form of government is
[VoL. 126.
best which doth actuate and dispose every part and
member of the State to the common good."
There is no sounder and saner political maxim
than that, and his country is committed to it. The
Imperial Conference seeks to have it prevail throughout the Empire. Speaking at a recent Harvard commencement he could say that reciprocity between
America and Canada is one of ideas and ideals, and
in public service, to which no exception can be taken.
It is to-day represented in the Canadians holding
positions of honor in American universities and the
many, both men and women, in Canada who have
received their training in whole or in part in America.
The carillon, to which with its ever recurrent song
Canada has given permanent emplacement primarily
for herself, it would be well if we could have in counterpart set up in many cities to sound throughout
our,own land. The message of the carillon, as Canada to-day is hearing it, confirmed by her own experience, needs to be heard far and wide by us.
The common task for both nations to keep pure
and undefiled "the vision splendid," that is, the sense
of right, of justice, of personal integrity, of human
freedom, and of the blessedness of good-will among
ourselves and toward others, which both lands make
their declaration and hold in their hearts to-day.
Holding to that, we are working together with
God, and need not be thrown into confusion by disturbances which arise among nations or men, or
trouble at the thought of the responsibility that continually hangs upon the individual choices of the
one or the other.
The New Capital Flotations During the Month of February
and for the Two Months to February 29
While new financing in this country thus far the present
year has not been of the extraordinary proportions that
marked the record in the early months of last year, it is
nevertheless of large magnitude. As it happens, too, the
aggregate of new securities brought out in February, a
short month, exceeded that for January. Our tabulations,
as always, include the stock, bond and note issues by corporations and by States and municipalities, foreign and domestic, and also Farm Loan emissions. The grand total of
the offerings of new securities under these various heads
during February reached $864,647,921. In January the new
issues totaled $758,406,282, but in December the amount
exceeded a full billion dollars, the exact figure being $1,041,473,715. In November the new issues footed $775,727,309, but in October, as in December, the new financing exceeded a billion dollars, the precise total having been $1,033,020,983, and this having been the first time in any
month up to that date in which the billion dollar mark had
been reached. In September the total was $627,793,673;
in August $616,422,263, but in July, a dull Summer month,
only $481,503,439. In the first half of 1927 the amounts
were quite generally heavy, running in several months in
excess of $900,000,000. Thus in June the aggregate was
$925,007,489, in May $946,992,308, in April $906,522,188,
though in March the total was only $670,868,816.
At $864,647,921 for February 1928 comparison is with
$941,880,732 in February 1927, this last having been one
of the months of heavy financing last year. Municipal
financing was somewhat larger this year than in February
last, the awards by States and municipalities having reached
$132,300,823, against $77,112,517 in February 1927. Offerings of foreign Govt. bonds were also larger, being $117,351,000, against $74,669,590. The falling off in the grand total
was almost entirely in the corporate offerings, domestic
and foreign, these having been only $612,696,098 in February 1928 against $785,648,715 in February 1927.
In analyzing the corporate issues originated in February
it is found that industrial offerings accounted for the largest amount with $275,654,600, which, however, shows a
slight falling off from the January total of $285,195,552.
Public utility flotations on the other hand at $262,825,498
In February show a substantial increase over the previous
month's output of $210,155,000. Railroad financing during
February totaled $74,216,000 as against $78,222,400 in January.
Total corporate offerings in January reached $612,696,098, as already stated, and of this amount $444,717,000 comprised long term issues, only $41,122,500 was short term,
while $126,856,598 consisted of stock issues. The portion
used for refunding totaled $201,343,948, or more than 32%
of the total. In January the refunding portion was $165,028,100, or not quite 29% of the total while in February
1927 the amount for refunding was $245,061,060, or over 31%
of tile total. The more important issues brought out during February 1928 entirely or mainly for refunding were:
$34,384,000 out of the $43,869,000 Public Service Corp. of
N. J. cony. deb. 4%s 1948 and the following issued exclusively for refunding: $20,000,000 Standard Oil Co. of N. Y.
deb. 4%s 1929-48; $20,000,000 Pacific Gas & Electric Co. 1st
& ref. mtge. 4%s "E" 1957; $17,000,000 New York New
Haven & Hartford R. R. coll. 5% participation certificates
March 1 1930 and $16,800,000 Nashville Chattanooga & St.
Louis Ry. 1st mtge. 4s "A" 1978.
The total of $201,343,948 used for refunding in February
comprised $160,237,200 new long term to refund existing
long term, $4,175,000 new long term to refund existing short
term, $5,492,200 new long term to replace existing stock, $17,566,100 new short term to refund existing short term, $1,750,-
MAR. 17 1928.]
FINANCIAL CHRONICLE
1575
applied to the total redemption of three 7% issues originally
000 new short term to replace existing stock, $300,000 new
2s
1
sold in this country while the City of Rio de Janeiro 6/
stock
new
stock to replace existing long term, $2,000,000
for the refunding of $13,000,000 dollar bonds,
provide
to
are
to
to replace existing short term and $9,823,448 new stock
originally floated here. Thus, out of the total of $117,351,stock.
replace existing
000 foreign Government loans marketed here in February,
Foreign corporate issues brought out in our market dur- nearly half, or $54,101,000 was used for refunding puring February aggregated $44,866,000 as against $85,281,000 poses.
Farm loan financing during the month consisted of four
In January. The Februitry offerings were as follows: Caissues for a total of $2,300,000. The range of yields
small
nadian, $4,866,000 International Pr. & Paper Co. of Newissues was from 4.54% to 4.73%.
on
these
foundland, Ltd., 1st mtge. 5s of 1968, issued at par. Other
Offerings of various securities made during the month,
foreign issues comprised: $10,750,000 Paris-Orleans R. R. which did not represent new financing by the companies
Co. (France) 5%s 1968, offered at 90, to yield 5.75%; whose securities were offered, and which, therefore, are not
$10,000,000 Rhine-Ruhr Water Service Union deb. 6s 1953, included in our totals, embraced the following: $1,000,000
cum. pref., offered at $107,
sold at 93, to yield 6.55%; $9,000,000 Nippon Electric Pr. Lehigh Portland Cement Co. 7%
of the same company's
shares
50,000
and
6.54%
yielding
Co. Ltd. (Japan) 1st mtge. 6%s 1953, priced at 94, yieldoffered at par ($50) involving $2,500,000;
stock
common
sec,
Bank
Land
&
ing 7.00%; $5,250,000 German Building
90,000 shares of class "A" stock and 180,000 shares of class
2s 1948, issued at 981/2, to yield 6.65%; $4,000,000 "B" stock of Container Corp. of America offered in units
1
coll. 6/
Lombard Electric Co. (Italy) 1st mtge. 7s "A" 1952, offered of 1 share of class "A" and 2 shares of class "B" at $37
at 96, to yield 7.35%; $1,000,000 Provincial Bank of West- per unit; $2,100,000 Follansbee Bros. Co. (Pittsburgh) 6%
falia (Germany) 1-year 5%% participation certificates due cum. pref. issued at par ($100); 20,000 shares of $7 cum.
of Chicago Towel Co., offered at
Feb. 8, 1929, offered privately at par and 50,000 shares of cony, preference stock
shares of Clark Lighter Co., Inc..
50,000
per
share;
$94%
common stock of Etablissements Kuhlmann (France) placed
2 per share; 7,500
1
convertible "A" stock offered at $32/
privately.
shares of Western Maryland Dairy Co. $6 cum. pref., priced
The largest domestic corporate offering during February at $96 per share, yielding 6.24%; 5,000 shares of no par
was that of $43,869,000 Public Service Corp. of N. J. cony. value class "A" stock of Northeastern Pr. Corp. sold at $100
deb. 4;(2s, 1948, priced at 98, to yield 4.65%. Other im- per share and 10,000 shares of Whitenights, Inc., common
portant public utility issues comprised $20,000,000 Pacific offered at $29 per share.
The following is a complete summary of the new financing
2s "E" 1957, sold at
1
Gas & Electric Co. 1st and ref. mtge. 4/
State and city, foreign Government, as well as
-corporate,
same
the
of
stock
.99 to yield 4.56%, and $6,460,000 common
fain] loan issues-for February and for the two months endcompany offered at par ($25); $14,000,000 Oklahoma Nat- ing with February. It should be noted that in the case of
ural Gas Corp. 1st mtge. 5s "B," 1948, issued at 9614 to the corporate offerings we subdivide the figures so as to
2% cum. pref. stock of the show the long term and the short term issues separately, and
1
yield 5.30%, and $7,500,000 of 6/
- we also separate common stock from preferred stock, and
2, to yield 6.53%; $20,000,960
1
same company offered at 99/
2, likewise show by themselves the Canadian corporate issues,
1
National Public Service Corp. sec. deb. 5s 1978, sold at 93/
yielding 5.35%; $12,000,000 Southern Counties Gas Co. of as well as the other foreign corporate flotations.
Cal. 1st mtge. 4%s 1968, priced at 94%, to yield 4.80%;
Total.
New Capital. Refunding.
1928.
2s 1958,
1
$11,000,000 Scranton Gas & Water Co. 1st mtge. 4/
8
8
8
MONTH OF FEBRUARY.
offered at 99, to yield 4.56% and $10,018,000 The Ohio Pr.
Corporate:
Co. 1st & ref. mtge. 4%s"D" 1968, sold at 96, to yield 4.75%.
Domestic:
240.E,86600 160.264,400 400.851,000
Long-term bonds and notes
Industrial offerings worthy of special mention comprised
40,122,500
19,316.100
20,806,400
Short-term
81,566,150
665.000
80,901,150
Preferred stocks
the following: $20,000,000 Standard Oil Co. of N. Y. deb.
45,290,448
11,458,448
33.832,000
Common stocks
2s 1929-48, priced to yield 4.05% to 4.60%; $15,000,000
1
4/
Canadian:
4,866,000
4,866,000
and
notes
bonds
Long-term
Commercial Investment Trust Corp. cony. deb. Os 1948,
Short-term
Preferred stocks
sold at par; $13,500,000 Certain-Teed Products Corp. deb.
Common stocks
2, to yield 5%%; $10,000,000
/
Other foreign:
.5%s "A" 1948, offered at 981
39,000,000
9,640,000
29.360,000
Long-term bonds and notes
1,000,000
1,000,000
Schulte-United Sc. to $1 Stores. Inc., 7% cum. pref. sold at
Short-term
Preferred stocks
par ($100), and 100,000 shares of no par value common
Common stocks
stock of the same company offered at $21 per share; $12,411,352,150 201,343.948 612,696,098
Total corporate
54,101,000 117.351,000
63.250,000
4)00,000 Firestone Cotton Mills 58 1948, offered at 97, to Foreign Government
2,300,000
2,300,000
Loan issues
yield about 5.25%; $11,000,000 Pittsburgh Steel Co. deb. (Is Farm
War Finance Corporation
132.300.823
1,505,500
130.795,323
1948, priced at 101, yielding 5.90%; $7,000,000 Savoy-Plaza Municipal
2s 1938, issued at 98, yielding 5.75% and $4,- Canadian
1
United States Possessions
Corp. deb. 5/
2s 1945 of the same company offered
1
607,697,473 256.950.448 864,647,921
,000,000 1st mtge. 5/
Grand total
2, yielding 5.54%; $10,000,000 Keith-Albee Orpheum
/
at 991
TWO MONTHS ENDED FEB.29.
Corp. (Del.) 7% cum. pref. stock, sold at 101, to yield 6.93% Corporate:
Domestic.
448,125,700 289,767.300 737,893.000
and 125.000 shares of no par value class "A" common stock
Long-term bonds and notes
57,102.500
19,836,100
37,266,400
Short-term
16,395,300 161,501,700
145,106,400
of Fox Film Corp. offered at $75 per share, involving $9,Preferred stocks
99,624,850
20,754,848
78,870,002
Common
stocks
375,000.
Canadian:
22,122.000
22,122,000
Railroad financing during February was featured by the
Long-term bonds and notes
Short-term
York
New
New
Hartford
Haven
&
$17,000,000
following:
Preferred stocks
Common stocks
R. R. coll. 5% participation certificates due March 1 1930,
Other foreign:
19.818,500 100.750,000
81,131.500
Long-term bonds and notes
offered at 100% to yield 4.23% to March 1, 1929, the only
3,000,000
3,000,000
Short-term
thereafter;
5%
$16,800,000
Nashville,
callable date, and
Preferred stocks
4.275.000
4,275,000
Common
stocks
Chattanooga & St. Louis Ry. 1st mtge. 4s "A" 1978, offered
819,897,002 366,372,048 1.186.269,050
Total
corporate
$9,840,000
Southern
equip.
and
Ry.
4.14%
yield
at 97, to
79,593,500 197,159.000
117,565,500
Foreign Government
3,800,000
3.800.000
Loan issues
trust 4s "B. B." 1928-43, priced to yield 4.00% to 4.15%. Farm
War
Finance
Corporation
3.545.500 232,823,159
229.277,659
Foreign Government loans floated in this country during Municipal
.3.000.000
*3,000,000
Canadian
1.000.000
February comprised six separate issues aggregating no less
1,000,000
United States Possessions
than $117,351,000 which compares with $79,808,000 in Janu1,174.540,161 449,511,048 1,624.051,209
Grand total
ary. The month's new offerings were as follows: $41,101,•Estimated.
400 Province of Buenos Aires (Argentina) ref. ext. (is 1961;
In the elaborate and comprehensive tables on the succeed$30,000,000
6.25%;
City
de
of
Rio
yield
to
,
2
1
/
96
at
offered
pages we compare the foregoing figures for 1928 with
1953,
sold
ing
s
2
/
61
at
97,
yield
sec.
to
Janeiro (Brazil) ext.
for the four years preceding, thus
,6,75%; $20,000,000 Govt. of the Argentine Nation 5%s 1962 the corresponding figures
We also furnish a decomparison.
five-year
a
affording
Rep.
of
$15,000,000
Finland
5.70%;
yielding
offered at 97,
corporate offerings,
the
of
years
five
the
for
tailed
analysis
25 1958, offered at 92%, to yield 6.04% to maturity and
1
5/
amounts for all the different classes
the
separately
showing
yield
to
redemption
over
of
6.22%;
expectation
.on average
of corporations.$7,500,000 City of Brisbane (Australia) 5s 1958, sold at
Following the full-page tables we furnish complete details
of
Dept.
(Co$3,750,000
Antioquia
and
5.35%
yield
to
04%,
of
the new capital flotations during February, including
at
offered
2
1
/
95
yielding
,
1945,
"D"
lombia) ext. sec. 7s
every
issue of any kind brought out.
7.45%. The proceeds of the Buenos Aires loan are to be
SUMMARY OF CORPORATE,FOREIGN GOVERNMENT,FARM
MONTH OF FEBRUARY.
1928.
1927.
New Capaal. Refunding.
CorporateTotal.
New Capital. Refunding.
Domestic$
$
S
$
$
Long-term bonds and notes_ 240,586,600
160,264,400 400.851.000
255.043,240 219.377.760
Short-term
20,806.400
19,316.100
40.122.500
12.750.000
6.500.000
Preferred stocks
80.901,150
665,000
81.566.150
173.890.000
10.000.000
Common stocks
33,832,000
11,458,448
45,290.448
84.204.415
9,183,300
CanadianLong-term bonds and notes4,866.000
4.866,000
2.000.000
Short term
stocks
Common stocks
Other ForeignLong-term bonds and notes_
29,360,000
9,640,000
39.000.000
12,000,000
Short-term
1.000,000
1,000,000
Preferred stocks
Common stocks
700.000
Total corporate
411.352.150 201.343,948 612,696.098
540,587.655 245,061,060
Foreign Government
63,250.000
54,101.000
117.351.000
74,669.500
Farm Loan Issues
2,300.000
2.300,000
4.450.000
War Finance Corporation
Municipal
130,795.323
1.505.500 132.300.823
76,064,017
1.048.500
Canadian
United States P
ions.._ _ _
Grand total
607.697.473 256.950.448 864.647,921
695,771.172 246,109,560
LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF FEBRUARY FOR FIVE
YEARS.
1926.
1925.
1924.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
$
$
$
$
$
$
$
$
$
474.421,000
172,774,500
22.554.000 195.328.500 254.079.500
44.287.000 298.366.500
137.616,700
12.435,000
19.250 000
28.210.000
28.210.000
24.235.000
3.000.000
27.235,000
31.010,000
6,650,000
183.890,000
74.819.000
74.819.000
41.187.800
41.187.800
11.949.750
47,907.920
93,387.715
2.433.000
50.340.920
54.668.375
895.000
55.563.375
46.726.625
200,000
2,000.000
2.500.000
7.500.000
10,000.000
17.250.000
17.250,000
1,000.000
18.000.000
18.000.000
8.0
2,600.000
2,600.000
382,000
608,000
990,000
2,600,000
2,600,000
12.000,0001
I
50.500.000
4,000,000
50.500.000
4,000.000
40,000,000
40,000.000
750,000
750,000
700.000
785.648.715
74.669.500
4,450,000
381.093.420
3.800.000
4.250.000
33.095.000
414.188.420
3.800.000
4.250.000
450.170.675
37.500.000
9.450.000
53.382.000
25.000.000
503,552.675
62.500.000
9.450,000
77.112,517
171.423.407
934.797
40.000.000
172.358.204
40.000.000
76,946.256
808.000
3.377.473
10,000,000
80,323,729
10,808.000
Total.
$
150.051.700
37.660,000
11,949,750
46,926.625
1,000.000
8.
10,000.000
10,000.000
228.303,075
80,000,000
4.700.000
37.285.000
90,000,000
265,588,075
170,000,000
4,700,000
94,363,165
115,000
3.000.000
410,481,240
435.500
94.798,665
115,000
3,000.000
538,201.740
941.880.732
560,566.827
74.029.797 634.596.624 574.874.931
91.759.473 666.634.404
127.720,500
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES
FOR THE MONTH OF FEBRUARY FOR FIVE YEARS.
1928.
.
1927.
1926.
MONTH OF FEBRUARY.
1925.
1924.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New capital. R,fund,ng.
Total.
New Capital. Refunding.
Long Term Bonds and NotesTotal.
New Capital. Refunding.
Total.
$
$
$
$
$
$
S
Railroads
$
$
I
$
20,570,000
$
31.646.000
$
52.216.000
3
54,795,740
77.076.260 131.872.000
3
18.011.000
Public utilities
18.011,000
65.245.000
24,800,000
111.063.800 104.748.200 215.812.000
90.045.000
50,611.200
500,000
71,478,500
95.751.500 167.230.000
51,111.200
74.696.000
Iron, steel, coal, copper. &c
16.524.000
91.220.000
151.660.000
1,771.000 153.431.000
16,250,000
50.473.000
2.000.000
18.250,000
6.050,000
2.900.000
56,523,000
3.250.000
6.150.000
9.325.000
Equipment manufacturers
8,750.000
18.075.000
2.850.000
2,850.000
17.730,000
1.320.000
19,050.000
Motors and accessories
2,320,000
780.000
3.100.000
50,000.000
Other industrial & manufacturing
50.000,000
500.000
36.462.500
500.000
3.578.500
435.000
40,041.000
4,565.000
61.897.000
30.500,000
5.000.000
92.397.000
8.350.000
Oil
3,850.000
12.200.000
16.557.000
g:516:666
22.083,000
20.000.000
1,825.000
20.000.000
10,000,000
1.800,000
11,825,000
1.800.000
2,000.000
Land, buildings, &c
2.000.000
6.500.000
8.500.000
15.000.000
39,840.000
39.840,000
43.298,000
5.500.000
48.798,000
41,022.500
Rubber
130.000
41.152,500
27.567.500
3,690.000
31.257,500
13.175.000
13.175,000
30,000.000
Shipping
30.00,0.000
Miscellaneous
48,306.300
7.151.700
55.408.000
32.874.000
7.300.000
40.174.000
22.370.000
800.000
23.170.000
10.450.000
Total
10,450.000
4.367.500
274.812,600 169,904.400 444.717,000
4.367.500
269.043.240 219.377.760 488,421,000
225.774,500
Short Term Bonds and Notes30,054.000 255.828.500 311.329,500
44.287.000 355.616.500 138.616.700
22.435,000 161,051.700
Railroads
5,000.000
17.000.000
22.000.000
5.000.000
Public utilities
5,000,000
22.000.000
_____
7,400.000
22,000,000
-----,7.400.000
6.000.000
3.050.000
6,000,000
2.500,000
5.550.000
5,500.000
Iron, steel, coal, copper, &c
5.500.000
10.720.000
3,000.666
13.720.000
12.575,006
8,000,000
1.000.000
20,575,000
1.000.000
Equipment manufacturers
2,515.000
2.515,000
400.000
1.200.000
650.000
1,050,000
1.200.000
Motors and accessories
550.000
550.000
1.000.000
Other industrial and manufacturing
1.000.000
2.683.900
2.316,100
5,000.000
2,000.000
4.000.000
6,000,000
20.000,000
011
20,000.000
3,750.000
3,750.000
200.000
200.000
Land, buildings, &c
2,000.000
3,072.500
2,000.000
17,500.000
3,072.500
2,600,000
17.500.000
2.600,000
260.000
Rubber
260.000
1.250.000
1,250,000
535.000
535,000
Shipping
Miscellaneous
3.100.000
3.100.000
2.700.000
2.700.000
450.000
450.000
Total
21,806.400
19.316.100
41.122,500
12.750,000
6.500.000
19.250,000
32,210.000
Stocks32.210.000
42.235.000
3,000.000
45.235,000
31,010,000
14,650,000
45,660.000
Railroads
Public utilities
31.125.050
8.488.448
39.613.498
186.994.615
15,000,000 201.994.615
52.233.420
Iron, steel, coal, copper, &c
705.000
52.938.420
38.173.225
3.324.350
38.173,225
28,899.700
1,200,000
4.524.350
150.000
28.899,700
150.000
36.375.000
Equipment manufacturers
36.375.000
1.350.000
1,350.000
915.000
Motors and accessories
915.000
25,000.000
25.000.000
2.600,000
Other industrial and manufacturing
2.600.000
1.525.000
_______
22.104.600
1,525,000
1.102,000
22.104.600
200.000
14,134.800
1.302,000
4,083,300
18.218.100
19.343.500
1,728,000
Oil
21.071.500
24.126.450
675.000
5,200,000
29,326.450
16.260,850
675.000
700,000
16,260,850
700.000
4,930.000
Land, buildings, &c
4.930.000
1.435.000
4,690,000
1435,000
435.000
8,883.180
5,125,000
4,265,000
100.000
8.883,180
4.365.000
900.000
Rubber
900.000
6,775.000
700.000
6.775,000
700,000
Shipping
750.000
750.000
1.600.000
1,600,000
Miscellaneous
2,250,000
52,114.150
2.250.000
2,000.000
54.114,150
27,550,000
27.550.000
5.812.000
608.000
6.420.000
20.221,500
895.000
21.116,500
1.930,645
Total
114.733.150
1.930,645
12.123.448 126,856,598
258.794,415
19.183,300 277,977.715
123.108.920
Total3.041,000 126.149,920
96,606,175
6.095,000 102.701.175
58,676.375
200,000
58,876,375
Railroads
25,570,000
48.646.000
74.216.000
54.795,740
77.076.260 131.872.000
23.011,000
Public utilities
23.011.000
87.245.000
24,800,000 112,045,000
149.588,850 113,236.648 262.825.498
50.611200
6,500,000
261.523.115 113.251.500 374.774,615
57,111,200
132.429.420
17.229.000
Iron. steel, coal, copper, &c
149.658,420
200.553.225
4.771,000 205,324,225
19,574,350
3,200.000
91.947.700
22,774.350
14,050,000 105,997.700
4.050.000
3.250.000
7.300.000
45,700.000
8.750.000
Equipment manufacturers
54,450.000
6.715.000
6.715.000
18,130.000
1.970.000
1,200.000
20,100,000
1200.000
915,000
Motors and accessories
915.000
2,870.000
780.000
3.650,000
25.000.000
25.000.000
53,600,000
Other industrial and manufacturing
53.600.000
2.025.000
___--- 61,251.000
2,025,000
1,537.000
5.894,600
67.145.600
4,765.000
78.031.800
6,302,000
38,583,300
116.615,100
47,693,500
5,578.000
Oil
53.271,500
44.433.450
10.726.000
675.000
55.159.450
20,000.000
18,085,850
20.675.000
2.700.000
10,000,000
28.085.850
2,700.000
6.930,000
Land, buildings. &c
6.930.000
9.935.000
8.500.000
47.602,500
18.435.000
435.000
26,383,180
48.037.500
50.163,000
26,383.180
5,600.000
55.763,000
42.182.500
130,000
Rubber
42.312,500
35.592,500
3,690.000
700.000
39.282,500
13,710.000
700.000
13.710.000
30.750.000
Shipping
30,750.000
1,600.000
1,600,000
Miscellaneous
2.250,000
103.520.450
2.250.000
9.151.700 112.672.150
63.124.000
7.300.000
70.424,000
28.632,000
1,408,000
30.040.000
30.671.500
895.000
31.566.500
6.298.145
Total corporate securities
6,298,145
411.352,150 201.343.948 612.696.098
540.587.655 245.061.060 785.648.715
381.093.420
33,095.000 414.188,420 450.170.675
53.382.000 503.552.675 228,303.075
37,285.000 265.588,075
cri
ft.z
NOT LT livIV
FINANCING FOR THE TWO MONTHS ENDED FEB. 29 FOR FIVE YEARS.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL
1924.
1925.
1926.
1927.
1928.
Total.
2 MONTHS ENDED FEB. 29.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Capital. Refunding.
New
$
$
Corporate—
$
$
363.688.800
$
38,377,400
325,311,400
$
570.163.500
64,8.59.425
Domestic—
79.234.000 552.826.500 505.504.075
473.592.500
56,785.000
590.737.440 308,061.560 898.799.000
6.650,000
50.135.000
65.400.000 133.635.000
Long-term bonds and notes_ 448.125,700 289.767.300 737.893,000
68.235.000
71.269,195
71.269.195
30.071.000
6.500.000
27,304,750
23.571.000
57.102.500
19.838.100
27,304,750
37.266.400
85.788,800
1.683.500
Short-term
84.105.300
157.322.242
4.100;060
153.222.242
239.104.825
12.848.000
97.508,362
226.256,825
sb;otio
161.501.700
i,b16.395,300
95,458,362
145,106,400
81.363.060
Preferred stocks
1.582.500
79.780.560
5.109.575 123.859.722
118,750.147
20.183,300 146.096.290
125.912.990
99.624.850
20.754.848
78.870.002
Common stocks
1.000,000
1,000,000
32.250,000
Canadian—
10,050.000
22,200.000
19.250,000
12.750,000
6.500,000
4.225.000
8,000,000
4,225.000
8,000,000
22.122,000
22.122.000
18.000.000
Long-term bonds and notes_
18,000,000
2,600,000
2.600,000
Short term
2.600.000
Preferred stocks
2.600.000
990.000
608,000
382,000
Common stocks
16,000,000
10,000,000
6,000,000
73,000,000
Other Foreign—
73,000.000
83.500,000
83.500.000
76.100,000
76,100,000
19,618,500 100.750.000
81.131.500
12,000.000
Long-term bonds and notes_
12.000.000
4.000,000
4,000,000
3,000,000
3,000.000
750,000
Short.term
750,000
10.000.000
10,000.000
Preferred stocks
5.720,000
5,720.000
1.287.500
1.287.500
4.275.000
4.275.000
65.077.400 570.286.912
Common stocks
59 863.574.935 148.575.42.5 1,012.150.360 505,209.512 130.000,000
101.801.575 1.028.73776926.936.084
1.395.683,615
218,490,000
347.592.860
1.048,090.755
1.186.269.050
88,490,000
819.897.002
366.372.048
70,500.000
Total corporate
25,000.000
28.772.000
45.500,000
9.073.000
19.699.000
127,052.800
73,700,000
27.000.006
100.052.800
73.700.000
79,593.500 197.159.000
117.565,500
46.325.000
Foreign Government
46.325.000
9,250.000
9.250,000
28.700,000
28,700.000
3.800.000
3.800.000
issues
Farm Loan
194.424.135
1,508,114
192,916,021
War Finance Corporation
6.093.973 215.859.851
2.906.847 242.724,827 209.765.878
239.817.980
26.431.562
5,177.501' 248.990.492
3.000,000
243.812.992
23,431,562
229.277.659
3.545,500 232.823.159
14,808,000
Municipal
10.000.000
4.808.000
51.000.000
11.000,000
40.000.000
41.550.000
3,050.000
26.800.001
16.750.000
*3.000.000
3.050.000
*3,000.000
3.000,000
Canadian
5.748,000
3.000.000
5.748.000
1.385.000
1.385,000
1.000.000
ions_
1.000,000
1.086,382.609
199,585.514
United States P
886,797.095
2.643.211
189.669.3981.36
.232.486
6
1.172.973.813
153.781.4221.36
1.212.451.064
845,361.907
406.570.361'
1.438
791.547
1,174.540.161 449.511.048 1.624.051.209
Grand total
•Estimated.
STATES FOR THE TWO MONTHS ENDED FEBRUARY 29 FOR FIVE YEARS.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED
1924.
1925.
1926.
1927.
1928.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
2 MONTHSENDED FEB.29.
New Capital
Refunding.
$
3
$
$
$
$
$
S
$
96,719,800
$
500,000
$
$
96,219,800
$
$
$
30,180.000 112.637.000
Long Term Bonds and Notes—
64,681.000
82.457,000
15.023.000
49.658.000
141.218.000
181.700.000
26,424,500
80.042,260
61.175.740
155,275,500
41.688.500
67.678.500 109.367.000
Railroads
12,330,000 316.209,500
42.290.000 253.546.000 303.879.500
211.256.000
22,635.000
1,320.000
21,315,000
228.842.600 157.854.400 388.697.000
215.856.200 179.476.300 395,332,500
14,550.000
Public utilities
14.550,000
45,075,000
9,650.000
35,425.000
7.150,000
3,250,000
3.900.000
52.950.000
29,422.700
23.527.300
Iron. steel, coal. copper,&c
1.270.000
5,000,000
4,565.000
1.270.000
500.000
435,000
500.000
1,500,000
350.000
Equipment manufacturers
1,150,000
50,000.000
50.000.000
50.000.000
28,567,500
15.567,900
50.000.000
12,999,600
3.800,000
780,000
3.020.000
53.376,500
6,257,200
Motors and accessories
47.119.300
69,525.000
21,216.000
48.309.000
132.847.000
31.168.000
96.861.000
101.679.000
22.778,900
74,082.100
37,500,000
13.500.000
Other industrial & manufacturing
27.400.000
24.000.000
900.000
26.500,000
69.800 000
29,749,000
__ _ _ ...
69 800.000
20.000.000
29,749,000
20.000,000
79.630.500
6.495.000
73.135.500
011
95.079.500
2.105,000
92.974.500
6.0.5.000 116.757.500
109.932.500
1.815,000 101.007,000
99.192,000
30,000,000
30.000.000
Land, buildings, &c
1,100.000
1.100,000
1,500.000
1.500,000
5.000.000
4.315.225
684.775
Rubber
14.817.500
14.817.500
25.010.000
1.282,000
Shipping
23.728.000
49,170.000
800.000
48.370,000
64,749.000
7.300.000
57.449.000
89.583.000
14.951.700
74.631.300
48.377.400 380,688,800
Miscellaneous
74,709,425 875,413,500 332,311,400
91,984.000 655.576,500 600,704,075
563.592.500
671.062.440 308,061,560 979,124.000
551.379.200 309.385.800 860.765.000
Total
6,000.000
6,000,000
22.400,000_
400.000
22.000,000
Short Term Bonds and Notes—
5.000.000
5.000.000
20.575,000
8,000.000
- .5:1560
12-,0
29.500.000
17.000.000
12.500.000
49.370,000
15,000,000
34.370.000
Railroads
15,250.000
15.250.000
8.300.000
1.175.000
650.000
2,500.000
5.800.000
525.000
10,360.000
400,000
9.960.000
18.915,000
18.915.000
Public utilities
1.000.000
1,000,000
1.000,000
1.000,000
1,150,000
1.150,000
Iron, steel, coal, copper. &c
1.200,000
1.200.000
manufacturers
Equipment
1.000.000
1.000.000
1.200.000
1.200.000
7.750,000
7.750.000
Motors and accessories
20.000.000
20,000,600
8.000.000
33,500.000
4.000.000
4.000.000
33,500,000
5.000.000
52,000.000
2,683,900
2.316.100
50.000.000
2.000.000
Other industrial and manufacturing
200.000
535,000
200.000
2.200,000
535.000
120,000
2,080.000
4,050,000
4,050,000
011
3,375.000
3,375.000
8.021,000
8.021.000
5.092.500
5,092.500
Land, buildings, &c
25.000.000
25,000,000
5,000.000
5,000.000
Rubber
2,000.000
2.000.000
3.000,000
3.000.000
Shipping
5.644.195
5.644.195
3.350.000
3.350.000
6.750.000
64.785,000
6.750.000
14,650,000
50,135,000
Miscellaneous
65.400,000 163,635,000
98,235.000
75.269.195
75,269,195
30.071,000
6.500.000
23.571,000
60.102.500
19,836,100
40,266,400
Total
26,823,737
26.823.737
Stocks—
37,254.700
37,254.700
13,571,400
9.296.400
77.469,225
4.275.000
1,563.500
Railroads
75.905.725
87.108.662
705.000
86.403.662
840,000
26,000,000 280.226.540
254.226.540
840,000
75.923.498
21.388.448
5.540.000
54.535.050
5.540.000
Public utilities
36.375.000
36.375.000
150.000
150.000
16,960.725
1,200,000
15,760.725
Iron, steel, coal, copper, &c
3.503.500
3,503.500
1.302,000
200,000
1,102,000
1.525.000
1.525.000
Equipment manufacturers
16.351.900
________
16,351.900
25.000.000
25.778,850
1.850.000
25.000,000
23,928.850
45.365.885
5,8-877:536
39.478.385
Motors and accessories
71.457.635
5.704.575
65.751,060
29,848.325
25,083.180
4,083.300
25.765.025
25,083.180
35,200.700
5.335,000
35.200.700
5,335.000
Other industrial and manufacturing
23.387.140
2.800,000
20,587.140
1.287.500
700,000
.
1.287.500
675,000
700.000
9.495.000
675.000
120,000
9,375.000
011
2.188.500
2.188.500
5.365,000
1.600.000
100,000
5,265.000
1,600.000
20.678,500
435.000
750.000
20,243,500
&c
750.000
buildings,
Land,
1.064.537
1.064.537
2,000.000
2,000.000
11,721.375
1,042.400
2,250,000
10,678,975
2.250.000
Rubber
5,430.845
5,430,645
25,371.750
895,000
24.476.750
Shipping
56,455,090
608,000
55.847.090
42.611,250
2,848,000
39.763,250
90.670.352
3.787.900
86.882.452
2,050,000 124,813,112
122,763,112
Miscellaneous
173.101,880
8.466,000
164,635,860
297,891,964
9.817.575
288,074.389
33,031,300 386.488,615
353.457.315
37,150.148 265,401,550
228.251.402
Total
6,500.000 129,543,537
30,580,000 135,037,000 123.043.537
Total—
69.681.000 104.457.000
15,023,000
54,658.000
80.042,260 141,218,000
34,424,500 239.529,700
61.175.740
93.974.900 152.438.400
28.893.500 443,048.725 205.105,200
58,463.500
Railroads
42,995,000 355.904,662 414.155.225
312,909.662
683,859,040
24,650.000
207,976,300
1,970,000
475,882,740
22.680,000
472.980.498
179.642.848
39.005.000
293.337.650
39.005.000
81,450.000
Public utilities
9.650.000
71.800.000
8.300.000
1.000,000
3,250,000
5.050.000
69.910.725
1,000.000
24.727,300
1.150.000
45,183.425
1.150.000
Iron, steel, coal, copper. &c
3.503.500
3,503.500
2.470.000
6,302,000
4,765,000
2.470.000
500.000
1.537.000
3.025.000
500.000
350.000
2.675.000
67.351.300
Equipment manufacturers
_____-_ .
67,351.900
75.000.000
54,346.350
75.000.000
17.417.900
5.000.000
36,928,450
780.000
106.492,385
4.220.000
12.144.700
94.347.685
Motors and accessories
26,920.575 160.982.635
134.062.060
39.251,300 170,695,325
58,583,180
131.444.025
58.583.180
25.095.000 137.061.700
94.835.000
63,500.000
31.335.000
50.787.140
Other Industrial and manufacturing 111.966.700
3.700.000
47,087.140
71.287.500
30,984,000
71.287.500
22.875.000
30,984,000
20,120.000
93.175.500
2,755.000
6,615,000
86.560.500
311
2,105.000 100.643,000
98.538.000
130.143,500
1,600.000
8.925,000
123.218.500
126.778.000
1.600.000
2.250.000
30,750.000
124.528 000
30.750.000
27.164.537
Land, buildings, &c
27.164.537
2.000.000
1,500.000
2.000.000
11.721.375
1.500.000
1,042,400
12.250,000
4.315,225
10.878.975
7.934.775
Rubber
22.248,145
22,248,145
53,381.750
2.177.000
51,204,750
Shipping
1.408,000 111.269.285
109,861.285
10.148,000 110,710,250
100,562,250
18.739,600 187.003,352
168.263,752
570,286,912
65,077.400
505.209.512
Siliscellaneous
1.012.150,360
148.575.425
926.936.084 101,801,575 1.028.737.659 863.574.935
819.897,002 366,372.048 1.186.269.050 1.048.090.755 347.592,860 1.395.683,615
Total corporate securities
1578
FINANCIAL CHRONICLE
[VOL. 126.
DETAILS OF NEW CAPITAL FLOTATIONS DURING FEBRUARY 1928.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Railroads5,206,000 Refunding
9834
2,745,000 New equipment
5,000,000 Capital expenditures
102
1,875,000 Finance lease of equipment
16,800,000 Refunding
10,750,000 Refunding; other corp. purposes
97
96
9,840,000 New equipment
52,216.000
Public Utilities9,200,000 Refunding; other corp. purposes-.
95.4
2.700,000 Refunding; additions & extensions_
94%
2,400,000 Refunding; acquisitions
3,000.000 Acquisitons; new construction
973'
99%
5,000,000 Capital expenditures
4,400.000 Refunding; construction
99%
100
1,500,000 Refunding; construction
500,000 General corporate purposes
100
104
2,900,000 General corporate purposes
1,100.000 General corporate purposes
4,000.000 Acquisitions; construction. &c_
500,000 General corporate purposes
275.000 New plant
3,400.000 Acquisition of property
20.000,000 Refunding; other corporate purp
1,450,000 Acquisition of property
9.000.000 Additions; Construction
97
100
96
9834
97
9834
9334
100
94
10.018,000 Refunding
06
14,000,000 Acquisitions; other corp. purposes_
96
4.500.000 Acquisition of properties
20.000,000 Refunding
96%
99
6,000.000 Refunding
99
1,800.000 Acquis. of plants & properties- _
9734
43.869.000 Refunding; other corp. purposes
98
10,000,000 Extensions, betterments, &c
93
6,000,000 Impts.; additions and extensions
11,000,000 Acquisitions
9934
99
12,000,000 Refunding; other corporate purp
1,150,000 Acquisition of properties
11400,000 Acquisitions, improvements,&c_._
9434
9734
100
2.750.000 Refunding; acquisitions; wkg. cap. 100
215.812,000
Iron, Steel, Coal, Copper. &c.
11,000,000 Refunding, improvements. &a-7,000,000 Acquisition of property
101
99
250,000 Retire cur. debt; other corp. pur__
100
18,250,000
Motors & Accessories.
600,000 Ext?nsions;expansion of business__
2.500.000 Refunding; working capital,
3,100.0 0
Other Industrial & Mfg.
13,500.000 Acquisition; provide for fut. deo.-,000,000 Refunding: acquisitions, &a
125.000 General corporate purposes
4.866,000 Acquisition of properties
500,000
800.000
1,500,000
3.000.000
Refunding; other corp. purposes_ -Extensions and improvements
Retire mtge, debt: working cal'....!
Refunding; other corp. purposes.
3,500,000 Acquisitions; working capital
250,000 New plant & equip.; working cap..
410,041,000
100
99%
To Yield
About.
Company and Issue and by Whom Offered.
9;
4.15 (The) Alabama Great Southern RR. Co. 1st Cons. M.48 "B," 1943. Offered by J. P. Morgan
& Co.; First National Bank. and the National City Co.
4.00-4(20 Chicago & North Western Ry. Co. Eq. Tr. 4345, "T," 1928-42. Offered by Halsey,
Stuart &
Co., Inc.
4.40 (The) Cleveland Union Terminals Co. let M.434e, "C," 1977. Offered by J. P. Morgan
& Co.;
First National Bank, and the National City Co.
4.15-4.25 Fruit Growers Express Co. Eq.Tr. 4345,"FL" 1930-43. Offered by Alex Brown Sons, Baltimore.
&
4.14 Nashville Chattanooga & St. Louis Ry. 1st M.4s,"A," 1978. Offered by
J. P. Morgan & Co.
5.75 Paris-Orleans RR. Co. (France) 534s, 1968. Offered by A. Iselin & Co.;
Brown Bros. &Co.;
Halsey, Stuart & Co., Inc.; Hemphill, Noyes & Co., and Wood, Gundy
&
Co., Inc.
4.00-4.15 Southern Ry. Eq.Tr.4s,"I311," 1928-43. Offered by First National Dank and
Salomon Bros. &
Hutzler.
4.77 Birmingham Electric Co. 1st & Ref. M. 434s, 1968. Offered by
Harris, Forbes & Co.; Bonbrigbt
Az Co., Inc.; Tucker, Anthony dr Co., and Old Colony Corp.
5.45 Central Arkansas Public Service Co. let Lien & Coll. Tr. 58, "A," 1948. Offered
by Lee. Higginson & Co.; White, Weld & Co.; Bodell deCo., and West & Co.
5.20 Continental Telephone Co. Coll. Tr. 55. "A," 1953. Offered by Merchants Trust
Co., St. Paul.
6.55 Dixie Gas & Utilities Co. Sec. Otis,"A." 1938. Offered by Goddard & Co., Inc.; Moore,
Leonard
& Lynch; Hale, Waters & Co.; Frederick Peirce dr Co., and Hutchinson & Co.
5.03 Indiana Service Corp. let Lien & Ref. M.5s,"A," 1963. Offered by Halsey, Stuart
6.50 Inland Gas Corp. 1st M. 634s. "A," 1938. Offered by Taylor, Ewart & Co.. inc., & Co.. Inc.
and Zwetsch,
Heinzelmann & Co., Inc.
7.00 Inland Gas Corp. Deb.78, 1938. By Taylor, Ewart drICo., Inc.,and Zwetsch,Helneelmann
5.20 Jamalca(N. Y.) Water Supply Co. 1st M. 534s, "A," 1955. Offered by Hambleton tor CO.:Ine•
& Co., Inc..
and Empire Trust Co., New York
5.20 Lackawanna & Wyoming Valley RR, 1st M. 58, 1951. Offered by Taylor, Ewart
&
CO.. Inc.:
Bioren & Co.. and Samuel McCreery & Co.
6.00 Lackawanna & Wyoming Valley RR. Deb. 60, 1948. Offered by Taylor, Ewart &
Co., Inc.
7.35 Lombard Electric Co. (Italy) 1st M. 7s, "A," 1952. Offered by Blair & Co., Inc.,
and Chase
Securities Corp.
6.20 Mid-Continent Utilities Corp. let Lien 60, "A." 1938. Offered by J. S. Martin & Co.,
6.75 Mississippi Gas Co. 1st M. 6345, "A," 1948. Offered by Lioenning & Co., and Parsley Chicago.
Bros. d;
Co., Philadelphia.
5.60 National Gas & Electric Corp. let M. Coll. 514e, 1953. Offered by Spencer Tra.sk & Co.; Wm.
L.
Ross & Co.. Inc.; Nichols, Terry & Co.. Inc., and Fenton, Davis & Boyle.
5.35 National Public Service Corp. Sec. Deb. 58, 1978. Offered by E. H. Rollins & Sons; Howe, Snow
dc Co., Inc.; Old Colony Corp.; Hill, Joiner & Co., Inc.; Blyth, Witter & Co.; II. M.
Bylleaby
& Co.. Inc.: Federal Securities Corp.. and Emery, Peek & Rockwood Co.
5.50 New England Water, Light & Power Associates Coll. 534s, "A," 1948. Offered by E. H. Rollins
& Sons, and Pearson, Erhard & Co.
7.00 Nippon Electric Power Co., Ltd. (Japan) 1st M.634s. 1953. Offered by Barris, Forbes
Jr Co.;
Dillon, Read & Co.; Guaranty Co. of N. Y., and the Takehara & Co., Ltd., Osaka, Japan.
4.75 (The) Ohio Power Co. 1st & ref. M. 434s, "D." 1956. Offered by Dillon, Read & Co.;
Lee. Rigginson & Co.; Continental National Co., and W. C. Langley & Co.
5.30 Oklahoma Natural Gas Corp. 1st M. 58, "B," 1948. Offered by G. L. Ohrstrom &
Co., Inc.;
Halsey. Stuart & Co., Inc.; Graham, Parsons dt Co.; Blyth, Witter & Co.; Coffin & Burr, Inc.,
and Shields 6, Co.
5.30 Oklahoma Power & Water Co. 1st M.58,"A." 1948. Offered by Harris, Forbes Co.
and H. M.
&
Byllesby & Co., Inc.
4.56 Pacific Gas & Electric Co. 1st & Ref. M. 4148, "E," 1957. Offered
the National City Co.:
by
American National Co.; H. M. Byllesby & Co., Inc.; Blyth, Witter & Co.;
E. H. Rollins itt SOW.
and Peirce, Fair & Co.
4.55 Pennsylvania Water & Power Co. 1st Ref. M.414s, "B," 1968. Offered by Chase & Co.; Joseph
W. Gross &
nd Minsch, Monet! & Co., Inc.
4.65 Public Service Co.
Co..Of New Hampshire 1st & Ref. M.4%s."B." 1957. Offered by Tucker, Anthony
& Co.
4.65 Public Service Corp. of New Jersey Cony. Deb. 434s, 1968. Offered by company to stockholders:
underwritten.
6.55 Rhine-Ruhr Water Service Union Deb 6s, 1953. Offered by Field, Clore 4:
Co.: International
Acceptance Bank, Inc.; Otis & Co., and Continental National Co.
4.55 Rochester Gas & Electric Corp. Gen. M. 434s, "D," 1977. Offered by J. P. Morgan &
Co.:
First National Bank; the National City Co.: Harris, Forbes & Co.; Guaranty Co. of New York,
and Bankers Trust Co.
456 Scranton Gas & Water Co. 1st M. 434a, 1958. Offered by First National Bank; G. L. Ohrstrom
& Co., Inc.- Field, Glore & Co.: Janney dr Co.; Graham. Parsons & Co.; Coffin & Burr. Inc.,
and Green. Ellis & Anderson.
4.80 Southern Counties Gas Co. of Calif. 1st M. 43.4s, 1968. Offered by Bond & Goodwin & Tucker,
Inc.; Myth. Witter & Co.; American National Co.; Peirce. Fair & Co., and E. H. Rollins & Sons.
6.25 Southern Public Service Co. 1st M. & Coll. Lien 6s, "A," 1943. Offered by Henry D. Lindfiley
inc.;
iarn
GIllon
Co.& Taylor, Inc.; Emery, Peck & Itockwood Co.; Correll & Co., Inc..
r-I.
TRoy,
dCoDl
p
.00 Standard Public
6 Service Corp. (Del.) 1st Lien fis. "A," 1948. Offered by G. V. Grace & Co.,
Inc., New York, and G. W.Thompson dr Co. and Patterson, Copeland dc Kendall, Inc., Chicago.
6.00 Western Power, Light & Telephone Co. 1st Lien Coll. 13s, "A," 1948. Offered by A. B. Leach
& Co., Inc., and Porter, Fox & Co., Inc.
5.90 Pittsburgh Steel Co. Deb. 6s, 1948. Offered by the Union
Trust Co. of Pittsburgh.
5.08 Soong, Chalfant and Co., Inc. let M. 58. 1948. Offered by
Dillon Read & Co.; Peoples Savings
and Trust Co. of Pittsburgh, and First National Bank at
Pittsburgh.
6.50 Wallace Bridge & Structural Steel Co.(Seattle).
lat M.6345, 1934. Offered by Joseph C. Tyler
dr Co., San Francisco, and Murphey, Fevre & Co., Spokane, Wash.
6.50 Fageol Motor Co. (Calif.) Deb. 634s, 1936. Offered by
Bradford, Kimball & Co., San Francisco,
and Drake, Riley & Thomas and California Co.,
6.05 McCord Radiator & Manufacturing Co. Deb. 6s, Los Angeles.
1943. Offered by Blyth. Witter & Co.
9814
534 Certain-teed Products Corp. Deb. 534s "A," 1948. Offered by Blair & Co., Inc.; W.A. Harriman
and Co.. Inc.; Hayden. Stone & Co.; Hambleton & Co.; Federal Securities Co., and Central
Trust Co. of Illinois, Chicago.
97
5.25 Firestone Cotton Mills 5s, 1948. Offered by Otis &
Cleveland Trust Co. and the Nat. City Co.
100
6.50 (Soren J.) Heiberg Co., Inc.(Chicago) let M.614e.Co.;
1937. Offered by Lloyd E. Work & Co., Chic,
100
5.00 International Pr. & Paper Co. of Newfoundland. Ltd.
1st M. 58. 1968. Offered by Chase Securities Corp.: Bankers Trust Co.; Harris. Forbes & Co.;
Lee. Illgginson & Co.; Blair & Co., Inc.;
Union Tr. Co. of Pittsburgh; Continental Nat. Co.; Ilalsey, Stuart & Co., Inc.; Redmond & Co.
97%
6.34 Pitney-Bowes Postage Meter Co. Secured 6s, 1937. Offered
by the Equitable Truitt Co. of N. Y.
5.05-5.50 Rhinelander Paper Co. 1st M.510, 19311-37.
Offered by Kreutzer & Co.. Wausau. Wis.
99
5.61 Still water Worsted Mills (Ilorrisville. R. I.) Deb.
Offered by Lee. Higitineon&Ce,
"A,"
1943.
534s
100
6.50 Troy Laundry Machinery Co., Inc. Cony. Deb.
1943. Offered by L. S. Carter & Co., Inc..
Baltimore; Century Trust Co., Baltimore, and6345.
Inc.
Co.,
Taylor,
Ewart
&
9854
5.20 United States Radiator Corp. Deb. 58 "A," 1938. Offered
by First National Co. of Detroit, Inc.;
White. Weld & Co.; F. L. Carlisle & Co., Inc.,
the Marine Trust Co. of Buffalo.
100
7.00 Yarns Corp. of America 78, 1933-47. Offered by and
A. M. Law & Co.; State-Planters Bank & Trust
Co., and Alester G. Furman Co., Spartanburg. S. C.
Oil.
4.05-4.60 Standard 011 Co. of N. Y. Deb. 434s, 1929-48.
Offered by Blair & Co., Inc.; The Equitable Trust
Co. of N. Y., and Chase Securities Corp.
20.000.000 Refunding
Land, Buildings, &c.
640.000 Finance acquit. & lease of prop- 100
155,000 Real estate mortgage
100
325.000 Finance construction of property- 100
500,000
265,000
700.000
600,000
Finance sale of property
Real estate mortgage
Finance construction of hotel
Finance construction of bldg
1,000,000 Finance construction of bldg
650,000 Finance lease of land
100
9834
100
100
280,000 Finance construction of bldg
725,000 Finance construction of apt
200,000 Real estate mortgage
500.000 Provide funds for loan purposes...
100
6.00 Associated Chain Store Realty Co., Inc. 6% Rent Trust Ctfs. due 1957. Offered by Blake Bros.
& Co.; J. B. Walker dr Co., Inc., New York, and McEidowney & Co.. Inc., Bridgeport.
5.60 Audobon Avenue & West 183rd St.(N. Y.) Guar, let M.
1534% Ctfa., 1933. Offered by Lawyers
Mortgage Co., New York.
5.50 Bishop of the Methodist Episcopal Church (Detroit) Direct Obligation 5345, 1937. Offered by
Oliver J. Anderson & Co., St. Louis.
5-6 (Judson) Bradway (Detroit) 1st M.fis. 1929-35.
Offered by Watling, T.erchen & Hayes, Detroit.
6.25 Cadillac Apts.(Chicago) let M.634s 1930-39. Offered
by Fidelity Bond & Mortgage Co., Chicago.
6.15 Carolina Apt. Hotel Co.(Raleigh. N. C.) let (c) M.68, 1948. Offered by Gillet & Co., Baltimore.
5-6 Carolina Bldg., Inc.(Winston-Salem, N. C.) let (c) M.6s, 1929-39. Offered by Oliver J. Anderson & Co.; Step & Co.. and Geo. H. Burt & Co., St. Louis.
5.00 City Center Realty Co. (Milwaukee) let M. 58. 1988.0ffered
by Fidelity Nat. Co.. Kansas City.
5.50 City Center Realty Co. (Milwaukee) Sec. Ground Rent 5345, 1973. Offered by Stern Bros. &
Co., and Fidelity National Co., Kansas City, Mo.
5.72-6.25 Clark-Arlington Bldg. (Chicago) 1st M. 634s, 1930-38. Offered by Greenebaum Sons Investment Co., Chicago.
6.50 Cornell at 54th Apts.(Chicago) 1st M.048, 1930-38. Offered by Holzer. Inc., Chicago.
5-6 Cosmopolitan Club (Atlantic City, N. J.) 1st M. 6e, 1929-37. Offered by Mississippi Valley
Trust Co., St. Louis.
5.00-5.50 Detroit Trust Co.(as Trustee) let M.6% Ctfe. of Partic. Ser, N. 1929-34. Offered by Detroit Tr. Co.
FINANCIAL CHRONICLE
MAR. 17 1928.]
Amount.
Purpose of Issue.
Price.
To Yield
About.
1579
Company and Issue and by Whom Offered.
I and, Buil:lines, etc. (Ccma.)
3,21)0,000 Finance construction of bldg
120,000 Finance construction of bldg
%
5.25-6.00 Drake Tower (Chicago) lot M. 13s, 1930-43. Offered by Union Trust Co.. Chicago.
6.50 East Oakland (Calif.) Hospital Bldg. 1st M. 6545, 1942. Offered by Neale, Kelly & Supple;
100
San Francisco. and H. G. Lane dr Co.. Oakland, Calif.
100
6.00(The) Embassy Theatre (Mercantile & Theatres Properties, Inc.). Pittsburgh, let M. Fee 611.
1,400,000 Finance construction of bldg
1938. Offered by S. W. Straus & Co., Inc.
5.82-6.25 5711-17 Kenwood Ave. Apts. (Chicago) let M. 65(s, 1930-40. Offered by Greenebaum Sons In325,000 Finance construction of apt
vestment Co., Chicago.
5.50 First National Co.(Bait.) 1st Coll. Tr. 534e. 1931-33-38. Offered by company.
100
500,000 Provide funds for loan purposes._
5.50 Foreman Trust & Savings Bank, Chicago (as Trustee) lot M. 514% Panic. CUL. series
100
2,000,000 Provide funds for loan purposes
1938. Offered by A. G. Becker & Co., N.Y.
6.00 Franklin Towers(N. Y.) 1st M.6s."A" 1930-40. Offered by American Bond & Mtge. Co.,Inc. N.Y.
100
1,400.000 Pay off mtge.debt;0th. corp. purp
5.55-6.25(The) Greenwood (Chicago) 1st M.6)48. 1929-35. Offered by Greenebaum Sons Investment Co.,
145,000 Finance constr. of apartment
Chicago.
5.55-6.25(The) Hermitage (Chicago) 1st M.634s, 1929-35. Offered by Greenebaum Sons Investment CO..
150.000 Finance constr. of aptartment
Chicago.
5.50 Hibernia Mortgage Co. Inc.. let & Coll. Tr. 5545, aeries "C," 1928, due 1931-38. Offered by
100
100,000 Provide funds for loan purposes.__
Hibernia Securities C:o., Inc.. New Orleans.
6.30-6.50 Illinois Hotel Bldg.(Aurora. III.) 1st (c) M. Bldg. & Leasehold 6148. 1929-46. Offered by E. H.
700,000 Real estate mortgages
Ottman & Co.. Inc.. Chicago.
6.50 Linden Manor(Winnetka, III.) 1st M.634s, 1929-34. Offered by Annuli. Musson & Co., Chicago.
100
175,000 Finance constr. of apartment
6A/0(The) Marcy (Largo Realty Corp.) N. Y. City, 1st M. Leasehold 65, 1940. Offered by S. W.Straus
1,500.000 Finance constr. of building
100
& Co.
, Inc.
Bldg. Corp. (Chicago) 1St M. 634s. 1930-37. Offered by Greenebaum Sone
5.82-6.2 Michigan575,000 Finance constr. of building
Securities Corp.
5.50 Mortgage Guarantee Co. of America (Atlanta. Ga.) 1st M. Coll. 5A8,"AC." 1938. Offered by
100
1,000,000 Provide funds for loan purposesCompany.
5.50 National Union Mtge. Co.. 514s, 1933-38. Offered by Mackuban. Goodrich dr Co.. Baltimore.
100
2,000.000 Provide funds for loan purposes
6.50 Orpheum Automobile Hotel (Seattle) 1st M. Leasehold 6A8. 1930-38. Offered by Seattle Title
80.000 Real estate mortgage
100
Trust Co.
6.00 Platt Music Co. Bldg.(Los Angeles) 1st M.Leasehold 6s, 1931-43. Offered by S. W.Straus &Co..Inc
100
550.000 Construct.& equip. bldg., &c
5.50 Roland Park Homeland Co. (Baltimore) Coll T1. 534s, 1933-35. Offered by Robert Garrett &
100
400,000 Retire bk.loans; oth. corp. purp._ _
Sons. and Equitable Trust Co., Baltimore.
70,000 Real estate mortgage
Prices on &optic. St. Charles (Mo.) Hotel Co., lot M.6s, 1929-38. Offered by Waldhelm-Platt dr Co., Inc.. St. Louis.
Catholic Church (Shreveport, La.) let M. 55, 1929-47. Offered by Whitney-Central
John's
St.
5.00
Real
100
140,000
estate mortgage
Bank, New Orleans.
5.12 St. Mary's College of Oakland. Calif., 1st M. 55, 1948. Offered by Dean, Witter & Co. and Wm.
1,000,000 Finance constr. of bldgs
98M
Cavalier A Co.. San Francisco.
5.75 Savoy-Plaza Corp., Deb. 534s, 1938. Offered by Blair & Co., Inc., and National City Co.
7,000,000 Acquisitions, construction
98
Livimon
attyCe.
o.crowie
5.54 Savoy-Plaza Corp.. lot M.5545. 1945. Offered by Blair & Co., Inc. and the NationalCi
4,000.000 Acquisitions, construction
9934
6.00 Seminole Properties Corp. (Pontiac. Mich.) 1st M. 6s, 1931-38. Offered by
100
65.000 Finance constr. of bldg
& Co., Detroit.
534-6 Sherlund Bldg.(South Bend,Ind.) 1st Leasehold 65, 1932-40. Offered by Straus Bros. Investment
825.000 Finance constr. addit.to bldg
Co., Indianapolis.
6.00(The) Sisson (Chicago) Ist M.6s, 1931-40. Offered by S. W.Straus & Co.,Inc.
100
1,100,000 Real estate mortgagee
5.25 Two Hundred and I wenty-five North Michigan Ave. Bldg. Corp. (Chicago) let (c) M.
100
1,050,000 Acquisition of property
534s. 1938. Offered by Continental National Co., Chicago.
100
6.00 Two Thousand Van Ness Ave., Inc. (San Francisco) 1st M. 68„1930-40. Offered by Franklin,
300,000 Finance constr. of bldg
Flick & Co., San Francisco.
Prices on spell°. Union Gospel Mission of Fort Worth, Tex., 1st (c) M.6s, 1929-38. Offered by Waldheim-Platt &
125,000 niprovements to Property
Co., Inc., St. Louis.
100
5.50 United States Mortgage & Title Guarantee Co. of N. J., let M. Coll. 530, 1937. Offered by
1.000.000 Provide funds for loan purposes_ _ _
Halsey, Stuart & Co., Inc.
8.47-6.00 V.L.and A. Bldg.(Chicago) 1st M. Lease'd 6s, 1930-35. Offered by Greenebaum Sons Secur. Corp.
280.000 Retire indebt.; 0th. corp. purp._
5.55-6.25(The) Wilson-Winchester (Chicago) 1st M.6As,1929-35. Offered by Greenebaum Sons Investment
125.000 Finance constr. of apartment
Co.. Chicago.
39,840,000
M I scella neous100
1,200.000 Acquisitions; 0th. corp. purposes., _
6.50 Batten. undri s inc.. 1st M.& Cod.Tr.6 As"A" 1938. Offered by Howe,SnoW & Co.. Inc.: A. C.
Allyn a Co., Inc. and Stroud & Co., Inc.
working
capital
100
6.50 Capital ice Refrigerating Co.. 1st M.6 Ms"A" 1943. Offered by Geo. M.Forman & Co., Chicago.
Acquisitions;
700,000
100
6.00 Commercial Investment Trust Corp. Cony. Deb. 6s, 1948. Offered by Dillon. Read dr Co.; myth,
15,000,000 Reduce bk.loans of subsidiaries_ __
Witter & Co; Cassatt & Co.; A. G. Becker & Co.: the Shawmut Corp. of Boston, and Shields
& Co. Inc.
.
____
5-6.25 Fort Worth (Tex.) Elevators & Machinery Co., 1st(c) M.6s, 1929-38. Offered by Peabody,Mough900.000 Retire mtge. debt; wkg. capital_ _ _
teling & Co.. Chicago. and Canal Bank & Trust Co., New Orleans.
1
6.65 German Bldg, & Land Bank. M Sec. Coll. 6)48. 1948. Offered by A. G. Becker & Co.. and Inter9834
5,250,000 Provide for purch. of mtge.ctfs._
national Acceptance Bank, Inc
96
4.78 Green say & Mississippi Canal Co.(Appleton, Wis.) 1st & Ref. M.4148. 1953. Offered by First
833.000 RefrIg.; cap.expenditures
Wisconsin Co.. Milwaukee..
99
6.10(The) Hari ford Times. Inc.. Deb.68, 1943. Offered by Hemphill, Noyes dr Co.; Eastman, Dillon &
3,000.000 Acquisition of property
Co., and Thorns n. Fenn & Co.
100
5.50 Jefferson City (Mo.) Bridge Co. 1st M.554s, 1938. Offered by Stern Bros.& Co., K.C.. Mo.
325,000 General coporate purposes
100
6.00 North Philadelphia-Palmyra Bridge(Tacony-Palmyra Bridge Co.) 1st(c) M.Os, 1952. Offered by
2,500.000 Finance constr. of bridge
•
Arthur Perry & Co.. Boston.
.4
100
7.00 North Philadelphia-Palmyra Bridge (Tacony-Palmyra Bridge Co.) Deb. 75, 1952. Offered bv
1,000.000 Finance constr. of bridge
Arthur Perry & Co., Btaton.
9734
6.35 O'Connor, Moffatt & Go- Deb. 68. 1938. Offered by Dean, Witter & Co. and Bond & Goody/111A
750,000 Expansion of business
Tucker, Inc., Los Angeles.
100
7.00 Piggly Wiggly Pacific Co., Inc., 75, 1938. Offered by Wm.Cavalier & Co., San Francisco.
500,000 Acquisitions; working capital
5.20 Purity Bakeries Corp.. Deb. 5s, 1948. Offered by Spencer. Trask dr Co.; H. M. Byllesby dr CO.:
9734
8,000,000 Refdg.; retire. pref. stk.; wkg. cap.
Inc., and Bankers Trust Co.
99
5.60(The) E. W. Scripps Co., Deb. 514s. 1943. Offered by Guaranty Co. of N.Y.: Chemical Nat. Bank
8,500,000 Acquisitions, extensions; wkg. cap.
of N. Y.. and Sidi°. Simons, Day & Co.
9534
5.35 Second International Securities Corp., Deb.68, 1948. Offered by Harris, Forbes dr Co.
7,000,000 Prov. funds for invest. purp
113
55,458.000
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Price.
To Yield
About
Company and Issue, and by Whom Offered.
liroads5,000.000 Repairs to property; wkg.capital__ Prices on applic.
17,000.000 Refunding
10034
Central Vermont Ry. Co..434% Receivers' Ctfs., Jan. 16 1930 Offered by Dillon, Read & Co., and
White Weld & Co.
14.23 New York, New Haven & Hartford A.R., Coll. 5% Faille. Ctfs., Mar. 1 1930. Offered by Halsey,
15.00
Stuart & Co., Inc.; Edward Lowber,Stokes & Co.,and Hambleton & Co.
22,000,000
Public Utilities2,000.000 Acq u isitions
1,400,000 Acquisitions; other corp. purposes_
1,500,000 Acquisitions; new construction
100
99
98
200,000 General corporate purposes
1,800,000 Acquisition of properties
99
100
500,000 Acquisitions, improvements, &e
99
5.00 Associated Telephone Utilities Co. 1-yr. be, March 1 1929. Offered by Paine, Webber & Co.. N.Y.
6.00 Community Telephone Co. I-yr. 55, March 1 1929. Offered by P. W. Chapman dr Co., Inc.
6.75 Dixie Gas & Utilities Co. 3-yr. cony. 68, Feb. 1 1931. Offered by Goddard & Co., Inc., Moore,
Leonard & Lynch, Hale. Waters dr Co., Frederick Pierce dr Co., and Hutchison dr Co.
6.00 Mid-Continent utilities Corp. 1-yr. 58, Feb. 11929. Offered by .1. S. Martin dr Co., Chicago.
5.50 National Gas & Electric Corp. 3-yr. cony. 5145, Feb. I 1931. Offered by Spencer Trask & CO,
Wm. L. Ross dr Co., Inc., Nichols, Terry & Co., Inc.. and Fenton, Davis & Boyle.
6.00 Standard Public Service Corp. (Del.) 1-yr. 55, Feb. 1 1929. Offered by G. V. Grace dr Co., Inc.;
N. Y., and Packer. Cooke & Co., Chicago.
7,400.000
Motors & Accessories350.000 Additions; working capital
100
200.000 Fund bank debt; expansion
100
550,000
Other Industrial & Mfg.5,000,000 Acquisitions; refunding; retire pref.
stock; fund bank loans
----
Land, Buildings, &c.
250,000 Retire indebtedness; working can't 100
5.50 C. G. Spring & Bumper Co. Cony. Deb, 514s, Jan, 1 1933. Offered by Watling, Lerchen & Hives.
Detroit.
6.50 Mercantile Acceptance Corp. of California Coll. Tr.6345. Series "I," 1928-30. Offered by Joseph
C. Tyler & Co., San Francisco.
14.5
15.3
Kraft-Phenlx Cheese Co. 454s and 5s, 1929-31. Offered by Guaranty Co. of N.Y., Manufacturers
Tr. Co., Continental National Co., Financial & Industrial Securities Corp. and Colvin & Co.
7.00 Congress Bldg.(Dade County Security Co.) Miami, Fla. let M.Fee & Leasehold 75, Jan. 1 1930.
Offered by Canal Bank & Trust Co., New Orleans.
6.00 Federal Corp. 1st Coll. Tr. 6s, 1929-33. Offered by Union Bank & Federal Tr. Co.. Richmond, Va.
100,000 Provide funds for loan purposes_ _ 100
Price on application Fischers Madison-Appleton Theatres Co. 1st M.6s, 1928-30. Offered by E. H. Ottman dr Co.,
175,000 Acquisition of properties
Inc., Chicago.
100
5.00 Garden Street & Southern Boulevard Bronx (N. Y.) let M. 58, 1933. Offered by Lawyers
285,000 Real estate mortgage
Mortgage Co., N. Y.
100
5.00 (The) Meurice (N. Y.) 5% Prudence Ctrs., Feb. 1 1931. Offered by Prudence Co., Inc., N. Y.
900,000 Real estate mortgage
10114
5.60 Milan Bldg. (San Antonio. Tex.) 1st M.65, June 1 1932. Offered by First National Co., Liberty
1.100.000 Real estate mortgage
Central Trust Co., and Mississippi Valley Trust Co.
100
5.00 West 169th Street & Haven Avenue (N. Y.) AA M. 5a, 1933. Offered by Lawyers Mortgage
262.500 Real estate mortgage
Co., N.Y.
3,072.500
Miscellaneous993.4
5.26(The) Butterick Co.(N. Y.) 2-yr. 38, March 1 1930. Offered by Halsey, Stuart dr Co., Inc.
2,000.000 Expansion; other corp. purposes_ _
100
5.50 Provincial Bk. of Westfalia (Germany) 1-yr. 53.4% Participation Ctfs., Feb. 8 1929. Offered by
1,000,000 General corporate purposes
International Acceptance Bank, Inc.
100
7.00 Union Furniture Co. (San Francisco) Coll. Ti'. Sec. 75, 1929-33. Offered by Joseph C. Tyler
100,000 Expansion of business
& Co., San Francisco.
3,100.000
1580
FINANCIAL CHRONICLE
[VoL. 126.
STOCKS.
Par or No.
of Shares.
Purpose of Issue.
(a) Amount Price
To Yield
Inrolied. per Share. About.
.20.000shs
Public UtilitiesAcquisitions, additions, Impts____
5
1,050.000
.90,000 she
Acq. addn'l interests in utilities__ _
9.225.000 10234
9734
•250.256shs Retire participating pref. stock__
•4,800shs. Retire pref. stock: pay off debt__
8,258.448
460 800
33
96
2,500.000 Acq. addn'l securities of subsid_ _ _
2,500.000
94%
2,412,500
0634
7,500.000 Acquisitions: other corp. purposes
7.500.000
99Ni
6,460.000 General corporate purposes
200.000 General corporate purposes
.6,500slas General corporate purposes
6.460.000 25 (par)
200.000 Price on
646.750 9914
*25,000 sits. Retire short term debt: other
corporate purposes
Company and fosse, and by Whom Offered.
5.13 Alabama Pr. Co. $5 Cum. Pref. Offered by Estabrook & Co.. and Putnam
& Co.,
Hartford. Conn.
5.85 American Superpower Corp. 1st Pref. Cum. 36 per share. Offered by Bonbright
&
Co., Inc.
American Superpower Corp. Class "A" Corn. Company to stockholders:
underwritten.
6.25 County Gas Co. (Atlantic Highlands, N. J.) $6 Cum. Pref. Offered
by Parsley
Bros. & Co.. Walter Stokes & Co.. and Rufus %Valdes &
Co.
6.35 National Electric Pr. Co. 6% Cum. Prof. Offered by A. C. Allyn dt Co.. Inc.. Utility
Securities Corp., Howe. Snow & Co., Inc.. Old
Colony Corp. and Emery Peck &
Rockwood Co.
6.20 New England Public Service Co. $6 Dividend Prof. Offered by Old Colony Corp.;
Bonbright & Co.. Inc.. spencer Trask & Co., Tucker. Anthony &
Co., Edward B.
Smith & Co.. and Utility Securities Co.
6.53 Oklahoma National Gas Corp. 61.6% Cum. Pref. Offered by 0. L. Ohrstrorn
& CO.:
Inc., Graham. Parsons & Co., Blyth. Witter & Co., and
Pacific Gas & Electric Co. Common. Offered by Company Shields & Co., Inc.
to
Applicarn Washington Gas & Electric Co. 7% Cum. Pref Offered by A.stockholders.
C. Allyn &
6.03 Westmoreland (Pa.) Water Co. $6 Cum.Pref. Offered by P. W.Chapman & CO.. Inc.
Co.. Inc.
39.613,498
Iron, Steel, Coal, Copper. &c.
800.000 Refunding; retire pref. stock
2,924.350 Improvements: new construction_ _
400,000 Additional capital
Other Industrial & mfg.•100.000shs Expansion: additional equipment..
1.150.000 Acquire constituent cos
1.200.000
40
2.924.3.50 50(Par)
400.000 100 (b)
4,524.330
(A. M.) Castle & Co. (Chicago) Corn. Offered by Loge & Co. and John Burnham
&
Co., Inc., Chicago.
Lehigh Coal & Navigation Co. Capital Stock. Offered
by company to stockholders.
Steel
Siete°
Co.
(Michigan City. Ind.) 7% Cum. 1st Pref. Offered by
7.00
Chapman,
Grannie dz Co.: Bartlett, Knight & Co., and Averill Tilden
& Co.. Chicago.
American Neon Light Corp. Capital Stock. Offered by Kane.
Brooke & Co.. N. Y.
For Buzza Clark. Inc. 7% Cum. Pref. Offered by Shields dr Co.. Inc., and Lane. Piper
dr
Ja ray. Inc.. Minneapolis.
•11,500shs Acquire constituent cos
1 sh. Corn. $112 Buzza Clark, Inc. Common-Stock. Offered by Shields & Co.,
Inc.. and Lane, Piper &
Jaffray. Inc., Minneapolis.
500.000 Additional capital
500.000 100 (Par)
Chapman Valve Mfg. Co. Capital Stock. Offered
company to stockholders.
2.397.100 Acquisition of constituent cos
2.397.100 107
YLi General Cable Corp. 7% Cum. Prof. Offered bybyDillon,
Rend & Co., and Kissel.
Kinnicutt & Co.
4.800.000 Acquisition Illinois Watch Co.- _
4.800.000 100)4
5.97 Hamilton Watch Co. 6% Cum. Pref. Offered by Brown Bros. & Co.: Edward
B.
Smith & Co., and Redman & Co.
4.500.000 Acq. adell prop.: other corp. pur_ _
4,500.000 103
5.82 Hinde & Dauch Paper Co.6% Cum. Prof. "A." Offered by Union Tr. Co.. Cleveland.
250.000 New plant; additional facilities
250.000 100
7.00 International Oxygen Co. 7% Corn. Pref. Offered by A. M. Lamport & Co.. and
the Columbia Investment Corp., New York.
1,000.000 General corporate purposes
1.000,000 100
6.50 Riverside Mills (Augusta, Ga.) 654% Corn. 1st Pref. Offered by Citizens & Southern
Co., and .1. 11. lineman & Co.. Inc.
252.000 Retire curr. debt; additions
252,000 42(c)
Sanitary Postage Service Corp. $4 Cum. Pref. Offered by J. A. tie Camp
& Co., Inc.
3,750.000 General corporate purposes
3,750,000 103
6.31 (The) United Piece Dye Works (N. J.) 6
Cum. Pref. Offered by Lehman Bros.
400.000 Acquisition of properties
f 1 eh. Pref. For Willapa Pulp & Paper Mills 734% Cum. 1st Prof.
Offered by Chas. A. Davis & Co..
400.000
and R. L. Dunn, Jr., San Francisco.
•4.000shs Acquisition of properties
(I sh. Corn. $100 Willapa Pulp & Paper Mills Common Stock. Offered
by Chas. A. Davis & Co., and
R. L. Dunn. Jr., San Francisco.
•20.000shs Acquire predecessor co
500.000 25
Wood Chemical Products Co. Class "A" Corn. Offered by Berton
& Borton. Cleverd.
.7.000stis Expansion of business
sh. Prof.
Wood
For
Newspaper & Machinery Corp. $7 Cum. Prior Pref. Offered by Ingraham
&
717,500
Du Bosque. George. Ilarris & Halsey and hale. Waters
& Co.
.3,500ehs Expansion of business
1)4 eh. Com $102 N-5 Wood Newspaper & Machinery Corp. Corn. Stock.
Offered by Ingraham & Du
Bosque: George, Harris & Halsey. and Bale, 'Waters & Co.
22,104,600
Oils500,000 Acquis. of patents, prop., &a
675,000
Petroleum Conversion Corp. Capital Stock. Offered by
634
Lynch de Co., New York.
Land, Buildings. &c.
225.000 General corporate purposes
1,000.000 General corporate purposes
450.000 Addition to hotel bldg
1.750.000
17%
II eh. Pref.
1,288,000
1
225,000 100
1.200.000 120
45(7.000 100
6.00 College Court Realty Co.6% Pref. Offered by Breed, Elliott & Harrison, India'polls.
Jefferson Title & Mtge. Corp.(Mt. Vernon.
N. Y.) Cap. Stock. Offered by company.
Hotel Co. (Erie. Pa.) 7% Corn. Pref. Offered by Spencer, Kamerer
&
Co , Erie, Pa.
800.000 Retire pref. stock; other corp. pur_
800,000 9934
6.03 Roland Park Homeland Co. (Baltimore) 6)4% Cum, Prof. Offered by Equitable
Trust Co.. and Robert Garrett & Sons. Baltimore.
700 ctfs Finance lease of property
350.000 500
Spahr and Outlook Buildings (Columbus, Ohio) Leasehold Trust
Certificates.
Offered by First Citizens Corp., Columbus. Ohio.
1.000.000 Retire bank loans; expansion
1,000.000 103
5.83 Union Mortgage Co.(N. Y.) 6% Cum. Prof. Offered by Ingalls & Snyder, New York.
1.000.000 Provide funds for loan purposes__
11 sh. Pref.
For United States Kings County Bond & Mortgage Corp. 7% Cum. Pref. Offered by
1,100.000
Nassau National Bank, Brooklyn, N. Y.
•10.0009he Provide funds for loan purposes_ j
1 sh. Com. $110 United States Kings County Bond & Mortgage
Corp. Common Stock. Offered by
5,125.000
Nassau National Bank, Brooklyn, N. Y.
Rubber700,000 Additional capital
700.000 9854 (c)
Henderson
Tire & Rubber Co., Inc. (Columbus. Ohio) 7% Class "A" Cum. Partic.
7.10
Prof. Offered by Torr & Co.. Inc., New York.
Miscellaneous*62.552 shs. Acquisitions; working capital
1,563.800 25
Baxter Laundries, Inc. Class "A" Common. Offered
by Howe, Snow & Co., Inc. and
A. C. Allyn & Co., Inc.
400.000 Expansion of business
440,000 1 share 'well For Berland Shoe Stores, Inc.(St.L)
7%
Cony.
Cum.
Offered by Geo. H. Burr & Co.
Pref.
Expansion
*4,000shs
of business
1 share corn. $110 Berland Shoe Stores, Inc. (St.L)
300.000 Additional capital
1 sh. let pref For Bracken Furniture Co.. Inc. (N. Common stock. Offered by Geo. 11. Burr & Co.
Y.) 7% Cum. 1st Prof. Offered by C. D. Coker
405,000 {
& Co., Inc., N. Y.
(
•15.000 shs. Additional capital
' leh. 2d pref.( $27 Bracken Furniture Co., Inc.
(N. Y.) Cum, Partic. 2nd Prof. Offered by C. D. Coker
& Co.. lot., N. Y.
*52.730 shs. Refunding; other corp. purposes__
2,372.850 45
(The) Butterick Co. (N. Y.) Capital stock. Offered
by Company to stockholders;
underwritten.
•12.000 shs. Provide funds for Investment purp.
372,000 31
Diversified Securities Corp. Class "A"
Participating
Preference.
Offered by Murphey:
Fevre & Co., Spokane, Wash.
•125.000shs Acquire Wesco Corp
9.375.000 75
Fox Film Corp. Class -A" Common. Offered by Company stockholders:
underwritten.
to
*25.000shs General corporate purposes
1,625.000 65
(Adolf) Gobel, Inc. Common. Offered by
Company to stockholders: underwritten.
*50.000 she. Acquisition of property
1,975,000 3914
iTi6 (The) Hartford Times,
Inc. Participating Prof. Cum. $3 per share. Offered by hemp"
bill, Noyes & Co., Eastman,
Dillon & Co., and Thomson. Fenn & Co.
1.000,000 Provide funds for invest. purposes. 1,006,250 203.4
Insuranshares Corp. Trust Certificates "11-28."
Offered by Goodwin-Beach & Co.,
Hartford, Conn.: Schoeilkopf, Hutton & Pomeroy.
& Trail, N. Y. City: Tropp & Andrews, N. Y. City; Inc., Buffalo: Colston. Heald
New Haven; Greenshields & Co., Montreal'llowell, Winslow. Day dr Stoddard. too..
Usher & Mitchell, Inc., Syracuse:
hluggleton & Underwood, Inc., Auburn, N. Y.; Smith, Strout
& Eddy. Inc., Seattle,
Wash.; .J. William Middendorf & Sons,
Baltimore,
Frank, Itosenburg & Co.,
Baltimore, Md.; Arthur Sinclair, Wallace & CO., Md.;
Anderson & Co.,
N.
Y.
City;
Providence, R. I.; Frontier Finance
Corp., Niagara Falls, N. Y.; Northern N. Y.
Securities Corp., Watertown, N. Y.;
Phelps & Co., Binghamton, N. Y.; Berry & Co., Inc., Poughkeepsie; Chlttenden,
Robert E. flew & Co., Nyack. N. Y.; Howell.
MacArthur & Maggio, Inc., Albany, and
Crouse. Middleton, Ellis. Inc., Utica, N.Y.
3,250,000 106
3,250.000 Acquisition of constituent cos
6.60 Interstate Dept. Stores. Inc. (Del.) 7% Cum. Prof. Offered by Lehman Bros.
10,000.000 Acquisition of constituent cos
10,000.000 101
6.93 Keith-Albee Orpheum Corp. (Del.) 7% Cum, Prof. Offered by Lehman Bros., Hallgarten & Co.. and Edward B. Smith & Co.
*75.500shs. Acquisition of constituent cot.... 2,529,250 33%
National Trade Journal, Inc. Capital Stock.
Offered by Bond & Goodwin, Inc., N.Y.
2,500.000 Expansionof business
2.500,000 115
6.08 Neisner Bros.. Inc. 7% Curn,
Cony.
Offered by Geo. II. Burr & Co.
500,000 Provide fds. for invest. purposes_}
1,000,000 51 share pref.1 For North American Security Corp. 7%Prof.
Cum. Prof. Offered by Company.
•10,000 shs. Provide fds. for invest. purposes_
11 share corn.J 5100 North American Security Corp.
Common Stock. Offered by Company.
2.500.000 Provide funds for invest. purposes. 2,500.000 100d
6.00 Pacific Investing Corp. 6% Cum. 1st Pref. Offered by Blyth. Witter & Co.
10,000.000 Estab. chain of gen. merch. stores- 10,000.000 100
7.00 Schulte-United 5c. to $1 Stores, Inc. 7% Corn. Prof. Offered by company.
•100,000shs Estab. chain of gen. merch. stores_
2,100.000 21
Schulte-United 5c. to $1 Stores, Inc.
Common Stock. Offered by Company.
400,000 100c
400,000 Acquisitions additions, impts__
-776 Southern New England Ice
Co. 7% Cum,Pref. Offered by Goddard & Co., Inc. and
C. D. Parker & Co., Inc.
700,000 11 share Drell For Southern Stores Corp.(Miami, Fla.)6% Cum. Pref. Offered by E. W. Clines & Co.
700.000 Acquisition of properties
11 sh. el. BJ$100 Southern Stores Corp.(Miami, Fla.) Class"B"
•7.000shs. Acquisition of properties
Stock. Offered by E. W.Clucae & Co.
54,114,150
-7:66 Lawrence
FARM LOAN ISSUES,
Amount.
Issue and Purpose.
Price.
500,000 First Joint Stock Land Bank of Montgomery. Ala. 5s, 1937-67 (provide funds for
103
loan purposes)
1,000.000 Pennsylvania Joint Stock Land Bank 5s,
1937-67 (Provide funds for loan purposes). 103%
300,000 Potomac Joint Stock Land Bank of Washington, D. C. 55, 1937-58 (provide funds for
loan purposes)
10334
500.000 San Antonio (Tex.) Joint Stock Land Bank
5s, 1938-58 (provide funds for loan purposes). 102
2.300.000
To Yield
About.
Offered by
4.60 Chase Securities Corp., Barr Bros. & Co., Inc., Central Tr. Co. of Illinois, Chicago,
the Shawmut Corp. of Boston, Fletcher Savings & Tr. Co., Indianapolis, and First
National Bank cf Montgomery, Ala.
4.54 Martin & Co.. Inc., and Brooke, Stokes & Co.
4.56 C. F. Childs dr Co.
4.73 C. F. Childs & Co.
4
1581
FINANCIAL CHRONICLE
MAR. 171928.]
FOREIGN GOVERNMENT LOANS
Amount.
Issue and Purpose.
Prise.
8.760.000 Dept. of Antioquia (Colombia) Sec. 75 "D."
1945 (enlargement and Improvement of Antioquia Ry.. Including further extension now
. under construction)
20.000,000 Argentine Nation Ext 5hs. 1962 (fund
floating debt)
7,500,000 City of Brisbane (Australia) 5s, 1958
(provide for permanent improvements, Including roads. bridges & extension of electric
service)
41,101,000 Province of Buenos Aire (Argentina) Refunding Ext. 6s, 1961 (proceeds to be applied
to total redemption of three 7% Issues. due
In 1936. 1957 and 1958)
of Finland Ext. 534s. 1958 (reRepublic
15.000,000
deem equivalent amount of outstanding
"Scandinavian Loan" 634s Issued In 1921)
30,000,000 City of Rio de Janeiro (Brazil) Ext. See.
6 SSC 1953 (refund 813.000.01/0 dollar bonds:
retire sterling loans of 1889 and 1909 and
other existing debt; provide for public works
117.351.000
To Yield
About.
Offered by
9534
7.45 Blair & CO., Inc.. Chase Securities Corp. and E. H. Rollins & Bons.
97
5.70 Chase Securities Corp.. Blair & Co.. Inc., Ernesto Tornquist & Co., Ltd., Halsey.
Stuart & Co.. Inc.. Brown Brothers & Co., the Equitable Trust Co of New York,
Graham. Parsons & Co.. Myth. Witter & Co.. E. H. Rollins & Sons. the Union Trust
Co., Cleveland, Illinois MerchantsT,ust Co. of Chicago, Continental National Co..
J. G. White & Co., Inc., and Hemphill, Noyes& Co.
94%
5.35 Lee. Higginson & Co.
9834
9234
97
RInnieutt & Co., Halsey:
6.25 First National Corp. of Boston. Hallgarten & Co.. Kissel,
Stuart & Co.. Inc.. Lehman Bros., Cassatt & Co.. Graham. Parsons & Co.. Wm.R.
Compton Co.. and Horriblower & Weeks
Co of N. Y., Brown Bros.&
6.04-6.22 The National City Co.. Lee, Higginson & Co.. Guaranty
Cu.. the New York Trust Co.. and Continental National Co.
Blodget. Inc., Interna6.75 White. Weld & Co., Brown Bros. & Co.. Stone & Webster and of
Chicago. and Grate
tional Acceptance Bank. Inc. Illinois Merchants Trust Co.
National Bank of New York.
• Shares of no par value.
all classes of common are computed at their offerbig prices.
a Preferred stocks of a stated par value are taken at par. while preferred stocks of no par value and
b Bonus of 34 share of common given with each share of preferred.
c Bonus of I share of common given with each share id preferred.
d Bonus of I share of common given with each 2 shares of preferred.
Indications of Business Activity
ago and so are the sales although they do not compare so
OF TRADE—COMMERCIAL EPITOME.
well with those of 1926. Nearly 100 utility companies reFriday Night, March 16 1928.
port
that their gross receipts in January gained about 2%
cheermore
is
industry
somewhat
and
trade
in
The note
over
those for January last year, whereas they show an
partly
ful, though there is no marked change for the better
because of storms over wide range of the Continent and the increase in net earnings of a little over 81/,%.
Wheat has advanced 2 cents, with a fair export demand
bad condition of the.country roads which naturally hamper
The
deliveries. But the unemployment situation is apparently and some unfavorable crop reports from Europe.
our
somewhat better. There is a slight gain from the low outlook, moreover, might be much more favorable in
past
the
during
times
at
though
own
belt,
wheat
In
in
Winter
the
this State
January.
point which was reached
prices
Index of employment is put at 92% for February against 91 week it has been visited by beneficial rains. Wheat
Argrain.
other
in
rise
the
by
braced
1927.
In
been
this
February
week
in
have
it
Illinois
is
98
and
97.7%
in January
against 06.4 in January and 104.5 in February last year. De- gentine and European markets have risen. The Australian
in Austroit employment is larger than that of a year ago. That shipments have been small and the visible supply
last
64.000,000
against
bushels
of
is
total
only
a
39,250,000
an
for
241,113,
tralia
to
increase
Is to say it amounts
the week of 2,400, and of 13,500 as compared with a year year. The American cash markets have been noticeably
export
ago, although it is 31,000 smaller than two years ago. There firm and some Gulf hard wheat has been taken for
Is not much speculation in this country aside from the stock to England and Germany, though most of the export busiwas
market, where, however, high record trading keeps the coun- ness is still in Manitoba. Still, domestic May wheat
Corn
level.
high
season's
the
is
of
in
trading
cent
to-day
a
in
half
some
and
within
automobiles
try agog. The largest
ran up
lines of steel, although steel in general is not active. The advanced 2 to 3c. and on one day the export sales
high for
new
a
to
up
is
corn
July
been
buying
have
sheets,
on
to
bushels.
however,
companies
1,000,000
automobile
conspicua rather better scale recently. Steel prices show no upward the season, but March and May have also been
the
tendency to say the least. Lumber has been in some de- ously firm. Very heavy rains seem to have damaged
week
this
exported
has
country
and
Australia
also
from
that
crop
In
Northwest
and
from
the
Argentine
mand at the
railroads. Car loadings aside from coal shipments show less than 250.000 bushels. Oats prices have risen 2 cents,
dea relative increase due to larger grain shipments. It is touching new highs for the season, with some export
noticed perhaps as a significant sign of the times that mand and only moderate selling by the country. Rye adshipments of grain from the west to Buffalo are larger vanced 3 cents, with some European demand, and barley has
than would ordinarily be the case at this time. Usually risen from the same cause. In general, it looks as though
shippers await the opening of Lake navigation. In the Europe will have to buy considerable American grain, at
Northwest trade has increased somewhat notably in the least for a time. Cotton has advanced some $3 a bale,
Dakotas, where business for a long period was hampered owing to a steady demand from the mills and spot houses,
by heavy snows. The shoe manufacturing business is quite continued drought in much of Texas and Oklahoma, heavy
good. Leather has been in pretty good demand and firmer rains to the eastward delaying farm work, a scarcity of
of Liveras well as hides. Flour milling at the Northwest is on contracts, weevil reports, some upward tendency
and
trade
in
Manchester's
the
at
is
improvement
Southwest
and
pool
scale
sluggish.
an
fair
prices,
a
only
The jewelry trade, significantly enough, is quiet, and the finally to-day purchases credited to Czecho-Slovakia of
same is true of furniture. This is possibly a reflection of 60,000 bales of the old crop and the next. The world's
unemployment in many directions. In cotton goods, trade stocks are steadily decreasing. The Consumption is larger
has been light, awaiting more definite indications of a sta- than was expected. And to some it looks as though the
bilization of raw cotton prices, although these have ad- world's consumption of American cotton this year might
vanced during the week. There has been a steady demand at least equal that of last year. Of late, too, exports have
for finished cotton goods like washed fabrics and printed shown a tendency to increase, coincidentally with some ingoods. But coarse yarn cloths have been quiet and at times creases in the quantity brought into sight. Cotton is largesomewhat lower, on worthwhile orders. Prices have been ly a weather affair. Good rains in Texas would be apt to
Irregular for tickIngs and denims which have been sold at send the price downward, just as continued lack of normal
declines from second hands. Woolens and worsteds have rains there might have precisely the opposite tendency, esbeen quiet, as regards men's wear lines for the Fall trade. pecially if accompanied by continued excessive rains in the
Dress goods have been dull awaiting the opening next week central and eastern belts. Wool has been quiet and steady
Australian marby the American Company and other producers. There is a on this side of the water. In London and
cases higher.
some
in
and
demand
of
broad
lines
kets
silks.
has
good
Raw
it
Spring
silk
in
has
been
for
demand
steady
it was understood, by
been in only moderate demand, but prices have remained Coffee advanced, partly on buying,
Brazilian markets have been
about steady, which is all that can be said of them. Build- leading Boston interests. But
The Victoria and Roto-day.
rose
and
in
a
of
year
ago.
is
that
steady
the
There
with
main
par
ing is about on a
seem to matter. At times, howsome increase where the weather permits. Lumber output busta notices issued did not
seemed to need support and the
aside from the Northwest is on a larger scale than a year ever, coffee futures have
01 STATE
1582
FINANCIAL CHRONICLE
[voL. 126.
spot business has been small with mild coffee prices, appar- increased. It is now working a night shift on equipment
ently inclined to fall. Raw sugar has advanced to 2in manufacturing, the latter at the Neleb Knitting Co. In the
cents on the recent good demand, firm London prices and Piedmont section of South Carolina many cotton mills it is
the belief that Cuban authorities will shortly get rid of said may shorten or possibly entirely eliminate night oper200,000 tons of the reserve. Refined has advanced. Pro- ation during the next few weeks. Most of these mills closed
visions have advanced, with prices for hogs up to the at noon Fridays, but many of them are working night
highest level since January. Prices have recently been $3 shifts.
to $4 lower than at the same time last year, but the cheapThe consumption of electricity is a good index of the size
ness of pork and other hog products has stimulated con- of industrial business. The "Electrical World" says that
sumption.
the rate of general industrial production has been increased
At the Stock Exchange on the 12th inst. a new high rec- materially since the opening of the year. In February the
ord was made in the trading when the total reached 3,875,- rate of activity was 7.8% higher than in January and 16.2%
910 shares, or nearly 90,000 above the previous record of greater than in December last. The increase compares favMarch 1926. Radio Corporation stock rose 18 points with orably with that in the corresponding period a year ago
sales of over 340,000 shares and reaching 138/
1
2
. The list and shows a marked gain over 1924, 1925 and 1926. The
of active stocks advanced generally 3 to 6%%. The con- most substantial increase in the rate of production since the
trast is dramatic with the trading on March 12, 1888, the December slump has taken place in the rubber and rubber
day of the great blizzard 40 years ago. On that day the products industry, which shows a gain of 41.8% for Febtransactions owing to the storm reached only 16,000 shares ruary as compared with the December figures. The autoas merely a handful of brokers were able to get to the Ex- motive industry, including production of parts, increased
change at all, and business was suspended at 12:30 o'clock. productive activity 39.7% over the December basis. Stone,
On the following day some 40 members were able to reach clay and glass are up 28.8%. Metal working plants gained
the Exchange, but only 1,500 shares of New York, Lake 26.2% and rolling mills and steel plants 21.1%. Leather
Erie & Western, now the Erie, were recorded on the tape and leather products gained 20.7%, chemicals 18.5%, texAbout 4,000 other shares were dealt in but not reported. tiles 13.6%, food products 10.5% and paper and pulp 1.7%.
The wires were down in all directions. The new record on
As to the weather here, it was mild on the 10th inst.
Monday of this week was surpassed the very next day, with some rain on the 11th. On the 12th it was 35 to 54
Tuesday's transactions aggregating 3,947,530 shares, and degrees. That was the anniversary of the great blizzard
thus falling only a trifle short of the 4,000,000 mark. Fri- of 40 years ago on March 12th, 1888. The contrast beday's sales were 3,886,400 shares. All through the week tween the two days was vivid. The historic blizzard of
trading has continued on a remarkable scale with fluctua- 1888 lasted from late on March 11th to early on March
tions of a reach and suddenness which would have amazed 13th but It was severest on the 12th. The snowfall of
the Morgans, Goulds, Vanderbilts, and Harrimans of an three days reached 20 and nine-tenths inches. It piled up
elder day. In the main, the tendency of prices has been in drifts to a depth of 12 to 15 feet. One could not see perupward. New York Central to-day rose to a new high level. :4011S across the street. Transportation wns paralyzed. CabThe sensational developments In the squeeze of shorts in bies charged $25 a passenger for rides from the Hoffman
Radio, Linseed &c., are coming to be regarded almost as House to points south of Canal Street. A once well-known
a commonplace, although perhaps not the most edifying Wall Street man jumped into a two-wheeled butchers cart
Imaginable. Record and near record total transactions in and paid $50 to be taken home. Senator Conkling lost
a day are taken as a matter of course and the wonder is his life by walking from Wall Street to Madison Square.
where it will all end. The stock market is certainly the Many days elapsed before the streets were opened. There
most delirious one on the list, even allowing for some large was a shortage of provisions and prices rose sharply. The
trading in grain and rubber. This week's increase in brok- second greatest storm on record in New York was from
ers' loans left the total about $90,000,000 below the high Feb. 4 to Feb. 7th, 1920, when 171
/
2 inches of snow fell.
level, but nearly a billion dollars above the total of a year In one respect it was worse than that of 1888, according to
-day the rise had at times a somewhat forced ap- the Weather Bureau; the water content of the 1920 storm
ago. To
pearance. Some of the motor stocks were bid up to new was 4.45 inches; that of the great blizzard was 2 inches, but
high levels. It is noticed that the buying fever seems to the effects of the latter were far more striking.
have spread to drug shares, insurance shares and express
New York on the 13th inst. was still mild, with temperashares. Again one wonders what the sequel will be and tures of 40 to 51 against 45 to 61, however, on the same
when more conservative markets will replace the present day last year. On the 13th this year Boston was 44 to 50,
staggering totals.
Montreal 44 to 46, Philadelphia 50 to 60, Pittsburgh 1:4 to 74,
Fall River, Mass., is said to be operating only 30% of the Portland, Me., 38 to 48, Quebec 34 to 38, Chicago
to 48,
looms in the print cloth mills. It is significant that ex- Cincinnati 42 to 58, Cleveland 40 to 62, Milwanker :11 to
38,
cessive taxation of textile plants is being recognized as an and Minneapolis 30 to 34. To-day it was ratter cold and
evil. Manchester, N. H., wired that with a view of help- raw and to-night it began to sleet. Snow is pred 0(41 for
ing textile mills to combat trade depression the town of to-night and to-morrow, with perhaps strong northwest
Milford, N. H., has voted to abate the taxes of two of its winds. The temperatures here to-day were 33 to !t8 demills, the Milford Textile Company and the Hillsborough grees. Within 24 hours Boston has been 30 to 44. Chicago
Mills. It is worthy of note that this is the first time in the 28 to 32, Cincinnati 32 to 42. Cleveland 26 to 35, Kansas
history of the State that taxes have been abated at the City 30 to 38, Milwaukee 28 to 40, Philadelphia :16 to 50,
polls. The voters obtained the power to do so at the last Portland, Me., 24 to 42, and St. Paul 18 to
30.
session of the State Legislature. Both companies' taxes
were abated for 1927 and 1928. Boston wired March 15:
"Spring and early Fall orders for both suiting and coat- New York State Factory Employment Slightly Higher
in
ing fabrics, men's and women's wear, are giving some mills
February—Month's Figures, However, Lowest of Any
capacity business. Among the plants that are reported runFebruary Since 1915.
ning at 100% are the Merrimack Woolen Mills, Dracut;
The factories of New York State began in February to
Mayo Woolen Mills Co., Millbury; Germania Mills, Hol- take on some workers for
Spring production. The index
yoke; Stirling Mills and Belvidere Woolen Co., Lowell. The of factory employment rose
from 91 in January to 92 in
Farr Alpaca Co., at Holyoke, has started a four day sched- February. The February
figure was six points below
ule. The Beaver Brook Mills of the American Woolen Co., February a year ago and
ten points below February two
Collingsville, are pretty busy on blankets, and the Spring- years ago, and was in fact the lowest February since 1915,
field Blanket Co. at Holyoke are putting in new looms. The according to the statement made
public March 12 by -InSomersville Manufacturing Co., Somersville, Conn., reports dustrial Commissioner James A. Hamilton. In his survey
larger business on men's coatings." Tire fabric mills It is Commissioner Hamilton also says:
Part of the falling off in employment from November to January was
said are obliged occasionally to work overtime to take care
of the business which they have booked up. A few are due to seasonal influences. The present gain represents the increased
manufacturing activity which comes in the spring. Some of the plants
said to be unable to accept additional orders at prevail- which had been closed for
annual inventories and repairs in December
ing prices owing to the costs of another shift for night and January, reopened in February. Despite the gain this month total
employment remained less than it was in December, 1927. and many
runs.
factory workers who were laid off in the last few months have not
Charlotte, N. C., wired that hosiery manufacturers in been re-employed in manufacturing
industries.
some cities reported curtailment, but others planned to inThousands of workers are taken on, or laid off in factories every
month,
even
when
business
conditions
are most favorable. The addicrease production or at least maintain the present output.
tions and
from January to February left an estimated net
The Charlotte Knitting Co. reported that production is to be increase ofseparations
about 10,000 workers for all factories in the State. This
MAR. 17 1928.]
FINANCIAL CHRONICLE
compares with a net decrease of 20,000 workers during the month from
December to January alone.
The Commissioner's statement is based on monthly reports received
from about 1,400 representative factories which are located in various
parts of the State, and which report regularly to the State Department
of Labor. In February these factories employed about 422,000 wageearners, or more than one-third of the factory workers of New York
State.
Many industries reported somewhat larger forces in February. The
recurring demands of consumers for clothing and shoes sent employment up in th,ese industries. Operating schedules were fuller, and except where observance of the holidays intervened, average weekly earnings were higher. Producers' goods, such as iron and steel, heating
apparatus and sheet metal, also reported gains, but the upturn in
producers' goods seemed more irregular and halting than consumers'
goods.
Gain in Steel and Automobiles.
Most iron and steel mills reporting showed gains in employment. One
mill which was closed last month was partially reopened but another
blast furnace shut down. Several copper and brass plants increased
their forces. Automobile factories are among the different makers,
but increases were snore numerous than last month. Manufacturers of
automobile parts and hardware and related textiles and rubber goods
were taking on more employees. Makers of castings, and sheet metal
for automobiles were somewhat irregular.
Heating apparatus and sheet metal plants which were closed for inventory last month reopened in February. Cutlery, firearms and miscellaneous instrument firms employed more help, and a number of railroad equipment factories and railroad repair shops were busier than
last month. Locomotive and railroad car factories remained relatively
inactive. Agricultural implements were slowing up. Firms making
radios and electrical apparatus and machinery reduced their forces.
Among building materials, some manufacturers of metal frames, house
trim and cut stone were using additional employees. Other building
materials, such as brick and cement declined further.
Seasonal Increases in Clothing and Shoes.
Seasonal increases in clothing and shoe factories which appeared
last month were more general in February. Men's and women's clothing !chops added to their forces. Women's cloak and suit houses were
at the height of their spring season. Men's neckwear factories in New
York City and shirt and collar factories up-State were'taking on help.
Knit goods and silk and worsted textile mills also had more employees.
Practically all shoe factories in the State had more employees or fuller
operating schedules.
Factories making food products, such as flour, meat and dairy products, groceries, and cereal beverages, showed an improvement in February. Two sugar refineries reopened, but one made a large cut in its
forces. Cigarette factories declined.
W. W. Putnam of Union Trust Co., Detroit, Finds Business Activity Irregular — Moderate Improvement
Looked for With Arrival of Spring—Employment
Conditions in Michigan—Ford Output.
According to Wayne W. Putnam, Assistant Vice-President of the Union Trust Company of Detroit, business activity in general continues irregular. He states that although operations in the steel and automobile industries
still remain at a high level, many other lines evidence a
tendency to hesitate. "Conditions in general, however,
should soon begin to show some betterment," says Mr.
Putnam, who adds that "the underpinaings of the economic
structure are such as would warrant the expectation of
moderate improvements in the industrial and trading position of the country following the arrival of Spring." In
part he also says:
Building construction compares favorably with a year ago and should
improve during the spring months. Equipment and rails are being
purchased by the railroads. Farmers are buying more freely and agricultural money is finding its way into the channels of trade and industry. Foreign trade for the month of January showed a favorable balance of $73,000,000. Steel prices are rising and the average production
for the industry is now 82% of theoretical capacity. Business for the
leather and fertilizer industries is reported good. Ford output is climbing and soon will make substantial additions to automobile production
figures.
On the other hand, railroad car loadings continue to show smaller
totals compared with a year ago. Net railway operating revenues for
the month of January for class 1 railroads were over 7% lower than a
year ago. Abnormal conditions still prevail in the coal, cotton and
woolen textile and oil industries. Commercial failures for February
were 7c/o greater than for the corresponding month in 1927, a distinct
contrast with the substantial decrease for January compared with the
same month a year ago.
Business in Michigan still finds its chief source of betterment in the
mounting production schedules of its automobile industry and the manufacturing lines which are closely related to it. Indeed, the increasing
volume of output in the automobile field is responsible for a better tone
in many manufacturing lines throughout the country. Other important
industries, in a few instances, have experienced some improvement but
the majority show little change compared with a month ago. The
highly competitive condition in the automobile industry has forced many
car manufacturers to produce in their own shops parts and accessories
which they formerly purchased from small foundries and factories. The
loss of this type of business is beginning to assume substantial proportions and is being keenly felt by the companies to which these contracts
were formerly awarded.
All the larger cities in Michigan report manufacturing activity at or
above normal. Output is below normal in nine of the smaller cities, in
seasonal. Several cities report
two of which, however, the decrease is
substantial increases compared with a month ago.
February production of motor vehicles, exclusive of Ford output, was
estimates prepared by the Na325,779 cars and trucks, according to
at the Ford factional Automobile Chamber of Commerce. Production
units. The total output for
tories for February is estimated at 21,000
approximately 347,000 vehicles,
the country, accordingly, amounted to
an
which was a gain of 33% compared with January production and
1583
increase of 7% compared with February, 1927. Ford production for
February, 1927, was estimated at 70,000 cars and trucks. Output for
the industry for the first three months of this year will exceed 1,000,000
vehicles if the present rate of production is maintained through March.
The general sales situation at the present time is very satisfactory.
During April and May automobile production should show a steady
gain. Schedules are being stepped up at the Ford factories where
production now amounts to approximately 1,500 cars a day. Daily output will probably reach 2,000 units before the end of March.
Employment has increased, compared with a month ago, in Albion,
Flint, Jackson, Lansing, Menominee, Pontiac, Saginaw, St. Johns,
Three Rivers, Ypsilanti, Muskegon, Kalamazoo, Battle Creek and Detroit. Factory employment in Detroit, for the week ended March 6,
as reported by the Employers' Association, was 5,402 greater than the
preceding week, 13,420 more than a month ago and 12,562 larger than
a year ago.
•
•
•
While the wholesale and retail situation remains somewhat spotty,
sales are reported fairly good in most districts. Wholesale dry goods
and hardware are making satisfactory gains. Retail trade in almost all
lines in Detroit is showing improvement. Collections are fair to good.
Increased employment spells better retail sales this spring.
Improvement in Industrial Activities Since First of Year
Seen by Franklin Fourth Street National Bank of
Philadelphia.
In the March number of Trade Trends issued by the
Franklin Fourth Street National Bank of Philadelphia,
business conditions are surveyed as follows:
Important improvement in general industrial activities has taken
place during the first two months of the new year. The gains have been
chiefly noted in the great basic lines of iron and steel, automobiles and
building construction. In addition, the distribution of goods is increasing, as indicated by the expansion of freight movements. On the
other hand, activities in a few lines are somewhat irregular, particularly in textiles.
Notably evidence of the recovery in the heavy industries is found in
iron and steel. The increase in ingot production during January was
the largest monthly gain ever recorded. All of the ground lost in recent
months was regained at one stroke and steel output was lifted to the
best level since last May. Unfilled orders of the United States Steel
Corp. have climbed to the highest point since February, 1926.
In the automobile and construction industries similar signs of improvement are seen. For one large group of motor car producers the
output in January was nearly 70% over the December total and well
above that of one year ago. Building contract awards during the first
month of the year were nearly 20% above the total for one year before.
Commodity prices are holding fairly firm, although hides have receded
front their recent peak, and rubber prices have broken.
One of the most interesting of recent developments has been the advance of rediscount rates of a number of Federal Reserve Banks. The
reason for this increase is to lie found in the great expansion of
brokers' loans, secured by stocks and bonds. In February, the aggregate of these loans, as reported by 49 banks in New York City, reached
a new peak of $3,835,020,000. This compared with $2,720,578,000 one
year before, a gain of $1,114,442,000.
This extraordinary expansion in loans has been accompanied by a
great advancing movement of security prices. The rise of stocks has
been so impressive that the average yield on a representative group of
industrial common shares based on February prices was only 4.63%,
or less than the average yield on high grade industrial bonds.
Share prices have advanced in the face of reduced earnings in 1927
for many companies, the chief stimulus being easy money. With the
present expansion of industrial activities the demand for commercial
credit is somewhat larger, and the higher rediscount rates are interpreted as an effort to discourage over-absorption of credit in excessive
speculation. As a result there were important declines for many shares
in February.
Speeding Up of Business in February Reported by Los
Angeles Chamber of Commerce, Employment Conditions in Los Angeles.
Business and employment conditions during February
are reviewed in part as follows in the Monthly Organ issued by the Los Angeles Chamber of Commerce:
February witnessed a definite speeding up in the business progress
of the Southwest, the change being particularly notable in the latter
part of the month. The usual slowness experienced while climbing out
of the morass of clearance sales, inventories, plant adjustments and revised schedules, always encountered in January, and the lowered volume
of employment in industrial and commercial lines which is always most
evident at this time of year, have been left behind and business turns
into the straightway with its engine of factory production hitting on
all six and the indicators on the instrument board showing that everything is functioning well.
As usual the change is most evident in the general attitude of business men. They have become much more optimistic, willing to make
commitments lasting late into the year and instead of indicating the
morbid curiosity which last month marked their inquiry, "How's business?" they seem to be minding their own affairs and finding that they
are going well.
Back of this psychological change are records showing a substantial
gain in building operations, enlarged bank clearings, increased postal
receipts, good retail sales, highly favorable earnings on the part of
the public utilities, continuing strength in the agricultural and livestock
situation and a large influx of eastern and northern visitors. While
the fact that February had an extra day as compared with last year
has helped the statistical record, this by no means accounts for the full
progress. On the other side of the page still remain the unsatisfactory
market for oil, slowness in motion picture production, and increasing
need for rain in the agricultural sections, an unemployment situation
which while national in its scope, is no less noticeable on that account.
We discuss this in some detail in a later section.
When we strike a balance between these varied conditions the credits
far outweigh the liabilities.
1584
FINANCIAL CHRONICLE
Employment.
In view of the talk heard relative to the amount of unemployment in
Los Angeles, it may be well to discuss this situation frankly. The
facts briefly stated are these:
1. There are a considerable number of both men and women seeking
work in Los Angeles at the present time. Any attempt to state the
exact number is sheer guesswork and estimates placing this at 65,000
and upwards may be discounted.
2. February is the low point seasonally in employment in Southern
California, also in the country at large. This fact is brought out
statistically by the following figures which represent the number of placements in the men's division of the State Free Employment Bureau expressed in percentage of the average months placements, and calculated
over a period of four years.
116
July
63.3
January
117.9
62
August
February
147
September
90
March
118.5
October
106
April
80
November
119
May
63.8
119
December
June
This clearly points out that December, January and February are the
low points in the putting on of new workers. Less than half as many
being put on in February, for example, as in tht average September.
In women's occupations the same tendency exists. One of the largest
classes of employment is as saleswomen in stores. Februai7, contrary
to general opinion, is seasonally the low point in sales among stores in
Los Angeles. Expressing as a percentage of the average monthly
volume, the sales for each month in the year in Los Angeles, the figures run as follows:
84
July
89
January
August
97
76
February
Stptember
97
104
March
October
101
94
April
November
106
May
90
December
89
173
June
regulate
the number of clerks to the amount
As is well known stores
of business and this seasonal change makes clear why stories are circulated as to large numbers of employees being let out of our large
stores. In point of fact the business of the leading stores average
ahead of the corresponding month last year and any other previous
year.
January and February are also low points in the wearing apparel
manufacturing, but towards the end of February, as is evident this
year, spring lines are opened and very large numbers are added to the
payrolls. Practically every wash dress concern in Los Angeles has
been advertising for help for some timt.
Every year there is a noticeable increase in unemployment in the
winter months. The situation usually attracts considerable attention
but as normal conditions return in March and April the condition is
relieved.
3. Not only is the January-February season a low point in the number employed, but it is also the high point in the number seeking work.
This is because of the thousands of persons who come to Southern
California to avoid the rigors of winter in other sections. Many of
them try to get jobs and add to the number of the unemployed and to
those who must be taken care of if extra work fails to be offered.
Gauged by the number of men and women at work at this time in
Southern California as compared with previous years, the situation is
not unfavorable. In placements of the women's department of the
State Employment Bureau, for January in Los Angeles, were 1,018 as
against 1,025 for January, 1927 showing practically no change. The
employment bureau of the Los Angeles School Department placed 50%
more in positions both in January and February, 1928 than the same
months a year ago.
On industrial employment the index compiled by the Chamber of
Commerce shows a figure of 108.3 for February as contrasted with 100
for January, 112.82 for December and contrasted with 109.9 for February a year ago. These figures omit the oil field employment because of
the impossibility of getting the figure for 1927. In practically every
line there has been a substantial gain in number at work since last
month.
The oil fields have been one of the slowest points in employment but
a gain was noted in February. Throuh the courtesy of the Chamber
of Mines and Oil figures have been gathered which represent about
85% of the operating companies in Southern California fields. These
companies reported 33,230 employees on the payrolls Feb. 15 as against
32,949 of Jan. 15.
Out of the most constructive developments recommended by students
of employment and economy like Foster and Catchings, is the long
time planning of public work, so that the amount undertaken can be
apportioned to the need for employment. Suggestions have been made
that a similar program might be worked out in Los Angeles on a basis
which would permit the work to take on large numbers of employees
at times of seasonal slowness or at any time an unfavorable condition
is in existence.
The situation can then be summed up in the following statements.
There is unemployment in Los Angeles at the present time to substantial degree. This is a seasonal condition in January and February.
This year it is particularly aggravated because of a national situation
and there is apparently more unemployment in other cities than in Los
Angeles. The actual number at work is practically the same and in many
industries higher than at the same time last year. Work is developing
in a normal way and the year should be free from any serious problem
in the employment field.
[vol.. 126.
but were 2% greater than a year ago. The high level of distribution
as compared to a year ago is likewise reflected in charges to depositors'
accounts at principal cities and in the larger loadings of merchandise
shipped in less-than-carload lots.
In surveying agricultural conditions the Bank says:
The breaking of the winter drouth by the recent general rains and
snows which fell over the major portion of the Eleventh Federal Reserve District was the outstanding development during the past thirty
days affecting agricultural and business interests. The rains same in
time to save the winter wheat and oat crops, which .were suffering
severely from the lack of moisture. They were also beneficial to other
growing crops and the livestock ranges, and in conditioning the soil
for spring planting. The rains, however, were light over Western
Texas and Southeastern New Mexico, where moisture was most urgently
needed. A good subsoil season is lacking over a large area of the district and considerably more rain is needed to supply this moisture,
which is the sustaining factor in crop -growth during the summer
months. The open weather during January, however, enabled the
farmers to make rapid progress with plowing operations and the seeding
of spring grains. While the grass in some portions of the district is
short, livestock have wintered well, as there has been an ample supply
of feed and the winter has been generally mild. Cattle prices were sustained at a high level and the demand for stockers and feeders has continued brisk.
The following lumber and building statistics are also
taken from the Review:
Lumber.
A substantial, seasonal increase was reflected in the operation of pine
mills in the Eleventh Federal Reserve District in January. Production
of lumber increased from 75% of normal in December to 91% in January. Shipments from these mills, which were 96% of normal production, were the largest of any month since May, 1926, and orders increased to 10% above normal production, the highest point reached in
several years. Stocks held at the close of January were 10% above
normal as compared to 14% below normal a month earlier. Unfilled
orders for lumber at 47 mills on Jan. 21 aggregated 60,139,516 feet,
which compares with 33,4555,072 feet recorded at 43 reporting mills on
December 31.
Building.
Building activity in January in the Eleventh Federal Reserve District, as measured by the valuation of permits issued at fourteen of its
principal cities, was 6.9% less than in December, but 1.5% greatei
than in the corresponding month of last year. The valuation of these
permits aggregated $8,067,741 as compared to $8,668,751 in the previous month and $7,7944,784 in January, 1927. The building situation
in a majority of the reporting cities appears to be improving. As compared to a year ago there were ten cities which reported increases, most
of which were large, but the declines reported in other cities materially
lowered the average for the district. It will be noted that as compared
to the previous month, the sharp decline in four cities more than offset
the heavy gains in other cities and accounted for the decrease in the
total valuation of permits issued at all cities.
Secretary Davis Asserts Unemployment Reports Are Exaggerated—Admits Situation Is "Sufficiently Serious to
Give Us Earnest Thought."
President Coolidge was advised on March 13 by Secretary of Labor John J. Davis that reports of unemployment
in this country, in one instance said to be as high as 4,000,000, are grossly exaggerated and without foundation in
fact. A special dispatch March 13 from Washington to the
New York "Herald-Tribune" in stating this added:
In his maiden speech in the Senate last week, Senator Robert
F. Wagner, of New York, gave currency to an estimate of $4,000,000.
This Secretary Davis told the President, seemed to have been manufactured out of thin air and was without foundation, the inference
being that the estimate had some political motive, since it had been
widely circulated and accepted as a fact in many quarters.
Report Will Be Ready in Week
Secretary Davis told the President that survey of conditions of
unemployment was being made by the Department of Labor for the
Senate and would be completed within another week. In the mean
time, he pointed out both to the President and the Cabinet at to-day's
meeting that enough is known about the situation by the department's
experts to make wholly certain that guesses being made here and
there are not only wild guesses but have a certain flavor of politics.
It is known that Mr. Davis made a premliminary report to the
President recently, containing material which he incorporated in a
signed article published to-day in "The Washington Post." His
report to the President and Cabinet was therefore substantially the
same as contained in the article, in which the Secretary said that
the estimate of 4,000,000 unemployed had been "pinched out of thin
air."
Counting every jobless person in the United States would be a
useless and costly process, Mr. Davis said, although actual census
methods are possible in scattered, though typical, industrial regions
which, when brought together, may be used as a guide to the general
situation all over the country.
Tells of House-to-House Check-UP.
The Secretary pointed out that an estimate of unemployment in one
typical eastern industrial city having been reckoned at 75,000 had
Dallas Federal Reserve Bank Reports Distribution of Mer- proved, after a house-to-house investigation, to be only 15,000. Similar
door-to-door counts in other cities and states where "wild estimates"
chandise, Both Wholesale and Retail, On Large Scale. had been made have shown the ratio between "estimates" and fact to
be
its
March
1
Busiabout one in five—in other words, while unemployment did exist
in
Bank
The Dallas Federal Reserve
there was about one-fifth as much or originally reported.
ness Review states that "the distribution of merchandise
"While the present unemployment situation is nowhere so alarming
in both wholesale and retail channels has been on a large as interested parties endeavor to make it," said Mr. Davis, "it is
sufficiently serious to give us earnest thought. I am convinced, howscale." It furthermore states:
The demand for merchandise at wholesale was not only seasonbly ever, that with the advancing season much of the present unemployment will disappear of its own accord.
a
year
ago
by
a
wide
of
that
greater than in December, but exceeded
"Farm labor is opening. The government and private enterprises
margin. Retail merchants in the rural sections are buying more freely
and in many instances are taking a greater variety and a better grade have elaborate building programs on hand. The improvement in steel
of merchandise. Yet there is no evidence that merchants are overstock- indicates a general improvement due in industry. With the coming of
ing their shelves, as they appear to be holding commitments well in line spring I believe the great bulk of the jobless will thus soon be rewith consumer demand. Sales of department stores in larger cities re- employed, and by their increased buying and consuming power will
flected a seasonable decline of 53% as compared to the December volume, increase demand and add stimulation to business in general."
1585
FINANCIAL CHRONICLE
MAR. 17 1928.]
in February, 1927, was in excess of $23,000. There was a
slight rise in the number of insolvencies for $100,000 or
more in each instance last month, 56 such failures comparing
with 54 a year ago, but the amount involved by the defaults
of unusual size last month was less than $16,700,000 whereas
According to the "Wall Street Journal" of March 13, it was above $25,000,000 in February, 1927.
Monthly and quarterly failures, showing number and
President Coolidge agrees with Secretary of Labor Davis
that the unemployment conditions in the country are not liabilities, are contrasted below for the periods mentioned:
nearly so serious as have been presented in some quarters.
Number.
Senator Wagner's assertion regarding unemployment were
1927.
1926.
1928.
1928. 1927. 1926.
referred to in these columns March 10, page 1425.
there are
In the best times in this country, Mr. Davis pointed out,
always about 1,000,000 people out of work in the United States. This,
workers and
he said, was due to temporary illness, migrations of
seasonable labor demands. While labor saving machinery has contributed to unemployment during the last twenty-five years, new induscontinues.
tries have arisen to absorb labor, and their development
"What Is Happening to Business?" Survey by Sherman
Corporation.
Under the heading "What is Happening to Business"?
the Sherman Corporation, Engineers, has issued a report of
a survey of industry including causes to which increase or
decrease in net profits is. attributed; also excerpts from
interviews with representative business executives on the
subject of the report.
Detroit Employment Gains.
Detroit, advices Mar. 16 published in the "Wall Street
News State:
Detroit Employers' Association reports employment figures for the
week ending Mar. 13 at 241,113, an increase of 2,401 over the previous
week and 13,400 over the corresponding week of 1927.
February
January
December
November_ _ _
October
2,176
2,643
1,801
2,296
2,035
2,465
$45,070,642
$47,634,411
s46,940,716 334,178,348
$51,290,232 $43,661,444
1926.
1925.
1927.
1927. 1926. 1925.
2,162 2,069 1,878 $51,262,253 645,619,578 $36,528,160
32,693,993
35.922,421
36,146,573
1,672
1,830
1,864
33,230,720
36,235,872
29,543,870
1,787 1,763 1,581
4th Quarter_ _
September_ _ _ _
August
July
5,813
1,573
1,708
1,756
5,662
1.437
1,593
1,605
5,131 $123,644,698 $111,544,291 $101,994,451
1,465 $32,786,125 $29,989,817 $30.687,319
28,129,680
37,158,861
39,195,953
1,513
34,505,191
29,680,009
43,149,974
1,685
3d quarter_ June
May
April
5,037
1,833
1,852
1,968
4,635
1,708
1,730
1,957
4.663 $115,132,052
1,745 $34,465,165
37,784,773
1,767
53,155,727
1,939
2d Quarter
March
February
January
5,653
2,143
2,035
2,465
5.395
1,984
1,801
2,296
5,451 $ 125,405.665 $101,438,162 $110,916,670
1,859 $57,890,905 $30,622,547 $34,004,731
34,176,348
40,123,017
46,940,716
1,793
43,661.444
54,354,032
51,290,232
2,317
$87,799,486 $102,351,371
$29,407,523 236,701,495
33,543,318
38.487,321
6,643 6,081 5,969 1156,121.853 $108,460,339 $128,481.780
FAILURES BY BRANCHES B IMMESH-JANUARY 1928.
1st quarter
Liabilities.
Number.
Month of February.
1928.
1927.
P.C.
Inc.
$
$
19,001.374 17,378.634 9.3
Woolworth
13,579,269 11,831,161 14.8
Kroger Grocery
9,319,663 8,308.771 12.2
S. B. Kresge
8,906,407 7,490,834 18.9
J. C. Penney
7,175,509 4,975,101 44.0
Safeway Stores
6,222,337 4,412,544 41.0
National Tea
4.174,622 3,534,634 18.1
FL H.Kress
2,867,320 2,762,521 3.7
McCrory Stores
2,842,502 2,247,718 26.5
W.T.Grant
2,187,923 2,319.337 x5.6
Childs Co
1,748,312 1,302,586 33.8
Grocery
Sanitary
1,163,833 1,117,841 4.1
J.R.Thompson
892,163 17.1
1,044,889
/3. Fender
630,582 55.0
977,482
J.J. Newberry
711,440 26.7
901,454
F.dr W.Grand
692,655 8.5
752,092
Metropolitan Stores749,938
588,284 27.5
Peoples Drug
608.382 10.5
672,743
G. C. Murphy
571,367 14.9
656,549
McLellan Stores
613.277 18.4
561,290
Loft, Inc
358,485 22.3
438,450
Nelsner Bros
310.998 24.8
388.314
Isaac Silver
290.163 6.7
309.585
Fanny Farmer
1928. 1927. 1926
ManufaaurersMachinery and tools
Woolens. carpets & knit g'ds
Cottons, lace and hosiery
Lumber. carpenters & coop_
Clothing and millinery
Hats, gloves and furs
Chemicals and drugs
Paints and oils
Printing and engraving
Milling and bakers
Leather, shores & harness
Liquors and tobacco
Glass. e,athenware & brick_
All other
Total manufacturing
10
6
29
1
_.,
67
33
8
7
1928.
$688,097
556.760
224,445
400,000
2,006,633
357,632
326,463
1,901,520
9,765
54,015
455,750
1927.
1926.
$117,425 $1,202,600
806,964 1,103,472
20,000
327,800
250,000
2,219,941 1,192,850
1,232,200
917,410
152,000
108,000
116,407
15,000
307,900
542,200
428,007
557,115
260,393
25
4
1
65
34
15
8
2
8
48
14
5
9
220
6
1
174
..
Iron, foundries and nails__
00.441.0D0....4...10,..
Chain Store Sales Reach New High Levels.
Sales of 23 chain store companies for the month of Feb
ruary amounted to $86,636,857, an increase of $12,687,479
or 17.1% over the same month a year ago, according to
statistics compiled by Merrill, Lynch & Co. of this city.
The Safeway Store, Inc., again led all others in point of
dollar gain with an increase of $2,200,408 over Feb. 1927.
The J. J. Newberry Co., Safeway Stores, Inc., National
Tea Co. and Sanitary Grocery Co. led in point of percentage
gain with increases of 55%, 44%, 41% and 33.8% respectively.
Sales for the first two months of this year, for the same
number of stores, amounted to $166,568,531 an increase of
$22,246,926 or 15.3%, over the corresponding period last
year when total sales were $144,321,605. A comparative
table follows:
37.026,552
37,188.622
468
411
447 $12,751,295 $10,518,450 $10,822,319
28
42
9
271,372
59,500
580,328
4,859,015
1,096,200
317,599
69,563
38,900
3,707,728
4,126,293
43,453
63,339
Traders-
106 $1,374,820 $2,433,763 $2,659,521
264 2,488,936 1,749,381 1,707,856
909,986 3,692,800
80 3,284,450
Hotels and restaurants
212,900
93,500
213,116
19
Liquors and tobacco
2,524,525
2,132,881
2,905,897
211
Clothing and furnishings_
0
698,64
90 2,110,189 3,742,795 1,512,35
Dry goods and carpets
444,2
877,757
55 1,037,373
Shoes, rubbers and trunks
584,629
41 1,039,584
Furniture and crockery_ __ _
First Two Months.
767,5(6)
47 1,329,340 1,597,568
Hardware, stoves & tools
620,336
895,760 1,112,301
60
I P.C. Chemicals and drugs
71,463
92,700
24,756
7
1928.
1927.
Inc. Paints and oils
650,593
585,139
970,42..5
41
- Jewelry and clocks
45.400
270,572
101,300
9
Books and papers
80,667
176,500
249,275
10
36,112.602 33,493,936 7.8 Hats, furs and gloves
4,628,497
7,046,140
6,926,711
242
26,199,125 23,550.478 11.2 All other
17,977.439 16,264,559 10.5
1,581 1,508 1,282 124,951,932 $23,405,612 $20,317,275
Total trading
16,635,354 13,821.494 20.3
72 7,367,415 13,016,654 3,036,754
127 116
14,078,746 9,972.191 41.2 Other commercial
12,341,669 8,976,355 37.5
245.070,642 $46,940,716 624,176,348
1.801
2,035
2,176
Total United States
7.934.569 6,826,884 16.2
5.293.518 5.048,254 4.8
5,466.665 4.452,839 22.8
Revenue Freight Somewhat
4,533,498 4.856.761 x6.0 Loading of Railroad
3.420,809 2,585,281 32.3
Higher.
2,399,185 2,342,586 2.4
2,080,635 1.822,641 14.1
Loading of revenue freight for the week ended on March 3
1,837,485 1,215.511 51.1
1,701,848 1,368,235 24.3
to reports filed on Mar. 14
1,444,439 1,347,471 7.1 totaled 959,537 cars, according
1,443,365 1,172,415 23.1 by the carriers with the Car Service Division of the American
1,271,087 1,159,542 9.6
1,282,260 1,116,443 14.8 Railway Association. This was an increase of 89,947 cars
1,022,904 1,118,056 18.5
included the Washington's
828.426
687.110 20.5 over the preceding week, which
700,713
591,364 18.5 birthday holiday, with increases being reported in the total
562.290
531,199 5.8
General stores
Groceries, meat and fish
101 162
305 264
83
90
12
28
256 179
122 134
78
83
63
65
44
57
92
82
5
4
39
59
13
10
12
17
302 328
loading of all commodities except coal and coke, which showed
slight decreases. The total for the week of March 3 was a
x Decrease.
decrease of 30,326 ears below the same week in 1927 and a
decrease of 5,472 cars compared with the corresponding
of
Report
in
Failures
February.
Dun's
week two years ago. Details are as follows:
of
the
number
expected,
be
commercial
failures
to
As was
Miscellaneous freight loading for the week totaled 353.201 ears. an
decreased
during
February, it being Increase of 311 cars over the corresponding week last year and 5,171 Cara
in the United States
2,176, says the report of R. G. Dun & Co. This is 17.7% above the same week in 1926. cars, a decrease of 41,454 case below the
Coal loading totaled 171,700
less than the 2,643 defaults of January, in which period same week in 1927 and 10,743 cars below the same period two Fears MO.
Grain and grain products loading totaled 53,448 cars, an increase of
the hign point of each year invariably is reached, and the
cars over the same week last year and 13.206 cars above the same
ratio of reduction is somewhat larger than that which oc- 9,979
period in 1926. In the western districts alone, grain and grain products
curred in February, 1927. Thus, the decline in the number loading totaled 37,677 cars, an increase of 10,996 cars above the same week
of insolvencies in February, last year, from the total for In 1927.
Live stock loading amounted to 30,621 cars, an increase of 2.590 cars
January, was 17.4%, and there was one more business day above
the same week last year and 1,175 cars above thesame week in 1926.
last month than was the case a year ago. The present In the western districts alone, live stock loading totaled 23,795 cars, an
7%
hand,
about
above
other
the
the
increase
of 2,522 cars compared with the game week in 1927.
2,035
on
number is,
Loading of merchandise and less than carload lot freight totaled 258.649
failures of February, 1927, and is the largest for any Feb- cars.
a decrease of 1,825 cars below the same week in 1927 and 5,456 cars
below the corresponding week two years ago.
ruary since 1922, when 2,331 defaults were recorded.
of
number
increased
Forest
insolvencies last month
products loading totaled 71,742 cars, 2,561 cars above the same
Even with the
week last year, but 4,218 cars below the same week in 1926.
of
period
corresponding
1927,
the
liabilities
the
for
those
over
Ore loading totaled 8,825 cars, 1,261 cars below the same week last year
fell to $45,070,642 from $46,940,716 in the earlier year. and 1.004 cars below the same week two years ago.
loading amounted to 11,351 cars, 1,227 cars below the same week
This is a decrease of a little less than 4%, and indicates, of In Coke
1927 and 3,603 cars below the corresponding week in 1926.
As
failure.
per
an
against
average
average
smaller
course, a
All districts except the Northwestern reported decreases in the total
of about $20,700 last month the average for each default loading of all commodities as compared with the same week last year, whil
Total
....- 86,636,857 73,949.378 17.1 166,568.531 144.321.605 15.3
e
1586
all except the Eastern, Allegheny and Southern reported increases compared
with two years ago.
Loading of revenue freight in 1928 compared with the two previous years
follows:
1927.
1926.
1920.
Four weeks in January
3,447,723 3.756,660 3.686.696
Four weeks In February
3.589.694 3,801.918 3,677,332
Week ended March 3rd
989,863
965.009
959,537
Total
7,996,954 8,548,441
8,329,037
Lumber Orders Increase Slightly.
Lumber production and orders advanced slightly during
the week ended March 10, as compared with the preceding
week, while shipments declined, according to telegraphic
advices received by the National Lumber Manufa3turers
Association from 685 of the leading softwood and hardwood
mills of the country.
The softwood mills, of which there were 343 reporting, as
compared with 337 for the preceding week, showed gains in
the production and order columns, and a slight decrease in
shipments.
Production, shipments and orders of the 342 reporting
hardwood units were higher than the comparable items of
the 335 units reporting for the preceding week. The gains
were not large, but indicate substantial progress in this
branch of the industry, declares the National Association's
report from which we quote additional data as follows:
Unfilled Orders.
The unfilled orders of 220 Southern Pine and West Coast mills at the
end of last week amounted to 655,251,753 ft., as against 650,995,552 ft.
for 220 mills the previous week. The 106 identical Southern l'ine mills in
the group showed unfilled orders of 222,918,297 ft. last week, as against
228.274,992 ft. for the week before. For the 114 West Coast mills the
unfilled orders were 432,303,456 ft., as against 422,720,560 ft. for 114 mills
a week earlier.
Altogether the 343 reporting softwood mills had shipments 102%, and
Orders 104%, of actual production. For the Southern Pine mills these
percentages were respectively 102 and 94; and for the West Coast mills
94 and 102.
Of the reporting mills, the 343 with an established normal production for
the week of 253,345.017 ft., gave actual production 97%,shipments 100%
and orders 161% thereof.
The following table compares the lumber movement, as reflected by the
'reporting mills of eight softwood, and two hardwood, regional associations,
for the three weeks Indicated:
Corresponding
Week 1927.
Past Week.
Softwood. Hardwood
Mills
[voL. 126.
FINANCIAL CHRONICLE
343
342
Preceding Week 1928
(Revised).
Softwood. Hardwood. Softwood. Hardwood.
314
135
337
mills for the week as 988,000 feet, as against a normal figure of 1.147,000.
and for the week earlier 913.000. Shipments showed a nominal Increase
this week, and there was a slight reduction in orders.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh. Wis., reports production from 11 mills as 4.033,000 feet, as compared with a normal production for the week of 3.720.000 and for the previous week 3,315.000. Shipments were much larger and orders slightly
larger than for the week before.
The Hardwood Manufacturers Institute of Memphis, Tenn., reports
production for the week from 331 units (a unit is 35,000 feet of daily production capacity) as 45,932,000 feet. as compared with a normal figure of
69.444.000. Three hundred and twenty-four units for the week earlier
reported production as 43,028,000 feet. Shipments this week were about
the same, while orders increased slightly.
West Coast Lumbermen's Association Weekly Report.
One hundred fourteen mills reporting to the West Coast
Lumbermen's Association for the week ended March 3 1928
manufactured 119,693,233 feet, sold 114,040,203 feet, and
shipped 117,666,878 feet. New business was 5,653,030 feet
less than production and shipments 2,026,355 feet less
than foroduction.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
Mar. 3.
Feb. 25.
Feb. 13.
Feb. 11.
Week Ended—
114
112
113
113
Number of mills reporting
119,693,233 118,068,519 118.119.923 115,263,963
Production (feet)
114,040,203 125,205,371 126,884,859 124,606,439
New BusIness(feet)
117,666,878 105,257,130 120,449,098 102.202,581
Shipments (feet)
Unshipped Business—
167,273,932 170,010,434 169.332,519 170,090,038
Rail (feet)
142,693.494 139.856,291 131.995,519 128,086,364
Domestic cargo (feet)
112.753.134 114,276,980 114,138,084 114.714,507
Export (feet)
422,720,560
Total (feet)
First 9 Weeks of—
1928.
113
Average number of mills_
961,186,719
Production (feet)
1,017,988.322
New business (feet)
923,862,917
Shipments (feet)
West Coast Movement.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 106
mills reporting, shipments were 2.39% below production and orders were
6.04% below production and 8.23% below shipments. New business
taken during the week amounted to 59,366,538 feet, (previous week 67,179,024); shipments 64,693,233 feet, (previous week 70.688,376); and
Production 63,183,903 feet, (previous week 66,579,332.) The normal production (three-year average) of these mills is 67,612,275 feet. Of the 105
mills reporting running time, 75 operated full time, 9 of the latter overtime.
'1' yo mills were shut down, and the rest operated from two to six days.
The Western Pine Manufacturers Association of Portland. Ore., reports
production from 30 mills as 20,933,000 feet. as compaerd with a normal
figure for the week of 23,950,000. Thirty-two mills the previous week
reported production as 20,539,000 feet. Shipments and new business
this week were somewhat below that reported for the week earlier.
The California White and Sugar Pine Manufacturers Association of San
Francisco, reports production from 18 mills as 13,938,000 feet. as compared
• with a normal production for the week of 11,262.000. Nineteen mills the
preceding week reported production as 10,003,000 feet. Shipments and
new business were about the same as for the week earlier.
The California Redwood Association of San Francisco reports production from 14 mills as 7,549,000 feet, as against a normal figure for the week
.of 7,645,000. Thirteen mills the week before reported production as
6,660,000 feet. Shipments were considerably less this week, and new
business about the same as for the preceding week.
• The North Carolina Pine Association of Norfolk. Va., reports production
from 43 mills as 9,985,575 feet, compared with a normal production for the
week of 12,180,000. Twenty-six mills the previous week reported production as 3,075,419 feet. Due to disparity in the number of mills reporting
there were heavy increases in shipments and new business.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reports production from 7 mills as 5.496,200 feet, compared with a normal
production for the week of 6,910,700. Eight mills the preceding week reported production as 6,491,100 feet. Shipments decreased slightly this
week, while orders showed a good gain.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production) reports production from 11
1926.
82
674,762,579
708,390,994
638,923,925
101
769.737,214
850,504,033
805,136,211
413,799,909
1925.
118
855,477,770
796,093,964
856,561,731
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACFACTURER$ ASSOCIATION FOR JAN. 1928 AND JAN. 1927.
Shipments.
Production,
Association.
Shipments _ 252,111,000 51,662.000 206,648,000 20,520,000 259,377,000 49,403,000
255.638.000 52,297,000 220.602,000 21,090,000 251,455,000 49,958,000
Orders
The West Coast Lumbermen's Association wires from Seattle that new
business for the 114 mills reporting for the week ended Mar. 10 was 2%
above production, and shipments were 6% below production, which was
123,921,349 feet, compared with a normal production for the week of
110,458,042. Of all new business taken during the week, 50% was for
future delivery, amounting to 63,299,131 feet, of which 41,723,995 feet
was for domestic cargo delivery and 21,575,136 feet export. New business
by rail amounted to 57.230,800 feet, or 45% of the week's new business.
Forty-six per cent of the week's shipments moved by water, amounting to
63,760,839 feet, of which 39,917,878 feet moved coastwise and intercoastal, and 13,842,961 feet export. Rail shipments totaled 56,591.617
feet, or 49% of the week's shipments, and local deliveries 5.550,096 feet.
Unshipped domestic cargo orders totaled 144,545,303 feet, foreign 121,991,852 feet and rail trade 165,766301 feet.
415,466,142
1927.
Lumber Production and Shipments During the Month
of January.
The "National Lumber Bulletin," published monthly
by the National Lumber Manufacturers Association of
Washington, D. C., and Chicago, Ill., on March 7 reported
the production and shipments of lumber during the month
of January as follows:
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
335
Production_ 245,985,000 49,965,000 187,815,000 21,036,000 237,602,000 46,343,000
424,143.705
Hardieds.
Mills.
Feet.
Softwoods.
Feet.
January 1928—
California Redwood
16
California White & Sugar
Pine Mfrs
18
North Carolina Pine
40
Northern Hemlock &
Hardwood Mfrs
33 37,543.000
Northern Pine Mfrs
10
9 2,332,000
Southern Cypress Mfrs
Southern Pine
123
West Cot Lumbermen's. 106
33
Western Pine Mfrs
Lower Michigan Num_
10 5,956.000
Individual reports
18 6,832,000
Total
416 52,663,000
January MT—
California Redwood
16
California White & Sugar
Pine Mfrs
18
North Carolina Pine
57
Northern Hemlock &
Hardwood Mfrs
39 37,778,000
Northern Pine Mfrs
' 9
Southern Cypress Mfrs__
4 1,469,000
Southern Pine•
145
West C'st Lumbermen's _
69
Western Pine Mfrs
40
Lower Michigan Mfrs.__
12 9,135.000
16 7,375,000
Individual reports
Hardto'ds.
Feet.
Softwoods.
Feet.
32,747,000
25,087.000
48,045.000
22,635,000
79,669.000
20,890.000
11,425,000 24,164,000
25,882.000
6.946,000 3,018.000
300.371,000
355,475.000
46,098.000
938.000 6,721,000
37,900,000 5,352,000
7,485.000
22,455.000
8,504,000
305,738,000
344.177.000
102,260.000
1,494.000
S88,462,000 39.258,000
853,276,000
35,537,000
28,642.000
29,7513,000
52,700,000
71,722.000
29.739,000
30,150,000
19,632,000 24,834,000
24,271.000
6,353,000 1,407,000
315,958,000
230,753,000
64,502,000
735.000 8,024,000
25,346.000 5,491.000
14,354.000
24,072,000
3,109,000
286,427,000
231.560.000
94,547,000
1,749,000
23,565,000
491 As 717 nnn 787 nag nen 39.756.000 810,696,000
Tntril
Total production Jan. 928, 941,125,000 ft.: Jan. 1927, 842.805,000 ft. Total
shipments, Jan. 1928, 992,531,000 ft.; Jan. 1927, 850,452,000 ft.
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
January 1928.
State.
Mills.
Alabama
Arkansas
California
Florida
Georgia
Idaho
Louisiana
Michigan
Minnesota
Mississippi
Montana
North Carolina
Oregon
South Carolina
Texas
Virginia
Washington
Wisconsin
Others*
Total
Production,
Feet.
21,988,000
26,7119,000
73,028,000
32,489,000
1,781,000
10,289,000
Shipments,
Feet.
21,808,000
29,612,000
11
11
28
14
9
11
36
16
5
26
6
10
54
15
32
8
73
28
23
17,680.000
25,882,000
79,170,000
11,615,000
3,102,000
150,228,000
7,187,000
68,249,000
13,579,000
234,039,000
38,182,000
47,298,000
88,432,000
32,386,000
1,977,000
37,551,000
78,705,000
17,428.000
15,291,000
76,316.000
17,405,000
3,316,000
168,052.000
7.340.000
75.480,000
11.208.000
236,764,000
23,544,000
49,016.000
416
941.125.000
992,531.000
77,880,000
•Includes mostly individual reports, not distributed.
FINANCIAL CHRONICLE
MAR. 17 1928.]
New Automobile Models and Price Changes.
The Chrysler Corporation have introduced a new custom
fabric body limousine on its "72" chassis. The fabric
automobile body has won considerable popularity in Europe,
and some observers of motor car trends are forecasting for
it a vogue in this country
A 5-passenger Sport Phaeton has been added to the
Pontiac line by the Oakland Motor Car Co. The new
body is by Fisher. Extending back from the high narrow
radiator, the hood line drops to a long panel of Micanopy
cream, contrasting against the Paquot blue of the body.
The Reo Motor Car Co. announces its 1929 line of Flying
Clouds, featuring distinctive new lines, greater fleetness
and agility in traffic, improved riding and steering ease,
more luxurious interiors and four wheel internal, expanding
hydraulic brakes. With exceptions of reductions of $40
and $50, respectively, on the brougham and victoria, prices
remain the same. The sedan lists at $1,845, roadster at
$1,685, two passenger sport coupe at $1,625, brougham at
$1,645 and victoria at $1,795.
Price adjustments on several models of the Erskine Six,
Dictator and Commander lines which make prices on some
of these models from $15 to $30 per car higher than previously
have been put into effect by the Studebaker Corporation.
The full Erskine Six line is about $15 per car higher and the
Dictator series has been advanced about $25 per car while
one model of the Commander has been increased $30 in
price. Officials do not characterize these changes as actual
price advances since they cover additional equipment and
refinements which have been added.
Census Report on Cotton Consumed in February.
Under date of Mar. 14 1928 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active
cotton spindles, and imports and exports of cotton for the
month of February, 1928 and 1927. Cotton consumed
amounted to 573,810 bales of lint and 56,153 bales of linters,
compared with 589,513 bales of lint and 61,285 bales of linters
In February 1927, and 582,417 bales of lint and 54,471 bales
of linters in January 1928. It will be seen that there is a
decrease from February 1927 in the total lint and linters
combined of 20,835 bales, or 3.3%. The following is the
statement complete:
FEBRUARY REPORT OF COTTON CONSUMED, ON HAND, IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES.
(Gotten in running bales, counting round as half bales, except foreign. which is In
500-pound bales.)
Cotton Consumed
During-
Cotton on Hand Feb. 29,
Seven
Year February Months /n COMUM- In Public
fag Raab- Storage db at
Ending
lishments
Feb. 29.
Compresses
Locality.
Cotton
Spindles
Adios
During
February
(number)
(Bales)
(Bales)
United States.._{ 1928 573,810 4.199,195
1927 589,513 4,018.671
(Bales)
1,668,650
1,931,794
(Bales)
4,312,929
5.453,313
(Number)
31,687,012
32.873.280
429.713 3,119,447
426,164 2,902,486
121,723
900.006
137.454
932,773
179,742
22,374
183,412
26,895
1.124.955
1,309,215
461,779
522.130
81,916
100.449
3,998,439
5,078.237
115,091
140,653
199,399
234,423
17,843,812
17,546,072
12,414,904
13,826,676
1.428,296
1,500,532
Caton-growing J
States
New England J
States
All other States_
1928
1927
1928
1927
1928
1927
Included Above.
Egyptian cottonj 1928
1927
1928
Other foreign
1927
cotton
Amer.-Egyptian 1928
1927
cotton
20.435
17,042
6.839
5,404
1,429
1,654
140,969
128.923
48,223
38,251
10,029
11,995
53,745
48,593
30,423
16,079
6.161
5,599
19,001
14.393
12,404
11,045
4,797
4.995
Not Incl. Above.
I 1928
Linters
1 1927
56.153
61.285
449.949
457.225
233,662
195.811
63,599
72 292
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
Imports of Foreign Cotton MOO-Pound Bales).
February.
Country of
Production. •
EttYPI
Peru
China
Mexico
British India
All other
Total
7 Mos. End. Feb. 29.
1928.
1927.
1928.
17,106
997
13,068
6,517
98
324
20.063
2,213
4,456
12.518
358
94
138,728
14,784
47,894
9.307
13,481
1,129
115,757
13,079
15,223
79,423
7,307
1.297
38.200
39,702
225,323
232,086
1927.
Exports of Domestic Cotton and Linter,--Running Bales (See note for linters).
February.
Country to Which
Exported.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
Total
1587
Note.-Figures include 20,446 bales of linters exported during February In 1928
and 31,818 bales in 1027, and 120,159 bales for the 7 months ending Feb. 29 in 1928
and 134,484 bales In 1927. The distribution for February 1928 follows: United Kingdom, 2,303; Netherlands, 1,035; France, 2,488; Germany, 12,044; Belgium. 054:
Italy, 490; Canada, 1,731; Mexico, 1.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of linters:
various sources, Is 27,813.000 bales, counting Amerfrom
compiled
grown In 1926, as
ican in running bales and foreign In bales of 478 pounds lint, while the consumption
of cotton (exclusive of linterst in the United Staten) for the year ending July 31 1927
was approximately 25,869,000 bales. The total number of spinning cotton spindles(
both active and Idle, Is about 165,000,000.
Inquiry By Senate Committee Into Cotton Exchanges
To Determine Whether There Has Been Price
Manipulation-Allegations By A. R. Marsh-Denial
By W. L. Clayton of Manipulation Charges.
The inquiry to determine whether there has been any
manipulation of cotton prices was begun on March 7 by the
sub-committee of the Senate Committee on Agriculture
named under the resolution adopted by the Senate on Feb.
15. The text of the resolution was given in our issue of
Feb. 18, page 966. The sub-committee designated to conduct the investigation is composed of Senator Smith (Dem),
South Carolina, Chairman; Senator Ransdell (Dem.),
Louisiana; Senator Heflin (Dem.), Alabama; Senator Capper (Rep.), Kansas, and Senator Frazier (Rep.), North
Dakota. It was stated in Associated Press dispatches from
Washington on March 8 that the Senate inquiry into causes
of the cotton market slump of last fall had reached a point
where the committee is endeavoring to establish definitely
the grade of 200,000 bales of certified cotton concentrated
in New York warehouses and alleged to have been used as
a club to beat down cotton prices. These accounts said:
Speaking for the Department of Agriculture, Lloyd S. Tenny, Mier
of the Agricultural Economics Bureau, said a review by the Washington
Board of Experts would be welcomed but would cost about $1 a bale for
re-sampling. Faced by the necessity of going to Congress for a $200,000
appropriation to cover that work, the Committee considered other means
of establishing the truth of charges that the New York cotton is mad*
up of actually below standard bales culled from many shipments and
held as a threat over the market since it is, by rumor, unsuitable for
spinner use and therefore not purchased.
Tenny denied that the 21% error in Government grading reported
to the Committee yesterday was typical. On the contrary, he said, a
rough estimate of the error factor in classification and grading would
put it at from 2 to 2½%, not enough to affect market quotations. Be
also asserted his belief that review of the New York concentration of
cotton would show it to be properly graded, without an unreasonable per
centage of error.
Incidentally, the committee was informed in a letter from W. L. Clayton.
of the firm of Anderson, Clayton & Co., owners of a part of the New
York cotton under dispute, that review of the 100,000 bales now owned
by that company would be welcomed.
With the opening of the bearings on March 7, Arthur W.
Palmer, chief of the Cotton Marketing Division of the
Bureau of Economics, Department of Agriculture, was the
first to be heard; in its reference to the hearing that day
the New York "Journal of Commerce" said:
Members of the sub-committee directed many questions at the witness,
but in the majority of cases volunteered answers themselves. Practically
no disclosures were made at the opening session.
"I feel that with regard to speculation," said Mr. Palmer, "there is a
great deal yet to learn about it. I don't feel there is any agency that
has acquired knowledge enough to determine the influence of speculation."
Just prior to the opening of the Senate hearings, it was
charged on March 5 before a sub-committee of the House
Judiciary Committee that a combination of two cotton
brokerage firms was attempting to control the cotton markets of the country. The charge was made by Arthur R.
Marsh, former President of the New York Cotton Exchange.
We quote as follows from the Washington advices March
5 to the "Journal of Commerce":
Mr. Marsh appeared before the sub-committee in support of a bill
Introduced by Representative Rankin of Mississippi to amend the antitrust laws so as to permit the seizure of some 200,000 bales of cotton
which Rankin stated are held in New York for the purpose of making
market manipulations possible. Both the witness and the sponsor of the
bill link Anderson, Clayton & Co., of Houston, Texas, prominently with
the situation.
Charges Concentration Here.
Marsh explained to the subcommittee to-day that the manipulations complained of have been made possible by the concentration in New York of
large quantities of inferior cotton, now estimated, he said, at 185,000
bales, belonging to the Texas concern and George H. McFadden & Bro.,
of Philadelphia.
"The operations of these manipulations are predicated on the practice of
hedging, an insurance that is necessary to obtain credit with spinners and
foreign buyers," stated Mr. Marsh. "Unless he can hedge a merchant is
paralyzed.
"The manipulations are conducted by a single firm as leader, but with
several other federated firms, and work to put the rank and file of the trade
In a position on hedging where they must all lose money. This firm buys
1927.
in one market so great a quantity of future contracts that delivery is Impossible, and sells in another market a correspondingly large number of
1,939,560
793,761 contracts below the regular price of hedging, more than is required to
551.842 absorb the demand for hedging purposes.
7 Mos. End. Feb. 29.
1928.
1927.
1928.
200,199
43.735
81.824
151,244
72,719
34,348
50,821
257.010
70,990
55,015
271.257
92.484
147,540
116,211
902.918
685,697
447,893
1.580.882
663.430
676,537
273,594
2,094,009
811,398
1,038,936
470.013
634,890
1,010.507
5.230,951
7,699.519
Says Trade Forced to Pay Losses.
"In order to carry out these manipulations, this firm has concentrated
in New York a large quantity of cotton, which was brought North at a loss
of about $5 a bale."
1588
FINANCIAL CHRONICLE
Mr. Michener asked how the proposed legislation will help stop manipulation.
"It is just like taking a gun from a gunman," replied Mr. Marsh. "This
cotton has been used as a bludgeon to make producers, the trade and mann,facturers pay the losses which they themselves incur in the effort to do
a gigantic business. They get back their losses through manipulations, to
the disadvantage of the general body of cotton trade and producers."
The witness characterized the cotton held in New York as of the "touch
and go" variety and as being so close to unfit for spinners' needs that he
would accept it only in a very small percentage with good cotton. He
added that it was stamped by the Department of Agriculture when
going along with good grades as tenderable, but it was not reclassed in
New York. Because it is stamped tencrerable, he charged, it must be accepted under contracts when tendered, but since it cannot be used by the
spinners, it is turned back on the market, forcing the price lower and
lower.
L. M. Ganier, another witness before the subcommittee, testified to
having inspected 2,500 bales of cotton, of which 1,200 bales were of the
character complained of. Louis M. ()mond, a third witness, stated he believed that the cotton was not properly certified.
Jacob M. Gilber, New York attorney, brother-in-law of Justice Brandeis
of the United States Supreme Court, stated that he had discussed the Rankin bill with the Attorney-General. The change proposed is to substitute
"or used" for "or transported" in the existing law so that products used
to violate the anti-trust law could be seized whether or not they were
in inter-State commerce. Passage of the bill, he asserted, would give immediate relief to the South. Procedure under the existing law, he explained,
would require months before anything could be done. The subcommittee
consists of Representatives Michener, Michigan; La Guardia, New York,
and Summers, Texas.
[VOL. 126.
"The fact that some of the cotton is below average grade has added to
Its desirability since last Summer on account of the famine of low grades
in the present crop. This is proven by the fact that the discounts of the
lower grades have constantly increased and now stand closer to middling
than for several years."
In conclusion the witness reasserted his advocacy of Southern deliveries
on New York contracts, and he also explained the relationship of his firm
with other American and European concerns as commission agents or
brokers.
"New York is to-day the financial and trading center of the world
and is a logical place for the location of a great cotton futures exchange
like the New York Cotton Exchange," he declared, "but it is a most
illogical location as the point of delivery on the contracts traded in on
the exchange."
On resuming his testimony before the Senate Committee
on March 13 Mr. Clayton was immediately taken in charge
by Representative Rankin of Mississippi, and was questioned
at length, apparently for the purpose of permitting the Mississippi member to justify some of the assertions made by
him In Congress. During the course of his examination of
Mr. Clayton Representative Rankin had the assistance of
Jacob Gilbert, attorney for Mr. Marsh, says the Washington correspondent of the "Journal of Commerce"; the latter's further report of the hearing on March 13 going on to
say:
Beginning tomorrow, Senator Smith of South Carolina declared, all witnesses will be sworn. He stated that there has been a lot of extraneous
was expressed on the side lines in the comOn March 12 Mr. Clayton appeared voluntarily before matter offered, and the belief
mittee room that perhaps some of the accusations against the Clayton and
the sub-committee of the Senate Agricultural Committee other concerns that have been named may lead to some trouble, particularly
to deny the allegations concerning market manipulations, In view of the fact that testimony heretofore has not been of the privileged
accusations from
use of untenderable cotton in filling contracts, violations of character that would whitewash the maker of unfounded
possible legal penalty.
of
"Journal
The
matters.
similar
and
laws
'the anti-trust
Clayton Denies "Boast."
Commerce," from which we quote, said:
was made this morning Clayton immediately
announcement
the
When
Arthur
Gilbert,
attorney
for
At the close of the meeting to-day Jacob
a willingness to proceed under oath. His offer was rejected.
expressed
asserted
York
Cotton
Exchange,
New
the
E. Marsh, former President of
The witness entered a complete denial to the assertion made by Rankin
his cliert denied all the statements of this witness and would be prepared
that in an address before the New York Cotton Exchange he had declared
to take the witness stand to prove his own contentions.
that firms other than his own cannot hope to avoid loss in the cotton
Telling the committee reasons for building up a stock of cotton wareunless they can correctly guess his mind.
business
Clayton
housed in New York for delivery against hedge contracts there,
Ile presented the prepared statement he had read on that occasion, in
declared the New Orleans, Houston and Galveston markets are in constant which, however, there was no mention of such a suggestion, explaining
touch with the buying power of the world, which commences to draw upon that he had later been subjected to questioning by Marsh, Freeman and
their certificated stocks whenever the prices of New Orleans or Chicago others, during which he had referred to the fact that certain interests had
futures contracts drop sufficiently below the commercial values of similar suffered losses
because they had tried to operate against the Clayton firm
cotton in warehouse there to pay the cost of receiving cotton on futures, and to
outguess
it. He did not say he had made answer in these terms,
are
in
for
the
delivery
futures
current
month
of
he said. The prises there
but he made it very clear that anyone working on such a basis could not
the
in
spot
absolute
of
prices
control
contract
under
the
of
at maturity
help to avoid loss unless they could guess his mind. This matter probably
three primary Southern markets except within the narrow range of $1 per
will be made the basis of a debate with Marsh later on.
• bale, which represents the combined costs of delivering and receiving
Clayton attributed the opposition to his firm, as evidenced by the
cotton.
statements in the House of Representatives and before the committee, in
Decline Checked by World Demand.
part to the fact that this is the first time that a Southern spot firm has
this to be
"New York futures, on the other hand, since delivery must be in ware- occupied a position of leadership in New York. He declared
write into
houses in New York," explained the witness, "are controlled by the com- responsible for the unwillingness of the New York trade to
obstinacy that is
mercial value of cotton in New York only when there is a stock of cotton their contracts a provision for Southern deliveries, an
there adequate in proportion to the demand for future contracts. Under costing traders many thousands of dollars.
"The spot cotton leader, by concentrating large supplies in New York,
those conditions a decline in the price of New York contracts is checked
"At present,
by world demand when a level is reached at which the New York stock can has an advantage in cotton trading," he told the committee.
the first time that
• compete in price, landed at consuming destination, with cotton in the the Anderson-Clayton Co. happens to be the leader. It is
a Southern firm has lipid this position and it is one reason for the accuSouth.
"Under reverse conditions," continued the witness, "when the New sations being made against my concern."
York stock is inadequate in proportion to demand for futures contracts
Rankin and Clayton Clash.
nothing can check the upward swing of the futures prices until they reach
Rankin
of having yesterday misquoted him and then
witness
accused
the
and
for
pay
South
its transportation
a level that will bring cotton from the
Clayton, taking a copy of the Congressional Record containing the ascontract"
on
delivery
and all expenses incidental to
sertions in question, convinced Rankin he had been correctly reported.
"As regards security against 'corners,'" Clayton stated, "obviously the And Clayton
accused Rankin of attributing to him action in the market
most secure market is the market whose delivery points represent the lo- that led him to
tell the latter that he had talked without full knowledge
cation or inevitable point of passage for the most cotton. There can be of the
facts. This controversy in part involved the declaration by Rankin
no doubt that the New Orleans futures market, with delivery points at that the
Clayton firm had sustained a loss of $4 to $5 a bale on their
New Orleans, Houston and Galveston and with the greatest cotton territory
transfer shipments. The witness told the Congressman that he had merely
in
first
that
the
respect;
that
stands
points,
these
of the world tributary to
assumed that fact; that he did so without any knowledge of the price
• Chicago market, with delivery points at Houston and Galveston, stands sec- paid for the
cotton, and he was informed that this firm's transactions
ond, and that the New York market, as long as it is the sole delivery point, are not considered complete until the futures contract is sold against
stands last."
the spot contract.
The witness asserted his firm never benefits by declines in prices and
Rankin took up the accusation that Clayton had concentrated cotton
never speculates.
in New York for the purpose of beating down the market.
Short.
Never Deliberately
"Did you manipulate the market?" he asked. Clayton responded by
defining the word manipulate as given by the dictionary, which, he said,
"We have never been deliberately short of the market," he said.
•
Clayton explained to the committee that his firm's spot cotton trans- would show that he had never known manipulation.
"I was not the first to accuse you of manipulation, was I?" inquired
actions assumed proportions which compelled keeping a protecting stock
• of cotton in New York if they were to continue to sell substantial quan- Rankin.
"Oh no," Clayton laconically replied. "I am used to it."
tities of hedges in that market against their purchases of the producers'
He denied that his firm had practiced moral or commercial perversion
• cotton in the South. He told of their transactions in the cotton market,
his
• a report of which was filed a month ago with the Department of Justice, and plainly gave the impression that he had simply beaten someone at
and entered "the simple denial that we have made any unlawful, improper own game.
Representative Vinson of Georgia disputed with the witness as to whether
or unethical use of the New York cotton futures market during the 1925-26
his firm was short or long during certain seasons. The latter was conor any other -eason."
be"It is strange that our accusers, who have so bitterly opposed Southern fronted with a Ilouston contract of two years ago, but was interrupted
the condelivery on New York contracts and who still insist that New York is a fore adjournment in his explanation. There thus was in issue at
sold
had
spot market and a natural storage place for cotton, should, almost in the clusion of the morning's sessions the question of whether that firm
tendered
same breath, pretend to see something sinister in the shipment of 172,000 spot cotton under a contract so that the staple should not be
against a futures contract. He stated that by error his broker had written
bales of cotton to New York," Clayton said.
1 "Without the shipment of this cotton to New York for the protection of middling into the document
Secretary of Agriculture Jardine is to be requested to detail cotton
our short hedges in that market we could never have risked our capital
to
and our credit in the merchandising of anything like 2,600,000 bales of cot- elassers to accompany one subcommittee member to New York, there
resarnple each of the approximately 185,000 bales warehoused, and test
ton during that season.
also
asked
be
to
is
"This is the biggest percentage we have over bought of any crop— the certification of grade and staple. The department
is
It is 15% of the 1926-27 crop, a percentage which certain does not place to stand a considerable portion of the cost—about $1 per bale—but it
understood that Jardine will oppose this because of the drain on iM funds
us in the category of monopolists."
Senate, therefore,
, The witness presented statistics showing, he said, that New York permitting the carrying on of regular review work. The
, futures were not priced below their proper value in relation to prices in probably will be asked to set aside a sufficient fund for the purpose.
other markets during the period under considreation.
The hearing has continued daily during the present week,
Referring to the Rankin charges as to the quality of the cotton in New
and
on Mar. 1
5 Mr. Marsh was reported in the "Journal of
.
York, Clayton said:
low
is
in
cotton
as
grade
is
it
the
Commerce"
saying:
"If Representative Rankin means that
•
• -correct that a substantial part of it is below middling, although all of it
"I am prepared to state as a general truth," he added. "that one of the
is of the grades legally tenderable under the Smith-Lever Act,
principal reasons for the decline in cotton In 1927-28 has been the tremend-
MAR. 17 1928.]
FINANCIAL CHRONICLE
to the losses
ous contraction of the general body of the cotton trade due
inflicted upon it by the operations of Anderson, Clayton & Co."
The following is from the same account:
Referring to the statement yesterday by William L. Clayton of the benefi"from
cent purchase of some 2,600,000 bales in the South. Marsh declared
down
what I know of the way in which the merchants all over the South cut
of disthe quantity e cotton they bought and are buying for the purpose
made
tribution, I have no hesitancy in saying that these operations, which
our operations so unprofitable and in some cases ruinous, have contracted
bales."
least
5,000,000
at
trade
the
of
the buying powers of the general body
The witness presented statistics of price movements involving the markets of New Orleans, New York and Liverpool and charged that the Clayton firm through their foreign connections "bought almost the entire supply of extra staple cotton,then bid the price up in the open market and havabove
ing 60,000 to 70,000 bales of this very expensive cotton, quoted away
its industrial value." made it impossible for any of the English or Continental merchants to do business. The driving up of Liverpool and the
depressing of New York prices precluded the foreign trade from buying
in America and hedging at home, the 8% differential between American and foreign quotations, favorable to the former covering are, transportation costs and insurance having been wiped out in the manipulation.
Marsh asserted that the Clayton firm alone had been able to engage in
this foreign 6usine8s.
1589
the case of like cotton for a mistake of 15% to be made in a single
classification. It is said, however, that the average of error is about
5%.
The witness refused to go back of his statement that from the standpoint
of the Government the cotton in question, characterized as transfer cotton
and alleged to be of so poor a grade as not to be usable in the mills, comes
within the requirement for tenderability. He asserted that on the basis
of the rumors as to the quality of this cotton it was not considered necessary to reclassify it, since the transfer from New Orleans and other place/
to New York was in Government custody and classification had occurred
before the shipment had been made. The fact that this cotton had been
held in New York for about a year was not conclusive that it was not intended to take its place in normal trade.
"The department has exercised the greatest care in seeing to it that cotton presented for classification is up to the legal requirements," he explained, "and so thoroughly satisfied was the department as to the cotton that it does not feel that on general complaints, based on rumor,
there is any necessity to reclassify it."
Cottonseed Oil Production During February.
On Mar. 12 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured, shipped out, on
Clayton
Mr.
of
On Mar. 14 in referring to the questioning
during the month of February 1928 and
by Representative Vinson the Washington dispatch to the hand and exports
1927:
same paper said:
He was questioned by Vinson as to why his firm had caused to be held
In the South some 100,000 bales of cotton and this led to statements on his
advocacy of Southern deliveries on New York contracts. He stated that
to have brought the cotton to New York would have caused in the merchandising of the cotton the loss of the difference between the ruling March
price in New York and the cost of the cotton in the South, plus the transfer costs. By holding the cotton in the South for delivery a higher price
was paid the seller and his firm also made a slight margin.
The subcommittee was informed late this afternoon that three cotton
classers had been detailed to aid it in the re-examination of the cotton in
New York. It is not now expected that new samples will be pulled from
all of the approximately 172,000 bales in question.
As to testimony offered on March 8 by A. W. Palmer,
Chief of the Cotton Marketing Division of the Department
of Agriculture the advices to the "Journal of Commerce"
stated:
COTTON SEED RECEIVED, CRUSHED AND ON HAND (TONS).
State.
On Hand at Mae
Crushed
Received at Mills*
Feb. 29.
Aug. 1 to Feb. 29. Aug. 1 to Feb. 29.
1927.
1927.
1928.
1928.
1927.
1928.
4,428,736 5.751,008 4,028,065 4,949,561 489,955 818,715
286,855 332,491 253,483 297,977 34,155 34.717
878
6,094
40,172 50,213 39,467 44,164
301,863 427,107 271,614 388,926 31,930 38,751
8.136 16,995
47,131 80,430 41,764 63,435
411,208 600,591 386,003 524.640 27.587 77,373
154,709 224,232 153,987 196,700 11.350 27,661
526,989 630,804 455,397 544,787 84,263 92,194
285,201 397,327 264,497 321,640 21,458 76,208
357,372 534,823 311,383 421,125 67,545 114,078
11.253 24,947
194.113 268,435 184,175 244,100
266,632 327,197 237,992 298,548 29,756 30,470
267,987
1,485,648 1,764,701 1,360,298 1,502,086 159,281
11.240
2.363
101.433
MOOS
119 M7
70 552
All nthar
on
23,249
hand
tons
and
tons
89,784
* Includes seed destroyed at mills but not
Aug. 1, nor 41,596 tons and 67,597 tons reshipped for 1928 and 927 respectively.
ON
AND
OUT
SHIPPED
COTTONSEED PRODUCTS MANUFACTURED,
HAND.
United States
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
Despite the fact that this investigation is seemingly being conducted
by a committee of the Senate under a Senate resolution, practically the
entire examination of Palmer was conducted by Representatives Vinson
(Georgia) and Rankin (Mississippi). Throughout their questioning Palmer
Produced
ShloPed Out
was stopped in the middle of his answers whenever apparently the trend
On Hand
Aug. Ito
Aug. 1 to
On Hand
Season
Item.
of his response did not accord with the testimony the questioners wished
Feb. 29.
Feb. 29.
Feb. 29.
1.
Aug.
to develop.
*159,301,534
Defends Classification.
1,139.444,536
1,262,036,719
1927-28 *16,296,641
Crude oil
8,280,561 1,473,253,608 1,379,883.150 155,429,545
1926-27
(pounds)
The witness insisted that the classification of cotton by the departmental
a566,832,429
1927-28 a378,612,700 5991,283,168
Refined oil
was
His
is
attention
humanly
possible.
as
correct
near
as
460,490.868
was
classers
(pounds) ____ 1926-27 145,670,884 1,180,701,015
170,827
1,689,073
1,796,268
63,632
called to the fact that upon a re-examination of scene 100 bales on account Cake and meal_ - 1927-28
152,147
2,206,467
2,215,770
142,844
1926-27
(tons)
of John Clarke & Co. of New Orleans, 21 bales were found to be untender151,091
1,160,087
1,143,133
168,045
1927-28
Hulls
that
there
in
allegation
held
have
been
the
229,307
able. Stress was placed upon
1,305,370
1,442,344
92,333
(tons)
1926-27
for
of
bales
185,000
the
purpose
155,307
distinct
some
market
637,962
747,092
46,177
the New York
Linters (running 1927-28
192,848
677.588
804.683
65,753
bales)
1926-27
manipulating the market.
19.489
62,039
59,598
21,930
fiber
1927-28
18.378
"I think that the cotton is classed as well as it is possible for classers Hull
64,976
66.019
17,335
bales)
(500
1926-27
lb.
8,113
22,031
28,302
to do it," declared Palmer, having previously asserted that the standard- Grabbots, motes 1927-28
1,842
11,792
21,511
not
of
is
a
matter
26,540
scientific exactitude
6,763
ization and classification of cotton
&o.(506-1b.b.) 1926-27
manufacturing
been
had
attention
called
and
to
refining
yesHis
by
samples
held
• Includes 6,235,454 and 8,965,814 pounds
but one of interpretation.
22,320,650 pounds In transit to ref ners and conterday presented to the subcommittee in the nature of perishable fiber, establishments and 4,638,300 and
sumers Aug. 1 1927 and Feb. 29 1928, respectively. refiners, brokers,
declared to have been drawn from the bales complained of.
agents and
pounds held by
14,127,674
and
a
9,784,634
Includes
"You must realize that the boards of cotton examiners have functions warehousemen at places other than refineries and manufacturing establishments.
lard
of
manufacturers
substitute.
to
and 10,818,983 and 6,321,633 pounds in transit
which take on the nature of courts."
soap, arc., Aug. 1 1927 and Feb. 29 1928. respectively.
Palmer was asked to present a statement giving the antecedents of each oleomargarine,
b Produced from 1,070,334,942 pounds crude oil.
this
desire
being
for
a
to
by
wish
prompted
apparent
the
of the examiners,
COTTON SEED PRODUCTS FOR SIX MONTHS ENDING
OF
EXPORTS
ascertain whether they had been connected with any of the large cotton
JAN. 31.
1927.
1928.
dealers and traders.
Item27,665.229 11,993,777
The witness astonished his listeners with the statement that "the disposi- Oil, crude (pounds)
10,216,058
4,543,173
is
the
deliver
to
poorest
Refined
the
cotton which
(pounds)
tion of every tenderer of cotton
344,001
255,628
Cake and meal (tons)
102,666
99,713
law will allow passed." He later explained this as meaning that it was Lhiters(running
bales)
of
cotton
to
the
a
the
furnish
shipper
grade
better
of
interest
the
not to
than that called for on contract covering the transaction. He asserted
Abandoned by American Section
that any purchaser of cotton feeling himself aggrieved in the belief that Short Time Ballot
of Manchester Cotton Spinners.
he was not receiving the staple to which he was entitled could apply to the
Government for a reclassification. He stated that upon request by a cotton
Manchester (England) Associated Press cablegrams
trader or a bona fide complaint by a citizen, or on demand of Congress,
9 stated:
March
be
reviewed.
would
classification
any
A plan of balloting within the American section of cotton spinners
Not Concerned with Rumors.
on the advisability of adopting short time has bee, abandoned, the FederaHe declared, however, that it was not considered to be required of the tion of Master Cotton Spinners was informed to-day.
Department of Agriculture that it take cognizance of market rumors, since
Announcement was made that the idea was abandoned mainly because
so often rumors are resorted to in an effort to assist in manipulations. it was feared that it would be impossible to obtain the necessary majority
he
why
to
know
had
not
demanded
atpaid
some
Rankin
Representative
of 80% in its favor.
No further action has been taken regarding the breakdown last week
etntion to the charges made by him in the House of Representatives on
February 7, exposing conditions alleged to exist in the New York market. of the conference between representatives of employers and trade unius
Mr. Rankin admitted that he had not officially called the attention of the on the crisis in the cotton trade.
To-day's meeting of the federation decided to leave the next step in
Department to his complaint, expressing surprise that all having to do with
which is accepted to
cotton had not taken the matter up, since, he said, had he attacked any the matter to the Wages Committee, an attitude
masters to force matters
one of them, or advocated that salaries be raised, he would have been mean that there is no intention on the part of the
by resorting to a lockout.
immediately called on the telephone.
Mr. Palmer denied that the Department had any right to inquire into
trading on the market under rumors that there was manipulation. He deBankruptcies Growing in British Cotton Trade.
fined the latter term and declared it could be employed in the interest
WI
of
by
well
as
cotton,
the
cotton
consumers
and
From
the New York "Evening Post" we take the following
of the legitimate buyers
gamblers. Ho said there were no statistics in the department showing Manchester (England) advices, March 12:
the possible extent of gambling.
Bankruptcies are increasing in volume in the American section of the
With respect to a complaint of violations of the anti-trust law in the British cotton trade following a breakdown of the negotiations over the
with
the.
filed
Department of Justice wage issue and the tide of financial embarrassments is "beginning to engulg
manipulation of the cotton market,
"Times."
by Former President Marsh, of the Cotton Exchange, he stated that his even the sounder concerns," according to the London
Calling up of capital by the weaker mills is said to be endangering position
Department had not officially been appraised of the situation and since
of the Agricultural Depart- of the stronger ones by causing a withdrawal of loan money and attention
that constituted a question of the reliability
that Department should take is called to the face that limits to bank advances have been reached.
ment's classers, it was not a matter which
The newspaper says that the mills are practically unsaleable except at
up on its own volition.
is beginning to be dismantled
It would appear from the discussion that in part there was trouble over breakup prices and that even their machinery
productive power of Lancashier's competitors.
cotton that was "on the line" between tenderable and non-tenderable. and sent abroad to swell the
employers to work out a national plan of amalgamation
That seemingly was manifest in the cotton complained of by the Clarke Co. The "Times" urges
was not impossible in instead of engaging ins futile attempt to reduce wages.
While that was an "error" of 21%, Palmer said it
1590
FINANCIAL CHRONICLE
[Vol,. 126.
Transactions in Grain Futures During February on to bear in London to clear the atmosphere, that it is expected
that Premier Baldwin will issue a statement before the
Chicago Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain Easter holidays. The letter goes on to say:
It would appear now that some sort of compromise between immediate
futures on the Board of Trade of the City of Chicago, by abolition
and the retention of restriction is to
accepted. We incline
days, during the month of February, together with monthly to the belief that ample notice will be given to be
the estates. as previously
promised,
and this will probably mean six months' notice from the end
totals for all "contract markets," as reported by the Grain
the preset quarter, or from May 1.
Futures Administration of the United States Department ofIn
the meantime the market is nervous, although there are definite
of Agriculture, were made public March 6 by L. A. Fitz, indications to-day of some accumulation on the part of consumers. We
Grain Exchange Supervisor at Chicago. For the month of still believe that with the present level operations are safer on the long
side of the amrket.
February 1928 the total transactions at all markets reached
The stocks of rubber in London wore decreased last week by 58 tons
1,285,087,000 bushels compared with 986,373,000 bushels to a total of 62,920 tons. It is anticipated that there will be a further
of 1,000 tons this week.
in the same month last year. On the Chicago Board of decrease
We estimate arrivals at New York from March 1 to 15 inclusive at
Trade the transactions in February this year amounted to 16.115 tons.
We estimate arrivals for the entire month of March, all ports United
1,119,566,000 bushels, against 857,330,000 bushels in
of America, at 3.1,000 tons.
January last year. Below we give the details for February- States
Rubber Association figures for February on the basis of 100% are as
the figures representing sales only, there being an equal follows:
volume of purchases.
VOLUME OF TRADING.
Expressed in Thousands of Bushels, i.e., 000 Omitted.
Dale-February 1928- Wheat. Corn.
Oats. Rye. Barley. Flax.
1
14.208 18,095 1,223
2
12,031 23,068
908
3
9,378 12,926
777
308
4
14,076 12,092
896
5 Sunday
6
17,134 14,930 1,269
912
7
11,587 13,927
639
224
8
14,807 40,950 2,206 1,057
9
26,280 38,154 2,631
865
10
936
18,392 22,776 1,251
11
9,810 32,516 1,535
665
12 Sunday
13 Holiday
14
627
11,460 48,796 2,372
15
11.365 40,167 1.691
803
16
40,685 40,316 4,280 1,837
17
23,156 27,390 1,610
940
18
8.150 19,085
455
723
19 Sunday
20
24,754 17.530
985 1,284
21
19.660 38,365 1,842 1.316
22 Holiday
23
25,072 39.099 2,885 1,482
24
19,358 23,007 1,653
599
25
15.930 22,429 1,020
495
26 Sunday
25,267 44.139 3.200
27
934
21.435 29,345 2,609
28
838
15.223 29,929 6,470
29
625
Month of
Total.
34,197
36,488
23,389
27,352
34,245
26,377
59,020
67,930
41,355
44,526
63.255
54,026
87,118
53,096
28,413
44,553
61,183
68,538
44,617
39,874
73,540
54,227
52,247
Total Chicago Bd.of Tr_ 407,218 649,031 44,675 18,642
-1,119,566
Chicago Open Bd.of Tr_ 22,330 17,664
619
10
Minneapolis C.of C____ 44,118
____
6,340 1,513 2.410 482171.13
Kansas City Bd. of Tr__ 18,675 24,012
42,687
Duluth Board of Trade- *11.724
--------3,439
30 877
16,070
St. Louis Merch.Exch- a1,588 2,736
4.324
Milwaukee C.of C
1,779 4,141
-.
653
. -iii
6,765
Seattle Merch. Exch__ _
175
175
Los Angeles Grain Exch.
0
San Francisco C. of C__
4
4
Total all markets_ - 507.607 697,584 52,187 23,896 2,444 1,369 1,285,087
Total all mktg. year ago_ 580,158 287,735 77,798 38,009
868 1,804 986.373
Chic. Bd.of Tr. year ago 493,444 268,854 65,277 29.755
857,330
• Durum wheat with exception of 1.706 wheat. a Hard wheat with exception of
17 red wheat.
COPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR FEBRUARY 1928 (BUSHELS).
("Short"side of contracts only,there being an equal volume open on the "long"side.
Corn.
Wheat.
February 192*.
Oats.
Rye.
Total.
85,492,000 893.008,000 37,761,000 9,942,000 8226,203,000
1
2
86,526,000 93,178,000 37,785,000 9,926,000 227,415,000
3
86,704,000 93,808,000 a37,881,000 9,957.000 228,350,000
4..
87,146.000 93,804,000 37,667,000 9,788,000 228,405.000
5 Sunday
e
86.938.000 94,213,000 37,676,000 9,846,000 228,673,000
7
88,999,000 95,220,000 37,461,000 9,906,000 229,590,000
8
87,260,000 94,387,000 37.548,000 10,033,000 229,228,000
9
86,688.000 94,974,000 37,630,000 9,805,000 229,077,000
10
85,738,000 95,899,000 37,552,000 9,834,000 229,023,000
11
86,173,000 98,158,000 37,820.000 9,856,000 232,007,000
12 Sunday
13 Holiday
14
88,373,000 97,855,000 37,737,000 9.938,000 231,903,000
15
86,314,000 99,285,000 37,387,000 a10,064.000 233,050,000
16
85,891,000 98.598,000 37.380,000 9,658,000 231,527,000
17
884,919,000 98,384,000 37,316,000 9,557,000 230,176,000
18
84,970,000 99,464,000 37.146,000 9.593,000 231,173,000
19 Sunday
20
86,813,000 100,141,000 37,275,000 9,543,000 233,772,000
21
86,917,000 100,082,000 37.182,000 9,351,000 233,532,000
22 Holiday
23
86,436,000 100,372,000 36,867,000 9,050,000 232,725,000
24
87,755,000 100,686,000 36,538,000 8,991,000 233,970,000
25
87,076,000 102,094,000 36,234,000 8,934,000 234,338,000
26 Sunday
27
a88,512,000 103,912,000 36,306.000 9,039,000 237,769,000
28
87.950,000 103,873,000 835,910,000 b 8,863,000 236,596,000
29
88,041,000a105,655.000 36,033,000 8,875,000 a238.604.000
February 1928_ 86,679,000 98,133,000 37,221,000 9,580,000 231,613,000
February 1927_ _ _ 87,976,000 77,933.000 a49,714.000 al5.683,000 231,306,000
January 1928_ _ 81,733.000 83,525,000 36,132,000 9.882,000 211.272,000
December 1927_ 75,934,000 75,150,000 34,430,000 9,746,000 195,260,000
November 1927_ _ a91,783.000 77.134,000 35,026,000 10.768,000 214,711,000
October 1927_ _ __ 90,071,000 868,679,000 36,353,000 10,038,000 205,141,000
September 1927_ 80,043,000 69,773,000 35.944,000 10.645,000 196,405,000
August 1927
82,883,000 82,329,000 30,721,000 11,163,000 207,096,000
July 1927
79,704,000 78,319,000 827,803,000 10,544,000 196,370,000
June 1927
74,075,000 76,816.000 32,549,000 10,145.000 193,585,000
May 1927
888,957,000 69,326,000 36,798,000 58,507.000 8179.588,000
Apr111927
80,193,000 80,416,000 43,551,000 13,585,000 217,745,000
March 1927
88,896,000 a84,959.000 48,396,000 15,099,000 0235.350,000
(1E110. 81,0w.
Rubber Market Steady but Nervous-Stocks on Hand
Lower.
The rubber market closed yesterday, March 16, quite
steady after an extremely active week, says the F. R.
Henderson Corp. in their market letter this week. Rumors
have again been rife with regard to the coming statement
of the British on the restriction situation. There is so
much uncertainty, and so much pressure is being brought
February 1928. January 1928.
Consumption
Arrivals
Stocks on hand
Stocks afloat
Consumption of reclaim
33,703 t011.9
29,445 tons
108,955 tons
43,316 tons
16,400 tons
34,403 tons
46,243 tons
110,224 tons
41,256 tons
17,700 tons
Prices for the week ended March 16 are shown at the following level:
March 10-16.
March
April
May
June
July
August
September
October
November
December
January
February
March 9
Close.
High.
Low.
25.10 Nom.
25.20 Nom.
25.40T
25.40 Nom.
25.40 T25.00
2.50 Nom.
25.50T25.60
25.25.Nom.
25.50 Nom.
25.501525.60
25.60 Nom.
25.70 Nom.
25.30
25.40
26.30
25.50
26.50
26.00
26.90
25.80
26.00
26.90
26.10
25.80
22.70
23.30
22.90
24.00
22.80
24.00
22.90
23.50
24.00
22.90
24.10
23.90
March 16
Close.
24.901525.20
25.10 Bid
25.30T
25.30 Nom.
25.401525.60
25.60 Nom.
25.80 T
25.80 Nom.
25.80 Nom.
25.80T
25.80 Mom.
25.80 Nom.
Cuba Crop Decree Issued-President Machado Fixes
Crop at 4,000,000 Tons and Announces Penalties.
The following is from the "Evening Post" of Mar. 14:
Havana dispatches to-day stated President Machado issued sugar crop
decree, fixing the present year's crop at 4,000.000 tons. The sugar defense
is to list mill allotments on the basis of last year, which was
based on the 1925 crop.
Heavy fines are established for violations, each mill is required to leave
10% of the cane standing, including administration grown cane, and that
of Colonos in equal ratio, and no mill is allowed to grind the came appertaining to another mill.
In case a mill has not sufficient cane to make up its allotment of sugar it
must still leave 10% of its cane standing, the amount of its deficit to be
distributed among other mills that can fill the amount and still leave their
10% of cane standing. Wills are not alowed to grind acne of Colones
not included in reports of crops to commission.
commission
Crude Oil Prices Unchanged-Gasoline Revised in a
Few Districts.
The price of crude oil throughout the country remained
without important changes during the week just closed.
Gasoline prices, however, showed a few changes. In Philadelphia, Pa., for instance, on March 15 the American Oil
Co. which is affiliated with Pan-American Petroleum &
Transport Co., reduced the price of gasoline 2 cents per
gallon at filling stations throughout Eastern Pennsylvania,
making service station price 22 cents, plus 3-cent State
tax. There has been no change in the company's "American States" gasoline, which continues to sell at 18 cents
per gallon, plus tax. The reduction of the gasoline price
by the American Oil Co. is not expected to be followed by
other oil companies in Eastern Pennsylvania, inasmuch as
the company's gasoline, which is a benzol blended product, has been selling at a premium of 6 cents a gallon over
motor gasoline of all-other refiners. The reduction, therefore, leaves Amoco gasoline still 1 cent a gallon higher
than ethyl and other high test gasolines at the big refining
companies' filling stations.
The Standard 011 Co. of New Jersey on March 16 advanced the price of export gasoline 1 cent to 24.65 cents a
gallon in cases. On the same day, the Sinclair Refining
Co. advanced the price of gasoline in tank car lots 1 cent a
gallon at Atlantic Coast and Gulf ports, making the new
price 8% cents at New York, Philadelphia and Portsmouth,
and 9 cents at Tiverton, R. I.
On March 16, the Continental 011 Co. at Denver, Colo.,
advanced the service station price of gasoline 1 cent a
gallon to 19 cents. The raise applies to Denver territory
only and was met by other companies.
Wholesale prices in Chicago on March 16 stand as follows: Motor grade gasoline, 614@6% cents; kerosene, 4143 water white, 414@4/
1
2 cents; fuel oil, 24-26 gravity,
87%@90 cents.
Men. 17 1928.]
FINANCIAL CHRONICLE
Crude Oil Production Shows Slight Decline.
A decrease of 1,050 barrels was reported in the daily
average crude oil production for the week of March 10, according to the statistics compiled by the American Petroleum
Institute. The gross crude oil production in the United
States for the week ended Mar. 10 1928 was 2,355,700
barrels as compared with 2,366,750 barrels for the preceding
week. Compared with the output of 2,461,050 barrels in
the corresponding week of 1927 current output shows a
falling off of around 105,350 barrels per day. The daily
average production east of California was 1,741,500 barrels,
as compared with 1,742,350 barrels, a decrease of 850
barrels. The following are estimates of daily average gross
production by districts for the weeks given:
(La Barrels.)
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
DAILY AVERAGE PRODUCTION.
Mar. 10 '28. Mar. 3'28. Feb. 25 '28. Mar. 12 '27.
653,400
653,950
708,850
658.700
113.100
116,350
112,750
110,700
72,750
130,350
72,850
73,750
67,900
90,150
68,200
68,550
53.600
88,350
52,800
53.000
304.150
86.500
305.600
297,900
43.000
22,900
23,100
23,500
36.900
23,650
23,400
23,600
52,400
44,900
44,900
45,300
86,350
124,050
86,700
87,750
141,050
102,750
99,450
99,100
13.800
16.500
19,000
15,400
105.000
102,250
103,000
103,500
59,050
56,550
55,950
53,600
13,600
10,950
10,950
10,950
7,850
7,450
7,250
7.800
5,300
2,350
2,100
2,550
638,500
614,200
613,900
614,400
1591
Production of Portland Cement in February Exceeds
Same Month in 1927-Shipments Increase Slightly
Over January-Stocks 16% Higher Than a Year
Ago.
The Portland cement industry in February 1928 produced
8785,000 barrels, shipped 6,559,000 barrels from the mills,
and had in stock at the end of the month 27,339,000 barrels,
according to the United States Bureau of Mines, Department of Commerce. The production of Portland cement in
February 1928 was 19% greater and shipments about 3%
less than in February 1927. Portland cement stocks at the
mills were 16% higher than a year ago. The output of finished cement by the 155 plants active during February 1928
was equivalent to 47.5% of the estimated capacity, as compared to an output of 44.6% of capacity of the 141 plants
active in February 1927. The Bureau also gave the following data:
PRODUCTION. SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS,IN FEBRUARY 1927 AND 1928 (IN BBLS.).
Produdion.
District.
1927. 1
1928.
Shipments.
1927.
1928.
Stocks End of Month.
1927.
1928.
Eastern Pa., N. J.
I
and Maryland__ 2,353,000 2,135,000 1,708,000 1,455,000 5,761,000 6.566,000
New York
229,000 305,000 215,000 288,000 1,453,000 1,778,000
Ohio, Western Pa.
and West Virginia 865,000 978.000 543,000 487,000 2,942,000 3.393.000
Michigan
263.000 291,000 334,000 316,000 2,019,000 2,194.000
Wis.,1II.,Ind. Az Ky. 450,000 901,000 652,000 578,000 3,239,000 3.732.000
Va
Va.
., Tenn., Ala.,
Total
Fla.&La
2,355,700
2.356,750
1,020,000 1,037,000 992,000 922.000 1,197,000 1,967,000
2,349,150
2,461,050
Eastern Mo., Iowa,
The estimated daily average gross production of the Mid-Continent
Minn. ds S. Dak_ 404,000 747.000 362,000 319,000 3,241,000 3,955.000
field Including Oklahoma, Kansas, Panhandle, North, West Central, West Western Mo., Neb.,
Kansas & Okla
236.000 487,000 527,000 495,000 1,556.000 1,647,000
Texas, East Central and Southwest Texas, North Louisiana and Arkansas,
460,000
475.000
396.000 460,000 382,000 423.000
for the week ended March 10 was 1,442,700 barrels, as compared with Texas
Col., Mont.& Utah
482.000
496,000
85,000
65,000 108,000 101.000
1,444,650 barrels for the preceding week, a decrease of 1,050 barrels. The California
764.000
707,000
888,000 1.164,000 736,000 1,016,000
Mid-Continent production excluding Smackover, Arkansas heavy oil was Oregon and Wash
491,000
387,000
208,000 172,000 179,000 175,000
1,376,150 barrels as compared with 1,377,700 barrels, a decrease of 1,550
-,nnmnn o ooenn a .701 nnn a nnn nnn 02 nag nnn 07 .VIOnnn
barrels.
The production figures of certain pools in the various districts for the PRODUCTION. SHIPMENTS AND STOCKS OF FINISHED PORTLAND
current week compared with the previous week follow: (figures in barrels
CEMENT, BY MONTHS, IN 1927 AND 1928 (IN BBLS.)•
of 42 gallons):
-Week Ended-Week EndedStock at End of Month
Shipments
Prodl,c,ion
Oklahomabfar.10 Mar. 3
North LouisianaMonth.
Mar.10 Mar. 3
North 13reman
2,900 2,850 HaynesvIlle
6,300 6,400
1928.
1927.
1927.
1927,
1928.
1928.
South Dreman
1,850 1,950 Urania
8,050 7,850
Tonkawa
14,900 15,300
Jan --- _ 8,258,000 29.766,000 5,968,000 26.540,000 22,914,000.25,175.000
Garber
9,900 9,950
ArkansasFeb_ _ _ 7,377,000 8,785,000 6,731,000 6,550.000.23,563.000 27,339,000
Burbank
43,950 44,450 Smackover.light
8,550 8,500 March__ al1,450.000
23,922,000
•11,100,000
Bristow Slick
24,800 24.900 Smackover,heavy
66,550 66,950 April_
14,048,000
23.654,000
14,350.000
Cromwell
May.
10,100 10,100
16.701.000
23.503,000
16,865,000
Wewoka
8,200 8,150
Coastal TexasJune _
17,224,000
20,972,000
19,761,000
Seminole
8,400 8,000 July_
55,150 56,950 West Columbia
17.408.000
19,397,000
18,984,000
Bowlegs
86.100 88,400 Blue Ridge
4,650 4,150 Aug18.315,000
16,292.00
21.411.000
&aright
18,300 18,150 Pierce Junction
7,500 8,250 Sept__ 17,505,000
13.996,000
19,828,000
Little River
39,500 34,100 Hull
11,600 12,000 Oct 17,174,000
13,141,000
18,105,000
Earlsboro
105,000 107,700 Spindletop
37,900 34,400 Nov_
14,449,000
.16,022,000
11,619,000
Panhandle Texasl Orange County
4.300 4,400 Dec_
11,999,000
21,821,000
6,200,000
Hutchinson County__ 45,400 46,200
Wyoming7.100 7,050
Carson County
Total 171 005 non
1711 022 ono
Gray County
19,250 18,600 Salt Creek
38,450 39,700
a Revised.
Wheeler County
950
9501
MontanaWest Central TexasThe above statistics are compiled from reports for February
12,400 12,250 Sunburst
Brown County
9,000 9,000
Schackelford County.-- 7,000 6.500 I
from all manufacturing plants except two, for which estiWed TexasCaliforniaReagan County
19,900 19,700 Santa Fe Springs
38,000 38,000 mates have been included in lieu of actual returns.
Pecos County
46,400 45,900 Long Beach
118,500 119,000
Crane & Upton Counties 86,000 90,500 Huntington Beach
58,500 58,500
Winkler
138,500 136,300 ,Torrance
19,500 19,500
East Central Texas
!Dominguez
12,500 12,500 U. S. Steel Corporation Unfilled Tonnage Shows
Corsicana Powell
11.500 11.600 Rosecrans
7,000 7,000
Further Increase in February.
Nigger Creek
1,300 1,300 Inglewood
29,800 30,000
Southwest Texas; Midway-Sunset
80,000 79,500
The
United
States Steel Corp. in its monthly statement
Luling
13,950 13,700 Ventura Ave
53,500
52,500
Laredo District
6,600 6,500 Seal Beach
39,500 39.500 issued as of Mar. 10 1928 reported unfilled tonnage on the
Production of Slab Zinc in United States in February.
Stocks of slab zinc on Feb. 29 totaled 41,317 short tons
as compared with 42,163 short tons at the beginning of
the month, a decrease of 846 short tons, according to the
American Zino Institute, Inc. Production in February
amounted to 50,042 short tons, compared with 52,414
short tons in the preceding month and 51,341 short tons
in February 1927. Shipments totaled 50,888 short tons
last month, of which 46,754 short tons went to domestic
consumers, and 4,134 short tons were exported. Metal
old, not yet delivered, at the end of February amounted
to 26,198 tons; total retort capacity at Feb. 29 was 126,760
tons; number of idle retorts available within 60 days, 45,272;
average number of retorts operating during February,
72,216; number of retorts operating at the end of the month,
72,444. The monthly figures are as follows:
books of the subsidiary corporations, as of Feb. 29 1928
at 4,398,189 tons, the largest amount since February 1926.
This figure is 122,242 tons higher than at the end of January. On Feb. 28 1927 the unfilled orders aggregated 3,597,119 tons. In the tabulations below we show the amounts
back to 1923. Figures for earlier dates may be found in
our issue of Apr. 14 1926, page 1617:
26.OF
UNFILLED ORDERS OF SUBSIDIARIES
End of Month 1928.
1927.
January
4,275,947 3,800,177 4,882.739
February ....._ 4,398,189 3.597319 4,616,822
3,553.140 4,379.935
March
Apr41
3,456.132 3,867.976
May
3,050.941 3.649.250
3.053,246 3.478,642
June
July
3,142.014 3.602,522
3,196,037 3.542,335
August
3,148,113 3,593,509
September
November3,341.040 3,683,661
Oetober
3.454.444 3.807,447
Decemhps
3972874
3960.069
.
. ,
U. 92
1925.
5.037,323
5.284,771
4,863,564
4.446,568
4.049,800
3.710.458
3.539.467
3,512,803
3,717,297
4.109,183
4.581.780
5033364
. .
CORPORATION.
1923.
1924.
4.798,429 6,910,776
4,912,901 7,283,989
4.782,807 7,403,332
4,208.447 7,288.509
3,628,089 6.981.851
3,262,505 6.386,261
3,187.072 5,910,763
3,289,577 5.414.663
3,473.780 5.035,750
3.525,270 4.672,825
4,031,969 4.368,584
4.816.676 4.445.339
New Business in Steel Shows Signs of Recession-Pig
Iron Is Less Steady.
The steel market has lost some of the momentum that
carried production and prices sharply upward in the first
two months of the year observes the Mar. 15 issue of the
"Iron Age." Ingot output continues at a high rate, but
there has been a shrinkage in new business, which is not
uncommon following a period of heavy buying and recent
price advances have been proportionately less effective. In
For production, &a., figures for the first half of February, fact, a less uncompromising attitude toward prices on the
part of the mills is interpreted as indicating their growing
see "Chronicle of March 3 1928, page 1276.
PRODUCTION, SHIPMENTS AND STOCKS AND END OF PERIOD
(FIGURES IN SHORT TONS),
Domestic
ProTotal
Stocks at
Shipments.
duction.
Exports. Shipments. End of Mo.
Month of45,771
52,414
5.23151,002
42,163
1928-January
4,134
46,754
60,042
50.888
February
41,317
46,483
4,433
52,347
50,916
40,751
1927-December
44,374
1,746
49,217
November
46.120
39,320
46,602
1,637
50,185
48,239
October
36,223
4,007
44,038
47,735
48,045
September
34,277
4,803
43.359
47,627
56,162
39,329
July
1,876
44,821
51.626
46,697
41,208
April
4,760
43,555
51,341
48,315
32,938
FebruarY
2,989
45,884
56,898
48,873
29.912
January
1592
FINANCIAL CHRONICLE
concern over the duration of the present high rate of operations, declares the 'Age," adding:
The average daily output of ingots in February at 160,591 tons, was
ming
unusually heavy, being the fourth highest rate ever reached and c,
within 3.6% of the record made in March 1927. So far this month there
has been no recession from the February rate, and it is now conceded that
production for the 31 days may match that of March a year ago. Steel
Corporation plants continue to operate at 90% of ingot capacity, and
Independents are probably averaging somewhat better than 80% as a result
of heavier output in the Youngstown district.
At Chicago the tendency is definitely in the direction of further increases
in production, since buyers are specifying heavily against expiring contracts written at lower prices than now prevail. Shipping orders there,
which were 20% heavier than in the preceding week, were the fourth largest
since 1925. Mill schedules are so well filled that deliveries, of necessity,
will lap over into the second quarter.
Specifications, particularly for automobile steel,have also shown a gain at
Cleveland. In the Pittsburgh and Philadelphia districts shipping orders
for plates, shapes and bars are lagging and there is correspondingly less insistence on advanced prices. Buyers generally have been permitted to
cover for second quarter at 1.85c., base Pittsburgh, or $1 a ton below the
recent advance, and many of them still have considerable tonnage due them
on first quarter contracts at 1.80c., possibly enough to supply their April
requirements. The test of the advance to 1.85c., let alone the later one to
1.90c., may not come for another month.
Makers of cold-finished steel bars have withdrawn an advance of $2 a
ton, announced early last month, and are continuing first quarter prices of
2.20c. per lb., Pittsburgh or Chicago, on second quarter business.Producers of wire nails, who raised prices and revised extras late last year, are
being undersold in some instances by distributors who stocked more heavily
than consuming demand warranted. Another factor for weakness in nails
is the fact that mill shipments against low-priced contracts have not yet
been completed. Unsatisfactory demand for pipe continues to be reflected
in price irregularities.
Sheet prices, on the other hand, appear to have held their advance, although some shading on the galvanized finish is reported in northern Ohio.
However,sheet and strip steel buyers, including the automobile companies,
are showing little interest in second quarter contracts. Meanwhile, sheet
mill operations for the country average 88% of capacity, but backlogs are
being reduced. Unfilled orders of independent mills at the end of February
amounted to 667,054 tons, a loss of 27,143 tons in the month. Sales in
Feb.were at the rate of 793i% of capacity,as against an output of98.7%.
This showing is regarded as a truer reflection of the current trend in the
steel industry than the unfilled orders of the Steel Corporation as of Feb.29,
which, contrary to expectations. showed an increase of 122,242 tons. This
gain, however, is believed to have been due in large part to one or two
Installments on running contracts for material apart from railroad, automobile or building steel.
Alloy steel bars have been placed on a common base of $2.65 per 100 lb.
f. o. b. mill, with a schedule of alloy differentials for various grades. Changes
in the prices of given alloys will be reflected in the differentials for the alloy
steels affected, while general fluctuations of the steel market will show in
the base price.
Among the steel consuming lines, the automobile industry is conspicuous
for its expanding operations. Railroad buying of rails has been virtually
completed, but orders for track supplies at Chicago totaled 8,000 tons for
the week. The use of track accessories, particularly tie plates, has been
increasing rapidly in recent years. Production of tie plates in 1926 at
608,878 tons, showed a gain of 100,000 tons over the preceding year and
nearly 350,000 tons over the output of 1920.
Railroad car buying is still below expectations, but prospects have been
brightened by the appearance of inquiries for 1.000 automobile car bodies
for the Chicago & North Western, 425 cars for the Southern Pacific and
192 for the Detroit, Toledo & Shore Line.
Two aqueducts to be build near Oakland, Cal., will require 8,000 tons of
steel pipe or 25,000 tons of cast iron pipe. Other construction work includes 41 Mississippi River barges,for which 4,800 tons of steel was ordered,
and a building at Ford City, Pa., calling for 5,000 tons.
For oil storage tanks, orders have been received by Chicago mills for
15,500 tons of plates, and several new developments running unto goodsized tonnage are taking form.
The composite price tables remain as follows:
Pig Iron.
Finished Steel.
Mar. 13 1928, 817.75 a Gross Ton.
Mar. 13 1928, 2.364c. a Lb.
817.75
2.3640. One week ago
One week ago
17 75
2.3640. One month ago
One month ago
19.04
2.3670. One year ago
One year ago
15.72
10-year pre-war average
1.6890. 10-year pre-war average
Based on average of basic iron at Valley
Based on steel bars, beams,tank plates.
Plain wire, open-hearth rails, black pipe furnace and foundry irons at Chicago,
and black sheets,constituting 86% of the Philadelphia, Buffalo, Valley and Birmingham.
United States output.
Low.
High.
High.
Low.
1928_2.364e. Feb. 14 2.314e. Jan. 3 1928_ 17.75 Feb. 14 17.54 Jan. 8
1927__2.453o. Jan. 4 2.2930. Oct. 25 1927__ 19.71 Jan. 4 17.54 Nov. 1
1926_2.453o. Jan. 5 2.403c. May 18 1926._ 21.54 Jan. 5 19.46 July 18
1925_2.5600. Jan. 6 2.3960. Aug. 18 1925_ 22.50 Jan. 13 18.96 July 7
1924_2.789o. Jan. 15 2.460c. Oct. 14 1924__ 22.88 Feb. 28 19.21 Nov. 8
1923__2.824o. Apr. 24 2.4460. Jan. 2 1923._ 80.86 Mar.20 20.77 Nov.20
Finished steel production is undiminished this week at a
rate approximately the record of last March but market
opinion is tinctured by the general business situation and
carries a shade less of conviction, says the "Iron Trade
Review" on Mar. 15 in giving its regular weekly summary
of events in the industry. Symptoms characteristic of the
peak of an upswing are more evident and producers,regarding
a first quarter better than a year ago as an accomplishment,
are more intent concerning the second quarter.
To develop specifications for maintaining mill rates on
some products has required more persistence this week.
Higher prices on fsome light steel lines, on which users of
price-making proportions are closing this week for the second
quarter, are wavering as they approach the test. The
readiness with which some producers halved the recent $2
advance in heavy steel and solicited second quarter contracts
becomes more impressive in retrospect, continues the
'Review," adding:
I
On the other hand, evidences of strength are not lacking. If ingot can
forge ahead only 5% in the last half of March a new monthly ingot record
Is possible. Automotive interests are taking more pig iron and finished
[VOL. 126.
steel than a month ago, and a good 60 days is ahead of the industry. Rail
mills will continue at top speed another 30 days at least. The building outlook has not dimmed. These conditions promise continued high production
but no increase.
Price adjustments largely the sequel to the rise in heavy steel the past
90 days, continue numerous. Alloy steel makers have adopted a new price
schedule, based upon differentials over a 2.65c., Pittsburgh or Chicago
base, and are completing new extras; reductions in price in the new schedule
about off-set advances. Stove bolts are up 10%. Cold finished bar mills,
after enjoying a spot market at 2.35c., Cleveland or Chicago, have contracted for second quarter at 2.25c., which governed for the first quarter.
Chicago mills, beneficiary of heavy automotive, railroad and implement
specifications, hold at a 93% ingot rate. Pittsburgh mills waver between
75 and 80% while the Mahoning valley at about 85% is at the highest ingot
rate in a year.
The emphasis in pig iron continues on shipments, which from some lake
furnaces are extremely heavy, rather than on bookings but the price situation is somewhat irregular. Steelworks stacks in the immediate Pittsburgh
district have done less than the equivalent of $17, Valley, on basic and
$17.50 on bessemer. The lake furnaces are seeking 50c. more, or $17.50
base, furnace, in southern Ohio. Shipments in the Chicago-Milwaukee
district, where 65% ofsecond quarter tonnage has been booked, are running
100,000 tons a month. Iron to be barged east from Buffalo continues a
factor in the eastern markets. The eastern Pennsylvania market is featured by a sale of 10,000 tons of Virginia pipe iron.
Specifications against bar plate and shape contracts in all districts reflect the approach of the quarter's end and apparently little tonnage at
lower prices than now prevailing will remain untaken. Steel bar deliveries
at Chicago are deferred four to six weeks. Oil country tankage placed at
Chicago in the past week calls for 12,000 tons of plates. Carbullders are
active in specifying but not in fresh buying. The late February advances
on heavy steel are more generally quoted on spot business but all contracting at lower levels has not ceased.
A purchase of autobody sheets by the Ford Motor Co. at 4.15c., Pittsburgh, encourages sheetmakers to believe that the $3 advance in this grade
will hold. Blue annealed at the new asking price of 2.10c., Pittsburgh.
and black at 2.90c. are less strong. Black sheets have been shaded $3 per
ton in the East and in some small sales in the Middle West $1 and $2. This
week is expect to afford a real test when large automotive users cover.
Revised statistics on freight car orders for February give the total as
9.962. bringing placements in the first two months of 1928 to 13,862, against
20,670 one year ago.
The fact that unfilled tonnage of the United States Steel Corp. as of
Feb. 29 stood at 4,398,198 tons, compared with only 3,597,119 tons a year
ago, cannot appear other than auspicious in the light of heavy shipments,
but the increase of 122,242 tons over Jan. 31 is attributable to the second
quarter tonnage driven in by the late February rise in heavy steel.
February set a new high in ingot production for that month when it attained a daily average of 160,591 tons. This compares with 152,354 tons
in January, 157.557 tons last February and the all-time record of 166,633
tons last March. The two-month ingot total for 1928 is 7,975,983 tons;
a year ago it was 7,541,253 tons.
The "Iron Trade Review" index of 14 leading iron and steel products is
unchanged this week at $35.91 in the absence of major price changes. This
compares with an average of $35.62 for February and $36.83 last March.
That a good demand for steel is expected to continue
throughout the Spring at least, is the attitude taken by the
"Wall Street Journal" of Mar. 16 which says:
While reports regarding the steel industry are somewhat uncertain and
the suggestion is made in some quarters that the peak of demand has been
reached, some of the most prominent men in the industry are optimistic on
conditions and on the outlook for several months at least. One of these
says, "This is no time to get bearish on the steel industry."
Reports to steel executives from mill centers indicate that administrative
and sales forces are satisfied with conditions. Sales of bars dropped off
to some extent in the Pittsburgh district in the past week, but this recession
is regarded as temporary and it is offset by an increase in demand for pipe,
which has been lagging for several months.
Rumors that rail mills have only a few weeks business do not bear scrutiny.
The country's largest rail mill has four to five months capacity business,
and three is reason to believe that other large mills are in about the same
situation.
While the last price advances, bringing bars shapes and plates to $1.90 a
hundred pounds, Pittsburgh, and $2 Chicago, are not yet established firmly,
producers as a whole are showing greater resistance to pressure to sell below
that figure.
It now seems unlikely that any further price advances will be made.
Steel interests consider the $1.90 level sufficiently high to assure them a
fair profit on sales.
Automotive industry is increasing its requirements. Ford is in the market
for about 10,000 tons of material for April delivery.
Buying of Bituminous Coal During Month of February
Fell Below Expectations.
Demand for bituminous coal in February fell short of
expectations and the price situation, taking the country as a
whole, underwent little change, the "Coal Age" reports this
month. The weighted average spot price for the month was
$1.85% per ton, f.o.b. mines, as against $1.8434 in January
of the current year.
At the present time the non-union mines are furnishing
approximately 77% of the output-and this tonnage could
be increased materially if the demand for it could be found.
The common complaint heard from both union and nonunion fields is that the ordersin sight fall short of giving a
majority of the well-situated operations anything approaching full running time declares the "Age" in summarizing
the situation.
The possibility of another suspension in Illinois, Indiana and the Southwest on April 1 seems to have no terrors for the industrial buyers. This
calmness is readily understood in view of the situation in the non-union
bituminous districts and the protection still afforded manufacturing-Planta
by reserve stocks accumulated nearly a year ago.
Preliminary figures of the Bureau of Mines place total bituminous coal
production last month at 41,290,000 net tons, as compared with 44.208,000
tons in the preceding month and 52,904,000 tons In February 1927. The
anthracite output for February was estimated at 5,497,000 net tons, as
against 5,690,000 tons in January,and 5,852,090 tons in February last year.
Heavy yard supplies, unseasonable weather and the nearness of the time
when producers and retail dealers announce spring prices worked to keep
the anthracite market rather Inactive in February. There was some selling
pressure in No. 1 buckwheat.
Production of Bituminous Coal and Anthracite by
States During the Month of January.
Below are shown the first estimates of the production of
bituminous coal, by States, for the month of Jan. 1928, as
given by the United States Bureau of Mines. The distribution of the tonnage is based in part (except for certain
States which themselves supply authentic data) on figures
of loadings by railroad divisions and in part on reports on
water ways shipments.
The total production of bituminous coal for the country as
a whole in January is estimated at 44,208,000 net tons, in
comparison with 41,277,000 tons in December. In Jan.
1927, the production of bituminous coal amounted to
56,882,000 net tons, or 12,674,000 more than the current
output. The average daily rate of output in January was
1,747,000 tons, an increase of 10% over the average daily
rate of 1,588,000 tons for December.
Anthracite production in the month of January amounted
to 5,690,000 net tons, as compared with an output of 6,032,000 tons for December and with 6,561,000 net tons in
Jan.1927. The current output thus shows a decline amounting to 871,000 from that of the corresponding month one
year ago. The average daily rate of output in January was
228,000 tons, a decrease of 1.7% from the average daily rate
of 232,000 tons for December.
ESTIMATED PRODUCTION OF COAL BY STATES IN JANUARY
(NET TONS).a
State.
Jan. 1928. Dec. 1927. Jan. 1927. Jan. 1926. Jan. 1923.
1,540,000 1.381,000 2,140,000 1.993,000 1,902,000
Llabama
187,000
155,000
223,000
139,000
135,000
krkansas
852,000 1,169,000 1,085,000
1,000,000
992,000
:Jolorado
5,925,000 6,260.000 8,574.000 7,200,000 9,256,000
Ilinois
1,580,000 1,578,000 2,769,000 2,393,000 2,890,000
ndiana
350,000
318.000
632,000
464,000
613,000
owe
250,000
306,000
487,000
437,000
Kansas
449.000
3,994,000 3,390,000 4,200,000 4,154,000 2.661,000
Kentucky-Eastern
1,556,000 1,512,000 1,655,000 1,649.000 1,053,000
Western
270.000
247.000
329,000
294,000
1,1aryland
239,000
71,000
73,000
68,000
82.000
142.000
V1ichigan
404,000
418,000
297,000
316.000
381,000
11issouri
371,000
330.000
298,000
265,000
361,000
gontana
280.000
335,000
264,000
278,000
317,000
gew Mexico
259.000
220,000
183,000
123.000
220,000
gorth Dakota
625,000 3,221,000 2,630,000 3,567,000
745,000
)hlo
329,000
247.000
290,000
278,000
271,000
3klahoma
10,010,000
10,800,000
13,800,000
14,190,000 14,911,000
Pennsylvania(bituminous)
375,000
568,000
500,000
533,000
585,000
Tennessee
85,000
108,000
90,000
87,000
112,000
Texas
587,000
560,000
464,000
451,000
478,000
Utah
936,000 1,188,000 1,235,000
1,030,000
926,000
Virginia
200.000
226.000
205,000
224,000
326,000
Washington
West Virginia-Sout hemb 8,045,000 6,814,000 9,249,000 8,691,000 5,118.000
2,968,000
3,798,000
3,237,000
3,317,000 3.192,000
Northern c
840,000
752,000
715,000
677,000
817.000
Wyoming
10,000
9,000
11,000
20,000
30,000
Dthers_d
Total bituminous
1593i
FINANCIAL CHRONICLE
MAR. 17 1928.]
44,208,000 41,277,000 56,882,000 53,205,000 51,944,000
Pennsylvania anthracite_ 5,690,000 6,032,000 6,561.000
172,000 8.521,000
49,898,000 47,309,000 63,443,000 53.377.000 60,465,000
Total all coal
a Figures for 1926 and 1923 only are final. b Includes operations on the
N.& W.; C. dc O.: Virginian; K. & M.; B. C. & G.; and Charleston division of the
B. & 0. c Rest of State, including Panhandle. d This group is not strictly comparable in the several years.
No Great Change in Coal Output-Either Bituminous
or Anthracite.
A decrease of about 133,000 net tons occurred in the output of bituminous coal during the week of March 3 when
production fell from 10,177,000 net tons to 10,044,000 net
tons. Compared with the output of 13,262,000 tons in the
corresponding week one year ago, the current output shows
a decline of 3,218,000 net tolls, according to statistics compiled by the United States Bureau of Mines. Anthracite
production for the week of March 3 was 1,294,000 net tons
against 1,254,000 tons in the week of Feb. 25. In the corresponding week one year ago, anthracite production was
1,211,000 tons, or 83,000 tons less than the current figure,
reports the Bureau of Mines, from which we quote:
COAL.
BITUMINOUS
The total production of soft coal during the Week ended March 5,
including lignite and coal coked at the mines, is estimated at 10,044,000 net'
tons. Compared with the output in the preceding week, this is a de- •
crease of 133,000 tons, or 1.3%. Production during the week in 1927
corresponding with that of March 3 amounted to 13,262,000 tons.
Estimated United States Produaion of Bituminous Coal (Net Tons, Incl. Coat Coked. •
1926-27
1927-28
Coal Year
Coal Year
Week.
to Date.a •
to Date.
Week.
13,193,000
419,655,000
521,431,000
9,374,000
Feb. 18
2,199,000
1,539,000
1,912,000
Daily average-- 1,562,000
12,763,000
534,194,000
429,832,000
0
Feb. 25_11,
10
1:712
757;0000
2,163,000
1,917,000
1,543,000
Daily average_ _-13,262,000
547,456.000
439.876.000
10,044,000
Mar. 3.c
2,210.000
1,924.000
1,546,000
Daily average____ 1,674,000
a Minus one days' production first week in April to equalize number of days in
Washington's
birthday,
Feb. 22.
the two years. b Revised since last report.
counted as 0.9 of a working day. c Subject to revision.
The total quantity of soft coal produced during the present coal year
to March 3 (approximately 285 working days) amounts to 439,876,000
net tons. Figures for corresponding periods in other recent years are
given below:
523,638,000 net ton
1926-27
547,456,000 net tons 1923-24
398.260,000 net ton
1925-26
499,253,000 net tens 1922-23
As already indicated by the revised figures above, the total production of soft coal for the country as a whole during the week ended Feb.
25 is estimated at 10,177,000 net tons. This is an increase of 803,000
tons, or 8.6%, over the output in the preceding week.
The following table apportions the tonnage by States and gives comparable figures for other recent years.
Estimated Weekly Production of Coal by States (Net Tons).
Feb. 26
Feb.
9262
.7
Feb. 18
Feb. 25
1927.
1928.
1928.
484,000
399,000
315,000
343,000
253,000
195,000
200,000
212,000
233,000,
172.000
197,000
192,000
1,553,000 1,235.000 1,930.000 1,232,000
48
12
0:000
000
807,000
367,000
412.000
73,000
,
80,000
849,000
930,000
851,000
909.000
260,000
405,000
315,000
397,000
69,000
69,000
57,000
66,000
14,000
13,000
15,000
Michigan
14,000
53,000
60.000
60.000
Montana
68.060
47,000
59,000
62,000
66,000
New Mexico
27,000
38,000
38,000
44,000
North Dakota
498,000
597,000
175,000
177,000
O
pehnionsy
lvania (bit.)
2,470,000 2,394.000 3,216,000 3,185,000
114,000
131,000
115,000
Tennessee
126,000
17,000
24,000
17,000
Texas
17,000
78,000
94,000
75,000
Utah
81,000
277,000
274,000
228,000
Virginia
229,000
47,000
48,000
43,000
Washington
45,000
W. Va.-Southern_b
1,845,000 1,740,000 2,108,000 1,865,000
780,000
906,000
677,000
Northern_c
691,000
122,000
142,000
Wyoming
123,000
138,000
5,000
2,000
2,000
Other States
2000
,
StateAlabama
Ark., Kan., Mo.at Okla_
Colorado
Illinois
Indiana
Iowa
d-Eastern
Kentucky
Western
Total bituminous
Pennsylvania anthracite_
Fe1b9
.2A
.
3.7e
409,000
261.000
231,000
1,993.000
000
6
13
16
3:000
556,000
226.000
51,000
26.000
80.000
58,000
37,000
694,000
3,087,000
127,000
23,000
96,000
212,000
77.000
1.166,000
634,000
156,000
7,000
10,177,000 9,374,000 12,763,000 10,797,000 10,958,000
1.254,000 1,025,000 1.374,000 1,598,000 1.902.000
11,431,000 10,399,000 14,137,000 12,395,000 12.858,000
a Average rate maintained during the entire month. b Includes operations on
the N. & W.: C. & 0.; Virginian; K.& M.. and Charleston division of the B.& O.
c Rest of State. including Panhandle.
ANTHRACITE.
The total production of anthracite during the week ended March 3
is estimated at 1,294,000 net tons, an increase of 40,000 tons, or 3.2%,
over the output in the preceding week. The cumulative production of
anthracite during 1928 to March 3 amounts to 73,975,000 tons as against '
86,603,000 tons in 1927. This indicates a decline during 1928, to date,
of approximately 12,628,000 tons, or 14.6%.
Total all coal
Estimated United States Production of Anthracite (Net Tons).
1926-27
1927-28
Coal Year
Coal Year
to Date.*
Week.
to Date.
Week.
Week Ended84,018.000
1,569,000
71,427,000
Feb. 18
1 025,000
85,392,000.
1,374,000
72,681,000
Feb. 25
1 254,000
86,603,000
1,211,000
73,975,000
Mar. 3
1 294,000
a Minus one day's production first week in April to equalize number of days
In the two coal years.
BEEHIVE COKE.
The production of beehive coke during the week of March 3 amounted
to 97,000 tons, an increase of 1,000 tons over the output in the preceding.
week.
Estimated Production of Beehive Coke (Net Tons).
1928
1927
lireek Ended
to
to
Mar. 3 Feb. 25 Mar. 5
1927.
Date.
Date.a
1928.c
1928.b
69,000 67,000 152,000 565,000 1,329,000
Pennsylvania and Ohio
150,000
13,000 14,000 18,000 124,000
West Virginia
6,000 41,000
55,000
6,000
6,000
Ala., Ky., Tenn. & Ga
4,000
7,000 42,000
64,000
4,000
Virginia
3,000 23,000
3,000
38,000
3,000
Colorado and New Mexico
2,000
3,000 20,000
35,000
2,000
Washington & Utah
97,000 96,000 189,000 815,000 1,671,000
United States total
31,000
16,000 16,000 32,000 15,000
Daily average
a Minus one day's production first week in January to equalise number of days
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 14, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Reserve banks combined, shows decreases of $9,800,000 in holdings of discounted bills, of $1,800,000 in U. S.
securities, of $17,300,000 in Federal Reserve note circulation, and $18,900,000 in cash reserves, and increases of $4,800,000 in holdings of bills bought in open market and of
$1,000,000 in member bank reserve deposits. Total bills
and securities were $6,800,000 below the amount held on
March 7. After noting these facts, the Federal Reserve
Board proceeds as follows:
The principal changes in holdings of discounted bills were decreasesTor,
$13,400.000 at the Federal Reserve Bank of New York, $9,900,000 at Chicago and $4,190,090 at Atlanta, and an increase of $9.000.000 at Philadelphia. The System's holdings of bills bought in open market increased
$4,800,000, of certificates of indebtedness $8,600,000, and of U. S. bonds $1,800,000, while holdings of Treasury notes were $12,200,000 below the
previous week's total.
1594
FINANCIAL CHRONICLE
All of the Federal Reserve banks except Philadelphia reported reductions
In the amount of Federal Reserve notes in circulation, the principal decreases being $3.900.000 at New York,$3,600.000 at Chicago and $3,100,000
at San Francisco.
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 1626 to 1627. A summary of changes in the principal assets and liabilities of the
Reserve banks during the week and the year ending March 7
1928 is as follows:
Increase (+) or Decrease (—)
During
Week.
Year.
—$18,900,000 —$228,200,000
—23,800,000
—235,300,000
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought In open market
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
—6.800,000
—9,800.000
—4,500,000
—5,300,000
+190,800,000
+141,800,000
+109,800,000
+32,000,000
+4,800,000
+124,500,000
—1,800,000
+1,800,000
—12,200,000
+8,600,000
—74,500,000
+400.000
+132,000,000
—206,900,000
—17.300,000
—132,100,000
—7,800,000
+1,000,000
—6.100,000
+79,900.000
+67,100,000
+16.100,000
Total deposits
Members' reserve deposits
Government deposits
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 last, the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks—now 650—
cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of the reporting member banks, which this week showed
an increase of $50,355,000 over last week's total of $3,695,709,000, the grand aggregate of these loans on March 14
being $3,746,064,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York-48 Banks.
Mar. 14 1928. Mar. 7 1928. Mar,161927.
Loans and investments—total
7,194,130,000 7.066,087,000 6,417,717,000
Loans and discounts—total
5,160.052,000 5.048.966,000 4,525,651,000
[VOL. 126.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
650, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ending with the close of business March 7:
The Federal Reserve Board's condition statement of 650
reporting
member banks in leading cities as of March 7 shows declines for the
week
of $78,000,000 in net demand deposits and of $29,000,000 in investments,
and Increases of $11,000,000 in loans and discounts, of $21.000.000 in
time deposits, and of $4,000,000 in borrowings front Federal Reserve
banks.
Loans on stocks and bonds, Including U. S. Government
obligations,
wore $49,000,000 below the Feb. 29 total at all reporting banks,
$76.000.000 below at reporting rne-nber banks in the New York district, and
$19,000,000 and $16.000,000, respectively, above at reporting member
banks in the Chicago and Boston districts. "All other" loans and discounts increased 522,000.000 at reporting member banks In the New
York district. $10.000,000 in the San Francisco district, $9.000,000 in
the Cleveland district, 37,000.000 in the Philadelphia district, $6,000,000
each in the Chicago and Minneapolis districts, and $59.000.000 at all
reporting banks.
Holdings of U. S. Government obligations were $1,000,000 below the
amount reported a week ago, declines of $9,000,000 in the San Francisco
district, $7,000,000 in the Cleveland district, and $6.000.000 in the Philadelphia district being partly offset by an increase of $13,000,000 in the
New York district. Holdings of other bonds, stocks and securities declined $14,000,000 in the New York district and $18,000,000 at all reporting banks.
Net demand deposits, which at all reporting banks were $78,000,000
below the preceding week's total, declined $91,000,000 and 535,000,000
in the New York and San Francisco districts and increased $19.000.000
in the Chicago district and $11.000,000 in the Philadelphia district. Time
deposits declined $23,000,000 in the New York district, and increased
$19,000,000 in the Chicago district, $10,000,000 in the San Francisco
district, and $21.000,000 at all reporting banks.
Borrowings from the Federal Reserve banks were $4.000,000 above the
Feb. 29 total, the larger increase, $48,000,000, reported by member banks
In the New York district, being largely offset by declines of 517,000,000
In the Philadelphia district and $12,000,000 and $8,000,000, respectively,
in the Cleveland and Boston districts.
A summary of the principal assets and liabilities of 650 reporting member
banks, together with changes during the week and the year ending March 7
1928,follows:
During
Inc. (I-) or Dec.
Year.
Week.
March 7 1928.
(—)
Loans and investments—total
21.682,243,000 —18,254,000 +1,832,449.000
Loans and discounts—total
15,153,148,000 +10,614,000
+826.405,000
Secured by U.S. Govt. obligations_ 138,875,000 +12,061,000
Secured by stocks and bonds
6,282,854,000 —60,856,000
All other loans and discounts
8,731,419,000 +59,409,000
—17,048,000
+697,859,000
+145,594,000
Investments—total
Secured by U. S. Govt. obligations
Secured by stocks and bonds
AU other loans and discounts
60,986,000
57,124,000
56,061,000
2,393,990,000 2,325,144,000 2,039,231,000
2 705,076,000 2,666,698,000 2,430,359,000
Investments—total
1.087.501,000 1,085,788,000
936,577,000 931,333,000
Reserve with Federal Reserve Bank
Cash in vault
729,592,000
52,006,000
747,254,000
51,833,000
13,637,592,000 —78,949,000
6,675,744,000 +20,681,000
10,342,000 —24,073,000
+870,930,000
+589,184,000
—81,489,000
1,143,386,000 —25,446,000
3,630,959,000 +21,468.000
—46,682,000
+296,667,000
Borrowings from F. R. banks—total.
359,854,000 +4,379,000
+93,717,000
Secured by U.S. Govt. obligations_
All other
228,967,000 —3,948,000
130,887,000 +8,327,000
+54,063,000
+39,654,000
Due from banks
Due to banks
100,087,000
98,845.000 116,196,000
1 357,391,000 1,326,879,000 1,153,112,000
-
66,685,000
79.625,000
20,311,000
Secured by U. S. Govt. obligations_
All other
48,950,000
17,735,000
53.550,000
26,075.000
16,300,000
4,011,000
Loans to brokers and dealers (secured by
stocks and bonds):
For own account
1,090,173.000 1,019,403,000 888,271,000
For account of out-of-town banks
1,446,270,000 1,461,437,000 1,139,113,000
For account of others
1,209,621.000 1,214,869,000 813,385,000
3 746,064.000 3,695,709,000 2,840,769,000
On demand
On time
2.848,689.000 2,789.648.000 2,171,797,000
899.375.000 906,061,000 668,972,000
Chicago-43 Banks.
Loans and investments—total
1,981,602,000 1,978,803.000 1,854,381,000
1,483,929,000 1,474,534.000 1,408,759,000
Secured by U. S. Govt. obligations__ _
17,679,000
19.158,000
16,491,000
746,408.000 757.068,000 887,575,000
Secured by stocks and bonds
All other loans and discounts
718.363.000 690.787,000 704,693,000
Investments—total
497,673.000 504,269,000 445,622,000
kr
216,334.000 222,657,000 185,852,000
I U.S. Government securities
Other bonds, stocks and securities_ 281,339,000 281,612,000 259,770,000
Reserve with Federal Reserve Bank__ _ 187.178,000 183,211.000 172,917,000
17,057,000
Cash in vault
16,864,000
19,614,000
Net demand deposits
1 274,895,000 1,283,893.000 1,213,669.000
Time deposits
661,403,000 658,414,000 573.660,000
516,000
516,000
Government deposits
21,638,000
161.374.000 139,514,000 158,297,000
Due from banks
Pus to banks
382,949,000 395,934,000 375,665,000
14,807,000
Borrowings from F. R. Bank—total- — - 19,704,000
13,440.000
, Secured by U. S.- Govt. obligations--18,788,000
All other
916,000
+109,079,000
—22,498,000
689.905,000
53,964.000
Due from banks
Due to banks
•
1,742,905,000 —12,584,000
247,671,000 +5,150,000
Net demand deposits
Time deposits
Government deposits
5 576.679,000 5,481,802,000 5,128,805,000
1,080,160,000 1,061,567,000 939,832,000
3,161.000
3,161,000 100,153.000
Loans and discounts—total
Reserve with F. It. banks
Cash in vault
988.454.000
903,612.000
Net demand deposits
Time deposits
Government deposits
Total
+806,044,000
+525,361,000
+280,683,000
2,024,078,000 2,017,121,000 1,892,066,000
U. S. Government securities
Other bonds, stocks and securities
Borrowings from F. R. Bank—total_
6,529,095,000 —28,868,000
U. S. Government securities
2,922,206,000 —10,687.000
Other bonds, stocks and securities- 3,606,889,000 —18,181,000
13,165.000
1,642,000
8,180,000
5,260,000
Summary of Conditions in World's Market According to
Cablegrams and Other Reports to the Department of
Commerce.
The Department of Commerce at Washington releases
for publication to-day (March 7), the following summary
of conditions abroad, based on advices by cable and other
means of communication:
ARGENTINA.
Business in general throughout the week was satisfactory. Crop con.
ditions are on the whole favorable but the recent dry weather may result
in a smaller corn crop than was expected some time ago it is thought in
Argentina. A second Argentine official estimate places the area planted
in corn at 4,346,000 hectares, an increase of 57,000 hectares over the
area of 1926-27. As compared with the corresponding period of last year,
this week shows heavier exports of wheat, linseed and oats but much
lighter exports of corn, owing to the fact that the gathering of this crop
was started late. It also shows an increase in railway freight and pas.
senger receipts, as well as custom house collections. Preliminary work
on the La Croze Subway in Buenos Aires has begun. A contract has
been signed for the carriage of Cilean mail to Africa and Europe by the
I.atecoere Air Mail Service. Until an air mail service is established
which will be within eighteen months, the mail between Santiago and
Buenos Aires will be carred by train.
AUSTRALIA.
Country buying has improved slightly in the past week, but otherwise
the situation in Australia remains unchanged. Wool continues firm,
with hardening prices in comebacks and crossbreds. An Australian paper
company has announced that it will install a plant costing £200,000 at
MAR. 17 1928.]
FINANCIAL CHRONICLE
Fairfields, Victoria, for the production of Kraft type paper. A 1.8,000,000 Commonwealth of Australia loan is announced in London.
BRITISH MALAYA.
The fall in rubber prices has caused band to mouth buying in the
bazaar trade of British Malaya. Large trading companies may also be
affected if the situation does not improve.
CANADA.
An improving trend continues to animate Canadian business but no
great changes are reflected in trade reports for the week just ended.
Winnipeg reports a good volume of trade in clothing, footwear, dry
goods and hardware, and conditions appear to be about normal in the
other Prairie centers. Collections are still only fair as regards the general trend in the Dominion; in Montreal, Regina, and Calgary they are
somewhat slow. Several price changes have been noted during the past
two weeks in grocery lines, mostly of a seasonal character. Spring lines
are moving satisfactorily in Toronto with paints and varnishes brisk and
the demand in hardware holding up. Business in iron and steel and
machinery, now fairly good, is improving; automobile plants, transportation companies, and pulp and paper mills have placed substantial orders.
British Columbia reports a heavy demand for new halibut fishing craft.
CHILE.
A further slight improvement in general merchandising conditions has
taken place, and there is much more confidence in business circles regarding the early future. Movement through customhouses of merchandise which has been held pending the application of the new tariff
has been heavy. A recent decree which prohibits the importation after
June 1 of materials which are packed in hay or straw is disturbing
many importers. The Government is attempting to create a local market
for internal bonds, and has offered one highway issue bearing interest
at 8% at slightly below par. According to local estimates, the harvest
of cereals now in process will be at least 10% greater than that of last
year.
CHINA.
Conditions in the Yangtze Valley indicate much improvement, with a
greater feeling of optimism prevailing in trade circles. The currency
and labor situation in central China also discloses some betterment over
conditions several months ago. Customs revenues at Shanghai during
February show a decrease of 12% in import collections and an increase
of 49.5% in export collections, compared with figures for February of
last year. Import collections for the first two months of the year at
Shanghai disclose an aggregate decrease of 28% below figures for the
same period last year, and total export collections for that period this
year show a decrease of 8%. Transportation on the Yangtze River is
reported restored to about normal, and regular railway traffic between
Hankow and Chengchow on the Peking-IIankow railway has been resumed. A road construction program for the Province of Szechuan is
now receiving considerable attention. Greater anxiety is reported in
North China business because of the uncertainty of the administrative
situation and the possibility of added new tax impositions upon trade.
COLOMBIA.
Business in general continues quiet and shows no change since the
previous month. The, outlook for the coffee crop is considered good.
Customhouse revenues declined in February. Traffic on the Magdalena
River has improved somewhat in the past few weeks, navigation having
been practically suspended on the upper section of the river during the
previous month.
The President has issued a decree making it mandatory for all Departments (States) to have his approval before negotiating further loans.
This indicates that the Government is adopting a stronger financial policy
as advocated by the new Minister of Finance. The Department of
Tolitna recently secured a loan of five million dollars from American
bankers for the purpose of constructing railroads and highways within
the Department.
EGYPT.
Preliminary data on foreign trade for January indicate a large favorable balance in contrast to a small adverse balance in the same month
of 1927. Exports were valued at 1E4,850,000 and imports at 1E4,288,000 as against .1E3,679,000 and EE3,689,000, respectively, for January,
1927. Cotton exports alone showed an increase of about 1E950,000.
(LE equals approximately $5).
GERMANY.
During February commercial activity was relatively satisfactory although still below the level of the latter half of 1927; the recovery after
the seasonal depression of the year-end continued but was less marked
than in January and also less uniform. Production, however, was
maintained in general at a satisfactory level, and unemployment is on
the decline, while the credit position is stable and fairly easy. Numerous labor difficulties impair the immediate outlook and tend to retard
seasonal improvement, as do the approaching elections. Any gains that
were registered were confined chiefly to domestic business as the position
of foreign trade continues unsatisfactory. The stock exchange continues
dull in contrast to the upward tendency of trade and industry. The
money market remained relatively easy throughout February although
the month-end demand was unexpectedly large, with a consequent sharp
increase in rates over the settlement period. The success of the German
railway stock issue foreshadows an increased reliance upon the internal
investment market during the coming months. The excess of actual over
estimated revenues for the budget year ending March 31, 1928, is expected to be between 800,000,000 and 1,000,000,000 marks. This surplus is due chiefly to the high yield of customs and of excise taxes.
Unemployment reached its peak towards the middle of January and then
declined from 1,371,000 at that time to 1,333,000 at the end of the
month and 1,291,000 at the middle of February.
INDIA.
The Indian Government has accepted the Tariff Board's recommendations that only Indian railway cars be purchased during the next three
years. The revised budget estimate for the current fiscal year announced
recently shows that revenue lost by the recent abolition of import duty
on mill stores and on certain machinery has been offset by marked improvement in trade. Both imports and exports increased approximately
8% in the 10 months ending January 31, 1928, with practically all
principal import and export articles contributing to the gain, thus demonstrating the inherent soundness of India s trade position.
JAPAN.
Slight improvement is shown in nearly all lines of business in Japan.
totaled 294,000.000 yen, an abnormally
February
Bonds issued during
large figure, with many new issues contemplated. Money is cheap, but
banks are very cautious in granting loans to bushiest,
1595
PALESTINE.
Egyptian currency will cease to be legal tender in Palestine after
March 31, 1928, according to a public notice in the Official Gazette.
This order is in accordance with the original program providing for the
transition of the country from the Egyptian to an independent currency
system. The official introduction of the new Palestine currency took
place November 1, 1927.
PERU.
Collections and merchandise movement are below normal, even for
this usually dull season of the year preceding the maturing of the cotton
crop. Both the Ica and Ruacho valleys, which have been suffering f mm
drought, are now receiving water, although the extent of the recovery
of the cotton crop can not be satisfactorily estimated before the middle
of April.
PHILIPPINE ISLANDS.
Liquidation of overstocks on the local piece goods market was satisfactory during the past week, although prices of most staple lines were
under replacement costs. Movement of agricultural produce continued
slow, with very light arrivals of copra and only two oil mills operating.
The provincial equivalent of resecado (dried copra) advanced slightly
to 13.75 pesos per picul of 139 pounds and the Hondagua and Cebu
prices remained at 13 and 13
pesos respectively. (1 peso equals
$0.50). The abaca market was slightly weaker and trading was very
light, although production continued heavy. Little improvement is expected before the first of June. Abaca prices are nominal to 215.50 pesos
per picul for grade F; I, 23; JUS, 21; JUK, 18; and L., 14.75 pesos.
POLAND.
Polish foreign trade for January closed with an adverse balance of 30,650,000 gold francs—imports, 157,650,000 and exports, 127,000,000 gold
francs, which represents a decrease of 5,470,000 gold francs as compared with the unfavorable balance for the preceding month. The balance sheet of the Bank of Poland as of February 10 shows a decrease
of 38,640,000 zlotys (par value, $.112) in the combined reserves of gold
and foreign currencies and bills since Jan. 1, which was caused by the
outflow of foreign bills called for by the adverse trade balance and other
payments abroad. Banknotes circulation decreased for the same period
by 15,000,000 zlotys, the cover against the notes having declined to
69.4%, as compared with 72.6% on Jan. 1 and the statutory limit of
40% of the total amount of notes in circulation and deposits combined.
PORTO RICO.
Although business continues to be dull and collections are still very
difficult, optimism is increasing in Porto Rico as a result of current
reports of crop production and movement. Further improvement in
sugar prices is generally hoped for and as all mills are now running at
full capacity in harvesting a large crop, a considerable amount of wages
is flowing into circulation. Tobacco growers report that picking of the
new tobacco crop is generally in all districts and that the late plantings
replacing those destroyed by storms in the fall of last year have a good
appearance.
PORTUGAL.
The financial situation of the country continues, according to a report from Consul J. L. Pinkerton, Lisbon, made public by the Department of Commerce to attract principal attention. Notwithstanding the
Government's action in changing the official exchange rate on the
escudo, foreign currency is still very scarce and importers are laboring
under difficulties in obtaining the necessary foreign exchange to cover
imports. With a view to relieving the situation the Bank of Portugal
has recently announced that instructions had been received to give preference to requests for foreign exchange covering shipments of articles
of prime necessity, but up to the present the relief granted on this score
has not been up to expectations, as there are evidences of considerable
demand for foreign exchange to meet drafts for raw cotton which is
one of the articles considered as of prime necessity.
The agricultural situation also occupies much attention. The Government is anxious to avoid, insofar as possible, importations of wheat and
is now engaged on an educational program, the object of which is to
stimulate local production. A semi-government organization has been
formed to instruct farmers how to grow wheat most successfully. The
abundant olive crop in 1927 was, though profitable to the country in
general, in view of the huge exports possible, not so successful for the
smaller holders. Inasmuch as these latter have no storage space, the
drop in market prices which the bumper crop occasioned, hit the smaller
producers rather hard. The prices of cork have been maintained notwithstanding the fact that shipments and sales have been below normal
and stocks are accumulating.
UNITED KINGDOM.
Uncertainty as to the effective dates of the various coal marketing
schemes, owing to organization details, has caused the coal markets to
be unsettled. Tentative dates now assigned for the schemes to come into
operation are March 19 for the South Wales undertaking and April 1
for that under consideration for the Yorkshire-Derby-Nottinghamshire
area. The Scottish marketing scheme is effective immediately. It provides for the regulation of output by the temporary closing of certain
collieries or seams, with compensation to the closed collieries by a general levy not exceeding 6d. a ton on domestic sales; and the raising of
inland prices by special levies on coal that is being supplied to various
scheduled clasees of consumers. This Scotttish scheme has been made
operative for one year with the option of renewal; it is to be administered by a committee of 26 persons. Audits for the South Wales and
the Scottish coal industries for the final period of 1927 show continued
heavy operating losses.
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting the moneys held in the United States Treasury and by
Federal Reserve banks and agents. It is important to note
that beginning with the statement of Dec. 31 1927 several
very important changes have been made. They are as follows: (1) The statement is dated for the end of the month
instead of for the first of the month;(2) gold held by Federal
Reserve banks under earmark for foreign account is now
excluded, and gold held abroad for Federal Reserve banks
FINANCIAL CHRONICLE
1596
[Vox,. 126.
Act. Federal Reserve banks must maintain a gold reserve of at least 40%.Including
is now included; (3) minor coin (nickels and cents) has been the
gold redemption fund which must be deposited with the United States Treasurer.
Federal Reserve notes in actual circulation. Lawful money has been deadded. On this basis the figures this time are for Jan. 31 against
posited with the Treasurer of the United States for retirement of all outstanding
1928. They show that the money in circulation at that date Federal Reserve bank notes. National bank notes are secured by United States
bonds
where lawful money has been deposited with the Treasurer of the
(including, of course, what is held in bank vaults of member Unitedexcept
States for their retirement. A 5% fund Is also maintained in lawful money
the
of the United States for the redemption of national bank notes
with
Treasurer
,
$4,677,054,676
was
System)
banks of the Federal Reserve
secured by Government bonds.
as against $4,999,956,062 Dec. 31 1927 and $4,845,755,060
Jan. 31 1927, and comparing with $5,760,953,653 on Oct. 31 Is the Stability of Foreign American Bonds Issued on
1920. Just before the outbreak of the World War, that is on
German Real Estate Depending on Dollar or
June 30 1914, the total was only $3,458,059,755. Ile
Reichsmark Contracts.
following is the statement:
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MONEY OUTSIDE OF THE TREASURY
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VMOOON
In the article published in our issue of March 10, page
1418, under the above head, two words were omitted at the
end of the lost paragraph on page 1419, and we accordingly,
repeat that paragraph, with tl e addition of the missing words:
Growing confidence in German currency has been so strong that in 1927
loans payable In Reichsmark have been successfully floated in Holland,
Switzerland and Sweden and about one month ago ten million gold mark
certificates of German mortgage bonds in London.
Big Jump in Bills Bought by Foreign Central Banks
Here-Aggregate $238,553,000 at Present Time,
Report Shows-Indicates Huge Foreign Balances
Kept Here-Permanence of Balances Questioned.
Noting that a sharp rise in the holdings of bankers' acceptances by foreign central banks in this market is indicated by
the weekly reports of the Federal Reserve banks,the "Journal
of Commerce" of Mar. 12 stated:
-2
CO 0
a
.i.
.i Cieli.i07
00 OP CO 0 ...
OC
. t••
00
,0
O 00 0.00 N
.7.
.7.1
0§g
8,616,445,180 d4,011,866,982
8,646,501,307 d4,179,520,737
8,476,904,551 d2,407,741,319
5,395,314,227 d2,944,575,690
3,796,456,764,d1,845,575,888
1 007 OM 4Rfil d919 49n 4159
g
0
8,405,886,981 d4,011,086,13
Total
Amt Held in Res've against
Trust against United States
Notes
Gold & Sifter
Certificates (& (and Treasury
Notes
Treas'y Notes
of 1890)
of 1890)
MONEY HELD IN THE TREASURY
On Mar. 7 the reserve banks reported that they carried a contingent
liability of $238,553,000 on account of bills purchased for foreign correspondents. A year ago this item was only $96,000,000, indicating a
'0
g
48'4814
.c.“..,...0c gain of more than 150% in 12 months.
....color.
MOVC.NN 41
8 ct
m
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The Federal Reserve banks purchase bills in the open market here for
.; N
e
foreign central banks for a small fee, the bills being indorsed by the Reserve
..r.
a
c,
0
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banks. Foreign central banks naturally preferred to keep their balances
a
,
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t
here in that form, as they are thus able to earn about 3,54% on their money
...
under present conditions, as against a rate of 2% received on deposits with
.
member banks and no return at all on deposits with the Reserve banks.
a
4icio:
a
Hence a rise in this item reflects a heavy movement of funds from abroad
.NY
''“ili
q
into the American market.
N tst,o„
Some question exists as to how permanent these large bill holdings of
7
.
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.
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foreign central banks are as a feature of the American money market.
.-7
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France Is known to control a large part of these balances, and it is the policy
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,
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of the French to convert at least a part of their balances here into gold,
000100;
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which is earmarked at the Federal Reserve Bank. Last week France drew
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R
upon her earmarked stock for the first time, calling for a shipment of
m
to
g
g
g
ro
.
Ig
0
oo
$11,900,000. Should France make further large purchases of gold here,
ro
r.,
or find her foreign balances excessive, a liquidation of French bill holdings
I
,
00000000
00
0
take place.
0
0400
.1
00
0
28 ro Z': would
N
C.
The total of nearly a quarter of a billion in foreign central bank holdings
3
g
of
acceptances
apparently cannot be explained merely by the presence of
I.
00
large French balances. Great Britain has had varying large balances here.
e'
0
A year ago the total was reliably reported to be in the neighborhood of
0
.0 4..002
00"l
ei
01 00
..
$100,000,000, but no subsequent data have been available. However,
.
I
,
M
00004 'S ';',. ,?,
0
in view of the approaching banking reform in that country and the danger
.0
00044 1..0001
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of large French gold withdrawals from London. it is believed in Informed
-*74930
0.1
a
a
vD 0
quarters here that British balances are still substantial.
g.S2V°4!
M
MM.
...4.4 .
a
The more permanent components of the aggregate holdings of foreign
el
central
banks in our bill market are the balances of those countries which
''''
a
are on a "gold exchange" standard. In these cases the central banks
„0„,- -.00.0..
count as part of their permanent reserves foreign exchange as well as gold.
C
.00.. ..........,
Such holdings of bills in the New York market would be a permanent por004
N t.OW8MM
'
17
t.M. c4 ,
tion of the reserves of those banks, and would in fact be superior to gold in
2 '.. C'' is
.
'
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g Is
Z .4
0 CI S C: !..1
that a regular rate of return would be earned on the reserves, instead of
-0mci41-:
.-,
Co .ca a
-.C....so
nomes
;15
allowing them to remain in the form of gold stocks, and therefore non0.0D. 0
000000
,
or.
-rn
-4
income
producing.
el
tb
-t
Z
The total volume of acceptances outstanding is in the neighborhood of
t-r.oroorm
hold
21
s
g
,
.
$1.000,000,000 at the present time. Foreign central banks thus
Vg :E .,. .
°
5 01 ro
.
.
7..., SI g! Si 0
8 :?.
0 ,A'
0.
g
about a quarter of them, and the Reserve banks hold an additional third.
4%
000
n
approxi0N
at
As the Reserve banks stand ready to buy these acceptances
g
.V'A..,...gS...cE.l.mci.oi..o g'
41
11
Q,
mately the market rate, their liquidity is practically guaranteed.
E 4
g
The holdings of the foreign central banks do, however, result in a larger
48
4e
ZEmggsggiot;E
A 4 0:,74 ,44 volume
t4
of funds being available in the American money market, for the
gel'
paper
00o6c.:z
6 ocrA
Reserve banks are relieved of the necessity of carrying the volume of
that extent credit is freed for other
to
the
and
which
hold,
foreign
banks
circulation in foreign countries and
a Includes United Staites paper currency in
purposes if needed.
Federal Reserve Bank of Atlanta.
the amount held by the Cuban agencies of the
outside of vaults of the Treasury.
coin
0 Does not include gold bullion or foreign
Gold held ay Federal Reserve Bank of France Institutes Proceedings to Gain PossesFederal Reserve banks, and Federal Reserve agents.
and gold held abroad for
banks under ear-mark for foreign account Is excluded,
sion of Russian Gold Received in United States
Federal Reserve banks is included.
held
in
money
trust
against
the
Rumania May Also Claim Metal-Moscow Disputes
since
total
e These amounts are not included in the
1890 Is included under gold coin
French Claim.
gold and silver certificates and Treasury notes of
respectively.
and bullion and standard silver dollars,
On March 9 the Bank of France filed two complaints in the
gold and silver certificates and
d The amount of money held in trust against
with
it
before
combining
total
United States District Court,Southern District of New York,
'Treasury notes of 1890 should be deducted from this
stock of money In the United
to obtain possession of the $5,201,000 gold from Soviet Rustotal money outside of the Treasury to arrive at the
g
which arrived in New York Feb. 21, consigned to the
of redemption, $146,763,792 sia
This total Includes $22,213,473 of notes in process
notes. 13.716.505 deposited for Equitable Trust Co. and the Chit.° National Bank of New
Reserve
Federal
of
redemption
for
deposited
gold
of
said:
for retirement of additional
York. In its issue of Mar. 10 the "Herald Tribune"
redemption of national bank notes. $2.630 deposited
deposited as a reserve against
ground that
circulation (Act of May 30 1908), and $6,435,700
The Bank of France filed suit for recovery of the gold on the
at Petrograd,
postal savings deposits.
it was intrusted to the State Bank of the Russian Empire,
to be held
of the Federal Reserve Bank of
f Includes money held by the Cuban agency
some time before the Russian revolution, in 1917. whore it was
Atlanta.
on demand of the Bank of France.
311927.
Dec.
effective
g Figures revised to conform to changes
Demand Gold or Equivalent.
dollar by gold held in the Treasury
Noie.-Guid certificates are secured dollar for
adjudication against
The two complaints are identical. They ask for an
for their redemption; silver certificates are secured dollar for dollar by standard
equivalent value with interest
silver dollars held in the Treasury for their redemption; United States notes are the banks for delivery of the metal or its
Department ruled on Mar. 7 that the
. secured by a gold reserve of $1.55.420.721 held in the Treasury. This reserve from Mar. 6 1928. The Treasury
States Assay Office, and the two
fund may also be used for the redemption of Treasury notes of 1890. which are also shipment should be barred from the United
own name, with the result that
their
Federal
in
the
in
title
Treasury.
held
assume
dollars.
to
have
declined
banks
sliver
by
for
standard
dollar,
• securtd. dollar
on all the assets the loss of interest on the deposit is more than $700 a day.
Reserve notes are obligations of the United States and a first lien
two defendant banks. In
notes are secured by the
of the issuing Federal Reserve bank. Federal Reserve
The shipment is divided equally between the
or of gold and such
cask contains approximately
deposit with Federal Reserve agents of a like amount of gold the
are 10 caiks of gold metal and each
there
each
Reserve
of
Federal
terms
the
under
eligible
Is
as
paper
purchased
or
discounted
States.
e
MAR. 17 1928.]
FINANCIAL CHRONICLE
12,579.9 troy ounces of gold, or $260,050. The aggregate number of
ounces in each bank is 125.799 troy ounces, or $2,600,500. It is alleged
in the complaint that the defendants have the gold and received it "without
the plaintiffs's consent and for the account of persons other than the plaintiff."
Damages for Retention Asked.
The Bank of France, as a private corporation, "demands that the defendant may be adjudged to deliver to the plaintiff the said chattels" or its
value and that "in case the defendant shall retain said property during
pendancy of this action that the plaintiff may recover such further damages
for wrongful retention thereof as may be just, together with costs of this
action."
The complaints were filed by Everts, Choate, Sherman & Leon, of 72
Wall St., Maurice Leon, member of the firm, declined to discuss what
possible earmarks may be imprinted on the bars. This question is understood to have interested the Treasury Department most when the shipment first arrived and probably would have some bearing on the present
litigation.
The Treasury Department's attitude on the question of the
acceptance of the gold by the Assay Office WO indicated in
our issue of Mar. 10, page 1436. According to the Washington correspondent of the "Journal of Commerce," indications that the Bank of France would take judicial action
to recover the $5,201,000 shipment of Soviet gold, on the
theory that it is gold that the Bank of France had on deposit
in the Imperial Bank of Russia and which was stolen during
the revolution, were contained in a note handed to the Secretary of State Kellogg on Mar. 6 by Paul Claudel, French
Ambassador, it was revealed at the State Department at
Washington Mar. 11. The advices to the paper quoted on
the date indicated (Mar. 11) furthermore said:
their scheduled conferences with him will be held at his home. The French
men are expected to spend several days in Washington in conference with
Treasury and Federal Reserve officials. It is believed that their entire
stay in this country will not extend more than two or three weeks.
Messrs. Quesnay and Rist would not be interviewed yesterday and no
official statement as to the purposes of their visit was available. It is
understood, however, that with stabilization of the franc impending, no
unimportant subject of the conversions with Reserve Bank officials and
American bankers, will be the granting of a large floating credit by the
Reserve bank and American bankers, similar to that which was granted to
Italy In December. The 1927 report of the Federal Reserve Bank of New
York noted that two such credits, one extended in 1925 to the Bank of
England and the other in 1926 to the National Bank of Belgium had expired.
These credits are rarely used but their presence adds enormously to the
assurance with which these countries go forward with their monetary plans.
Arrangements will also no doubt be made here by the two French bank
officials for the shipment of the enormous quantity of gold which the
French Government has earmarked for its account at the Reserve Bank.
The Bank of France purchased $25,000.000 in gold here and had it shipped
to its own vaults during the months of December, January and February.
Just last Wednesday it removed $11,900,000 of its gold held earmarked at
the Reserve Bank.
Another question which,it is believed, will receive attention in the official
conferences is the stabilization of the currencies of Rumania and Jugoslavia
In conjunction with the stabilization of the franc on a gold exchange standard
dependent on the franc. This plan would revive a Latin monetary union
with the French franc as its base, and thus create a third world power,
beside the United States and England, with a chain of financially subsidiary
countries.
Preparations are now being made for a $60.000,000 loan to•Rumania for
stabilization purposes, and it Is understood that Blair & Co. will handle
the American share of the issue. This will probably require an international floating credit in which the Federal Reserve Bank would be asked
to participate.
Officials of the State Desartment declared that the note immediately
was transmitted to the Treasury Department, which has Informed the
State Department that it has no present intention to change the position
taken In 1920 with respect to acceptance of gold of Soviet origin.
Claims Special Rights.
The Treasury Department's decision not to accept the gold for assay was
rendered late Tuesday after the receipt of the note from the French Ambassador and'it is therefore generally believed that the Treasury Department's decision was Influenced by the note. The attitude of the Treasury
Department caused some surprise at the time because it was known that
President Coolidge regarded the shipment as a regular commercial transaction in payment of goods purchased by the Soviet in this country and it
had been generally expected that the ban would be lifted.
Ambassador Claudel's note, it was declared at the State Department, was
to the effect that the Bank of France had on deposit in the Imperial Bank
of Russia in Petrograd a contingent of gold in the amount of 52.000,000
francs which it had not been able to recover and it therefore had special
rights with respect to gold held by the Soviet regime and intended to affirm
its title to the gold recently shipped to New York by means of judicial action. The note further inquired of the State Department whether the
American Government still maintained a prohibition on acceptance at the
assay office of imports of gold emanating from Russia.
Under date of Mar. 12 a dispatch from Washington to the
"Journal of Commerce" stated:
Continuation of the ban on imports of gold from Soviet Russia is a closed
incident, so far as Secretary of the Treasury Mellon is concerned, it was
learned to-day.
The United States Government will not be involved in the proceedings of
the Bank of France to obtain possession of the $5,201,000 Soviet gold recently brought into the United States by the Soviet State Bank. Bank of
France officials, arriving here, are expected to visit Washington for conferences with officials before returning to Paris.
Intimations that Rumania may lay claim to the metal
were contained in the following Associated Press advices
from Bucharest (Rumania) March 14:
Reports were current here to-day that Rumania intends to imitate the
Bank of France in lodging a claim against the Soviet gold held in the vaults
of two New York banks. The claim would be brought for reparation for
Rumanian treasure estimated at $60,000,000 deposited in Moscow in 1916.
and which the Bolsheviki are alleged to have confiscated.
Yesterday (March 16) Associated Press cablegrams were
reported as follows from Moscow:
Interviewed on the suit of the Bank of France for the $5,000,000 in Soviet
gold recently deposited in the United States, M. Sheinman, chairman of
the Soviet State Bank, to-day said that the French claim that the gold was
the same as was deposited by the French bank in the Russian State Bank
from 1915 to 1917 was utterly unfounded.
The gold in New York was acquired by the Soviet from its own gold
mines, he said. M. Sheinman asserted the State Bank of the Soviet was
founded in 1921 and was not liable for the liabilities of the Czarist State
Bank. He said ho believed the Bank of France. supported by the French
Ambassador's note, was aiming at a rupture in trade relations between the
Soviet State Bank and the foreign banks, especially those in America.
Charles Rist and M. Quesnay, of Bank of France,
Arrive in U. S.—Visit Federal Reserve Bank of
New York.
Charles Rist, Deputy Governor of the Bank of France,
and M. Quesnay, Director of the Economic Research Department of the Bank, reached New York this week on the
steamer "Ile de France," which arrived on Tuesday night,
March 13. They were met by W. Randolph Burgess, Assistant Federal Reserve Agent of the local Federal Reserve
Bank. No information has been officially given out as to
the mission of the visiting bankers; an item with reference to
their visit appeared in the "Journal of Commerce" of March
15, from which we quote the following:
The two French bank officials yesterday visited the Federal Reserve
Bank, where they will probably establish their headquarters during their
Strong is still ill, it is understood that
stay here. Since Governor Benjamin
1597
According to the "Times" of March 16, the visiting bankers conferred with Governor Strong uptown on Wednesday,
March 14. The conferences at the Reserve Bank on March
15 are said to have been participated in by officials of several
large investment houses familiar with French financial affairs.
The proposed visit of the bankers was referred to in our issue
of March 10, page 1437.
$100,000,000 Loan Retired by France—Morgan 8c Co.
as Fiscal Agents Redeem Government's 8% Bonds
Here—Refunded Last November.
J. P. Morgan & Co., as fiscal agents here for the Government of France, paid off on Mar. 16 the 8% French loan sold
here in 1920 in the amount of $100,000,000 and which by the
redemption date had been reduced to about $70,000,000
through the workings of the sinking fund. The "Times"
of Mar. 16, from which we quote, also says:
As the 8s were called at 110 this would represent total payments of
$77,000,000 if all of the outstanding issue were turned in, but it was said
yesterday that it was doubtful that all the bonds would be presented for
payment for some time. Despite repeated announcements of the redemption date, it is usual in an operation of such size for a considerable portion
of the bonds' owners for some reason to neglect to turn in their holdings.
The redemption of the French Issue is the largest refunding operation
ever undertaken here for a foreign Government without the public sale of
a new issue. It does not represent new money, however, as the undertaking was financed by the sale of $75,000,000 of French 5% bonds to the
Swedish Match Co. Of this total $50,000,000 was taken over by the.
match company's American subsidiary, the International Match Corp.
which in turn sold $50,000,000 of its own securities in this market. This
operation was carried out last November, and while there was general
knowledge of its purposes, formal announcement of the redemption plan
was not made until Jan. 15.
The French 8% issue, in line with other Freneh issues, has made wide
advances In the last year and for some time prior to the redemption announcement was selling in the market within a fraction of its callable price,
110.
France Pays c.ngland £3,000,000 on War Debt.
A Central News cablegram to New York News Bureau
from London, March 15 said:
France to-day paid the British Government a war debt installment of
13,000.000. The Government also received £2,000.000 from Italy as a
reduction of her debt to the Government.
Italy Pays Great Britain £2,000,000 on War Debt.
Italy has paid Great Britain £2,000,000 as an installment
on her war debt, according to London advices in the "Wall
Street Journal" of March 15.
Bill Abolishing Tax on Imports of Gold Approved by
French Chamber of Deputies.
The Department of Commerce at Washington recently
announced the receipt of advices from France to the effect
that the Chamber of Deputies had approved on Feb. 17 a
bill authorizing supplementary credits for the 1927 budget
which included a provision suppressing the application of
the 2% turnover tax on imports of gold. It was further
stated:
This will permit the repatriation of gold now held abroad on account
of the prohibitive cost resulting from this tax and will encourage new
purchases when opportunities are favorable.
Copyright advices to the New York "Times" from Paris
on Feb. 17, had the following to say in the matter:
1598
FINANCIAL CHRONICLE
The favorable vote in the Chamber of Deputies today on the Government bill abolishing the State tax on imports of gold.calls attention to
the fact that the Bank of France for the account of the French Treasury
has now accumulated abroad credits amounting to the huge sum of $1,500,000,000.
Should Paris in any plan for stabilization or any other plan convert
this balance into gold for importation, it would mean a considerable upset
in the world's gold market. It was stated in behalf of the Government
that the new bill was intended to make it less costly for the Bank of
France to import gold. It was also said that the Government was looking forward to the day when Paris will assume again its position as one
of the world's great gold markets.
For several days it has been reported that Paris has redeemed the
500,000,000 francs in gold pawned with the Bank of England during the
war and intended to repatriate this metal.
Taking it for granted that France will be able to exchange foreign
credits against gold, one sees that with $800,000,000 worth of gold which
the Bank of France has in its vaults it can put 100% gold back of the
present franc circulation at the existing 20-centimes value of the paper
franc. The circulation is slightly less than 57,000,000,000 francs, which
is about $2,250,000,000 at current exchange.
Except for this interesting operation by which the Bank of France for
the treasury account has piled up this great foreign credit, it is interesting to note if the franc goes any higher the Treasury will net a heavy
loss, whereas if the franc goes lower the Treasury will get a corresponding profit. It is stated officially that the Bank of France is getting only
a small commission on the operation, which is made on the responsibility
of the Government.
A report current that Premier Poincare intends, if he remains in
power after the elections, to pay America in cash the $400,000,000 due
next year on war stocks, is arousing the criticism that it would be
cheaper either to ratify the Berenger agreement as it stands or try to
persuade Washington to accept a safeguard clause.
The amount France owes next year includes the amounts fixed by the
agreement, whereas if France pays in cash she will not only pay enough
to carry out the Berenger agreement for eight years but will leave the
main issue unsettled.
[VOL. 126.
has an interest in subsidiaries of controlled companies whose
fleets exceed 181,000 tons.
The company has outstanding 144,000 francs of stock as
follows: 123,000,000 francs common stock "B," 12,000,000
francs priority stock "B," 9,000,000 francs "A" stock.
There are also outstanding 327,664,500 francs of franc
bonds, £1,500,000 Sterling bonds, and $4,500,000 dollar
bonds. The latter were issued in Canada in 1927, and are
guaranteed by the French Government.
Further data in connection with the offering are given in
our "Investment News Department" page 1670.
Number in Great Britain Granted Poor Relief in January
Below That for December.
The Bankers' Trust Company of New York, issued the
following udder date of March 7:
On one day in January some 777,796 persons were granted poor law
relief in 31 selected urban areas of England, Scotland and Wales.
This figure was 1.4% below that for December, and 9.6% below that
for January, 1927; the numbers relieved at the three dates were
equivalent, respectively to rates of 436, 442 and 481 per 10,000 of the
estimated population according to advices just transmitted to Bankers
Trust Company of New York by its British Information Service.
Recipients of indirect relief in January numbered 132,784, or 1.1%
more than in December but .9% less than in January, 1927, while
recipients of outdoor relief numbering 645,012 decreased 1.9% under
December and 11.2% under January a year ago.
Of the total in receipt of relief 641,002 were in England and Wales122,171 receiving indoor relief and 518,831 outdoor relief. Of the 136,79b persons in receipt of relief in Scotland 10,613 received indoor relief
and 126,181 outdoor relief.
French Bank Efforts to Check Speculation in Exchange. Germany's Recovery in Trade Reflected in Annual Report
of Commerz und Privat Bank.
From the "Times" we take the following Paris advices
The growth in Germany's foreign and domestic trade
March 9:
last year is reflected in the annual report of the Commerz
und Private Bank of Berlin and Hamburg, just released
in this country by Konrad von Ilberg, Representative in
the United States. The statement of the bank establishes
several new high records, especially in regard to total resources, annual business turnover, and profits for the year.
Total resources of the bank as of Dec. 31, 1927 exceeded
the billion-mark for the first time, aggregating 1,267,488,635 RM. against 902,452,450 reported at the close of 1926.
The total business turnover for the year also established
a new record aggregating 103,922,509,382 RM. having
passed the hundred-billion-mark for the first time, and
comparing with 85,690,009,555 RM. the year before. The
bank is one of the five leading institutions in Germany.
Net earnings for the bank in 1927 aggregated 10,208,467
Bank of France Stock Widely Distributed-80% Owned RM., as compared with net of 8,049,687 RM., reported for
by Stockholders Having Less Than Five Shares Each. 1926. The dividend paid was unchanged at 11%, aggregatUnder date of March 4 the New York "Times" reported ing 6,600,000 RM. Among the assets the bank's report
the following telegram (copyright) from Paris:
showed cash of 48,873,945 RM., against 22,464,156 RM., at
That France, despite post-war influences, still remains the country the close of
1926, bills receivable 235,574,092 RM. against
of people with small incomes is indicated in statistics issued following
194,456,796. Among the •liabilities the creditors account
the annual stockholders' meeting of the Bank of France.
The bank has 31,458 stockholders this year. Of these 11,078 own aggregated 1,107,759,245 RM., including the proceeds of
only one share of stock, 7,215 own two shares and 6,900 between three the $20,000,000
loan floated in the United States last year,
and five shares, while only 133 persons own more than 100 shares.
Thus 35% hold one share each and 80% of the stock is in the hands against 789,16,627 RM. reported at the end of 1926.
The Bank of France raised the exchange rate slightly this week, from
124.02 to 124.03 and 124.05 per pound sterling. The higher rate did not
mean any reversal of the market's position, since the bank's purchases
of exchange continue. In financial circles it was inferred that the bank,
through this action, was reaffirming its control of foreign exchange rates
and, omre particularly, discouraging speculating for the rise in francs.
It is believed that loans of foreign exchange, which had been granted
by the bank on a large scale during recent weeks, were not merely used
as a temporary investment abroad for bank funds, but that importers
who feared revaluation of the franc were buying exchange from the
bank with the purpose of reselling immediately at 90 days. If the franc
were actually to rise before the expiration of that period, the importers
would make a profit, since they would resell to the bank at 124 francs
per pound sterling, but would thereupon be able to repurchase at the
lower rate for sterling caused by the rise in francs. The inference generally drawn is that the bank wished to show, through raising its purchase rate for foreign exchange bills, that it is opposed to any fresh
revaluation of the franc.
of persons each holding less than five shares.
Stock of French Line Placed on Market Here-87,500
Shares of Common Offered by the Equitable Trust
Co. of New York and J. A. Sisto & Co.
A development of more than ordinary interest the present
week has been the introduction in the American market of
shares of the French Line (Compagnie Generale Transatlantique) by the Equitable Trust Co. of New York and
J. A. Sisto Sr Co., who offered March 14 87,500 shares of
common stock in the form of American shares, each American
share representing one deposited French share carrying dividend rights for the full year 1927. Offering was made at
$71 flat per American share. The present offering, however,
does not represent any new financing on the part of the
company.
The French Line, founded in 1855, is the most important
of the French shipping companies. In 1914 the company's
fleet aggregated 383,000 tons and it owned no interests in
subsidiaries, while as of Dec. 31 1927, it owned a fleet of
101 vessels, including 37 liners and passenger ships, aggregating more than 573,000 tons. For the purpose of further
expanding and improving its service between Havre and New
York, the company has undertaken over a period of years
the construction of several large liners, the first of which,
the Ile de France, the largest ship in the world planned and
constructed since 1913, with a displacement of 41,000 tons,
was completed and placed in service in 1927. The company
Dividend of 10% for Fiscal Year 1927 On Stock of Disconto-Gesselschaft of Berlin.
Directors of the Disconto-Gesellschaft of Berlin have
proposed a dividend at the rate of 10% on the capital
stock for the fiscal year of 1927. The dividend will be
payable on and after March 31 if approved at the general
meeting to be held on March 30. Dillon, Read & Company
are the American paying agents for the bank. Gross
profits of the Direction der Disconto-Gesellschaft for 1927
totaled 70,054,000 reichsmarks and net profits, after expenses and taxes, for the year amounted to 15,374,000
reichsmarks. Combine figures of the Direction der Disconto-Gesselischaft, Berlin, Norddeutsche Bank in Hamburg, Hamburg, and A. Schaafhausnescher Bankverein
A. G., Cologne, show gross profits for 1927 of 4,884,000
reichsmarks and net profits of 10,175,000 reichsmarks.
German Railway Deficit—Higher Rates Discussed to Meet
Increasing Expenses.
Copyright advices March 9 from Berlin to the New York
"Times" said:
The last financial report of the Railroads Corporation, covering
December, shows receipts of 463 million marks. Expenditure is not
stated, but it will exceed revenue and the deficit will be covered out of
the general reserve. The corporation's revenue has of late developed
in a wholly satisfactory manner, but as a result of increased wages and
other projected measures, a general rise in rates is again being discussed.
MAR. 17,1928.1
FINANCIAL CHRONICLE
Estimated total operating receipts in 1927 are 5,000 million marks,
against 4,520 million in 1926, expenditure being 4,100 millions, against
3,680 millions. Leading business economists have petitioned the Ministry of Communications, declaring that the proposed rise in rates
would throttle industry.
International Loan Sought by Austria—National Bank of
Vienna Reports $2,500,000 Profit in Year.
Associated Press advices March 12 were published as
follows in the "Evening Post":
Austria continues to make steady progress in its financial and economic rehabilitation. Figures issued today show that profits of the National Bank last year exceeded $2,500,000, while there has been steady
development in agriculture, trade and industry.
The banks last week completed repayment to the United States of the
short-term dollar loan contracted last year, and the Government is
making preparations for a $100,000,000 international loan in which
American banks will participate. Official estimates show that Austrian
crops in 1927 were considerably better than in 1926, while nearly all
departments of the Government yielded substantial surplusses.
TIk forthcoming loan will be used largely for rehabilitation of State
railwk*ys, building new bridges and highways, development of agriculture, extension of transcontinental telephone and telegraph cables and
other public enterprises.
Although there is a trade deficit of $150,000,000, Victor Kienbock,
Minister of Finance, says this is more than offset by continued large
reserves of drafts and warrants remaining in the Austrian National
Bank.
1599
The Quebec Government, in the preamble to the bill, explains that
the provisions of the Federal Act can only have effect in the Province
of Quebec if legislation therein to that end be adopted, and that it is in
the public interest that such action be taken.
A provisional loan board will be created consisting of four members,
three to be named by the Government, and the fourth by the borrowers
in the Province. The loans in this Province, subject to the approval
of the Canadian Farm Loan Board, shall be made directly to farmers
or through local co-operative societies or colonization societies, or both,
directly to farmers and through such societies.
The Provincial Treasurer and the person indicated by the LieutenantGovernor-in-Council to be chief of the provincial board are authorized
to act on the advisory council established under the Canadian Farm
Loan Act. Farm loan bonds are to be a legal investment for trust funds
within the Province.
It is provided that: "In case of an adverse report on the operations
of the provincial board by the auditors of the board, or should the provincial board refuse to enforce in a satisfactory manner the regulations
and directions of the board, the latter may, after conference with the
provincial board, relieve it of its duties, and may undertake directly, or
through officers appointed by the board, for that purpose, the management of the business of the provincial board until a new provincial board
satisfactory to the board has been nominated and appointed as hereinbefore provided for."
Imports of Cotton Restricted by Greece—Exception
Made for Seed for Scientific Purposes.
The following is from the United States Daily of March 7:
Importation Into Greece of cotton seed and unginned cotton is prohibited. w.th certa,n exceptions for cotton seed, according to a decree pubto the Department of
European Nations Pay Debts to Banks—Revaluation lished In the Official Greek Gazette and reported
by the office of the Commercial Attache at Athens. The full
Commerce
of
Cancellation
for
Used
Currencies
European
of
text of the report continues:
Such Indebtedness—Based on Gold Reserves—InThe importation from foreign countries of seed by scientific agricultural
the domestic cotton crop variecreased Appraisal of Gold Holdings in Terms of organizations for the purpose of Improving established in the Department
by manufacturers of cotton seed oil
or
ties,
AcGovernment
to
Revealed Currency Credited
Piraeus customhouse,
of Attica and Bosotia is permitted only through the
of Agriculture.
count.
and on special permit to be obtained from the Ministry
quantity of seed imported by scientific agricultural organizations shall
Successful stabilization of the European currencies has The
not exceed 10 kilos each time.
had and is having striking effect on the debts of governments to the national banks, says a wireless message March
9 to the New York "Times" from Amsterdam (copyright),
which states further:
Japan Today and Tomorrow.
the "Osaka Mainichi & Tokyo Nichi Nichi,"
of
editor
The
English edition, is distributing copies of its publication
"Japan Today and Tomorrow," which undertakes to present
an authentic account of Japan's activities in various fields.
When the Italian currency was stabilized at the rate of 19 lire to the
dollar, instead of the old ratio of 5.18 lire, the gold and foreign bills
held by the Bank of Italy were revalued on that basis. Their rating on
the new basis so far increased the lira valuation of the gold, which had
previously been reckoned at the pre-war valuation, as to create a very large
balance on the assets side of the bank account, and this has been used Alien Land Law Upheld by Mexican Court Ruling—Forfor cancellation of the Government's debt to the Bank of Italy, amounting
eigners Must Renounce Rights to Become Property
before stabilization to 3,400,000,000 lire.
Owners,
When Belgium stabilized the currency, similar action was taken. At th?
time of revaluation the Goverment's debt to the Belgian National Bank
Press advices March 10 from Mexico City
Associated
but
this,
through
the
to
francs,
crediting
amounted to 6,705.000,000
follows from the "Herald-Tribune":
as
taken
the
of
valuation
gold,
was
about
are
to
in
reduced
difference
Government the
The Supreme Court has issued a decision upholding the constitution2,000,000,000. On the first of the present month the Government debt was
reported at 1,930,000,000, and this remainder is being repaid in monthly ality of the alien land law and Article 27 of the Mexican constitution
under which the law was enacted.
instalments of twenty millions.
The effect of the decision is to reaffirm the provisions of the law and
France has not yet undertaken the similar revaluation program. It is
in
French
increase
great
which
circulation,
the
that
the constitution by which no foreigner may own land within 100 kilocommonly pointed out
has lately exceeded all precedent in the history of the Bank of France, meters of the border or fifty kilometers of the seacoast. The law also
does not represent inflation, because the gold value of the total 57,702,000,- provides that foreigners can only own land elsewhere in the republic by
000 francs in outstanding notes is below the actual pre-war circulation, renouncing foreign citizenship and accepting Mexican citizenship in so
when the notes were valued on the gold basis. This comparison, moreover, far as such land is concerned, which is to say that foreigners must acdoes not allow for the great rise in the level of prices since 1913. It cept Mexican laws and renounce appeals to their home government conis also pointed out that the present increase in the French bank's paper cerning the application of the Mexican laws to the land.
circulation is a result of equivalent reinforcement of the bank's stock of
According to the ruling, however, the renunciation is only necessary
gold or gold exchange, possession of which is the first condition of for landed properties, foreigners being free to acquire other kinds of
stabilization.
property outside the forbidden zone without giving up their citizenship.
The decision was in a case in which a Mexican widow of a British subHer
Permanent Debt —Madrid ject sought nullification of the sale of their house to another foreigner
Spain'to Amortize
as affecting the house in
Government Offers Two Conversion Plans to who had not renounced foreign citizenship
question.
Security Holders.
Madrid advices March 11 to the New York "Times" Panama Plans Loan to Save on Its Debt—Assembly
(copyright) said:
Called in Special Session to Pass Law for New
The total debt of Spain is 18,700,000.000 pesetas (about $3,141,600,000),
Issue of 5%.
58% of which carries interest at 4%, with the result that the Spanish
According to Panama advices March 1 to the New York
State continually is burdened with the obligation of heavy interest payments. The Government is considering voluntary conversion of this per- "Times" published in that paper March 11, consolidation
manent debt into an amortizable debt, which will augment the amortizaof the foreign debt of the Republic of Panama, now being
tion annuities, but within a few years diminish the public debt.
This appears to be an attempt to collect part of the internal debt by considered by the National Assembly, which was called into
meeting the desires of holders who want conversion into other amortiza- extraordinary session for the purpose of granting the Teble securities. These holders would receive an equal nominal sum for quired authority to the President, is expected to result in
their paper, but interest would be reduced to 3.4%. Other holders would
savings through flotation of a new loan at a lower rate of
receive a smaller nominal sum and retain the 4% interest.
In the first case, the udder cedes part of his income, but would benefit interest than is now being paid on the various outstanding
margin
amortization
included
in
the
the
exchange
by the difference between
the paper yields the same bonds. The advices add:
of the old paper at par. In the second case,
Actually, the external debt will be increased by about $5,000,000, bringfurther
in
advantages
the
carries
difference
but
conversion,
income at
ing the total up to $16,000,000, but the balance is to be used to complete
between it and the old paper, which would be less than that of the
and continue the system of roads begun in 1922.
first project.
Up to the end of December the Government had spent on road construcOperation of the scheme would become effective early in April.
tion and maintenance more than $9,000,000 had completed more than 160
miles of roads and had 125 miles partially completed and under conQuebec Will Adopt Farm Loan Act—Dominion Provides struction.
From the proceeds of the consolidated loan not needed for refunding
90% of the Money, the Province 5% and the Borrower
other loans it is proposed to continue the Central Highway from Santiago,
for
Trust
Funds.
Investment
Legal
Be
to
5%—Bonds
160 miles from the capital to David, 150 miles further. This will open
According to Quebec advices March 8 to the Montreal up a rich agricultural district that is being developed in bananas
and coffee.
"Gazette" Quebec is taking advantage of the Federal legisPanama's outstanding foreign debt now consists of four loans aggrelation of last year known as The Canadian Farm Loan gating $10,000,000 at rates of interest ranging from 5 to 6%%, and
redeemable at prices ranging from 102% to 105.
Act. The dispatch goes on to say:
Due to the fact that the stability of the Government is practically guarThis federal law, briefly, provides for loans to farmers under a system
anteed and to its past record, the republic can procure loans at rates not
whereby Ottawa will provide 90% of the money, the province 5%, and
granted to many other Latin American countries. Irrespective of whether
the borrower himself provide the other 5%.
1600
FINANCIAL CHRONICLE
there is to be a saving as a result of reduced interest charges, a further
loan is necessary in order to carry out the road program and public improvements already authorized by law.
In his message to the National Assembly, President Bodolfo Chiari asked
for authority to float a loan of $15,000,000 at a rate of interest not greater
than 5%. He stated that the funds obtained would be devoted to "the
forcible or voluntary redemption of existing loans, leaving available a
balance sufficient to finish the national highways as far as the City of
David and to carry out other similar work authorized by existing
law."
The oldest outstanding loan is that of 1914, made for constructing the
Chiriqui Railroad. It amounted to $3,000,000 of 5% bonds. The remaining bonds total $1,264,000. They are redeemable at 105.
The second loan was obtained in 1923 for building roads. The interest
on this loan, of which bonds valued at $4,304,000 are still outstanding, is
5%%. The bonds cannot be redeemed before 1933, and then at 102%.
It is expected that some compromise arrangement will be attempted with
the holders.
[VoL. 126.
of the 1903 454% Loan payable in Russian roubles was placed in Paris.
The French bondholders have subsequently demanded payment of interest and sinking fund in gold francs, but the City is advised that
these bondholders have no valid claim to such preferential treatment.
The City has offered and is prepared to pay interest and sinking fund
on all Municipal obligations at the legal revalorized rates.
Finances: The finances of the City are based upon an annual budget submitted by the Executive Committee and approved by the Municipal Council and the Minister of the Interior of the Republic. During
the past four years, revenues have in each year execceded expenditures,
the resulting surplusses having been applied to Municipal improvements,
construction and investments. Ordinary revenues and expenditures
since 1924 have been equivalent to the following amounts:
1924
$5,164,000
$4,130,000
$1,034,000
1925
7,489,000
6,233,000
1,256,000
1926
7,555,000
6,785,000
770,000
1927
9,091,000
8,213,000
878,000
1928
10,601,000 (estimated) 10,601,000 (estimated)
The total funded indebtedness of the City, including this issue, is
equivalent to about $19,000,000, or less than $19 per capita, and the
annual debt service charges amount to less than one-eighth of the
annual revenues. The value of City owned properties exceeds $65,000,000.
Offering of $10,000,000 Bonds of City of Warsaw, Poland
—Books Closed.
A syndicate composed of Stone & Webster and Blodget,
Inc., the First National Corporation of Boston, Chase SeIt is stated that all conversions of zlotys into dollars
curities Corporation and Paine, Webber & Company, of- have been made at the rate of $0.1122 per zloty
pursuant
fered on March 12 a new issue of $10,000,000 City of War- to the Stabilization Decree of Oct. 13, 1927.
saw (Republic of Poland), 71/
2 thirty-year sinking fund
external gold bonds of 1928. The books on the loan have Offering of $2,250,000 Bonds
of City of Porto Allegro
been closed. The bonds, which constitute the first and
(United States of Brazil)—Books Closed.
only funded obligation of the City of Warsaw payable in
Lee, Higginson & Co. and Ladenburg, Thalmann & Co.
foreign currency, were priced at 89 and interest to yield offered on March
13 at 97% and interest ,yielding about •
over 7.95%. A substantial amount of the bonds were 7.20% a new
issue of $2,250,000 City of Porto Alegre
placed in Europe, Canada and South America including (United States
of Brazil) forty-year 7% sinking fund gold
bonds offered in Warsaw by The Bank Handlowy W. War- bonds, due Feb.
1, 1968. A law passed Jan. 14, last proszawie. The proceeds will be used for the construction, vided that proceeds
from the sale of these bonds are to be
equipment and extension of municipal market halls, stock- used for sanitation
works and construction and the paving
yards, tramways and buses, gas and waterworks and other of streets. Closing
of the subscription books was anproductive purposes, the increased revenues, from which, nounced on March
11, the date of the offering. The bonds
it is estimated, will amount to more than the interest and are
guaranted unconditionally as to principal, interest
amortization charges of this loan. The bonds will be and sinking fund by
the State of Rio Grande do Sul. They
dated Feb. 1, 1928 and will become due Feb. 1, 1958. The are not callable,
except for Sinking Fund, prior to Feb. 1,
City will provide a cumulative sinking fund calculated to 1933. Prior
to Feb. 1, 1933, they will be callable in part
be sufficient to retire all these bonds at or before maturity, for sinking
fund only, on any interest date, at 100 and
such retirement to be effected semi-annually by call of accrued interest;
on and after Feb. 1, 1933 callable on 30
bonds by lot at par and accrued interest. The City how- days' notice
as a whole at any time, or in part on any interever may acquire bonds by purchase, and tender them at est date for
sinking fund only, at 100 and accrued interest.
par in payment of the sinking fund installments. The They are
coupon bonds in $1,000 and $500 denomination,
bonds will be redeemable (otherwise than through the registerable
as to principal. Principal, interest (Feb. 1
sinking fund) as a whole or in part on any interest date and
Aug. 1) and sinking fund payable in United States
at 1051/
2 and accrued interest on or before Feb. 1, 1931; gold coin
of the present standard of weight and fineness,
thereafter the premium decreasing 1% for each 3 year without
deduction for any taxes of the Brazilian Governperiod or part thereof, up to and including Feb. 1, 1937, ment,
State of Rio Grande do Sul, or City of Porto Alegre,
and redeemable after that date at 1021
, and accrued in- present or future.
Principal and interest payable at the
terest. The issue will be in the form of coupon bonds in offices of
Lee, Higginson & Co., in New York, Boston and
denominations of $1,000, $500 and $100, registered as to Chicago. The
City of Porto Alegre covenants to deposit
principal. Only principal and interest (Aug. 1 and Feb. 1) a fixed annuity
of $163,232 a year, payable in semi-annual
will be payable at the office of The First National Corpora- instalments,
to be used for the payment of interest and as
tion, New York City, in United States gold coin of the a sinking
fund for the purchase or call and retirement of
present standard of weight and fineness without deduction Bonds of this
issue.
for any Polish taxes present or future. The First NaInformation furnished by the President of the State of
tional Bank of Boston, is fiscal agent; The First National Rio do Sul
and the Vice-Mayor of the City of Porto Alegre
Corporation (of Boston), New York City, is paying agent. says in part:
The syndicate announces receipt of advices from Zygmunt
Finances and Credit: For last 2 years, ordinary revenues
have in
Slominski, President of the City of Warsaw, which state every year shown a surplus over ordinary expenditures, including results of municipal public utility operations,
in part:
combined
of
total
and
ordinary
Security: The bonds of this issue are a direct obligation of the
City of Warsaw, which pledges its full faith and credit for the prompt
payment of the principal, premium, inttrest and sinking fund thereof.
In addition, these bonds are specifically secured by a first charge on
the following revenues: the Income Tax (Municipal portion) the Commerce and Industry Tax (Municipal portion), the Apartment Dwelling Tax and the Railroad Freight Loading Tax Total receipts from
these taxes in recent years have been as follows:
1925
$3 020 529
1926
3,365,074
1927
3,482,563
1928 (estimated)
3,377,220
The average for these four years therefore amounts to more than
four times the annual interest and sinking fund requirements on these
bonds.
The City has covenanted to maintain the revenues securing the
bonds of this issue at an amount at least eqqual to four times the
annual service charge of the bonds. The City has also covenanted that
it will not, as long as any of the bonds of this issue are outstanding,
increase its debt to such an amount that the total service changes of all
the debt of the City will exceed one-fourth of the total ordinary revenues of the City.
The Government of Poland has undertaken that while any bonds of
this loan are outstanding no obstacle will be placed in the way of the
City regarding the purchase and remittance of the funds necessary to
enable the City to fulfill its obligations with respect to these bonds.
The Government of Poland has also undertaken to withhold from the
City, the City's share of the Income Tax and of the Commerce and
Industry Tax and to pay over same to the Fiscal Agent's account at
the Bank of Poland in the event of the City defaulting on the bonds.
Debt Record: This issue of bonds constitutes the first and only
funded obligation of the City payable in foreign currency. A portion
revenues and extraordinary revenues for
in
excess of combined total of ordinary expenditures entire period is
and extraordinary
expenditures. This loan will be issued as a direct and general
obligation of the City. Total funded debt as of
Feb. 1, 1928, together
with this loan, amounts to $13,004,073.
There is no record of default
on any funded debt obligation, either internal
or external, of the City
of Porto Alegre.
Guaranty: The State of Rio Grande do Sul unconditionally guarantees by endorsement the principal, interest and sinking fund of these
Bonds. The State of Rio Grande do SW is the principal cattle and
stock raising state of Brazil. It is one of the first three states in
Brazil in manufacturing and in value of imports and exports. Of
its total population, 97.8% is of European descent. The
banks of
Rio Grande do Sul are the largest in total assets of those of any state
of Brazil.
Offering of American Shares of Debenhams Securities,
Ltd. of England.
Goldman,Sachs & Co. and Brown Brothers & Co., offered
March 13 at $51.50 per American share 85,000 American
shares of Debenhams Securities, Ltd., an English corporation controlling the largest chain of department stores in
Great Britain. Each American share is issued against twelve
deposited ordinary shares of the company of 5 shillings par
value each. It is understood that the shares were heavily
oversubscribed and allotments, it is announced, will be
reduced considerably. The company has agreed to
make
application to list this issue of American shares on the New
York Stock Exchange.
MAR. 17 1928.]
FINANCIAL CHRONICLE
Aggregate net sales of the stores controlled by Debenhams Securities, Ltd., for their respective fiscal years ended
7,480,000.
nearest Jan. 31 1928, exceed, it is stated,
Profits attributable to the ordinary shares of the company
for this period are estimated at more than $2,000,000,
equivalent to over $4 per American share. Both sales and
profits have shown a substantial increase the accounts say
in each of the last three years and with the improvement now
under way in British trade conditions, a further increase is
expected.
The retail stores in the chain at present employ
more than 17,500 persons.
The company plans to pay a dividend of 9 pence per
ordinary share in April of this year, equivalent to $2.18 per
American share. The shares offered March 13 carry this
dividend. In April 1929, a distribution of at least 1 shilling
per ordinary share, equivalent to $2.91 per American share,
Is expected. Further data in connection with the offering
are given in our "Investment News Department" page 1668.
$60,000,000 Credit for Turkish Government—Fox Bros. Arrange Advance for Building of Railways and Two Large
Port Projects.
Regarding a credit in behalf of the Turkish Government
we quote the following from the "Journal of Commerce" of
March 10:
Official announcement of arrangement of a $60,000,000 contract
with the Turkish government for the building of some 750 miles of
railways and two large port projects in Turkey was made yesterday
afternoon by John J. Teal, Vice President of the Fox Bros. International Corporation, a New York concern. Mr. Teal has just
arrived in this country after two months of negotiations with the
Angora Government.
The contract, according to Mr. Teal, calls for a total expenditure
of about $60,000,000 and the proposals of the American firm were
accepted by the Turkish Council of Ministers despite the strongest
kind of pressure from powerful sources to secure the award for
Continental bidders. The railroads to be built are to connect Kaiseria, Sivas and Tourhall, an undertaking calling for the expenditure of
$15,000,000, and Sivas with Malatia and Erzeroum, at a total expenditure of $35,000,000. The lines when completed will open up some
of the finest agricultural country in Turkey and what has been
described as some of the richest mineral land, copper especially, in
the world.
The port projects are for the building of breakwaters, piers and
the most modern docking and unloading facilities at the Port of
Mersine on the Mediterranean and Samsoun on the Black Sea.
The estimated cost of each project is $5,000,000. Declaring that
American equipment would be used wherever possible and that the
work would be under the supervision of American engineers, Mr.
Teal announced that Fox Bros. proposed to send engineers skilled
in port improvement to Turkey to report on the Samsoun and Mersine projects as soon as possible.
The railroad construction, according to stipulation, is to be finished
in from six to seven years, and, as to the financing of the enterprise, Mr. Teal expressed his complete satisfaction with the terms
agreed upon. "These provide," he said, "for decidedly liberal payments in cash, for an attractive interest rate and for the amortization
of the bonds over a short period."
1601
speech that if a king were elected in place of the legitimate King Otto
the guard would refuse to deliver the crown for the coronation.
Deputy Propper asserted that this was a threat of a legitimist "putsch"
and demanded that Premier Bethlen outline the Government's standpoint.
The Premier stated that the law was deemed necessary to assure the
Government control over the guard. At the conclusion of Premier
Bethlen's speech, Parliament by a large majority passed the law.
Portugal Said to Have Refused Condtiions Suggested by
League of Nations for Loan.
Lisbon (Portugal), Associated Press advices March 10
appeared as follows in the "Evening Post":
An official note issued by the Portuguese Government says that
Portugal has refused to accept the conditions suggested for the flotation of a loan under auspices of the League of Nations and has again
assumed liberty of action to continue the loan negotiations elsewhere
under other conditions.
Counter-proposals of the Portuguese delegates were refused by the
League Financial Committee.
Bonds of Czecho-Slovak State Loan of 1922 Drawn for
Redemption.
Kuhn, Loeb & Co., The National City Bank of New York
and Kidder-Peabody & Co. have issued a notice to holders
of bonds of the Czecho-slovak State Loan of 1922 that
$100,100 principal amount of the 8% bonds of the first
portion of the loan, due April 1, 1951, and $58,600 principal
amount of the 8% series B bonds, due Oct. 1, 1952, have
been drawn for redemption by lot for the sinking fund on
April 1, 1928, at par. Such drawn bonds will be paid on
and after the redemption date at the offices of Kuhn, Loeb
& Co., Kidder, Peabody & Co., and The National City Bank
of New York. Interest on the drawn bonds will cease from
April 1.
Exchange of Definitive City of Buenos Aires Bonds for
Outstanding Temporary Bonds.
The Chatham Phenix National Bank and Trust Company of New York announces that it is prepared to exchange at its trust department, 149 Broadway, definitive
City of Buenos Aires external sinking fund 6% gold bonds,
series C-2, due April 1, 1960, for outstanding temporary
bonds.
Chile to Organize Credit Institute,
The Chilean Government has named a commission to
organize an Industrial Credit Institute, which will complete Chile's credit system say Santiago advices published
March 12 in the "Wall Street Journal". The movement, it
Is said, is expected to help develop Chile's production
sources. For half a century commercial and mortgage
banks have been helping industry indirectly and under
limited conditimis.
Council of League of Nations Approves Plan for Bulgarian
Stabilization Loan.
Geneva Associated Press advices on March 10 said:
Guatemalan Bank Alters Loan Basis.
The following from Guatemala City appeared in the
"Wall Street Journal" of March 13:
The Council of the League of Nations to-day approved a plan for a
Bulgarian stabilization loan of £4,500,000 (roughly $22,500,000). Part
of the loan is to be used for strengthening the position of the national
bank and the agricultural and co-operative banks, which are public
insaitutlons. Another part will be used to meet arrears in the budget
and the remainder spent on communications.
The League will appoint a technical adviser to the national bank,
which will be transformed into a central bank.
In connection with the League work in the settlement of refugees
in Bulgaria, attention was called to the fact that the Rockefeller Foundation has decided to participate in that country, proposing to establish
a health center in the Petrich district, by which refugees to be settled
there would benefit greatly.
The Bulgarian representative expressed the gratitude of his country
to the Rockefeller Foundation, a statement in which acting President
Urrutia associated himself in behalf of the council.
The Banco Agricola Hipotecairo, an institution created to give
financial assistance to farmers and lend money on mortgages, has
signed a contract with the government to reorganize its method of
financing. In the future it will loan the government money on a 12%
basis, 10% of which will be used to pay interest, and the other 2% to
be applied to a sinking fund. The loans will mature in 18/2 years.
Permanent Bonds of Dominican Republic Available in Exchange for Interim Certificates.
Permanent bonds for Dominican Republic fourteen-year
51,6% sinking fund gold bonds, First Series, due Oct. 1,
1940, are now ready in exchange for Interim Certificates
at the offices of Lee, Higginson & Company, in New York,
Boston and Chicago.
Hungary Legally a Kingdom According to Premier Bethlen—Gets Vote to Assure Control of Crown After Offering of Bonds of First Joint Stock Land Bank of
Montgomery, Ala.
Socialist Raises Issue.
Since the publication of the item in our issue of March
Under date of March 10 copyright advices from Buda10, page 1441, with regard to the offering of bonds of the
pest to the New York "Times" stated:
Hungary is legally a kingdom. The laws of the Hungarian National First Joint Stock Land Bank of Montgomery, Ala., we
Assembly of 1920-21 established a kingdom; and there is no question learn that Ward, Sterne & Co., handled only the distribuas to the present form of the State, Premier Bethlen declared in Par- tion of the bonds in the
State of Alabama, and that disliament last night, the declaration being made in reply to an assertion
two laws exist, namely, that of tribution outside of Alabama is handled by the following:
by the Socialist Deputy Propper that
1918 establishing a people's republic and that of 1920 providing for a Chase Securities Corporation, Barr Brothers & Co., Inc.,
kingdom without a king.
Central Trust Co. of Illinois, Chicago; The Shawmut CorThe exchange of opinions between the Premier and Deputy Propper
occurred near the close of a debate relative to a new law providing poration of Boston; Fletcher Savings & Trust Company,
that the centuries-old guard of St. Stephen's crown be made responsible Indianapolis, and the First National Bank of Montgomery.
to the present Government.
Ala.
Recently the legitimist leader, Count Julius Andrassy, said in a
1602
FINANCIAL CHRONICLE
Inquiry by Stock Exchange Into Dealings in Common
Stook of Radio Corporation of America With Spurt
in Trading in Shares—Activity in General Motors
Stock.
New records in trading on the New York Stock Exchange have marked the course of huge speculative operations during the week, General Motors and Radio Corporation Common seeming to vie for leadership in the buying
wave. On March 12, when the volume of trading on the
Exchange reached a new peak, with Radio stock advancing
to. new high figures, Secretary Cox of the Stock Exchange
Issued the following notice to members calling for information regarding their dealings in the "A" Comon stock of
the corporation:
CONFIDENTIAL.
March 12, 1928.
Gentlemen:
The Committee on Business Conduct directs me to ask you to furnish
it by 11:00 A. M. each morning until further notice, starting tomorrow, March 13, 1928, with the following information in regard to
your situation at the close of business on the previous day in the "A"
Common stock of the Radio Corporation of America:
1. The aggregate long and aggregate short positions of yourself and
.customers.
2. The number of shares borrowed, and from whom.
3. The number of shares loaned, and to whom.
Please send this information in a sealed envelope addressed to the
Committee on Business Conduct, Room 609, Stock Exchange Building.
A reply is desired each day from every member of the Exchange
•to. whom tbi communication is sent, regardless of whether or not he
'had any position in these stocks at the close of business on the previous
clay.
Respectfully,
E. V. D. COX, Secretary.
The violent gyrations witnessed on the Exchange on
-March 12, when dealings reached a new high mark, were
detailed in part as follows in the "Times" of March 13:
A powerful bear clique found itself yesterday the helpless victim
.of its own audacity as Radio Corporation common, against the uncertainties of which it had been warned by all of the portents which
speculative Wall Street usually respects, leaped forward eighteen
points more in the greatest stock market turnover that the New York
Stock Exchange has ever seen.
All records for volume of trading went by the board as Radio continued its amazing advance, starting out with a transaction of 10,000
shares at 120%, unchanged from the previous close, and then brushing
opposition aside with a stride that made the hapless short sellers rush
frantically to cover. At the end of the day, with the stock selling
at a new high of 1383i, there had been added to the open market
value $20,797,200, bringing the total value of the 1,555,400 shares of
common outstanding up to $160,022,900. In the last three trading
days the stock has had a net gain of 404 points, representing a total
appreciation in market value of $46,504,850 for the outstanding common shares. Yesterday's turnover in Radio was 340,800 shares, the
cash outlay involved in which was around $45,000,000.
89,799 Shares Above Record.
Trading in all issues on the Stock Exchange yesterday amounted
to 3,875,910 shares, or 89,799 shares more than on the previous record
day, March 3, 1926, when 3,786,111 shares changed hands. With all
this tremendous turnover, a large part of it concentrated in the last
hour, the stock ticker was only about six minutes behind at the close.
The last quotations were tapped off at 3:12 o'clock.
More than one-third of the total business was confined to eight
leading stocks—Radio, General Motors, International Nickel, General
Electric, United States Steel, Westinghouse Electric, Hudson Motors
and Hupp Motors. It was in these stocks that the greatest demonstrations were made. All except General Motors and Westinghouse ended
the day with net gains. General Motors, which had something of a
breathing spell while Radio was holding the spotlight, closed 1%
points under the final quotation of Saturday. Westinghouse pulled
up 1% points below Saturday's close.
General Motors, after its picturesque performances of last week,
acted rather tamely. Traders continued to turn thestock over in
large blocks, but the stock made little headway in either direction.
Wall Street reports had it that many of the same interests who were
giving this issue their attention last week had transferred their operations to Radio. The financial community seemed to take little interest
in predictions that important developments might take place at the
meeting of General Motors directors in the afternoon. The meeting, it
became known later, was a routine affair. The matter of dividends
was not before the board.
As a spectacle Radio had everything to itself. To the speculative
imagination it was even more inspiring than was General Motors
during its astonishing flights of last week and the week before. General
Electric, which has a large stock interest in Radio, bounded forward
in sympathy, while U. S. Steel tried to regain its old position of
leadership with a gain which, had Wall Street not lost its sense of
proportion, would have been a milr sensation. Steel closed with a net
run-up of 34 points.
In point of breadth, there was nothing remarkable about the market.
All interest was focused upon a handful of issues, in which speculative
Operations converged from the opening gong at 10 o'clock. In all, 679
separate issues were dealt in. This compares with the record number
of 739, dealt in on Feb. 17.
Rise Begins at the Start.
The fireworks began in Radio with the opening call. M. J. Meehan
of M. J. Meehan & Co., the specialists in the stock, was at the Radio
post with a sheaf of buying orders that foretold something of what
was in store. The first transaction, 10,000 shares, indicated to the
stock market community that the urgent buying was to be resumed.
Traders short of the stock, many of whom had put in orders to sell
at the opening price, became alarmed when the second trade, 300 shares,
came out at 120%.
For the full five hours of trading there was an uninterrupted advance.
By fractions at first and then by jumps of 1 and 2 points the rise
[Vol,. 126.
continued. The "rout of the shorts" was in full swing in the late
morning. One large operator heavily short of the stock stood in the
customers' room in a leading Broadway house and gave this order:
"Get me twenty thousand shares at the best possible prices—quick."
Turning to a knot of traders at his side, he said: "About this time
a year ago I was covering the same amount at 47. How little we
know."
The same scene was being duplicated in some degree in scores of
offices. Operators with reputations for being among the cleverest
traders in Wall Street were running to cover, taking their losses with
the best grace that they could muster. The symbol "RA" was appearing on the ticker almost ceaselessly, each time with a long string of
transactions behind it.
There was a brief lull early in the afternoon, but when 2 o'clock
struck the covering movement became a riot again. Stop-loss orders
were released in unprecedented number as the stock continued upward.
When the stock ticker quoted Radio at 129, bids of 134 were being
made on the floor of the Exchange. The specialist was in the centre
of a wildly gesticulating throng, wearily fighting off the brokers who
were trying to make their wishes understood. During the last half
hour of trading the scramble became such that spectators in the visitors' gallery got the impression that they were watching a street fight
with policemen in the centre trying vainly to take command of the
situation.
The confusion increased until it was literally impossible for brokers
to execute orders and there was a period of several minutes shortly
before the close when Radio trades were reiorded on the ticker. It
was two or three minutes after trading was suspended before the final
transactions were tapped off. A final bid of 139 for the stock was
not executed because of the late scramble on the floor.
Last Saturday's (March 10) transactions on the Exchange prompted the following comment in the "Times"
of March 11:
With Radio Corporation furnishing a fresh sensation as General
Motors was staggering under a wave of profit-taking, the New York
stock market yesterday wound up the greatest week of trading in its
history. Radio closed with a net gain of 123
/
4 points, while General
Motors ended the day with a net loss of 2 points. In eight consecutive
trading days this marked the first recession.
General Motors yielded its leadership to Radio in the day's advance
after a brief struggle at the opening, but it finished a close second in
volume of turnover. General Motors, with transactions totaling 396,000
shares, and Radio, with 398,500 shares changing hands, accounted for
more than one-third of the aggregate business on the Stock Exchange
in the busiest Saturday since that institution was established.
Old Record Is Smashed.
Sales of all stocks amounted to 2,200,30 shares, a gain of 397,920
over the Saturday record of 1,802,710 shares established on Feb. 18.
Although no official hourly records are kept, it was believed by stock
market veterans that yesterday's turnover was the heaviest for any
two-hour period since stock trading began in New York.
In the week ended yesterday there was dealt in on the Stock Exchange a total of 16,278,900 shares, against the previous record of
15,628,870 shares in the week ended Dec. 3, 1926. 01 last week's
total business 2,431,500 shares were in General Motors, a turnover for
one stock that has rarely been exceeded by any other issue in that
time. Old-time followers of the market could not recall yesterday
when any issue had been the focal point of such heavy trading in recent
years or when, in all Stock Exchange history, a stock issue of the size
of General Motors had staged such a spectacular advance as it has
since the uprush began on Friday, Mar. 2.
Although supplanted temporarily by Radio as the market's bellwether, General Motors continued yesterday to monopolize a large
share of trading interest. With the speculative appetite whetted by the
remarkable advance of Friday, orders for General Motors had piled
up overnight in such volume that it was ten minutes after yesterday's
opening before the confusion could be cleared away and trading be
permitted to start.
Radio net gain for the day was 12)4. points. Radio common is held
in large blocks by a number of large companies. General Electric
Company is reputed to be the holder of about 275,000 shares, while
Westinghouse Electric and Manufacturing Company is said to own
about 350,000 shares. Part of the remainder is held by various
interests, so that the floating supply is considered quite small.
It is this fact which has made the position of short sellers precarious.
Bear traders were heavily short of the stock when the latest rise
began: and according to reports they have continued to enlarge their
commitments. There clearly was some urgent covering yesterday and
the day before, but the short interest is still large, according to brokers
interested in the stock. The possibility of a "technical corner" developing, however, was believed to be remote.
Yesterday and the day before it was reported that the Fisher Brothers
of Detroit and the duPonts of Wilmington, Del., had bought a great
deal of the stock through various houses. Radio is classified as a
"Morgan stock," like General Motors, United States Steel, General
Electric and others. Buying of these stocks is frequently traced in
Wall Street gossip to interests identified and always emanating in
vague rumors, is looked upon as "constructive" and never fails to
attract a following.
As to the transactions on March 13, when trading soared
above that of the previous day, the "Times" said in part:
With a technical corner perilously near in Radio Corporation common, the New York Stock Exchange announced yesterday morning,
after there had been an overnight gain of 21% points in market value,
that aninvestigation was under way to determine the stock's status.
The immediate effect of the announcement was a perpendicular
decline of 20 points that jarred the whole market. It failed, however,
to put a curb on speculative enthusiasm and within a few minutes
Radio had resmued its upward march, carrying in its train a large
number of other stocks. There followed another runaway market
that lasted until near the close and that wrote up a new record for
volume of trading. Final prices were irregular, with a weak and
nervous tone.
The turnover on the Stock Exchange totaled 3,947,530 shares, or
71,620 shares greater than the previous record of 3,875,910 shares established on the day before. Yesterday's market saw the seventh
3,000,000-share turnover of the year. The business was so close to
4,000,000 shares that the majority of the stock market community left
for home in the afternoon with the impression that this figure had been
MAR. 17 1928.]
FINANCIAL CHRONICLE
1603
American Linseed, the pacemaker in Wednesday's market, seemed
market before
exceeded. It was seevral hours after the close of the
yesterday to have lost its driving power. It closed with a net loss of 8
overworked statisticians were able to compute the total.
points. Wall Street heard that the du Pont interests had acquired a
Loading Stocks Are Erratic.
substantial interest in the company and would seek representation on
the announce- the directorate. The company is controlled by the Rockefeller interests.
Radio swung up and down with such violence after
tion that it
ment that the Stock Exchane was making an investiga
Soaring transactions and prices were likewise the order of
would topple
looked for a time as if the whole speculative structure
any
at
yesterday (Mar. 16). With sales approaching
over. The fear of such a development was not entirely dispelled in the the day
was reflected
4,000,000 shares speculation ensued on a gigantic scale in
time during the day and a feeling of apprehension
nervous, erratic movements of leading stocks.
s ranging from $2 to $8 a
highly a long list of issues, the advance
Price movements in nearly all departments of the market were
General Elec- share. The "Post" of last night observing this, said:
Steel,
States
as
United
stalwarts
such
Even
irregular.
which
One reason for the sudden rekindling of the speculative flame was the
tric and New York Central wabbled about as if in doubt as to
all day. Al- confirmation by a member of the firm of Clark, Childs & Co., one of the
way they should move. Radio was an uncertain factor
like a largest of the Wall Street commission houses, of a report that two days ago
though recovering a good part of the early break, it drove about
that Calvin
that firm sent out over its private wires advice to its clients
sapling in a storm, always shaky and unstable.
in 1928.
Harassed short traders who were heartened by the nose-dive which Coolidge would be a candidate
. . .
followed the Exchange's announcement soon had their hopes dashed.
last week,'when it adGeneral Motors, which was the first sensation of
At the day's lowest price, 140, Radio was still selling 1% points above
of the vanced in whirlwind fashion to 161. again jumped into the lime light adthe close of the day before. Few of the shorts took advantage
of 169.
record
high
new
a
to
a wide- vancing 56 a share on urgent buying
early break, but, true to their nature, hung on and hoped for
stock ticker was 22 to 25
huge
Business was on such a large scale that the
open crack that would get back for them a larger part of the
%-point net rise minutes behind the market at times.
paper losses which they had seen marked up in the 401
and Radio last
reAll through the sensational advances in General Motors
of Monday, Saturday and Friday. When the decline halted, they
little time mainly because most of the business
lost
Brokers
ticker
the
stock
week
arrested.
been
had
downturn
the
fused to be convinced that
con- transacted was in those two stocks. The reason for the lagging ticker to-day
reported that a large number of traders continued to take on short
which lengthened the
was the great broadening of the demand for stocks
on.
wore
day
the
as
tracts
one out- active list considerably.
The opening was a tense moment for the Radio shorts. No
than
$100,000,000 to the
more
what
To-day's gain in General Motors added
side of the Business Conduct Committee of the Exchange knew thou0 shares of stock of the corporation out17,400,00
the
of
value
market
many
buy
to
orders
was impending. The Radio specialist had
the clock standing.
sands of shares at the opening. It was some minutes after
Shorts Continue Rout.
It was
struck 10 before the first transaction came out on the ticker. throughwas far
While the "shorts" continued in disorderly retreat their buying
for 25,000 shares—the price 160. Traders in brokerage houses
of
had risen outweighed by purchases for long account to-day, according to observers
out the financial district gasped. In one bound the stock
market.
the
market.
in
d
the
duplicate
been
21% points—something that has rarely
and Express'
It conSome of the most active issues were American Railway
To the great market following this meant only one thing.
preferred, Du Pont, American Linseed, Montgomery
closely
Match
onal
situation
a
Internati
that
before,
day
the
ressed
half-supp
ion. Nlathiospn
firmed the fears,
went up all Ward, Allied Chemical, Colorado Fuel. Radio Corporat
approaching a corner had developed. The cry, "Corner!"
Tobacco, Amefican
value of the Alkali, General Cable, Hudson Motors, American
Wlllys
Overland
over the Street. There had ben added to the open market
Chrysler,
in one stutter of International, United States Steel common,
1,155,400 shares of Radio common about $23,000,000
l Alcohol.
Industria
and
Lackawanna. New York
the stock ticker.
Railroad shares were actively bought, especially
Mystery Element in Deal.
Central, Wabash and Baltimore & Ohio.
or
orders
ed
bunched
on
represent
Mr. C,00lidge's cantransacti
are
that
out
Whether the 25,000-sh
In their letter, Clark, Childs & Co. pointed
that the
a stop-loss order, put in by some large operator who had figure
certainty, as the situation may change appreciably
a
however,
is
not,
didacy
will
stock would never hit 160 in the current movement, probably never
s before the primaries of the Republican
most spec- during the time which intervene
be known. There were rports in Wall Stret that one of the
party.
in
trade.
one
out
this
wiped
been
had
Clark, Childs & Co.
tacular traders in the market
Mr. Coolidge, according to the person from whom ment that he would
, alof his announce
Plenty of Radio common was available yesterday to borrowers
spite
in
on,
informati
their
Co.
received
rate
,
,ry for him
that it may be necea
though at one time a stiff premium was charged. The stock loan
flat, not run in 1928, has come to the opinion
in the morning was 1% interest. Later in the day it was loaning
e in some form."
candidat
be
"a
to
paid
is
no
and
interest
stock
the
which means that nothing is paid for
on the money put up.
Treasury
rate
Closing of Subscriptions to Offering of
At the close yesterday a premium of I% was charged. At this
up to
the
of
use
shares
for
100
Over
$100
pay
to
Issues
required
Two
were
to
s
borrower
Certificates—Subscriptions
of the
delivery time, 2:15 o'clock to-day. It was said that considerable
.
Dollars
premium
a
the
Billion
the
after
close
Shortly
stock was borrowed at this figure.
were
to %
1 . Borrowers, it was said,
dropped to %, then to 3i, and finally
Subscriptions aggregating over a billion dollars
holders
offered
had no difficulty in borrowing all of the stock needed. Large
ates,
certific
y
Treasur
of
issues
two
, have been careful to see that received to the
of the stock, it was reported yesterday
the
loan market.
to a total amount of $560,000,000 by Secretary of
no stringency developed in the stock
referred
was
offering
The
7.
March
on
Mellon
y
Statement by Harbard.
Treasur
, General James G. Harbord, made to in these columns March 10, page 1451. The subscripThe Radio Corporation's President
The
for
reason
of
no
"I
know
:
internal
yesterday
tions were closed at the close of business March 10.
this following statement
the Radio Corporation on the New York offerings consisted of one series of Treasury cart ficates
the activity of the stock of
to the amount of $200,000,000 or thereStock Exchange."
to discuss re- (Series TD 2-1928)
and running for nine months, the
Officials of the General Electric Company declined
33-%
bearing
abouts,
had
on
in
Corporati
Radio
s holdings
ports that some of this company'
for $360,000,000 or thereabouts,
-1929)
TM
(Series
Radio
other
of
to
own
is
enough
reputed
Electric
been disposed of. General
and maturing in one year. It was
3%%,
at
and
inter,st
Electric
The
use
with
control.
Westinho
working
virtual
stock to give it
Reports announced that Treasury certificates of series TM-1928 and
Manufacturing Company also owns a large block of Radio.
of its stock were widely circulated TM 2-1928, both maturing March 15, would be accepted
some
sold
had
company
this
that
total subscripin payment for the new certificates. The
yesterday, but could not be confirmed.
spectacular
d
issues of certificates were $1,000,773,000
new
two
the
The general stock market yesterday was influence by the
to
tions
large numgyrations in Radio. Trading was uncommonly heavy in a
amount $340,070,000 represented the subscriptions
for the most part were compara- —of this
ber of issues, but price movements
I% nine-months issue, subscriptions of $660,703,000
the
to
33
ates.
tively narrow.
having been received for the offering of one-year certific
fol33A% certifiThe more regular trading on March 14 was noted as
carrying interest at 3/%. The amount of allotme
nts in
allotted was $360,947,000, while the
lows in the "Journal of Commerce" of March 15:
cates
trading characterized the Stock Ex- the case of the 33.% certificates was $201,541,500, the
active
in
less
advance
broader
A
to approximately 3,185,000
change session yesterday. Sales amounted
te allotments amounting to $562,491,500. Secrewith the aggrega
shares, which constitutes a very moderate total compared
s announcement on March 14 of the subMellon'
tary
the previous three sessions.
furious trading pace established during
allottments follows:
and
ns
scriptio
continued to attract most attention, sales amounting to 110,000
Radio
was down 8 points at 138, but it
shares. At the opening the stock
its old high in the afternoon,
climbed steadily thereafter and approached
150, up 4 points for the day.
touching 153%. At the close it sold at
amount of subscripSecretary Mellon to-day announced that the total
es of indebtedness.
tions received for the two issues of Treasury certificat
Dec. 15 1928.
Series TD 2-1928. 351%. dated March 15 1928, maturing
March 15
maturing
15
1928.
TM-1929, 35%, dated March
Series
and
ions allotted
The fact the General Motors stock was again the leading 1929, was $1,000,773,000. The total amount of subscript
of which $107,058,500 represents allotments on subfeature in trading on March 15 was noted in the following was $562,491,500.
of Series TM-1928
scriptions for which Treasury certificates of indebtedness
"
of
16:
March
"Times
the
from
take
in payment. All
which we
and TM 2-1928, maturing March 15 1928 were tendered
stocks
p
market,
of
the
to
leadershi
allotments on
restored
while
Motors
full,
in
subscriptions were allotted
With General
exchange
such
of
Exchange
fluctuated with considerable violence on the New York Stock
ions were made on a graduated scale.
subscript
other
nts.
commitme
the several Federal
yesterday. It was another bad day for traders with short
The subscriptions and allotments were divided among
which the outstanding short interest is known
A dozen or more issues in
Reserve districts as follows:
covering
of
the
an
urgent
impetus
under
sharly
to be lare, moved up
movement.
Series TD 2- 1928, 31-i%. Series TM-1929. 314%.
the shorts took the most seGeneral Motors was the stock in which
Allotted.
Reteiced.
Allotted.
previous
Recetced.
or 11.4 points above the
00
vere punishment. Opening at 158g,
$12.883,500 $9,335,000 $49,162,500 127,124,0
fractional recession, shot forward 5=4 Boston
00
140,222,5
00
251.182,0
0
90,450,50
00
close, this issue, after an early
155.325.0
York
New
the
in
0
of
6
26,255,50
The
points.
turnover
gain
0
net
44,850,00
26,570,500 14,255,500
ia
points, closing at 163 with a
0 15,412,000
$40,- Philadelph
32,608,50
than
of
outlay
more
cash
9,585,000
a
0
involving
16,360,00
shares,
Cleveland
0
15,134,00
0
stock was 255,800
25,326,00
0
15,522,00
25.658,500
advance of 25% points in the current Richmond
24,277.000
000,000. The stock has had a net
17,419,000 12,983,000 39,696,000 51.570.50
0
has been added to the open market Atlanta
there
0
that
95,031.50
means
15,631,500
0
which
23,628,50
,
movement
Chicago
9.283,500
3,784.500 18.827.000
shares of common stock outstanding more than St. Louis
6,974,000
5,112,500
value of the 17,400,000
7.770.500
1.504,500
1,929,500
is
Minneapol
7,700,000
$443,000,000.
4,604,000 13,003,000
7,371,500
Kansas City
Radio and Linseed Lose.
6,279,500 19.103,000 11,202.5000
9,646.000
Dallas
27,653.00
0
64,143.00
to
0
Motors
17.609,50
of
return
General
the
0
36,304,00
welcomed
y
Ban Francisco
The speculative fraternit
p, having in mind its spectacular performances of
$340,070,000 1201.544.500 $660.703,000 $360,947.000
its position of leadershi
Total
yesterady,
by
the
wayside
fell
common
on
Corporati
last week. Radio
tailed
both
series, $1 000.773,000: total allotments,twit,
stock
The
ions,
Total subscript
gains in moderate trading.
losing 7 points of its recent
t562.191 .500.
series,,
way.
any
ll
islI
11
tingui,
to di,
awe\
1604
FINANCIAL CHRONICLE
In announcing on March 13 that subscriptions in payment
of which Treasury certificates of indebtedness of Series
TM-1928 and Series TM 2-1928, both maturing March
15 1928, were tendered, were allotted in full. Secretary
Mellon said:
[Vol,. 126.
In disclosing this today, Chairman Nye said the investiga
tors had
obtained some good leads and that he hoped they would
be able to furnish information as to transfers of the bonds
sizable blocks which
in
would materially aid the committee in its quest of
the $3,080,000 in
Liberty bonds which formed the profits of
the Continental Trading
Company.
•
•
•
Upon these exchange subscriptions about $107.000,000 have been allotted.
Besides running down the Blackmer bonds,
Allotments on the cash subscriptions for 35 % certificates of Series
the committee now is
turning
its
attention
to
political
TD 2-1928 were made as follows: All subscriptions In amounts
contributions with the prospect that
not both Democratic and Republican Party
leaders active in the 1920, 1922
exceeding $10,000 for any one subscriber were allotted in full.
Subscriptions in amounts over $10,000 but not exceeding $100,000 for and 1914 campaigns ultimately will be called in an effort to determine
whether Continental bonds went into the
any one subscriber were allotted 80%. but not less than $10,000 on
political "jackpots" of those
any campaigns.
one subscription; subscriptions in amounts over $100.000 but not
exceeding
$500.000 for any one subscriber were allotted 70% but not less than $80,000
During the current week it has develop
ed that Secretary
on any one subscription; subscriptions in amounts over $500,000 but
not of the Treasury Mellon, who had been
asked by Will Hays,
exceeding $1,000,000 for any one subscriber were allotted 50% but not
less than $350,000 on any one subscription; and subscriptions in amounts former Chairman of the Republican National Committee,
over $1,000,000 were allotted 40% but not less than $500,000 on any
one to contribute in 1923 to the deficit of the Committee, had
subscription.
Allotments on cash subscriptions for 3 % certificates of Series TM-1929 received some $50,000 of Liberty Bonds with the suggestion
that he hold the same and contrib
were made as follows: All subscriptions in amounts not exceeding
ute a similar amount
$1,000
for any one subscriber were allotted in full.
from his own funds. Secretary Mellon
indicates that this
Subscriptions in amounts over $1,000 but not exceeding $10,000 for
he declined to do, mut instead contrib
any one subscriber were allotted 80%, but not less than $1,000 on
uted $50,000 of his
any
one subscription; subscriptions In amounts over $10,000 but not exceeding own funds, in accordance
with his original intention. Fur$100.000 for any one subscriber were allotted 70%. but not less than $80,000 ther below
we give Secretary Mellon's letter, and also refer
on any one subscription; subscriptions in amounts over $100,000
but not to his
statements before the Committee at a hearing on
exceeding $1,000,000 for any one subscriber were allotted 50%. but not
March 13. As indicating the trend of this
less than $70,000 on any one subscription; and subscriptions in amounts
phase of the
over $1,000,000 were allotted 40%, but not less than $500,000 on any investigation into the campai
gn funds we quote the folone subscription.
lowing special advices March 1 to the "Evening Post":
Will Hays, former chairman of the Republican National Committe
e,
March IS Turnover of Funds Involves $2,000,000,000-Gov- revealed today that Harry F. Sinclair contributed $160,000 to the
Republica
n party in 1923 and at the same time lent the national comernment Transactions Total $1,110,000,000.
mittee another $100,000 to help wipe out the campaign deficit.
A turnover of approximately $2,000,000,000 of funds,
Mr. Hays laid his information before the Senate Committee on
inPublic
Lands investigating
cident to United States Treasury operations and the
dis- to the Senators, for naval oil scandals. It came as a startling surprise
when he testified in the oil inquiry four years ago
bursement of corporate dividends and interest,
was ac- the former Republican chairman said the sum total of Mr. Sinclair's
complished on March 15 without causing so much
ions to the G. 0. P. was $75,000.
as a contribut
The committee already knows that of the $75,000 from Sinclair,
ripple on the even surface of the money market, it is
noted $24,000 was in Liberty bonds
that had been bought by the Continental
in the New York "Times" of March 16, which in
its com- Trading Company out of its profits. Mr. Hays did not know if any of
ments further said:
the Sinclair donations he described were converted bonds
and declared
that when he sought the oil man's help
The Federal Reserve machinery functioned to maintain
he knew nothing of the trading
stable
ditions in the face of large redemptions of Treasury securities con- company.
, the
According to the witness, Sinclair first gave
sale of new securities by the Government and the collections
the $75,000 outright,
of heavy then, he added, $185,000
income tax payments.
in Governme
back after the G. 0. P. had made up nt bonds, which he was to get
The call money rate remained at 45'%, the level which
its deficit. He got back $100,000.
vailed all of this week, and outside loans were available has pre- That left $85,000 due him and Mr. Hays personally, so he said, paid it
at 454%. out of his own pocket. Sinclair
Ample supplies of funds remained available for loans at the
later
returned this sum to the former
close, the chairman.
banks having withdrawn only about $10,000,000 from the
market durSinclair Returned Payment.
ing the day.
"He felt," said the witness, "that shouldn't
The Federal Reserve Bank is believed to have sold Governme
I
pay it myself."
nt seAsked by Senator Walsh and other members have to committe
curities to take up the slack caused by the paying off of
e why
of the
about
$550,he
had not testified about this contribut
000,000 of maturing Treasury certificates. This will not
was
on the stand
ion
when
he
be reflected in in 1924, Mr. Hays said
the bank's statement, however, until next week. Yesterday
that the transacti
completed
Questioned about the method of liquidation had not been indebtedn.ess,
15) report showed the New York Reserve Bank's holdings 's (March
ng the G. 0. P.
almost stationary, the teal of $75,923,000 comparing with to have been Mr. Hays said that the party conducted a campaign similar to a Red
week ago. The holdings of the twelve Federal Reserve$75,918,000 a Cross drive seeking contributions of not over $1,000. The Senatorial
Banks com- campaign fund investigation
bined toatled $400,887,000, compared with $402,712,00 last
in 1920 halted the drive and left the party
week.
facing, in 1923, a deficit of $1,200,00
The Reserve Bank also bought one-day certificates of
0.
indebtedness, a
"We
were
faced
with
the
necessity of borrowing money," said the
method by which the Treasury anticipates its collection of income
taxes. witness, stating that it was desirable to go into the 1924 campaign with
These certificates are renewed from day to day, the
amount
clean slate. He said that he himself, though
smaller as the Treasury receives its funds, until the balance becoming a
then out of the Cabinet,
is wiped felt obligated to help wipe out the deficit.
Mr. Hays then told how the
out. It usually takes about a week to complete this operation.
Sinclair funds were used.
Yesterday's operations, in addition to the paying off of
The sum of $75,000 went to the Empire
the $550,Company to pay a loan.
000,000 of maturing Treasury certificates, included the sale
Fifty thousand dollars went to John T.Trust
of $560,Pratt.
000,000 of new obligations of the Government and the collection
Twenty-five thousand dollars
of inwent to John W. Weeks in Bosto.
come taxes. It is too early to estimate accurately the total
Sixty thousand dollars went to
Fred W. Upham, G. (.7. P. treasurer in
money collected. Last year at this time it exceeded $500,000, of tax Chicago.
000, but
yesterday's payments were believed to have been less than that
Fifty thousand dollars was returned
figure,
to Sinclair.
the most frequent guess being about $450,000,000. In addition,
Mr. Pratt made his own contribut
many
ion to the Republican party and the
corporations paid out dividends and interest.
$50,000 he had went back to Sinclair.
Senator Walsh asked how Messrs.
Pratt, Upham and Weeks were to
Senate Investigation Into Teapot Dome Naval Oil Reserve use the Sinclair bonds that they got through Mr. Hays. The witness
said he didn't know.
Lease-Efforts to Trace Liberty Bonds Figuring in
"Why didn't you sell them in the
open market and put the money in
Lease Representing Profits of Continental Trading Co. the coffers of the Republican party?" inquired the Senator.
"Because we wanted to extinguish
-U0,000 Offered Secretary Mellon to Apply as Con"But you couldn't extinguish the the deficit."
deficit
tribution Toward Republican Campaign Funds Re- you mean you were going to misrepres by making other loans. Do
ent things to the National
Committee?"
turned by Him.
"No; but the money might have
been
used
as was the $75,000 that
Far reaching developments have followed that
phase of was paid against the Empire Trust Company note."
"What conversation did you have
the inquiry into the Teapot Dome Naval Oil
with
Mr.
Pratt
and Mr. Upham?"
Reserve lease
"I don't remember."
Incident to the adoption by the Senate on Jan. 9 this
"Well, let me suggest the
year
conversat
ion,"
Mr. Walsh cried. "Didn't
of the resolution of Senator Norris (Republican)
of Ne- Mr. Upham distribute the money you sent him in $1,000 and $10,000
lots
for
individua
ls
to
braska, directing the Public Lands Committee of
sell the bonds and make small contributions of
the Sen- the cash received? Wasn't
that by arrangement between yourself and
ate to ascertain what became of certain of the
profits of Mr. Upham?"
"No," said Hays very emphatically.
the Continental Trading Company, Ltd., of
Canada,
"Well, what was the idea of
which figured in the lease. At the time of the adoptio
sending these bonds to Mr. Upham?"
n of
The witness reiterated that he
couldn't remember, but thought the
this resolution Associated Press accounts from Washin
g- bonds were used to meet obligations.
Senator Walsh then noted that
ton stated:
at about the time Mr. Hays had sent
the $160,000 to Mr. Upham the G. 0.
P. treasurer had made a series
Zany P. Sinclair, lessor of the reserve, was one of the
of small payments against G. 0. P. notes
held by the Continental and
the company, and it has been charged ley the government backers of Commercial
that M. T.
Bank of Chicago.
Everhart, son-in-law of Albert M. Fall, received $230,500
"Well, it looks a little suspicious,"
in
Liberty
said
Senator
bonds from the company, of which $90,000 went to Fall, who
Walsh.
Mr. Hays led off by reading a statement
as Secre. The hammering started as
tary of the Interior, negotiated the Teapot Dome lease.
soon as he finished. He denied that Colonel
Robert
W. Stewart, Henry
Blackmer or James E. O'Neil, with
A month ago, it was stated that investigators
Sinclair the guarantors of the Conof the tinental
Company, had contributed anything to the Republic
Committee were tracing the $1,000,000 Liberty bond
an party.
transHe didn't know why it was that Mr. Sinclair
had been asked to lend
actions which a New York financial institution had
for the the party $185,000, nor could he recall any one who had donated so
much as the oil magnate.
account of H. M. Blackmer, wealthy oil operator
and exile
"Why didn't you make a report of this
from his country since the oil scandal
loan?" asked Senator Walsh.
first broke four
"I wasn't in an official position to make any
reports."
years ago. The Associated Press account from
"Weren't
you
anxious
to see that the treasurer made proper report
s
Washingunder the statute?"
ton on Feb. 14, in which this was stated,
said:
"I presumed he did so."
MAR. 17 1928.]
FINANCIAL CHRONICLE
1605
"Andy" May Be "Candy."
Other Witnesses Called.
of
memorandum was not clear, some of the members
penciled
The
Wallace
William
were:
word was really
In addition to Mr. Hays today's witnesses
committee insisting that instead of "Andy" the
the
the
of
treasurer
former
much
not
Thompson,
Jr., attorney for William Boyce
ts later in the day there is
Mr. Thompson was "Candy," though from developmen
Secretary of the Treasury.
Republican Party before Mr. Upham, who said that
by Owen J. doubt Mr. Pratt meant to refer to the
employed
attorney
eagerly
Chandler,
George
and
testify,
to
too ill
however, on which the committee started so
trail,
Mellon
The
Dome
Teapot
the
in
actual disRoberts and Atlee Pomerene, Government counsel
in the day, vanished to-night as far as clearing up the
early
Company.
Trading
Continental
litigation, the man who uncovered the
Company Liberty bonds.
which Sinclair position of the Continental Trading
insisted, that
Mr. Chandler said that of the $233,000 in Liberty Bonds
The developments also mean, members of the committee
only $196,000
Interior,
the
of
Secretary
former
Fall,
B.
Albert
gave to
with the committee by a good deal.
through
not
is
Hays
Mr.
Company.
had been identified as bonds bought by the Trading
Mellon Letter to Walsh.
of
The development included testimony on March 8
Following is Mr. Mellon's letter:
James A. Patten of Chicago, as to which we quote the fol- "My Dear Senator Walsh:
10 inclosing the
"I beg to acknowledge receipt of yours of March the
lowing from the New York "Times":
Public Lands
were introduced at the hearing before
which
exhibits
witthe
took
operator,
s of the
James A. Patten, the veteran Chicago grain
Committee this morning with reference to certain transaction
these
made
he
had
bow
concerning
told
and
whatsoever
inquiry
ness stand today at the Senate oil
Mr. John T. Pratt. I know nothing
late
as to contributions to the
what the committee calls a "fake" gift of $25,000 to the Republican transactions, nor do I have any knowledge
Pratt.
Mr.
of
Republican National Committee made by
National Committee's deficit fund in December, 1923. As a matter
memorandum con$25,000,
"Among the papers which you sent me is a pencil to me, inasmuch
fact he gave not a cent, for when he handed over his check for
believe to be a reference
you
I
assume
Rewhat
taining
the
of
Treasurer
then
Upham,
he received from the late Fred W.
sending me these papers. I have
First as it appears to be the occasion for making
this memorandum, nor, of
publican National Committee, twenty-five $1,000 bonds of the
no knowledge as to the occasion for
in mind in making the notation.
had
Pratt
Liberty Loan issue.
Mr.
do 1 know what
course,
bonds
as
to state to you all facts
Twenty of the bonds were identified at the hearing today
"I desire to take this occasion, however, National
Committee.
that had been purchased in New York for the account of the Conti- relating to my contribution to the Republican
concern
Bonds by Messenger.
nental Trading Company from the profits of which short-lived
Sends
Hays
at
the fund then being
A. B. Fall, former Secretary of the Interior, is said to have received
"Some time in 1923 I was asked to contribute to
Committee.
least $230,000 from H. F. Sinclair following the lease of the Teapot raised to clean up the deficit of the Republican National
Subsequently. Mr.
specified.
was
Dome naval oil reserve in Wyoming.
I said I would help, but no amount
of Hays telephoned me one day that he was sending me by messenger a
Mr. Patten gave the committee its first direct evidence that some
he would see me shortly
ComRepublican
the
for
package containing valuable documents and thatcontained
Hays
H.
to
Will
in
given
bonds
the $260,000
as nearly as I
involved. The package
mittee in 1923 by Sinclair, had been distributed among individuals to and explain what was of Liberty bonds. There had been no previous
the can remember $50,000
I saw Mr.
until
and
bonds,
be sold and the cash derived therefrom used toward wiping out
me
sending
to
understanding of any kind as
purpose in sending them to
1920 Republican campaign deficit.
Hays later I had no knowledge as to the contributio
form of
the
in
ns
to
as
me. Nor did I have any knowledge
thereafter he told me he had
May Question Hays Again.
bonds. When Mr. Hays called shortly and
the
hold
I
that
suggested
Sinclair
It was recalled that when Will H. Hays was a witness last week he received these bonds from Mr.amount to the fund. This I declined to
such bonds and contribute an equal
the
At
Hays.
Mr.
testified that so far as he knew there were no "fake" contributions
to
bonds
the
do. Accordingly I at once returned
n of $50.000 of
as Mr. Patten today admitted making. The former Chairman of the same
time, or shortly thereafter, I made a contributio
Republican National Committee and now the motion picture "czar," my own funds, which was the amount I had intended to contribute;
n made be me to the
may be recalled to explain, it was stated.
and which, incidentally, is the only contributio
contributed during
Mr. Patten testified he had no idea of the origin of the bonds he national campaign fund of 1920, exclusive of $2,000
received and that he was puzzled as to why Mr. Upham gave them to the campaign.
yours.
Sincerely
"I am returning herewith the exhibits.
him, instead of selling them in New York, where the best price could
MELLON."
be obtained.
York philNew
Pratt,
Mr.
late
a
at
picturesque
times
It was revealed in testimony that the
The grain operator was an interesting and
one of the so-called
witness. He said he was certain there were other "soft marks" besides anthropist, personal friend of Mr. Hays, was
Committee in 1923.
himself, and the committee made it clear that it would subpoena every "dummy" contributors to the Republican National
Liberty bonds
man from whom there was a possibility of obtaining information as to Mr. Pratt, it appeared, ordered sold a block of $25,000 for $50,000 to
check
the facts about wiping out of the big deficit left over from the 1920 November 28, 1923. On the same date, he sent a
National Committee.
Republican campaign.
Fred W. Upham, then treasurer of the Republican
& Co., of New
The bonds were ordered sold through Charles Pratt
laid before the
Hodges Lists Contributors.
York, and representatives of the Pratt Estate to-day
the bonds. On being
William V. Hodges, now Treasurer of the Republican National Com- Senate Committee papers showing the numbers of
previously traded
mittee, was also a witness today, and he gave Senator Walsh a list of checked up. it was found all of the $25,000 were bonds
names of contributors, which included some of the leading business men in by the Continental Trading Company.
from Mr. Hays
Mr. Pratt, it has been shown before, received $50,000
of Chicago.
The bonds
Among them were Samuel Insull, Julius Rosenwald, Albert D. Luker, of the bonds turned over to Hays by Harry F. Sinclair.bonds. What
these
William Wrigley, E. M. Rosenthal, George F. Geddes, B. A. Eckhart ordered sold by Mr. Pratt were evidently part of
been revealed.
and J. Ogden Armour. The contributions made by these men, all of Mr. Pratt did with the other $25,000 has not yet
them prior to January, 1924, and subsequent to January, 1921, were in
Filed.
um
Pratt Memorand
no instance under $1,000. Mr. Patten headed the list with $36,000,
committee and
In the papers of Mr. Pratt, which were laid before the
which included the misleading $25,000.
V. E. Hommel,
n
no
had
informatio
the
dispohe
about
explained by Edmund T. Debechtel, L. E. Amos and following
Personally, said Mr. Hodges,
memoestate, was the
sition made of Continental bonds that came into the possession of the of New York, representing the Pratt
evidence, in his handwriting:
to
and
Mr.
Upham's
time
according
prior
to
in
in
and,
happened
June,
randum
pencil,
all
It
committee.
"25-1,000 3/3 1st Libs 36.50.
1924, when Mr. Hodges was elected Treasurer. Mr. Hodges frankly
"2,500.
admitted it was a proceeding in high finance that he did not comprehend.
cleared through
been
became
in
he
since
has
come
Treasurer
has
"50,000. N. B. Rec's this November 27, 23 & has it
Every penny that
was deposited in U. S.
Money
books.
he
asserted.
my
Congress,
on
with
not
is
law,
It
and
Co.
P.
by
C.
required
filed, as
Mfg and Tr Co & check sent 9 A M, November 28.
$400,000 Deal Disclosed.
"Fred. W. Upham.
"Weeks
Again the committee brought to light a secret transaction which
du
William
Pont,
T.
Coleman
of
"Andy
General
control
the
brought under
"Butler
Boyce Thompson, who was in 1920 Chairman of the Finance Committee
"Du Pont."
of the Republican National Committee, and the late John T. Pratt the
explained the
Mr. Hommel, cashier of Charles Pratt & Co., who
American Association of Foreign Language Newspaper, which was
throw light on the meaning of
organized twenty years ago by Louis N. Hammerling and which, accord. papers of John T. Pratt, was unable to
rather
"Andy"
was
name
second
ing to M. J. Pessin, the disclosing witness, served more than 350 news- the four names used. He thought the
Quizzed as to who
than "Candy." though the first letter was obscure.
papers published in foreign languages in the United States.
not "venture an opinion." This
Mr. Pessin said his understanding was that the deal, which involved "Andy" might be, he said he would
spectators and Senators. The com$400,000, was for a "political purpose," and that it was in behalf of the drew a round of laughter from
United States
panies referred to by initials are Charles Pratt & Co. and
Republican Party.
Company of New York.
and
Trust
Mortgage
out that Mr.
Secretary Mellon's advices to the Committee regarding
From the testimony of Mr. Hays it had been brought
government bonds. There was
the proger to him of $50,000 Liberty Bonds were contained Sinclair turned over to him $260,000 in he
said, $100,000 of these. In
ultimately turned back to Mr. Sinclair,
In a letter to Senator Walsh on March 10, and the inci- all, Mr. Sinclair contributed $160,000 in bonds. Of this amount
Mr.
dents figuring in that day's movements of the Committee, $60,000 went to Mr. Upham, $25,000 to Mr. Weeks and $75,000 toComPont, the latter to clear up loans of the Republican National
are related in the following Washington dispatch which Du
as
mittee at the Empire Trust Company. There is still some mystery
Sinclair
we take from the New York "Herald-Tribune":
to exactly what use was made of the $100,000 in bonds which
and what
co
Will H. Hays sent $50,000 of the now notorious Sinclair Liberty lentto
committee, how long the committee had them
bonds—of Continental Trading Company fame—to Andrew W. Mellon service they rendered.
disclosures by
in 1923, asking Mr. Mellon to keep the bonds and give the Republican
Revelations by representatives of the Pratt estate and
that
National Committee their equivalent in cash, to help clean up the 1920 I. T. Hipsley, of Chicago, former chief secretary of Mr. Upham, for
Committee
National
the books of the treasurer of the Republican
deficit.
have been
Mr. Mellon refused. He returned the bonds, but later gave $50,000 the 1920 campaign, the 1922 campaign and part of 1916
given during the campaign, destroyed were among features of to-day's hearing. The books of 1923
to the fund, which was, except for $2,000
year as
the
may also have been destroyed, Mr. Hipsley said. That is
his only contribution.
to which the Senate committee is most curious.
Mellon Signs Statement.
Sinclair
The committee is convinced that the bonds which came from
These statements were made by Mr. Mellon over his signature to-day were generally used for the purpose of "dummy" contributions. The
Walsh,
of
the
J.
Senate
chairman
Thomas
Senator
of Chito
Patten,
in sending back
day by James T.
um found in the effects first of these was revealed the other
Teapot Dome Committee, a penciled memorand
through the testimony as to Mr. Pratt.
disclosed
was
The
second
cago.
of New York, and other documents which
of Senof the late John T. Pratt, this
The Senate Committee may send a sub-committee, consisting
morning. The committee had become
ns in
the committee discovered
ators Nye and Bratton, to Chicago to examine large contributio
in
oil
Mellon
the
involving
-smeared
of
prospect
from
worked up over the
the Illinois list and find out if any of their contributions were
excited
Pratt
the
because
especially
was
It
to be
to
them
scandal.
over
turned
which Mr. Upham
Liberty bond
bonds
the
the
of
proceeds
Andy, Butler, du Pont."
not be decided until the committee hears
memorandum carried the names "Weeks,
had summoned William M. Butler, sold. This, however, will
of Mr.
Senator Walsh announced that he
another witness, A. V. Leonard, of Chicago, a former clerk
as
witan
Committee,
immediate
National
chairman of the Republican
Upham.
former
Mr.
that
also
Hays,
and
ns,
contributio
ness as to campaign
Check Sent Same Day of Sale.
recalled to explain why he had not told
Republican chairman, would be
To-day's evidence showed that Mr. Pratt ordered the bonds sold
a witness March 1, about his attempt
as
appeared
he
when
committee
his check to Mr. Upham.
the
of the Sinclair Liberty Bonds. November 28, 1923, and on the same day sent
to turn over to Secretary Mellon $50,000
1606
FINANCIAL CHRONICLE
The bonds sale and the deposit of the proceeds to Pratt's credit were
not completed until November 30. In his testimony Mr. Hays
said
he turned over $50,000 in bonds to Mr. Pratt and later prevailed on
Mr. Pratt to make a loan. Senator Walsh said the evidence showed
"indubitably" it was all virtually one transaction and that it would
probably be necessary to recall Mr. Hays.
Mr. Debechtel, who is an attorney for Mr. Pratt's estate, offered the
first testimony in relation to Mr. Pratt's contributions. He said he
had represented the estate since July I, that a thorough search of the
papers left by Mr. Pratt had been made, such as were relevant, brought
here for the consideration of the committee. These included receipts
for bonds and other papers which he said could be explained by Messrs.
Amos and Hommel.
Sold on Pratt's Order.
Mr. Amos was then called and said he handled financial affairs for
Charles Pratt & Co. He showed receipts, a deposit slip and other
papers and, in the course of questioning by Senator Walsh, indicated
that they showed that on order of John T. Pratt he had been instructed
to sell twenty-five Liberty 3% bonds. These he sold through the brokerage house of Strong & Sturges to Childs & Co. November 28, 1923.
He exhibited a receipted bill of the transaction and a duplicate. The
numbers of the bonds were shown on the bill.
Senator Walsh at once ordered the numbers checked to find out if
they were bonds previously dealt in by the Continental. Later, a clerk
testified that all when checked up proved to be Continental bonds.
Mr. Hommel explained a deposit slip for John T. Pratt's personal
account in the United States Mortgage and Trust Company of New
York. It showed deposit there November 28, 1923, of a total of
$52,500. As explained by Mr. Hommel, this was made up in part of
a two-day loan from Charles Pratt & Co., repaid from the proceeds of
the sale of the twenty-five bonds and of cash from Mr. Pratt. The
proceeds of the bonds were $24,869.79. It was brought out, too, that
all the bonds sold by order of Mr. Pratt so far as Mr. Hommel knew
were the twenty-five Libertys.
On November 28, the same day Mr. Hommel sold, or ordered
the bonds, it appeared Mr. Pratt sent a check on the United sold,
States
Mortgage and Trust Company for $50,000. The papers included a letter from Mr. Pratt to Mr. Upham telling of remittance.
In the papers was a letter to Mr. Pratt from Mr. Upham, dated at
Chicago November 30, 1923, thanking Mr. Pratt for his "fine contribution." In his letter to Mr. Upham Mr. Pratt said: "It gives me
great pleasure to make the inclosed contribution to the work
of the
Republican National Committee."
Two vault records of Charles Pratt & Co. were in the papers. They
showed John T. Pratt had withdrawn $50,000 in bonds from the vault
about that time.
"They were his own personal bonds that he had had for years,"
said Mr. Hommel.
He added that the records did not show deposit of government bonds
with the company by Mr. Pratt about November 28, 1923.
He said
John T. Pratt, so far as he knew, kept his securities with Charles
Pratt
& Co. As to the $25,000 bonds sold November
1923,
28,
the
witness
said:
[Vol.. 126.
about these were one for $1,000 to Mr. Upham November
28, 1923,
and one to Mr. Upham for $5,000 December 6, 1923.
There was no
record of similar large contributions by Mr. Eckhart,
Senator
and
Walsh
inquired whether these did not follow each other pretty
swiftly. Miss
Johnson admitted this, but could not throw light
on
the
transaction,
she said.
Secretary Mellon appeared before the Committe
e on
March 13, Mr. Hays and W. H. Butler,
Chairman of the
Republican National Committee, likewise
having been
under examination by the Committe
e on the same day;
the account of the hearing, as
printed in the New York
"Times" is given in part herewith:
The Senate oil investigating committee turned
a heavy fire of
questioning today upon Andrew W. Mellon,
Secretary of the Treasury; William M. Butler, Chairman of the
Republican National Committee, and Will H. Hays, former National
in an effort to have the three party leaders Republican Chairman,
explain their silence of
more than four years regarding Mr. Hay's
efforts to conceal $260,000
in Liberty bonds given by H. F. Sinclair
to help wipe out the 1920
Republican campaign deficit.
Secretary Mellon and Chairman Butler gave as
their reason for
not volunteering the information long sought by
the Senate Committee that they had turned down Mr. Hay's proposal to
make "dummy"
contributions and thus felt that their knowledge of
the facts would
not be of public importance.
Mr. Hays in his turn took the position that the
whole question
of the bond transactions was irrelevant to the oil lease
inquiry and
for that reason he had not deemed it incumbent upon him
to disclose
the details to the Senators.
It was a notable day among many notable ones in the Walsh
committee's long trail. First Secretary Mellon took the witness
chair and for one hour and forty minutes stood the ordeal of a
searching examination by Senator Walsh and his colleagues. Secretary Mellon was a willing witness and he managed to keep on good
terms with Mr. Walsh, and when it was all over the Montanan gave
it as his opinion that Mr. Mellon's part in the Republican deficit
business had been a creditable one.
Butler Springs Surprise.
Then came Mr. Butler, who began by saying that he knew nothing
about the Continental Trading Company phase of the oil investigation.
In the end, however, he surprised the committee when he
volunteered the information that Mr. Hays had proffered to him $25,000
of the Sinclair bonds, to be held as security for a "fake" contributio
n
of the same amount to be entered on the public records as gift from
a
Mr. Butler.
"I could not make a contribution by using somebody else's money
and I didn't," said Mr. Butler.
When Mr. Butler, a former Senator from Massachusetts, slowly
Never on Books, Is Claim.
marched back to his seat in the audience, Mr. Hays, the 1920 Na"Mr. John T. must have brought them into the
tional
Republican Committee Chairman, stepped briskly forward. His
office to be sold.
These were never on his books—in
face was pale and there was no question but that he appreciated
I. T.. Hipsley, of Chicago, former the vault or out of it."
the
gravity
of the occasion so far as he was concerned.
chief secretary to Upham, was the
first witness. Mr. Hipsley said
The steely eyes of Walsh, it seemed, almost bored through the
he was in the printing business and
had been Mr. Upham's chief
secretary from May, 1918, to June, 1924. slender little man from Indiana, now the motion picture "czar."
Although it appeared Mr. Hipsley
a confidential employee of Mr. It proved a rough battle and without gloves. Walsh bluntly accused
Upham's, he declared that he had waspersonal
knowledge of receipt of Hays of giving misleading testimony in March, 1924, when he swore
no
any bonds by Mr. Upham from Will
H. Hays in November or Decem- that the sum total of Sinclair gifts for the deficit as well as the
ber, .1923. It was in November,
1923, that Mr. Hays, according to campaigns of 1916 and 1918 had amounted to not more than $75,000.
previous testimony, turned over $60,000 of the bonds
At times Senator Walsh was on his feet bending far over the
obtained from
Hairy F. Sinclair to Upham.
table, looking Mr. Hays straight in the eyes, and demanding a "yes'
Mr. Hipsley said that a regular set of books was
kept for the treas- or "no" to this or that question. Walsh sought to show that Hays
urer of the Republican National Committee and also a
card index. But had adopted a discreditable course in the wiping out of the 1920
he added that all of the records up
to the close of 1922, with exception deficit.
of the card index, were destroyed in 1924. These
included records
Walsh Demands Explanation.
which had been kept in Mr. Upham's office on campaign
funds for
The Senator demanded that Hays tell why, when on the stand
the years 1916 to 1922. Those destroyed which
related to 1916 were two weeks ago,
only a part of the financial
he had failed to name Secretary Mellon and Mr.
records
that campaign, Upham at that Butler as
among those to whom he had suggested the making of
time being western treasurer for theofcommittee.
The card index was "trick"
turned over to William V. Hodges, successor to
contributions; in other words, gifts, guaranteed by Liberty
Upham as treasurer bonds bought
of the National Committee.
with Continental Trading Company profits and supplied by Sinclair, Fall's co-defendant in the Teapot Dome criminal
Asks Why They Were Destroyed.
conspiracy actions.
Questioned by Senator Walsh as to why the records were
Referring to his proffer of $50,000 to Mr. Mellon, Mr. Hays rather
destroyed,
Mr. Hipsley said:
jauntily explained that the Secretary had not given much up to that
"They were of no further value. We had a record of
all the con- time and he sent him the bonds because he wanted the "loan."
tributors in the cards."
"And it worked," added Hays.
He added that under the law the destruction of
Near the close of Mr. Hay's ordeal Senator Walsh put into the
such
records was
allowed after fifteen months.
record a letter written by H. S. Osler, who was the President of
Senator Walsh pressed the witness to know how it was that
he knew the short-lived Continental Trading Company, to Robert Rae, who
nothing about the bonds turned over to Mr. Upham by
Mr. Hays and during the period that the Continental profits were piling up was
nothing about Mr. Upham giving
part of these bonds to Mr. Patten.
the manager of the New York City branch of the Dominion Bank
The witness replied that
necessarily know about a mat- of Canada.
he
ter of that kind and added: would not
The letter was dated Oct. 16, 1922, eleven months after the closing
"Mr. Upham would give me
a package of bonds or securities and of the Continental oil resale deal, and directed Mr. Rae to place to
say 'Hipsley, put them in the
safe.' He'd ask for them and I'd give the credit of the Continental Trading Company in the Chase National
them to him."
Bank, New York, $249,493 in first Liberty loan bonds and at the
Asked about the books covering the period from 1922,
after the close same time to make an additional purchase of $100,000 worth of the
of the campaign of that year, to
the pre-convention campaign of 1924, same bonds.
Mr. Hipsley said he could not remember whether they were
Divided Into Four Parcels.
to Mr. Hodges or were thrown out and destroyed when turned over
the affairs of
the Upham estate were closed up in May, 1926.
This done, the bonds, by Mr. Osler's order, were to be divided into
Mr. Hipsley said he did not solicit subscriptions, that he
"four parcels" of $85,000 each, leaving a balance of $10,000 "outside
did not
know that he ever delivered bonds to Mr. Patten, but that
Mr. Upham of the four bundles."
had personal loans from Mr. Patten.
The letter of directions did not say what was to be done with the
Telling of the activity of Hays and others in 1923 to get
rid of the bonds. Senator Walsh, however, declared he considered it significant
deficit, the witness remarked:
that the record shows that there was a payment of $85,000 to the Em"Mr. Upham had been riding Mr. Hays pretty hard to do
something pire Trust Company for the Republican National Committee, that a
about the deficit."
second $85,000 was divided between the late John W. Weeks and the
He added that Mr. Hays was put in charge of the drive to
clear up late Fred W. Upham, that Colonel William Boyce Thompson, the 1920
the deficit in the East and Mr. Upham in the West.
Finance Committee Chairman of the Republican committee, received
Plied with questions by Senators Walsh, Bratton and Nye, Mr.
Hips- $85,000 to wipe out a loan, and that, according to Hays's own testiley persisted in declaring he knew nothing about bonds
mony,
Sinclair returned to him $85,000 in securities.
being
over to persons to be sold and returned in way of contributions. turned
Mr. Hays said it was all news to him. When Senator Walsh asked
The total deficit of the Republican National Committee for
him if, in view of the facts, he thought there was anything significant
1922, according to Mr. Hipsley, was $1,800,000. He said he 1920 and about the "four
bundles," he said that, so far as his knowledge went,
could not
remember definitely, but that was his recollection.
there was not.
Miss F. H. Johnson, secretary to B. A. Eckhart, of Chicago,
Mellon Ahead of Time.
who
was on the stand earlier in the week, gave the committee
a list of the
When the committee convened this morning the room was packed to
campaign contributions of Mr. Eckhart. What struck
Senator Walsh its capacity. Men and women stood in the aisle and back of the chzirs,
MAR. 17 1928.]
FINANCIAL CHRONICLE
1607
It is rather difficult o remember exactly, but it was something in that
jammed tightly together. Hundreds came too late and were unable to
direction. He wanted to use some of the bonds—he wanted to use them
gain admission.
in this way and have the record of the party show not a large subscripSecretary Mellon was the first to arrive. He was on hand ten minutes
tion, and besides that he wanted to use some of the bonds and return
ahead of time. He came in smoking a tiny black cigar. There were
them later. That is about as nearly as I can recall what was said.
eleven cameras in action. He bravely faced them and seemed to enQ.—What I would like to learn, Mr. Secretary, is what Mr. Hays
joy it.
told you about where he got the bonds and from whom he got them?
secre—
President
Wilson's
was
who
P.
Tumulty,
Joseph
was
him
Near
A.—Oh, from Mr. Sinclair.
tary. Now and then Mr. Mellon would leave his chair and walk over
Q.—And the amount, as you now recall, was somewhere in the neighto the press tables to deposit his cigar ashes in an ash tray. He came
borhood of $300,000? A.—Yes, but so far as I can recall, he did not
unaccompanied to the hearing and apparently was the most unconcerned
say that was all a subscription of Mr. Sinclair. There was something
person in the room.
with his request that I advance money on the bonds,
At 9:58 Chairman Butler entered and took a seat next to the Secre- in connection
which would be taken up later and the money refunded; but it all contary. They shook hands and chatted for a while. Two minutes later
subscription or rather I mean it contemplated that I would
Senator Walsh appeared and behind him came Mr. Hays. Senator Nye templated a
put my name to the funds which would be the proceeds of those bonds
promptly called the session to order.
at the time as a subscription to the committee.
Mellon Takes the Stand.
Q.—And what was said about avoiding the appearance of a large
It was exactly one minute after 10 o'clock when Senator Walsh subscription? A.—That may have been largely inference. It was simnodded to Secretary Mellon to take the witness chair. Senator Nye ad- ply that he had this large amount of bonds and he wanted to obtain the
ministered the oath. Every eye in the packed room was on the Secre- bonds, and for the purpose of the record, to have the subscriptions on
the plan of which I have spoken.
tary.
Q.—What did you understand to be the deficit then to be taken care
"Referring to the letter," said Senator Walsh, "which you sent on
know
you
what
committee
the
tell
would
you
I
wish
evening,
Saturday
of, Mr. Mellon? A.—I am not very clear. I know that it was someabout the bonds sent to you by Mr. Hays. Tell us of the transaction." thing over a million dollars, but, you see, I had no direct responsibility
Mr. Mellon: In that letter I stated substantially my connection or and I do not recall just what it amounted to.
Q.—Was any of that carried by any ofy our banks? A.—No.
what I know of the incident.
Senator Walsh: Will you just tell us in substance about it?
Questioned on Bank Loans.
Mr. Mellon: It was that I had a telephone message from New York
"Did your bank or any bank with which you are associated make any
from Mr. Will Hays stating that he was sending me a package containing valuable paper or a package of value, whichever way he ex- loan to the Republican National Committee?"
"No," said Mr. Mellon. "At that time, as far as this subscription is
pressed it, and that he was coming to Washington and would see me
later about it. The package was handed me by the messenger who concerned, it did not have any further significance to me or in my mind
brought it. Just at the time I was busy and I laid it aside on the table that a subscription from any other wealthy man. I had no knowledge
and kept on being busy and I forgot it, and when I walked home in the of what has developed since—that is, of the Teapot Dome lease matter.
evening I happened to think of the valuable package which I had laid I may have seen something it' the papers about it, but it had not any
aside, but it was late and I had no knowledge of what it was. The connection in my mind with this Sinclair subscription. You see, that
next morning I found it on the table and opened it and saw that it was in the Winter of 1923.
"As nearly as I can locate the time, it was about in November, 1923.
contained bonds. It was a package of bonds.
But so far as I was concerned I had not any knowledge of any irregular
Did Not Count the Bonds.
proceedings or anything of any sinister nature in connection with it."
Q.—What amount? A.—Fifty thousand dollars, although I did not
"Mr. Mellon, let me call your attention to the fact that the inquiry
count he bonds at the time and did not have them counted. Then that into the Teapot Dome leases began, so far as the taking of testimony
my
to
me
the
bonds with
Mr. Walsh,
next day Mr. Hays did not appear and I took
was concerned, on the 22d day of October, 1923," said
home and put them there for safe keping, because I had mislaid the "and apparently this transaction of which you tell took place in the folit,
into
get
not
office
and
could
my
in
is
which
safe
the
of
combination
lowing month?"
so I took them home with me and kept them there until I sent them to
"Yes," replied the Secretary.
Mr. Hays. Later, when Mr. Hays came and explained the purpose of
"So that the actual inquiry into the transaction of the leasing of the
the bonds, I said to him that I would return them.
Teapot Dome was in progress at the time this transaction took place."
I did not have the bonds in the office and Mr. Hays was going out to
"That may well be, but I do not follow all the investigations that are
when
to
York
later
him
in
them
New
send
would
I
said
I
Indiana, so
started. I have plenty of troubles of my own there to keep me busy,
some one would be going over to New York. Later on I did return and I had no knowledge of it personally at the time," replied Secrethem to Mr. Hays through Mr. Parker Gilbert. He delivered them in tary Mellon.
New York to Mr. Hays and reported to me that he had done so.
Q.—Have you any means of fixing definitely the date when you got
Q.—What was the denomination of those bonds, Mr. Mellon? A.— the bonds? A.—The only definite date is the date of the check which
or
record
examine
the
bonds.
a
make
not
did
I
I could not say.
I sent. The date of that check is the sixth of December, made to the
Q.—Do you remember the issue? A.—I do not.
order of Fred W. Upham, Treasurer, and it was mailed to Chicago.
Q.—Nor the rate of interest they bore? A.—No. You see, I was not
Q.—Using that date for the purpose of refreshing your recollection,
interested. They had come for a purpose which did not suit sue so far
would you say was the time that you talked with Mr. Hays after
when
them.
returned
as I was concerned and I
the bonds were received by you? A.—After the bonds were received?
Mr.
any
n
by
from
communicatio
accompanied
package
Q.—Was the
Q.—Yes, the talk with Mr. Hays. A.—That was a comparatively few
Hays? A.—None.
days, it was some Sunday.
Q.—He had, however, told you about it over the telephone? A.—Yes,
Q.—With reference to the date of your check of Dec. 6? A.—The
but not more than I have stated.
was afterward. After I had returned the bonds. I said I would
check
A.—Yes.
apparently?
have had
Q.—Rather indefinite, too,
send in a subscription and I sent it in afterward. I may not
why, but it
Asked to Make "Subscription."
that much money at the time and waited. I do not know
Asked what Mr. Hays said about the matter on the occasion of his was some little time afterward.
sent
Q.—Had you returned the bonds to Mr. Hays at the time you
visit, Mr. Mellon replied:
the delivery of the bonds later?
"As I remember—you see this was between four and five years ago the check to Mr. Upham, or was
bonds had been reurned and that it was
and I have a great deal to do with securities and with affairs there, so A.—My recollection is that the
after. It is pretty hard to remember
it is prety difficult to recall in detail—but generally it was that he had about that time or very shortly
go very quickly and it may have been
a large subscription which was in bonds, and he asked me to take this after four or five years. The days
that
there
know
was
anything
do
I
not
them.
less.
more
or
somewhat
hold
and
bonds
of
lot
any other capQ.—Quite so. Did Mr. Gilbert act in the matter in
definite in regard to any disposition, but that I make a subscription to
A.—Only as messenger.
the committee for the purpose of aiding the committee in discharging the acity than as a mere messenger?
the bonds
Q.—What induced you to take that method of returning
hangover of the debt.
usual way? A.—My recollection is
"I objected to doing so because I would be making a subscription that rather than to send them in the
was not
and
Indiana,
to
out home, out
would not be what it purported to be, a personal subscription or bona- that Mr. Hays said he was going
I said, the bonds were not right there
fide subschiption. As far as I can recollect, he asked me to make what going back to New York, and, as
him, and I said I would send them
would be a loan to the committee and hold these bonds, but to me that in the office when I was talking with
would be going over to New York, that
was the same thing. It called for a subscription which, as I said, to him when some of our people
when there was occasion I did return
would not be what it purported to be, so that was declined. I said to I would return them that way. So
to
the
that
and
party,
subscription
bona-fide
a
make
Gilbert.
Mr.
through
them
would
I
him that
you had the
Q.—What is your recollection as to the length of time
I had expected to make a subscription.
been—
bonds? A.—I am not very clear. Just as I said, it may have
"I felt under an obligation to make a subscription and had stated
came to the time for it was. I supose, a couple of days or something like that when Mr.
some considerable time previously that when it
few days after that of it may have
cleaning up this debt I would do a share of it and I would make such Hays appeared, and it was perhaps a
I have no record, you see. It
tell.
for
on
that
so
asked
and
been
to
not
subscription
hard
pretty
had
is
It
I
longer.
run
but
a subscription,
that had come in and I disposed of it,
a subscription of $50,000.
send
thing
would
sort
incidental
of
an
was
I
said
I
occasion
this
the and so am not very definite as to time.
"About that time—I cannot recollect exactly—I sent a check to
for $50,000, which was, as I said
Treasurer, Mr. Upham, at Chicago,
Walsh-Mellon Letter:.
except $2,000 that had been given
in the letter, the only subscription
corthe
to
subscription
campaign.
Harding
only
I should like to put in the record the
the
campaign,
permission
"With
your
during the
this whole matter,"
to
with
reference
me
and
you
between
respondence
Felt More Was Due.
I became Secretary said Mr. Walsh.
"That was all that I had been solicitd for when
Mr. Mellon agreed.
that in my position there was something
e, as
felt
I
and
Treasury,
the
of
The clerk to the committee thereupon read the correspondenc
hangover, and the only reason why
more due and there was this large
follows:
the
of
when
I
knew
subscription
additional
1928.
an
24,
Jan.
I did not promptly make
that I thought that I would rather come Hon. Andrew W. Mellon, Secretary of the Treasury.
debt that was hanging over was
cleaned up, because sometimes Dear Mr. Secretary:
be
all
could
it
when
end
the
in toward
and
they are not carried through, and there
Under general directions from the Committee on Public Lands
those attempts are made and
Res. 101 with the duty of
I thought I would put it off, knowing that I Surveys of the Senate, charged under S.bonds
and
it,
at
Conthe
hitch
by
another
purchased
is
of certain
and the oportunity came when Mr. inquiring into the disposition have
conferred with Mr. Murphy of your
would have plenty of opportunity,
tinental Trading Company, I
bonds."
who has courteously agreed to assist the comInvestigation,
of
Bureau
Hays came to me with those
explanation did Mr. hays make of his pos- mittee, if that course meets with your approval.
Walsh—What
Senator
incurred,
I have agreed on my part to see that any necessary expenses
session of the bonds?
any operatives
subscribed or loaned, I think he said. I together with the proportionate part of the salaries of paid
been
had
of the
Mellon—They
out
Mr.
the work, shall be
amount, but I had the information or knew for the time they shall be engaged in
presented bills.
do not think he mentioned an
contingent expenses of the Senate upon properly charge
the
fixed
not
my
in
amount;
but
bureau
had
the
I
but
of
amount,
that it was a large
I trust you will signify to the gentlemen in
$300,000 or something about there.
have asked them
your approbation of their undertaking the work I
mind it was something approaching
little bit difficult to go back to
a
is
it
that
this
all
of
much
do.
so
I have heard
yours,
any
having
been
Cordially
responsibility
not
that long, and especially when I have
T. J. WALSH.
committee.
in connection with it nor with the
1608
FINANCIAL CHRONICLE
Secretary Mellon's Reply.
Treasury Department,
Washington, Jan. 25, 1928.
My dear Senator: Acknowledging the receipt of your letter
of Jan.
24, 1928, I am informed by the Chief of the Secret Service Division
that it is your desire to have that service trace the bonds handled by
the Continental Trading Company which have been received at the
Treasury Department or are still outstanding as far as possible, for the
benefit of your committee in its investigations, with the understanding
that whatever expense is involved will be borne by your committee.
I beg to advise you that I have therefore instructed the Chief of the
Secret Service to render every possible assistance to you in the matter.
Very truly yours,
A. NV. MELLON.
Hon. Thomas J. Walsh, United States Senate.
[VOL. 126.
adequate in the instant case—particularly if the remainder of
the bonds
can be traced from the corporation to its distributees.
This subject will be given further study by the department
and .in
the event additional legislation is deemed advisable
you will be so informed.
Sincerely yours,
A. W. MELLON,
Secretary of the Treasury.
Another Mellon Letter.
The Secretary of the Treasury, Washington,
D. C., Feb. 10, 1928.
Hon. Thomas J. Walsh, United States
Senate.
My dear Senator: Will you kindly
furnish me with a transcript of
the hearings to date before the Committee
on Public Lands and Surveys
relative to the disposition of Liberty
Loan Bonds by The Continental
Trading Company, Limited?
This information is desired
Senator Walsh Writes Again.
connection with the department's attempt to collect the income taxin due
Feb. 5, 1928.
from this corporation on profits
The Hon. Andrew NV. Mellon, Secretary of the Treasury.
derived from transactions consummated
within this country.
Dear Mr. Secretary: Hearings before the Serate Committee on PubSincerely
yours,
lic Lands and Surveys have disclosed that the Continental Trading
A. NV. MELLON,
Company, Ltd., a corporation organized under the laws of Canada,
Secretary of the Treasury.
realized profits on transactions carried on within the United States
The
Senator
Complies.
during the years 1922-23 amounting to nearly $3,000,000, the greater
portion of which was invested in 3%; per cent. Liberty bonds.
Feb. 23, 1928.
Of these $230,500 found their way into the hands of Albert B. Fall, Hon. A. W. Mellon,
Secretary of the Treasury.
once Secretary of the Interior, and $800,000 more are now held by the
Prairie Pipe Line Company under circumstances negativing the idea Dear Mr. Secretary:
I am transmitting you herewith a copy of the hearings held by the
that the parties so acquiring the same are or were bona fide purchasers
Public Lands Committee, which is inquiring into the activities of the
for value.
ift seems quite likely that an income tax was due from the Conti- Continental Trading Company, Limited, and the disposition of the
Liberty bonds purchased by it.
nental Trading Company, Ltd., and facts brought to the notice of
committee lead to the conclusion that in all probability it made the
Very truly yours,
no
return and paid no tax. This company has since been dissolved,
3. T. WALSH.
its assets, consisting of the Liberty bonds referred to, have been and
P. S.—In view of the fact that the investigation being conducted will
distributed, so that it no longer can be subjected to effective proceedings serve as well the purpose of the Treasury in its efforts to collect the
for the collection of any sums that may be due to the Government tax due from the Continental Trading Company as the purpose of the
from it.
Senate, may not the time of the operatives of your Secret Service BuWill you have the kindness to advise me whether, under existing reau be as well charged against the funds available for the work of
law, satisfaction for the tax due from it could be exacted
that
branch of the service?
from the
holders of the bonds heretofore mentioned, and if not, what
J. T. NV.
legislation, in your judgment, is necessary in order that the bonds so
Receipt Acknowledged.
may be resorted to, or satisfaction otherwisecompelled from thoseheld
The Secretary of the Treasury, Washington, Feb. 25, 1928.
to
whom the assets of the corporation were distributed, and to prevent in My dear Senator:
the future like escapes from the obligations due the Government?
flank you for the copy of the hearings held by the Public Lands ComVery truly yours,
mittee, which is inquiring into the activities of the Continental Trading
Company, Limited, and the disposition of the Liberty bonds purchased
T. J. WALSH.
by it, which accompanied your letter of Feb. 23.
No Tax Paid, Says Mellon.
Replying to the postscript to your letter, I am advised by Chief Moran
The Secretary of the Treasury,
that he will not find it necessary to request reimbursement for the
Washington, D. C., Feb. 10, 1928.
time of the operatives of the Secret Service to which you refer, since
Hon. Thomas J. Walsh, United States Senate.
he is of the opinion that these expenses will be only nominal, the work
My dear Senator:
involved being incidental to the regular duties of the operatives.
Receipt is acknowledged of your letter dated Feb. 5, 1928, relative
Sincerely yours,
to the income tax liability of the Continental Trading Company, Ltd.
A. W. MELLON.
Your conclusion that this company filed no income tax returns and Hon. Thomas J. Walsh,
paid no income tax is correct.
United States Senate.
When the transaction which resulted in profits to this company first
Acts On Press Attack.
became known representatives of the Bureau of Internal Revenue were
The Secretary of the Treaury, Washington, March 7, 1928.
assigned to the duty of making an investigation with respect thereto
My dear Senator:
and were instructed to give this matter their special attention.
May I call your attention to the enclosed article which appeared .in
Since then these representatives have been engaged in securing all
"The Baltimore Sun" to-day, Wednesday. March 7, referring to the ininformation available not only with respect to the transactions
whereby vestigation
the Continental Trading Company, Ltd., accumulated a profit
of bonds of thenow being conducted by your committee .with reference to
approximately $3,000,000, but also with respect to the
Continental Trading Company. The article says, in part,
of as follows:
such profits in the form of Liberty Loan bonds to stock distribution
warrant hold"Not only has the Treasury Department failed to supply any facts,
ers who would be liable for income taxes on the proceeds received
upon it is said, but incidents
the dissolution of the corporation.
have arisen which seem to point to efforts in
the department to block the committee's hunt for the bonds.
The company having maintained no office or records in this
country
Senator Walsh is reluctant to take steps which would bring the deand having destroyed the records once kept in Canada, the
bureau's partment, its head and its methods
representatives were compelled to rely entirely upon other
into question. But other members
sources for of the committee and
information upon which the tax liability could be determined,
not members are insisting that he take
assessed action to ascertain the Senators
Treasury's reason for refusing to co-operate."
and collected.
Under date of Jan. 24, 1928, you wrote me stating that you had
They have followed closely all court proceedings, proceedings of the
conferred with Mr. Murphy of the Secret Service Bureau, who had
Committee on Public Lands and Surveys, have interested Mr. Poinerene
courteously
agreed to assist the committee, and that you hoped that the
and have made numerous investigations in their attempts to secure the
in charge of the Secret Service Bureau would, with my apfull facts surrounding the operations and disttibution of bonds by this gentlemen
proval,
undertake
the work which you had asked them to do.
.
company, but their efforts to ascertain to whom the bonds were disdate of Jan. 25 I wrote you that I had instructed the chief of
tributed have been unavailing for reasons which you can readily appre- theUnder
Secret
Service
to render every possible assistance to you in the
ciate.
matter.Thereafter the Secret Service Burau placd its entire facilins
Wide Search Made.
at the disposition of you and your committee, and since that time. have
The income tax returns of persons known to have been connected carried out such instructions as you gave to them directly. It is my
with the transactions of this corporation, as well as the returns of any understanding that under the circumstances above outlined the Secret
Service Bureau, in so far as this investigation is concerned, is for all
other parties whcm it was thcught might be interested therein, have
been closely examined and in some cases exhaustive examinations have intents and purposes assigned to the committee and operating as an
been made of the books of account and other records of such persons agency of the committee and not of the Treasury Department.
It seems to me that this must be necessarily
with the view of securing information in this respect, but no evidence
since they received all
their instructions directly from you and haveso,
upon which any definite action might be predicated was secured.
neither reported to nor
The returns of James E. O'Neil, H. M. Blackmer, R. W. Stewart. been directed by any one connected with this department. Under these
H. F. Sinclair and others have been closely examined and the books of circumstances it is very surprising to me to read in the press that the
account and other records of the last named individual, as well as the Treasury Department has not been co-operating with your committee
books of corporations which he controlled, have been subjected to ex- and that members of the committee desire to ascertain the Treasury's
aminations without disclosure of any material facts other than those reasons for refusing to co-operate.
I shall appreciate it, therefore, if you will let me know whether
which are publicly known at the present time in this connection.
work performed by the Secret Service Bureau in carrying out the the
The proceedings in the case of United States vs. H. F. Sinclair and
instructions of your committee has been in any respects unsatisfactory
Albert B. Fall were closely followed, in the hope that further light
,
might be shed on the transactions, but no additional information was and in what particular, if any, the men of that bureau have failed to
secured from the testimony taken up to the time a mistrial was de- co-operate loyally with you.
While carrying out your instructions the employees of the Secret
clared, and the bureau's representatives were prepared to pursue the
Service Bureau are not acting, strictly speaking, as Treasury eminvestigation further when the Senate Committee on Public Lands
and
nevertheless, you will appreciate that the Treasury Department
ployees;
Surveys began its investigation relative to the disposition of
assets is deeply concerned with a charge that implies
that is employees, even
of this corporation and secured, by means of the testimony the
of M. T. though temporariy assigned to other duties,
are not giving the requisite
Everhart and W. S. Fitzpatrick, the first tangible evidence of the disdegree of diligence and loyalty.
position of any part of such assets.
May I add that I do not believe that this criticism in any way emanated from you, but if there is any misconception in the minds of some
Hopes for Full Light.
members
of your committee as to how the work is being carried
It is hoped that further investigation by that ocmmittee will bring to
and under whose direction, and as to the loyalty and unfaithfulness out
light the disposition of the balance of the bonds which are unaccounted
of
assigned
men
the
to you for the task, I shall appreciate it if you will
for at the present time. The efforts which have been made by the
situation entirely clear to them.
Bureau of Internal Revenue to ascertain the disposition of the assets make thewriting
I am
you rather than the Chairman of the committee because
of this corporation have been made not only for the purpose of securwas at your request that the Secret Service Bureau
ing the taxes which are due from the corporation on the profits which it
undertook this
work,
and
understand
I
from Chief Moran that it is under
it derived from transactions consummated within this country but also
your direotion that the work has been carried out.
for a purpose which would undoubtedly result in the collection
a
A. W. MELLON.
much greater amount of taxes, the taxation of the amounts receivedof by
the parties to whom the bonds were distributed by the corporation,
Hon. Thomas J. Walsh,
it appears that such amounts have not been returned for incomesince
States Senate.
tax United
Enclosure.
purposes,
s
The clerk at this point read the article complained of
Since no return has been filed by this corporation, assessment of the
as it appeared
tax against it may be made at any time under the provisions of Section in "The Baltimore Sun" under the caption
"Mellon's folk may be
278 (A) of the Revenue act of 1926, and such tax may be collected called in oil inquiry."
The
. article said that Senator Walsh was seriously
from the immediate transfer and of the assets of the corporation under
the provisions of Section 280 (A) of the Revenue act of 1926, within
move
his search for bonds; that the Secret Service considering this
was not giving
the assistance it should,, and that the Treasury
one year after the expiration of the period of limitation against the
tax
supplied the committee with a "scrap of evidence."Department had not
payer.
Assessment of taxes upon the amounts received by the
to
Walsh Regrets Article.
whom the bonds were distributed may also be made under the parties
provisions
of Section 278 (A) of the above-mentioned
Senator Walsh replying wrote Secretary
act, providing period of
Mellon as follows:
limitation on such assessments has not expired.
Washington, D. C., March 8, 1928.
With the present incomplete knowledge of the facts the department
Hon. Andrew NV. Mellon, Secretary of the
cannot advise you whether any legislation is now necessary
Treasury.
to effect the My dear Secretary:
collection of the tax in this case or to prevent in the future
similar
I am glad you, wrote
escapes from taxes. Further investigation may prove
about the article in "The Baltimore
the existing laws which my attention wasme
Sun" to
called on yesterday.
MAR. 17 1928.]
FINANCIAL CHRONICLE
1609
I feel that this money should be returned to the source from which
it came. We cannot in self-respect or in justice to the voters in the
arty keep it. To do so is to say that political parties are above the
aw and exempt from the ordinary precepts of morality. I venture
the opinion that there ale plenty of Republicans who will be glad to
contribute from one dollar up to any reasonable sum to clear their
party of this humiliating stigma, and that all you will have to do is to
indicate that course.
I am perfectly sure your conception of clean politics will view this
matter in the light I have suggested.
Very respectfully,
(Signed) WILLIAM E. BORAH.
Borah Withholds Reply.
Senator Borah, in declining to make Mr. Butler's reply public,
indicated that if Mr. Butler, who is in Boston, wants to make his
reply public, it will be all right with the Senator who, in the meantime, has sent a second letter to Mr. Butler.
In addition to Mr. Butler, and possibly Mr. Hays, the committee
also will call on Tuesday A. V. Leonard of Chicago, who was
personal secretary to the late Fred W. Upham. The committee has
been told that Mr. Leonard, who took Mr. Upham's personal dictation, may have some important information to divulge.
Rumors also are current that more startling developments are
in prospect which may be will disclose what was done with an
unaccounted for share of $750,060 of the Continental Trading Company's $3,080,000 in resale profits.
St; far, the committee has brought out that $750,000 went to
James E. O'Neil, former President of the Prairie Oil and Gas
Company; the same amount to Harry M. Blackmer, former ChairCompany,
man of the Board of Directors of the Midwest Refining
who
$233,000 to Albert B. Fall, former Secretary of the Interior, the
Noting that Senator Borah had on March 11 revealed received the bonds from Sinclair within less than a month after
signed; $260,000 to the Republican National
that he had appealed to Chairman William M. Butler of Teapot Dome lease was
to Sinclair,
Committee $100,000 of which Hays says was returned
the Republican National Committee to take steps to purge and $60,000 as a commission to H. S. Osier, the Toronto lawyer
TradContinental
the
of
Canada
the party of the "stigma" of "oil" money, the "Times" who directed the incorporation in
interest on the
ing Company. These figures do not take in accrued
Washington dispatch of that date said:
The Senator made public a letter which he had written to the bonds.
Seek More Continental Profits.
Chairman March 5.
$75,000 in the
The committee is proceeding on the theory that
The Idaho Senator has received an answer to his letter, but
and Sinclair, according to the testirefused to make it public, intimating that it was not entirely resale pool went to Sinclair, Republican National Committee and
mony, gave $160,000 to the
satisfactory.
is the big problem now facing
The appeal from the Senator suggested that every cent of "oil" $233,000 to Fall. The fourth $750,000
money paid into the Republican Committee coffers to help wipe out the committee.
transactions, O'Neil,
There were four guarantors of the Continental
the 1920 deficit be returned to the persons who supplied it. He
W. Stewart, Chairman of the
felt that "the whole transaction" had in view "an ulterior and Sinclair, Blackmer and Colonel Robert
Company of Indiana. Colosinister purpose" and suggested a new money drive for contributions Board of Directors of the Standard Oil
a penny of the Continental
received
he
that
denied
has
nel Stewart
"of $1 up" to clear the party of "this humiliating stigma."
light on the disposition
shed
could
he
if
asked
when
but
profits,
Mr. Butler in a telegram sent from Boston today to Senator
and was cited for contempt of
Thomas J. Walsh, of the Senate committee investigating the Conti- made of the bonds, refused to answer,
indicted for that offense by the
nental Trading Company angle of the Fall-Sinclair Teapot Dome the Senate. He has since been
Columbia.
lease, declared that he never received any bonds or any contributions Grand Jury of the District of
in the income
None of the Continental money has ever been listed This fact has
from .Will H. Hays, Chairman in 1920 of the Republican National
whom it went.
to
persons
the
of
any
of
returns
tax
Committee, or from Harry F. Sinclair, who, in the latter part of
the Treasury Department by Senator
1924, turned over to Hays $260,000 in Liberty bonds of the first been called to the attention of
Mr. Mellon's legal staff is now invesunderstood
and
is
it
Walsh,
the
to
applied
of
liquidation
the
issue, to be
Republican deficit of the
tigating to ascertain f the tax laws have been violated. (March
1920 Presidential campaign.
As to the developments of the succeeding day
Mr. Butler became Chairman of the National Committee in 1924,
"Herald-Tribune":
succeeding John T. Adams, who in turn had succeeded Mr. Hays. 12) we quote as follows from the
proposal for return of the
The reply of Mr. Butler to the Borah
Mr. Butler's telegram to Senator Walsh reads as follows:
letter by Senator
$160,000 contribution of Sinclair and also a later that he desired
Boston, March 11, 1928.
indicated
Butler
Chairman
out.
given
Borah
was
Hon. Thomas J. Walsh, United States Senate, Washington, D. C.
Committee. Senator Borah
I never received any bonds or any contribution from Will H. Hays to await the finding of the Public Lands
matter
and Mr. Sinclair, and I have no records or memoranda under my replied with a letter in which he says he will not let the
control relating thereto or concerning contributions to the Republican rest and that he feels the Republican party should deal with the
National Committee during 1922 and 1923. I have never met Mr.
act too promptly.
Sinclair and do not know him. In accordance with your request I will situation and cannot
criticisms of him and smiled
Mr. Mellon declined to comment on
attend the meeting of the Public Lands and Surveys Committee on
the suggestion of Senator
about
something
say
Tuesday, March 13.
to
asked
when
(Signed) WILLIAM M. BUTLER.
Norris that he should resign.
Pratt Note Bore Name "Butler."
New $4000,000 "Clew."
Messrs. Hays, Butler and
The name "Butler" was written on a card which John T. Pratt
in addition to the announcement that
left as a record of the fact that he had contributed $50,000 to the Mellon are to be on the stand and to the utterances of Senators
1920 deficit, and this led to the assumption that the person referred Norris and Robinson, a stir was caused by publication of a sensato by Mr. Pratt, who died last June, was Chairman Butler of the tional story that another $4,000,000 oil fund, apart from the ConNational Committee, and the intimate friend of President Coolidge. tinental profits, had been uncovered. What happened was that an
The other names noted by Mr. Pratt were "Weeks," "du Pont" expert of the Senate Teapot Dome committee has finished checking
Bank of Canada in New York
and "Andy."
through the books of the Dominion
Mr. Hays testified two weeks ago that of the Sinclair bonds he and has traced the different accounts of H. S. Osier, attorney, of
gave $75,000 to General T. Coleman du Pont, to be paid on a com- Toronto, head of the new defunct Continental Trading Company.
mittee note in the Empire Trust Company, New York; $25,000 It has been found that Osier had several accounts at the bank, and
to the late John W. Weeks, who was Secretary of War in the Cabinet that those for 1921, 1922 and 1923 show bond transactions totaling
of President Harding, and for a time in the Cabinet of President nearly $5,000,000. The bonds in question were 34s.
these transactions were linked
Coolidge; $50,000 ,to Mr. Pratt and $60,000 to the late Fred W.
Intimations in some quarters that
Upham of Chicago, who was the Treasurer of the National Com- with the Continental or might be another mysterious "fund" were
Nye, of the commitmittee in the campaign of 1920.
not borne out by Senator Walsh or Senator
Secretary Mellon, in a letter to Secretary Walsh printed in this tee. On the other hand, these dealings are looked on as dealings
morning's New York Times, disclosed that he had made a gift of of Osier for himself or clients, not shown to be related to the Con$50,000 to the 1920 Republiacn deficit, and that at about that time tinental, and not shown to be questionable.
July, 1923. The bond
he made that contribution he received from Hays $50,000 in Liberty
The accounts run from July, 1921, to
bonds, which Mr. Mellon said Hays subsequently informed him came Purchases by the Dominion Bank for the several accounts of Mr.
$8,000, $6,000, $8,000,
from H. F. Sinclair.
Osier were as follows: $793,000, $557,000,
These bonds, the Secretary said, he promptly returned to Hays. $568,000, $30,000, $1,222,000, $136,500, $659,000, $97,000, $495,Whether or not Hays returned them to Sinclair or used them to 000, $9,000, $13,500.
delivered to Walter
finance "fake" contributions elsewhere, is a question the committee
A part of these bonds, it was shown, were
will put to Mr. Hays when he is recalled as a witness, possibly Pforzheimer & Co.
large part of the
Tuesday.
Members of the committee have heard that a as a gift to Mr.
Borah's Letter to Chairman.
over
turned
were
acquired
Osier
bonds which
committee as strange,
Senator Borah's letter to Mr. Butler reads as follows:
Pforzheimer. This impressed members of the
probably by calling Mr.
United States Senate,
and it will endeavor to get at the facts,
Washington, March 5, 1928.
Pforzheimer.
questioned sharply about his
Hon. Wm. M. Butler, Chairman Republican National Committee, No.
It is expected that Mr. Hays will be
Mass.
Boston,
Street,
Franklin
contributions and as to
77
"dummy"
engineering
part in apparently
My dear Mr. Chairman:
disclose all that he apparto
appearances
now
perscandal
has
previous
oil
the
beyond
disclosed
of
in
failed
he
investigation
why
The
Sinclair. Senator Walsh
adventure that the Republican Party received large sums of money, or ently knew about the bonds obtained from
testimony and
securities, from Mr. Sinclair, which the Republican Party cannot in will ask Mr. Hays about discrepancies between his
transhonor and decency keep. As the evidence now stands, this money was other testimony. Mr. Butler has denied knowledge of the
contribution.
campaign
The
transacwhole
deficit. Secretary Mellon
not given as an ordinary
actions in connection with the 1920 to 1923
view
the
of
representative
in
party,
had
the
to
payment
from
emanating
the
bonds
even
the
tion,
will be interrogated on his knowledge of
purpose.
an ulterior and sinister responsible,
$50,000 proffered by Mr. Hays.
the
of
return
a
transas
party,
his
for
the
wrongful
from
is
apart
party
Sinclair
No political
former clerk to Fred
in secret betray it. But when the
In addition, A. V. Leonard, of Chicago,
actions of individual members who
necessarily become W. Upham, former treasurer of the Republican National Committee,
transaction becomes known to the party, it must
responsible if it fails to repudiate the transaction and return the fruits will be questioned. Unless Mr. Leonard tells all the committee
thereof.
I beg to assure you that it is most embarrassing to me that anything
of the kind should appear. I have no reason to think that the co-operation which, under your direction, the Committee on Public Lands has
had from your department in the investigation it is pursuing has not
been unreserved, or that the secret service has not rendered wholehearted aid.
Having learned the identity of the correspodnent who sent the story
to which you make reference, I took him to task for writing it, and was
told by him that the basis for it was an article apearing in "The New
York World" something over a week ago and testimony given by the
agent of the Dominion Bank to the effect that he had never been asked
by any representative of the service for information concerning bonds
purchased by the Continental Trading Company, on or after May 21,
1923, the numbers of which the committee had not been able therefore
to secure.
I might add that if I may speak for the committee, it never had any
intention of calling you or any member of your family as witnesses,
simply because it had not information that you or they could shed any
light upon the subject under inquiry.
I again express my regret at the publication of the article and need
not add my disavowal of responsibility for it, and the asurance that
none of the alleged information emanated from me. This is not the first
time that the work of the committee has been embarrassed by publications concerning its purpose wholly without foundation.
With assurances of my esteem, I am,
Yours very truly,
T. J. WALSH.
The final letter in the correspondence read by the clerk was the one
Secretary Mellon wrote Senator Walsh last Saturday with reference to
the notation "Andy" on the memorandum left by the late John T. Pratt
of New York. The leter, in which the Secretary disclosed that Hays
had sought to leave with him $50,000 in bonds in return for a contribution of the same amount and which offer the Secretary turned
down, was published in the newspapers Sunday.
p
1610
FINANCIAL CHRONICLE
wants to know about "dummy" contributions in Illinois, a subcommittee is expected to go to Chicago and examine big contributors to
the Republican campaign fund of 1923 and thereabouts.
Butler's Answer to Borah.
The letter of Chairman Butler to Senator Borah follows:
"77 Franklin Street,
Boston, Mass., March 7, 1928.
"Hon. William E. Borah,
"United States Senate,
"Washington, D. C.
"Dear Senator:
"Your letter of March 5 I have received. Whatever the transactions
were, they were done and completed long before my election as chairman of the Republican National Committee. During the period of my
incumbency of the office of chairman, I did not, nor did the committee
or the party, receive the securities or the money, and never had them.
AS I see it, the obligation, if any, for restitution is upon those who
conducted the transactions.
"First of all, I want to make this clear.
"However. the hearing has not been concluded and I do not propose
to prejudge the case. If it appears that the conclusion to which you
have arrived is borne out by the finding of the committee, I will give
sympathetic attention to your proposal.
"Very sincerely yours,
"WILLIAM M. BUTLER."
Senator Borah's Reply.
Senator Borah replied as follows:
March 8, 1928.
"Hon. William M. Butler, Chairman Republican National Committee,
77 Franklin Street, Boston, Mass.:
"My Dear Mr. Butler:
"I have your letter under date of March 7.
"It is true that this transaction took place long prior to your election
as chairman of the Republican National Committee. I did not, of
course, write to you upon the theory that you were in any way responsible for this transaction, but solely upon the theory that you are
now chairman of the Republican National Committee and that the
Republican party is a continuing institution. The party, as a party,
can not escape its responsibility simply because there has been a change
of chairmanships. This money went toward paying the debt of the
Republican party as incurred through its organization. I certainly had
no thought of intimating any personal responsibility upon your part.
But I am very clear that the party has a situation with which to deal.
For myself, I do not propose to let the matter rest.
"It is true that the hearing has not been concluded, but enough has
been disclosed to fix the responsibility—and r trust no more evidence
of that kind is forthcoming. There isn't a particle of doubt, not the
slightest, but that this money was received and used by the organization for the benefit of the party. That is now established beyond doubt.
"It seems to me, Mr. Chairman, we cannot act too promptly.
"Very respectfully,
"WILLIAM E. BORAH."
Joint Congressional Committee to Inquire Into Advisability
of Adoption of Single Scale of Graduated Income Tax
Rates.
Under date of March 13 Associated Press advices from
Washington stated:
Investigation of a means of substituting a single scale of
graduated
Income tax rates for the present complicated system of normal and surtat income scales was ordered to-day by the Joint Congressional Committee on Taxation.
The committee in a report to Congress also announced it had under
Investigation ways of checking evasion of tax payments through gifts
and trusts and evasions being made by foreign corporations with
branches in this country.
It was reported that one foreign corporation doing a business of more
than $200,000,00 annually in this country had avoided payment of
practically all taxes here by shifting the profits of the American branch
to the parent corporation.
Governor Smith of New York Signs Rogers Bill Affecting
Mergers of Savings and Loan Associations.
Albany advices March 13 to the New York "Journal of
Commerce" stated:
Gov. Smith has signed the Rogers bill as chapter 298 of the Laws of
1928, amending section 490 of the banking law in relation to the submission of a merger or a merger agreement to the members of a savings
and loan association by providing that in the case of a merger of savings and loan associations such merger may be accomplished by the
affirmative vote of at least two-thirds of the members present in person
or by proxy at such meetings, provided a copy of the merger agreement
shall have accompanied the notice by mail of such meeting, it shall
thereupon become binding upon such corporations.
The Governor also signed the Lipowicz bill as chapter 304 of the
Laws of 1928, in relation to the changing of name of a savings and loan
association by an amendment to the general corporation law.
[VOL. 126.
for another, the consideration he stated as $6,750.
is an increase of $150 over the last preceding sale.
This
A special meeting of the stockholders of The Bank of
America has been called for Monday, March 26 to take
necessary action looking to the conversion of the Bank into
a national banking association, and the adoption of the
name "The Bank of America, National Association". Edward C. Dela&Id, President of The Bank of America, in
making this announcement, stated that the conversion of
the institution from a state bank into a national institution, was preparatory to the merger of The Bank of America, the Bowery and East River National Bank of New
York and the Commercial Exchange Bank of New York,
referred to in these columns March 3, page 1298 and March
10, page 1458. Mr. De'afield points out that although The
Bank of America has been a State bank during the 116
years of its existence, it had been formed in succession to
the New York City branch of the first Bank of the United
States, founded by Alexander Hamilton under a special
Act of Congress on Feb. 25, 1791. John Delafield, greatgrandfather of the present President was a director of the
Bank of the United States. The first Bank of the United
States was the first "National" bank to be established by
the then young republic and it is interesting that its present day successor plans, after a lapse of 116 years to again
become a "National" bank. At the time of the issuance of
The Bank of America charter a notice was published stating "Subscriptions for the stock of The Bank of America
will be received only from stockholders of the old Bank of
the United States, who will be allowed to subscribe for 4
shares of stock in The Bank of America for each share
which they hold in the Bank of the United States, and
which they are willing to assign to The Bank of America
together with the dividends (in liquidation) already paid
thereon."
The Sixth Avenue Bank
of New York in its initial statement of condition as of March 2, 1928, reports total resources of $2,576,070. Deposits total $1,523,750 while loans
and discounts total $1,577,802. Capital stock of the institution totals $750,000 and surplus totals $250,000. The
opening of the bank on Jan. 3 last was noted in these
columns Jan. 7, page 39.
The Chase National Bank o- f the City of New York in its
statement of condition on Feb. 28, 1928, published in connection with the latest call of the Comptroller of the Currency reports a new high record in total resources of the
institution. Total resources of the Chase Bank now aggregating $1,063,118,629, an increase of $61,825,902 compared with the total of $1,001,292,727 reported on Dec. 31,
1927. The resources also represent a gain of $20,604,636
over the previous record of $1,042,513,993 reported on June
30 last year. The statement of the bank shows a large increase in deposits, aggregating $857,757,013 on Feb. 28,
1928, a gain of $65,417,521 compared with deposits of $792,339,492 reported at the close of 1927. Other important
items in the statement showed an increase in undivided
profits to $17,462,411 against $15,674,848 on Dec. 31, 1927.
Cash on hand and due from banks totaled $295,668,824
against $226,685,322. U. S. Government securities increased to $125,180,730 against $105,784,411.
The officers and directors
of Manufacturers Trust Company held a public reception in connection with the formal
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
opening of the new home of the Ridgewood Unit office at
"The New York'Stock Exchange membership of Morgan
1696 Myrtle Avenue, corner Cypress Street on March 15.
Davis were reported posted for transfer this week to George
P. Garlick, the consideration being stated as $315,000, the
At a luncheon to be given by the Bond Club of New York
highest price ever paid for a New York Stock Exchange
on March 29 at the Bankers' Club the guest of honor will
membership and $5,000 higher than previous high record. be Victor
M. Cutter, President of the United Fruit
The membership of Arthur S. Jackson was reported sold to Company.
Arthur C. Weil for $300,000 and that of Harry I. Sackett
On the one hundred and forty-fourth anniversary of the
posted for transfer to William T. Starr, the last mentioned
founding of the Bank of New York on March 15 the Amerfor a nominal consideration.
ican flag was flown for the first time from the top of the
The New York Curb Market membership of Max Siegel tower of the new Bank of New York and Trust Company
was reported sold this week to Stuart Minton for $60,000. building, 498 feet above Wall Street. The last of the steel
This is the same as the last previous sale.
is now in position and the stone is being set at the fourteenth floor. The Bank of New York and Trust Company
A New York Produce Exchange membership was re- expects to occupy its
new offices on the old site in January,
ported sold this week for $7,400, an advance of $200 over 1929.
the last preceding sale. The buyer was Douglas Miller.
The board of directors
of the Chase National Bank of
The Rubber Exchange membership of E. Chaunce New York, at a meeting this week, made the following ofAnderson was reported sold this week to Herbert F. Delaine ficial appointments at its branches:
MAR. 17 1928.]
FINANCIAL CHRONICLE
1611
Avenue
corporation in 1907, serving first as Secretary and TreasRobert L. Jones, formerly Assistant Manager of the Fifth
formerly
urer and later as Vice-President. This paper happens to
Branch, was appointed Manager, and Morley R. Marris, Manager
Credit man at the Grand Central Branch, was made Assistant
know of the qualifications of Mr. Edmonds to handle the
at the Fifth Avenue Branch.
Assistant duties which he now shoulders since he was in the earlier'
Cornelius Van Zwart, formerly Credit man, was made
period of his career connected with the "Chronicle" for a
Manager of the Metropolitan Branch.
Administration
Harold F. Moeller, formerly a member of the Branch
period of some ten years; as head of one of the departStreet
Division, was made Assistant Manager of the Seventy-Second
ments of the paper he gave evidence of his many atributee
Branch.
Street making for success in any undertaking upon which he
Woodruff Johnson, formerly Credit man at the Forty-first
Along with his marked ability and his
Branch, was appointed Assistant Manager.
Branch, might venture.
Joseph C. Hanson, Jr., formerly Credit man at Maiden Lane
personality Mr. Edmonds was one who gave ungenial
Manager.
Assistant
appointed
was
Manhattanville grudgingly of his time in the discharge of his duties, his
William B. Offhut, formerly Assistant Maanger of
the
Branch, was transferred to the Columbus Avenue Branch with
day's work extending far beyond the regular office hours.
same title.
We record with pleasure his elevation to the Presidency of
company. The death of Mr. Nicholson,
The Boston "Transcript" of March 9 reported that Karl the Philadelphia
President of the company was noted in our
L. Norris of Saugus (Lynn), Mass., Vice-President and Gen- the former
1147. With Mr. Edmonds' election
eral Manager of the Wetmore Savage Electrical Supply Co. issue of Feb. 25, page
Bonsall was elected a Vice-PresH.
Edward
as
President,
Trust
Saugus
of Boston, has been elected President of the
ident of the company.
organization.
of
process
the
in
institution
an
Saugus,
Co.,
Vice-Presidents chosen for the new bank, it was stated, were
Stockholders of the Colonial Trust Co. of Philadelphia
Frank B. Sloan and Henry A. B. Peckham. Directors were will meet on May 15, according to the Philadelphia
given as follows:
of March 15, to vote upon a proposed increase
James L. "Ledger"
Roger P. Beckman, dentist; Frank P. Bennett, Jr., publisher;
A. in the authorized capital of the institution from $2,300,000
Tony
Representative
attorney;
F.
Flynn,
Charles
merchant;
Conway,
manu- to $5,000,000. Of the authorized increase, it is proposed to
Garofane; Arthur D. Hitchings, sales manager • Wallace E. Long,
instructor;
issue at this time, it is said, 12,500 shares (par value $50 a
facturer; William E. Ludden, attorney; Wiliam MacKay,
manufacturer;
Karl L. Norris Henry A. B. Peckham; George Quarmby,
share), to be offered to the stockholders at the price of
R.
William
Sloan;
B.
Frank
automobile dealer;
'
Lincoln D. Robbins,
manu$190
a share. The proposed issue, it is said, represents one
sky,
Yanof
Lewis
builder;
Woodall,
C.
Snow, contractor; Cortlandt
new share for each three shares now outstanding, and will
facturer.
A Treasurer for the institution, it was stated, would be represent an increase in capital from $1,875,000 to $2,500,the 000 and in surplus from $1,400,000 to $3,150,000.
elected by the directors, and this was the only detail of
organization which the incorporators had not completed.
Raymond J. Boulay was recently elected an Assistant Secretary and Assistant Treasurer of the Baltimore Trust Co.,
the
of
t
Vice-Presiden
a
formerly
Harter,
C.
William
to the Baltimore "Sun" of March 4,
Northern Trust Co. of Philadelphia, was elected President Baltimore, according
which went on to say:
of the institution by the directors on March 8 to fill the
Mr. Boulay has been identified with the banking business since 1910,
vacancy caused by the death of W. Frederick Snyder, ac- when he took a job as runner with the National Fv,
•bange Bank. In 1921
new
The
he went with the National Bank of Chesapeake City, Md., as cashier,
cording to the Philadelphia "Ledger" of Dec. 9.
President has been associated with the trust company for returning in 1923 to the National Exchange Bank as assistant cashier.
One year later Mr. Boulay became identified with the Mortgage and'
thirty years, beginning as a clerk and receiving successive Acceptance Corporation as vice-president, occupying that post until he
promotions until he was elected a Vice-President. Other became associated with the Baltimore Trust Company.
officers of the institution were elected as follows: Thomas
William dulPont Jr. was elected President:of the Delaware
D. Sullivan, Clinton S. Stiefel and Kenneth B. Crawford
(and Trust Officer), Vice-Presidents; Walter T. Andrews, Trust,Co. of Wilmington, Del., on Mar. 15, while George
Treasurer, and John M. Morrissey, Secretary and Assistant P. Bissell was elected a Vice-President and Director of the
Treasurer. At the same meeting William H. Taylor, Presi- company, according to the Philadelphia "Ledger" of Mar.
dent of the Philadelphia Electric Co., was elected a direc- 16. Jesse L. Shepherd is Chairman of,the board of directors.
tor.
Advices from Pittsburgh on March 5 to the Philadelphia
"Ledger" stated that the Farmers' Deposit Savings Bank
of Pittsburgh will shortly be merged with its parent institution, the Farmers' Deposit National Bank of that city. The
savings institution, it is understood, will be continued with
Its present personnel and at its present location, but as a
department of the national bank. The enlarged institution
will have deposits of approximately $60,000,000 and resources of more than $80,000,000. Edward B. Coll, now
President of the savings institution, will be a Vice-President
of the enlarged national bank. According to the Philadelphia "Ledger" of March 15, the proposed union of the
banks has now been approved by their respective stockholders.
On March 13 the directors of the Franklin Trust Co. of
Philadelphia declared a semi-annual dividend of 9%, placing the stock on an annual dividend basis of 18%, according to the Philadelphia "Ledger" of March 14. Previously
the trust company had paid 8% semi-annually. At the
same meeting the directors authorized the transfer of
$250,000 from undivided profits to surplus, effective March
31, making that account $4,250,000. The bank's capital is
$2,000,000. C. Addison Harris, Jr., President of the institution, was reported as saying that the earnings of the
company for the last six months were the largest in its
history, and that this is the fourth consecutive year in
which the earnings have justified increases in the dividend
rate.
The advancement this week of Samuel C. Edmonds to
the Presidency of the Philadelphia Company for Guaranteeing Mortgages comes as a deserved recognition of merit
and of untiring application to duty and unlimited capacity
for hard work. The action of the directors of the company in electing Mr. Edmonds as President, succeeding the
late William R. Nicholson, was taken on March 12. Mr.
Edmonds started with the company at the time of its in-
Effective Feb. 7, the Newport National Bank of Newport, Del., with capital of $75,000, went into voluntary
liquidation and has been succeeded by the Newport Trust
Co.
The proposed consolidation of the Irwin's Bank of Columbus, Ind., and the Union Trust Co. of that place, under
the title of the Irwin-Union Trust Co. (noted in the "Chronicle" of Feb. 25, page 1148) has been approved by the State
Banking Department and a charter issued for the new
bank, according to the Indianapolis "News" of March 51.
The enlarged institution will occupy the present location
of the Union Trust Co. and will be capitalized at $400,000.
The sixth office of the Detroit Company was opened in
Los Angeles, Cal., on March 10, according to an announcement mad by the Detroit Trust Company, with which Ther
Detroit Company is affiliated. Rodney M. Bliss, of Chicago, is manager. Mr. Bliss was formerly with Stacey and
Braun and more recently was sales manager for Stevenson,
Perry, Stacey & Co., Chicago. Other offices of The Detroit
Company are In Detroit, New York, Boston, Chicago and
San Francisco.
The Indianapolis "News" of Feb. 25 stated that the Fodor
State Bank of South Bend, Ind., a small institution capitalized at $25,000, was closed on that day by order of
Luther F. Symons, State Banking Commissioner, following
a "run" on the institution caused by the confession of • a
clerk that he had robbed the institution of $4,000. The
closing order came, it was said, just as Mr. Symons was
about to approve the acquisition of the bank by the People's State Bank of South Bend. Mrs. Rose Fodor is President of the bank and Julia Fodor cashier. Mr. Symons,
it was stated, had named Rome C. Stephenson, a deputy bank
examiner, to take charge of the institution.
Cramer Smith, President of the Pontiac Commercial &
Savings Bank and of the Pontiac Trust Co., Pontiac, Mich.,
1612
FINANCIAL CHRONICLE
[VOL. 126.
has been elected President of the Griswold-First State order of the board of directors voted
a few moments beBank of Detroit to fill the vacancy caused by the resigna- fore opening time, according to
the Kansas City (Mo.)
tion of Calvin H. Newman in January last, as reported in "Star." The closed institution, it was
said, was immediately
the Detroit "Free Press" of March 14. Announcement of placed in the hands of the Kansas Banking
Department,
Mr. Smith's election was made on March 13 by George H. under the direction of T. 0.
Bishop, Chief Deputy Bank
Kirchner, Chairman of the Board of the Detroit bank. The Commissioner. The bank,
which was organized in 1924 and
new President, who has been a director of the Griswold- began business on July 1
of that year, was chartered by the
First State Bank since its organization, will continue as State and capitalized at
$100,000 with surplus of $50,000.
President and a director of the Pontiac institutions. He The latter account is
now $30,000. At the last compilation
Is also a director of the Fidelity Trust Co. of Detroit. Born (the night of Feb.
24) deposits were approximately $470,in Oakland Township, Mich., in 1876, Mr. Smith began his 000. E. C. Trull was
President and S. T. Furlong, Cashier.
banking career, following his graduation from the Roches- The institution was not
a member of the Kansas City Clearter High School, in the private banking concern of Webber, ing House. Officials
of the bank stated that the instituHale & Co. In 1896 he assisted with the opening of the tion "was ordered
closed because certain requirements set
Orion State Bank, Orion, Mich., an institution of which he up by the State Banking
Department could not be met.
subsequently was Cashier for three years. His first con- One of the requirements
was that $60,000 in paper be renection in Pontiac was with the Oakland County Savings moved from the
bank not later than to-day (Feb. 27). AnBank, where he advanced to commercial teller before go- other was the
removal of additional paper before thirty
ing to the Orion State Bank as Cashier. In 1901 he re- days. That
requirement, the bank officials said, could not
turned to Pontiac as Cashier of the Pontiac Savings Bank be met. It was
believed the latter requirement referred
and in 1916 was promoted to a Vice-President of the insti- to 'slow' paper
and questionable loans that had the aspect
tution. Upon the consolidation in 1920 of the Oakland of `frozen' assets."
A dispatch from Topeka, Kan., to the
County Savings Bank, the First Commercial Back and "Star" on Feb. 27
in regard to the closing of the bank,
Pontiac Savings Bank, Mr. Smith became President of the said:
enlarged institution, the Pontiac Commercial & Savings
The closing of the Farmers Union State Bank in Kansas
City, Kansas,
Bank, which under his guidance, it is said, has become to-day by the board of directors has not yet affected others in Kansas.
Roy
Bone,
L.
State
Bank
Commissioner, is in Kansas City and has been
the second largest bank in Michigan, outside of Detroit.
working with the bank several days.
The death of A. Leonard Johnson, Assistant Secretary of
the Illinois Merchants Trust Co. of Chicago, and in charge
of the Personal Trust Division of the Trust Department,
occurred suddenly on March 12 from a heart attack, suffered
while in the office of his physician where he had gone to
receive attention. Although he had been under the physician's care during the past two years, his death came as a
distinct shock to his many friends and associates. Mr. Johnson was born March 13 1884. He entered the Merchants
Loan & Trust Co. Feb. 4 1901, and was elected Assistant
Secretary in November 1912, retaining that office when the
merger in 1923 forming the Illinois Merchants Trust Co.
took place.
At a special meeting of the directors of the City Rank
of Milwaukee on March 6, six well-known Milwaukee business men were added to the directorate, bringing the membership of the same up to nineteen, according to the Milwaukee "Sentinel" of March 7. The new directors are:
Fred W. Krueck, Secretary of the Integrity Savings, Building & Loan
Association; Christian Scholtka, retired financier and one of the founders
of the Nordberg Manufacturing Co.; Henry Sullivan, President
Henry
Sullivan Engraving Co.; Armand D. Koch, architect; James Hannan,
State
Agent Preferred Accident Insurance Co.; and W. Floyd Jackson, Cashier
of the bank.
The old members of the board are:
Herman H. Bloedel, Charles L. Borst, Harry Christiansen, Urban
F.
Eturner, Clarence Hill, John H. Moss, Otto F. Neil, Benjamin Poss,
L. P.
Stollberg, Frank H. Weinhold and John C. Zeman.
The Hibbing National Bank of Hibbing, Minn., with capital of $100,000 was placed in voluntary liquidation on Feb.
14. The institution has been absorbed by the First National
Bank of Hibbing.
The Stock Growers National Bank, Cheyenne, Wyoming,
announces the opening of a Trust Department in charge
of J. M. Garrett, Trust Officer.
A special dispatch from Tulsa, Okla., on March 8, to the
New York "Journal of Commerce," stated that Harry H.
Rogers, President of the Exchange Trust Co. of that city,
an affiliated institution of the Exchange National Bank of
Tulsa, was elected President of the latter on that day to succeed James J. McGraw, whose death occurred at Hot
Springs, Ark., on March 3. Continuing, the dispatch said,
In part:
Mr. Rogers was president of Rotary International, a world-wide organisation of business and professional men, until he retired but a short
while age in Antwerp, Belgium. He has been president of the Exchange
Trust Co., an affiliated organization of the Exchange National, for a
number of years. His election to-day (Mar. 8) putt him at the head of
both these institutions, one the largest trust company and the other the
largest bank in the State of Oklahoma.
The Farmers' Union State Bank of Kansas City, Kansas,
a private institution, financed by persons interested in the
Farmers' Educational & Co-operative State Union of Kansas, failed to open its doors on Feb. 27, as a result of an
There are five private banks organized by the
Union at Lawrence
Lyndon, Beloit, Wakeeney and Ulysses, and all these
transacted most of
their foreign business through the Kansas City Bank.
The Union also
held interests in many State banks that carried
deposits with the
Farmers Union Bank at Kansas City.
Issuance of $2,000,000 in new stock by the Citizens'
&
Southern National Bank of Atlanta, Ga., comprising 10,000
shares with a par value of $100 a share to be sold for $200
a share to present stockholders of the institution,
was
announced on March 13, following a /meting of
the bank's
stockholders the previous day, according to the
Atlanta
`Contsitution" of March 14. Allocation of the $2,0000,0
00,
it was said, is to be as follows: $1,000,000 added to
the
capital stock of the bank, increasing it
to $4,000,000;
$500,000 to surplus account, creating a new total of $3,000,000 with the increased total of capital, surplus and
undivided profits of the bank amounting to $7,849,189.
In addition, $100,000 of the capital increzse, it was said,
will be added to the present capital of the Citizens & Southern
Co., making a total of $400,000 while the remaining increment of $400,000, it was said,
be used to organize
a holding company to be owned and controlled by the
stockholders of the bank.
Purchase of the Bank of Coral Gables, Coral Gables (Miami), Fla., by a group of Northern bankers and certain
business men of Coral Gables was reported in a dispatch on
March 8 to the "Wall Street Journal." Upon the transfer
of the stock, the advices stated, all the former officers of
the bank resigned and were replaced by the following:
Charles H. Ehrmann, President; Col. F. J. O'Leary and C.
B. Reemelin, Vice-Presidents, and Ernest A. Fowler, Executive Vice-President and Cashier. Members of the new Board
of Directors are given as A. Hughes, E. B. Latham, W. L.
Shoemaker, Dan L. Killian, A. L. Babcock and Messrs. Ehrmann, Fowler and O'Leary. The dispatch furthermore went
on to say:
Mr. Ehrtnann was formerly President of the State Bank of West Terre
Haute, Ind. Mr. Hughes has been President of Edison Electrical Appliance
Manufacturing Co. of Chicago. Mr. Latham, of New York and Coral Gables,
is President of E. B. Latham Co. of New York and Newark. Mr. Shoemaker is President of Day Drug Co., Akron 0., retail, and Summit Drug
Co., wholesale.
Mr. O'Leary has been prominently identified with public affairs in
Coral Gables for several years, having been president of the Chamber of
Commerce, Coral Gables Realty Board and other civic societies. He was
born in San Antonio, Texas, and served with the Canadian army in the
World War, rising from the rank of private to that of colonel. Following the war he was selected by Canadian Government to organize and
direct the Soldiers Land Settlement, which raised and loaned $6,000,000
In establishing returned soldiers as settlers on the land.
Mr. Killian is former county commissioner of Dade County. Mr. Fowler
was identified with Lowry National Bank of Atlanta, Ga., for 19 years.
Mr. Babcock was for nine years with Guaranty Trust Co., New York, and
Is Vice-President of Bank of Bay Biscayne. Mr. Reemelin was formerly with
National City Co. of New York.
George E. Merrick, founder of Coral Gables and a member of the retiring
board, is pleased at the consummation of the transaction which, he stated,
reflected the interest of the banks' friends in Coral Gables and Greater
Miami.
New board passed a unanimous vote of thanks to Telfair Knight,
retiring
President, and his associates. Mr. Knight had been President
of the bank
since it was established. He said be was happy that it had been possible
to place the Bank of Coral Gables in the hands of such outstanding financiers as those who now have undertaken the management.
MA.H. 17 1928.]
1613
FINANCIAL CHRONICLE
James J. McGraw, President of the Exchange National
Bank of Tulsa, Okla., and for years a leader prominent in
the affairs of the Republican Party in Oklahoma, died at
Hot Springs, Ark., on March 3, after a brief illness. Two
days previous to his death Mr. McGraw underwent an operation, but his life could not be saved. The deceased banker
was born in 1874 in Leavenworth, Kansas. In 1893, with his
parents, he moved to Oklahoma Territory where his father
homesteaded a farm near Ponca City. Shortly thereafter
young McGraw started a small grocery business. He pros
pered quickly and very soon entered the banking field.
After twenty-seven years as a banker in Ponca City, Mr.
McGraw in August 1921 became a Vice-President of the
Exchange National Bank of Tulsa and in December of
the following year was elected to the Presidency of the institution, the position he held at the time of his death.
A press dispatch from Winston-Salem, N. C., on Feb. 29,
appearing in the Raleigh "News and Observer" of March 1,
reported the closing on that date (Feb. 29) of the Southern
Bank & Trust Co. of Mocksville, N. C., following a meeting
of its officers and directors. In a notice posted on the
bank's doors the officers and directors stated that the bank
had been losing money for some time and it was thought
best to close the institution. Announcement was made, however, it was said, that the officers believed the bank would
be able to pay the depositors in full. The dispatch furthermore stated that John Mitchell, the State Bank Examiner, was expected to arrive in Mocksville the following
day (March 1) to take charge of the institution's affairs.
The closed bank was organized in 1923 with a capital of
$25,000. C. 31. Campbell Jr., of Winston-Salem, was President and J. D. Murray, cashier.
Bohn Aluminum & Brass rose from 47% to 55 closing
to-day at the high figure. Firestone Tire & Rub. corn.
lost 16 points to 166, but recovered all the loss, the final
transaction to-day being at 183. Glen Alden Coal sold down
% and finished to-day at 152. Oils were
from 157% to 1515
erratic with the final results showing little change.
A complete record of Curb Market transactions for the
week will be found on page 1646.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS (No. Shares).
Week Ended March 16
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Ind &Mite
264,605
315,916
386,185
527,405
.815,320
293,475
OB.
68,670
104,850
75,930
80,960
108,880
102,920
Mining.
77.100
72,490
63,450
68,710
80,160
58.920
BONDS (Par Value).
Domesttc.
$1,936,000
2,484,000
2,987,000
3,873.000
3,532.000
3,333,000
Portion Goes.
$335,000
530,000
422,000
328,000
365,000
331,000
420,830 $18,145,0001 $2,311,000
542,210
2,602,006
Total
•Largest single days transaction to date in the history of the Curb market.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
There has been a further and almost unparalleled manifestation of strength and activity in the New York stock
market the present week. Speculation in certain issues has
been nationwide and the flood of buying has been enormous.
The extent of the present speculation with its amazing daily
sales of close to 4,000,000 shares over a period of nearly a
week is entirely unprecedented. New high records have
been established each day by General Motors, Radio Corporation, American Linseed and others, only to be displaced
by still higher records the following day. The avalanche of
buying has been so great that the tickers were at times
unable to "hold the pace" and have frequently run from
on the floor. The
The Commercial National Bank of Upland, Cal., went three to five minutes behind the trading
leaders stimulated
market
three
the
in
advances
phenomenal
12
The
1927.
on
Dec.
instituinto voluntary liquidation
many of the railand
line
the
along
all
tion, which was capitalized at $50,000, was absorbed by the speculative activity
road issues and specialties participated to a considerable
Security Bank & Trust Co. of Bakersfield, Cal.
extent in the general upward swing. Another feature of
Effective Feb. 9, the Central National Bank of Pasadena, widespread interest was the statement of brokers' loans
Cal., with capital of $100,000, was placed in voluntary liqui- issued by the Federal Reserve Board on Thursday which
dation. The bank has been absorbed by the Bank of Italy showed an increase of $50,355,000 in these figures, canceling
National Trust & Saving Association (headquarters San a good portion of the reduction made during the quiet period
Francisco). The purchase of the institution by the Bank of on the Stock Exchange in the second half of last month.
Frenzied buying characterized the movements of the New
Italy was noted in the "Chronicle" of Oct. 15, 1927, page
Stock Exchange on Saturday during the two-hour
York
2070.
session of speculative furor which resulted in the amazing
That the Merchants' National Trust & Savings Bank of record of 2,200,630 shares sold in the half day period.
Los Angeles has acquired a controlling interest in the First Scores of important issues reached new high ground during
National Bank of Long Beach, Calif., was reported in a the first hour, though many of these lost most of their
dispatch to the "Wall Street Journall" on Thursday of this early gains in the widespread profit-taking just before the
week, March 15. The advices further stated that the close. General Motors at 161 raised its top for the seventh
acquired institution will continue to operate under its time within 10 days, only to be superseded as market leader
4.
own charter and that ten directors of the Merchants' bank by Radio Corporation which soared 14 points to 1213
have been added to the board of the Long Beach institution. Westinghouse Electric & Mfg. was another spectacular
performer and skyrocketed over eight points to 104.
ENGLISH FINANCIAL MARKETS-PER CABLE.
% points and
International Nickel scored a net gain of 25
The daily closing quotations for securities, &c., at London, numerous advances ranging from two to four points were
as reported by cable, have been as follows the past week:
recorded by other stocks. Railroad shares were comparaWed.,
Tues..
Mon..
Thurs.,
Sat.,
Frt.,
London, Week
4
tively quiet, though St. Louis-Southwestern sold up to 793
13.
12.
Mar.
Mar.
Mar.
14.
Mar. 15. Mar. 16.
Ending Mar.16. Mar. 10.
before
743'
just
to
back
slipped
but
26
26
7-16
263
5-16
day,
25
high
its
the
5-16
for
2411
267-16
at
oz.d.
Silver, p.
Gold. p.fino oe_ 84s.11 3d. 84s.113.1d. 84s.11 3d. 84s.113sd. 843.11%d. 843.113d. the close. Baldwin Locomotive for a brief period was close
55%
555-16
551-i
555
55%
Consols, 2%%- --to the leaders and reached a new top at 275, as compared
102%
1023g
1024
102q
1023
British 5%____ ____
073.
973
97%
____
973.
97%
with its previous close at 268.
British 434% __
French Routes
Speculative excitement again reached a high pitch on
68
68.05
68.05
67.80
67.60
(in Parls)-fr- ---Radio Corporation furnishing the chief sensation
Monday,
French War L'n
88.42
88.40
88.40
88.30
88.30
with its violent uprush to 1363/2, an advance of 18 points
(In Parls)_fr_ ____
• The price of silver in New York on the same days has been: from its previous close. United States Steel common was
Silver In N. Y., per oz. (eta.):
more orderly in its movements and moved briskly forward
5731
571
5731
573'
571(
573
Foreign
to 149 at its high for the day and closed at 148 with a gain
of about three points. General Motors sold down about
THE CURB MARKET.
13 points to 1563/2, though a number of the independent
set
a
Market
record
this
Curb
motor shares were conspicuously strong. The list included
the
week,
the
in
Trading
close to
largest single day's trading being recorded while business Chrysler, which scored a gain of more than a point
and Packard,
453/8,
of
to
Canada
set
Teleg
points
the
Wireless
up
65,
Hupp,
for
isecord
moved
which
23/
Marconi
in
transactions in a single stock. Trading in general was which had gained 33 points when it reached 6832. Baldwin
erratic, strong in spots with realizing sales resulting in Locomotive continued to move in the limelight and bounded
4 upward eight points to a new high in all time at 282. Ansome weakness. Marconi of Canada advanced from 33
sudden strength of
to 83-i, with some 581,000 sold to-day and 548,000 on Thurs- other feature of special interest was the
jump and crossed
6-point
corn.
dropped
a
from
Elec.
made
General
145
&
to
which
137,
Electric
Gas
Amer.
day.
was also heavy
Trading
year.
Val.
G.
&
Blackstone
to
the
its
E.
140
138.
for
sold up
highest top
closing to-day at
reached new high ground
which
165
finally.
at
and
Electric
e
in
in
Elsewhere
169%
Westinghous
to
from 1563/i
noteworthy movements of the
utilities prices show little change. Among miscellaneous above 105. One of the most
in American Linseed which
advance
a
drop
for
from 196% to day was the sensational
Bancitaly Corp. was conspicuous
back to 82. Speouslipped
then
to-day
and
closing
85
at
194,
up
to
from
to
77
ran
192%.
recovered
it
1823' though
1614
FINANCIAL CHRONICLE
[VOL. 126.
lative attention was also focused on International Match
TRANSACTIONS AT THE NEW 'YORK STOCK EXCHANGE
preferred which closed at 106 Yi,as compared with its previous
DAILY. WEEKLY AND YEARLY.
final at 100% and Montgomery Ward which sold up to
Stocks,
Railroad,
State,
United
142 at its high for the day. Speculation on the New York
Week Ended March 16
Number of
&c..
Municipal &
Slates
Shares.
Bonds.
Foreign Bonds
Stock Exchange on Tuesday established another new high
Bonds.
record, 3,947,530 shares being dealt in. In the opening Saturday
a2,200,630
$4,300,000
$1,777,000
$58,000
Monday
83,875,910
5,582,000
2,983,000
270,000
hour Radio broke into the market with an overnight ad- Tuesday
33,947,530
9,346,500
2,773,000
296,000
Wednesday
3,165,515
11,254,000
3,164.000
1,436,000
vance of 2134 points, an initial sale of a block of 25,000 Thursday
3,510,990
9,534,000
3,332,000
357,000
3,886,400
shares at 160. The advance was not maintained, however, Friday
8,847,000
1,789,000
292,000
Total
and within a few minutes the stock slipped back to 140,
20,586,975 548,863,500 $15,818,000
$2,709,000
followed by a renewed advance to 158 and a final close at
Sales at
Week Ended March 16
Jan. 1 to March 10
146. Railroad shares moved up to the front and under the
New York Stock
Exchange.
1928.
1927.
1928.
1927.
leadership of New York Central which sold up to 165% reof shares_
20,586,975 11,006,927
corded substantial gains. Missouri Pacific and Chic. Mil. Stocks-No,
143,335,130
107.929,076
Bonds.
St. Paul & Pass. were also quite prominent. American Government bonds_ _ _ $2,709,000 $11,243,500
$43,547,500
$73,757,000
State and foreign
15,818,000 20,714,500
193,356,125
228,162,700
Linseed was another feature of the day and sold up to 97 Rallroaa & misc. bonds
bonds 48.863,500 45,308,500
446,414,200
532,410,200
at its high for the day but closed at 943i with a net gain of
Total bonds
$67,390.500 $77.266,500
$683,317,825
$834,329,900
10% points. General Motors was off a point and United
a Largest half-day transactions. b Largest sing e day
transactions in the history
States Steel common yielded about 234 points to 14534.
of the Exchange up to this day.
American Linseed moved to the front as the spectacular
DAILY TRANSACTIONS AT THE BOSTON,
PHILADELPHIA AND
feature of Wednesday's market and on an unusually heavy
BALTIMORE EXCHANGES.
volume of trading pushed forward to 1113 but slipped back
Boston.
later in the session and closed at 107 with a net gain of 12Y
Philadelphia.
Baltimore.
I
Week Ended
March 18 1928
points. Vanadium Steel also rushed violently upward and
Shares. Bond Baja. Shares. Bond Sales. Shares. Bonet
Sales.
crossed 92 at its top for the day though it reacted in the iaturday
24,140
$5,000
13,080
51,100
1,504
515,200
Vionday
*43,544
18,000
19,954
17,500
final hour and closed at 903I with a net gain of seven points. Tuesday
1,453
24,800
.44,707
29,700
26.252
31,800
2,578
49,000
*35,164
47,500
Railroad stocks were especially strong, Lehigh Valley lead- :Vednesday
32,147
12,600
2,358
35,000
Thursday
39,928
81,730
24,725
12,000
2,086
37,900
ing the upswing with an advance to 95. Ches. & Ohio was Friday
15,693
149,000
12,054
9,000
3,281
25,500
up 234 points, St. Louis-Southwestern two points and
Total
203,176 $330,930 128,212
$84,000
13,260 $187,400
Northern Pacific 234 points. St. Louis-San Francisco 'rev, week revised 174,623 $198.750
164.711 5163.100
17.904 6162.200
made a new high above 116 and so did Texas & Pacific when
• In addition, sa es of rights were: Monday, 127: Tuesday,
87: Wednesday, 125.
it crossed 122. Radio Corporation was down eight points
at the opening, but gradually moved forward, reaching
15334 at its high for the day and finally closing at 150 with
COURSE OF BANK CLEARINGS.
a net gain of four points for the day. General Motors,
Bank clearings this week will again show an increase
United States Steel common and General Electric dis- over a year
ago. Preliminary figures compiled by us, based
played moderate gains at the close and a number of the in- upon
telegraphic advices from the chief cities of the country,
dependent motor stocks improved from one to three points. indicate
that for the week ending to-day (Saturday, Mar.17),
International Match reached its highest since listing at bank
exchanges for all the cities of the United States from
112 and in the afternoon many of the industrial specialties which
it is possible to obtain weekly returns will be 3.6%
moved into higher ground. General Motors again assumed larger than
for the corresponding week last year. The total
the leadership of the market in another tumultuous session stands at
$12,677,7
20,694, against $12,233,478,850 for the
on Thursday and soared into new high ground at 164, its same week
in 1927. At this centre there is a gain for the
high for the day. The strength of General Motors stimu- five
days of 6.6%. Our comparative summary for the week
lated activity in United States Steel common which ad- is as
follows:
vanced about three points to 147, though it slipped back to
145% during the period of realizing later in the day. AmeriC'learings-Returns by Telegraph.
Per
Week Ended March 17.
1928.
1927.
Cent.
can Linseed provided plenty of activity for its bullish folNew
York
$6,804,000,000 $6,382,000.000
lowers when it opened at 107 followed by a brisk rally to Chicago
+6.6
616.137,357
622,881.798
-1.1
1103/8, but finally closing at 99 with a loss of eight points. Philadelphia
496,000,000
521,000.000
-4.8
Boston
449,000,000
483.000,000
-7.0
Radio Corporation apparently had lost all its "pep" and Kansas City
115.418,705
132,837,074 -13.1
Louis
126,500.000
142,900.000 -11.5
the fireworks seemed to be over. At one period it sold up St.
San Francisco
212,450,000
183,077,000 +16.0
Los Angeles
178,524,000
to 151 but closed at 143 with a net loss of seven points. Pittsburgh
178,386.000
+0.1
138.693,941
168,884.630 -17.9
Railroad stocks came back with a rush, Wabash selling up Detroit
157.127.503
160.160,476
-1.9
Cleveland
107.622,223
113,134,781
-4.9
to 75 and closing at 7334 with a net gain of 334 points from Baltimore
90,673,572
93,719,154
-3.3
54,300,129
60,864,197 -10.8
the preceding close. Baltimore & Ohio scored a gain of 3Yi New Orleans
Thirteen cities, five days
59.546,447,430 $9,242,845,108
points and New York Central was in strong demand at Other
+3.3
cities, five days
1,018,319,815
1,099,159,980
-7.4
16634 and closed at 1653
4 with a net advance of two points.
Total all cities, five dayS
810,564.767,2
45 $10,342,005,088
+2.2
In the so-called specialties group American Can was the All cities, one day
2,112,953.449
1,891,473,762 +11.7
the strong feature and reached its final with a gain of two
Total all cities for week
$12,677,720,694 $12.233.478.850
+3.6
points to 8434, Wright Aeronautical advanced about six
points and crossed 90 and such speculative favorites as
Complete and exact details for the week covered by the
Vanadium Steel and United States Industrial Alcohol were foregoing wi.1 appear in our issue of next week. We cannot
up five or more points at the close.
furnish them to-day inasmuch as the week ends to-day
On Friday trading was again on the spectacular order and (Saturday) and the Saturday figures will not be available
many stocks in both the industrial and railroad groups until noon to-day. Accordingly, in the above
the last day
soared to the highest prices in all time. General Motors of the week has in all cases had to be estimated.
again set the pace in the early trading and touched 169 or
In the elaborate detailed statement, however, which we
fully six points above the preceding close. Hudson Motors present further below we are able to give final and
complete
moved forward at a violent rate and advanced close to 100 results for the week previous-the week ended Mar. 10.
For
making a new high for the year. Even more spectacular that week there is an increase of 9.2%, the 1928
aggregate
was the remarkable advance of American Linseed of clearings for the whole country being $10,724,3
08,827,
which sold up to 100 and reached a new high in all time. against $9,824,199,315 in the same week of 1927. Outside
Railroad stocks were actively bought, both Wabash and of this city the clearings show an increase of only 0.1%,
the
St. Louis-Southwestern advancing to new high ground bank exchanges at this centre recording a gain of 15.6%.
for 1928. Oil shares were particularly strong, bursting into We group the cities now according to the Federal eserve
R
sudden activity under the leadership of Sinclair which moved districts in which they are located and from
this it appears
up to a new top, followed by Marland and Phillips which that in the New York Reserve District (including this
were in strong demand at improving prices. Local transac- city) there is an improvement of 15.3% and in
the Philations attracted considerable speculative attention, Inter- delphia Reserve District of 5.7%, but the Boston Reserve
borough speeding upward three points to a new top at 393, District shows a decrease of 5.9%. In
the Cleveland Refollowed by Brooklyn-Manhattan which was not far be- serve District the clearings are smaller by 6.1%, in
the
hind. The final tone was strong and the market closed Richmond Reserve District by 3.1% and in the Atlanta
around the best prices of the day.
Reserve District by 8.1%, the latter due in part to the
MAR. 171928.]
FINANCIAL CHRONICLE
falling off at the Florida points, Miami having suffered a
decrease of 52.5% and Jacksonville of 17.4%. In the
Chicago Reserve District the total clearings show 0.3%
increase; in the Minneapolis Reserve District 11.8% and in
the Kansas City Reserve District 0.1%. The St. Louis
Reserve District suffers a loss of 5.0%, and the Dallas Reserve District of 0.1%, but the San Francisco Reserve
District has 8.4% gain.
In tho following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Mar.10 1928.
1928.
1927.
Inc.or
Dec.
1926.
1925.
Federal Reserve Mats.
$
$
$
%
let Boston....12 cities
495,885,921
526,973,993 -5.9
479,233,925
2nd New York 11 ••
6,738,038,476 5,841,874,212 +15.3 5,920,973,310
558,000,582
3rd Philadelphial0 "
528,086,794 +5.7
568,618,154
4th Cleveland__ 8 "
360,879,753
384,173,249 -6.1
381,839,975
5th Richmond _ 6 "
181,383,692
187,249,947 -3.1
195,928,789
6th Atlanta_ ___13 "
188,092,590
204,655,234 -8.1
261,771,681
7th Chicago_ ...20 "
927,428,340
924,281,219 +0.3
929,087,000
8th St. Louis. 8 "
256,122,783
219,325,360 -5.0
221,658,554
9th Minneapolis 7 "
122,289,250
109,347,581 +11.8
119,629,779
10th Kansas City12 "
387,443,771
267,162,044 +0.1
256,987,353
11th Dallas
5 "
77,080,251
77,083,449 -0.1
77,572,567
12th San Fran...17 "
600,511,065
553,986,213 +8,4
536,926,522
$
449,966,683
5,412,352597
666,997,575
371,024,897
199,200,229
223,472,965
968,769,633
227,846,760
131,325,688
266,095,229
81,493,956
484,375,875
Total
129 eitlea 10,724,309,827 9,824,199,315 +9.2 9,950,227,609
Outside N. Y. City
4,098,141,333 4,094,098,201 +0.1 4,138,827,640
9,382,922,087
4,076,379,593
Canada
31 cities
443.581.125
329.848.902 +34.5
296 212 085
263_060.421
We now add our detailed statement, s lowing last week's
figures for each city separately, for the four years:
Week Ended March 10.
Clearings at
1928.
1927.
Inc. or
Dec.
First Federal Reserve Dist net-Boston
Me.-Bangor__ _ _
658,564
757,667 -13.1
Portland
3,413,818
3,184,213
+7.2
Mass.-Boston_ _ 443,000,000 477,000,000 -7.1
Fall River_ _ _ _
1,788,029
1,956.732 -8.6
Holyoke
a
a
a
Lowell
1,107,508
1,161,074 -4.6
Lynn
a
a
a
New Bedford _
1,034,495
1,187,835 -12.9
Springfield _ _ _
5,288,674
4,917,557 +7.5
Worcester
3,118,216
3,452,504 -9.7
Conn.-Hartford
15,069,810
13,061,689 +15.4
New Haven_ _
7,154,115
6,886,240 +3.9
R.I.-Providence
13,595,300
12,770,000 +0.5
11.-Manche'r
N.
657,392
638,482 +3.0
Total(12 cities)
495,885,921
526.973,993
Second Feder at Reserve D strict-New
N. Y.-Albany_ _
5,061,703
5,761,508
Binghamton...
1,085,227
1,132,800
Buffalo
45,374,450
44,350,536
Elmira
995,078
1,221,341
Jamestown.._ _
1,150,993
1,248,961
New York.
6.626,167,494 5,730,101,114
Rochester
11,279,656
12,295.373
Syracuse
5,708,056
6,502,657
Conn.-Stamford
3.665.467
2,945,205
N. J.-Montclair
842,501
813,497
Northern N. J_
36.707,851
35.501,220
-5.9
1926.
757,490
2,807,025
427.000,000
1,876,389
a
1,104,312
a
1,349,865
5,276,648
3,426,979
16,339,593
6,129,503
12,449,100
717,021
479,233,925
1925.
619,454
2.792,832
397,000,000
2,655,134
a
982,178
a
1,720,794
5,812,485
3,787,000
13,228.969
7,201,560
13,444,800
721,477
449,966,683
York
-12.1
7,335,734
5,587,220
-4.2
982,700
983,100
46.204,831
+2.3
48,037.182
-18.5
912,319
844,539
-7.8
1,283,306
1,021,775
+15.6 5,811,399,969 5,306,542.494
-8.3
12,037,418
11,089,437
-12.2
4,826,973
4.264,801
+24.5
2,634.217
2.827,516
492,616
577,685
+3.6
30,848.503
+3.4
32,591,572
Total(11 cities) 6,738,038,476 5.841,874,212 +15.3 5,920,973,310 5,412.352,597
Third Federal Reserve Dist rict-Ph Bad elphia
Pa.-Altoona._ _ _
1,517,901
1,644,461 -7.7
Bethlehem. _ _
4,205,844
4,508,156 -6.7
Chester
1,285,290
1,423,665 -9.7
Lancaster
2,192.426
2,087.318 +5.0
Philadelphia__
527,000.000 495,000,000 +6.5
Reading
3,455,748
3,914,055 -11.7
Scranton
6,653,466
6.921,815 -3.9
Wilkes-Barre_ _
3,549,470
3.343.868 +6.1
York
1.836,151
1,599,717 +14.8
Trenton
6,304,286
7,643,739 -17.5
Del.-Wilming'n.
a
a
a
Total(10 cities)
558,000,582
528,086,794
+5.7
Fourth Feder al Reserve D !strict-Clev elandOhio-Akron....
5,368,000
5,722.000 -8.2
Canton
3,643,827
3,839,105 -5.1
Cincinnati__ _ _
69,113,753
68,249,643 +1.3
104,750,744 107,376,063 -2.4
Cleveland
Columbus
16,007,200
18,207,500 -7.1
Dayton
a
a
a
a
Lima
a
a
d1,774,437
Mansfield
1,874,696 -5.3
a
Springfield.- -a
a
a
Toledo
a
a
4,335,635
Youngstown
5,158,919 -15.0
a
a
Pa.-Erie
a
Pittsburgh...- 154,986,157 173,745.343 -10.8
1,416,304
4,262,688
1,409.308
2,422.764
538.000.000
3.760,291
6,045,046
3,429,736
1,642,738
6,229,279
a
1,405,336
3,641,855
1,291,089
3,215,148
538,000.000
3,286,091
6,315,120
3,614,013
1,844.951
4,383,972
a
568,618,154
566,997,575
5,444,000
4,048,978
72,754.450
106.899,096
16,564,000
a
a
1,896,678
a
a
4,640,769
a
169,592,004
5,289,000
4,491.385
69,440,527
107,219,291
14,816,000
a
a
1,954.907
a
a
4.849,976
•
162,963,811
-0.1
381,839,975
371,024,897
Fifth Federal Reserve Dist net-Richm ond1.124,680
1,544,395 -27.2
W.Va.-Ilunt'g'n
4.820.817
5,514,371 -12.6
Va.-Norfolk
41,593.000
44,746,000 -6.0
Richmone_ _
4.2.198.896 -9.0
*2,000.000
S.C.-Charleston
Md.-Baitimore _ 106.235,928 106.843,112 -0.6
D.C.-Washing'n
25,609,167
26.403.173 -2.0
1,588,875
7,871,547
49,763.000
2,512,412
107,127,349
27.085,606
1,796.581
8,170,645
54.578.000
3,167.718
103,688,363
27,798,922
195.928,789
199.200.229
6,928,726
3,316,096
24,169,463
72.106,712
2,178,62'
1,541,038
a
39,368,546
18,364,274
32,898,096
2,123,300
1,169,000
395,639
57,212,166
6,870,096
3.469,661
23,099,122
67.550,650
2,824,649
1,670,273
a
23,006,306
14.221,187
26,966.930
1,897,772
1,719,335
440,697
49.736,297
261,771,681
223.472.965
Total(8 cities).
Total(6 cities).
360,879,753
181,383,592
384,173,269
187,249.947
Sixth Federal Reserve Dist rict-Atlant
7,880,122
Tenn.-Chatt'ga
7,467,867 +5.5
.3,250,000
Knoxville
*3,500,000
21,730,339 +2.9
22,350.054
Nashville
48,921.225
51,456,562
Ga.-Atlanta....._
1,844,897
2,266,509 --18.6
Augusta
2,098,826 --3.8
2,019,000
Macon
a
a
a
Savannah
Fia.-Jack'nville.
18.504,656
22,415,750 --17.4
8,114,488 --52.5
3,853,000
Miami
22,824,441
25,112,959
Ala.-BirmIntem.
1,986,244
1,854,229
Mobile
1,695.361 +11.2
1,886,000
Miss -Jackson..
405,209 -0.6
402,686
Vicksburg.- 52,520,280
56,405,120
La.-NewOrleans
Total(13cid**
188,092.590
204.655,234
-8.1
1615
Week Ended March 10.
Clearings at
1928.
1927.
Inc.or
Dec.
1926.
$
Seventh Feder at Reserve D Istrict-Chic agoMich.-Adrian..
256,118
273,490 -6.4
274,352
Ann Arbor_ - -848,034
963,578 -11.0
1,024,459
156,479,503 141,880,639 +00.0 158,781,693
Detroit
6,857,735
Grand Rapids_
7,067,903 -2.0
9,578,456
2,773,052
2,293,000 +20.9
Lansing
2,370,000
Ind.-Ft. Wayne
3,068,747
2,846,012 +7.8
2,794.470
23,085,000
23,469,000 -1.6
_
22,392,000
South Bend _ _ _
3,169,700 -17.7
2.607,900
2,717,900
5.879,174
Terre Haute...
6,064,676 -3.1
4,303,874
Wis.-Milwaukee
39,827,977
43,181,099 -7.8
44,314,829
Iowa-Cod. Rap.
2,933,633 +19.9
3,516,275
2,527,940
Des Moines_ _ _
11,572,620
10,338,518 +11.4
11,318.954
Sioux City_ _ _ _
7,658,291
7,217,686
+6.1
7.741,930
1,457,639
Waterloo
1,322,025 +10.3
1,261,434
Ill.-Bloomingt'n
1,629,128 +31.8
2,147,675
1.800,348
Chicago
645,682,862 656,405,721 -1.6 642,897,547
Danville
a
a
a
a
1,292,684
Decatur
1,392,614 -7.2
1,324.154
Peoria
.5,051,425 +11.4
5.627,666
5,300,177
Rockford
3,829,637
3,438,660 +11.4
2,968,475
3,292,592 --CA)
2,961,751
Springfield. _ _ _
3,363,929
Total(20 cities) 927,428,340 924,281,219
Eighth Faders 1 Reserve Dis tr1ct-St. Lo
Ind.-Evansville.
5,506,704
4,559,350
Mo.-St. Louis.. 126,100,000 139,600,000
}Cy.-Louisville_ _
39,307,985
34,739,060
Owensboro.
453,988
371,207
Tents -Memphis
21,762,776
19,929,918
Ark.-Little Rock
15,123,722
13,496,595
Ill.-Jacksonville.
401,560
406,308
Quincy
1,737,530
1,951,420
1925.
295,076.
742.871
144,163,544
7,344,317
2,430,934
2,588,118.
16.836,000
2,399,512,
5,348,415.
42,933,528
2,872,952;
11,844,281
8,666.494
1,508,794.
1,921,939
703,944,950.
a
1,454,581
5.268.311
2.952,023.
3,257.993.
+0.3
uis-17.2
-9.2
+13.2
-18.2
-8.4
-10.8
+1.2
+12.3
929.087,000
968,769.633.
5,126,206
139,700,000
35,349.052
363.368
23,289,293
15,449,842
385,504
2,800,289
6,223,956,
145,000,000
38,180,819
520.960
22,587,206
12,637.118
504,093
2.192,608
Total(8 cities). 206,122,783 219,325,360 -5.0
Ninth Federal Reserve Die trict-Minn eapolis
Mints -Duluth..
d7,571,076 • 6,638,879 +14.0
M inneapolls_ _ _
67,328,658 +15.0
77,426,526
St. Paul
29,514.708 +3.5
29,516,686
N. D.-Fargo...
2,303,431 -5.5
2,177,241
S.D.-Aberdeen.
1,257,709 +11.6
1,403,629
Mont.-Billings _
564,612 +27.7
721.092
Helena
2,739,494 +26.8
3,473,000
221,658,554
227.846,760
6,836,245
76,603,586
29,024,595
2,113,100
1,620.648
617,815
2,813,790
7,895.680
83,227,957
32,837,484
2,475,2771,742,854
605,990
2,540,444
Total(7 cities). 122.289,250 109,347,531 +11.8
Tenth Federal Reserve Die trict-Kans as City
Neb.-Fremont_
510,278 -8.9
464.752
Hastings
560.531 +21.8
682.790
Lincoln
5,204,117 +5.7
6,652,423
Omaha
45,326,815 +18.1
53,527,871
Kan.-Topeka _ _
4,453,753 -18.2
3,64.2,049
Wichita
8,223,383 +15.3
9,485,529
Mo.-Kan. City_ 135.335,700 143,617,697 -5.8
St. Joseph _ _ _
7,598,401 +19.3
d9,063,754
Okla.-Muskogee
a
a
a
Oklahoma city
30,649.125 -8.4
28,065,503
Tulsa
a
a
a
Colo.-Col. Spgs.
1,101,244 +17.2
1,291,179
Denver
18,708,535
+1.6
.19,000,000
Pueblo
1,384,644
1,208,165 +14.6
119.623,779
131,325,688.
490,119
656.717
5,778,787
45,798,558
5,419,983
8,043,499
132,826.147
8,803,923
a
27,563,357
•
1,226,616
19,232,470
1,141,177
621.310
900.995
5.610.191
49,736,298
3.523,843
7,593,000
140,310,450
9,322,247
a
25,619,107
a
1,152.574
20,577,808
1,127,406
Total(12 cities) 268,596,194 267,162,044
+0.1
Eleventh Fecle rat Reserve District-Da lasTexas-Austin...
1,767,271
2,082,462
Dallas
48,559,214 +6.0
51,481.186
Forth Worth
12.470,120 +5.7
13,184,230
Galveston
8,394,090 -42.6
4,819,000
Houston
a
a
a
La -Shreveport.
5,513,403
5,892,844 -6.4
256,987.353
266,095,229
2,736,434
46,533,704
14,420,167
8,389.000
a
5,443,262
4,447,606
49,845,241
12,401,108
9,592,400
a
5,207,601
-0.1
77,572,567
Franci sco-46,771.052
+4.3
-5.3
12.111,000
a
a
+2.3
1,656,281
-6.7
39.645,810
+8.2
15,357,337
a
a
a
a
3,579,341
-6.3
+10.6
7,475,207
+2.7 178,873,000
+14.3
20,387,582
6,925,170
-5.9
+34.6
8,603,574
-24.4
7,413,257
+18.7 178,637.000
+30.7
2,797,866
1,749,426
+11.8
-0.9
2,204,816
+22.2
2,738,800
81,493.956
Total(5 cities).
77,083,449
77,080,281
Twelfth Feder at Reserve D !strict -San
Wash.-Seattle..
45,565,734
43,680,572
Spokane
11,980,000
12,645,000
Tacoma
a
a
Yakima
1,552,807
1,517,863
Ore -Portland..
36,107,956
33,691.895
Salt Lake City15,602,025
16,887,028
Nev.-Reno
a
a
Ariz.-Phoenix _
a
a
Calif.-Fresno...
3,884,412
3.638.258
Long Beach_ _ _
6,901,197
7,629,247
Los Angeles_ _ _ 196,513.000 191,293,000
Oakland
21,249,299
18.598,378
Pasadena
7,828,813
7,367,394
Sacramento_ _ _
8,447,047
11,366,254
San Diego_ _ _
7,173.038
5,421,442
San Francisco_ 227,571,379 191,672,000
San Jose
2,342,833
3,061,366
Santa Barbara.
1,569,493
1,755,112
Santa Monica.
2.214,186
2,195,050
Stockton
2,508,400
c3,065,800
33,8.54.805
12,346,000
a
1,472,744
37,317,560
13,433,105.
a
a
2,954,829
6,998.783
158,033.000
20,073,130
7,263,093
7.482,401
5,539.937
168.529,822
2,457,554
1.383,3822,180,930.
3,054,800
Total(17 cities) 600,511.065 553,986,213
Grand total (129
cities)
10724,308,827 9,824,199,315
+9.2 9,950,227,609 9,382,922,087
Outside New York 4.098,141.333 4.094,098.201
+0.1 4.138.827,640 4,076.379.593
+3.4
536,926,522
484,375,87
Week Ended March 8.
Clearings at1928.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William..
New Westminster
Medicine Hat...
Peterborough_ _
Sherbrooke
Kitchener
Windsor
Prince Albert_
Moncton
Kingston
Chatham
Sarnia
157,673,250
137,171,431
50,702,048
23,619,677
8,008,121
6,460.551
3.580.037
5,777,257
10,212,791
3,108.317
3,526,200
3.377,416
5,859.797
4,428,138
516,827
659,462
2,308,930
1,310,069
1,535,134
835,636
879,920
462,457
826,327
1.004,855
1,106,778
4,965,745
458,775
822,492
815,738
886,164
680.776
1927.
113,363,300
101.711,628
40,356,865
14,475,127
7,162,081
6,207,475
2,790.225
.5,033,973
6,743,518
2,376,885
1,928,379
2,938,778
4,508,594
3,692,875
447,100
523,653
1,669,967
1,170,183
1,112,843
861,698
720,332
262,448
761,923
968,568
952.925
3.964,332
398,549
693,760
653,608
792,153
605,157
Inc. or
Dec.
+39.1
+34.9
+25.6
+63.2
+11.8
+4.1
+28.3
+14.8
+51.4
+30.8
+82.9
+14.9
+30.0
+19.9
+15.6
+25.0
+33.3
+12.0
+37.9
-2.0
+22.2
+76.2
+8.5
+3.7
+16.1
+25.3
+15.1
+18.6
+24.8
+11.9
+12.5
1926.
101,760,828
89,536,087
35,018,979
15,681,912
.5.810,855
4,570,842
3,035,726
4,128,013
7,074,542
3,164,029
2,136,590
3,384,122
4,172.220
3,191,586
430,243
499,444
1,530,613
949,258
1.145,832
741,141
626,654
249,605
695.734
711,338
898,555
3,214,521
357.177
798.881
716,760
1925.
$
75,971.128
75,516,808
49,101,227
12,888,426
5,380,302
4,310,083
2,700.412
3,947,086
7,382,391
2,474,983
1,700,793
2,096,070
4,294,287
2,740,670
443,555
468,498
1,24,481
864.104
807,905
528,156
554,274
295.706
730,628
1,671,464
868,811
2,516.901
292,375
675,554
553,343
Total(31 cities) 443,581.125 329,848,902 +34.5 296.232.088
263,060,421
a No longer report clearings. b Dip not respond to requests for
figures. c week
ended Mar. 7. d Week ended Mar. 8. e Week ended Mar.9. •
Estimated.
-
[VOL. 126.
FINANCIAL CHRONICLE
1616
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Feb. 29 1928:
GOLD.
The Bank of England gold reserve against notes amounted to £157,086,265 on the 22d inst. (as compared with £157,187,305 on the previous
Wednesday), an increase of £3,179,950 since the 29th April 1925-when an
effective gold standard was resumed.
In the open market yesterday £798,000 bar gold was available. The
Home and Continental Trade absorbed £121,000 and India £40,000, while
£380,000 was taken for a destination not disclosed. The balance was
bought by the Bank of England, as shown below.
The following movements of gold to and from the Bank of England have
been announced:
Feb. 23. Feb. 24. Feb. 25. Feb. 27. Feb. 28. Feb. 29.
Nil
Nil
Nil
Nil
Nil £260,000
Received
Nil
Nil
Nil
Nil£1000,000
Withdrawn
£5,000
The above figures show a net efflux of £745,000 during the week under
review. The £1,000,000 sovereigns withdrawn were "set aside account
South Africa."
The Southern Rhodesian gold output for January 1928 amounted to
51,356 ounces, as compared with 49,208 ounces for December 1927 and 48,731 ounces for January 1927.
The following were the United Kingdom imports and exports of gold
registered in the week ended the 22nd inst.:
Exports.
Imports.
/18,800
Russia
E4,300 Germany
22,692
British South Africa
44,113 Netherlands
27,400
Other countries
1,549 Switzerland
63,000
British India
9,112
Other countries
£141,004
£49,962
•
During the week ending the 28th inst. it was reported from New York
that $7,500,000 gold had been shipped to France and E6,500,000 gold to
Buenos Aires.
SILVER.
Selling has been sluggish during the greater part of the week under review, and the market has therefore been steady, though not active. India
has taken little interest, but has occasionally let out silver for forward
delivery. To-day, notwithstanding that the China exchange was quoted
firm at unchanged rates, silver was sold on China account, and quotations
receded 1-160. for cash and Hd.for two months' delivery. The quotations
-26 3-16d. for both deliveries-are respectively 1-16d. and Md. below
those fixed a week ago. America has worked both ways.
The following were the United Kingdom imports and exports of Silver
registered in the week ended the 22d inst.:
Exports.
Imports.
£33,184 France
£7,143
U. S. A
19,946
5.000 Arabia,&c
Other countries
Cyprus
8,300
British India
23,692
Straits Settlements
46,074
Other countries
4,335
£38,184
£109,490
INDIAN CURRENCY RETURNS.
Feb.
7.
Feb.
15.
Rupees.)
Feb. 22.
Lacs
of
(In
18545
18550
18597
Notes in circulation
10537
10542
10589
Silver coin and bullion in India
Silver coin and bullion out of India
2976
Gold coin and bullion in India
Gold coin and bullion out of India
3789
Securities lInclian Government)
5gt7)
5g5
443
443
Securities (British Government)
443
800
800
Bills of exchange
800
inst.,
consisted
of about 56.000,000
The stock in Shanghai on the 25th
ounces in sycee, 81,200,000 dollars and 2,860 silver bars, as compared with
about 52.500,000 ounces in sycee. 77,500,000 dollars and 3,600 silver bars
on the 18th inst. Statistics for the month of February are appended:
-Bar Silver per or. std.- liar Gold
Cash Delivery 2 Mos. Del. per or. Fine.
26%fl.
26%ft.
84s. ii 3.d.
Highest price
25 15-16d. 84s. 103d.
26 1-16d
Lowest price
26.195d.
26.205d.
84s. 11.3d.
Average price
Quotations during the week:
-Bar Silver per or. std.- Bar Gold
2 Mos.
Cash.
per or. Fine.
26 5-16d.
263d.
848. 113d.
Feb. 23
26Md.
848. 11Md.
26 3-16d.
Feb. 24
26 3-16d.
84s. 1134d.
26 3-16d.
Feb. 25
263.id.
84s. 11 Md.
263-16d.
Feb. 27
26 5-16d.
84s. 10Mcl.
Feb. 28
26Md.
26 3-16d.
848. 11d.
26 3-16d.
Feb. 29
26.250d.
26.208
845. 11.3e.
Average
Expenditures.
Ordinary(Checks and warrants paid, &c.)
General expenditures
149.162,163 142,366,296 1,279,253,527 1,247,971,855
Interest on public debt_a
6,328,046 6,622,319 410,606.364 427,249,826
Refund of receipts:
12,528.580
Customs
13,997,323
1,438,878
1,327,609
56.462.530
Internal revenue
90.887,972
1.572,594
7,408,346
7,015,648
Postal deficiency
18,045,645
6,453,203
Panama Canal
7,012,807
941,547
1,786,551
Operations in special accounts:
Railroads
423,872
6663,852
6189.186
38,568
War Finance Corporation_ 6526.989
63,489,185 614,343,335
6407,286
17,317,804
Shipping Board
21,411,075
2,436,337 2,098,371
Alien property funds
6604,790
648,692
6448,915
582,403
Adjusted-service ctf. fund
6236,448
50,301 c111,849,003 115,895,108
Civil-service retirem't fund
658,907
69,125
285,339
71,207
Investment of trust funds:
Govt.life insurance
44,157,404
31,639,220
6.115,377 4,109,525
E. of C. teachers' retirem't
30,022
358,815
142,616
Foreign service retirement_
109,581
67,322
66,461
107,878
General railroad contingent
5,564
241,312
285,650
Total ordinary
172,815,499 158,506,080 1,994,429,698 1,907,488,462
Public debt retirem'ts chargeable agst. ordinary reels.:
Sinking fund
Purchases and retirements
from foreign repayments_
Received from foreign govts.
under debt settlements._
Received for estate taxes_
Purchases and retirements
from franchise tax rects.
(Fed. Res. & Fed. intermediate credit banks)-- Forfeitures, gifts, &e
Total
80,700
354,741,300
386,700
1,435,500
995,000
92,575,000
1,500
92,950,000
273,310,500
3
50
618,367
3,053,103
1,231,835
23,810
467,403
50
452.424,770
368.511.145
Total expenditures chargeable
against ordinary receipts.. 173,282,902 158,506,130 2,446.854,468 2.275,999,607
Receipts and expenditures for June reaching the Treasury in July are included.
a The figures for the month include $121,241.87 and for the fiscal year 1928 to
date $989,024.41 accrued discount on war-savings certificates of matured series, and
for the corresponding periods last year the figures include $185,053.14 and $1,769,459.94, respectively.
LI Excess of credits (deduct).
c In accordance with established procedure the appropriation of 3112,000,000
available Jan. 1 1928 and $11,400,000 of the interest on investments in the fund due
on that date, were invested in adjusted service obligations aggregating $123,400,000
face amount, bearing interest at the rate of 4% per annum. See adjusted service
obligations under public debt receipts and expenditures on page 3. The difference
between the amount appropriated and amount charged under ordinary expenditures above is due to variations in the working cash balance required.
Preliminary Debt Statement of the United States
Feb. 29 1928.
The preliminary statement of the public debt of the
United States Feb 29 1928, as made upon the basis of the
H6
5.6 daily Treasury statements, is as follows:
Government Revenues and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for February 1928
and 1927 and the eight months of the fiscal years 1927-28
and 1928-29
Eight Months
-Month ofFebruary1928.
Receipts.
1927.
1927.
1928.
5
OrdinaryS
5
$
CUBt0E118
42,129,752 43,378.812 389,368,718 406,891,901
Internal revenue:
Income tax
43.005,291 46,260,289 1,108,505,075 1,133,437,099
Misc. Internal revenue
42,484,891 43,281,181 404,630,932 429,984,815
Miscellaneous receipts:
Proceeds Govt.-owned secs.Foreign obligations27,000.547
Principal
26,565,730
90,996,450
10,000,000 10,000,000
Interest
90,353,454
Railroad securities
69,162,257 3,159,781 156,928,174
38,241,840
5,247.701
All others
1,324,004
1.189,757
59.974,690
Trust fund receipts (reappro44,757,531
6,150,963 4,109,525
32,067,486
priated for investment)
Proceeds sale of surplus
5.961,459
1,432,062
1,606,106
12,191,628
property
Panama Canal tolls, &c
19,442,696
16,521,975
2,278,785 2,364,812
Receipts from misc, sources
6,258,281
643,791
1,801,766
9,740,916
credited direct to approp
9,640,701 8,448,602 127,800,243 110,865.980
Other miscellaneous
Total ordinary
228,118,250 165,734,878 2,386,897,807 2,366,837,614
Excess of ordinary recta, over
total expenditures chargeable agst. ordinary rects--- 54.836.347
Excess of total expenditures
chargeable asst. ordinary
feats, over ordinary recto-
7,228,748
BondsConsols of 1930
Panama's of 1916-1936
Panama's of 1918-1938
Panama's 01 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
14.812,380.00
$768,132,510.00
First Liberty Loan of 1932-1947
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
$1,939,156,700.00
1,509,249,750.00
6,294,050,800.00
9.742,457,250.00
Treasury bonds of 1947-1952
Treasury bonds of 1944-1954
Treasury bonds of 1946-1958
Treasury bonds of 1943-1947
3762.320,300.00
1,042,401.500.00
491,212,100.00
494,704,750.00
2,790,638,650.00
Total bonds
$13,301,228.410.00
Treasury Notes15
1932_31,285,314,650.00
Series A-1930-1932, maturing Mar.
Series B-19304932, maturing Sept. 15 1932._ 615,095,700.00
Series G1930-1932, maturing Dec. 15 1932 -- 607,398,650.00
36,900,000.00
Adjusted Service-Series A-1930
53,500,000.00
Series A-1931 •
70.000,000.00
Series B-1931
Series A-1932
123,400,000.00
Series A-1933
123,400.000.00
31,200,000.00
Civil Service-Series 1931
Series 1932
14,400,000.00
2.960,609,000.00
Treasury CertificatesSeries TM-1928, maturing Mar. 15 1928
$278,508,000.00
Series TM2-1928, maturing Mar. 15 1928
235,577,500.00
Series TJ-1928, maturing June 15 1928
422,051,200.00
Series TD 1928. maturing Dec. 15 1928
261,761,000.00
Civil Service Retirement Fund Series
8.400,000.00
Foreign Service Retirement Fund Series
147,000.00
1,206,444.700.00
Treasury Savings Certificates-a
$54,930,835.85
Series 1923, issue of Sept. 30 1922
Series 1923, Issue of Dec. 1 1923
23,143,461.65
93,561,827.25
Series 1924, issue of Dec. 1 1923
171,636.124.75
Total interest-bearing debt_
MaturedDebt on Which Interest Has CeasedOld debt matured-issued prior to AprU 1 1917
Certificates of indebtedness
Treasury notes
354% Victory notes of 1922-23
514% Victory notes of 1922-23
Treasury savings certificates
Second Liberty Loan bonds of 1927-1942
Debt Bearing No InterestUnited States notes
Less gold reserve
517,639,918,234.75
$2,025,920.26
328,500.00
4,357,300.00
22,550.00
2.439,800.00
4.036,500.00
58.728,550.00
71,939,120.26
$346,681,016.00
156,039,088.03
$190,641,927.97
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency
Thrift and Treasury savings stamps. Unciaasllied sales. &o
42,549,809.50
2,045,807.82
3,558,744.21
90,837,907
59.956,662
Total gross debt
a Net redemption value of certificates outstanding.
238,796,289.50
$17,950,653,644.51
MAR. 17 1928.]
FINANCIAL CHRONICLE
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Feb 29 1928 are set out in the following The figures are
taken entirely from the daily statement of the United States
Treasury of Feb 29 1928
AndsGold cola
Gold bullion
CURRENT ASSETS AND LIABILITIES.
GOLD.
Liabilities662,211,787.81 Gold ctfs. outstanding __1,575,982,609.00
2,849,706,927.52 Gold fund, F. It. Board
(Act of Dec. 23 1913,
as amended June 21
1917)
1,630,578,511.28
Gold reserve
156,039,088.03
Gold in general fund- 149.318,507.02
Total
3,511,918,715.33
Total
3.511,918,715.33
Nots,-Reserved against $346,681.016 of U. EL notes and $1,310,750 of Treasury
notes of 1890 outstandhag. Treasury notes of 1890 are also secured by silver
dollars In the Treasury.
SILVER DOLLARS.
AndsMaknn$
$
Silver dollars
479,185,206.00 Silver Otis. outstanding- 466.803.589.00
Treasury notes of 1890
outstanding
1,310,750.00
Silver dollars in gen.fund 11,070,867.00
Total
479,185,206.00
Total
479,185,206.00
GENERAL FUND.
$
AudiGold (see above)
149,318,507.02 Treasurer's checks outSilver dollars (see above) 11,070,867.00
standing
9,893,191.23
United States notes____
6,260,689.00 Deposits cf Government
Federal Reserve notes__
1,041,395.00
officers:
Fed'I Reserve bank notes
136,190.00
Post Office Departml 12,800.407.88
National bank notes_ _
17,639,983.50
Board of trustees, PosSubsidiary silver cola.._
2,591.353.88
tal Savings System:
Minor coin
1,719,349.23
5% reserve, lawful
Silver bullion
5,897,252.89
money
6.435,700.49
UnclassIfied,-CollecOther deposits
360,814.08
tions, &o
2,854,404.02
Postmasters, clerks of
Deposits In F. R. banks 30,296,348.09
courts, disbursing
Deposits in special deofflcers, Ac
40,503,384.57
positaries account of
Deposits for:
sales of certtficates of
Redemption of F. R.
Indebtedness
47.128.000.00
notes(5% id., gold) 141,824,425.05
Deposits in foreign deRedemption of nationpositaries:
al bank notes (5%
To credit of Treasurer
fund,lawful money) 26,267,427.38
United States
69.472.25
Retirement of addiTo credit of other
tional
circulating
Govern's officers_
395,344.83
notes, Act May 30
Deposits In nat'l banks:
1908
2,630.00
To credit of Treasurer
Uncollected items, exUnited States
8,088,920.85
changes, dro
2,092,358.30
To credit of other
Govern't officers_ -- 20,203,991.17
240.180,339.07
Deposits in Philippine
Net balance
65,272,230.75
Treasury:
To credit of Treasurer
United States
740,501.09
Total
305,452,569.82
Total
305,452,569.82
Note.-The amount to the credit of disbursing officers and agencies to-day was
$376,238,870.57. Book credits for which obligations of foreign governments are
held by the United States amount to $33,236.629.05.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful
for
the retirement of outstanding national bank and Federal Reserve bankmoney
notes are
paid Into 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 $42.549,809.50.
$642,230 in Federal Reserve notes and $17,572,861 in national bank notesarein
the Treasury In procees of redemption and are charges against the deposits for
the
respective 5% redemption funds.
Treasury Money Holdings.
The following compilation, made up from the daily
Government statements, shows the money holdings of the
Treasury at the beginning of business on the first of December 1927, January, February and March 1928.
Holdings in U.S. Treasury Dec 1 1927. Jan. 1 1928. Feb. 1 1928. Mar. 1 1928.
$
$
$
$
Net gold coin and bullion_ 327,013,187 329,219,737 317.707,897 305,357.595
Net silver coin and bullion
12,699,645
9,724,591
14,694,705
16,968,119
Net United States noted__
3,307,290
3,962,625
4.109,416
6.260.689
Net national bank notes__
18,031,916
19,940.364
21,468,240
17,639.984
Net Federal Reserve notes
1,260.700
3,590.490
990,610
1.041,395
Net Feel Res. bank notes
82,835
122,408
62,241
136,190
Net subsidiary silver
2,135,889
2,120,656
2,686.363
2,591,354
Minor coin. &o
19,711,620
3,928,899
4.662,923
4.573,753
Total cash In Treasury- 384,843,062 372,609,770 368,380.395 354.569.079
Lees gold reserve fund
155,420,721 155.420,721 158,039,088 156.039.088
Cash balance In Treakey 229.422.341 217,189,049 210,341,307 *198.529,997
. depositories.
Dep.in spec'
aect. Treasury bonds.
Treasury notes and cer14,664,000 249,202,000 104,355,000
tificates of indebtedn'ss
47,128.000
Dep.In Fed'I Res. banks.
12.898,338
34,101,490
33,636,543
30,296,348
Dep. In national banks:
To credit Treas. U. S..
8,138.179
8,192,412
7,168.433
8,088,921
20.864,931
To credit dish. officers_
24,607,181
20,492.385
20,203,991
Carta In Philippine Islands
1,171.948
680,146
808,924
740.502
521,732
Deposits in foreign depts.
525,283
615,010
464,817
Dep, In Fedl Land banks
Net cash in Treasury
272,716,471 534.497.562 377,417.602 305,452,570
and In banks
Deduct current liabilities_ 259,339,024 262,154,760 268.040,645 240.180,339
13,377.447 272,342,801 109,376,957
Available cash balance_
65,272.231
*Includes Mar. 1 35,897,252.89 silver bullion and $1,719,349.23 minor coin. &c..
ot included in statement "Stock of Money."
onmercial andMiscellaneans4.ew5
Breadstuffs figures brought from page 1697.-All
he statements below regarding the movement of graineceipts, exports, visible supply, &c., are prepared by us
rom figures collected by the New York Produce Exchange.
Int we give the receipts at Western lake and river ports
or the week ending last Saturday and since Aug. 1 for
aoh of the last three years.
Receipts at-
Flour.
1617
Wheat.
Corn.
Oats.
Barley.
Rye.
0318.1961bs.bush.60 lbs.bush. 56 lbs.bush. 32 lbs.bush.48lbs bush.5611xt•
Chicago
247,000
338,000 4,163,000 1,578,000
196,005
35,000
Minneapolis.
2,225,000
407,000
462,000
736,515
118,000
Duluth
746,000
11,000
9,000
2,005
119,000
Milwaukee...
51,000
36,000
680,000
67,000 324,555
28,000
Toledo
128,000
77,000
76,000
2,5 # 5
2.000
Detroit
68.000
37,000
20,000
14,000
Indianapolis_
67,000 1,044,000
252,000
St. Louis_ _ _ _
129,000
584,000 1,456,000
372,000
37,111
1,000
Peoria
33,000
73,000
665,000
49,000
231,000
Kansas City_
1,327,000 2,160,000
86,000
Omaha
383,000
898,000
254,000
St. Joseph_
368,000
197,000
46,000
Wichita
418,000
78,000
Sioux City__
16,000
284,000
78,000
Total wk. '28
Same wk. '27
Same wk. '26
Since Aug.1
1927
1926
1925
485,000
443,001
418.111
6,550,000 12,409,000
4,911,000 5,713,000
3,010,000 5,162,000
3,531,000 1,346,000
2,620,000 544,000
2,194,000 516,555
317,000
301,000
187.000
i5.353.000352,804,000210,705,000114,049,00022,657,00031.390,000
15,i17,000259,907,000 159,286,000 100,699,000 13,429.00023.335,000
i4.575.000262.991.000163.092.000 165.0i8.00059.026,000 18,767.000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Mar. 10, follow:
Receipts atNew York__.
Portland, Me_
PhiladelphLs....
Baltimore_._ _
N'port News_
Norfolk
New Orleans*
Galveston._ _ _
Montreal....
St. John, N.13
Boston
Flour.
Wheat.
Oats.
Corn.
Rye.
Barley.
Bushels,
Barrels.
Bushels.
Bushels.
Bushels. Bushels.
238,111
230,000
44.000
837,000
72,000
110,000
47,555
2,000
184,000
37,000
24,000
230,000
16,555
22,000
23,555
17,000
41.
34,000
160,000
1,000
5,000
258,000
1,000
95,000
78,000
9,005
57,000
120,000
36,000
18,000
107 55 1
10,000
133,000
1,00
52,5''
32,000
279,000
10,
646,000
16,555
25,000
79,000
20,000
5,000
Total wk. '28
445,000 1,995,000
Since Jan.1'28 4,709,000 24,815,000
585,000
5,219,005
506,005
182,000
746,000
3,860 555 6,159,000 3,005.000
Week 1927... 504.000 3.705,000
300,000 629,000
308,000
350,000
Since jan.1'27 4,423.000 46.268.000 2.362 511 3,472,005 9.375.00 2.389.000
*Receipts do not Include grain passing through New Orleans for foreign ports on
through bills of lading.'
The exports from the several eastboard ports for the week
ending Saturday,?lax. 10 1928, are shown in the annexed
statement:
Exportsfrom-
Wheat.
Corn.
Flour.
Oats.
Rye.
Bann.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
1,207,085
45,690 448,946
80,000
89,537
184,000
47,000
2,000
32,000
4,000
350,000
2,000
233,000
17.000 210,000
1,000
1,000
258,000
5,000
399,000 630,000
79,000
24,000
38,000
10,000
327,000
279,000
52,006 646,000
32,000
10,000
9,000
New York
Portland. Me
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
St. John, N.II
Houston
Total week 1928__ 2,684,085 1,215,000
r Same week 1927.. 3,954.111 156.041
193,537
182,5553
203.000
155,569
787,690 668,946
567,892 1,033,609
The destination of these exports for the week and since
July 1 1927 is as below:
Flour.
Exports for Week
and Since
Week
Since
July1 to3far.10 July 1
1928.
1927.
Wheat.
Week
Mar. 10.
1928.
Since
July 1
1927.
Corn.
Week
Mar. 10
1928.
Since
July 1
1927.
Bushels.
Barrels. Barrels.
Bushels. Bushels. Bushels.
United Kingdom. 39,245 2,814,332 1,019.246 60,614,269 447,000 1,590,895
Continent
124,299 4,238,9:11 1,660,839 125,102,231 722,000 3,895,776
So. St Cent. Amer_
218,000
9,800
246,000
3,000
312,555
West Indies
19,000
46,000
31.000
581,000
1,000
358,000
Other countries_
2,000
1,058,003
499.495
Total 1928
Total 1927
193.537 8.223,313 2,684,085 187,051,503 1,215,000 6,285,671
182.550 9,050,978 3.954.111 220.529,161 156.041 3.846.834
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Mar. 10, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
" afloat
Detroit
Chicago
" afloat
Milwaukee
" afloat
Duluth
" afloat
MinnespolLs
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Canal and River
GRAIN STOCKS.
Corn,
Oats.
Wheat,
Rye.
bush.
bush,
bush,
bush.
57,000
162,000
37,000
393,000
57,000
3,000
1.000
115,000
88,000
278,000
282,000
25,000
59,000
140,000
574,000
126,000
77,000
774,000
585,000
9,000
651.000
752,000
156,000
7,000
286,000
1.737,000
706,000 1,538,000
3,309,000
220,000
1.776,000
198,000
78,000
1,749,000
7,000
317,000
69,000
37,000
280,000
16,000
2,971,000 15,359.000 5,082,000
570,000
167,000
16.000 2,960.000 1,175,000
29,000
592,000
377,000 2,728,000
18,846,000
323,000
20.503,000 2,332,000 6,887.000
426,000
299,000
249,000
356,000
934,000 2,109.000
579,000
4,000
8,645,000 9,307,000
225,000
104,000
2,686,000
495,000
2,000
673,000 1,272,000
7,000
3.000
290,000
246,000
341,000 1,597,000
222,000
1,678,000 4,324,000 1,421.000
20,000
176,000
Barlett.
bush.
96,000
4,000
276,000
48,000
289,000
5,000
28,000
120,000
116,000
198.000
561.000
9,000
96,000
141,000
55.000
20,000
Total Mar. 10 1928__69,849,000 44,147,000 18,770,000 4.571,000 2,062,000
Total Mar. 3 1928____71,357,000 40,998,000 19,791,000 4,325,000 2./85,000
'Fetal Mar. 12 1927____52,478.000 48,822.000 41,215,000 14,470,000 3,529.000
Note.-Bonded grain not Included above Oats. New York, 279,000 bushels;
Boston, 30.000; Baltimore. 29,000; total. 338,000 bushels, against 149,000 bushels
In 1927. Barley, New York, 520,000 bushels; Boston, 15,000: Baltimore, 283.000:
Buffalo, 235,000; Duluth, 38,000; Canal, 195.000; on Lakes, 395,000; total, 1,681,000 bushels, against 1,198,000 bushels in 1927. Wheat, New York. 2,533,000
bushels; Boston. 778.000: Philadelphia, 1,614,000; Baltimore. 1.843,000; Buffalo.
6,834,000; Buffalo afloat, 2,193.000; Duluth, 335,000; Erie. 246,000; on Lakes,
1,813,000; Canal, 209,000; total, 18,398,000 bushels, against 7,017,000 bushels
in 1927.
[VOL. 126.
FINANCIAL CHRONICLE
1618
heat.
bush,
Canadian—
3,971,000
Montreal
Ft. William dt Pt. Arthur.57,557,000
7,261,000
" afloat
8,306,000
Other Canadian
Corn.
bush.
Barley
Oats.
Rye.
bush
bush.
bush,
419,000
211,000
776,000
1,808,000 2,543,000 2,933,000
205,000
2.789,000
Total Mar. 10 1928.....77,0£5,000
3,340,000
Total Mar, 3 1928_ _._75,851,000
7,469,000
Total Mar, 12 1927_ _ _ _55,418,000
Summary—
69,849,000 44,147,000 18,770,000
American
2,789,000
77,095,000
Canadian
387,000
—
3,141,000
3,218,000
2,867,000
473,000
———
3,825,000
3,780.000
6,457,000
4.571,000 2,062,000
3,141,000 3,825,000
Total Mar. 10 1928_ ..146,944,000 44,147,000 21,559,000 7,712,000 5,887,000
Total Mar. 3 1928_ _ A47,20%000 40,998,000 23,131,000 7.543,000 5,965,000
Total Mar, 12 1927_ _107,896,000 48,822,000 48,684,000 17,337,000 9,986.000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Mar. 9, and since July 1 1927 and 1926,
are shown in the following:
Week
Mar. 9.
Since I
July 1.
Week
Mar. 9.
Since
July 1.
1926-27.
1927-28.
I 1926-27.
1927-28.
Exports.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels. I Bushels.
Bushels.
723,000 9,284,000 3,355,000
North Amer_ 8,497,000352.944,000 358,597,
289,000 14.925.000 23,858,000
60,. . .
Black Sea_ _
. .
240.000 532,000 210,527,000 178,124,000
Argentina_ _ _ 7,407,000 99,117.000
Australia_ _ 2,296,000 44,663,000 51,816,000
4,416,000
8,240
India
0th. countr'
360,000 24,064,000 18,305,000 502,000 18,313,000 2,288,000
118,568,000538,300,000531,266.000 2 046,000253,049,000 207,625,000
Total
BANK NOTES—CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.—We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
00000
0
00
00000000.00000
a
wommo....w.mowa.wcDcoo&co-i8ww..**
030-30.-
Feb. 9 1928
Jan. 11 1928
Dec. II 1927
Nov. 10 1927
Oct. 11 1927
Sept. 10 1927
Aug. 11 1927
July 11 1927
June 10 1927
May 11 1927
Apr. 0 1927
Mar. 11 1927
Feb. 18 1927
Jan. 11 1927
Dec. 11 1926
Nov. 10 1926
Oct. 11 1926
Sept. 0 1926
Aug. 11 1926
July 11 1926
June * 1926
May .1 1926
Apr. 0 1926
Mar. 1 1926
Feb. 7 1926
0000000
7,001000000000000000
o.ocaoceoomomosm0000
mcommocomoco
u,cnotnosncncn
coo-4ceococe.-Jo--;
Amount Bonds
on Deposit to
Secure Circula
lion for National
Bank Notes.
National Bank Circulation,
Afloat on—
Bonds.
Legal
Tenders.
$
661.481,322
659,332,017
662.380.082
663,340,675
663,167,030
662,742,593
663,747.178
661,550,768
661.288,545
663.156,720
682.238,833
661,673,603
660,366,240
657,364,790
661,046,465
662.764,613
661,742,830
660,555,797
659.760.467
661.434,195
660,988,560
660,677,175
661,664,478
661,016.470
501.244.347
$
38,250,372
38,407,517
38.623,507
39,060,424
39,825,664
40,537,019
41.052,614
42,967,269
42,857,722
42,777,217
39.074,404
38.251,364
36,825,184
37,856,759
36,721,464
37,927,974
38,971,702
39,178,467
39,768,777
40,714,779
41,682,684
42,697,987
42.519,201
44,211,319
45.059.372
Total.
$
699,731,694
697,739,534
701.003.589
702.401.099
702,992.694
703.279,612
704,799,792
704,518,037
704,146.267
705,933.937
701,313,237
699,924.967
697.191,424
695,221.549
697,767.929
700.692.587
700,714,532
699.734,264
699,529,244
702.148,974
702.669.244
703.375,162
704,183.679
705,327.789
706.303,719
law$4,335,468 Federal Reserve bank notes outstanding Mar. 1 1928, secured by
ful money, against $4,950,048 on Mar. 1 1927.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on Feb.29:
U. S. Bonds Held Feb. 29 192810 Secure—
Bonds on Deposit
?'rt.. 29 1928.
2s, U. S. Consols of 1930
2s, U. S. Panama of 1936
2s, U. S. Panama of 1938
Totals
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes
592,722.350
48,555,040
25,733,820
Total
Held.
592,722,350
48,555,040
25,733,820
667,011,210 667,011,210
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits Feb. 11923
and Mar.1 1928, and their increase or decrease during the
month of February:
National Bank Notes—Total Afloat—
Amount afloat Feb. 1 1928
Net increase during February
Amount of bank notes afloat March 1
Legal Tender Notes—
Amount on deposit to redeem national bank notes Feb. 1 1928
Net amount of bank notes retired in February
$697,739,534
1,992,160
$699,731,694
$38,407,517
157,145
338,250,372
Amount on deposit to redeem national bank notes March 11928...
National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
of Cliffsido Park, N.J__$100,000
Mar. 7—The Grantwood National Bank
Edgewater
Correspondent, August C. Bausch, 116
Road, Cliffside Park, N. J.;
The Public National Bank of Newark, N..1St., Newark,$200,000
Correspondent, Julius Stein, 24 Commerce
N. J.
25,000
Woodstock. N. Y
Mar. 8—The Woodstock National Bank,
Y.
Correspondent: W. S. Elwyn, Woodstock, N.
Y
200,000
The Security National Bank of Buffalo, N.
Correspondent: George W. Wanamaker, 1101-3 Liberty
Bank Bldg., Buffalo, N. Y.
Angeles, Calif.__ - 100,000
Mar. 10—The Van Nuys National Bank of Los
Correspondent: L. W. McAtee, 212 Beckwith Bldg.,
Van Nuys, Calif.
25,000
25.000
60,000
200,000
200,000
CHANGE OF TITLE.
Mar. 9—The Albany Park National Bank of Chicago, Ill., to
"Albany Park National Bank & Trust Co. of Chicago."
VOLUNTARY LIQUIDATIONS.
Mar. 6—The First National Bank of Santa Maria, Calif
Effective Feb. 21 1928. Liquidating Agent, Edw. C.
Aldwell, San Francisco, Calif. Absorbed by Bank of
Italy National Trust & Savings Assn., San Francisco,
Calif.
Mar. 8—The First National Bank of Selma, Calif
Effective Feb. 28 1928. Liquidating Agent, Edw. C.
Aldwell, San Francisco, Calif. Absorbed by Bank of
Italy National Trust & Savings Assn., San Francisco,
Calif., No. 13044.
CONSOLIDATIONS.
50,000
Mar. 7—The First National Bank of Lake Forest, Ill
50,000
State Bank of Lake Forest, Ill
Consolidated to-day under the Act of Nov. 7 1918, as
amended Feb. 25 1927, under the charter and title "the
First National Bank of Lake Forest," (No. 8937), with
capital stock of $100,000.
2,000,000
Mar. 10—United Nayional Bank in New York, N. Y
The Capital National Bank & Trust Co. of New York .000.0.30
N. Y
1,000,000
The Longacre National Bank of New York, N. Y
Consolidated under the Act of Nov. 7 1918, under
charter of the United National Bank in New York, No.
12406, and under the title "United Capitol National
Bank & Trust Co. of New York," with capital stock of
$5,000,000. The consolidated bank has six branches all
located within the limits of the City and State of
New York.
50,000
The First National Bank of Dysart, Iowa
40,000
Dysart Savings Bank, Dysart, Iowa
Consolidated under the Act of Nov. 7 1918, as amended
Feb. 25 1927, under the charter of the First National
Bank of Dysart, No. 5934, and under the tital "Dysart
National Bank," with capital stock of $65,000.
BRANCHES AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
Mar. 10—United Capitol National Bank & Trust Co. of Now York. N. Y.
Locations of branches, vicinity of Eighth Ave. and 43d St.,
Manhattan. Vicinity of Fifth Ave. and 33d St., Manhattan.
100,000
100,000
Corn.
Wheat.
APPLICATION TO ORGANIZE APPROVED.
Mar. 10—The Lorena National Bank, Lorena, Texas
Correspondent: 0. C. Stanford, Lorena, Tex.
CHARTERS ISSUED.
Mar 6—The Security National Bank of Laurel. Nob
President, J. J. Delay; Cashier, A. A. Soderstrom.
The First National Bank in McAllen. Texas
President, J. A. Frisby. Cashier, B. R. Smith.
Mar. 8—Second Wisconsin National Bank of Milwaukee, Wls
President, Walter Kasten. Cashier, Thomas M. Rees.
Mar. 9—The Pelham National Bank & Trust Co. of Philadelphia,
Pa
Pres., Warren B. Miner. Cashier, Edward Schwarz.
Auction Sales.—Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By R. L. Day & Co., Boston:
$ per sh.
Shares, Stocks.
33234
10 Nat. Shawmut Bank
430
9 Merchants Nat. Bank
191
1 Webster es Atlas Nat. Bank
416
8 Old Colony Trust Co
10 Merchants Nat. Bank, Salem.-.155
12534
5 Haverhill Trust Co
1834
10 Hill Mfg, Co
22%
5 Lancaster Mills, pref
199%
10 Ludlow Mfg. Associates
7434
3 Androscoggin Mills
20 Naumkeag Steam Cotton Co..
16214-16334 ex-dly.
23%
25 Hamilton Woolen Co
105-105%
25 Pepperell Mfg. Co
104 34 ex-div.
4 Northern RR, N.
30 Fall River Gas Works, par 525— 70
50 Haverhill El. Lt. Co., undepoe.,
9134
par $25
38%
15 Shawmut Invest Trust
1 mass. Ltg. Cos.6% pref., undep_ 111
1534
4 units Reed Prentice Corp
10 Converse Rubber Shoe Co., pref.,
18-16%
3234
10 F. M.Hoyt Shoe Co., prei
11 United Life & Accident Ins, Co..
333.4
$2.5
Dar
15
15 units Reed Prentice Corp
265
5 Nicholson File Co
8 per sh.
Shares, Stocks.
7234
10 Draper Corp
100 Eastern URI. Associates, corns
43%
when issued
845-845%
4 Aetna Insurance Co
255
10 Nicholson File Co
100 Eastern UM.Assoc.. cony., w.I. 1634
10 Saco Lowell Shops, 1st pref.— 21
835
12 Hartford Fire Insur, Co
96
10 Plymouth Cordage Co
8 Holyoke Mutual Fire Ins. Co.....124
35 Amer. Founders Trust 6% 1st
4534
pref. series D, par $50
5 Eastern Util. Assoc., corn. w.I... 44
35 Eastern Util. Assoc., cony. w.I. 1634
15 North Packing & Provision Co 120
61
2 Laconia Car Co., 1st pref
7
3 Laconia Car Co., 2d prof
$ Per right.
Rights—
7%
1 Worcester County Nat. Bank
15%
20 Lynn Gas & El. Co., dep
20 mass. Bonding dr Ins. Co___32-323(
82
Co
Ins.
&
Bonding
3 Maas.
Per cent
Bonds—
$1,000 Eastern Ambassador Hotels.
97
1947
15
June
1st & ref. 5345,
$LOW Ritz-Arlington Trust, 151 fls.
98
1946
Sept.
By Wise, Hobbs & Arnold, Boston:
$ per oh.
$ Per sh.
Shares. Stocks.
Shares.Stocks.
5 First National Bk., New Bedford-335g 10 New Bedford Gas& Edison Light108%
$25
332%
Co., nudes., par
3 National Shawmut Bank
5
105%-105% 5 Laconia Car Co., 2nd pod
17 Pepperell Mfg.Co
....63-63%
7 Hamilton Woolen Co
2234 75 Merrimac Hat Corp., compar
Co.,
Paper
50 Great Northern
25 west Boylston Mfg. Co., pref.- 38
7834-7834
97 & div. $25
5 Nashua Mfg. Co., pref
PI-98Si&diy
12 Arlington Mills
4634 4 Greent'd Tap & Die Corp.,
196
60 Fall River Electric Light Co.,
3 Essex Co., par $50
issist
85
undep., par $25
5 Newmarket Mfg, Co
40-42 45 Quincy Mkt. Cold Stor. & Ware15 Otis Co.
3934
house Co., corn
100 Nashua Mtg. Co.. pref....97% & dly.
50
16 Fall River Eleetrie Light Co.,
7 Appleton Co., pref
55
V. t. c., par $25
10 Gibralter Tire & Rub. Co., corn.
8 Fall River Gas Wks., par $25—. 6934
Cl. A; 2 4-8 Parker Mills; 20-100
1 Providence-Wash, Ins. Co_ _820 ex-dly.
Kinney Mfg. Co., pref.; 1 Osage
3 Quincy Mitt. Cold Stor. & Wareaz Eastland 011 Co., corn.; 10
73
house Co., prof
Herschell-Spillman Motors, pref.
320%
13 U. S. Envelope Co., corn
par $50; 20 A. L. Bayles & Sons
3434
Trust
Invest.
Colony
Old
23
Bayles
L.
Co., pref. par $50;20 A.
$2101 15 Lamson & Hub'd Corp., p1.94% & dly.
& Sons Co., corn., par $25
105
5 Lamson & Hubbard Corp., coin.- 13%
20 Pepperell Mfg. Co
5 Androscoggin Mills
7334 10 Haverhill G. Lt. Co., par $25... 66
10 Hood Rub,Co.734% preference- 9734 110 East, Utilities Associates, cony. 1634
abs. (when Issued)
America
of
5 Internat. Secur. Corp.
97
19 W.Boston G.Co..v.t.c., par $25 353.4
63.4% pref
6 New Engl.Pow.Co.6% pf _ _115% & di,.
30 Pneumatic Scale Corp., Ltd.,
8
49 First Nat,Stor. Inc.,Ist pf..105%&dly.
corn., par 810
100 East.(Jill. Asso., corn.(w. iss.) 4334
10 Boston Woven Hose & Rubber
ex-div.
4 Investors &cur. of Mass., Cl. A
&
90
Co.,corn
50
profit shs
91
10 Broomfield Building Trust
q
72 & dly. 100 East. Utilities Associates, cony.
44 Draper Corp
1634
issued)
(when
shs.
13 Lynn Gas & Electric Co.,tuidePs
elietig $ per Right
Morals.
15134
Par 825
3734
4 Mass. Cities Realty Co., par. pfd. 834 25 First National Dank
3734
100 First National Bank
15%
75 Lynn Gas & Electric Co
By A. J. Wright & Co., Buffalo:
$ per oh
Shares. Stocks.
25 Republic Asbestos Board, par $10 9%
2 Buff. Niag. & East.Pow., no par_ 38%
2 Buff. Nlag. & East. Pow., pref.,
26%
Par $25
NP2013 $ per ss.
Shares. Stocks.
511e
600 Night Hawk, par $1
1,000 Pasadena El _Monte Silver, Nes 4
$I lot
Par $1
$1
10e.
500 Chaput Hughes, par
MAR. 171928.]
FINANCIAL CHRONICLE
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per oh. Shares. Stocks.
$ per eh.
5 Suburban Title & Trust Co
10 Commonwealth Casualty Co.,
255
21
10 Susquehanna Title & Trust Co..
Par $10
13 Continental-Equitable Title &
par $50
63
305
1 Real Estate Tr. Co., asstd. pref.-346
Trust Co., par $50
10 Southwark Title & Trust Co---365
6 Security Tr. Co.. Camden, N.J_481
10 Collingswood (N. J.) Trust Co-216
20 Aldine Trust Co
250
5753( 10 Fern Rock T.Co., par $50---- 854(
20 First Nat. Bank of Philo
257
10 Hammonton (N. J.) Trust Co_ _232
5 Southwestern National Bank_
2 Franklin-Fourth St. Nat. Bank 76
40 Phila. Bourse, pref., par $25.-- 2544
180
3 Tacony Palmyra Ferry Co.,
1 Tloga National Bank
134 Drovers & Much. Nat. Bank_189
par $50
30
351
7 Nat. Bank of Germantown
5 Amer.Acad. of Music, with ticket.1100
28 Nat. Bank of No. Philadelphia_300
91 Girard Life Ins. Co., par $10... 3134
774
3 Phila.-Girard Nat. Bank
13 Ridge Ave. Pass. Ry
17734
17034 12 Frankford & Southwark Pass.Ry.258
2 Manayunk National Bank
4 Union Bank & Trust Co
358
10 Citizens Pass. Ry, Co
20034
355
4 Union Bank & Trust Co
50 Par Bond & Mtge. Co., pref___ _102
4 Union Bank & Trust Co
350 8 Mitten Bank Securities Corp.,
10 Fox Chase Bank & Trust Co.,
pref., par $25
25
335
12 New Way Laundry Co., no par- 10
par $50
10 Bank of No. Amer. & Tr. Co...484
3 Republic Trust Co
181
10 Bank of No. Amer. et Tr. Co.. 484
2 Overbrook National Bank
17834
10 Allegheny Title & Trust Co..
Rights$ per Right.
par $50
63
1-3 Nat. Bank of Germantown....351
5 Real Estate-Land Title & Tr. Co_703
10 Nat. Bank of Germantown
3553i
20 Real Estate-Land Title & Tr. Co.70034 10 Nat. Bank of Germantown
35234
33 Real Estate-Land Title & Tr. Co.700
10 Tenth Nat. Bank of Philo
8934
35 Bankers Trust Co., par $50._ _ _115
82 Tenth National Bank
89
4 Fldelity-Phila. Trust Co
865
3 Nianayunk Natonal Bank
171
5 Suburban Title & Trust Co
25734
BondiPer Cent.
2 Market St. Title & Trust Co..
$500 Brinton Lake Club (Concordpar 850
479
vine, Pa.) 20-year 68. 1944
78
3 Northeastern Title & Trust Co.,
$2,000 Bergner dr Engel Brewing
111
par $50
Co. 1st ext. 6s, 1929, ctf. of dep. 40
By Adrian II. Muller & Sons, New York:
'
pares. Stocks.
$ per oh. Bonds,
per cent.
Wayne Coal Co., par $5
$1 lot
Clermont Mtge. Corp., dated
WO Pontiac Improv. Corp
$12 lot
May 6 1926. due May 6 1929. on
Sundry notes aggreg. approx.
prop, located on the northerly
$22,679.93
35.100 lot
side of Wetherole St.. Forest Hills
110 Western States 011 Corp., par
West, Queens Co., N. Y., Int.
210; 1,200 Lewis 011 Corp., corn.
6%
$6,020 lot
el. A. par 210; 2 Y. C. Corp..
$50,000 2nd mtge. & leaseh. 88 of
pref.; 1,000 Metex Petrol. Corp.,
Northland Properties, dated Jan.
1 1927. pay. Feb. 1 1929, Int. fr.
$41 lot
Par $5
1000 Gulf States 011 & Ref. Corp.,
Feb. 1 1927, sec. by mtge. on
el. A, par $5; 110 Western States
Jefferson Bldg., Miami, Fla..$1,700 lot
Two lots each consisting of $10,000
011 Corp., par $10; 20 Rockstroh
Co., corn., par $10
$128 lot
2nd mtge. & ieaseh. 85 of NorthPer cent.
Bonds.
land Properties, Inc.. dated Jan.
1 lot aggregating $12,000 of 2nd
11927. pay. Feb. 1 1929, int. fr.
mtge. & leaseh. on real est. sitFeb. I 1927, see, by mtge. on
noted in Miami, Fla., list at aucJeff'son Bdg..Miaml,Fla_53,500 ea.lot
tioneers office
$800 lot
$7,500 bond & lot mtge. made by
the Forest Contracting Co., to
ap
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
*134 Apr. 2 *Holders of rec. Mar. 18
Boston & Maine, prior pref.(gust.)
4.134 Apr. 2 *Holders of rec. Mar. 16
1st preferred class A (guar.)
*2
Apr. 2 *Holders of rec. Mar. 16
let preferred class 11 (guar.)
*134 Apr. 2 *Holders o/ reo. Mar. 16
1st preferred class C (guar.)
*234 Apr. 2 *Holders of rec. Mar. 16
1st preferred class D (guar.)
•134 Apr. 2 *Holders of rec. Mar. 16
1st preferred class E (guar.)
234 Apr. 2 Holders of reo. Mar. 20
Boston & Providence (guar.)
*2
Apr. 20 *Holders of rec. Mar.30
Cleve.. CM.. Chic.& St. L.,corn.(qu.)
4,13( Apr. 20 *Holders of rec. Mar.30
Preferred (guar.)
Mahoning Coal RR.,common (guar.)--• $12.50 May 1 *Holders of roe. Apr. 11
$1.25 Apr. 14 Holders of rec. Mar. 31
Midland Valley. corn
Apr. 1 Holders of rec. Mar. 206
Minn., St. P.& S. S. M.leased lines - 2
2
May 1 Holders of rec. Mar.30
New York Central RR.(guar.)
United N. J. RR.& Canal Cos.(go.).. 234 Mar.30 Holders of reo. Feb. 29a
Public Utilities.
Apr. 14 *Holders of reo. Mar. 15
Amer. Dist. Teleg.of N.J..corn. (qtr.)- •81
*154 Apr. 14 *Holders of reo. Mar. 15
Preferred (guar.)
Amer. dr Foreign Pow., Inc.
131340. Apr. 2 Holders of reo. Mar. 18
Allot. et:3. 35% paid (man)
Binghpinton L. II. & Pow..$8 p6.(qm.) $1.50 Apr. 1 Holders of rec. Mar. 15
*400. Apr. 2 *Holders of rec. Mar. 15
Buff., Niagara & East. Pow., pt. (qu.)
50o. Mar. 31 Holders of rec. Mar.20
Byliesby (11.M.) & Co., corn. A (qtr.).500. Mar.30 Holders of roe. Mar. 20
Common class 13 (guar.)
50o. Mar. 31 Holders of rec. Mar. 20
Preferred (guar.)
144 Apr. 2 Holden of roe. Mar. 15
Calgary Power. Ltd. (guar.)
Capital Tract., Wash., D. C.(guar.) _- 134 Apr. 1 Holders of rec. Mar. 14
Carolina Power & Light, 87 P1.((M.).- 21.75 Apr. 2 Holders of reo. Mar. 17
$1.50 Apr. 2 Holders of rec. Mar. 17
28 preferred (guar.)
Central Ills. Light Co.,6% P1.(MO- 13.4 Apr. 2 Holders of rec. Mar. 15
144 Apr. 2 Holders of reo. Mar. 15
7% pref. (guar.)
Gin. & Suburban Bell Telep. (guar.) --- 41.13 Apr. 2 *Holders of rec. Mar. 18
o$3.50 Apr. 2 Mar. 21 to Apr. 1
Citizens Pass. Ry.(guar.)
Apr. 1 *Holders of rm. Mar. 16
Connecticut Elec. Sent. Cony. p6.(m.) *SI
1
Apr. 2 Holders of reo. Mar. 15
Duke Power, corn. (guar.)
144 Apr. 2 Holders of rect. Mar. 15
Preferred (guar.)
•134 Apr. 16 *Holders of rec. Mar. 31
Duquesne Light, 1st pref. (guar.)
144 Apr. 2 Holders of rec. Mar. 15
Eastern N.J. power Co.,634% pf.(qu.)
154 Apr. 2 Holders of rec. Mar. 15
7% pref. (guar.)
2
Apr. 2 Holders of rec. Mar. 15
8% pref. (guar.)
Electric Bond & Share. pref.(guar.)---- 134 May 1 Holders of rec. Apr. 16
25c Apr. 16 Holders of rec. Mar. 19
Electric Bond & Share Sec. (guar.)
- 144 Apr. 18 Holders of rec. Apr. 30
133 Paso Electric Co.. pref. A (guar.)
Empire Power Corp., $6 pf. (guar.)._ $1.50 Apr. 1 Holders of rec. Mar. 16
*50o. Apr. 2 *Holders of rec. Mar. 20
Fall River Elm. Light (guar.)
81.75 AV. 2 Holders of rec. Mar. 14
Florida Power & Light, pt. (guar.)
I% Apr. 1 Holders of roe. Mar. 15
Florida Public fiery., pref. (guar.)
$1.75 Apr. 2 Holders of rec. Mar. 15
General Pub. Mil.. $7 Pt. (guar.)
•134
Apr. 2 *Holders of roe. Mar.31
Teleg.
(gum)
Gold & Stock
580. Apr, 2 Holders of rec. Mar. 226
Haverhill Gas Light (guar.)
•134 May 1 *Holders of rec. Apr. 14
Illinois Nor. Util., 8% Pf. (guar.)
•$1.75 May 1 *Holders of rec. Apr. 14
Junior pref. (guar.)
144 Apr. 2 Holders of rec. Mar. 15
Internat. Power, Ltd., let pf. (guar.)
134 Apr. 2 Holders of rec. Mar. 18
Serv.,
pt.
(guar.)
Jamaica Public
134 Apr. 2 Holders of rec. Mar.20
Manhattan Ry., guar. (guar.)
Massachusetts Lighting Cos., corn.(qu.) *75o. Mar. 31 *Holders of roe. Mar. 20
*134 Apr. 15 *Holders of roe. Mar. 26
6% preferred (guar.)
*2
Apr. 15 *Holders of roe. Mar. 26
8% preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 15
(guar.)
-pf.
Michigan Elm. Pow.. 7%
134 Apr. 1 Holders of rec. Mar. 15
8% pref. (guar.)
*50o Apr. 2 *Holders of rec. Mar.20
Mohawk Valley Co.(guar.)
Mountain States Pow. pref. (guar.).-- 134 Apr. 20 Holders of rec. Mar. 31
*50o Apr. 1 *Holders of rec. Mar. 15
Municipal Service, pref. (guar.)
144 Apr. 1 Holders of rec. Mar. 20
National Elec. Power pref. (guar.)
New England Pow. Assoc.. pref.(guar.) $1.50 API% 2 Holders of rec. Mar. 17
NewOorsey Power & Light. $6 PI.(111.)- $1.50 Apr. 1 Holders of rec. Mar. 15
May 1 Holders of reo. Mar.31
Northern States Power, corn. A.(go,). 2
134 Apr. 20 Holders of rec. Mar.31
7% preferred (guar.)
134
Apr.
20 Holders of rec. Mar.31
6% preferred (guar.)
Name of Company.
1619
I
Per
When
COM. lPayable.
Book* Closed
Days Inclusive.
Public Utilities (Concluded).
Ohio Edison Co.,6% pref.'guar.)
134 June 1 Holders of rec. May 15
1.66 June 1 Holders of rec. May 15
6.6% preferred (man)
7% preferred (guar.)
13( June 1 Holders of reo. May 15
5% preferred (guar.)
13( June 1 Holders of rec. May 15
500. Apr. 2 Holders of rec. Mar. 15
8% preferred (monthly)
50c. May 1 Holders of rec. Apr. 16
6% preferred (monthly)
6% preferred (monthly)
50o. June 1 Holders of rec. May 15
550. Apr. 2 Holders of rec. Mar. 15
8.6% preferred (monthly)
6.6% preferred (monthly)
550. May 1 Holders of rec. Apr. 16
Holders of reo. May 15
55o. June
6.6% Preferred (monthly)
Ohio Electric Power, 7%rpf.(guar.)
134 Apr. 1 Holders of rec. Mar.20
Ohio River Edison, 7% pf. (guar.)
13( Apr. 2 Holders of reo. Mar. 15
Ohio Telephone Sent., pref. (guar.)
•154 Apr. 1 *Holders of rec. Mar.23
Ottawa L. H.& Power, corn. (guar.)
144 Mar.31 Holders of reo. Mar. 15
144 Apr. 1 Holders of reo. Mar. 15
Preferred (guar.)
Ottawa Traction (guar.)
Apr. 2 Holders of roe. Mar. 15
1
Pacific Gas & Elec., corn,(guar.)
*50e. Apr. 18 *Holders of rec. Mar.31
Pacific Lighting Corp., pref.(gust.).... *134 Apr. 15 *Holders of reo. Mar.31
Panama Power & Light, pref.(guar.)
14( Apr. 2 Holders of reo. Mar.15
Penn. Central L. & Pow.. pre/. (go.)
$1.25 Apr. 1 Holders of res. Mar.15
Phliadelphla Co.. corn. (guar.)
Apr. 30 Holden; of rec. Apr. 2
$1
6% preferred
21.50 May 1 Holders Of MO. Apr. 1
Porto Rico Rys., pref. (guar.)
14( Apr. 2 Holders of reo. Mar. 15
Providence Gas (guar.)
21 Apr. 2 Holders of reo. Mar.15
Puget Sound Pow. & L.. pref. (gust.).. 134 Apr. 16 Holders of reo. Mar.16
Prior preferred (guar.)
134 Apr. 16 Holders of rec. Mar. 16
South Pittsburgh Water,7% pref.(go.). •134 Apr. 16 *Holders of rec. Apr. 2
Southern Calif. Gas, pt. & pt. A (gu.).- •3744c Apr. 14 *Holders of rect. Mar.31
Spring Valley Water (guar.)
*144 Mar. 31 *Holders of roe. Mar. 16
Standard Gas & Elec., com.(gust.)....87440. Apr. 25 Holders of rec. Mar. 31
Prior preference (guar.)
1% Apr. 25 Holders of roe. Mar.31
United Public Service, $7 pref.(quar.)
81.75 Apr. 1 Holders of rec. Mar. 15
United Utilities, Co.. pref.(guar.)
14( Apr. 2 Holders of rec. Mar. 21
Western Massachusetts Co. (guar.).-- 50e. Mar. 31 Holders of rec. Mar. 15
Western Union Teleg. (guar.)
Apr. 18 Holders of reo. Mar.230
2
West Kootenay Pow.& L.. pf. (guar.) - 13( Apr. 2 Holders of rec. Mar.28
Banks.
Bowery & East River Nat.(gilan)
Colonial (guar.)
Fifth Avenue(guar.)
First National (guar.)
First Security Co.(guar.)
Manhattan Co.(Bank of the) (gust.)
Old stock ($50 par), quar.)
Municipal(Brooklyn)(qua.)
Park, National(guar.)
Seventh National (guar.),(No. 1)
4
*3
*8
*20
*5
4
$2
*244
6
134
jMar.31 Mar. 27 to Apr. 1
Apr. 2 *Holders of rec. Mar.20
Apr. 2'Holders of rec. Mar.31
Apr. 2 *Holders of reo. Mar.31
Apr. 2 *Holders of reo. Mar.31
Apr. 2 Holders of reo. Mar.20a
Apr. 2 Holders of reo. Mar. 200
Apr. 1 *Holders of reo. Mar.20
Apr. 2 Holders of reo. Mar. 16
Apr. 2 Holders of rm. Mar.26
Trust Companies.
Bank of Europe Trust(guar.)
Bank of N.Y.& Trust Co.(War.)
Brooklyn (guar.)
Fulton (guar.)
Westchester (guar.)
234
43.4
6
•244
*3
Fire Insurance.
Hanover (guar.)
*234 Apr. 2 *Mar. 21
Apr.
Apr.
Apr.
Apr.
Apr.
2 Holders of rec. Mar.20
2 Holders of rec. Mar.23
2 Holders of rec. Mar.24
2 *Holders of rec. Mar. 19
2 *Holders of rec. Mar.27
to
Mar. 31
Miscellaneous.
Abitibi Power & Paper, pref.(guar.)- - - - 134 Apr. 2 Holders of rec. Mar.20
Aeolian Company, pref.(guar.)
134 Mar.31 Holders of rec. Mar.20
Aeollan.Weber Piano & Planola,pf.(gu.)
144 Mar.31 Holders of reo. Mar.20
ABM Supply Mfg., Cl. A
*3734c Apr. 2 *Holders of reo. Mar. 19
Air Reduction, new stk.(qu.),(No. 1)_ *50o AM. 15 *Holders of rec. Mar. 31
Airway Elec. Appliance,corn.(gust.)
41
Apr. 2 *Holders of rec. Mar.20
Preferred (guar.)
134 Apr, 2 Holders of reo. Mar.20
Albany Perforated Wrap.Pap.corn.(go) 50c Mar. 31 Mar. 25 to Apr. 1
Alberta Pacific Grain, pref.(guar.)
144 Apr, 1 Holders of rec. Mar. 15
Aluminum Co. of Am., pref.(guar.)- - 144 Apr. 1 Holders of rec. Mar. 15a
Amerada Corp.(gum.)
*50c Apr. 30 *Holders of reo. Apr. 16
Amer. Brake Shoe & Fdy., corn.(gust.),, 40o Mar. 31 Holders of reo. Mar.23
Preferred (guar.)
144 Mar.31 Holders of reo. Mar.23
American Felt, pref.(guar.)
21.50 Apr. 2 Holders of rec. Mar. 15
Amer. Lindseed. pref.(guar.)
•134 Apr. 2 *Holders of reo. Mar.21
Preferred (guar.)
*134 July 2 *Holders of reo. June 20
Preferred (guar.)
•134 Oct. 1 *Holders of rec. Sept.20
Preferred (guar.)
•144 Jan2'29 *Holders of ree. Dec. 21
Amer. Pneumatic Serv.. 1st pref. (guar.) '8734c Mar. 31 *Holders of rec. Mar.22
Second preferred (gust.)
•500 Mar. 31 *Holders of rec. Mar.22
Amer Products Co.. partic pref.(guar.)- .50c Apr. 2 *Holders of reo. Mar. 15
American Salamandra Corp
'$1.25 Apr. 1 *Holders of rec. Mar.20
Extra
*50o Apr. 1 *Holders of rec. Mar.20
American Type Founders, corn. (guar.). 2
Apr. 14 Holders of rec. Apr. 5
Preferred (guar.)
134 Apr. 14 Holders of rec. Apr. 5
Asbestos Corp.. Ltd., prof.(guar.)
144 Apr. 16 Holders of rec. Mar.31
Atlantic Gulf & West I. B. S. LinesPreferred (guar.)
•750 Apr. 6 *Holders of rec. Mar.26
Preferred (guar.)
•750 June 30 *Holders of reo. June 11
*75e.Sept.2 *Holders of reo. Sept. 10
Preferred (guar.)
Preferred (guar.)
*750. Dec. 3 *Holders of reo. Doe. 11
Atlas Plywood (guar.)
*$1 Apr. 1 *Holders of rec. Apr. 2
Auburn Automobile (guar.)
$1
Apr. 2 Holders of reo. Mar.22
Stock dividend
Apr. 2 Holders of reo. Mar.22
2
Baltimore Brick, lot pref
Mar. 27 Holders of reo. Mar. 19
113
Bancltaly Corp.(gust.)
*560. Mar. 31 *Holders of roe. Mar. 15
•$1.8734 Apr. 1 *Holders of reo. mar. 15
Barker Bros., lot Prof (guar.)
Second preferred (guar.)
*$1.75 Apr. 1 *Holders of rec. MM.15
Barnhart Bros. & Spindler-First and second pref.(guar.)
•134 May I *Holders of roe. Apr. 23
Baxter Laundries, corn., A (guar.)
*50o. Apr. 1 *Holders of res. MU.20
•gg
Apr. 2 *Holders of reo. Mar.23
Bay State Fishing. corn.(No. 1)
Prior pref. and pref. (guar.)
*70c Apr .2 *Holders of rec. Mar 23
Bayuk Cigars. Inc.. let pref (guar.).- •144 Apr. 15 *Holders of rec. Mar. 31
Cony. 2d pref. (guar.)
•144 Apr. 15 *Holders of rec. Mu.31
Eight per cent Prof.(guar.)
Apr. 15 "Holders of rec. Mat. 31
*2
Berry Motor (guar.)
30e. Apr. 1 Holders of reo. Mar.20
Bingham Mines Co. (guar.)
Apr. 5 Holders of rec. Mar.22
$1
Bliss (E. W.) Co.. Corn. (guar-)
*250 Apr. 2 *Holders of rec. Mar.20
First preferred (guar.)
Als' 2 *Holders of reo. Mar.20
*81
Second prof.. class A (guar.)
'873.4c Apr 2 *Holders of rec. Mar.20
Second pref.. class B (mar.)
•150 Apr 2 *Holders of reo. Mar.20
Bridgeport Machine Co., pref.(gust.).. $1.75 Apr. 1 'Holders of rec. Mar. 20
Building Products, Ltd., cl. A (gust.)...
30e Apr. 2 Holders of rec. Mar. 19
Preferred (guar.)
144 Apr. 2 Holders of rec. Mar. 19
Buzza Clark, be,,7% pref.(No. 1)-- 68.110 Apr. 2 Holders of rec. Mar.20
Canada Bread, Prof. A & B (guar.). _ _ •134 Apr. 2 *Holders of roe. Mar. 15
Canada Salt Co., Ltd. (guar.)
2
Apr. 2 Holders of reo. Mar.24
Canadian Brewing Corp., Ltd. (guar.)•500 Apr. 18 Holders of tee. mar.si
0 median Locomotive, prof. (guar.)
144 Apr. 1 Holders of rec. Mar.20'
Central Aguirre Sugar Cos.(guar-)
21.50 Apr. 2 Holders of rec. Mar.24
Central Dairy Products, el A fguar.)--- *50c Apr. 1 *Holders of reo. Mar.20
Century Electric Co. (stock div.)
Apr. 1 Holders of reo. Mar.15
e5
Champion Shoe Mach. 1st Pr.(WO---- 144 Apr. 1 Holders of rec. Mar.25
Channon (H.) Co. lot Prof.(guar.)
134 Apr. 1 Holders of rec. Mar.20a
City Investing Co., pref. (guar.)
*134 Apr. 2 *Holders of rec. Mar.27
Conde Nast Publications. corn. (guar.). 50e Apr. 2 Holders of rec. Mar.22
Consolidated Cigar Corp., corn. (guar.). $1.75 Apr. 2 Holders of rec. Mar. 19a
Prior Pref. (guar.)
131 May 1 Holders of rec. Apr. 18a
Consolidated Sand, Ltd., prof. (gust.).. 134 Apr. 2 Holders of rec. Mar. 26
Container Corp., Mass A (guar.)
*300 Apr. 1 *Holders of reo. Mar.20
Class B (guar.)
•150 Apr. 1 *Madera of reo. Mar.20
Crown Finance Corp., pref.(guar.)
*$1.75 Apr. 2 *Holders of rec. Mar.20
Darby Petrol. Corp.(guar.), No. 1
25e Apr. 15 Holders of rec. Apr. 1
Davenport Hosiery Mills, pref. (guar.). 134 Apr. 1 Holders of rec. Mar.20
Detroit Creamery (guar.)
*400 Apr. 2 *Holders of rec. Mar.22
Devoe & Reynolds. com., A & B (guar.) •1300 Apr. 1 *Holders of rec. Mar. 21
Common A & B (extra)
•400 Apr. 1 *Holders of rec. Mar.21
nig Apr. 1 *Holders of rec. Mar.21
First and second Prof. (guar.)
Dictogreph Product Corp.. pref. (qu.)
Apr. 16 Holders of rec. Mar.31
1620
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Dodge Brothers, Inc., pref. (quar.)---- 31.75 Apr. 15 Holders of rec. Mar. 27
Doehler Die-Casting$1.313( Apr. 2 Holders of rec. Mar.20
Allotment ctfs.(75% paid)
Douglas (IV. L.) Shoe Co., pref. (quar.) 14 Apr. 2 Holders of rec. Mar. 15
"25c. Apr. 16 'Holders of rec. Apr. 2
Economy Stores(guar.)
Electric Auto-Lite Co.(guar.)
$1.50 Apr. 1 Holders of rec. Mar. 22
Empire Safe Deposit (qua?.)
231, Mar.30 Holders of rec. Mar.23
Apr. 1 'Holders of rec. Mar. 26
Evans Auto Loading, A At B (guar.)- - - *$1
.50c. Apr. 2 Holders of rec. Mar. 15
Faultless Rubber, com.(guar.)
•1N Apr. 2'Holders of rec. Mar. 15
Preferred (guar.)
Finance Co. of Amer. (Bait.)15c. Apr. 16 Holders of rec. Apr. 50
Common. A and B (quar.)
43l4c. Apr. 16 Holders of rec. API% 5a
Seven per cent. pref. (guar.)
Financial & Indust. Secur., corn. (guar.) *750 Apr. 1 *Holders of rec. Mar. 16
"35c Apr. 1 *Holders of rec. Mar. 16
Common (extra)
"13‘ Apr. 1 'Holders of rec. Mar. 16
Preferred (guar.)
Firestone Tire & Rubber,6% Pr. (guar.) 13( Apr. 15 Holders of rec. Mar. 30
Flatbush Investing Corp.. corn. (quar•)- 13( Mar. 31 Holders of rec. Mar. 15
750 Apr. 16 Holders of rec. Apr. 11
Fllntkote Co., corn. (guar.)
51.75 AM', 16 Holders of rec. Apr. 11
Convertible pref. (guar.)
Flour Mills of Amer., Inc., pref., A (qu.) $2
Apr. 1 Holders of rec. Mar. 15
25c Apr. 2 Holders of rec. Mar.20
Fraser Companies, Ltd.(quar.)
May 1 'Holders of rec. Apr. 14
Freeport Texas Co.(guar.)
"$1
*75c May 1 *Holders of rec. Apr. 14
Extra
General Baking Corp., pf.(qu.),(No. I). $1.25 Apr. 2 Holders of rec. Mar.20a
General Cable Corp., pref
.1'32 .33 1-3 May 1 'Holders of rec. Apr. 10
Class A
*r$1 .66 2-3 June 1 'Holders of rec. May 10
General Ice Cream Corp., com
"51.50 Apr. 16 *Holders of roe. Apr. 2
General Tire & Rubber, old pref.(guar.) IN Apr. 1 Holders of rec. Mar. 20
New 6% Pref. (guar.), (No. 1)
135 Mar.31 Holders of rec. Mar.20
Gibson Art (guar.)
"65c. Mar.31 "Holders of rec. Mar.20
Cladding. McBeen & Co.(monthly) - - - *250. Apr. 1 *Holders of rec. Mar.20
Monthly
"25e. May 1 *Holders of rec. Apr. 20
Monthly
*25e. June 1 *Holders of rec. Mar. 19
Monthly
•25c. July 1 *Holders of reo. June 20
Monthly
.25c. Aug. 1 *Holders of rec. July 20
Monthly
*250. Sept. 1 *Holders of rec. Aug. 20
Monthly
*25c. Oct. 1 *Holders of rec. Sept. 20
Monthly
*250. Nov. 1 *Holders of rec. Oct. 20
Monthly
"25c. Dec. 1 *Holders of rec. Nov. 20
Gooderham & Worts (guar.)
50c. Mar. 15 Holders of rec. Feb. 29
Goodyear Textile (guar.)
"11.75 Apr. 2 "Holders of rec. Mar. 20
Goodyear Tire & Rub. of Calif., pf.(qu.) '1N Apr. 2'Holders of rec. Mar. 20
Gould Pumps, Inc., coin. (guar.)
2
Apr. 2 Holders of rec. Mar. 20
Preferred (guar.)
lg Apr. 2 Holders of rec. Mar. 20
Great Lakes Towing, com. (guar.)
*$1.25 Apr. I *Holders of rec. Mar. 15
018i Mar. 31 *Holders of rec. Mar. 15
Preferred (quar.)
Green (Daniel) Felt Shoe, pref. (quar.)- $1.50 Apr. 2 Holders of rec. Mar. 15
Greif Bros. Cooperage, com., A (guar.).
80c. Apr. 2 Holders of rec. Mar. 15
Guardian Invest. Trusts, pref. (guar.).- *37)4c Apr. 1 *Holders of rec. Mar. 15
25c. Apr. 30 Holders of rec. Apr. 20
Hall(W.F.)Printing (guar.)
Hawaiian Pineapple, Ltd. (monthly)._ _ "150. Mar.31 "Holders of rec. Mar. 31
•50e. Apr. 2 'Holders of rec. Mar. 24
Hazel-Atlas Glass (guar.)
Extra
*12Sic Apr. 2 *Holders of rec. Mar. 24
5
Mar. 15 Holders of rec. Mar. 10
Hibernia Securities Co., com
Horn & Hardart Baking, Phila.(gu.)- - - *$1.25 Apr. 1 *Holders of rec. Mar. 20
•50c. Apr. 1 *Holders of rec. Mar. 20
Extra
Independent Pneumatic Tool (guar.)- - - *El
Apr. 2 *Holders of rec. Mar.24
*13‘ Apr. 2 *Holders of rec. Mar.23
Indian Motocycle, pref.(guar.)
*13i Apr. 2 'Holders of rec. Mar. 20
India Tire & Rubber, pref.(guar.)
Industries Develop. Corp. pref.(au.)- - - 2
Mar.31 Mar. 28 to Alm 1
Inland Wire &Cable(guar.)
*50e. Apr. 2 *Holders of rec. Mar. 23
Insurance Securities, Inc.(guar.)
33i Apr. 2 Holders of rec. Mar. 20
*250. Mar. 31 *Holders of rec. Mar. 24
Intercontinental Rubber (qua?.)
Internat. Business Mach.(gu.)-$1.25 Apr. le Holders of rec. Mar. 220
Internat. Match,com.(guar.)
80e. Apr. 16 Holders of rec. Mar. 240
Participating. pref.(guar.)
80c. Apr. 16 Holders of rec. Mar. 240
Internat. Securities Co., Inc. (guar.).- •33i Apr. 2 *Holders of rec. Mar. 20
Iron Products Corp
$ 1.373i Mar.31 Holders of rec. Mar. 15a
Island Creek Coal, com.(guar.)
'Si
Apr. 2 *Holders of rec. Mar. 26
Preferred (quar.)
411.50 Apr. 2 *Holders of rec. Mar. 26
Apr. 28 'Holders of rec. Apr. 20
Kaufmann Dept Stores, corn.(au.)
'2
134' Apr. 2 Holders of rec. Mar. 20
Preferred (guar.)
Kaynee Co.,com.(guar.)
50c. Apr. 1 Holders of rec. Mar. 20
1N Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
Apr. 1 Mar. 16 to Apr. 1
Keith (Geo. E.) Co., let pt.(qu.)
150. Mar. 24 Holders of rec. Mar. 12
Kentucky Cash Credit Corp.corn.(qu.)(I) Mar. 24 Holders of rec. Mar. 12
Corn.(1-100th sh. of pref. stock)
15c. Mar. 24 Holders of roe. Mar. 12
Preferred (guar.)
15c. Mar. 24 Holders of rec. Mar. 12
Preferred (extra)
Pref.(one-one hundredth sh.of pf stk.) (j) Mar.24 Holders of rec. Mar. 12
Kerr Lake Mines-Dividend Omitted.
1N Apr. 2 Holders of rec. Mar. 200
Kirshbaum (A.B.) Co., pfd.(qu.)
'60c. API'. 5 'Holders of rec. Apr. 16
Knott Corp.(guar.)
Apr. 2 *Holders 01 rec. Mar. 17
*El
Lackawanna Securities
1N Apr, 1 Holders of rec. Mar.22
La Salle Exten. Univ. pref.(guar.) - - 235 Apr. 2 Holders of rec. Mar.22
Lawyers Title & Guaranty
3,3i Mar. 31 Holders of rec. Mar.22
Lawyers Mortgage Co. (guar.)
Apr. 2 Holders of rec. Mar. 16
2
Lawyers Westchester Mtge & Title
$1 Apr. 2 Holders of rec. Mar. 15
Lehigh Valley Coal sales(guar.)
IN Apr. 2 Holders of rec. Mar. 23
Liberty Baking, pref.(guar.)
'IN May 5 'Holders of rec. Apr. 25
Lindsay Light, pref.(guar.)
15e. May 1 Holders of rec. ADr• 160
Loew's Boston Theatres (guar.)
Loew's State Theatre, pref. (guar.)- - - - *52 Apr. 2 'Holders of rec. Mar. 17
*50c. Mar.31 "Holders of rec. Mar.20
Lone Star Gas (guar.)
040c. May 1 *Holders of rec. Apr. 18
Loose-Wiles Biscuit, corn. (guar.)
.1s4 Apr. 1 *Holders of rec. Mar. 21
First preferred (guar.)
'.'d May 1 'Holders of rec. Apr. 18
Second preferred (guar.)
Lowenstein (M.)& Sons, 1st pref.(qu.). •1N Mar. 31 'Holders of rec. Mar.31
*$1.25 May 15 *Holders of rec. Apr. 28
Macy (R. II.) Co. (guar.)
750. API'. 16 Holders of rec. Mar.31
Magma Copper Co. (guar.)
MacAndrews & Forbes, corn. (guar.)- 650. Apr. 14 Holders of rec. Mar.310
135 Apr. 14 Holders of rec. Mar. 31
Preferred (qua?.)
Manhat. Fin'l Corp., cl. A (qu.)(No. I) 37mc. Apr. 1 Holders of rec. Mar. 20
100. Apr. 1 Holders of rec. Mar. 20
Class B (quar.)
Marlin Rockwell Corp., com.(guar.)--- *50c. Apr. 1 "Holders of rec. Mar. 22
*250. Apr. 1 *Holders of rec. Mar. 22
Common (extra)
15c. Mar. 24 Holders of rec. Mar. 12
Maryland Cash Credit Corp., corn.(qu.)
15c. Mar. 24 Holders of rec. Mar. 12
Preferred (guar.)
15e. Mar. 24 Holders of rec. Mar. 12
Preferred (extra)
•100. Apr. 1 *Holders of rec. Mar. 20
McLellan Stores, clam A (No. 1)
•100. Oct. 1 "Holders of rec. Sept. 20
Class B (No. 11)
50c. Apr. 1 Holders of rec. Mar.21
McQuay-Norris Co.(guar.)
Mead Johnson & Co., com. (guar.).- - - .73e. Apr. 1 *Holders of rec. Mar. 15
Apr. 1 *Holders of rec. Mar.127
02
Meadows Mfg.. pref. (guar.)
$1.25 Mar. 31 Holders of rec. Mar. 17
Merrimac Chemical (guar.)
Apr. 1 *Holders of rec. Mar. 23
Midland Steel Products, corn. (qua?.).. *131
•480. Apr. 1 *Holders of rec. Mar. 23
Common (extra)
*82
Apr. 1 *Holders of rec. Mar. 23
Preferred (guar.)
081
Apr. 1 'Holders of rec. Mar. 23
Preferred (extra)
Apr.
16 Holders of rec. Apr. 2
25c.
Morris (Philip) & Co., Ltd.. Inc. (qu.).
25c. July 16 Holders of rec. July 2
Quarterly
Oct.
15 Holders of reo. Oct. 1
25e.
Quarterly
25c.Ja n.18'29 Holders of rec. Jan.2 '29
Quarterly
11
3 c AApprr..
Municipal Financial Corp.(MO (No.1). *68
2
1 Holders of rec. Mar. 22
Nashua Manufacturing, pref.(qu.)
150. Apr. 2 Holders of rec. Mar. 12
Nat. Cash Credit Ass'n, com.(qu.) - (f) Apr. 2 Holders of rec. Mar. 12
Common (1-20th sh. com.stock)
150. Apr. 2 Holders of rec. Mar. 12
Preferred (guar.)
15c. Apr. 2 Holders of rec. Mar. 12
Preferred (extra)
(j)
Apr. 2 Holders of rec. Mar. 12
Pref. (1-20th sh. pref. stock)
*$1.50 June 30 *Holders of ree. June 15
National Casket, corn
4.1% Mar. 31 *Holders of rec. Mar. 15
Preferred (guar.)
Nat. Enamel & Stpg.. Pref. (quar•)- - - - •1N Mar. 31 *Holders of rec. Mar.20
1
Mar. 31 Holders of rec. Mar. 15
National Licorice, pref. (quar.)
Apr. 2 Holders of rec. Mar. 15
2
National Refining, pref. (guar.)
1N Mar. 31 Holders of rec. Mar. 210
National Supply, pref. (guar.)
.37 June 15
National Transit
25c. Apr. 2 Holders of rec. Mar. 20
New England Fuel 011 (guar.)
Apr. 10 Holders of rec. Mar. 31
N.Y.Loan & Security (guar.)(No.1). $2
*6235c Apr. 1 *Holders of rec. Mar. 25
North American Car (guar.)
[VOL. 126.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
*3
Northwestern Yeast (guar.)
Mar. 15 'Holders of rec. Mar. 12
Novadel Process, corn, (guar.)
25e. Apr. 2 Mar. 22 to Apr. 2
Preferred (guar.)
500. Apr. 2 Mar. 22 to Apr. 2
Occidental Petroleum (guar.)
030. Mar.31 *Holders of rec. Mar. 20
Ogilvie Flour Mills (guar.)
$1.25 Apr. 2 Holders of rec. Mar.20
Overman Cushion Tire. Inc.
Common, class A& B (guar.)
3735c. Apr. 1 Holders of rec. Mar. 23
Preferred (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 23
Pacific Coast Co., 1st pref.-Dividend Passed
Packer Drive Bldg., Chicago. Pref.(qu.) •$1.50 Apr. 16 Holders of roe. Mar. 31
Palmolive-Peet Co., pref. (guar.)
Apr. 1 *Holders of rec. Mar. 17
Penney (J. C.) Co., pref. A (guar.)
•135 Mar. 31 'Holders of rec. Mar. 20
Phila. Co. for Guar. Mtge,. (guar.)._ _ _
235 Mar.31 Holders of rec. Mar. 20
Pickwick Corp., pref. (guar.)
"20e. Mar. 25 *Holders of rec. Mar. 15
Pie Bakeries of Amer., Inc. pref. (qu.).... 1 N Apr. 2 Holders of rec. Mar. 15
Premier Gold Mining
8e. Apr. 4 Holders of rec. Mar. 15
Pro-phy-lac-tic Brush, com.(quar.).
50c. Apr. 16 Holders of rec. Mar.31
Prairie Pipe Line (guar.)
"33i Apr. 30 'Holders of rec. Mar.31
Rice-Stix Dry Goods, com.(quar,)
3735c. May 1 Holders of rec. Apr. 15
First and second preferred (guar.)___ - 13( Apr. 1 Holders of rec. Mar.15
Richmond Radiator, Prof. (guar.)
*8733c Apr. 15 *Holders of rec. Mar.31
Roos Bros.. com.(qua?.)
*6230 May 1 *Holders of rec. Apr. 14
*3 1.623i May 1 *Holders of reo. Apr. 14
Preferred (guar.)
Royal Baking Powder,com. (quar.) -- "2
Mar.31 *Holders of rec. Mar.15
Preferred (guar.)
*135 Mar.31 *Holders of rec. Mar.15
Safety Car Heat. & Ltg. (guar.)
'2
Apr. 2 "Holders of rec. Mar.15
Schlesinger(13.F.)& Sons,Inc.com.A(qu) *3736c Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
*134 Apr. 1 *Holders of rec. Mar. 15
Schutter-Johnson Candy, pref. A (guar.) *50c. Apr. 1 *Holders of rec. Mar. 20
Second Internat.Sec. Corp., corn. A (qu) 37540. Apr. 1 Holders of rec. Mar.15
First and second preferred (quar.)_ _
75e. Apr. 1 Holders of rec. Mar. 15
Selberling Rubber Co., pref. (guar.)
2
Apr. 1 Holders of rec. Mar. 20
Service Station Equip., Ltd., el. A (qu.)
400. Apr. 2 Holders of roe. Mar. 22
Shaffer Oil & Refg., pref. (guar.)
1
Apr. 25 Holders of rec. Mar. 31
Shaler Co., class A (guar.)
*50c. Apr. 1 'Holders of rec. Mar. 22
Sheffield Steel. com. (guar.)
50c. Apr. 1 Holders of rec. Mar.21
Singer Manufacturing (guar.)
254 Mar. 31 Mar. 11 to Apr. 1
Extra
554 Mar. 31 Mar. 11 to Apr. 1
Smith (L. C.) & Corona Type., com.(qu) *75c. Apr. 1 "Holders of rec. Mar. 21
al% Apr. 1 *Holders of rec. Mar. 21
Preferred (guar.)
Southern Acid & Sulphur
750. Mar. 15 Holders of rec. Mar. 10
Spicer Manufacturing, pref. (guar.)_ _
Apr. 2 *Holders of rec. Mar. 22
"2
State Theatre (Boston), pref.(guar.)-- *2
Apr, 1 *Holders of rec. Mar. 17
Stone (H.0.) & Co., com.(guar.)
$1.25 Apr. 2 Holders of rec. Mar. 15
Preferred (guar.)
I'd Apr. 2 Holders of rec. Mar. 15
Stroock (8.) & Co., Inc. (quar.)
*750 Apr. 1 *Holders of ree. Mar. 15
Quarterly
"75c July 2 *Holders of rec. June 15
Sundstrand Corp., pref.(guar.)
$1.75 Apr. 6 Holders of rec. Mar.310
Thompson (John R.) Co.(monthly)-"30c Apr, 1 *Holders of rec. Mar. 23
Monthly
*300 May 1 *Holders of rec. Apr. 23
Monthly
*30c June 1 *Holders of rec. May 23
Thompson Products (guar.)
30e. Apr. 2 Holders of rec. Mar. 20
Extra
be. Apr. 2 Holders of rec. Mar. 20
T1ntic Standard Mining (guar.)
"30c Mar.29 *Holders of rec. Mar. 21
Two Products (guar.)
•6234c Apr. 2 *Holders of rec. Mar. 20
Trumbull-Cliffs Furnace, pref. (quar.)-- 135 Apr. 2 Holders of reo. Mar. 20
Traveler Shoe, corn.(guar.)
3735c Apr. 2 Holders of reo. Mar. 15
Tubize Artificial Silk,corn 13 v.t.c. (qu.). *52.50 Apr. 2 *Holders of rec. Mar. 20
United Bond &Share Corp., part. pf.(qu)
250. Apr. 2 Holders of roe. Mar.15
United Hotels of Amer., pref.(guar.).-- IN Apr, 2 Holders of rec. Mar. 20
United Piece Dye Wks.63i% pf.(No. 1) •1% Apr. 2 'Holders of rec. Mar. 20
854% preferred (quar.)
July 2 'Holders of rec. June 20
•10.‘ Oct. 1 'Holders of reo. Sept. 20
654% preferred (guar.)
635% Preferred (guar.)
*1M Jan 2'29 'Holders of rec. Dee. 20
United Shoe Mach'y, corn. (guar.)
6234c Apr. 5 Holders of rec. Mar. 20
Preferred (guar.)
37340 Apr. 5 Holders of rec. Mar.20
U.S. Bobbin& Shuttle, corn.(quar.)...
50e. Mar. 31 Holders of rec. Mar. 14
Preferred (quar.)
131 Mar. 31 Holders of rec. Mar. 14
U. S. Foil, corn. B (guar.)
*50c. Apr. 2 *Holders of rec. Mar.15
Universal Leaf Tobacco, pref. (quar.)
Apr. 1 Holders of rec. Mar.22
2
Viau Biscuit Corp., pref. (quar.)
IN Apr. 2 Holders of rec. Mar. 21
Washington Oil (quar.)
Mar. 20 *Holders of rec. Mar. 15
"$1
Wellman-Seaver-Morgan Co., pf. (qu.). "31.75 Apr. 1 *Holders of ree. Mar. 21
Western Auto Supply, partic. pt. (qu.)_ •50c Apr, 1 "Holders of ree. Mar. 20
Participating pref. (annual)
"$1.70 Apr, 1 *Holders of rec. Mar.20
Western Electric (guar.)
50c Mar. 31 Holders of rec. Mar. 26
Western Grocers, Ltd.(Can.), pf.
13( Apr. 16 Holders of rec. Mar. 31
Westinghouse Elec. Mfg., com.(quar.). 'Si
Apr. 30 *Holders of rec. Mar.30
Preferred (guar.)
Apr. 16 *Holders of rec. Mar .30
*31
Weston Electrical Instrument, cl. A (qu.) *50c Apr. 2 *Holders of rec. Mar. 20
White Eagle 011 & Ref. (guar.)
*25c Apr. 20 *Holders of rec. Mar. 30
White Rock Mineral Spgs.. corn.(qu.)
500 Apr. 2 Holders of rec. Mar.26
First preferred (quar.)
15( Apr. 2 Holders of rec. Mar. 26
Second preferred
234 Apr. 2 Holders of rec. Mar.26
Will & 13aumer Candle, pref. (quar.)
Apr. 2 Holders of rec. Mar. 15
2
Willys-Overland Co.. pref. (guar.)
1 N Apr. 2 Holders of rec. Mar. 240
Wood Chemical Products (guar.)
Apr.
2 Holders of rec. Mar. 20
50c
World Petroleum, pref. (guar.)
•250 Mar. 15 'Holders of rec. Feb. 28
Yellow Cab, Inc. of Newark (quar.).__
*25e Apr. 1 *Holders of rec. Mar. 20
Below we ghee the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Railroads (Steam).
Alabama & Vicksburg
Augusta & Savannah
Extra
Bangor & Aroostook. coin (guar.)
Preferred (guar.)
Beech Creek (guar.)
Boston & Albany (guar.)
Canadian Pacific, common (guar.)
Preference
Chesapeake Corp.(guar.)
Chesapeake & Ohio, com.(guar.)
Preferred A
Chic. R. I. & Pacific, corn.(qua?.)
Consolidated RRs. of Cuba, pref. (qu.)
Cuba RR.,coin. (guar.)
Delaware & Hudson Co.(guar.)
Georgia RR.& Banking (gust.)
Gulf Mobile & Northern, pref.(guar.) Hocking Valley (guar.)
Joliet & Chicago (guar.)
Lehigh Valley, common (guar.)
Preferred (guar.)
Maine Central, coin.(guar.)
Missouri-Kansas-Texas, pref. A (guar.)
N. Y.. Chic. & St. L., com. pf.(qu.) _ _
New York Lackawanna & West (qua?.)
N.Y.N. & Hartford,com.(veal) -Preferred (guar.)
Norfolk & Western. com.(quar.)
Northern Pacific (guar.)
Old Colony (guar.)
Pere Marquette. common (guar.)
Common (extra)
Prior preference (guar.)
Preferred (guar.)
Pittsburgh Bessemer & Lake Erie, coin_
Pittsburgh Ft. Wayne & Chic., corn (qu)
Preferred (guar.)
Reading Co.. 50 prof.(guar.)
St. Louie Southwestern, pref. (quar.)
When
Per
Cent. Puyab e.
Books Closed
Days Inclusive.
2
34 Apr. 1 Holders of reo. Mar. 8a
July 5 Holders of rec. June 15a
iiolaere of rec. June 150
it
uly5
1 Holders of rec. Feb. 29a
Apr.
88e .1
Holders of rec. Feb. 29a
1
Apr.
13€
34 Apr. 2 Holders of rec. Mar. 15
Mar. 31 Holders of rec. Feb. 29
2
234 Mar. 31 Holders of reo. Mar. la
Mar. 31 Holders of roe. Mar. 1
2
750 Apr. 1 Ilolders of rec. Mar. ga
Holders of rec. Mar. 8a
Apr.
254 J
1 Holders of rec. June 8a
354
154 Mar. 31 Holders of reo. Mar. lea
154 Apr. 2 Holders of roe. Mar. 10a
$1.20 Mar. 28 Holders of roe. Mar. 28a
251 Mar. 20 Holders of roe. Feb. 27a
.02li Apr. 15 *Holders of roe. Mar. 31
154 Apr. 2 Holders of roe. Mar. 150
214 Mar. 31 Holders of rec. Mar. 85
1,8
, Apr, 2 Holders of rec. Mar. 220
Holders of reo. Mar. 17a
8734c Apr.
$1.2 Apr. 2 Holders of rec. Mar. 170
Holders of roe. Mar. 15
Apr.
1
1 li Mar. 51 Holders of roe. Mar. 150
of rec. Feb. 15a
Holders
Apr.
2
151
Holders of rec. Mar 14a
154 Apr.
Apr. 1 Holders of rec. Mar. 9a
1
Holders of rec. Feb. 29a
.1 Holders of rec. Feb. 290
r.
Mpar
1
2% A
March 14 to Apr. 10
1
May
134
I'd Apr. 2 Holders of reo. Mar. 100
Holders of reo. Mar. 16a
Apr.
Holders of rec. Mar. 16a
21"ti
I Holders of rec. Apr. 13a
It( may I Holders of rec. Apr. 13a
75e Apr. d2 Holders of rec. Mar. 15a
14 Apr. dl Holders of reo. Mar. 10a
Ili Apr. 3 Holders of rec. Mar. 10a
50c Apr. 12 Holders of reo. Mar. 22a
Mar. 31 Holders of roe. Mar. I2a
MAR. 17 1928.1
Name of Company.
Railroads (Steadm)(Concluded).
St. Louis-San Fran., com.(guar.)
Common (extra)
Preferred (quar.)
Preferred (guar.)
Preferred (quar.)
Preferred (quay.)
Southern Pacific Co.(guar.)
Southern By., common (guar.)
Preferred (quar.)
Mobile & Ohio stock trust offs
Union Pacific, common (quar.)
Preferred
Vermont dr Massachusetts
Vicksburg, Shreveport & Pas.. com Preferred
West Jersey & Seashore
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
114 Apr. 2
250. Apr. 2
1% May 1
134 May 1
1% Aug. 1
134 Nov. 1
134 Apr. 2
May 1
2
134 Apr. 16
Apr. 2
2% Apr. 2
2
Apr. 2
3
Apr. 7
234 Apr. 1
2% Apr. 1
$1.25 Apr. 2
Books Closed.
Days Inclusive.
Holders of rec. Mar. 186
Holders of rec. Mar.160
Holders of rec. Mar.180
Holders of rec. Apr. 70
Holders of tee. July 146
Holders of rec. Oct. 156
Holders:of rec. Feb. 246
Holders of rec. Apr. 20
Holders of rec. Mar.20a
Holders of rec. Mar. 15a
Holders of rec. Mar. la
Holders of reo. Mar. la
Holders of nto. Mar. 6
Holders of rec. Mar. 80
Holders of roe. Mar. 86
Holders of rec. Mar.15a
Name of Company
1621
Per
When
Cent. Payable.
Public Utilities (Concluded).
Midland Utilities. 7% prior lien (guar.). 1)( Apr. 6 Holders of rec. Mar.22
134 Apr. 8 Holders of rec. Mar.22
6% Prior lien (guar.)
7% pref. class A (quar.)
134 Apr. 8 Holders of rec. Mar. 22
13% pref. class A (qual.)
134 Apr. 6 Holders of rec. Mar.22
Missouri Power & Light, pref.(guar.).- •134 Apr. 2 *Holders of rec. Mar.20
MonongahelaW.Penn Pub•Ser.,pf.(qu.) 4334 Apr. 2 Holders of rec. Mar. 15
Montana Power, com.(quar.)
134 Apr. 2 Holders of rec. Mar. 13a
National Power & Light, com.(guar.)
•250. June 1
Preferred (qual.)
$1.75 Apr. 2 Holders of rec. Mar. 14
Nevada Calif. Elec. Corp.. pref. mar.). 134 May 1 Holders of rec. Mar.30
New Eng.Power Co., pref.(War.)
81.50 Apr. 2 Holders of rec. Mar. 176
New England Public Serv., coin.(qu.).
•450. Mar. 31 "Holders of roe. Mar. 15
$7 preferred (quar.)
81.75 Apr. 15 Holders of roe. Mar.31
Adjustment preferred (guar.)
•$1.82 Apr. 14 "Holders of rec. Mar.31
$6 preferred (quar.)
*21.50 Apr. 14 *Holders of rec. Mar.31
New England Telep.& Teleg.(guar.)
2
Mar. 31 Holders of roe. Mar. 10
New York Cent. Elec. Corp.. prof.(CLUJ
134 Apr. 1 Holders of rec. Mar. 16
New York Steam Corp.$7 pfd.(guar.)-- $1.75 Apr. 2 Holders of rec. May. 150
$8 Preferred (qual.)
$1.50 Apr, 2 Holders of rec. Mar. 15a
New York Telephone pref. (qual.)
lid Apr. 18 Holders of rec. Mar.200
Niagara Falls Power pref. (quar.)
4334e. Apr415 Holders of rec. Mar.310
North American Co., com.(lum)
1234 Apr. 2 Holders of rec. Mar. 5a
Preferred (quar.)
134 Apr. 2 Holders of rec. Mar. 5a
Northeastern Power Corp.,som.(qu.)..
150 Apr. 1 Holders of rec. Mar. 15
Class A (guar.)
21.50 Apr. 1 Holders of rec. Mar. 15
Northern Ind.Pub.fiery., 7% pf.(qu.).. 134 Apr. 14 Holders of rec. Mar. 31
134 Apr. 14 Holders of rec. Mar. 31
6% pref.(quar.)
North. Mex.Pow.& Devel.,com.(qu.) - 1
Apr. 2 Holders of rec. Mar. 15
Preferred (quar.)
lid Apr. 2 Holders of rec. Mar. 15
Northern Ohio P.& L.,6% p1. (guar.). lid Apr. 2 Holders of rec. Mar. 15
7% preferred (guar.)
lid Apr. 2 Holders of me. Mar. 15
Northport Water Works. prof.(quar.)
lid Apr. 1 Holders of rec. Mar. 16
Northwest Utilities, prior lien pf. (ilu.)- lid Apr. 2 Holders of rec. Mar. 150
Ohio Bell Telep., pref.(qual.)
lid Apr. 1 Holders of rec. Mar. 20a
Pacific Telep. & Teleg., COM.(guar.) -- lid Mar. 31 Holders of rec. Mar. 204
Preferred (quar.)
134 Apr, 113 Holders of rec. Mar.310
Penrusylvania Gas& Elec. Co.,corn.(qu.) 2
Apr. 1 Mar.21 to Mar.31
Preferred (quar.)
134 Apr. 1 Mar.21 to Mar.31
Pennsylvania O.& El. Corp., $7 pf.(au.) $1.75 Apr. 1 Mar.21 to Mar.31
Seven per cent preferred (quar.)
131 Apr. 1 Mar. 21 to Mar.31
Pennsylvania-Ohio Pow.& L.$43 pf.(qu.) $1.50 May 1 Holders of rec. Apr. 20
7% pref.(qual.)
131 May 1 Holders of rec. Apr. 20
7.2% pref. (monthly)
600. Apr. 2 Holders of roe. Mar.20
7.2% pref. (monthly)
800. May 1 Holders of rec. Apr. 20
55c. Apr. 2 Holders of rec. May.20
8.8% prof.(monthly)
8.8% pref.(monthly)
55c. May 1 Holders of rec. Apr. 20
Pennsylvania Water & Power (qual.)
8234 c. Apr. 2 Holders of rec. Mar. 16
Peoples Gas Light & Coke (guar.)
Apr. 17 Holders of rec. Apr. 30
2
Philadelphia Traction
Apr. 1 Holders of rec. Mar. 106
$2
Ponce Electric Co., pref. (guar.)
134 Apr. 2 Holders of rec. Mar. 15a
Portland Elec. Power. 1st pref.(guar.)-134 Apr. 2 Holders of rec. Mar. 15
Prior prference (quar.)
134 Apr. 2 Holders of rec. Mar. 15
Second preferred
80c. Apr. 2 Holders of rec. Mar. 10
Stock div. (pay. in 2nd pref. stk.)
Apr. 2 Holders of rec. Mar. 10
$10
Power Corp. of Canada. pref. (guar.)
134 Apr. 16 Holders of rec. Mar.31
Public Ser. Corp. of N. J., corn. (qu.)..
50c. Mar. 31 Holders of rec. Mar. 80
7% Preferred (guar.)
134 Mar. 31 Holders of rec. Mar. 8a
8% preferred (qual.)
Mar. 31 Holders of rec. Mar. 84
2
6% preferred (monthly)
50c. Mar.31 Holders of rec. Max. 80
Public Service CO. of Okla., corn.(qu.). 2
Apr. 1 Mar.25 to APT. 1
7% prior lien (qual.)
134 Apr. 1 Mar.25 to Apr. 1
6% prior lien (quar.)
134 Apr. 1 Mar. 25 to Apr. 1
Public Service Elec. & Gas,8% pf.(qu.) 134 Mar. 31 Holders of rec. Mar. 8
Seven per cent pref. (quar.)
134 Mar. 31 Holders of rec. Mar. 8
Quebec Power, common (qual.)
50c Apr. 18 Holders of rec. Mar.31
Radio Corp. of Amer. pref. A (qual.)..._ 87340 Apr. 1 Holders of rec. Mar. 15
Savannah Elec. & Pow. deb. A (guar./2 Apr. 2 Holders of rec. Mar. 64
Debenture B (guar.)
lid Apr. 2 Holders of rec. Mar. 6a
Preferred
Apr. 2 Holders of rec. Mar. 60
3
2d & 3d tits. Pass. By.. Phila.(guar.)
$3
Apr. 1 Mar. 2 to Apr. 1
Shawinigan Water & Power (quar.)---500 Apr. 10 Holders of rec. Mar.26
Southeastern Pow.&Lt..com.(qual.)..
25e. Apr. 20 Holders of rec. Mar.31
$7 preferred (qual.)
31.75 Apr. 2 Holders of rec. Mar. 15
$8 preferred (qual.)
$1.50 Apr. 2 Holders of rec. Mar. 15
Participating pref. (guar.)
Apr. 2 Holders of rec. Star. 15
$1
Southern Calif. Edison, orig. pref.(qu.)500. Apr. 15 Holders of rec. Mar.20
Preferred series C (guar.)
8490. Apr. 15 Holders of rec. Mar.20
Southern Canada Power, pref. (qual.)... 134 Apr. 18 Holders of rec. Mar.24
Southern New England Telep.(qual.).. 2
Apr. 16 Holders of rec. Mar.316
Southwestern Bell Telep.. prof.(qual.).. 134 Apr. 1 Holders of rec. Mar.20
Southwestern Gas & Elec. 7% Pt. (qu.). •134 Apr. 2 *Holders of rec. Mar. 15
Eight per cent pref.(guar.)
Apr. 2 *Holders of rec. Mar. 15
"2
Southwestern L.& Pow., pref.(qual.).. •51.50 Apr. 2 *Holders of rec. Mar. 15
Springfield (Mo.) G.& E., pf. A (qu.).. $1.75 Apr. 2 Holders of rec. Mar. 15
Superior Water, L.& Pow.. pref.(qu.)... $1.75 Apr. 2 Holders of rec. Mar. 15
TennesseeElectric Pow.8% 1st pf.(qu.) 134 Apr. 2 Holders of rec. Mar. 15
7% 1st preferred 'qual.)
134 Apr. 2 Holders of rec. Star. 15
7.2% first preferred (qual.)
1.80 Apr. 2 Holders of rec. Mar. 15
8% first preferred (monthly)
50c. Apr. 2 Holders of rec. Mar. 15
7.2% first preferred (monthly)
60o. Apr. 2 Holders of roe. Mar. 15
Twin City Rap.Tr., Minneap.,com.(qu) $I
Apr. 2 Holders of rec. Mar. 120
Preferred (qual.)
lid Apr. 2 Holders of rec. Mar,120
United Gas & Elec. Corp., pref.(qu.).- 194 Apr. 1 Holders of rec. Mar. 16
United Gas Improvement (guar.)
Apr. 14 Holders of rec. Mar. lba
31
United Light & Pow., corn. A (qual.)...
120. May 1 Holders of rec. Apr. 16
Common class B (guar.)
120 May 1 Holders of rec. Apr. 16
Preferred class A new (quar.)
$1.83 Apr. dl Holders of rec. Mar. 15
Preferred class B, new (guar.)
$1
Apr. dl Holders of rec. Mar. 15
United Lt. & Pr. old com. A & B
60e. May 1 Holders of rec. APr• 16
Utah Gas dr Coke, pref. & part. pf.(qu.) $1.75 Apr. 2 Holders of rec. Mar. 15
Utah Power & Light, $7 prof.(qual.)... $1.75 Apr. 1 Holders of rec. Mar. 5
$6 preferred (quay.)
$1.50 Apr. 2 Holders of rec. Mar. 5
Utilities Power & Light, class A (quar.)-- 850c. Apr. 2 Holders of roe. Mar. 9
Class B (quar.)
825c. Apr, 2 Holders of rec. Mar. 9
Preferred (quar.)
134 Apr. 2 Holders of rec. Mar. 9
Virginia Elec.& Pow.6% pref.(quar.)
134 Mar. 20 Holders of rec. Feb. 296
Seven per cent. preferred (guar.)
134 Mar. 20 Holders of rec. Feb. 290
West Penn. Electric Co., class A (qual.) $1.75 Mar. 30 Holders of rec. Star. 154
West Penn Power Co.,7% pref.(qual.)
134 May 1 Holders of rec. Apr. 5a
6% Preferred (quar.)
134 May 1 Holders of roe. Apr. 50
Winnipeg Electric Co., pref.(qual.).
134 Apr. 1 Holders of rec. Mar. 6
Public Utilities.
Alabama Power $7 pref.(qual.)
$1.75 Apr. 2 Holders of rec. Mar. 14
$8 preferred (guar.)
$1.50 Apr. 2 Holders of rec. Mar. 14
Amer.& Foreign Power, pref.(quar.)
$1.75 Apr.
Holders of rec. Mar. 186
Amer. Gas & Elec., com.(guar.)
25c Apr.
Holders of rec. Mar. 10
Preferred (quar.)
$1.50 May
Holders of rec. Apr. 9
Amer.Public Service, pref.(guar.)
1% Apr. 2 Holders of rec. Mar. 15
Amer. Public Utilities, prior pref.(qu.) $1.75 Apr. 2 Holders of rec. Mar. 150
Participating preferred (qual.)
$1.75 Apr.
Holders of rec. Mar. 15a
Amer.Superpower Corp.,corn. A&B(qu) 30c Apr.
Holders of rec. Mar. 15
First preferred (guar.)
$1.50 Apr. 2 Holders of roe. Mar. 15
American Telep. & Teleg.(qual.)
234 Apr. 1 Holders of rec. Mar. 150
Amer. War. Wks. dc Elec.. 1st pt. (qu.) 81.50Apr.
Holders of rec. Mar. 12a
Arkansas Natural Gas (quar.)
12c. Mar. 31 Feb. 24 to Mar. 6
Associated Gas & Elec., class A (quar.)
I50c. May 1 Holders of tee. Mar. 31
Original preferred (guar.)
18734c Apr. 2 Holders of rec. Feb. 29
27 preferred (quay.)
181.75 Apr. 2 Holders of rec. Feb. 29
Associated Telep. Utilities, $6 Pref.(Q11.) $1.50 Apr. 1 Holders of rec. Feb. 29
$7 preferred (quar.)
$1.75 Apr. 1 Holders of rec. Feb. 29
Bangor Hydro-Electric 13% pref. (qu.)
1% Apr. 2 Holders of rec. Mar. 10
Seven per cent pref. (quar.)
1% Apr. 2 Holders of rec. Mar. 10
Barcelona Tr. L.& Pow., pref.(quar.)
*134 Mar. 31 *Holders of rec. Mar. 21
Bell Telephone of Canada (quar.)
Apr. 14 Holders of rec. Mar. 23
2
Bell Telep. of Pa., pref. (quar.)
1% Apr. 14 Holders of rec. Mar.
Birmingham Elec. Ce.. $7 pref.(quar.)_ $1.75 Apr. 2 Holders of rec. Mar. 200
12
$5 preferred (quay.)
31.50 Apr, 2 Holders of rec. Mar. 12
Boston Elevated, com.(quar.)
134 Apr. 2 Holders of rec. Mar. 10
Second preferred
334 Apr. 2 Holders of rec. Mar.
Brazilian Tr., Lt.& Pr., pref.(guar.).- 134 Apr. 2 Holders of rec. Mar. 10
15
Bklyn.-Manhat.Tran.. pf (ter. A (qua
81.50 Apr. 113 Holders of rec. Apr. la
Brooklyn Union Gas (guar.)
$1.25 Apr. 2 Holders of rec. Mar. 7a
California-Ore.Power, corn.(quar.)1% Apr. 14 Holders of rec. Mar. 31
7% pref.(for 2)4 mos.end. Mar.31)_ _
1.48 Apr. 14 Holders of rec.
%pref.(for 2% mos.end. Mar.31)- 134 Apr. 14 Holders of rec. Mar. 31
Mar. 31
Canada Northern Power. pref.(quar.) _
134 Apr. 18 Holders of rec. Mar.31
Central dr S. W.Util..common (guar.)
750, Apr. 18 Holders of rec. Mar. 31
Central III. Pub. eery., pref.(quar.)
$1.50 Apr.d15 Holders of rec. Mar. 316
Central Maine Power,7% pref.(guar.)
Apr. 1 Holders of rec. Star. 104
Six per cent preferred (quar.)
13.4 Apr. 1 Holders of rec. Mar. 10a
28 preferred (qual.)
$1.50 Apr. 1 Holders of rec. Mar. 10a
Central States Elec. Corp.. corn.(qu.)
250. Mar. 31 Holders of rec. Mar. 10
Preferred (quar.)
1% Mar. 31 Holders of rec. Mar. 10
Central States Pow.& Lt.$7 pf.(quar.) •$1.75 Apr. 2 *Holders of
rec. Mar. 10
Chic. No. Shore & Mllw., prior lien (qu.)
134 Apr. 1 Holders of rec. Mar. 156
Preferred (qual.)
134 Apr. 1 Holders of rec. Niar. 154
Chic.Rapid Transit, pref. A (monthly)
850. Apr. 1 Holders of rec. Mar. 20a
Prior preferred A (monthly)
85e. May 1 Holders of rec. Apr. 17a
Prior preferred A (monthly)
85c. June 1 Holders of rec. May 15a
Prior preferred B (monthly)
80c, Apr. 1 Holders of rec. Mar. 20a
Prior preferred B (monthly)
130e. May 1 Holders of rec. Apr. 176
Prior preferred B (monthly)
60e, June I Holders of rec. May
Cleveland By.. corn.(quar.)
134 Apr. 1 Holders of rec. Mar. 15a
10a
Columbus Elec. & Pow., corn.(quer.).500. Apr. 2 Holders of rec. Mar. 12a
Second preferred (qual.)
1% Apr. 2 Holders of rec. Mar. 12a
Preferred series B (guar.)
1% Apr. 2 Holders of rec. Mar. 120
Preferred series C (qual.)
1% Apr. 2 Holders of rec. Mar. 12a
Consol. Gas,E.L.& P.,Balt.. com.(1111.)
750. Apr. 2 Holders of rec. Mar.
Six per cent pref., series])(guar.)._
134 Apr. 2 Holders of rec. Mar. 15
(quar.)
134 Apr, 2 Holders of rec. Mar. 15
534% preferred, series E
15
Consolidated Gas(N.Y.) Pref. (quar.)__ $1.25 May 1 Holders of rec.
Consumers Power Co. pref. (qual.) ---- 1% Apr. 2 Holders of rec. Mar. 30a
Mar.
15
6.6% preferred (guar.)
1.65 Apr. 2 Holders of rec. Mar.
7% preferred (qual.)
134 Apr. 2 Holders of rec. Mar. 15
15
(monthly)
preferred
0%
50c Apr. 2 Holders of rec. May.
15
6.6% preferred (monthly)
55c. Apr. 2 Holders of
Continental Gas & El. Corp.,com.(qu.). 81.10 Apr. 1 Holders of rec. Mar. 15
rec.
Mar.
Prior preference(guar.)
134 Apr. 1 Holders of rec. Mar. 12
12
Participating pref. (guar.)
2
Apr. 1 Holders of rec. Mar. 12
Denver Tramway Corp.. prof.(guar.)
75c. Apr. 1 Holders of rec. Mar. 15a
Detroit Edison Co.(guar.)
2
Apr. 18 Holders of rec. Mar. 200
Duluth-Superior Tree.. pref. (qual.)
1
Apr. 2 Holders of roe. Mar. 124
Duquesne Light. 1st pref.,series A (qu.)- 134
(r)
Holders of rec. Mar.
Eastern Maas. St. By.. ad). stock
234 Apr. 2 Holders of rec. Mar. 15a
Eastern States Power Corp., pf.
$1.75 May 1 Holders of rec. Apr. 15
15
Eastern Texas Elec. Co., Prof. (guar.) - 134 Apr. 2 Holders of
rec. Mar. 5a
Electric Light & Power Co.of
Abington & Rockland (guar.)
50c Apr. 2 Holders of roe. Mar.
15a
Electric Power dr LightPref. & pref. allot. efts.(quar.)
134 Apr. 2 Holders of rec. Mar. 120
Electric Public Serv.. pref.(guar.)
134 Apr. 1 Holders of roe. Mar. 12
Eleetric Public Util., pref. (guar)
$1.75 Apr. 1 Holders of rec.
Empire Gas & Fuel,7% pref.(mthly.)._ 581-3c Apr. 2 Holders of ree. Mar. 12
Mar. 15
8% preferred (mthly.)
662-3e Apr. 2 Holders of rec.
Engineers Pub. Secy. Co.. $7 pf. (111.) - $1.75 Apr. 2 Holders of rec. Mar. 15
Mar. 5a
Federal Light & Tract., corn.
---20c. Apr. 2 Holders of rec. Mar.
13a
15e. Apr. 2 Holders of rec. Mar. 136
Com• (Payable in corn. stock)
(qu.)
Southwark
By.
Pass.
Frankfort &
$4.50 Apr. 1 Mar. 2 to
1
General Gas & Elec., com.cl. A (qu.) _- m373.4e Apr. 1 Holders of rec. Apr.
Mar. 12a
38 class A prof. (guar.)
Apr.
$2
Holders of rec. Mar. 12a
$7 class A & class B pref. (quar.).__ 31.75 Apr. 1 Holders of rec. Mar. 120
Georgia Power $8 pref.(qual.)
81.50 Apr, 1 Holders of rec. Mar.
Germantown Pass. By.(qual.)
31.31 Apr. 3 Mar. 13 to Apr. 15
2
Fackenaack Water, pref. A (qual.)
43340 Mar. 31 Holders of rec. Mar.
14o
Illinois Bell Telep. (quar.)
2 Mar.31 Holders of rec. Mar.
304
lid Apr. 2 Holders of rec.
Illinois Power,6% pref. (guar.)
Mar.
134 Apr. 2 Holders of rec. Mar. 15
Seven per cent preferred (guar.)
Banks.
Illinois Power & Light, 7% prof.
lid Apr. 2 Holders of rec. Mar. 15
America (Bank of)
3
1)4 Apr. 2 Holders of rec. Mar. 10
6% preferred (guar.)
Apr. 2
(guard
Chase National (guar.)
334 Apr. 2
lid Apr. 2 Holders of rec. Mar. 10
6% participating prof. (guar.)
10
Chase Securities (guar.)
Indianapolis Pow.& Lt., pref.(guar.).- 1.6234 Apr. 2 Holders of rec.
Apr. 2
$1
Mar.
Chatham & Phenix Nat. Bk.& Tr.(qu.) 4
Indianapolis Water. prof. (quar.)
Apr, 2
134 Mar.81 Holders of rec. Mar. 5
Internat. Telep. dr Teleg.(quar.)
2
134 Apr. 16 Holders of rec. Mar. 10a Chelsea Exchange (quar.)
Apr. 2
Commerce, Nat. Bank of(quar.)
434 Apr. 2
Interstate Power Co., 37 pref. (guar.)._ $1.75 Apr. 2 Holders of rec. Mar.23a
76
234 Mar. 31
Kansas City Pow. & Lt. pf. A (guar.) $1.75 Apr. 1 Holders of rec. Mar. 14a Commercial Exchange (guar.)
First preferred, series B (quar.)
Apr. 2
4
$1.50 Apr. 1 Holders of rec. Mar. 146 National City (guar.)
National City Company (guar.)
Apr. 2
3
Kansas City Public Serv., pref. A (qu.)... *31.75 Apr. 1 *Holders of rec. Mar. 15
Public Nat. Bank & Trust. stock Ws_ _ _ e20
Mar.31
Kansas Gas & Elec.. prof.(guar)
134 Apr. 2 Holders of rec. Mar. 15
Public
Nat.
Bank & Trust Co.(quar.)-- 4
Apr. 2
lid Mar. 20 Holders of rec. Feb. 296
Kentucky Hydro-Electrio, pref.(qu.)
Seaboard National (guar.)
Apr. 2
4
Kentucky Securities, COM.(guar.)
134 Apr. 2 Holders of roe. Mar. 206 United
States
(Bank
of)(quar.)
3id Apr. 2
Preferred (guar.)
134 Apr. 18 Holders of rec. Mar. 20a
Long Island Lighting. pref. B (guar.).-- lid Apr. 1 Holders of rec. Mar. 18
Trust Companies.
Louisville Gas & Elec.(Del.). A &B(qU) 43340. Mar. 24 Holders of rec. Feb. 296 Amer.
Exchange
-Irving Trust (guar.).- 334 Apr. 2
Mackay Companies, com.(guar.)
134 Apr. 2 Holders of rec. Mar. 30 Bence
Commerciale IUdiana Tr.(qu.).. 234 Apr. 2
1
Apr. 2 Holders of rec. Mar. 36 Equitable
Preferred ((plan)
(guar.)
Mar.31
3
$1.75 Apr. 2 Holders of rec. Mar. 17
Memphis Power & Light, $7 pfd. (qu.)
Guaranty (gnu%)
4
Mar. 31
$1.50 Apr. 2 Holders of rec. Mar. 171 Manufacturers
$6 preferred (quar.)
(quar.)
5
Apr. 2
Mar. 24 Holders of rec. Mar. 15a 'Fide Guar.
Metropolitan Edison, common (quar.)_
$2
&
Trust(extra)
5
Mar:31
$1.75 Apr. 1 Holders of rec. Mar. 154 United
$7 preferred (guar.)
States (qual.)
15
Apr. 2
$6 preferred (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 15a
Mar. 31 *Holders of roe. Mar. 1
*2
Michigan Bell Telephone (qual.)
Fire Insurance.
Apr. 16 Holders of rec. Mar. 31
2
Middle West Utilities, pref. (quar.)____
City of New York (quarterly)
4
Apr. 10
$6 preferred (quar.)
81.50 Apr. 16 Holders of rec. Mar. 31
Home Insurance (quarterly)
5
Apr. 9
Minnesota Power & Light,7% pf.(qua - lid Apr. 2 Holders of roe. Mar. 15
Niagara Fire(guar.)
$2.50
Apr. 6
31.50 Apr. 2 Holders of rec. Mar. 15
$6 preferred (quar.)
Ronda (qual.)
51.50 Apr. 2
134
Books Closed.
Days Inclusive.
Holders of rec. Mar.d226
Holders of rec. Mar. 130
Holders of rec. Mar. 136
Mar. 16 to Apr. 1
Holders of rec. Mar. 23a
Holders of rec. Mar. 16a
Holders of rec. Mar. 16
Holders of rec. Mar. 17
Holders of rec. Mar. 17
Holders of rec. Mar. 1
Holders of rec. Mar.20
Holders of rec. Mar.23
Holders of rec. Mar. 200
Holders of rec. Mar. 16
Holders of rec.Mar.d15a
Holders of rec. Mar. 18a
Holders of roe. Mar. 16
Holders of rec. Mar. lba
Holders of rec. Mar.22
Holders of rec. Mar. 21a
Holders of rec. Mar, 31
Holders of rec. Mar. 31
Holders of rec. Mar. 2
Holders of rec. Mar. I4a
1622
.
Name of Company,
126.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
When
Per
Cent, Payable
Books Closed
Dads InoluaSee.
Miscellaneous (Continued).
Miscellaneous
Apr. 1 Holders of rec. Mar. 206
2
$1.25 Apr. 1 Holders of rec. Mar.20a Channon (H.) Co. 2d pref.(guar.)._
Acme Steel(guar.)
10 Apr. 1 Hloders of rec. Mar. 20a
Second Prof. (acct. mourn. dlv.)
134 Mar.31 Holders of rec. Mar.15a
Adams Express. corn.(guar.)
200. Apr. 1 Holders of reo. Mar. 15
Chatterton & Son
15a
Mar.
rec.
of
Holders
31
Mar.
1)4
Preferred (guar.)
Mar.30 Holders of rec. Mar.10a
$1
500. Apr. 2 Holders of rec. Mar. 16a Chesebrough Mfg. Consol.(guar.)
Aetna Rubber. corn.(guar.)
'154 Apr. 1 *Holders of rec. Mar.20
1)( Apr. 2 Holders of rec. Mar. 160 Chicago Ry. Equip.(guar.)
Preferred (guar.)
280. Apr. 2 Holders of rec. Mar.206
(monthly)
Cab
Yellow
Chicago
Albany Perforated Wrapping Pallor25o. May I Holders of roe. Apr. 206
Monthly
1
Mar. 31 Mar. 25 to Apr. 1
Preferred (guar.)
230. June I Holders of rev. May 18a.
Monthly
*50o Apr. 2 *Holders of rec. Mar.20
Alias & Fisher. Inc., corn. (guar.)
Mar 30 Holders of rec. Mar. 20
62140
(guar.)
Co.
Copper
Chile
5.2
roe.
of
Apr.
J$10 Apr. 10 Holders
Alliance Realty
Mar. 31 Holders of rec. Mar. 170
750
1)( Apr. 2 Holders of rec. Mar. 14a Chrysler Corp., corn. (guar.)
Allied Chemical& Dye Corp., pfd.(qu.)
Mar.31 Holders of rec. Mar. 176
2
Preferred
19
(guar.)
Mar
rec.
of
2
Apr.
Holders
620.
Aloe(A.T.) Co., common (guar.)
June 30 Holders of roe. June 16a
2
Preferred (guar.)
1( Apr. 2 Holders of rec. Mar. 19
Preferred (guar.)
Sept.29 Holders of rec. Sept.176
2
Preferred (guar.)
Amalgamated Laundries, pref. (mthly.) 5834e. Apr. 1 Holders of rec. Mar.150
Jan.2'29 Holders of roe. Dec. 170
2
Preferred
(guar.)
lea
of
1
Apr
May
rec.
Holders
58)4e.
Preferred (monthly)
Apr. 2 Holders of rec. Mar.15
M
(monthly)
Cities Service, com.
58)4c June 1 Holders of roe. May 15a
Preferred (mont
stock).- fM Apr. 2 Holders of rec. Mar.15
common
in
(payable
Common
roe.
31
Mar.
of
Apr.
Holders
15
114
_
.(qu.)
prat
&
American Art Works, corn.
Apr. 2 Holders of rec. Mar. 15
)4
.
(monthly)
BB
pref.
and
Preferred
500 Apr. 2 Mar. 6 to Mar. 20
American Bank Note, com.(guar.)._
5o Apr. 2 Holders of roe. Mar.15
Preferred B (monthly)
750. Apr. 2 Mar. 6 to Mar. 20
Preferred (guar.)
6234c Apr. 2 Holders of rec. Mar. 21
A
class
(guar.).Financial
Corp.,
City
Ifia
Mar.
rec.
of
Holders
2
Apr.
IM
American Can, pref. (guar.)
Apr. 1 Holders of rec. Mar. 5
d31
$1.50 Apr. 2 Holders of rec. Mar. 16a Claremont Iny. Corp pf.(gu.)(NO. 1).. 500 June 1 Holders of rec. May 15a
Amer. Car & Fdy., common (quar.)
131 Apr. 2 Holders of rec. Mar. 18a Cleveland Stone(guar.)
Preferred (guar.)
1 Holders of roe. Aug. 15a
Sept.
50e
Quarterly
1
to
22
Apr.
1,4 Mar.31 Mar.
American Chain. pref.(guar.)
*50e. Apr. 2 *Holders of rec. Mar. 20
780. Apr. 1 Holders of rec. Mar. 150 Club Aluminum Co.. com.(guar.)
American Chicle. corn. (guar.)
1)( Apr. 2 Holders of rec. Mar. 21
pref. (qu.)
Co.,
&
Peabody
Cluett.
150
Mar.
rec.
of
Holders
1
Apr.
1,'
Prior preferred (guar.)
$1.25 Apr. 2 Holders of rec. Mar. 120
Coca Cola Co. (guar.)
1)4 Apr. 2 Holders of roe. Mar. 15
American Cigar,Pref.(guar.)
$2.50 Apr. 2 Holders of rec. Mar. 126
350. Mar.31 Holders of reo. Mar. 12a Coca Cola International (guar.)
AMMiCall Colortyrsi (guar.)
M Mar. 31 Holders of rec. Mar. 100
(guar.).
corn.
Co..
Credit
Commercial
15
Mar.
rec.
of
Holders
2
Apr.
300.
Amer. Cyanamid, corn. A & B (guar.).144 Mar. 31 Holders of roe. Mar. 100
(guar.)
preferred
first
%
6M
10o. Apr. 2 Holders of rec. Mar. 15
Common A & B (extra)
134 Mar. 31 Holders of rec. Mar. 100
7% first preferred (guar.)
15
of
Mar.
rec.
Holders
2
Apr.
134
Preferred (guar.)
)4 Mar. 31 Holders of roe. Mar. be
Preferred B (guar.)
600. Mar.27 Holders of rec. Mar. 90
Amer. Encaustic Tiling. com. (guar.).90e Apr. 1 Holders of rec. Mar. 15a
Invest. Trust., com.(gu.)
$1.50 Apr. 2 Holders of req. Mar. 16a Commercial
American Express (guar.)
Apr. 1 Holders of roe. Mar. 15a
1,4
7%
181
preferred
(guar.)
140
of
Mar.
rec.
Holders
2
Apr.
200.
Amer.Home Products(monthly)
1)4 Apr. 1 Holders of roe. Mar. 16a
634% 1st preferred (guar.)
$1 Apr. 2 Holders of rec. Mar. 150
Amer. Internat. Corp
Apr. 2 Holders of rec. Mar.20a
$2
(guar.)
$2 Mar.31 Holders of rec. Mar. 130 Commercial Solvents
Amer.Locomotive,corn.(guar.)
Mar.53 1Holders of rec. Mar. 146
$1
1,4 Mar.31 Holders of rec. Mar. 136 Congress Cigar (guar.)
Preferred (guar.)
Mar.53 1Holders of rec. Mar. I46
250.
Extra
Mar.31 Holders of rec. Mar. 150
American Manufacturing, com. (guar.).
400. Apr. 1 Holders of rec. Mar. 15
Consol. Film Industries, pref.(No. Q._
rec.
150
of
June
Holders
1
July
Common (qua:.)
Apr. 1 *Holders of rec. Mar.31
*134
prior.
pref.(gUar.)
Company,
Consumers
1 Oct. 1 Holders of rec. Sept. 150 Continental Can. pref. (guar.)
Common (guar.)
1)( Apr. 2 Holders of roe. Mar. 20a
Dec. 31 Holders of rec. Dec. 150
Common (guar.)
Mar.30 Holders of roe. Mar. 180
$1.25
Co1y,
Inc.
(guar.)
160
rec.
of
31
Mar.
Holders
13. Mar.
Preferred ((Mar.)
. Apr. 10 Holders of rec. Mar.310
Consol. Gold Min.& Mill(gu.).
13.1 July 1 Holders of rec. June 154 Cresson
Preferred (guar.)
*250. Apr. I
150 Crosby Radio Corp.(guar.)
Sept.
of
rec.
Holders
1
Oct.
13(
Preferred (guar.)
*260. July 1
Quarterly
13.4 Dec. 31 Holders of roe. Dec. 150
Preferred (guar.)
*250. Oct. I
Quarterly
1,t Apr. 2 Holders of rec. Mar. 10a
American Plano, pref. (guar.)
Janl'29
*250.
Quarterly
150
Mar.
rec.
of
31
Mar.
Holders
$1.25
American Radiator. e0m (guar.)
$1.50 Mar.31 Holders of re . Mar. 16a Crowley, Milner & Co.
Amer. Railway ExPreall (guar.)
500. Mar.31 Holders of roe. Mar. 10
Common
1)
(guar.)
(No.
126
Mar.
rec.
Holders
of
2
Apr.
$1
American Safety Rasor (guar.)
Holders of rec. Mar.d13a
25o. Apr. 2 Holders of rec. Mar. 12a Crown Willamette Paper, 1st pf.(qua-- $1.75 Apr. 1
Extra
$1.50 Apr. 1 Holders of rec. Mar.d13a
Second pref.(guar.)(No. 1)
780. Apr. 1 Holders of rec. Mar. 20a
American Seating, common (guar.)
1)4 Mar.31 Holders of rec. Mar.15a
Crucible Steel, pref. (guar.)
150
Mar.
rec.
Holders
of
2
Apr.
3
American Snuff, common (guar.)
25e. Apr. 2 Holders of roe. Mar. 36
1)4 Apr. 2 Holders of rec. Mar. 150 Cuban-American Sugar, corn.(guar.)._
Preferred (guar.)
1)( Apr, 2 Holders of roe. Mar. 30
Preferred (guar.)
750 Apr. 14 Holders of rec. Apr. 20
Amer. Steel Foundries, com. (qua?.).... 134
1)4
June I Holders of rec. May 190
(guar.)._
pref.
Cohn,
&
Decker
(Alfred)
31
roe.
150
of
Mar.
Mar.
Holders
Preferred (guar.)
1,4 Soot. 1 Holders of roe. Aug. 200
Preferred (guar.)
500. Apr. 2 Mar. 23 to Apr. 2
American Stores Co.,com.(guar.)
114 Apr. 2 Holders of roe. Mar.15
Co.,
&
corn.
Deere
(No.
1)
50
of
2
Mar.
(guar.)
Apr.
ree.
Holders
lyi
Amer. Sugar Refining, prof.
May I *Holders of rec. Apr. 20
134 Apr. 2 Holders of rec. Mar. 100 Denison Manufacturing. pref. (guar.)._
American Tobacco, pr.d. (guar.)
May 1 *Holders of rec. Apr. 20
*2
Debenture stock (guar.)
134 Apr. 1 Holders of rec. Mar. 200
American Wholesale, pref. (guar.)
2 Holders of rec. Mar.,15
Apr.
2
Cleveland
&
Detroit
(qua?.)
Nay.
55
dl
Apr.
Apr.
rec.
5Holders
of
200
Angle Steel Stool (guar
I
200 July dl 5Holders of rec. July 55 Doehler Die-CastingQuarterly
154 Apr. 2 Holders of rec. Mar.200
Preferred (guar.)
Oct. 55
rec.
of
15
Oct.
Holders
200
Quarterly
Preferred (50% paid)
8734e Apr. 2 Holders of roe. Mar.200
1)( Apr. 1 Holders of rec. Mar. 100
Armour & Co.(of Del.). pref.(qUar.)
250. Apr. 20 Holders of reo. Mar.31
Apr. 1 Holders of rec. Mar. 100 Dome Mines. Ltd..(guar.)
ArmOur & Co. (Ill.), pref.(guar.)
65e. Apr. 14 Holders of rec. Mar. 31
Engineering
Dominion
130
Mar.
rec.
WIs.(quar.)...of
2
1)4
Apr.
Holders
Armstrong Cork, com.(guar.)
13.4 Apr. 2 Holders of rec. Mar. 16
134 Apr. 2 Holders of rec. Mar. 136 Dominion Glass common (guar.)
Preferred (guar.)
154 Apr. 2 Holders of rec. Mar. 15
Preferred (guar.)
750 Apr. 1 Holders of rec, Mar. I5a
16
Artloom Corp., common (guar.)
(guar.)
75e. Apr. I Holders of roe. Mar.
Dominion
Stores,
Ltd.
200
37.140 Mar. 31 Holders of rec. Mar.
Art Metal Construction (guar.)
of rec. Mar. 15
500 Mar. 31 Holders of rec. Mar. 190 Dominion Textile, Ltd., com. (guar.).- $1.25 Apr. 2 Holders
Associated Oil (guar.)
Apr. 16 Holders of ree. Mar. 31
1)(
Preferred
(guar.)
rec.
10a
of
1
Mar.
Apr.
Holders
750
Auto-Strop Razor. class A (guar.)
Mar.31 Holders of rec. Mar. 30
$1
1,4 Apr. 1 Holders of rec. Mar 20a Draper Corporation (guar.)
19
Babcock & Wilcox Co.(guar-)
*134 Apr, 2 *Holders of rec. Mar. 19
Dunham (James H.) eons. (guar.)
*250 Apr. 1 *Holders of rec. Mar.20
Balaban & Hats,corn.(mthly.)
•114 Apr. 1 *Holders of roe. Mar. 20
*1)4 Apr. 2 *Holders of rec. Mar.
First preferred (guar.)
19
Mar.
rec.
Preferred (guar.)
of
*Holders
4.13‘
2
Apr.
Second preferred qual.)
1,4 June 1 Holders of rec. May 12a
Bamberger(L.)& Co., pref.(guar.).Apr, 10 Holders of rec. Apr. la
1)4 Sept. 1 Holders of rec. Aug. 110 Dunhill International, corn. (guar.).- $1
100
Apr.
rec.
of
Proferred (guar.)
Holders
25
Apr.
1M
_
irtk.(gu.)
(E.
Nem.,
de
Pont
I.)
Du
deb.
1)4 Dec. 1 Holders of rec. Nov. 102
Preferred(guar)
Mar.31 Holders of roe. Mar. 10
Durant Motors of Canada (quar.)(N0.1) 1
Holders of rec. Mar. IS
Bancroft(Joseph)& SODS CO.COM.(qu.) 62340. Mar.31 Holders
62Mo Apr. 1 Holders of rec. Mar.20a
of rec. June 200 Early & Daniel, corn.(guar.)
$1.75 July 1
Bastian-BlessIng Co.. pref.(guar.)
250. Apr. 1 Holders of roe. Mar.200
COMMOD (extra)
$1.75 Oct. 1 Holders of rec. Sept.200
Preferred (guar.)
134 Apr. I Holders of roe. Mar.20
Preferred (guar.)
$1.75 Apr. 1 Holders of roe. Mar.200
Mar.200
Preferred (guar.)
Rolling
MIII
Eastern
(guar.)
373.40. Apr. 1 Holders of roe.
60e. Apr. 10 Holders of reo. Mar.240
4
Beech-Nut Packing (guar.)
Eastern Steamship Lines, no par pf.(qu) 87340 Apr. 18 Holders of roe. Apr.
500. May 1 Holders of rec. Apr. 20
Belding Henimway Co.. com. (guar.).Holders of roe. Mar.22
2
Apr.
First
154
preferred
(guar.)
31
of
Mar.
Apr.
rec.
Holders
10
290
Feb.
rec.
of
Belgo Canadian Paper, corn. (qua?.)... 134
Holders
2
Apr.
$1.25
Eastman Kodak,com.(guar.)
1,4 Apr. 2 Holders of rec. Mar. 1
Preferred (guar.)
750. Apr. 2 Holders of reo. Feb. 290
Common (extra)
•500. Apr. 1 *Holders of rec. Mar. 15
Bendix Corp., class A (guar.)
Preferred (guar.)
114 Apr. 2 Holders of roe. Feb. 29a
1,4 Apr. 2 Holders of rec. Mar. 50
Bethlehem Steel. pref. (guar.)
13.4 Apr. 2 Holders of rec. Mar. 200
Eisenlohr (Otto) & Bro. pref.(qua?.)
May 15 May 10 to May 14
Bloch Brothers Tobacco, coin (guar.).- 37)40. Aug. 15 Aug 10 to
$1.25 Apr. dl Holders of rec. Mar.200
Electric Controller & Mfg.(guar.)
Aug. 14
373.40.
80
Common(.uar.)
Elec. Stor. Battery, com.& pref.(guar.) $1.25 Apr. 2 Holders of rec. Mar. 150
37)40. Nov.15 Nov. 10 to Nov. 14
Common (guar.)
Mar.30 Holders of rec. Mar.
7
Elliott Fisher Co. com. & com. B
134 Mar.31 Mar 26 to Mar.30
150
Mar.
rec.
Preferred (guar.)
of
Holders
30
Mar.
1.5(
'
Preferred
(guar.)
30
25
June
29
to
June
134 June
Preferred (guar.)
1,4 Apr. 1 Holders of roe. Mar. 20
Emerson Elec. Mfg., pref.(guar.)
13.4 Sept.30 Sept. 25 to Sept. 29
Preferred (guar.)
)5 Mar.24 Holders of roe. Mar. 1
Emporium Capwell Corp.(quar.)
1)4 Dec. 31 Dec. 26 to Dec. 30
Preferred (guar.)
Apr. I Holders of rec. Mar. 20a
$1.25
Endicott-Johnson Corp., com.(qua?.)
1 *Holders of roe. Mar. 15
Apr.
'37340
(qual.)
Brass
&
Bohn Aluminum
134 Apr. I Holders of rec. Mar. 200
Preferred (guar.)
Apr. 2 Holders of rec. Mar.206
$1
Borg &Beck (guar.)
Apr. 2 Holders of rec. Mar. I6a
$1.75
com.
Equitable
Office
Bldg.,
(qua?.)
15
24
Apr.
to
Mar.
Apr. 16
$1
Borne Scrymser Co
Preferred (guar.)
134 Apr. 2 Holders of rec. Mar. 15a
506. Apr. 16 Mar.24 to Apr. 15
Extra
Mar.24 *Holders of roe. Mar. 1
•50e.
(guar.)
com.
European
Corp.,
1
Mar.
rec.
Holders
of
2
Apr.
Brandram-Henderson. Ltd., pref. (qu.). 1)4 Apr. 2 Holders of roe. Mar. 154 Fairbanks. Morse & Co., COM.(qua?.)
75e. Mar. 31 Holders of rec. Mar.120
500.
(att.).A
cl.
Inc.,
Manufacturing,
Brill°
200. Apr. 2 Holders of rec. Mar. 210
Fair (The). corn.(monthly)
2 Mar. 16 to Mar.31
British American Oil, registered (guar.) 25e. Apr.
*20o. May 1 *Holders of roe. Apr. 20
Common (monthly)
25e. Apr. 2 Holders of couponNo. 5
Coupon (quarterly)
*IS( May 1 *Holders of roe. Apr. 20
Preferred (guar.)
31 Holders ofcoup. No.122n
Brit.-Amer. Tobacco, ord.(Interim).- (n) Mar. 2 *Holders of rec. Mar.20
250. Apr. 1 Holders of rec. Mar. 15
Fanny Farmer Candy Shope, com.(gu)
Brunswick-Balke-Collender Co..pf.(qu.) .01M Apr.
250. July I
Common
(guar.)
87)40. Apr. 2 Holders of roe. Mar.20
Buckeye Incubator (guar.)
25e. Oct. 1
Common (guar.)
250. Apr. 2 Holders of roe. Mar. 100
Bucyrus-Erie Co., corn.(No. 1)
25e. Jan 1'29
Common (guar.)
132)40 Apr. 2 Holders of roe. Mar. 100
Convertible preferred (No. 1)
60e. Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
of tea. Mar. 100
Holders
2
Apr.
$1.75
Preferred (guar.)
50e. May 31 Holders of rec. May 170
Fashion
Park,
106
Inc.,
of
Mar.
rec.
Holders
corn.
(guar.)
31
May.
134
17a
Budd Wheel,7% 1st pref. (1111$1*.)
Common (guar.)
500. Aug. 31 Holders of roe. Aug.
134 Apr. 2 Holders of rec. Mar. 130
Barns Broil.. pref. (guar.)
50e. Nov.30 Holders of roe. Nov.30a
Common (guar.)
500. May 1 Holders of rec. Mar. 300
Bush Terminal. corn. (guar.)
Holders of rec. Apr. 150
I
May
62Mc
Knitting
corn.
Federal
(quiz.)..,
Mills,
306
Mar.
rec.
of
Holders
11)4 May 1
Common (payable in com. stock)
12M e May I Holders of rec. API'. 154
Common (extra)
1)i Apr 415 Holders of roe. Mar. 306
Mar.17a
Debenture stock (guar.)
20c Apr. 2 Holders of roc. Mar.
Truck (guar.)
17a
1)f Apr. 2 Holders of rec. Mar. 160 Federal Motor
rec.
Bush Terminal Ridge., Prof. (qua?.)_.
dividend
Stock
e23.4 Apr. 5 Holders of to
146
Mar.
Apr. 1
500. Mar.31 Holders of rec.
22
Mar.
Butte & Superior Mining (guar.)
31
Mar.
Federal Terra Cotta Co., pref. (guar.) - 52
900. Apr. 1 Holders of roe. Mar.22
Holders of rec. Mar. I
Byers Machine, class A (quiz.)
I
Apr.
Curme
((in.).&
50
pref.
Feltman
Mar.
Shoe,
roe.
of
Holders
800. Mar.20
30
By-Products Coke, corn. (guar.)
160. Apr. 17 Holders of reo. Apr.
37)4c Apr. d2 Holders of rec. Mar. 20a Fifth Ave. Bus Securities (qua?.)
10
California Ink, class A & B (guar.)
300 Apr. 1 Holders of roe. Mar.
31 60 Mar.19 Holders of rec. Mar. 36 Financial Investing Co., com.(ctn.).Mar. 10
roe.
of
Holders
Calumet & Arizona Mining (guar.)
I
Apr.
be.
Common
150
(extra)
Mar.
Apr. 2 Holders of rec.
$1
Cambria Iron
$1.75 May 15 Holders of roe. May 1
First Federal Foreign Invest Trust
Mar. 31 Holders of rec. Feb. 29
Canada Cement, Ltd.. pref. (guar.).- 1)4 Apr.
Apr. 1 Holders of rec. Mar. 130
2
First Nat Pictures, 1st pref. (quay.)
16 Holders of rec. Mar. 31
4
Canada Iron Foundries. pref
Apr. 2 Holders of roe. Mar. 200
3714c
First Nat. Stores, common (guar.)
Holders of rec. Mar. 15
2
Apr.
1)4
Canada S. S. Lines, pref. (guar.)
75e Apr. 2 Holders of roe. Mar. 130
Flelschmann Co (guar.)
•500. Apr. 1 *Holders of ree. Mar. 1
20
Canadian Bankstocks, Inc.(No. 1)
Foote Bros. Gear & Mach., com.(qu.) *30.3 Apr. I *Holders of roe. Mar.
1)4 Apr. 10 Holders of rec. Mar. 26
20
Canadian Car & Fdy., pref. (qua?.)
*15i Apr, I *Holders of ree. Mar.
Preferred (guar.)
Apr. 2 Holders of rec. Mar. 15
Canadian General Electric, pref.(gu.)-- 1)( Mar.
Apr. 2 Holders of rec. Mar. 150
25c
(guar.)
Forhan
corn.
Company,
4
to
21
Apr.
Mar.
31
2
150
Mar.
rec.
of
Holders
Canfield 011, corn.(guar.)
2
40e,
Apr.
S Class A (quarterly)
June 30 *Holders of rec. June 20
*2
Common (guar.)
250 Apr. 1 Holders of roe. Mar. 15a
Formica Insulation (guar.)
Sept.30 *Holders of roe. Sept.20
*2
Holders of rec. Mar. 16a
I
Common (guar.)
Apr.
100.
Extra
20
of
ree.
*Holders
Dec.
Dee. 31
*2
Common (guar.)
250. July 1 Holders of roe. June 150
Quarterly
13.4 Mar.31 Mar. 21 to Apr. 4
Preferred (guar.)
10e July I Holders of roe. June 15a
Extra
16a
01)4 June 30 *Holders of roe. June 20
Preferred (guar.)
250 Oct. 1 Holders of roe. Sept.
Quarterly
*Holders of roe. Sept. 20
30
I5a
Sent.
O1)4
Preferred (guar.)
100 Oct. 1 Holdo_s of rec. Sept.
Extra
*134 Dee. 31 *Holders of rec. Dec 20
Holders of rec. Doe. 15a
Jan.1'29
Preferred (guar.)
250
Quarterly
120
Mar.
rec.
of
1 Holders
roe. Dee. 15a
of
Holders
Case (3.1.) Thresh.alach.. clam. MO-- 134 Apr.
Jan.119
100.
Extra
12
134 Apr. 1 Holders of reo. Mar. 126
Preferred (guar.)
•$1.7 Apr. 1 *Holders of rec. Mar. 300
Foster & Wheeler, pref.(guar.)
750. Mar.31 Holders of rec. Mar. 15
Celotex Co., corn. (guar.)
Apr. 1 Holders of roe. Mar.
$1
Fox Film Corp., corn. A. & B.(qu.)
$1.75 Mar. 31 Holders of rec. Mar. 15
100
Mar.
roe.
of
Holders
I
Preferred (guar.)
Apr.
$1.50
50e Apr. 10 Holders of rec. Mar.240 Fuller(Geo. A) panto. prior pref.(gu.)
Central Alloy Steel, corn. (guar.)
500.
1.)( Apr. 1 Holders of rec. Mar. 13a Fulton Sylphon (guar.)
Preferred (guar.)
•800. Apr. 1 *Holders of roe. Mar.20
rec. Mar. 150 Galesburg Coulter Disc. (guar.)
of
Holders
Apr.
1
$1
(guar.).
Cora.
Corp.,
Prod
Certain-toed
*25o. Apr. 1 *Holders of roe. Mar. 20
Extra
I50
Mar.
rec.
of
Holders
1
Apr.
1)i
First and second pref.(guar.)
Apr. 1 Holders of roe. Mar. 150
150. Mar.31 Holders of rec. Mar. la General Amer. Tank Car., corn.(guar) $1
Certo Corporation (guar.)
$1.75 Apr. 1 Holders of roe. Mar. 150
Preferred (guar.)
250 Mar. 31 Holders of roe. Mar. la
Extra
M.17 1928.]
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
1623
Books Closed.
Per
Then
Books Closed.
Name of Company.
Days Inclusive.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Cont(nued).
Miscellaneous (Continued)
General Baking, pref.(quar.)
$2
Mar. 31 Holders of rec. Mar. 170 Nfanhattan Shirt, pref. (guar.)
14 Apr.
General Bronze Corp. pref.(guar.)
131 Apr. d2 Holders of rec. Mar. 200 Manning Bowman & Co., class A (gear.) 374c Apr. 2 Holders of rec. Mar. 170
d 2Holders of rec. Mar. 20a
General Cigar, corn. (guar.)
May 1 Holders of rec. Apr. 16a
$1
Class B (gear.)
I234c Apr. d 2Holders of rec. Sian. 20a
Preferred (quar.)
14 June 1 Holders of rec. May 21a Nfargay Oil (clear.)
50c. Apr. 10 Holders of rec. Mar.20
General Electric Co.(guar.)
Apr. 27 Holders of rec. Mar.23a Marvel Carburetor (guar.)
1
800. Apr. 2 Holders of rec. Mar. 15a
Special stock (guar.)
15c. Apr. 27 Holders of rec. Mar.230
Extra
200. Apr. 2 Holders of rec.
General Motors,6% pref. (guar.)
13.4 May I Holders of rec. Apr. 7a
athisson Alkali Works,com.(gear.)... $1.50 Apr. 2 Holders of rec. Mar. 15a
Mar. 165
6% deb. stock (guar.)
13.4 May 1 Holders of rec. Apr. 75
Preferred (guar.)
14 Apr. 2 Holders of rec. Star. 160
Seven per cent pref. (quar.)
14 May 1 Holders of rec. Apr. 7a Stay Drug Stores (guar.)
'373.4e Apr. 1 'Holders of rec. Stan. 10
General Railway Signal, corn.(guar.)- - - $1.25 Apr. 2 Holders of rec. Mar. 100 McKeesport Tin Plate
(guar.)
.S1
Apr. 2 'Holders of rec. Niar. 10
Preferred (guar.)
13.4 Apr. 2 Holders of rec. Mar. 100 Nferchants & Mrs. Sec.. part.
pref. (gli.) "374c Apr. 16 *Holders of rec. Apr. 2
C. G.Spring & Bumper, pref.(guar.)
Apr. 1 Holders of rec. Mar. 10a
Merchants At Miners Transp. (quar.)_
6294c. Mar. 31 Mar. 13 to
Mar. 21
Glen Alden Coal (guar.)
+12.50 Mar. 20 *Holders of rec. Mar. 9
Merck Corp., pref. (guar.)
Si
Apr. 2 Holders of rec. Mar. 17
Gleasonite Products Co
.9 25
Mergenthaler Linotype (gear.)
$1.25 Star. 31 Holders of rec. Mar. 3a
Glidden Co.. prior Pf. (guar.)
14 Apr. 1 Holders of rec. Mar. 15a
Extra
25c. Mar. 31 Holders of rec. Mar. 30
Globe Grain & Milling, corn. (quar.)-- $1.50 Apr. 2 Mar. 29 to Apr. 1
Metropolitan Paving Brick, pref.(guar.) 14 Apr. 1 mar. 16 to
Mar.31
First preferred (guar.)
$1.75 Apr. 2 Mar. 29 to Apr. 1
Midvale Co.(guar.)
50c. Apr. 2 Holders of rec. Mar. 17
Second preferred (guar.)
$2
Apr. 2 Mar. 29 to Apr. 1
Minneap.Honeywell Regul. corn.
$1.25c Aug. 15 Holders of rec. Aug. 4
Goodrich (B. F.) Co., pref.(guar.)
13.1 Apr. 2 Holders of rec. Mar. 9a
Preferred (gear.)
14 May 15 Holders of rec. May 4
Preferred (guar.)
14 July 2 Holders of rec.
Preferred (gear)
80
14 Aug. 15 Holders of rec. Aug. 4
Goodyear Tire & Rubber, 1st pf (quar) 21 75 Apr 1 Holders of rec June
Mar Is
Preferred (guar.)
14 Nov. 15 Holders of rec. Nov. 3
Preferred
$1 75 Apr 1 Holders of rec Mar 1
Storgan Lithograph, com. (guar.)
51.25 Apr. 2 Holdere of rec. Mar. 20
Goodyear Tire & Rubb. of Can.. Pf.(qu.) 131 Apr. 2 Holders of rec. Mar. 15
Monsanto
Chemical
Works,
624c
(guar.)
com.
Apr. 2 Holders of rec. Mar. 250
Gossard (H. W.) Co.. corn. (monthly).- 33 1-3c Apr. 1 Holders of rec. Mar. 210 Niontgomery
Ward & Co., class A (qu.). $1.75 Apr. 1 Holders of rec. Mar.20a
Common (monthly)
331-3c May 2 Holders of rec. Apr. 200 Motor Wheel Corp.. corn. (gear.)
50c Mar. 20 Holders of rec. Mar 100
Common (monthly)
33 1-3c June 1 Holders of rec. May 2la Mountain Producers(guar.)
65c Apr. 2 Holders of rec. Mar. his
Common (monthly)
33 1-3c July d2 Holders of rec. June 20a Murphy (G. C.) Co.(gear.)
250. June 1 Holders of rec. Mayd22
Preferred (guar.)
•14 May 1 Holders
Quarterly
25c Sept. 1 Holders of rec. Aug.d22
Gotham Silk Hosiery vot. stock (quar.)_ 624c. Apr. 2 Holders of rec. Apr. 200
of rec. Mar. 15a
Quarterly
250. Dec. 1 Holders of ree.Nov.d21
Non-voting stock (guar.)
624c. Apr. 2 Holders of rec. Mar. 150 Myers(FE.) &13ros.,com.(4 mos.
66 2-3c Mar. 31 Holders of rec. Mar. 15
div.)
Grasselli Chemical, com.(quar.)
2
Mar. 31 Holders of rec. Mar. 15
Preferred (4 mos.' div.)
2
Mar. 31 Holders of rec. Mar. 15
Preferred (guar.)
134 Mar. 31 Holders of rec. Mar. 15
National American Co., Inc.(gust.)....
50c May 1 Holders of rec. Apr. 16a
Graton & Knight Co., pt. (ou.) (No. 1) _
191 May 15 Holders of rec. Apr. 100
Quarterly
50c Aug. 1 Holders of rec. July 16a
Great Lakes Steamship (guar.)
81.25 Apr. 1 Holders of rec. Mar. 220
Quarterly
50c Nov. 1 Holders of rec. Oct. 15a
Great Northern Iron Ore Properties__
75e. Apr. 30 Holders of rec. Apr. 9a
National Biscuit, corn. Mar./
$1.50 Apr. 14 Holders of rec. Mar. 30a
Great Western Sugar, MM.(quar.)
70c. Apr. 2 Holders of rec. Mar 15d National Breweries, corn. (gear.)
Apr. 2'Holders of rec. Mar. 15
*$1
Preferred (guar.)
14 Apr. 2 Holders of rec. Mar. 150
Preferred
•14 Apr. 2'Holders of rec. Mar. 15
(gear.)
Greenfield Tap & Die Corp..6%
PL((111.) 14 Apr. 2 Holders of rec. Mar. 15
National Candy, common (guar.)
4340
Apr. 1 Holders of rec. Mar. 120
8% pref.(guar.)
2
Apr. 2 Holders of roe. Mar. 15
First and second pref.(guar.)
14 Apr. 1 Holders of rec. Mar. 12a
Guantanamo Sugar. pref. (guar.)
2
Apr. 2 Holders of rec. Mar. 150 Nat. Dairy Products, corn. (guar.)
•Mc
Apr. 2'Holders of rec. Mar. 19
Gulf Oil corp. (quer.)
3734c. Apr. d2 Mar. 21 to /Mar. 25
Preferred A & B (gear.)
•$1.75 Apr. 2 'Holders of rec. Mar. 19
Gulf States Steel. pref. (guar.)
1% Apr. 2 Holders of rec. Mar. 150 National Lead, common (gear.)
$1.25 Mar. 31 Holders of rec. Mar.16a
Gurd (Charles) & Co., Ltd., corn
60c. Apr. 1 Holders of rec. Mar. 15
Preferred B (gum'.)
14 May 1 Holders of rec. Apr. 230
Preferred (gear.)
191 Apr. 1 Holders of rec. Mar. 15
National Standard Co. (guar.)
*75c Apr. 1 'Holders of rec. Mar.20
Hammermill Paper. pref. (gear.)
14 Apr. 2 Holders
14 Apr. 2 Holders of rec. Mar. 5
Hanes (P. II.) Knitting, pref. (quar.)_. 14 Apr. 2 Holders of rec. Mar. 200 National Sugar Refining (guar.)
of rec. Mar. 20
National Surety (guar.)
24 Apr. 2 Holders of rec Mar. 20s
Harbison-Walker Refract., pref. (au.).14 Apr. 20 Holders
Apr. 1 Holders of rec. Mar. 14a
$1
Llelme (George W.) Co.. corn. (quar.).. $1.25 Apr. 2 Holders of rec. Apr. 10a National Tea, corn.(guar.)
of rec. Mar. 125 Naurnkeag Stearn Cotton Co.(gear.).... 3
Apr. 2 Holders of rec. Mar. 15
Preferred Mari
14 Apr. 2 Holders of rec. Mar. I20 Nelson (Herman)
Corp., corn. (Quar.)
30c Apr. 2 Holders of rec. Mar. 160
Hercules Powder, corn. (quar.)
2
Mar. 24 Mar. 16 to Mar. 24
Nelson (Herman) Corp.. Mock dividend_ el
Apr. 2 Holders 01 roe. Max.lea
Hibbard,Spencer, Bartlett & Co.(mthly)
35c Mar. 30 holders of rec. Mar. 23
Stock dividend
el
July 2 Holders of rec. June 190
Hillcrest Collieries, corn. (guar.)
14 Apr. 14 Holders of rec. Mar. 31
Stock dividend
el
net
1 Holders of rec. Sept.16a
Preferred (guar.)
134 Apr. 14 Holders of rec. Mar. 31
Nevada Consol. Copper (guar.)
Hollinger Cons. Gold M.& M.(mthly).
3734c. Mar. 31 Holders of rec. Mar. 16a
10c NIar. 24 Holders of rec. Mar. 7
New England Equity Corp., pref. (qu.)_ 52
Holly Oil (guar.)
Apr. 2 Holders of rec. Mar. 15
.25c Mar. 31 *Holders of rec. Mar. 14
N. Y. Transportat
Homestake Mining (monthly)
•50c. Apr. 16 *Holders of rec. Apr. 2
50c Mar. 26 Holders of rec. Mar. 200 Nichols & Shepard ion (guar.)
Co.. pref.(gear.).... $1.75 Apr. I Holders of rec. Mar.15
Hood Rubber Co., corn.(guar.)
$1
Afar. 31 Mar. 21 to Apr. 1
Ohio Seamless Tube, pref. (guar.)
Hudson Motor Car (guar.)
14 Apr. 2 Mar. 16 to Apr. 1
41.25 Apr. 2 Holders of rec. Mar. 120 Oil Well Supply
Co.. corn. (gear.)
Humble Oil & Refining (guar.)
50c Apr. 2 Holders of rec. Mar. 12a
•300 Apr. 1 'Holders of rec. Mar. 12
Omnibus Corp., pref. (guar.)
Extra
Apr. 2 Holders of rec. Mar.16a
$2
"20c Apr. 1 'Holders of rec. Mar. 12
Ontario Loan & Debenture Co.(guar.)
Hydraulic Press Brick, pref. (guar.)... _
Apr. 2 Holders of rec. Mar. 15
3
14 Apr.
Holders of rec. Nfar. 24
Orpheum Circuit, pref.(quar.)
Illinois Brick (quar.)
Apr. 1 Holders of rec. Mar. 170
2
600. Apr. 1
Apr. 4 to
Apr.
Otis
Steel,
18
prior Prof. (gear.)
Quarterly
14 Apr. I Holders of rec. Mar.15
60c. July 1
July 4 to July 15
Owens Bottle, common (guar.)
Quarterly
750 Apr. 1 Holders of rec. Mar. 160
600. Oct. 1
Oct. 4 to Oct. 15
Preferred (guar.)
Irn penal Tob.of Canada,ord (Interim)
14 Apr. 1 Holders of rec. Mar. 160
14 Mar. 30 Holders of rec. Mar. 8
Packard Motor Car, monthly
Preferred
250 Nlar. 31 Holders of rec. Mar. 15a
Mar. 31 Holders of rec. Mar. 8
3
Monthly
Incorporated Investors (stock dividend) e2
25c. Apr. 30 Holders of rec. Apr. 140
July 1
Holders of rec. June 29a
Monthly
Industrial Acceptance Corp., 1st pd.(qu) 14 Apr.
I nIder of r.sc May 15/
25e. May 31
Holders of rec. Mar. 23
Page-Hershey Tubes, Ltd., com.(qu.)
Second preferred (guar.)
750. Apr. 2 Holders of rec. Mar.20a
2
Apr.
Holders of rec. Mar. 23
page-Hershe
y
Tubes,
Ltd., pref.(qu.)__
Inland Steel, pref. (guar.)
Apr. 2 Holders of rec. Mar. 200
1
134 Apr.
Holders of rec. Mar. 15a Paraffine Cos., com.(guar.)
Interlake Steamahlp (guar.)
750. Mar. 27 Holders of rec. Mar. 17
$1.50 Apr.
Mar. dI7 to Apr. 1
Common
Internat. Business Machines (guar.).
25c. Mar. 27 Holders of rec. Mar. 17
51.25 Apr. 1 Holders of rec. Mar. 220 Paramount (extra)
Fam. Lasky Corp.,com.(gu.) $2
Internat. Buttonhole Mach.(quar.)---Apr. 2 Holders of rec.
15a
20c Apr.
Holders of rec. Mar. 15
Paramount Kitchener Theatres, pf.(qu.) 14 Mar. 31 Holders of rec. Mar.
Internat. Cement, corn. (guar.)
Mar. 15
$1
Mar. 30 Holders of rec. Slat. 12a Parke, Davis
& Co. (guar.)
•25c. Mar. 31 'Holders of rec. Mar.d20
Preferred (guar.)
14 Mar.30 Holders of rec. Mar. 120
Special
Internat. Combustion Eng., pref. (qu.)_ $1.75 Apr. 1 Holders of rec.
•100. Mar. 31 'Holders of rec. Stan. d20
Mar. its Pak Utah Consolidated Mines(guar.)
20c. Apr. 15 Holders of rec. Mar. 15a
Internat. Equities, class A (gear.)
87340 Apr. 1 Holders of rec. Mar. 20
500. Apr. 1 Holders of rec. NIar. 15
International Harvester. corn. (quar.) _ _
14 Apr. 16 Holders of rec. Mar. 260 Fender (D.) Grocery Co.. el. B (gear.)..
Class B (extra)
International Nickel, corn. (quar.)
250. Apr. I Holders of rec. NIar. 15
500. Mar. 31 Holders of rec. Mar. 150
International Paper, 6% pref. (guar.). _
14 Apr. 1 Holders of rec. Mar. 160
134 Apr. 16 Holders of rec. Apr. 20 Penick & Ford, pref.(guar.)
50c. Apr. 1 Holders of rec. Mar. 15a
Seven per cent pref. (quar.)
14 Apr. 16 Holders of rec. Apr. 25 Penn Dixie Cement. com.(gear.)
International Salt (guar.)
$6
Mar. 19 Holders of rec. Mar. 15
134 Apr. 1 Holders of rec. Mar. 150 Penney (J. C.) Co., common
PeoplesDrug Stores, Inc. (quar.)
International Shoe, com. (guar.)
•250. Apr. 2'Holders of rec. Mar. 8
50c Apr. 1 Holders of rec. Mar. 15
Perfection Stove (monthly)
"374c Mar. 31 'Holders of rec. Mar. 20
Preferred (monthly)
50c Apr. 1 Holders of rec. Mar. 15
Monthly
International Silver, pref. (guar.)
+374c Apr. 30 *Holders of rec. Apr. 20
14 Apr. I Holders of rec. Mar. 120
Monthly
Intertype Corp.. 1st pref. (guar.)
"374c May 31 *Holders of rec. May 19
$2 Apr. 1 Holders
Monthly
Jefferson Fuse & Elec. Corp.(qu.)(No.1) '6234e Apr. 1 *Holders of rec. Mar 21
'3734c June 30 'Holders of rec. June 20
of
rec.
Mar.
15
Monthly
Jewel Tea, corn. (guar.) (No. 1)
'3734c July 31 'Holders of rec. July 20
$1
Apr. 10 Holders of rec. Apr. 90
Monthly
Preferred (guar.)
•374c Aug. 31 'Holders of rec. Aug. 20
14 Apr. 1 Holders of rec. Mar. 150
Nfonthly
Johns-Manville Corp., corn. (quar.) _
'3734c Sept. 30 *Holders of rec. Sept.20
75c Apr. 16 Holders of rec. Apr. 20
Monthly
Preferred (guar.)
'373.4e Oct. 31 'Holders of rec. Oct. 20
14 Apr. 2 Holders of rec. Mar. 19a
Nfonthly
Jones & Laughlin Steel. pref.(quar.)____
.3730 Nov. 30'Holders of rec. Nov. 20
14 Apr. 2
Monthly
Kalamazoo Stove, common (quar.)___ _ 51.25 Apr. 1 Ilolders of rec. Mar. 15a
'373.4c Dec. 31 "Holders of rec. Dec. 20
Pet NIIlk Co.,common (gear.)
Kaynee Company. common (extra)____ 124c. Apr. 1 Mar. 21 to Apr. 1
750. Apr. 1 Holders of rec. Mar. 12
Holders of rec. Mar. 20a
Preferred (guar.)
Common (extra)
14 Apr. 1 Holders of rec. Mar. 12
1214c July 1 Holders of rec. June 2no
Pettibone-Milliken Co. lot & 2d pf.(qu.) 14 Apr. 2 Holders of rec. Mar. 210 '
Keeley Silver Mines, Ltd
4c. Mar. 11 Star. 2 to Mar. 15
Phelps Dodge Corp. Mar./
Keith-Albee-Orpheuna cony. Prof. (gu.)
$1.50 Apt. 2 Holders of rec. Star. 20a
Phillips Petroleum (guar.)
374c. Apr. 2 Holders of rec. Mar. his
(No. 1)
"134 Apr.
'holders of rec. Mar. 19
Pick (Albert) & Co., pref.(quar.)
Kelsey-Ilayes Wheel, common (guar.)._
14 Apr. 2 Ilolders of rec. Mar. 15a
50c. Apr. 2 Holders of rec. Mar. 210 Pittsburgh
Plate Glass (guar.)
Kennecott Copper Corp.(quar.)
"2
Apr. 2 'Holders of rec. Mar. 17
$1.25 Apr. 2 Holders of rec. Mar. 2a
Pittsburgh Steel Foundry, pref. (quar.)_
Kentucky Cash Credit Co. Corn.(guar.) 15c. Mar.24 Holders
14 Apr. 1 Mar. 16 to
Nfar.31
of rec. Slat. 12
Pratt & Lambert,Inc., com.(gear.)..-- 75c. Apr. 2 Holders of rec. Mar. 150
Preferred (guar.)
15e. Mar.24 Ilolders of rec. NIar. 12
Pressed
Steel
Car, pref. (guar.)
Preferred (extra)
14 Mar.31 Holders of rec. Mar. la
15c. Mar.24 Holders of rec. Mar. 12
Pierce Governor, common (gear.)
Kentucky Rock Asphalt, corn. (guar.)._ "25c. Apr.
374c Apr. 1 Holders of rec. Mar. 150
*Holders of rec. Slat. 15
Price Bros. & Co.. com. (guar.)
King Royalty. pref. (guar.)
34 Apr. 2 Holders of rec. Mar. 15
'2
Apr.
"Holders of rec. Star. 15
Preferred (guar.)
Kirby Lumber, corn. (guar.)
*191 June 1 'Holders of
194 Apr. 2 Holders of rec. Mar. 15
rec. May 31
011.
Pure
Common (guar.)
(guar.)
pref.
53.4%
14
Apr. 1 Holders of rec. Mar. 10
•131 Sept. 10 *Holders of rec. Aug.
6% preferred (guar.)
Common (gear.)
14 Apr. 1 Holders of rec. Mar. 10
•114 Dec. 1 *Holders of rec. Nov. 31
30
8% preferred (guar.)
Knox Hat, pref. (gear.)
2
Apr.
1 'folders of rec. Mar. 10
14 Apr.
Holders of rec. Mar. 15
Q. R. S. Music, common (guar.).---- •500 Apr. 16 'Holders of rec.
Kraft Cheese (guar.)
3735c Apr.
Apr. 2
Holders of rec. Slat. 9a
Preferred (guar.)
•1% Mar. 31 "Holders of rec. Apr. 2
Stock dividend
115 Apr.
Holders of rec. Mar. 9a Quaker Oats, corn.
(guar.)
Kresge (8.8.) Co., corn.(guar.)
Apr. 16 1 olden of rec. Apr. 20
$1
30c. Mar. 31 Holders of rec. Mar. 10s
Common
(extra)
Common (extra)
$3 Apr. 16 Holders of rec. Apr. 2a
400. Mar, 3 Holders of rec. Mar.
10a
Common (payable in corn. stock)..... f25 An. 20 Holders of rec. Apr.
Preferred (gear.)
14 Mar.31 Holders of rec. Mar.
2a
10a
Preferred (guar.)
Kroger Grocery & Baking14 May 31 Holders of rec. Stay la
Real Silk Ilosiery. pref. (guar.)
Corn.(payable in com stock)
fit
Apr.
194 Apr. 1 Holders of rec. Mar. 17a
Holders of rec. Mar. 10a fleece Button
NIach. (guar.)
Laboratory Products, com.(gear.)
40e. Apr.
350 Apr. 2 Holders of rec. Mar. 15
Holders of rec. Mar. 19a Reece Folding Hole
Nfach, (gear.)
Laconia Car. pref. (guar.)
•14 Apr.
10c Apr. 2 Holders of rec. Mar. 15
"Holders of rec. Mar. 20
Reis (Robt. & Co.) let pref. (quar.)_
Laguna Land & Water (monthly)
1
Apr. 2 Holders of rec. Mar. 22
Apr. 1
154
Holders of rec. Apr. la Remington
lot Prof. (gear.)
Monthly
1
14 Apr. 2 Holders of rec. Mar. 20
May 1
Holders of rec. May to Remington-Arms,
Rand Co.. 1st pref.(quar.)__
Lambert Co., corn. (guar.)
14 Apr. 2 Holders of tee. Mar. 10a
51.25 Apr.
Holders of rec. Mar. 190
Second
Common (special)
Apr. 2 Holders of rec. Mar. 10a
2
50c. Apr.
Holders of rec. Mar. 19a Remingtonpreferred (guar.)
Typewriter, 1st pref. (guar.) 14 Apr. 2 Holders of rec. Mar. 154
Lamson & Hubbard Corp . pf. accr.div.)
Mar. 20 *Holders of rec. Mar 10
Second preferred (guar.)
Land Title Bldg. Corp.(Phila.)(No. 1)- 34 afar. 31 Holders of rec.
Apr. 2 Holders of rec. Mar. 154
2
Mar. 10
Reo Nfotor Can (gear.)
Land Title Bldg. Corp. (Phila.) (No. 2.) 34 June 30 Holders of
20c Apr. 2 Holders of rec. Mar. 9.3
rec. June 11
Extra
Lawton Mills, prof. (guar.)
200 Apr. 2 Holders of rec. Mar. 9a
14 Mar.31 Holders of rec. Mar. 15a
Republic Iron & Steel, pref. (guar.).- 14 Apr. 2 Holders of rec.
LeMur Co. (extra)
"25c. Mar. 31 *Holders of rec. Mar.
Mar. 15a
Reynolds(R.J.) Tob.,com.&com.13(qu)
$1.25 Apr. 1 Holders of rec. Mar. 17a
Life Savers, Inc. (quar.)
400. Apr. 1 Holders of rec. Mar. 15
140 Richardson & Boynton, pantie. pt.(qu.).
750 Apr. 1 Holders of rec. Mar. 15
Liggett & Myers Tobacco, Pref. Wt./- 14 Apr. 2 Holders of rec. NIar. 12a
!Haney
&
Co.,
Prof.
(guar.)
Apr.
25c
Holders
2
50c. Apr. 27 Holders of rec. NI
Lion 011 Refining (quar.)
of rec. Mar. 250
ar. 30
Safeway Stores, common (gear.)
d$3
Apr. 1 Holders of rec. Mar. 20
90c. May 1 Holders of rec. Apr. 20
Liquid Carbonic Corp.(gear.)
14 Apr. 1 Holders of roc. Mar. 20
Loew's, Inc., com. (guar.)
50c. Mar. 31 Holders of rec. Mar. 140 St.Preferred (guar.)
Joseph
Lead
((Iwo.)
6Oe Mar. 20 Mar. 10 to NIar. 20
24 Apr. 2 Holders of rec. NIar.
Lord & Taylor. com. (guar.)
Extra
25e Mar 20 Mar. 10 to Mar. 20
134 Apr. 2 Holders of rec. Mar. 17a
Lorillard (P.) Co.. pref.(quar.)
Quarterly
SOc June 20 June 10 to June 20
Lucky Tiger Comblnat. G. Si.(mthly.). 'Sc. Mar. 20'Holders of rec. Slat. 15a
10
Extra
250 June 20 June 10 to June 20
82c. Mar. 20 *Holders of rec. Mar. 10
Extra
Quarterly
50c Sept 20 Sept. 9 to Sept.20
Ludlum Steel (gear.)
50c. NIar. 31 Holders of rec. NIar. 2I0
Extra
25c Sept. 20 Sept. 9 to Sept.20
Mack Trucks, Inc., corn.(guar.)
$1.50 Mar. 31 Holders of rec. Mar.
Quarterly
Site Dec 20 Dec. 9 to Dec. 20
Mallinson (II. R.) & Co., Inc., Pr. (gu.) 134 Apr. 2 Holders of rec. Mar. 16a
210
Extra
25c Dec 20 Dec. 9 to Dee. 20
Mandel Bros. (guar.)
624c Apr. 16 Holders of rec. Mar. 31
L.
Rocky
St.
Mtn.
& Pac. Co.,corn.(am)
4 Mar. 31 Holders of rec.
Manhattan Electrical Supply (guar.)
81.25 Apr. 2 Holders of rec. Mar. 21a
Mar. 15e,
Preferred (guar.)
134 Mar. 31 Holders of rec. Star, 15;
Name of Company:
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
1St Apr. 2 Holders of rec. Mar. 15
St. Maurice Valley Corp., pref.(quar.)-_
50e. Apr. 1 Holders of roe. Mar. 15
St.Regis Paper,common (guar.)
Apr. 1 Hblders of roe. Mar. 15
1
Preferred (quar.)
•20o Apr. 2 *Holders of reo. Mar. 16
Salt Creek Consol. Oil (quar.)
•50c Apr. 2 *Holders of rec. Mar.10
Sangamo Electric Corp., corn. (quar.)
•15,i Apr. 2 *Holders of rec. Mar.10
Preferred (guar.)
Apr. 2 *Holders of rec. Mar.15
Savage Arms Corp., let pref.(guar.).- *1
*1X May 15 *Holders of roe. May 1
Sod pref.(quar.)
87%c June 1 Holders of roe. May 150
Schulte Retail Stores. corn.(quar.)
875c Sept. 1 Holders of roe. Aug. 150
Common (qua?.)
873.0 Dec. 1 Holders of roe. Nov. 151
Common (qua?.)
Apr. 1 Holders of rec. Mar. 12a
2
F'referred (guar.)
600 Apr. 2 Holders of rec. Mar.23a
Soovill Mfg.(guar.)
1 h' Apr. 15 Holders of rec. Mar. 31
Segal Lock & Hardware, pref. (quar.)
*1% Apr. 1 *Holders of rec. Mar. 16
Sellers(G.I.)& Sons, pt.(au.)(No. 1)
50e Apr. 10 Holders of ree. Mar. 200
Shattuck (F. G.) Co.(guar.)
350 Mar.31 Holders of roe. Mar. la
Shell Union Oil Corp.(quar.)
Sherwin-Wins. Co.of Canada,com.(qu.) 1% Mar. 31 Holders of rec. Mar. 15
Mar.31 Holders of rec. Mar. 15
1
Preferred (guar.)
*75e Mar. 31 *Holders of rec. Mar. 21
Shredded Wheat (guar.)
Shreveport El Dorado Pipe Line (guar.).
500 Apr. 1 Holders of rec. Mar.200
Apr. 2 Holders of rec. Mar. 15
1
Shultz Baking, pref. (guar.)
750 Apr. 2 Holders of rec. Mar. 15
Convertible preferred (guar.)
Silver King Coalition Mines Co.(quar.)_ *250 Apr. 2 *Holders of reo. Mar. 20
50e Apr. 2 Holders of rec. Mar. I50
Simmons Co., common (guar.)
134 Mar.20 Holders of rec. Mar. 100
Sloss-Sheffield Steel & Iron, corn. (qu.)_
Apr. 2 Holders of rec. Mar.200
Preferred (guar.)
Apr. 10 Holders of rec. Mar. 31
Smith (Howard) Paper Mills pref.(quar.) 2
1% Apr. 2 Holders of rec. Mar.20
Southern Ice. pref. (quar.)
$1.7 Apr. 2 Holders of rec. Mar. 200
Southern Ice Co., pref. A (guar.)
50c Mar.31 Mar. 15 to Apr. 1
South Penn Oil (quar.)
50c Apr. 2 Holders of rec. Mar. 10a
South Porto Rico Sugar. corn.(quar.)
Apr. 2 Holders of rec. Mar. 10a
2
Preferred (quar.)
Apr. 2 Holders of rec. Mar. 15
1
South West Pa.Pipe Lines(guar.)
Apr. 2 Holders of rec. Mar. 15
9
Extra
$1.25 Apr. 16 Holders of rec. Apr. 7
Spalding(A. G.)& Bros.,com.(quar.)
25e Apr. 2 Holders of ree. Mar. 15
Sparks-Withington Co., corn.(guar.).134 Apr. 2 Holders of roe. Mar. 15
Preferred (quar.)
134 Apr. 2 Holders of rec. Mar. 15
Sperry Flour, pref. (guar.)
Apr. 1 Holders of rec. Feb. 29
$1
Standard Chemical(No. 1)
$1.50 Apr. 1 Holders of roe, Mar. 12a
Standard Investing, $6 pref. (quar.)
131 Mar. 31 Holders of rec. Mar. 19a
Standard Milling, common (guar.)
1% Mar.31 Holders of rec. Mar. 19a
Preferred (guar.)
Mar.31 *Holders of rec. Mar. 15
•$1
Standard Oh (Ky.) (quar.)
630 Mar.20 Feb. 26 to Mar.20
Standard Oil (Nebraska)(guar.)
62140 Apr. 2 Mar. 9 to Apr. 2
Standard Oil (Ohio) (quar.)
25e Apr. 2 Holders of rec. Mar. 200
Stand. Commercial Tob., core. (guar.)._
750 Apr. 2 Mar.25 to Apr. 1
Stanley Co. of America (guar.)
6234e Apr. 2 Holders of rec. Mar. 170
Stanley Works, corn. (quar.)
*52.50 Mar.31 *Holders of rec. Mar. 15
State Title & Mortgage
134 May 1 Holders of rec. Apr. 70
Steel Co. of Canada.corn.& pref.(qu.)
*Se Apr. 5 *Holders of rec. Mar. 26
Sterling 011 & Development
Mard21 Holders of rec. Mar. 120
$1.0
Products
Sterling
50e Apr. 2 Holders of ree. Mar. 120
Stromberg Carburetor (quar.)
Apr. 16 Apr. 1 to Apr. 14
$1
Sullivan Machinery (guar.)
31.6234 Apr. 2 Holders of rec. Mar. 150
Swedish Amer. Invest. Corp., corn
$1.6234 Apr. 2 Holders of rec. Mar. 150
Participating pref. (guar.)
Apr. 1 Holders of rec. Mar. 10
2
Swift & Co. (guar.)
75c Apr. 1 Holders of roe. Mar. 2a
Texas Corporation (guar.)
Tide Water Associated Oil, pref.(qu.)._134 Apr. 2 Holders of rec. Mar. 180
20e Mar. 31 Holders of rec. Mar. 18a
Tide Water Oil, corn.(guar.)
15e Apr. 1 Mar. 21 to Apr. 1
Timken-Detroit Axle (quar.)
50. Apr, 1 Mar. 21 to Apr. 1
Extra
Mar.20 Holders of rec. Mar. la
$1
Todd Shipyards Corp.(guar.)
75e Apr. 2 Holders of rec. Mar. 16
Torrington Co. (quar.)
300 Apr, 16 Holders of rec. Apr. 5a
Truscon Steel, corn. (guar.)
Underwood Computing Mach., pf.(gu.) 1% Apr. 2 Holders of rec. Mar. 15
Underwood-Elliott Fisher Co.
$1 Apr. 2 Holders of roe. Mar. 170
Common (quar.)(No.1)
$1.75 Apr. 2 Holders of rec. Mar. 17a
Preferred (quar.)(No. 1)
$1.75 Apr. 2 Holders of roe. Mar. 17
Preferred B (quar.)(No. 1)
$1.5 Apr. 2 Holders of rec. Mar. 20
Union Carbide & Carbon (guar.)
6234c May 10 Holders of rec. May 1
Union Storage (quar.)
Aug. 10 Holders of tee. Aug. 1
6234c
Quarterly
623.ic Nov. 10 Holders of rec. Nov. 1
Quarterly
$1.7 Apr. 2 Holders of rec. Mar. 15
Union Tobacco, class A (qu.)(No. 1)
20e Mar.31 Holders of rec. Mar. 90
United Cigar Stores,corn.(guar.)
.(114 Mar.31 Holders of rec. Mar. 90
Common (payable in corn stock.)
Apr. 2 Holders of rec. Mar. 130
134
(quar.)
United Dyewood, pref.
Apr. 2 Holders of roe. Mar. 30
31
United Fruit (guar.)
$1.50 Apr. 2 Holders of rec. Mar. 34
Extra
134 Apr. 16 Holders of rec. Apr. 2a
United paper Board. pref. (Guar.)
Apr, 30 Holders of rec. Mar. 31a
5
United Profits-Sharing. Pre!
Apr. 2 Holders of rec. Mar. 21
1%
United Securities, pref. ((Var.)
U.S. Cast Iron Pipe az Fdy.,corn.(qtr.)- 234 June 15 Holders of rec. June la
234 Sept. 15 Holders of roe. Sept. la
Common (quar.)
23.4 Dec. 15 Holders of roe. Dee. 10
Common (guar.)
134 Mar. 15 Holders of rec. Mar. la
Preferred (quar.)
134 June 15 Holders of rec. June la
Preferred (quar.)
134 Sept. 15 Holders of roe. Sept. 10
Preferred (quay.)
194 Dee. 15 Holders of rec. Deo. la
Preferred (guar.)
may 31 Holders of reo. May 15
U.S. Dairy Products. cl A (qu.)(No. I) $t
75e Mar. 10 Holders of rec. Feb. 230
U.S.Freight (guar.)
31 Mar. 16 to Apr. I
Mar.
40e
U.S.Gypsum,corn.(quar.)
134 Mar. 31 Mar. 16 to Apr. I
Preferred (guar.)
Apr. 2 Feb. 28 to Mar. 19
$1
S L Battery, common
25e. Apr. 2 Feb. 28 to Mar. 19
Preferred (quar.)
17%0. Apr. 2 Feb. 28 to Mar. 19
Preferred B (quar.)
1%
Apr. 2 Holders of rec. Mar. 100
Leather,
prior
Prof.(guar.)
U.S.
*50c. Apr. 15 *Holders of ree. Apr. 1
U. S. Radiator. common (quar.)
•13i Apr. 15 *Holders of rec. Apr. 1
Preferred (guar.)
U.S. Shares Corp., coin. stk. tr. set. A.. 38.640 Apr. 1
8.85980 Apr. 1
Series A-1
70.2420 Apr. 1
Bank stock tr. shares Der. C-1
47.3060 Apr. 1
Series C-2
$1.23 Apr. 1
Bond trust shares set. B
1)4 Mar.30 Holders of reo. Feb. 290
U.S.Steel, corn.(guar.)
75e. Apr. 2 Holders of tee. Mar. 190
U. B. Tobacco, corn. (qua?.)
134 Apr. 2 Holders of roe. Mar. 190
Preferred (quar.)
Apr. 2 Mar. 16 to Apr. 1
2
Universal Pictures. 1st pref. (qu.)
500. Apr. 2 Holders of reo. Mar. 150
Universal Pipe dr Radiator, corn.(qu.)-134 May 1 Holders of reo. Apr. 160
Preferred (quar.)
$1.50 Mar. 31 Holders of rec. Mar. 160
Utah Copper Co. (quar.)
50c. Mar.20 Holders of rec. Feb. 29
Vacuum 011 ((Mar.)
50e. Mar.20 Holders of rec. Feb. 29
Extra
1% Mar. 17 Holders of roe. Mar. 15
Valvoline 011.common (qua?.)
Vapor Car Heatingof rec. June la
ig June 10 Holders
Preferred (quar.)
13.1 Sept. 10 Holders of rec. Sept. la
Preferred (guar.)
13.1 Dec. 10 Holders of rec. Dee. la
Preferred (quar.)
$1
May 1 Holders of roe. Ayr. 211
Victor Talking Mach.corn
134 Apr. 15 Holdesr of tee. Apr. 2
Preferred (old) quar.)
1% May I Holders of roe. Apr. 20
7% cum,prior pref.(quar.)
$1.50 May 1 Holders of roe. Apr. 20
$6 cum.cony. pref.(guar.)
1% Apr. 20 Holders of roe, Apr. 120
Vulcan Detinning, pref. (quar.)
1% Apr. 20 Holders of rec. Apr. 120
Preferred A (quar.)
Apr. 2 *Holders of too. Mar. 15
•750.
Vulcan Last (guar.)
Apr. 2 *Holders of rec. Mar. 15
*5
Stock dividend
f234 Mar. 31 Holders of tee. Mar. 5
V. Vlvaudou, corn. (pay in corn. etk.)
Apr.
2 Holders of roe. Mar. 154
$1
Witham Cotton (quar.)
500. Apr. 2 Holders of reo. Mar. I50
Extra
Holders of rec. Mar. 31
15
Apr.
$2.50
Wagner Electric Co., common
1% Apr. 1 Holders of ree. Mar. 20
Preferred (quar.)
5134 Apr. 1 Holders of ree. Mar.230
Wahl Co.. pref. (seer. accum. div.)Waist & Bond. Inc.. class B (quar.).,... 27340 Apr. 2 Holders of rec. Mar. 15a
37340.Apr. 2 Holders of too. Mar. 200
Waldorf System corn.(quar.)
200 Apr. 2 Holders of rec. Mar. 200
Preferred (guar.)
• $1.62% Apr. 2 *Holders of ree. Mar. 20
Waigreen Company, pref.(guar.)
75e Mar. 31 Holders of rem Mar. 200
Walworth Co., pref.(guar.)
Apr. 2 Holders of roe. Mar.150
$2
Ward Baking, corn. cl. A ((Nara
I% Apr. 2 Holders of rec. Mar. 150
Preferred (guar.)
[voL. 126.
FINANCIAL CHRONICLE
1624
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Warner Gear Co., corn. (quar.)
•250. Apr. 1 *Holders of roe. Mar. 15
Class A (qua?.)
•50o. Apr. 1 *Holders of roe. Mar. 1
Warner-Quinlan Co., corn. (guar.)
50e. Apr. 2 Holders of rec. Mar. 15a
Preferred (guar.)
1.6234 Apr. 2 Holders of rec. Mar.15a
Warren Brothers Co.. corn. (quar.)-___ 87
15c. Apr. 2 Holders of roe. Mar. 19a
First preferred (qlian)
Apr. 2 Holders of roe. Mar. 190
Second preferred (guar.)
8734c. Apr. 2 Holders of rec. Mar. 19
Weber & Hellbroner,Inc
Mar. 30 Holders of reo. Mar. 150
$1
Preferred (quar.)
I% May 1 Holders of rec. Apr. 160
Apr. 1 Holders of tee. Mar. 15
Wesson Oil& Snowdrift,Inc.. corn.(qu.) $1
West Coast Oil, pref. (guar.)
*51.50 Apr. 5 *Holders of rec. Mar. 19
*S3
Apr. 5 *Holders of roe. Mar. 19
Preferred (extra)
dWestern Grocers Co., prof
d334 July 1 June 21 to June 30
Westinghouse Air Brake (guar.)
50e. Apr. 30 Apr. 1 to Apr. 10
*2
Apr. 2 *Holders of roe. Mar. 15
West Point Mfg.(guar.)
Wheeling Steel, pref. A (quar.)
Apr. 2 *Holders of rec. Mar. 12
Preferred B (quar.)
d•234 Apr. 2 *Holders of rec. Mar. 12
25c. Mar. 31 Holders of rec. Mar. 150
White Motor.corn.(guar.)
White Motor Securities, pref.(guar.) _ •134' Mar. 31 *Holders of rec. Mar. 15
Wilcox Products, class A (qtr.)
*6234e Apr. 2 *Holders of rec. Mar. 20
Apr, 1 Holders of roe. Mar.20
Williams Tool Corp., pref.(quar.)
2
$1.25 Apr. 1 Holders of rec. Mar. 20
Wire Wheel Corp., class A
81.75 Apr, 1 Mar. 21 to Apr. 1
Preferred (guar.)
$1.75 July 1 Holders of rec. June 20
Preferred (quar.)
Preferred ((mar.)
$1.75 Oct. 1 Holders of rec. Sept.20
81.75 Jan.I'29 Holders of rec. Dec. 20
Preferred (guar.)
*15e. Mar. 31 *Holders of tee. Mar. 15
Woodley Petroleum (guar.)
Woods Manufacturing, pref. (guar.)--- 134 Apr. 2 Holders of roe. Mar.22
25e. Apr. 2 Holders of roe. Mar. 200
Wrigley (Wm.)Jr. Co.(monthly)
Yellow & Checker Cab, corn. A (mthly) '62-3c Apr. 1 *Holders of rec. Mar.26
'
62-3e May 1 *Holders of tee. Apr. 26
Common class A (monthly)
*6 2-3c June 1 *Holders of rec. May 26
Common class A (monthly)
*6 2-3c July 1 *Holders of rec. June 26
Common classtri (monthly)
*132-3c Aug. 1 *Holders of rec. July 26
Common class A (monthly)
•62-3c Sept. 1 *Holders of rec. Aug. 26
Common class A (monthly)
'62-3c Oct. 1 *Holders of rec. Sept. 26
Common class A (monthly)
*132-3c Nov. 1 *Holders of rec. Oct. 26
Common class A (monthly)
'623c Dee. 1 *Holders of tee. Nov.28
Common class A (monthly)
Mar. 22
Youngstown Sheet & Tube, corn. (oiar.) $1.25 Mar. 31 Mar. 9 to
1.3
Preferred (guar.)
% Mar. 31 Holders of rec. Mar. 14
Mar.140
rec.
Holders
of
$1
Apr.
2
Towne
Mfg.,
Yale &
(qua?.)
*50o. Apr. 15 *Holders of rec. Mar. 31
Zellerbach Corp., common (qua?.)
• From unofficial sources. t The New York Stook Exchange has ruled that stook
will not be quoted ex-dividend on this date and not until further notice. t Tte
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. J Payable in preferred stock.
d Correction. e Payable in stook. f Payable In common stock. g Payable in
scrip. h On account of accumulated dividends.
Associated Gas & Electric dividends payable either in cash or class A stock
as follows: On original pref. 2 27-100ths share of class A stock; on $7 pref. 398-100ths
share of class A stock; on class A stock at rate of 1-40 share.
m Dividend will be paid in Class A stock at rate of $25 per share unless advised
by Mar. 21 of election to take cash.
n British-Amer. Tob. dividend is 10d. per share, and all transfers received in
order at London, on or before Mar. 3, will be in time for payment of dividend to
transferees.
o Less 10c. for maintaining corporate organization and registration of stock.
p Payable in stock of the Baloon Rubber Heel Co.
r Subject to stockholders' meeting March 21.
8 Stockholders have option of taking cash or stock at rate of 1-40th of a share of
class A stock for each share held and on claas B stock at rate of 1-40th class B stock
for each share held.
u Called for redemption April 1.
o Payable also to holders of coupon No. 16.
to One share for each forty shares outstanding.
z Stock called for redemption. Dividends payable on presentation of certificates.
y Stockholders have option of taking cash or 23.4% in stook.
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 Mar. 10. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated In thousands of dollars-that is, three ciphers [0001 mina.)
Na
Reservi
Capftal.,Profits Loans,
Time Bank
Net
with
Week Ended
Discount. Cash
De- CirceLegal Demand
In
Mar. 10 1928 Nat'l, Doe. 31 InvestState. Nov.15 merits. Vault. Deposi- Deposits. posits.
tories.
(000 omitted) Tr.Coa.Nov.15
Members of Fed. Res. Bank
Bank of N Y &
5
Trust Co__ _ a,
12.690
Bk of Manhat'n 12.500 18,884
Bank of America S..,
' 5,427
Nat City Bank. 75.000 71,17
Chemical Nat'l. 5,111 19.07
Nat Bk of Comm 25,000 44,43
ChatPh NB&Tr 13,500 14,356
Hanover Nat'l. 5,111 26.47
Corn Exchange. 11,111 16,494
National Park.. 10,000 24.71
Bowery & E Riv 4,111 7,11
Find National_ 1Q,siI 82.79
Am Ex Irving Tr 32.000 31,01
Continental Bk. 1,000 1,353
Chase National- 60.000 55,67
Fifth Avenue__
500 3,26
Garfield Nat'l__ 1,1.1 1,87
Seaboard Nat'l. 9,000 14.20
Bankers 'Duet_ 20,1 II 41,37
Mtge & Tr_ 3,000 5,49
Guatanty Trust 30,11 S 33,980
.
Fidelity Trust__
10,000 23.53
N Y Trust
Farmers L & Tr 10,000 21,38
Equitable Trust 30,000 25,156
Average. Average Average
S
$
79,027
498 7,231
182.128 3,309 19,391
84,870 1,015 11,591
885,019 4,848 88,682
145,156 1,236 17,499
403 42,554
386,430
221,147 2,569 22,641
141.424 1,402 17,093
4,474 23,926
205,20
750 17,436
192,207
1,974 7,070
77,00
533 33,058
352,829
2,960 51,053
440,24
135 1,003
8.201
683,054 4,618 78.425
648 3,453
27,652
468 2,379
16,944
148,484 1,007 17,651
842 40,879
387,788
730 7,999
67,260
516,637 1,281 54.728
539 5.423
46,751
555 19,380
187,561
620 15,207
142,390
292,238 1,221 31,160
'its.
sity Avs
Aversage. diver
139189 37
0;63774
17 ....65
4
7:52
874
91 159
6:2
.98
17
5,00 6;347
34,98 6,1539
164,156 42.43
127,946 3,118
130,068
23
.9
43°
17
30
3'
47.651
251,250
385,201
6,171
*609,951
25,291
16,473
133,919
*355,001
60,697
*471,274
40,039
142,436
•113,316
*329,665
9
.3°
76
3
10
7'
23,220
12,851
49,87
500
49,489
1,437
413
8,083
46.192
4,171
78,467
4.313
28.472
17,539
31,925
4.678
3,879
6,792
2,467
44
-_-------
Total of averages 384,000606,411 5,917,656 38,635 637,512e4,721,491 690,95724.461
Totals, actual condition Mar.10 5,909,767 39,727626,183c4.698,909 688,559 24.470
Totals, actual condition Mar. 35,956.256 37.005644,377c4.785,855706,263 24.423
Totals, actual condition Feb. 25 5,834,416 42,067649.159 c4.615,224 708.08524.335
State Banks
Not Membersof
Fed'I Res. Bk.
29,466 6,737
1,41, 3,520
36.248 3,661 1,837
Coloillal Bank_
6,737
36,248
3,661
1,837
29.466
Totals,actual condition Mar.1
35,902
Totals,adual condition Mar. 3 138,71
139,861
Totals,actual condition IFeb. 2
3,44
7,272
8,2
1,685
3,748
3,989
28,768 6,714
63,451 68,007
66,101 67,921
Total of azerayes
MAR. 17 1928.]
FINANCIAL CHRONICLE
I Na
Capital,Profits Loans.
Reserve
Week Ended
Discount. Cash
with
Net
Time Bank
Mar. 10 1938. Nat'l, Dee. 311 InvestLegal Demand
in
De- arylsState, Nov.is menu. Vault. Bepost Deposits. posits. lation.
(000 omitted) Tr.Cos.Nov. 15
cee.
tortes.
Trust Co's
Average Average Average Average Average As • ge
Not Memberso
$
8
S
5
$
$
$
$
Fedi Res. Bk.
State B & Tr C
5,000 6,292 104,576 3,853 1,967
36,27: 61,397
Title Guar & T 10.000 21,1711 69,422 1,69
4,443
40,814 2,056
Lawyers Trust_ 3 0 i i 3.602 27,960
957 2,540
22,853 1,84
Total of average
18.000 31,066 201,958
6,506
8,950
99,94. 65,301
Totals, aaual co ndition Mar.10 201.550
Totals,actual to ndltion Mar. 3 97,342
Totals, actual to ndition Feb. 25 99.105
6,066
2,663
2,606
9,183
7,304
7,377
99,291 65,329
63,931 3,232
66,629 3,765
Gr'd aggr.,(Wire 403,400639.996 6,155,862 48.802648,299 4,850,902
762,99524,461
Comparison wit h prey week _ _ +8.803-1.103-3,178 -3,042-17.052
+1
Gr'd aggr., acrl cond'n Mar.106.147.219 49,241 637,051 4820.968 760,602124,470
Comparison wit h prey. week__ -45,093 +2,301-18,378 -86,269-16,9
00 +47
ar'd aggr., act'/ cond'n Mar. 36,192.312 46,940655,429 4.913.237777.
Gr'd aggr., aa'l cond'n Feb. 25 6,073,382 52,9151660,525 4,747,954,779,5O224,423
Gr'd aggr., acrl cond'n Feb. 18 6,108,894 49.314 628,758 4,758,185797,77124,335
17523867
Gr'd aggr., curl cond'n Feb. 116.159.458 40.478621,285 4,795,029
807,557 23.846
Gr'd agar.. act'l ennfl.n rah AR 99n 291 an
222R9c 909 A fiA7 ten 709 00092 090
Note.-U. S. deposits deducted from net demand deposits
in the general totals
above were as follows: Average total Mar. 10, 83,484,000:
actual totals Mar. 10.
82,738,000; Mar. 3, 34,569,000; Feb. 25. 89,256,000; Feb. 18,
$9,256,000; Feb 11
810,272,000; Feb. 4. 815,048,000. Bills payable, rediscounts, acceptances
and other
liabilities, average for week Mar. 10, $863.531,000; Mar. 3,
8832,889,000;
Feb. 25.
8840.037,000; Feb. 18, 8861,182,000; Feb. 11, 8848,415,000;
Actual totals Mar. 10, 8861,004,000; Mar. 3, 3836,284.000; Feb. 4, 8856,135,000:
Feb. 25, 8873,061,00
Feb. 18, 8838,336,000; Feb. 11. 8823,722,000; Feb. 4, 3862,278,000.
•Includes deposits In foreign branches not included
in total footings as follows:
National City Bank, 8271,871,000; Chase National
Bank, 814,600,000; Bankers
Trust Co., 352.377,000; Guaranty Trust Co., 871.613,000; Farmers'
Loan & Trust
Co., 82,236,000; Equitable Trust Co.. 898.709.000.
Balances carried in banks in
foreign countries as reserve for such deposits
were:
City Bank, $41,443,000;
Chase National Bank, $1.726.000; Bankers Trust National
Co.. $4,498,000; Farmers' Loan & Trust Co.. Co., 81,126,000; Guaranty Trust
32.236,000; Equitable Trust Co.,
86.198,000.
C Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF
CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
In
In Vault. Depositaries
Members Federal
Reserve Bank _
State banks.
Trust companies*. _
Total
Reserve.
Reserve
Required.
$
637,512,000 637.512,000 634,522.540
3,661,000 1.837,000 5.498,000 5,303,880
6,506,000 8,950,000 15,456,000 14,991,750
Surplus
Reserve.
2.989,460
194.120
464,250
Total Mar. 10_ _ 10,167,000 648,299,000 658,466,000
Total Mar. 3._ _ _ 10,506,000 651,477,000 662,073,000 654,818,170 3,647,830
565,829,830 5.243,170
Total Feb. 25_._
10,989,000 636,893,000 647,882,000
Total Feb. 18_ _ _ 10,965,000 640,559,000 651,524,000 643,610,780 4,271,220
647,729,360 3,794,640
•Not members of Federal Reserve Bank.
b This Is the reserve required on net demand deposits
in the case of State banks
and trust companies, but in the case of members
of the Federal Reserve Bank lush:idea also the amount of reserve required on net time deposits,
which was as follows:
Mar. 10, $20,728,710; Mar. 3. $21.267,000; Feb. 25. $21,312,750:
Feb. 18, $21 768 450; Feb. 11. 822,078,890; Feb. 4, 821.580,440.
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.
Loans and
Investments.
Demand
Deposits.
Total Cash
in Vaults.
Reserve its
Depositaries,
Week EndedNov.12
Nov. 19
Nov.26
Dec 3
Dec.10
Dec. 17
Dec. 24
Dec. 31
Jan. 7 1928
Jan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 3
$
7,421,396,900
7,501,257,200
7,526.722.000
7,601,347,100
7,587.309,500
7.567,275,900
7,632,582,400
7,757,544,200
8,004,166,800
7.818,901,000
7,709,982,100
7,697.182,000
7.697,104,000
7,617,852.900
7.582,973,000
7.509,494,600
7,596,216,000
Mar. 10
7 800 220 300
5
6.056,967.900
6.148,900.500
6,183.811,700
6,266,367.500
6,286.819.400
6,292,581,100
6,261,887,800
6,324,178,700
6.578,552,700
6303,172,400
6.336,686.500
6,279.035,900
6,289,144,400
6,205,879,900
6,153,176,000
6,118,607,900
6,235.714.800
ft 220 438.200
5
87.395.500
85.950,800
86.031,600
86,962,900
89.085,500
97,111.900
105,223,300
98,285,100
90,382,500
87,029.800
79,986,800
78,740,100
81.738,000
81.018,100
78.527.500
78.380.400
78,376,800
77.635.600
$
778,567,060
802,801,300
800,450.800
818,811.500
811,488,000
822,545,300
808,138,800
825,703,100
873,495,100
842,208.300
832,138.000
814,959,800
813,688,600
799,967,800
800,543.800
793,230,200
810,495,100
802.121.900
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.
(Elated in thousands of dollars. that Is. Ares ciphers 10001 brnitiva.)
CLEARING
NON-MEMBERS Capital.
Week Ending
Mar. 10 1928.
Member of
Fed'I Res've Bank.
Grace Nat Bank_ __
Trust Company
Not Member of the
Federal Reserve Bank
Mach Tr, Bayonne_
Members Fedora
Reserve Bank. _
State banks.
Trust companleay_
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve,
3.448,000
6,066,000
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in Now 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.)
Mar. 10.
Previous Week.
Loans and Investments
81,444,467,300 Dec.$4,749,700
Gold
5.203,800 Inc.
134,200
Currency notes
23,629,800 Inc.
227,600
Deposits with Federal Reserve Bank of Now York_ 111,04L400 Dee. 3,242,400
e deposits
1,468,997,100 Dec. 6.004,100
Deposits eliminating amounts due from reserve depositaries and from other banks and trust Companies in N.Y. City, exchanges & U.S.deposit:4.1,378,536,200 Dec. 3.234,600
.rve on deposits
183,656,500 Dec. 3,833,400
Percentage of reserve. 20.6%.
RESERVE.
-State Banks--Trust Companies$34,815,700 18.13%
In vaults*
S105,059,300 15.08%
°posits In banks and trust cos_
10,435,200 04.43%
33,346,300 04.78%
$45,250,900 23.56%
3138,405,600 19.86%
•Includes deposits with the Federal Reserve Bank of New York. which for ths
te banks and trust companies combined on Mar. 10 was $111,041,400.
Reserve
Cask
with
Net
Net
in
Legal Demand Tim
Vault. Dopy* *posits. Deposits.
tortes.
Average. Average.
1.000
500
8
2.003
745
18,005
86
9,212
352
2.74
27.217
+778
438
-54
Gr'd mgr., Mar. 3
Gr'd aggr.. Feb. 20
Gr'd aggr.. Feb. 18
Ord aggr.. Feb. 11
2,748
2,748
2,748
2.747
26,439
26,043
26,3351
26,7601
492
422
454
391
1,500
1,500
1.500
1.500
Average.
1,423
Average. Average.
8
9,6
4,153
182
3,270
5.802
1,6051 212,98
+42 +283
9,955
+173
1,563
1.582
1,586
1,657
9,879
9,788
12.677
12,85
12,967
13,368
9,782
9.885
a United States deposits deducted. $11.000.
Bills payable, rediacounts. acceptances and other liabilities. 85.039.000.
Excels.
In reserve, 834.100 decrease.
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.
March 14
1928.
$
626,183,000 626,183,000 831,514,940 -5,331,940
1,685,000 5,133,000 5,178,240
-45,240
9,183.000 15,249,000 14,893,850
355,350
Total Mar. 10_
9,514,000 637,051,000 646,565,000 651,586,830
Total Mar. 3,.--- 9,935,000 655,429,000 665,364,000 664.359.870 -5,021,830
1,004,130
Total Feb. 25...._ 10,848,000 660,525.000 671,373,000
643,114,200
Total Feb. 18_
10,709,000 628,758,000 639,467,000 645,001,690 28,258,800
5,534,690
•Not members of Federal Rearve Bank.
a This is the reserve required on net demand deposits to the
ease of State banks
and trust companies, but In the case of members of the Federal
Reserve Bank In•ludes also the amount of reserve required on net time deposits, which
was as follows:
Mar. 10, $20,656,770; Mar. 3, 821,187,890; Feb. 25, 821.242,550: Feb.
18, $21,768,450; Feb. 11, 821,948,660; Feb. 4, $21,613,320.
Total
Loans,
DisNet
counts,
Profits. Investmenu.
Gr'd aggr.. Mar. 10
1.500
Comparison with prev. week
Actual Figures.
Cash
Reser,'
Reserve
In
In Vault. Depositaries
1625
Changesfrom
Previous Week
March 7
1928.
Feb. 29
1928.
$
$
s
5
Capital
78,400.000 Unchanged
78,400,000
78,400,000
Surplus and profits
96,519,000 +1,445,000
95,074,000
94.215.000
Loans, discla & investla_ 1,115,157,000 +28,150,000 1,087,007,000 1.089.077,000
Individual deposits
679,523,000 +9.049.000 670,474,000 870.674.000
Due to banks
153,347,000 -4,624.000 157,971.000 150,058,000
Time deposits
301,742,000 +19,343.000 282,399,000 278,882.000
United States deposits
1,521,000
-464,000
1,985,000
3,778,000
Exchanges for Cl'a House
27,141.000 -2,226,000
29,367.000
27.567,000
Due from other banks__ _
80,419,000 -2,223,000
82,642,000
82,770,000
Heave In legal deposit's...
85,585,000 +3,336.000
82,219,000
81.637.000
Cash in bank
9.728,000
+23,000
9,705,000
9,975,000
1ta.A.Volaxer0s In F.11 Rk.
9 910 finn
4- 1 022 000
205 000
100000
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Mar. 10,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."
Two Ciphers (00)
omitted.
Week Ended March 10 1928.
Members of
Trust
F.R.System Companies.
1928.
Total.
Mar. 3
1928.
Feb. 25
Capital
53,300,0
9,500.0
62,800,0
62,800,0
61,800,0
Surplus and profits,. _ _ 167,635,0
17,449,0 185,084,0 184,274,0 183.274,0
Loans, disc'ts & invest. 994,889,0
99,059,0 1.093,948,0 1,099,680,0 1,095.479.0
Each, for Clear. Rouse
36,452,0
909,0
37,361.0
42,740,0
36.080,0
Due from banks
85,767,0
462,0
86,229,0
98,233,0
93,416,0
Bank deposits
138,546,0
3,573,0 142,119,0 142,321,0 142,155,0
Individual deposita_
614,263,0
50,522,0 664,785,0 674,090,0 661,362.0
TiMi3 deposits
191,808,0
27,272,0 219,080,0 221,688,0 223,815.0
Total deposits
81,367,0
944,617,0
1,025,984,0 1,038,099,0 1.027,132,0
Reg. with legal dews_
8.481,0
8,481,0
8,743,0
8,605,0
Be.. with F. R. Bank_
71,395,0
71,395,0
71,209.0
70.483,0
Cash in vault
2,506,0
9,042,0
11,548,0
11,496,0
11,997,0
Total res. & cash held.
80,437,0
10.987.0
91,424,0
91.448,0
91,065,0
Reserve required
9,953,0
70,056,0
80,009,0
79,775,0
79,207,0
Excess reserve and cash
In vault
10,381,0
1 034 0
11,4150
11.679.0
11,858,0
•Cash In vault not counted as reserve for Federal Reserve
members.
(VoL. 126.
FINANCIAL CHRONICLE
1626
Weekly Return of the Federal Reserve Board.
Board Thursday afternoon, Mar.15,and showing the condition
The following is the return issued by the Federal Reserve
y. In the first table we present the results for the system
Wednesda
on
business
of
close
the
at
banks
Reserve
twelve
of the
weeks and with those of the corresponding week last year.
preceding
seven
the
for
figures
the
with
n
compariso
in
whole
as a
for each of the twelve banks. The Federal Reserve Agents'
separately
liabilities
and
resources
the
shows
table
second
The
transactions in Federal Reserve notes between the Comptroller and
Accounts (third table following) gives details regarding
banks. The Reserve Board's comment upon the returns for the
Reserve
and
Federal
latter
the
between
and
Agents
Reserve
of "Current Events and Discussions."
department
our
in
item
first
the
being
1593,
page
on
appears
latest week
14 1928.
THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MARCH
COMBINED RESOURCES AND LIABILITIES OF
r
8 1928. Feb. 1 1928 Jan. 25 1928. Mar. 161927.
Mar.14 1928. Mar, 7 1928, Feb. 24 1928. Feb. 21 1928. Feb. 15 1928. Feb.
$
$
$
$
$
$
$
$
$
RESOURCES.
1,419,330,000 1,465,875,000 1,689,080,000
1,369,178,000 1,345,440.000 1,388.957,000 1,384,121,000 1,366,926,000 1,422,938,000
46,481,000
47,455,000
46,973.000
Gold with Federal Reserve agents
50,116,000
45,898,000
52,849,000
45.952,000
58,576,000
49.778,000
Gold redemption fund with H. S. Tress1,406,309,000 1,513,330,000 1,735,561,000
1,427,754,000 1.395,218,000 1,434,909,000 1,436,970.000 1,412,824,000 1,473,054.000
Gold held exclusively eget. F. It. notes 735,014,000 767.300,000 752,529,000 749,105.000 763,847,000 695,604,000 697.839,000 636,954,000 524,085,000
Board...
R.
F.
with
668,794,000 764,095,000
Gold settlement fund
649,700,000 620.932.000 633,711,000 636,961,000 648,933.000 634,830,000
Gold and gold certificates held by banks_ 62o,640,000
3,023,741,000
2,819,078.000
2,798.978,000
2,817,591,000
2,788,417.000 2,812,218,000 2.808,370.000 2,819,786,000 2,813.632.000
171,652,000 168,956,000 161,144,000
Total gold reserves
168,300,000 163,442,000 165,931,000 164,564.000 167,179,000 167,474,000
Reserves other than gold
2,985,065,000 2.970,630,000 2.988,034,000 3,184,885,000
2,956,717.000 2,975,660,000 2,974,301,000 2,984,350,000 2,980,811,000
67,896,000
92,558,000
84,434.000
79,007,000
Total reserves
76,242,000
71.496,000
70,296,000
70,084.000
70,013,000
Non-reserve cash
175,457,000
262,785,000
298,164,000 296,528,000
Bills discounted:
285,25,00o 289.784,000 306,405.000 290,925.000 318,181,000
Secured by U. S. Govt. obligation/I.__ 187,041,000 192,324,000 186.163.000 170.119.000 162.909.000 160,620,000 126,904,000 122.439.000 155,065,000
Other bills discounted
481,090,000 458,784,000 423,432,000 385,224,000 330,522,000
472,296,000 482,108.000 492,568,000 461,044,000 354,787.000 369,273,000 377.393,000 347,305,000 218,870,000
Total bills discounted
343,759,000 353,227.000
338.495.000
343,326,000
market
Bills bought in open
58,361,000
56,184,000
61,901.000
56.443,000
57,434.000
U. S. Government securities:
55.387,000
55,610.000
57.047,000
58,807,000
61.394,000
210,765,000 233,082,000 244.266.000
Bonds
205,633,000 206.036,000 207.741.000 213,704,000
193,421,000
355,582,000
140,447,000
137,295,000 134.131,000 138,678.000
Treasury notes
148,659,000 140,032.000 145,950,000 138.384,000
Certificates of indebtedness
401,512.000 408.433,000 401.339,000 433,661.000 440,897,000 475,340,000
407,602.000
402,712,000
400.887.000
2,000,000
500,000
500,000
500.000
500.000
Total U. 8. Government securities
500,000
1,000.000
1,000,000
1,000.0(A)
Other securities (see note)
1,026,732,000
1,173,926,000
1,234,986,000
1,229,896,000
1,217,509,000 1,224.315,000 1.244,929.000 1,216,283,000 1,244,810,000
Total bills and securities (see note)
659,000
568,000
568,000
568,000
568,000
Gold held abroad
568.000
567.00^
569,000
570,000
772.437,000 588,326,000 621,207.000 618,190.000 844,454,000
Due from foreign banks (see note)
744,469,000 609.762,000 614,520,000 649.135,000
58,464,000
58,731,000
58.755.000
58,869.000
59,051.000
Uncollected items
59,055.000
59.064,000
59,078,000
59,265.J00
11,541,000
10,515,000
10,455,000
10,411.000
10,839.000
Bank premises
10,913.000
11,168,000
11,548,000
12,159,000
All other resources
5,194,631.000
4,942,522,000
4,981,035,000
4.952,142,000
5,060,702,000 4,951,016,000 4.974,845,000 4,991,800,000 5.144,758.000
Total resources
LIABILITIES.
1.586,195.000 1,584,183,000 1,570,985.000 1.584,922.000 1,706,227,008
1,574,114.0(0 1,591,370,000 1,588.238,000 1,591,898,000
circulation
F. R. notes in actual
2.395,037,000 2,404,673,000 2,354,712,000 2,295,305,000
2,391,150,000
Deposits:
2,357.083.000
2,374,515,000
2,362,424,000 2,361,464,000
2,830,000
21,786,000
24,006,000
26,385,000
26,457,000
Member banks-reserve account
23,681,000
27,917.000
25,037,000
18,975,000
4,818,000
5,806.000
6,045.000
5,151,000
4,844,000
Government
5,324,000
6,044.000
6,116,000
4,305.000
20,079,000
19.310,000
18,178,000
18,601,000
21,308,000
Foreign banks (see note)
18,765,000
17.129,000
18.121,000
17,222,000
I
Other deposits
2,443.759,000 2,445,174.000 2,451,902,000 2,401.614.000 2,323,032.000
2,402,926,000 2.410,738,000 2,425 605,000 2,404,853,090 734,306,000 543,749,000 573.990.000 577,94.5.000 797.302,000
Total deposits
701,004.000 566,760,000 579.520,000 613,456,000 135.877,000 134,619,000 134.440.000 134,209,000 127,692,000
Deferred availability items
136.456,000 136,605,000 136,592,000 136,474,000 233,319,000 233,319,000 233,319,000 233,319,000 228,775,000
Capital paid in
233,319,000 233,319.000 233,319,000
233,319,000
11,603,000
10,513,000
10.399,000
11,098,000
11,302,000
Surplus
11,800.000
11.571,000
12,224,000
12,883,000
All other liabilities
5,194,631,000
4942,522,000
4.981,035,000
4,952,142.000
5,144.758,000
5,060,702,000 4.951,016,000 4,974,845,000 4,991,800.000
Total liabilities
75.0%
70.7%
az%
69.9%
Ratio of gold reserves to deposits and
69.8%
70.56%
70.0%
70.3%
70.1%
F. R. note liabilities combined
79.0%
75.0%
73.7%
74.1%
Ratio of total reserves to deposits and
4.0%
74.7%
74.1%
74.4%
74.3%
F. R. note liabilities combined
238,821,000 237.364.000 231,881,000 145,573,000
Contingent liability on bills purchased
239,660,000 238,553,000 238.817.000 241,238,000 241,697,000
for foreign correspondents
$
8
$
$
$
$
$
$
$
89.509,000
Distribution by Maturities111.592,000 112,598,000 122.331,000 122,510.000
118,113.000
111,382,000
124,030,000
1-15 days bills bought in open market _ 142,960.000 405.499,000 420.680.000 389,673,000 412,890,000 385,943,000 362.922,000 318,091,000 241,049,000
399,259,000
93,000 177,500,000
5,000,000
1-15 days bills discounted
700,000
100,000
20,072.000
14,630,000
10.732,000
1-15 days U. S. certif. of indebteduese_
73,182,000
72,232,000
58,439,000
69,436,000
71.103,000
1-15 days municipal warrants
70,958,000
92,357.000
91,920,000
89.780.000
14,912,000
24,948,000
15.929,000
19.353,000
17.033.000
16-30 days bills bought in open market_
20,415,000
17,933,000
18,266,000
18,104,000
650,000
15.441,000
16-30 days bills discounted
5,912,000
indebtedness_
of
certif.
8.
U.
16-30 days
74,684,000
97,967,000
52,369,000
111,343,000
115,829.000
119,308,000
16-30 days municipal warrants
107.092.000
92,079.000
75,281,000
26,751,000
22,552.000
33,445,000
27,125,000
25,345,000
31-60 day, bills bought in open market _
27,022,000
29,469.000
31,045,000
31,442,000
57,519,000
65,577.000
20,419,000
31-60 days bills discounted
7,200,000
31-60 days U. 8. certif. of indebtedness_
73,660,000
80,845,000
15,563,000
70,974,000
51,895,000
40,466.000
31-60 days municipal warrants
29.762.000
27,230,000
30,661,000
15.571,000
21,640,000
17,352,000
19,876,000
19.730.000
61-90 days bills bought in open market _
17,811,000
18.156,000
20,479,000
15,152,000
146.000
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
4,018,000
2,990.000
3,269,000
4.922,000
4,368,000
4,382,000
61-90 days municipal warrants
3,166,000
3,236.000
4,644,000
9,440,000
0,458,000
6,487,000
7,318,000
6,092,000
6.123.000
Over 90 days bills bought in open market
6,330,000
6,819.000
8,339,000
78,101,000
82,830.000 177,286.000
121,154,000 113,712,000
Over 90 days bills discounted
137,927,000 125,402,000 125,884,000 125,172,000
Over 90 days certif. of indebtedncee
Over 90 days municipal warrants
2,889,110,000 2,897,758.000 2,910,017,000 2,924,622,000 2.945,157,000 2,921.182,000
000 2,806,160,000 2,870,453,000 889,305,000 888,705,000 889,119,000 900.570,000 900,551.000 828,973,000
F. R. notes received from Comptroller 2.850.263.
879,465,000 877,040,000 878,280,000
F. R. notes held by F. R. Agent
1,999,805,000 2,009,053,000 2,020,898,000 2,024,052,000 2,044.606,000 2,092,209,000
1,970,798.000 1,989,120,000 1,992,173,000
Issued to Federal Reserve Banks
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
414.840,000
88,454,000
865,884,000
778,352,000
414,841,000
90.736,000
839.863,000
792,404,000
414,841.000
96,008,000
878.048.000
801,275,000
414.841,000
94,611.000
874,669.000
787,140,000
414,840,000
99,461,000
852.625,000
809,605,000
414,441,000
98,023,000
910,474,000
805.059,000
405,495.000
112,742,000
901,090,000
765,210,000
414,240,000 400,640,000
96,137,000
107.902,000
943,733.000 1,192,303,000
704,650,000 532,184,000
2,176,531,000 2.227.997,000 2.184.546.000 2.170.525.000 2.221.264.000
9 137 044 nnn 2.137.844 000 2.190.232.000 2,171,261,000
In order to show Separately the amount of balances held abroad and amounts due
added
were
items
new
two
1925.
7
NOTE.-Beginning with the statement of Oct.
of Foreign Intermediate Credit Bank debentures, was changed to
earning assets." previously made up Item was adopted as a more accurate description of the total of
So foreign correspondents. In addition, the caption. "All other
"Total bills and securities." The latter
"Other securities," and the caption. "Total earning assets" to
14 of the Federal Reserve Act, which, It was stated, are the only items Included
and
13
Sections
of
provision
the discounts, acceptances and securities acquired under the
therein.
BANKS AT CLOSE OF BUSINESS MAR. 14 1928
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE
WEEKLY STATEMENT OF RESOURCES AND
Tntal
Two ciphers (00) omitted.
Federal Reserve Bank of-
Total.
Boston.
$
$
RESOURCES.
Gold with Federal Reserve Agents 1,389,178,0 84,482,0
58,576,0 8,151,0
Gold red'n fund with U.S. Treas,
Gold held excl. agst. F.R.notes 1,427,754,0 92,633,0
Gold settle't fund with F.R.Board 735,014,0 40,626,0
625,649,0 26,524,0
Gold and gold certificates
New York.
Phila.
Cleveland, Richmond Attanla, Chicago. St. Louis. Minneap. Kan.City. Dallas. San Eras,
S
3
$
$
$
$
$
$
$
3
S
51,874,0 51,736,0 30,471.0 151,8.51,0
298,813,0 98,826,0 159,128,0 45.966,0 142,600,0 226,629,0 20,802,0
2,059,0 2,528,0 1,325,0 2,937,0
14,974,0 10,341,0 5,823,0 1,946,0 1,877,0 3,282,0 3,333,0
53,933,0 54,264,0 31,796,0 154,788,0
313.787,0 109.167,0 164,951,6 47,912,0 144,477,0 229,911,0 30,135,0 17,915,0 35,200,0 19,779,0 32,853.0
297,027,0 30,436,0 51,182,0 22,248,0 7,476,0 157.038,0 23,204,0
5,135,0 6,942,0 8,574,0 31,014.0
11,784,0
391.597,0 25,465,0 44,937,0 9,902,0 8,920,0 54,849,0
261,070.0 80,062,0 160.879,0441,798,0 65,123,0 77,013,0 96,406,0 60,149,0 218,655,0
2 788.417,0 159,783,0 1.002,411,0 165,068,0 14,854,0 10,635,0 15,039,0 20.597.0 14,825.0 4,401,0 7,357,0 10,071,0 12,001.0
34,843,0 8,141.0
168,300,0 15,476,0
275,924,0 90,697,0 175,918,0 462,395,0 79,948,0 81,474,0 103,763,0 70,220.0 230,658,0
Total reserves
2,956,717,0 175,259,0 1,037,254,0 173,209,0 5,597,0 6,347.0 4,347,0 7,360,0 4,373,0 1,408,0 2,158.0 3,406,0 4,052.0
22,174,0 2,369,0
70,013,0 6,422,0
8on-reservecash
539,0 52,212,0
Bills discounted:
482,0 4,505,0
82,837,0 35,081,0 31,300,0 6,730,0 2,605,0 35,908,0 10,123,0 1,386,0 6,557.0 3,215,0 14,146,0
Elec. by U.S. Govt. obligations 285,255,0 22.933,0
28,199,0 16,281,0 19.888,0 21,115,0 20,209,0 15,150,0 15,646,0
187,041,0 25,249,0
Other bills discounted
51,058,0 25,709,0 1,808,0 11,002,0 3,754,0 66,358,0
472,296,0 48,182.0 111,036,0 51,362,0 51,188,0 27,845,0 22,814,0 39,914,0 9,671,0 10,648,0 12,098,0 13,677,0 25,531,0
Total bills discounted
9,803,0
343,326,0 46,953,0 100,815,0 30,596,0 28,691,0 14,929,0
Bills bought in open market
I7. S. Government securities:
58,0
19.0 20,297,0 7,125,0 4,519,0 11,390,0 7,819,0
755,0 1,153.0
585,0
4,384,0
708,0
58,807,0
Bonds
8.228,0 9.972,0 9.428,0 21,135,0
35.492,0 17,028,0 36,200,0 3,570,0 4,777,0 20,967,0 16.305,0 5,243,0 9,652,0 7,366,0 11.673,0
193,421,0 10,319.0
Creasury notes
8,299,0
21,845,0
4,974,0
3,626,0
12,472,0
16,980,0
36,047,0
148,6.59,0 10,482,0
:lertificates of indebtedness
, •5Z.5til.0
, •„ •
, :01.720.0
:14.7,93,5,U 8,349,0 9,770,0•.
400,887,021,509(1.
. . uove,ecurltlee
Total gold reserves
Reserves other than gold
MAR. 17 1928.]
RESOURCES Wenelude)Two ciphers (00) omitted.
Total.
Boston.
New York.
Phila.
$
$
$
$
1,000.0
3thersecurities
Total bills and securities
Due from foreign banks
Uncollected items
Flank premises
ill other resources
1627
FINANCIAL CHRONICLE
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. SanFros,
$
$
8
1,000,0
$
$
$
I
$
$
287,774,0 116.551,0 129,306,0 51,123,0 42,387,0 154,081,0 67,169,0 31,506,0 54,174,0 42,044.0 124.750,0
18,0
17,0
21,0
13,0
3,5,0
68,0
25,0
21,0
51,0
218,0
46,0
204.314,0 61,844,0 68,717,0 58,377.0 29,491.0 90,545,0 34,239,0 13,736,0 39,278,0 29,677,0 42,815,0
16,543,0 1,756,0 6,865.0 3,147,0 2,829.0 8,726,0 3,891,0 2.202,0 4.308,0 1.800,0 3,374,0
511,0
564,0
748.0
775,0 1,301,0
409,0 1,395.0 1,328,0
3,551,0
294,0 1,194,0
1,217,509.0 116,644,0
570.0
37,0
744,469,0 71,436,0
59,265,0 3.824,0
12,159.0
89,0
5,060,702,0 373,711.0 1,571.828.0 356,069,0 487,654,0 210,125.0 256,388,0 724.503,0 190,416,0 131,640,0 204,210,0 147,728,0 406,430,0
Totalresources
LIABILITIES.
A'. B. notes in actual circulation_ 1.574,114,0 119,223,0 342.668,0 125,495,0 194,174,0 62,151.0 142,001,0 235,178,0 52,585,0 56,011.0 58,396,0 35,958,0 150,274,0
Doom!ts:
Member bank-reserve aco't 2,362,424,0 155,337,0 919,622,0 136,429,0 184,436,0 69,964,0 69,538,0 348,290,0 84,931.0 51,734,0 94,440,0 67,792,0 179,911,0
421,0
661,0
448,0
772.0
979,0
371,0
417,0
901,0
647,0
18,975,0
28,0
12,990,0
340,0
Government
116.0
155,0
151,0
305,0
185,0
598,0
219.0
181,0
447,0
4,305,0
323,0
1,216,0
409,0
Foreign bank
900.0
31.0 4,613,0
270,0
267,0
155,0
84,0 1,108,0
17,222,0
91,0
8,370,0
168,0 1,165,0
Other deposits
2,402,926,0 155.779,0 942,198.0 137,346,0 186,695.0 70,755,0 70,704,0 350,367,0 86.362,0 52,568,0 95,916,0 68,635,0 135.601,0
Totaldeposita
701.004,0 70,718,0 178,242,0 57,308,0 67,033,0 57,782,0 28,089.0 84,532,0 34.905,0 12,144,0 36,080,0 29.901,0 44.270,0
Deferred availability Items
136,456,0 9,468,0
42,381.0 13,690,0 14,224,0 6,251,0 5,166,0 19,118,0 5.3400 3,027,0 4,249,0 4,301,0 9,241,0
Capital paid in
233,319,0 17,893,0
63,007,0 21,662,0 24,021,0 12,324,0 9,996,0 32,778,0 10,397.0 7,039.0 9,046,0 8,527,0 16,629,0
Surplus
415,0
523.0
406.0
851.0
827,0
432.0 2,530,0
862,0
568.0 1,507,0
liabilities
12,883,0
630,0
3,332,0
AU other
Totalliabilities
5,060,702,0 373,711,0 1,571,828,0 356,069,0 487.654,0 210,125.0 256,388,0 724,503,0 190,416,0 131,640.0 204,210.0 147,728,0 406,430,0
Memoranda.
67.1
68.7
75.0
67.2
57.5
82.7
79.0
68.2
72.4
Reserve ratio(percent)
74.3
63.7
80.7
65.9
Contingent liability on bills purchased for foreign correspondls 239,660,0 17,911,0
68.189,0 22,688,0 24,837,0 12.180,0 10.030,0 33,196,0 10,269,0 6,448,0 8,597,0 8.359,0 16.956,0
F. R. notes on hand (notes reed
from F. R. Agent less notes in
circulation
396.684.0 24.776.0 123.547.0 32.331.0 30.966,0 20,399.0 32,228,0 43,714.0 6,972,0 5,730,0 7,767,0 8,933,0 59,321.
0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS MARCH 14 1928.
I
Federal Reserve Agent at-
Boston.
Total.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. Se. Louis. Minneap. Kan.City. Dallas. San Fras.
Two ciphers (00) omitted.
$
$
F.R.notesree'd from Comptroller 2,850,263,0 230,769,0
F.R.notes held by F. B. Agent__ 879,465,0 86.770,0
S
S
S
$
3
S
$
$
S
$
$
751,575,0 183,196,0 267,120,0 108,754,0 236.369,0 447,692,0 76,507,0 80,540,0 105,173,0 66.273,0 296,295,0
285.360,0 25,370,0 41,980,0 26.204,0 62,140,0 168.800,0 16,950,0 18,799,0 39,010,0 21,382,0 86,700,0
F.R. notes issued to F. R. Bank_ 1,970,798,0 143,999,0
Collateral held as security for
F. R. notes issued to F. R. Bk.
Gold and gold certificates_-_ 414,840,0 35,300,0
88,454,0 11.182,0
Gold redemption fund
865,884,0 38,000,0
Gold fund-F.15. Board
778,352,0 95,135,0
Ellgiblepaper
466,215.0 157,826,0 225,140,0 82,550,0 174,229,0 278,892,0 59,557,0 61,741.0 86,163.0 44,891,0 209,595,0
2 117 520 n 170 0170
401 250 017n 7111 n 927 005 (1 R4.927.01174.356.0 317.450.0 61.611.0 64.144.0 74,658.0 47.463,0243,534.0
Tatalectiaterat
40,000,0
14,234,0
97,617,0
91,683,0
17,703,0
9,300,0 14,167,0
42,600,0 31,020,0 20,000,0
205,150,0
707,0 3,876,0 3.168,0
18,663,0 12,119,0 11,528,0 3.946,0 6,400,0 1,629,0 1.002,0
75,000,0 86.707,0 105,000,0 11,000,0 116,200.0 225,000,0 16,500,0 37,000,0 47.860,0 10,000.0
192,576,0 71,890,0 78.537,0 38,961,0 31,750,0 90,821,0 34,809,0 12,270,0 22,922.0 16,992,0
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 650 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 1591,immediately following which
we also give the figures of New York reporting member banksfor a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS MARCH 7 1928 (In thousands of dollars).
Federal Reserve District-
Total.
Boston. New York
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. icon. City Dallas. San Nana
Loans and investments-total
$
3
5
$
$
21,682,243 1,521.138 8,249,171 1,214,810 2,146.235
$
685,479
$
$
605,479 3,165,121
$
723,515
$
382.205
8
662,093
$
3
436.013 1,891.292
Loans and discounts-total
15,153,148 1,052,632 5,773.893
793,475 1,436,453
514,957
485,806 2,264,662
506.897
250,782
440,346
330,391 1,296,854
138,875
Secured by U.S. Gov't oblige's
Secured by stocks and bonds-. 6,282,854
All other loans and discounts.- 8,731,419
4.702
58,804
392,989 2.695,875
654.941 3.019,214
8,211
430,806
354,458
15,369
645,962
775,122
3,068
161,815
350,074
5,583
25,038
120,661 992,223
359,562 1,247,401
4,224
201.747
300,926
2,364
75,526
172,892
3.582
131,622
305.142
3,383
87,692
245.316
4,547
345,936
946,371
6,529,095
488,506 2,475,278
421,335
709,782
170,522
119,365
900,459
216,618
131,423
221,747
99,622
594,438
2,922.206
U. S. Government securities
Other bonds, stooks and securities 3,606,889
170.161 1,188.790
298,345 1,286,488
112,922
308,413
309,388
400,394
72,564
97,958
53,735
65,630
367,089
533,370
83,689
132,929
69,348
62,075
104,968
116,779
70.104
29,518
319,448
274.990
81,394
13,973
128,880
30,000
42,758
13,069
42,544
11.085
259,157
39,907
48,615
7,277
26,957
5.488
57,783
11.351
34.660
9,199
106,159
21,166
Investments-total
Reserve balances with F.R.Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
1,742,905
247,671
99,616
18,920
814,382
66,236
13,637,592
6,675,744
10,342
933.047 6.079.431
493,242 1,586,451
915
3,482
771,892 1,038.185
289,666 947,537
904
1,046
371,723
247,322
366
340,086 1,864,841
239,596 1,224.269
531
902
411,578
247,994
195
235,075
133,473
67
512,141
168,076
225
307,697
117,393
575
771,896
980,725
1,134
1,143,386
3.630,959
50,191 136,402
155,443 1,394,906
53,475
171,083
90,613
251.532
54,226
114,352
76,089
126,015
222,127
551,399
53,736
146,776
52,539
112,500
125,533
247,368
63,078
112.217
165,377
247,368
Borrowings from F. R.. Bank-total
359,854
31,959
101,303
22,603
45,030
13,654
15,419
44,68.5
16,987
3,104
2,028
63,082
Secured by U.S. Gov't obliga'ne_
All other
228,967
130,887
13.953
18,006
73,475
27,828
13,961
8,642
25,409
19,621
2,670
10.984
2,807
12,612
32,215
12,470
6,140
10,847
1,100
2,004
1,257
771
55,980
7,102
650
36
82
an
71
fifi
RR
02
20
65
45
56
Number of reporting banks
24
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 businessMarch 14 1928,1n
comparison with the previous week and the corresponding date last year:
RESOUTC88-Gold with Federal Reserve Agent
Gold redemp.fund with U.S.Treasury_
Gold held exclusively agst. F. R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank_
Total gold reserves
Reserves other than goes
Mar.14 19 8. Mar. 7 1928. Mar. 16 1927.
3
$
8
298,813,000 298,887,000 458,722,000
14,974,000
11,640.000
8,986,000
313,787,000 310,527,000
257,027,000 291,717,000
391,597,000 416,001,000
467,708,000
62,795,000
506,429,000
1,002,411.000 1,018.245,000 1,036,932,000
34,843,000
31,767,000
32,786,000
Total reserves
1,037,254.000 1,050,012,000 1,069,718,000
22,174,003 21,626,000
Non-reserve cash
19,073,000
Bills discounted82,837,000
Secured by U. S. Govt. obligations_ -85,029,000
35,532,000
28,199,000
Other bills discounted
39,359,000
14.034,000
Total bills discounted
Bills bought in open market
U.S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
Total U.S. Government securities-Total bills and securities (See Note)---
111,036,000
100811:A00
124,388,000
93,240.000
49,566,000
42,672,000
4,384,000
35,492,000
36,047 000
3.384.000
38.678,000
33,856,000
4,859,000
7,027,000
158,986,000
75,923,000
75,918,000
170,872,000
287,774,000 293,546,000
263,110,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
TJncoleeted items
Bank premises
All other resources
Total resources
Mar.14 1928. Mar. 7 1028. Mar. 16 1926
$
$
$
218,000
204,314,000
16,543,0A
3,551,000
217,000
150,962,000
16,522,000
3,141.000
659,000
214,475,000
16,276,000
1,920,000
1,571,828,000 1.536.026,000 1.585,231,000
LtablIfttraFed'I Reserve notes in actual circulation
Deposits-Member bank, reserve acct._
Government
Foreign bank (See Note)
Other deposits
342,668.000
919,622,000
12,990,000
1,216.000
8,370,000
346,519.000
934,620.000
7,515,000
3,027,000
8,983,000
413,986,000
865,630,000
202,000
936,000
10,601,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
942,198,000
178.242,000
42,381,000
63,007.000
3,332,000
954,145,000
127,006,000
42,367,000
63.007.000
2,982.000
877,369,000
191,318,000
38,164,000
61,614,000
2,780,000
Total liabilities
Ratio of total reserves to deposit and
Fed'I Relieve note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
1,571,828,000 1.536,026.000 1,585,231,000
80.7%
80.7%
82,8%
68,189,000
67,082,000
40,315.000
NOTE.-Beenning with the statement of Oct. 7 1925, two new Items were added In order to show separately the amount of balances held abroad and amounts due 10
foreign correspondents. In addition, the caption "All other earning assets," previously made up of Federal Intermediate Credit bank debentures, was changed to
"Other securities," and the caption "Total earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the
discounts;acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which.It was stated,are the only Items Included therein.
1628
[Vol.. 126.
FINANCIAL CHRONICLE
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty
Wall Street, Friday Night, March 16 1928.
Loan bonds and Treasury certificates on the New York
Railroad and Miscellaneous Stocks.-The review of the Stock Exchange. The transactions in registered bonds are
Stock Market is guven this week on page 1646.
The following are sales made at the Stock Exchange this given in a footnote at the end of the tabulation.
week of shares not represented in our detailed list on the
'
Daily Record of U. S. Bond Prices. Mar.10 Mar.12 Mar.13 Mar.14 Mar. 15 Mar.18
pages which follow:
Vaniters' ii azeitto
STOCKS.
Week Ended Mar. 16.
Sales
for
Week.
Range for Week.
Lowest.
Par. Shares $ per share.
Highest.
$ per share.
Range Since Jan. 1.
Lowest.
Highest.
per share.$ per share.
RailroadsAlbany & Susqueh__ _100
30,225 Mar 12225 Mar 12 223
Atch Top & S Fe rts__-27,709 31,4 mar 10 331 Mar 13 334
Boston & Maine
100
400 60 Mar 14 6331 Mar 16 58
Buff Koch & Pitts pf _100
10 96 Mar 12 96 Mar 12 94
Buff & Susqueh
100 43 Mar 12 43 Mar 12 4231
100
C C C &St L pref
10 110 Mar 15 110 Mar 15 109%
100
Duluth S S & AU_ _ _100
100 434 Mar 12 4% Mar 12i 3%
Preferred
1,500 65,4 Mar 12 7 Mar 12 5
Green Bay & Western100
10 81 Mar 13 81 Mar 13 81
Ill Cent Leased Lines 100
10 82 Mar 16 82 Mar 16 81%
Morris & Essex
50
60 85 Mar 10 85 Mar 10 85
N Y CI] at St Louis rights 16,000 2% Mar 12 3% Mar 14 2%
55 Mar 14
%
Preferred rights
% Mar 13
2,300
NY State Rys
100 8 Mar 16 8 Mar 16 8
100
Nash Chatt & St L_ _100 600 180 Mar 15 182 Mar 14,17555
Pacific Coast 1st pref 100
20 50 Mar 15 60 Mar 121 50
Rensselaer&Saratoga100
40144% Mar 13146 Mar 131 144%
So Ry M & 0 ctfs„ _ 100
950 118 Mar 14134% Mar 12109
St Louis-San Fran rights 9,800 1% Mar 16 2 Mar 16; 1%
Twin City Rap Tran_100
400 4934 Mar 16 53% Mar 10 48
Mar225
Feb 355
Feb 6355
M , 100
M , 43
Jan 111
Feb 6%
Feb 934
Mar 81
Jan 84
Mar 8735
Mar 3%
Ma
55
Feb 10
Mar200
Mar 70
Ma 146
Jan 15954
Mar 2
Jan 54
Mar
Jan
Mar
Feb
Jan
Feb
Jan
Jan
Mar
Jan
Jae
Mar
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Feb
Indus. & Miscall.
Adams Express pref_100
Jan 9834 Mar
500 9731 Mar 10 9831 Mar 13 93
Air Reduction new
Mar
Mar 63
2,800 61 Mar 16 63 Mar 16 61
Alb Pert Wrap Pap rts_ 4,300 131 Mar 15 234 Mar 10 15( M
231 Mar
Am & For Pow 2d pret• 6,100 87 Mar 15 89 Mar 10 81
Feb 8934 Mar
Mar 19 53
Feb
Alliance Realty
*
90 70 Mar 15 71
Jan 75
% mar 12
% Mar
Am Metal rights
22,600
55 Mar 12
55 M
Jan 144
Feb
Am Radiator pref_100
100143% Mar 16 14355 Mar 16 142
Feb
Am Wholesale pref_ _100
10 108 Mar 16 108 Mar 16 107% Jan 110
Ma 7431 Jan
Austria Credit Anat
100 7131 Mar 16 7155 Mar 16 71
Autosales Corp
* 1,700 834 Mar 10 9 Mar 16 634 Jan 9% Feb
Preferred
50 1,100 31 Mar 15 3331 Mar 13 31)
Jan 3734 Feb
Bank of America_ _ _ _ 100
820672 Mar 12709 Mar 15 388
Jan 709
Mar
Bank of N Y & Tr Co 100
70685 Mar 14690 Mar 10 655
Feb 69534 Jan
Belgian Nat Rya part of_
700 8634 Mar 15 86% Mar 10 85% Feb 8731 Jan
Jan
Borden Co
50 6.600165 Mar 10172% Mar 13 159
Feb 187
100 42 Mar 16 42 Mar 16 32
Brit Emp Steel 1st pf 100
Jan 4631 Feb
Brit Empire Steel___100 1,400 3% Mar 13 455 Mar 16 1% Jan 634 Feb
Feb
British 2d pref___100 600 6% Mar 12 8 Mar 14 253; Jan 12
Bucyrus-Erie
10 3,900 2655 Mar 12 27% Mar 12 2431 Feb 29% Jan
Cony preferred
5 7,700 3555 Mar 13 37 Mar 10 3331 Feb 3734 Jan
110% Mar 14 110% Mar 14 11034 M 110% Mar
Preferred (7)
100
Calif Petroleum ctfs__25 1,650 2534 Mar 16 26 Mar 10 2554 M
26% Mar
100
50 140 Mar 14 145 Mar 10 140
City Investing
Feb
Ma 146
100
100 1755 Mar 12 17% Mar 12 17% M
Crex Carpet
1854 Feb
Container Corp cl A_ _20 2,400 23 Mar 15 2354 Mar 15 23
Ma 2354 Mar
Class B
• 6,100 10% Mar 16 11% Mar 15 10% Mar 11% Mar
Cent Alloy Steel pt_ _100
10109 Mar 16 109 Mar 16 107
Jan 111
Jan
Colo Fuel & Iron pref 100
101 135 Mar 16 135 Mar 16 135
Feb
Mar 136
Devoe & Kayo let pf_100
50113% Mar 15 114 Mar 13 108
Jan 115% Jan
Drug, Inc
*36,500 80 Mar 15 84% Mar 16 80
M
84% Mar
Durham Hosiery
100 6 Mar 14 6 Mar 14 6
60
Mar
Mar 6
Preferred
100
100 46 Mar 16 46 Mar 16 46
Ma 46% Jan
Eisenlohr Bros pref 100
50 91 Mar 13 92 Mar 13 sag Jan 100% Feb
Fairbanks Co
25
100 334 Mar 15 3% Mar 15 2% Feb 3% Mar
De Beers Cons Mines__
100 27% Mar 16 27% Mar 16 27% Mar 27% Mar
Fuller prior pref
600 102 Mar 13104 Mar 14 102
*
Ma 107% Jan
General Cable
* 9,200 25 Mar 12 3755 mar 15 21
Feb 3755 Mar
•150100 64 Mar 10 84% Mar 15 56
Class A
Feb 84% Mar
General Gas & El cl B *
200 44 Mar 12 4434 Mar 14 37
Jan 4431 Mar
Feb
Goth Silk H pf ex-w 100
50 110 Mar 10 110 Mar 10 109
Jan 111
Graham-Paige Motors_•52,500 18% Mar 12 20 Mar 16 16% Feb 20% Jan
Feb
Jan 109
Gulf States SU 1st pf 100
30106% Mar 12106% Mar 12 104
Hershey Chocolate
• 5,800 3331 Mar 13 38 Mar 16 30% Jan 38% Mar
Preferred
* 7,300 72% Mar 14 7354 Mar 16 7011 Feb 7434 Jan
Prior preferred___ _100
500192% Mar 15102% Mar 12 101% Jan 103% Jan
Mar
Int Silver rights
Feb 34
2,500 2831 Mar 16 3131 Mar 12 25
Island Creek Coal pref_l
10107% Mar 13107% Mar 13 107% Mar 107% Mar
Feb
Johns-Manville
*37,800 111% Mar 12122% Mar 15 111% Mar 125
100121% Mar 13 121% Mar 13 11931 Feb 12155 Mar
Preferred
100
H M
Mar 10
% Ma
r
54 Mar
Mar
Kayser Co rights13,000
% M ar 14
r20
Mar
Keith-Albee Orpheum.*
600 1931 Mar 16 20 Mar 15 1931
Mar
Mar 99
Preferred
100 600 98 Mar 16 99 Mar 16 98
Kroger Grocery .5: Bak.•37,800 74% Mar 15 77 Mar 15 74% Feb 80% Feb
Loew's Inc pref
* 1,400 99% Mar 15 100% Mar 15 99% Mar 100% Mar
Feb
Feb 66
McCall Corp
*
800 58 Mar 10 59 Mar 10 56
Jan
Mex Petroleum
Mar360
150250 Mar 16250 Mar 16250
100
National Radiator
• 9,400 3534 Mar 15 38 Mar 10 3454 Feb 4031 Jan
Feb 9855 Jan
Preferred
*
200 97% Mar 10 9734 Mar 10 94
Norwalk Tire & R pf_100
40 33% Mar 12 34 Mar 15 3331 Jan 44% Feb
Feb
Pac Gas & Elea rights___ 26.127 I% Mar 10 2 Mar 16 1% Mar 2
Pacific Mills
100 34% Mar 16 3454 Mar 16 3455 Mar 3455 Mar
M
Phillips Jones Corp_ ___*
5334 Jan
300 45 Mar 14 45 Mar 14 45
Feb
Pro-phy-lac-tic Brush_ _•
50 83 Mar 12 85 Mar 10 6931 Jan 91
Mar
Jan 180
Pullman Co
20 179 Mar 14 180 Mar 14 169
100
Mar
14
67%
68
Mar
68
Ma
Purity Bakeries el A ctfs
Mar
16
400 67%
Rels(RobO&Co lot p1100
500 6631 Mar 12 7034 Mar 13 61% Feb 7031 Mar
Reo Motor Car
1090,600 2355 Mar 12 2834 Mar 16 2255 Jan 2631 Mar
Richfield 011 of Cal_25 43,300 2634 Mar 10 2934 Mar 16, 2354 Feb 2931 Mar
Stand Corn Tob
* 4,300 3231 Mar 16 35% Mar 12' 3234 Mar 3754 Mar
Un Biscuit
* 1,900 36% Mar 12 38% Mar 15 3634 Feb 42% Jan
Feb 8431 Jan
Universal Leaf Tob
* 5,600 74 Mar 14 79% Mar 15; 71
West Penn El pref (0..6
490100% Mar 1410131 Mar 13,100% Mar 103% Feb
West Dairy Prod Cl A • 3,700 6031 Mar 12 64% Mar 15, 5334 Jan 6431 Mar
101Class B
* 4.100 3331 Mar 13 3454 Mar 16 2031 Jan 3534 Mar
*No par value.
Foreign Exchange.To-day's (Friday's) actual rates for sterling exchange were 4.873-46
4.87% for checks and 4.87%04.88 for cables. Commercial on banks,
Bight, 4.873164.87 7-16, sixty days 4.83% @4.83%. ninety days, 4.82 1-16
04.82%, and documents for payment 4.8364.83%. Cotton for payment
4.86% and grain for payment 4.86%.
To-day's (Friday's) actual rates for Paris bankers francs were 3.9334@
3.93% for short. Amsterdam bankers' guilders were 40.193-44640.23 for
short.
Exchange at Paris on London, 124.02 francs; week's range, 124.03 francs
high and 124.02 francs low.
The range for foreign exchange for the week follows:
Checks.
Cables.
Sterling, Actual4.88
4.87%
High for the week
4.87%
4.87018
Low for the week
Paris Bankers' Francs3.9 %
3.9331
High for the week
3.93
3.93%
Low for the week
Amsterdam Bankers' Guilders40.24
40.24%
High for the week
40.19
40.23
Low for the week
Germany Bankers Marks23.90
23.91
FlIgh for the week
23.88
23.90
Low for the week
Virst Liberty Loan
High 1011632 1011133 1011,31 101123, 101"st 101 4as
355% bonds of 1923-47__ Low_ 10116o 101"at 10111at 1017st 101"as 101'as
(First 3%s)
Close 101"at 101"at 101"at 101"at 101"at 101,as
Total sales in $1,000 units__
5
33 _;121
153
8
43
Converted 4% bonds ofHIV;
1
____
____ 101 631
__.----1932-47 (First 4s)
Low_
____
____
____ 1016u
------Total sales in $1,000 units_ __
---Converted 431% bondergh 102168
of 1932-47 (First 4543) Low_ 102"at
Close 1022632
Total sales in $1,000 units__ _
2
Second Converted 45e% High
bonds of 1932-47(First Low_
---Second 455s
Total sales in $1,000 units_ __
---third Liberty Loan
rah 1001432
454% bonds of 1928_
Low_ 10011,,
(Third 434s)
Close 100"at
Total sales in $1,000 units__
4
Fourth Liberty Loan
High 103"at
454% bonds of 1933-38._ Low_ 103"as
(Fourth 4%a)
Close 103"at
Total sales in 81.000 units_ _15
Treasury
HIV; 11516,1
4349. 1947-62
Low_ 115"at
Close 1151632
Total sales in $1,000 units__ _
6
High 1109,1
46. 1944-1954
Low_ 1101to
Close 11010,2
Total sales in $1,000 units.....
8
High 107"as
9915, 1946-1956
ILow. 107Htt
Close 107"at
Total sales la 81.000 unUs......
7
High 1022to
894S. 1943-47
Low_ 102"at
Close 10229,1
Total sales in 21.000 UUa
5
----102"aa 102"at 102"at 10-21iat 10
.
2iiat
102"at 102"st 102"at 10211a, 102"sa
102"at 102"at 102"as 102"at 10211ag
9
2
342
17
14
-------------------10016,2
100"al
100"at
16
103"st
103"at
103"as
151
11511as
11511at
11516,,
30
110uag
110"at
1101731
14
107"as
107Hst
107"aa
5
_-__
---......
---1001632
100"at
100"at
26
103"st
103"as
103"as
221
115"at
115"at
115"3,
16
110181,
110"as
11016.,
1
107"as
1073'as
107"as
1
1022 a:
102"at
102"a:
'6
---100"at
100"at
100"at
104
103"ot
103"at
103"at
512
115"at
115"aa
11514a
41
110"at
110"at
11016.1
27
107"at
107,722
107"at
21
1022811
102"as
102"at
171
---100"at
100"as
100"at
120
10318at
103"at
103"at
53
115"as
115"at
115163r
1
110"at
110"as
1101lo
15
107"at
107Hts
107"at
17
102"at
102"at
102wat
18
---100"ss
100"ss
100"as
7
103"at
103"at
103"at
19
115"as
115"as
115"ss
16
110"ss
1106031
1102031
22
107Hts
107liss
1076ist
25
102"at
102"as
102"as
60
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
12 lat43.Is
1 3d 431a
1021033 to 1031631114 4th 4%s
100Hts to 100"st I
NMI to 10311,,
New York City Banks and Trust Companies.
Banks-N.Y
Ask
BId
Banks.
America'
732 738 Harriman___ 910
Amer Union'_ 203 215 Manhattan* _ 608
Bowery EaatR 1170 1185 National Cityz752
Bronx Bore*. 650 670 Park
z846
Bronx Nat__ 625 675 Penn Exch._ 205
Bryant Park* 225
Port Morris
675
Capitol Nat.
Public
620
Bank & Tr_ 345 855 Seaboard 780
Cent Mere Bk
220
Seventh
& Trust Co. 314 819 State*
675
Central
198 204 Trade*
270
Chase
x554 559 Yorktown* _
190
Chath Phenlx
Brooklyn
NatBk & Tr x605 612 Dewey •.....
Chelsea Each' 324 330 First
435
Chemical_ _
935 945 Globe Exch*_ 260
Colonial._
1100
Mechanics'• _ 380
Commerce_ _ _ 558 5-62 Municipal*
430
Continental.' 390 410 Nassau
435
Corn
600 607 People's
875
Cosmoplans_
460
Fifth Avenue_ 2240 310
First
700 750
Garfield_
495
Grace
325
Hanover
1265 275
*State banks.
New stock.
Ex-dividend.
Ex-stock div Wend.
40 price,delta rs net hare
Ex-rights.
Trust Co.. Bid
Ash
New York.
Am Ex Iry Tr.z410 414
Bank of N Y
& Trust Co. 675 685
Bankers Trust 1047 053
Bronx Co Tr_ 415
Central Union 1435 445
County
550
Empire
445 466
Equitable Tr_ 817 422
Farm L dr Tr_ 750 760
Fidelity Trust 355 365
540 560
Fulton
300 Guaranty Tr_ z632 837
268 274
450 Interstate
290 Lawyers Trust
385 Mannfacturer 5700 kie
436 Murray Hill__ .375 . _
445 Mutual(Westcheater) ___ 810
N Y Trust_ _ _ 680 685
Times Square 185 192
Title Gu & Tr 790 800
US Mtg & Tr 470 480
United States_ 2850 2900
Westchest'rTr 1000 1075
Brooklyn.
Brooklyn.. _ 1250 1280
Flings Co_ _ _. 2800
Midwood_ _. 274 290
Ask
910
614
758
652
215
750
630
790
230
690
285
200
New York City Realty and Surety Companies.
All prices dollars per share.
klliance R'Ity
kmer Surety.
Bond & M G.
Lawyers Mtge
Lawyers Title
& Guarantee
Bid
70
325
460
336
342
Ask
75
Mtge Bond.335 N Y Title &
470
Mortgage__
340 U S Casualty.
Union Guar.
346
& Mortg.__
Bid
187
577
380
140
Ask
197 Realty Assoc'
(Bklyn)com
1st pref.__
585
420
25 pref....
Westchester
Title at Tr_
155
Bid I Ask
314 , 317
97 I --9451 _025 ,---
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Am.
Rate.
June 15 1928-- 355%
D00. 15 1928
334%
Mar. 161929... 334%
!late.
Ann.
Bid.
991643
99"ts
99"st
Asked,
Matlirlip.
BM.
998011 Sept. 15.1930-32 834% 99less
99"ts Mar. 15.1930-32 3)4% 999s1
991131 Dec. 15. 1930-32 834% 99Hst
CURRENT
Asked,
991111
99nss
99"
NOTICES.
-Eastman,Dillon & Co., members New York Stock Exchange,announce
that Gilmer Slier has been admitted as a general partner in their firm.
-J. K. Rice & Co., 120 Broadway, N. Y. City, have prepared a circular
on Aetna Fire Insurance Co. and Hartford Fire Insurance Co.
-Herbert D. Smith, formerly with Post & Flagg, is now associated with
Friedman & Dawson, 115 Broadway, N. Y. City.
-Prince & Whitely, 25 Broad St., N. Y., are distributing an analysis of
The Electric Storage Battery Co.
-A.E. Ames & Co., Ltd.. Toronto, have prepared an analytical survey
of the Standard Bank of Canada.
-Otis de Co. have prepared for distribution an analysis of The Owens
Bottle Co. common stock.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
1629
OCCUPYING SEVEN PAGES
For sales during the week of stocks usually Inactive, see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
March 10.
Monday,
March 12.
Tuesday,
March 13.
Wednesday. Thursday,
March 14. March 15.
Friday,
March 16.
Sales
for
the
1Veck.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basil of 100-share lots
Lowest
Highest
PER SHARE
Rangefor Prete.=
Year 1927.
Lowest
FROWN
$ per share $ per share $ per share $ per share $ per share $ per share
Railroads.
Par
per share
$ per share
pw share Per share
18312 18414 18414 18512 18458 18634 18558 18834 18678 18778 187 18978 Shares Atch
Topeka & Santa Fe__100 18238 Mar 2 19534 Jan 6 16114 Jan 200
22,100
*104 10438 104 104
Aug
104 104
104 104
10418 10438 10418 10418 1,800 Preferred
10212
100
Jan 5 10514 Jan 25
9938 Jan 10634 Dec
17278 173
17134 17278 172 174
17378 174
175 17514 17634 180
Atlantic
5,500
Coast
Line RR
100 167 Mar 2 18814 Jan 4 174% Apr 20512 Aug
11018 11138 11014 11178 11038 1123s 111 113
11278 11378 11334 11512 71,600 Baltimore & Ohio
100 109 Feb 7 119 Jan 7 10612 Jan 125 Oct
03014 8134 *8014 81
8038 8038 8038 8038 8058 8178 *8012 8114 1,100 Preferred
100 80 Feb 10 84 Jan 18
7314 Jan 83 June
73
7412 7212 73
*73
74
7314 7538 7412 7412 7412 7512 2,500 Bangor & Aroostook
50 69 Jan 5 8414 Jan 11
44 Jan 10312 May
11178 11178 *11134 11234 *11134 112 *11134 112 *11134 112
11014 11134
50 Preferred
100 11014
20 115 Jan 10 10112 Jan 122 June
6312 6458 634 6414 6278 64
6212 63
6212 6234 6312 6534 24,600 Bkin-Manh Tree v t o_No par 533s Feb
Jan 17 6534 Mar 16
53 Aug 7078 Jan
8914 8914 *8734 884 8834 8834 88
88
8712 8712 87
88
1,300 Preferred v t a
No par 82 Jan 4 895a Mar 9
1838 1834 1812 1878 1814 1812 18
781* Oct 88 Jan
1818 1734 1814 1758 18
5,800 Brunswick Term & By Sec_100 1412 Jan 5 2014 Feb 16
*51
.52
712 Oct 1938 Dec
*51
52
51
51
*51
52
*51
52
*51
52
20
Buffalo & Snag pret
100 50 Feb 3 53 Feb 8
*71
79
40 Apr 58 June
*7012 77. 071
77
7514 7514 77
77
*7514 7912
160 Buffalo Rochester & Pitts_100 60 Feb 24 80 Jan 7
70 Dec 115 Mar
06238 83 *6238 63
63 83 *6238 65 *6238 6312 634 6314
160 Canada Southern
100 6212 Jan 19 13314 Mar 16
59 Jan 65 Dec
20858 211
213 2154 211 21458 20812 21232 21014 21221112 2143 93,500 Canadian
4
Pacific
100 198 Feb 7 21584 Jan 7
---- ----- -- -- -Full paid ctfs
18
-*9412 ___- *9412 _
Feb
-20112
19412
Feb
23
4.9412 _ _
Dec 21513 Dec
2031sl
.39412 ---•ii1.2 -_-_-_: ______ Caro Clinchf & Ohio
100 94 Feb 14 98 Jan 14
*10358 104 •10358 10334 *10358 10334 •1035g 104 **
83% Jan 9514 Dec
1934
04 2 164
- 104 10414
30 Centre stamped
100
Jan
103
14
5
*
10414
Mar
*296 300
16
9812
301 301 *296 302
Feb 106 Oct
300 300 *295 302
18912 19014 190 19134 191 19234 191 19434 193 19438 302 31912 1,100 Central RR of New Jersey_100 297% Feb 17 31912 Mar 11 285 Jan 348 June
19312 19478 18,300 Chesapeake & Otelo
100 185% Feb 20 20514 Jan 6 15134 Jan 218% Otst
618
*6
614 *6
614 gg
6
678
7% 714
718 738 5,000 Chicago & Alton
100
94 912 *9
5% Jan 30
738 Mar 18
*912 10
4% Jan 103* June
10
10
1034 1014 1012 1012 1118 7,400 Preferred
100
7% Feb 20 12% Jan 8
*37 7% Jan 18% July
3778 3778 *37
39
38
40
40
40 *39
700 Chic & East Illinois RR_100 37 Feb 28 4312 Jan
40
65 65
4
Jan 51 July
301,
6434 6512 65
66% 6734 70
6934 71
7012 4,225 Preferred
70
100 6218 Feb 24 78 Jan 3
1034 11
43 Jan 84% Oct
1038 11
11
1138 1114 1184 1134 12
Chicago
1134
1214
8,400
Great
Weetern
100
94 Feb 8 13% Jan
2358 2358 2212 2338 223, 2438 2334 2478 2434 2584 2538
Jan
2212 May
812
2634 16,000 Preferred
100 2012 Feb 20 2938 Jan 6
2234 23
2212 24
44% June
2358 2412 2458 2614 26
268 2534 2638 104.600 Chicago MS,& St Paul new_ _ 2214 Mar 5 2878 Mar
15
9
Jan
19% Dee
Certificates
100 1558 Feb 2 20 Jan 9
39
9 Jan 19% Dec
3934 3858 -3978 3978 41
4034 -431
4 4284 4312 4112 4318 61,300 Preferred new
37 Mar 2 4334 may 14
3712 Dec
Preferred
certificates___
_100 30% Feb 2 38% Jan 9
7958 8012 7912 8134 8112 8234 8258 8414 83% 8334 8418
18% Jan 373* Dec
52,300 Chicago & North Weetern_100 7914 Feb 20 8812 Jan 6
86
•141 150 *141 150 0141 150 •141 150 *141 150
78% Jan 97% Sept
*141 1501
Preferred
00 140 Feb 15 148 Jan 24 12414 Jan 150 Oct
10934 11014 10938 11038 109 1108, 10912 1105* 11018 1108 110912
1107
Chicago
Rock Isl & Pacifio_100 106 Feb 18 11214 Jan 3
* 15,300
•107 108
8815 Jan 116 July
108 108 *107 109
10734 10734 *10734 10834 *108 109
100 7% preferred
100 108% Feb 9 110 Jan 3 10284 Jan 11134 Dec
101 10114 *10114 102
10178 10212 *10112 10212 *10112 10212 1023, 1023, 1,300 8% preferred
100 100 Feb 24 10212 Jan 7
•106 110 *106 110
Jan 104 Nov
9514
107 107
108 10814 10814 110
110 110
700 Colorado & Southern
100 106 Feb 21 116 Jan 6 84 Jan 137% July
•78
7814 *7734 7814 *7784 7814 *7734 7814 7714 7734 75
75
30 First preferred
100 75 Jan 14 7884 Mar 5
70 Jan 78 Dec
07214 84
4.724 75
*7214 75
*7214 75
*7214 75
*7214 75
Second preferred
100 72% Jan 3 75% Jan 3
88 Jan 75 Oct
7134 7134 7134 7134 7012 71
7012 7112 71
711 *7012 71
2.200 Congo! RR of Cuba pref
100 6918 Jan 28 75 Feb 16
081
85 Aug 77 May
92
9214 *81
081
92
84
88
*8812
894
90
P.R
897
Cuba
110
8
pref
100
84 Mar 14 9214 Feb 23
18484 16212 •16612 16712 16534 187
7914 Apr 93 Dec
1664 172
171 172
169
Delaware
17114
7,400
&
Hudson
100 16314 Feb 10 186 Jan 6 1711* Jan 230 June
•13334 13434 134 134
13412 137
13714 140
13934 142
141 14234 21,200 Delaware Lack & Western_ 50 129 Feb 20 14234 Mar 16
1301s Oct 173 Mar
*5034 53
*52
53
51
53
54
55
*5012 55
*52
58
1,200 Deny & Rio Or West pref WO 50% Feb 20 5884 Jan 5
41% Jan 6784Jun.
5232 53
5318 5478 5418 5634 5518 561
5612 573g 5612 5734 45,000 Erie
100 4953 Feb 7 86% Jan 4
5512 56
39% Jan 6984 Sept
5618 57
5678 5712 57
571
5718 5712 5718 5712 6,800 First preferred
100 54 Feb 20 63% Jan 7
*53
5238 Jan 6614 Aug
54
54
5514 5512 57
5512 551 *55
5812
*56
1,200
Second
preferred
5612
100 52% Feb 17 62 Jan 6
9583 9578 9514 9614 9538 98
9534 96
49
Jan 84% Aug
97
9712 9734 9838 14,600 Great Northern preferred 100 9312 Feb 6 983/Mar 16
9358 9358 9314 9314 9312 9384 9378 96
79% Jan 103% Sept
969618 96
9614 4.900 Fret certificates
100 91% Feb 7 9684 Jan 7
2134 22
2158 211
851* Mar 101 Sept
2184 223* 22
221
22
23
225
8
23
8,700 Iron Ore Properties_ _No par 213* Feb 20 25 Jan 24
47% 48
18 July 2884 Sept
50
501
50
6012 50
5238 5212 5812 55
5712 18,300 Gulf Mobile & Northern_100 4514 Feb
*10412 106
10412 1041 *10412 106 *105 106 110412 10412
5814 Jan 7
851* Jan 7638 July
105 105
400 Preferred
100 104 Feb 20 107% Jan 7 105 Jan 11214 Apr
10
10 *---- 10
*7
10 *____ 14 *._ 14 *____ 14
100 Havana Electric Ry___No par 10 Mar 10 13 Feb 8
•____ 65
85 65
1412 Dec 308g Jan
65 65 *____ 6638 064
6638 64
64
300 Preferred
84 Mar 1
*34812 387 *34812 387 *34812 387 *35214 385 *35214
6914 Feb 4
68 Dec 83% July
38458 *35214 385
Hocking Valley
100 345 Feb 23 370 Feb 2 200 Jan 425 Oist
64
544 55
55% 5384 5484 537 537
5312 5378 5314 5353 4,500 Hudson & Manhattan ___ _100 51 Jan
084
86
5715 Jan 9 40% Jan 65% may
*8312 86
8338 8353 *8312
*84
86
8412 841
300 Preferred
100 83 Jan 18 92 Jan 10
13538 1351 13534 1387 135% 13633 13514 86
78 Jan 9012
138 13672 13612 138
136
8,800 Illinois Central
100 13184 Jan 11 14434 Jan 27 1211s Jan 139% May
0135 138 *135 138 •135 138 *135
Oct
138
13814 13614
100 Preferred
139
100 1301, Jan 13 144 Jan 27 12081 Jan 140 Oct
80% 80% 8112 811
8058 8058 *8034 8112 *8034 8112 *135
08034
811
Railroad
230
See
Series A_ _1000 80 Jan 4 818* Jan 12
*38
391
38
Jan
74
38
38
83
38
Oct
03614 3734 *3812 38
3612 3612
400 Int His of Cent America...100 3612 Mar 18 4114 Jan 26
23 Apr 4212 001
•7378
*7312 ____ 7318 731 *7388
.37318
•7318
Preferred
10
100
69%
Jan
3
*3512 361
75 Mar 7
3734 3512 3634 36
3512 3638 36
62 Apr 74% Oct
387* 3714 40
14,200 Interboro Rapid Tran v t c_100 29 Jan 5 40 Mar 18
*218 21
3012 Aug 52% Feb
*218 212 *218 21
•218 212 •214 212 *214 212
Iowa Central
100
211 Jan 16
212 Jan 16
54
5812 5538 567
1
Jan
544 553
612 Feb
56
584 5718 5858 57
Kansas
20,400
City
Southern
577
8
100
4914
Feb 7 83% Jan 7
7078 707
7078 7072 7078 707 •70
Jan 70% July
4114
71
707
8
7138
7212
Preferred
74
3.100
100 70 Feb 8 74 Mar 16
8612 863
8834 89
64% Jan 7312 Dec
884 8938 8914 9434 94
9578 19414 97
Valley
17,800
Lehigh
50
8418
Feb
20
8812
*146 149
Jan
9784
14
147 147
Oct 13712
147 147
148 14834 14834 150 *149 150
1,700 Louisville & Nashville
100 14514 Mar 9 155 Jan 11 128% Jan 15918 June
*7614 80
*7612 80
*7612 80
Oct
*7812 80 *7612 80
80
80
10 Manhattan Elevated guar_100 75 Jan 9 8514 Feb 2
°4212 43
4034 4218 4178 4172 41
7814 Dec 90 Feb
4112 40/4 4112 4212 43
Modified
guaranty
2,900
100
40
Jan
10
45% Feb 2
*412 512 *412 512 *412 512 *412 512 *412 512
41
,
4
Dec
54%
Feb
Market
Street
*412 512
Rallway__100
4% Jan 17
•20
5% Jan 17
*20
27
432 No
27 •20
678 June
27 •20
27
*20
27
*20
27
Preferred
100 25 Jan 17 25 Jan 17
47% 4714 48
18 Fe
48
2511 June
48
48
4632 4638 4612 4612 *47
48
600 Prior preferred
100 48 Feb 29 5412 Jan 17
*10
41%
15 *10
Fe
5984
15 •10
Aug
15
*10
15 *10
15
010
15
Second preferred
100 15 Jan 17 15 Jan 17
1112 Oct 171z June
*2% 212 *214 212
214 214
212 212 *214 234
214 214
300 Minneapolis & St Louis.....100
214 Feb 21
314 Jan 11
*44
las Jan
45
45
46 •44
4%
46
46
Feb
46
*45
46
045
46
Paul
St
Minn
&
100
SS Marie_100 42 Feb 8 5238 Jan 6
080
81
27 Jan 5012 Dec
81
81
*80
81
*80
81
*80
83
080
81
100 Preferred
100 75 Feb 7 84 Jan 11
06814 6812 *68
50 Apr 8812 Dec
6814 68
68
*68
69
*8814 69 .68
69
Leased
linos
10
100
6714 Jan 10 7112 Jan 9
38
3612 3638 3758 36
5814 Ma
71 Nov
3712 3812 3812 3832 39
3812 3912 13,900 Mo-Kan-Texas REL.-No Par 33% Feb 8 4112 Jan
10634 10634 10678 107
3
31% Jan 5812
10672 107
10714 10712110514 10512 10512
2,100 Preferred
100 10514 Mar 15 109 Feb 3 95% Jan 10912 June
46
4612 4512 47
46
4958 4818 5014 4918 5033 49 1064
Dec
50
Missouri
Pacific
34,400
100 41% Feb 7 53 Jan 8
108 1083* 108 10812 10718 110
37% Jan 62 Apr
109 11232 111 11212 11118 11212 25,900 Preferred
100 105 Feb 20 115% Jan 9
*218 214
24 218 *2
90% Jan 118% Nov
214 *2
218
2
2
2
218
Rys
Nat
1,200
of
Mexico
2d
pref
-100
2 Feb 17
*132 13434 0132 135
3 Jan 7
130 13138 130 13012 13012 13012 131 131
1% Aug
314 Oct
300 New On Texas & Mexico 100 130 Mar 13 139 Jan 11 121
Jan 15982 June
16114 16278 16234 164
163 18512 16334 18578 16478 1681 16612
17314 206,600 New York Central
100
158
13032 131
Feb
16
130 13012 13012 13134 13012 135
17314
Mar
18
13714
Jan
17112 Oa
134 1343
10812 10812 10912 10912 10912 10912 10952 1095e •10912 1091 13312 13512 11,200 NY Chic & St Louis Co_100 128 Jan 10 13712 Jan 23 6110 June 24012 May
10912 10934
700 Preferred
100 108 Feb 23 110 Jan 4 102 Mar 110 Dee
•180 185 *18014 184 *18014 184
180 18014 *180 184
184 18814
Harlem
140
Y
&
N
6112 6238 61
188
50
Jan
3
827
1883
4
6114 63
Mar
16 187 Dec 185 Apr
6132 6314 6134 6252 621g 6334 45,700 N Y N H &
Hartford
100 59% Jan 16 67% Feb 3
114 11438 11418 11438 114 114
41% Jan 63% Dec
114 114
114 1141 11334 114
5,600 Preferred
11314 Feb 29 11584 Feb 3 110% Oct 11488 Nov
2512 24
25
25
25
25
25
2738 2714 281
277
2
303
2
Ontario
25,100
N
&
Y
Western_10
0
24
20
Feb
*7
812 •878 812 *7
32% Jan 4
812 *7
2314 Jan 4134 Sept
812 *672 7
78
818
500 N Y Railways pref etfe_No par
44
514 Jan 24
04112 44
44
*4112 43
814 Feb 2
43
4% Dec 1514 JIB
43 *44
46
45
200 Norfolk Southern
100 41 Feb 21 49% Jan 11
18212 18212 18234 18234 185 18534 185 1863 .44
0182 183
37% Jan 6412 June
1863
4
189
Norfolk
2,500
&
Western
100 17784 Mar 2 192 Jan 6 156 Jan 202 Nov
*8514 87 •851g 87
*8534 87
*854 87 *8518 87 •8518 87
Preferred
100 8884 Mar 1 8718 Jan 25
z94
98
9514 9578 95
9458 94
83 June 90 July
9652 96
963
98
9732 13,500 Northern Pacific
100 92% Feb 7 98% Jan 3
9312 9312 93 94
x92
9258 9314 94
78 Jan 1021g Dee
93
94
9412 9534 4,200 Certificates
100 90% Feb 20 9718 Jan 4
25 020
020
25 •20
25
20
20
84 July 99% Dec
20
20 •15
21
400 Pacific Coast
100 20 Feb 18 28 Jan 12
6658 6578 6638 66
6838 667a 66
1514 Feb 31% Dec
6678 6614 663
8612
6718
Pennsylvania
42,800
60 83 Feb 9 67% Mar 9
25
25
254 2514 25
26
26
29
29
30
5884 Jan 68 Oct
2912 3112 4,700 Peoria & Eaetern
100 25 Mar 12 85 Jan 6
1324 13212 132 1324 13114 132
132 1331 13218 1321 213112 13112
20 Jan 46% July
4.800
Marquette
Pere
100
124%
Feb
*99 100
*98 100
*98 100
13312 Mar 14 11412 Jan 1401s May
*99 100 *99 100
*99 100
Prior preferred
100 99 Jan 1 100% Feb 2
09534 98
*9534 98
*9534 98
*9534 98
*955 98
93 Jan 9914 Deo
*9534 98
Preferred
100 9512 Mar
12452 1257g 12512 128
*124 126
12414 125
9914 Jan 13
12634 127
128 12812 2,600 Pittsburgh & Went Va
4984 Jan 9712 Dee
100 12114 Feb 20 147% Jan 3 12212
9758 98
9914 9734 10012 9914 10272 102 1041 10278 105
98
Jan 174 May
35,300 Reading
50 9414 Feb
042
4334 *4214 4334 *4214 43% 43
43 *43
10512 Jan
431
94 Jan 123% June
43
43
300
First
preferred
50
3
4218 Mar 1 4312 Feb 4
4412 4412 44% 448 *4412 4514 44% 4514
*4414 4434 *4414 44
40% Jan 43% Dec
1,600 Second preferred
50 44 Jan 28 4514 Mar 16
4384 Jan 50 Feb
053
56
55 *53
*53
55 053
56 .52
56
54
574 1,300 Rutland RR pref
11318 11534 1144 11534 11534 11638 11512 11638 /11414
100 50 Feb 21 57% Mar 16
11484 116
63 Jan 69 May
11614 33,600 St Louis-San Francisco_100 109
•10012
1011
*10012
1011
*10012
10112 *10034 1014 *10012 101 *10012 101
Feb 7 1161 Mar 14 10084 Jan 11714 June
Preferred A
100 100 Jan 31 102 Jan 4
79% 7612 7938 774 7912 7734 8038 80
74
8134 8114 8414 36,500 St Louis Southwestern
96 Jan 104 July
100 8712 Feb 8 8414 Mar 16
*91% 921 *9058 93 09058 92
*9134 92
92
92
Jan 93 June
61
5212 9218
200
Preferred
100 9112 Jan 11 95 Jan 3 76% Jan 94%
1518 1578 1458 1558 1434 1512 15
163
1612 1678 1612 1812 29.300 Seaboard Air
Dec
Line
100 11% Mar 3 3012 Jan 3
2178 21
21
2158 22
2112 2134 231
23
24
28% Ma
4114 Feb
2212 25
7.900
Preferred
100
1912
11918 11934 119 1201 11912 121
119 1211 120 12118 12012 12112 22.500 Southern
Mar 3 38 Jan 3
3212 Apr 4538 July
Pacific
Co
100 117% Feb 7 124 Jan 8 10614 Jan 126% Dee
14214 14314 143 143% 14314 14558 145 14558 14512 1467g 14834 14752 32.600
Southern Railway
100 13912 Feb 8 147% Mar16 119 JELD 149 Dec
991
9912 991 *9914 100
*99
9812 981
99
99
*9914 100
500 Preferred
100 9812 Mar 14 10214 Jan 17
114 11578 115 11778 11812 12112 119 1223 118 121
94 Ma 10118 Dee
11812 121
39,400
Texas
&
Pacific
100 9912 Jan 3 12234 Mar 14
4.3312 81
3038 3058 *3012 31
32
32
3038 3212 3234 33
63% Jan 103% Nov
1.900 Third Avenue
100 281/ Jan 10 83 Jan 27
19134 1924 19214 19358 192 19378 19012 194
28% Aug 41 Feb
19212 19334 19314 195 30,300 Union Pacific
100 18812 Feb 6 19814 Feb 23 1591* Jan 197% Dec
83
8318 *83 84
08312 8412 *8314 84
83
83
83
83
500 Preferred
100 83 Mar 13 8714 Jan 20
6234 6614 6552 87
77 Ma
61
6114 8114 641
7012 75
85% Dec
73
76 141,200 Wabash
100 51 Feb 18 76 Mar 16
931
92
9312 9312 96
9212 921 *92
98
9612 96
401s Jan 81 Juno
98
4,100 Preferred A
100 8812 Feb 7 9612 Mar 15
78
*85
Jan 101 June
*85
91
92
91
*85
91
90
*90
95 .91
95
100 Preferred B
100
87
Feb
4
92%
Jan
14
3912
85
4158
Jan 98 June
3938 4212 4114 4414 4258 4358 4318 4458 37.100 Western
404
39
Maryland
100 3184 Feb 8 50% Jan 7
13% Jan 67% June
040
44
*43
040
44
441
43 040
4438 4438 447s 4512
500 Second preferred
100 3312 Feb 8 50 Jan 6
23 Jan 6711 June
3113 3272 3134 3234 3212 33
3112 32
33
3334 3334 37
6.700 Western Pacific new
100
Feb
2814
7
3712
13
Jan
25% Au
47% June
5912 5912 60
58
591
60 60
58% 5972 59
6112 7,000 Preferred new
60
100 57% Feb 9 821s Jan 6
56 AD
78% Feb
72
72 068
*88
•68
72 .88
72 068
*68
72
72
Wheeling & Lake Erie Ry _100 70 Jan 27 70 Jan 27
2711 Jan 130 Feb
71
71
070
*71
761 .71
71
7814 71
7814 *71
200 Preferred
7614
100 71 Mar 12 77 Jan 11
474 Jan 97 May
•Bid and asked Womb 111ft-dividend. 4 Ex-dly. & ex-rights
New York Stock Record-Continued-Page 2
1630
For sales during the week of stocks usually Inactive, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday, , Monday,
March 10. March 12.
Tuesday,
March 13.
Friday,
Wednesday,, Thursday,
March 14. I March 15. I March 16.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots
Highest
Lowest
PER SHARE
Range for Previous
Year 1927
Lowest
Highest
per share
Industrial & Miscellaneous.
3,300 Abitibi Pow&Paper new No par 72 Feb 20 81 Feb 1
KTO;
K1-a-r
No par 95 Feb 21 10934 Jan 5
2,600 Abraham & Straus
100 11012 Mar 8 113 Jan 10 109 Aug 11313 Feb
1,000 Preferred
Jan 210 Nov
100 195 Jan 4 311 14 Feb 7 124
900 Adams Express
15% Feb
75s Oct
1412 Feb 10
1113 Feb 8
100
1,400 Advance Rurnely
100 3414 Jan 17 4312 Feb 10 221s Oct 454 Nov
2,300 Advance Rumely pref
June
64 Sept
10
4
23
Mar
418
17
Jan
234
1
Lead
26,000 Ahumada
5,380 Air Reduction, Inc._,No pnr 17712 Feb 27 19812 Jan 25 13412 Jan 19918 July
1334 Star
713 June
958 Mar 16
No par
1433 Jan 24
13,000 Alas Rubber. Ins
214 Feb
1 June
414 Feb 2
1 Jan 5
11,500 Alaska Juneau Gold Min__ 10
18
Apr 32 Sept
2,900 Albany Pert wrap Pap.No par 23 Mar 15 3114 Jan 26
102
Sept
II
June
96
Mar
11134
9813
17
Jan
100
Preferred
120
Jan 16914 Sept
44,500 Allied Chemical & Dye_No par 146 Feb 18 16013 Mar 16 131
_100 12214 Jan 4 12534 Feb 14 120 Mar 124 Aug
200 Allied Chemical & Dye pref.
Jan 118% Dec
100 1151s Feb 18 125 Feb 6 88
6,400 Allis-Chalmers Mfg
109 Feb 11213 Apr
100
Preferred
2413 Feb
Nov
1133
1404
2
Feb
Jan
ills
3
par
Leather_No
Amalgamated
1315
1313
-1;
13
6,000
-i5F8
1234 118-4
1214 13's
12l9
1134 1184 12
69 Mar 2 78 Feb 1 68 Dec 108 Feb
500 Preferred
"7714 79
7812
8 *7514 79
75
76
*73
73
'72
2753 Apr 37% Zeb
No par 2713 Feb 20 3258 Jan 8
4,300 Amerada Corp
29
293
29
2912 29
2912 2912 2912 2912 29
30
30
84 Apr 214 35e0
8 Feb 20 2173 Jan 9
15,
4,500 Amer Agricultural Chem..100
1758 177
174 1734 1714 1734 1758 1778
1814
1833 1834 18
28% Apr 7234 De*
8
713
7
20
Jan
Feb
3
5
100 55
6358 4,800; Preferred
8
1
83
6412 62
6434 6378 8414 *6
8334 8258 6378 63
63
Jan 98 Nov
41
10 2434 Jan 17 8714 Jan 27
700 Amer Bank Note
8212 83
83
83
83
83
83
834 834 83
5612 Jan 65 Sept
50 61 Feb 10 6578 Jan 3
801 Preferred
62
8212 62,2
62
62
6378 6334 6334 62
6378 *62
.62
1518 Oct 2354 Mar
1475 Feb 15 1713 Jan 11
American Beet Sugar__No par
200
15
15
1534
•15
164
•1514
8
163
*1514
•1514 1633
35 Dec 60la Jan
100 36 Feb 17 40 Feb 8
400, Preferre 1
3
42
51'
16
36
3618 *36
Jan 2624 Otil
13
*364 3812 3614 3614 *3614 42
1533 Feb 18 23 Mar 13
3165'8
19.200 Amer Bosch Magneto_ _No par
2218 2212 211 2218 2118 21%
204 2012 204 2212' 2113 23
3513 May 46 July
Brake Shoe & F newNo par 4134 Nlar 5 4913 Jan 27
Am
9.300
4314
4214
433
4313
4
4278
42
4234
42
42121
4218 4212 4173
128 Mar
4
Feb
Feb
11714
12612
4
Jan
12418
100
Preferred
I
.12514 128
4.125 126 *125 126 *125 126 *12514 128 *12514 128
514 Aug 3913 Jan
18 Jan 31
1034 Mar 14
1214 1234 16,400 Amer Br wn Boyer! El_No par
1214 13
1212 1034 12
1434 1478 124 1412 11
40 Aug 98 Feb
4512 Mar 14 63 Jan 3
100
ed
Prefer'
1,1101
8
485
50
50
50,8
50
4512
5053
47
53
50
53
53
4358 Mar 77% Deo
7013 Jan 18 8634 Star 16
Can
25
634 343,600,AmerIcan
80
14
5139 5312 8158 8314 814 8338 8158 8333 823885
Jan 14134 1)eo
100 13634 Jan 10 141 Mar 7 126
5001 Preferred
183841142
140 140
140 140
•140 141 41140 141 *140 141
95 July 111 Des
Feb 11 11112 Jan 3
104
par
Fdy.....No
&
Car
American
4,800
z105
10614
8
10512
1063
10512 10578
10534 10578 10578 10714 10534 106
12414
Oct 13434 June
30
Jan
13312
20
Feb
8
5
130
100
1001 Preferred.
13114 13114 *12834 131
•13013 133 *13012 133 *13012 133 •131 133
0813 Dec 103 Sept
100 9914 Mar 7 10173 Jan 6
500,American Chain pref
9934 9934 9958 9953 •100 1004 *100 10058 10134 10134 5,700'AmerIcan
*9914 100
Jan 7434 Nov
10
38
Mar
4
773
12
Jan
69
par
No
Chicle
7712
7714 77
7512 177
7673 774 7712 7734 7712 7712 75
Jan 110 Dec
90
No par 107 Jan 5 11012 Mar 8
7401 Prior preferred
11012 11012
4 110
1512 Nov
932 Apr
•110 11012.'110 11012'110 11012 11012 11012 1093
11 Feb 18 14 Jan 10
10
Druggists
Syndicate_
Amer
8,400
8
1218
4
123
8
123
127
1
1278, 1233 1278 12 4 134
5713 Nov
1273 1278 12
Aug
38314
9
Mar
8
683
4
Jan
par
53
Tiling_No
63
6318 2,500 Amer Encaustic
65
644 644 *63
6712 6534 65781 6418 66
Jan 183 Nov
66
100 169 Jan 10 195 Feb 17 127
Express
American
6,30131
2182
4
1823
8
17514
1837
17514
1763
4
178
17718
17814 181 I
1874 Feb 31 Dec
•1711 180
2312 2334 2312 2334 4,800 Amer & For'n Power..No par 22% Feb 28 2733 Jan 23
2378 24
2412 2312 24
24
2412 25
8613 Feb 10934 Dec
No par 10514 Mar 16 10813 Jan 3
10812 110514 10614 2,100 Preferred
127s Oct
754. Apr
•10814 10812 •108 10812 108 108141 10712 10812'108
1
Feb
1558
1034 Jan 3
900 American Hide & Leather,100
*1112 1214
1178 12 18
1134 1134 *1112 12
1112 12
1213 1218
48 Mar 6673 July
100 5214 Feb 17 673s Feb 1
3,300 Preferred
56
8 5453 5512 5514 5534 54
71
Nov
Jan
9
30%
Mar
6813
18
*5612 5712 5534 5534 554 557
Feb
59
par
6518 854 5,500 Amer Home Produota...No
6412 65
644 6534 x647,3 65
8613 6678 6412 66
25% Oct 32 Aug
No par 28 Jan 10 3438 Jan 27
3312 3314 3384 41,000 American Ice New
3353 33
3153 33531 32
May
3214 3118 32
9813
Jan
32
84
1
Feb
94
7
Jan
100
90
Preferred
200
94
934 9314 *92
93
93
*9278 93
*9212 93
*9212 93
37 Mar 7238 Dee
8833 8712 9078 131,200 Amer Internal Corp___No par 71 Jan 5 91 Mar 13
8514 8911 186
8212 8212 91
10
Jan
4 June
7834 8012 80
6% Jan 27
514 Jan 12
534 534 3,300 Amer La France St Foomite 10
558 534
558 534
*534 6
534 6
6
6
Dec 90% Jan
12
6018
Mar
68
10
Jan
56
100
Preferred
100
70
*68
70
70 .68
*68
70
*88
68
68
70
•68
2018 Apr 7212 Nov
100 5638 Jan 13 11134 Mar 14
I.Inseed
American
455,000
1107
99
8
105
4
1113
9513
96
97
8412
7512 7838 7634 85
4652 Mar 9213 Nov
100 8613 Jan 13 101 Mar 15
99 10012 10,100 Preferred
994 1004 99 101
99
9878 98
97
9634 98
9914 Oct 116 May
8 Feb 20 115 Jan 31
10812 10812 10838 10978 10914 11012 9,000 American Locomotive_No par 107,
11158 11158 111 11112 z108 10834 41126
12513 Jan 26 129 Star 6 11912 Feb 127 July
100
Preferred
500
129
12812
12812
128
'
4
129
129 129 *126
•128
7314 Jan 18812 Dec
3,10 Amer Machine & Fdy _No par 15214 Feb 24 178 Jan 25
186 16112
-161 165
15512 15512 156 161
159 161
15714 159
100 221 Feb 18 22512 Jan 17 12512 Jan 247 Dec
Preferred
____ •210
*210
____ *210
_ *210
Nov 49% Dec
361s
3
13
Jan
Mar
4613
39
par
..No
Ltd.
Co
Metal
Amer
6,000
39
8
8
407
397
39
36
3978 3938
39
2 338 -40
40 161-3 /
Jan 11312 Dee
100 11012 Jan 11 12112 Mar 16 108
119 12018 119 12012 120 12012 120 12112 2,860 Preferred
2012 Des 4314 June
11714 11714 a116l2 119
18 Feb 23 26 Feb 7
No par
Plano
American
1,300
21
22
21
2212
*20
20
2212
20
19
1912 19
Nov
11014 Mar
•19
84
3
21
Jan
Feb
90
70
100
Preferred
80
79
7934 *7612 79
7514 79 I *7314 79
78
77
*7514 78
Jan 7333 Oct
54
7234 7158 7238 7212 7373 43,400 Am Power & Light_ __No par 6214 Jan 11 75 Star 9
724 7478 724 7413 7034 7258 70
Star 8 11012 Jan 14773 Sept
14312
18
Jan
13012
25
Radiator
American
13,100
1
14114
14114
x140
8
1417
140
143 2
140 14212
139 14012 13834 140
8713 Apr 11614 Nov
4,000 Amer Hallway Express_..,100 11012 Jan 4 13834 Feb 21
x117 12134 123 130
•1181g 12012 *11712 11912 1171t 11712 117 11712
3518 Jan 8212 Dec
5914 6178 13,800 American Republics...No par 5114 Feb 7 7612 Jan 3
6018 6214 6018 62
6118 62 , 5718 8118 5758 63
42 July 6471 No&
..100 56 Jan 10 62 Mar 1
Razor
Batty
American
2,700
5812
1
8
5812
575
5714
57
58
2
58
6012 6178 15834 5934 5712
3878 Oct 51 July
No par 3853 Feb 18 41 Mar 8
4012 1,000 Am Seating v t o
4014 4014 4014 40
40
40
4013 40
41 1 *40
634 Jan
24 Oct
*40
538 Feb 28
3% Jan 3
Ship At Comm._ _No par
Amer
1,000
434
414
4
4
4
44
412
3
8
*43
47
8
5
413
412
Jan 12334 Nov
*414 412'
80
40 American Shipbuilding....100 104 Feb 21 119 Jan 6
111 11134 *108 112 .108 111 *108 111
Deo
18834
Jan
8
1325
4
Jan
110 110 ;•10819 110
18412
27
Feb
169
100
17318 17612 175 17814 33,800 Amer Smelting & Refining.
172 174
173 175% 174 1755* 17234 175
100 13128 Jan 9 135 Feb 2 11914 Mar 133 Dec
Preferred
*127 131 *127 131
Mar 9 1193s Jan 14624 Nov
16212
•130 13112 •127 131 •127 131 *127 131
5
Jan
141
100
Snuff
American
400
0 11
5612
10
2
014
563
15934 15934 *158 161 *155 157 *1
9412 Jan 10612 Oct
16114 16134 160 160
100 102 Jan 5 11012 Mar 2
Preferred
11014 *10612 11012
4112 Apr 72% Dee
•108 11134 *108 11134 .108 11134 *108
93.100 Amer Steel Foundriee__No par 53% Feb 18 7033 Jan 11
6312 66
64
62
July 115 Jan
11014
29
Feb
120
16
Mar
83,2 644 644 8613 6358 68
11232
100
460 Preferred
12 161612
3
11413 x11312 11412 16538
6514 Nov 9534 May
•11334 11453 11418 11438 *11334 11434 11414
100 55 Feb 18 7814 Jan 12
6712 6512 8812 48,800 Amer Sugar Refining
5912 6138 5934 6114 62
61
104 Nov 11613 May
28
Jan
11014
17
Feb
6073 6Os 60
100
100
Preferred
500
10613 10634
10518 10518 .105 10512 *10533 106
414 Jan 6814 Oct
10513 10512 *105 106
No par 4752 Feb 27 6213 Jan 7
5012 5012 50
6,000 Am Sum Tob v t o
51
50
50
26
Apr 3624 Aug
50s 5013 5013 5112 5013 51
600 Amer Telegraph & Cable,.100 25 Mar 2 32 Jan 17
26
26
26
26
26
26
26
26
26
14
14914
Jan 18512 Oct
Mar
8
1823
17
15712
*26
Feb
2712 26
100
Teleg
&
Telep
18112 18238 117914 18078 180 18014 20.300 Amer
181 182
Jan 189 Nov
18012 18112 18114 182
Tobacco corn...,50 15838 Feb 18 176 Jan 3 120
American
1
5,100
16934
167
16612
167
4
168
167
Jan 3 11914 Jan 186 Nov
177
18
16734 16734 16712 16934 167 168,8
Feb
15612
50
B
Class
Common
9,500
166,2 1673.1 16638 169
167 168
11018
4
Jan 120 Dec
Jan
120
27
Feb
11714
18818 16912 16712 17014 16712 170
100
500 Preferred
119 .115 119 *115 119
119 1194 *117 120 *117 120 *117 117
1,200 American Type Founders,.100 11538 Feb 10 12634 Jan 3 11978 Nov 146 Feb
11714 11714 117 11714
117
114 Jan 10 10714 Feb 116 Sept
7
Jan
1075s
117 11714 117 11712 117 117
100
Preferred
114 114
114 *111 114
46 Aug 721s Sept
•11034 11358 •11034 114 ,•11078 114 *112
0 Am Wtr W142 & Elc newNo par 5212 Feb 27 61 Jan 3
5312 7,30
'
54
53,2 5412 53
9973 Oct 10313 Dec
10112 Jan 10 105 Feb 20
55 I 534 55181 5312 544 54
54
400 1st preferred
10134 10134 10178 10178 10212 10212 10212 10212
24%
14
Feb
3
1612 June 3332 Jan
Jan
201s
•103 104 1 ,110112 102
100
2134 2178 217 2212 4.000 American Woolen
2214 2178 22
2212 22
224 22
*22
4673 June 8613 Jan
r
100 4973 Jan 3 6214 Feb 14
Preferred
2.700
57
8
555
o
4
56
*5512
1913 Feb 9
978 May 2414 Oct
1534 Jan 11
5641 5512 55781 553g 5512
56
800 Am Writing Paper ctfs_No par
1614
1614
1612 1612 1614 1614
175* 1733 *1612 1734
2534 Apr 5714 Aug
•1612 18
400 Preferred certificates....._100 41 Jan 5 4834 Mar 1
431s 4318 4334 4334
45
45
47
638 Jan 10 23 Mar 15
4513 4518' *45
48
534 Sept 11814 Feb
*45
25
Smelt
&
Lead
Zinc.
Amer
56,100
2014
8
215
23
2013
22
1613 1518 1638 1558
Oct 5114 Feb
35
1658 16
26 40 Jan 16 84 Mar 15
16
8138 8212 21,300 Preferred
81% 84
4114 June 6013 Dee
7212 7312 7213 7312 7112 7414 7278 7913 5512
28,800 Anaconda Copper Mining..50 54 Jan 18 59% Jan 4
5612 5514 56
5478 5418 55
54
38 Mar 63 Deo
5514 Feb 20 6178 Mar 14
5412 5534 5412 55
par
Mlill'd_No
Danls.
Archer,
0
0
1
0
2
0
10,
1
,4
0
16
16
9
14
15
81 2
6178 60
6134 61
60
Jan 11313 Dec
5912 80
61
100 11234 Feb 20 11514 Star 16 106
60
Preferred
11358 114
Oct 9614 Feb
79
•11334 11514 *11334 11514 1134 11334 11312 11514
1,100 Armour & Co (Del) pref. 100 86% Jan 3 9173 Jan 30
8814 8812 8814 8814 *8812 8934 8818 8958 23,700 Armour of Illinois Class A_ _25 1114 Jan 16 1614 Feb 14
1572 Jan
May
89
814
90 .88
1588
1414 1418 1438 1378 1414
14
918 Jan
Dec
5
10
Jan
14
Feb
1418 1412 1413 1433 1418 1414
25
1012
653
814 812 32,900 Class B
814 81 2
814 812
814 812
814 84
60 Apr 8614 Jan
814 84
100 6718 Jan 12 8018 Feb 14
Preferred
5,400
78
7714
77
7712
5513
Nov
7734 *7612 77
Apr
7678 7678 76
21
77
41
14
77
Mar
par
21
Jan
5114
Constable
Corp_No
Arnold
2,300
4
3,12
47
712 2
22
42 • 4212 *4
41
41
42
4334 4213 4318 42
Jan 32 June
22
*43
Art Metal Con8truction____10 2513 Jan 10 2733 Feb 11
2714
54% Jan
Dee
4
402
41
*2614 2714 *2634 2714 *2634 2714 *2612 2714 *27
15
par
Star
43
5
Jan
No
Corp
Artloom
1,400
43
4134
41
x41
42
•41
*4013 42 I *4012 42
42
*40
100 10914 Mar 6 11112 Jan 28 10912 Nov 11412 Nov
60 Preferred
11012 11012
11012 11012'11012 114
3913 Feb 5358 Nov
*11012 114 *11012 114 1'11012 114
No par 4114 Mar 1 4814 Jan 23
3,450 Assoc Dry Goods
4218 4258 4218 4314 4212 427
42131 4218 43
4238 42
9713 Mar 112 Deo
42
100 108 Feb 18 11218 Jan 13
preferred
1st
109 •107 109
*107
109
•107
109
Mar 114 Dec
*107
109
*107
105
109
•107
100 112 Jan 3 11913 Jan 27
2d preferred
*115 117 •115 117
Oct 5014 Feb
36
•115 118 *115 118 1•115 118 •I15 118
25 3712 Feb 18 4134 Jan 3
30 Associated 011
4034 4034 *3934 4034
Mar 4312 Nov
30%
•3958 4012 4012 4012 *3958 4034 3953 3938 4012
23
Jan
8
5
pat
45
18
Feb
3718
4218 15,700 At, 0&WI8E3 Line._No
4112 41
4212 4411 43
4353 394 4278
4218 44
100 38 Feb 27 56 Star 12, 2934 Mar 41% Nov
Preferred
38,200
8
477
8
473
4
493
4713
527
Dec 13133 Aug
5234 5518 47
56
5058 5153 52
100 9534 Feb 9 1098 Jan 61 104
18.000 Atlantis Refining
10514 10612 10512 10513 10512 109
10514 107
1074 10914 10714 109
100 116 Jan 6 11814 Jan 3 11512 Feb 119 Aug
Preferred
11913
8
*1163
120
.1163*
120
•116
70 June
Mar
120
5613
*117 121 *116 120 1'116
No par 63 Jan 3 7112 Mar 6
1.400 Atlas Powder
70
70
70
6934 67
Jan 107 July
98
6912 70 1 *6712 8912 67
70
*69
100 10213 Jan 20 109 Feb 6
10 Preferred
*106 108 *106 108
10812
10612
1215 Apr
June
*10618
714
4
10614
1083
3
*10614
•10614 10834
814 Jan 5 1678 Feb
No par
1,30()Atlas Tack
10
1014
1012 1012 1014 1014
414 Mar 1014 Jan
11 I 1034 11
11
1078 11
43s Jan 3
612 Jan 5
1,200 Austin, Nichols&Co vtcNo par
514
514
514
r 35 *30
a
Jan
Dec 81
518
2313
5
5181
21
*5
Jan
5
39
5
Jan
26
5
100
Preferred
35
*30
35
*30
4672 Nov
35
43 Nov
35 I *30
*30
35
4313 Jan 10 4814 Jan 23
*30
1,500,Autostr Sat Rasor A...No par
4434 4434 444 46
.4434 4612 4512 4618 454 4538 4513 4513 273 273 *270 271
Baldwin Locomotive Wks.100 242 Feb 10 28212 Mar 12 14318 Jan 26534 Sept
7,000
272 275
Jai 12514 July
277 28212 277 282
270 275
100 118 Feb 23 121 Jan 13 116
200 Preferred
12012 12013
Dec
121 121 *12012 121
*120 121 •120 121 *120 121
300 Bamberger(L)& Co pref..100 1083 Jan 24 1114 Jan 5 10634 Star 11072
109 10913 *109 111 *109 111
5374 Feb
Jan
40
1
Feb
6213
14
109 110 *10913 110 *10912 110
.
Mar
par
3612
Leather
No
Barnett
38
3834 2,200
3812
3612
40
Nov
3612
100
3
7
43
Mar
9514
*4312 4373 3140
*4312 45
100 104 Jan 3 105 Jan 27
Preferred
*10512 110 *10513 110
20% Oct 3513 Feb
'105.... *10512 -----'10533 -- *10512 110
25 221s Feb 18 2613 Jan 14
28,300 Barnsdall Corp class A
2358 2378 2233 2312 2218 2234
2012 Oct 3212 Feb
2414 237g 2418 2334 24
24
25 22 Feb 14 2534 Jan 13
Class 1)
23
*22
23
*22
24
4912 Jan 109 Dec
Mar 1
14012
101%
18
•2334 2434 *2334 2434 *2313 2434
Jan
par
No
Cigars,
In!
2,000,Bayuk
12812
12913
129
129
Jan 110 Aug
101
16
130 133 1 128 13214 *129 132
Mar
10914
10
13478 135
Jan
4
1073
100
901 First preferred
109 10914
10812
10812
109
*10812
Oct 1814 June
109
14
.10812
109
171s Jan 6
1214 Mar 16
*10812 109 *10812
No par
5,600,Beacon 011
1214 13
1314 1378 1318 1314
5014 Apr 744 Nov
1314 14
9
Feb
8313
1438 1312 14
17
14
Jan
8
20
715
Packing
Beech
Nut
4,600
7812 7878 7814 7934
78
7834 78
100 116 Jan 9 116 Jan 9 114% Jan 119 Mar
7813 7978 7833 7934 •78
Preferred
_
1513 July 2714 Jan
1813 Jan 20 22 Jan 12
6,000 Belding Ilem'way Co__No par
201-4 203i 1978 2012 2018 2033
49% Aug 5952 Nov
4 207 2114 "15" 10-7; -60
-211.4 I11NO
5334 Jan 19 611 2 Mar 15
Co
&
par
6412 6312 6.512 16,100 Beat
62
62
4 Jan 6811 Sept
433
7
2
,
Feb
59
60 6034 5938 604 59 62 59 6112 5934 61
100 55% Jan 20 6213
60
604 132,100IBethlehem Steel Corp
6018
584 604
$ per sharel $ per share $ per share $ per share
15 per share $ per share Shares
4.76
761, 7612 7553 7473 7538 75
754 75
10012 10413 10334
•101 10312 101 101 *10073 103
.11078
111
111
III
111
III
111
111 III
260 260 1265
250 260
265 205
*245 270
13
134 1313 1318 1313
•131, 134 13
13
40
4012 39
4012 4012 41
4012 .39
•39
378
334 4
334 4
334 4
334 418
183
18012 182
17934 18233 182 183
18012 181
934
934 10
934 10
0% 10
973 10
4
373
4
412
4
418
4
4
4
2478 2313 2334 23
2533 2413 2412 24
24
11058 11053 11053 11058 111 11134 11058
*110
152 15312 15318 15512 153 15413 152 15318 15214
•122 1254 *124 12512 125 125 212314 12314 *122
119
1204 12034 119 1204 11778 12173 119 121
80
78
78
102 102
104
11078 111
III
270 273
270
1212 123.1
13
39
39
39
378 4
4
182 180,8
183
10
953 978
378 4
4
23,2 2312 2312
11053 11158 11158
15412 15612 16012
12312 *123 12312
11934 119 12012
a Ex-rights
• Bid and asked prices; no sales on this day. g Ex-dlvidead.
per share
$ per share $ per share
New York Stock Record-Continued-Page 3
1631
For sales during the week of stocks usually Inactive, see third page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Friday,
March 16.
$ Per share $ per share g per share $ per share $ per share $ per share
11912 11912 11958 1204 12018 1204 1194 120
11934 11934 11934 11934
3818 3934
364 3612 3634 3714 3734 3914 3914 40
36
36
•10912 111 *11014 111 *11014 111 *11014 111 *11018 111 *11018 III
9314 *88
*90
9312 •____ 9312 *__ 0314 *89
*--- 94
9314
6814 714 7034 7138 6812 6812 69
6814 69
7014 6912 70
632 *6
36
632 eg
6'2 48
6
634
614
58 614
43
4318
44
*42
48
4214 4214 4114 4114 43
*42
45
19
1918 19
*1918 21
*1858 19 *1858 19 *1853 19
19
23
2312 23 24
2612 2558 2614 2512 26
2418 2573 25
229 23034 228 22814 228 22812 22814 22812 22612 22634 225 226
148 14918 *147 148 *146 14812 148 14814 *146 14812 *146 1481:
48
48
4814 48
4713 4712 4714 4714 4734 48
4712 4812
3778 3658 3878 3534 3634 364 3733 3618 3678
34
34% 34
*96
9834 97
94
94
99
99
9912 9914 9934 *98 100
16
16
16
16
16
1678 17
20
2012 *18
2038 20
9912
9914 10038 4934 100
*9812 99
9912 9912 9912 9912 *99
160 161
15912 15912 15734 15812 15778 159
159 15914 15913 160
6073 6078 60
6112
6078 6078 6073 60,8 60% 60 60
60
11012 11012 11112 11134 111 11118 111 111
11018 11018 110% 11078
*11612 11712 11734 11734 11734 118 *11612 118
11612 11612 *11438 118
6
614
558 6
534 6
534 578
534 6
534 57
524 544 53
5514 5312 55
5212 5334 5118 5212
54
54
1038 1038 103 1012 x97 1034 1014 1058 *958 1033
1012 101
6714 6714 67 67
6618 6618 6618 7034 6878 6878 6938 6938
9834 10012 100% 10458 99 1033, 9812 101
991 10434 10018 10278
11034 1103 *11014 11012 *11014 11034 *11014 11034 *11014 11034 *11014 11034
7518 7658 7518 7612 7312 7478 7312 7458 7412 7412 7318 7412
2614 26'2 26
2512 26
26
2512 2512 2512 2534 2512 2534
178 178 •178 2
178 2
*178 2
218 24
2
218
937 9514 9112 9414 9212 9512 9334 95
9313 9412 9312 94
2114 2078 2114 2058 2118 2012 2034 2014 21
21
2058 2138
8414 88
6412 8538 64 647
6378 65
6314 63% 6314 64
261 263 x25934 26214 262 26778 25812 262 260 262
263 26934
*124 129 *122 129 *12134 130 *12134 130 *12134 130 *12134 130
gm 30r
304 307
2912 3058 2912 2978 2958 30% 2938 2934
*22
*22
25
*22
25
25
25
522
25 *24
*22
25
Saturday,
March 10.
Monday,
March 12.
Tuesday,
March 13.
Wednesday, Thursday,
March 14. March 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On Casts of 100-share lots
Lowest
Highest
PER SHARE
Range for Proffitt's
Year 1927
Lowest
Highest
8 per share 5 per share $ per share
Shares Indus.& Mlscel.(Con.) Par 9 per snare
1,900 Beth Steel Corp pf (7%) _100 119 Mar 6 121 Jan 9 .10414 Jan 120 Del
34 June 5278 Nov
8,700 Bloomingdale Bros_ ___No par 35 Mar 2 4412 Jan 5
100 1094 Jan 11 111 Jan 11 1094 Jan 114 Nov
Preferred
44 Jan 95 Dec
100 9234 Mar 5 9612 Jan 20
Blumenthal & Co peel_
5318 Jan 69% Dec
No par 6514 Jan 3 7814 Jan 27
6,600 Bon Ami,class A
8% Apr
44 Sept
74 Jan 9
514 Jan 4
No par
1,700 Booth Fisheries
36 Sept 5714 May
100 4114 Mar 14 49 Jan 11
1,000 1st preferred
18 May 3012 Sept
300 Botany Cons Mills class A_50 1818 Jan 28 23 Jan 4
1912 Sept 3638 Feb
95,800 Briggs Manufacturing_No par 2118 Feb 4 2612Mar 14
100 20634 Jan 10 2354 Feb 15 14812 Feb 225 Dec
6,500 Brooklyn Edison, Inc
8958 Apr 1571: Dec
No par 145 Feb 20 15614 Jan 31
800 Bklyn Union Gas
3013 Feb 5014 Dec
No par 47 Jan 10 SI Feb 2
2,200 Brown Shoe the
257 July 383, Jan
48,400 Brunsw-Balke-Collater_No par 2712 Feb 20 3878 Mar 13
7
8512June
Jan
11
99
Feb
17
clAcomNo
par
1253, Jan
934
Bros
new
1,200 Burns
1614 Mar 34% Jan
No par 1578 Mar 8 2012 Mar 15
3,300 New class B atm_
90 Ruse 100 Jan
100 9714 Feb 21 1003 Mar 12
520 Preferred
3,200 Burroughs Add Mach--No par 139 Jan 14 165 Feb 3 z90 Mar 146 Dec
2934 Jan 69 Nov
5,300 Bush Terminal new_ __No par 5834 Feb 24 6338 Jan 27
914 Jan 1113, Des
100 10714 Jan 4 11134 Mar 12
290 Debenture
10358
Feb 120 Aug
4
119
Feb
ioj
Feb
11418
Term
Bldgs,
100
pref
120 Bush
334 Mar
54 May
712 Feb 28
44 Jan 191
5
5.100 Butte Copper & Zino
44 Oct8114 Feb
100 45 Feb 7 5514 Mar 12
14,400 Butterick Co
73, Nov1131 Jan
10
9 Jan 11 1238 Feb 10
3,800 Butte & Superior Mining
86 Jan 924 June
No par 65 Mar I 743 Jan 27
2.500 By-Products Coke
42 Jan 1023, Dee
No par 9012 Jan 16k 11712 Jan 27
44,500 Byers & Co(AM)
100 11014 Feb Sf 11212 Jan 14 10514 May 11212 Deg
30 Preferred
7158Mar 3 791: Jan 7 6014 Apr 79 Del
4,700 California Packing____No pa
20 Oct32% Jan
25 24 Jan 51 2678 Jan 9
3.100 California Petroleum
114 Sept253 Jan
134 Mar 8
10
25, Jan 6
3,700 Callahan Zino-Lead
12312 Dee
611,JUfle
3
Jan
12014
Feb18
Arizona
Mining
89
Calumet
10
6,900
1414 July 2434 Dee
25 204 Jan 10 2378 Feb 3
13,200 Calumet & Heels
36 Jan 6018 Aug
16,900 Canada Dry Ginger Ale.No par 5478 Jan 5 685, Feb 15
100 247 Jan 21 276 Jan 9 132 Jan 28314 001
14,000 Case Thresh Machine
CaaeTbresh Mach pref_100 126 Jan 30 12918 Jan 11 111 Feb 129 DM
24 Apr 33 Apt
Central
Alloy
par 281s Jan 16 3212 Jan 4
Steel____No
7,200
838 Jan 2478 No•
Central Leather
100 2318 Jan 26 2318 Jan 26
714 Jan 1512 May
Certificates
100
54
Jan 94 001
100
•-_ -_ -_ -_ f1-6 •-_ -.-.-. 1-1-(1- •-•-_ -_ -_ 11-6- •-_ -_ -_ -. 1-1-(1- *-_-_ -_-_ 1-1-6- *-_ -_ -_ -. 1-1-6- ------ Preferred
54 Jan 7834 July
---- ---- ---- -___ -___ ____ ____ ___ ___ ___ ____ ___ ------ Preferred certificates_ __. 100
1012
Jan RN Aug
16
Feb
1412
18
Feb
par
Ribbon
Mills_No
1112
Century
13
13
13
13
124 124 *12
300
13
13 *12
13 *12
70 Jan 88% Dee
100 8014 Feb 21 87 Mar 12
*8412 87
70 Preferred
*84
86
86
86 *84
8634 87 •84
87 87
6212 63
6.600 Cerro de Paso Copper_No par 5813 Jan 3 69% Jan 3 58 June 724 Del
6212 621s 63
6112 6158 62
6112 62
6112 627
42 Jan 6514 May
58
5838 5814 5812 5814 5838 584 5838 x5714 5712 5714 5734 5,900 Certain-Teed Products_No par 5412 Jan 3 6212 Jan 24
100 119 Jan 26 12078Mar 1 106 Feb 11834 Dee
•120%__ *12078 ___ *120% ___ •12078
*11234
__ --- -- - 1st Preferred
.._ *11934
No par 73 Feb 17 77 Jan 12 65 Dec 7878 Aug
400 Certo Corp
*7312 -7-5
*7312 -7-5 *7312 -7-414 7312 -7-312
75 -75
*734 -75
412 Nov 14 Mal
7 Jan 4
512 Feb 29
6
614
*6
614
1,400 ChandlerCievelandMotNo par
512 512 *512 6
6
6
534 6
13 June 2814 May
No par 14 Mar 13 1778 Jan 4
15
15
15
14
15
*1334 1434 1412 15
15
1434 1434 3.200 Preferred
6484 June 8878 Oct
735 7414 7334 7412 734 74% 7434 7712 7614 7718 76
No par 725s Mar 7 8178 Jan 6
7714 16,100 Chesapeake Corp
132 132 *130 133 *130 133
*13112 133
130 130
129 130
600 Chicago Pneumatic Tool_100 125 Feb 20 14114 Jan 30 12013 Jan 13714 Mal
38 July 47 Oct
3534 38
3518 3678 35
*35
36
3614 3514 3612 *35
410 Chicago Yellow Cab___No par 35 Feb 10 43 Jan 14
351
485 Mar 85% Atg
40
4238 4014 4112 4034 4114 4012 4034 401f 41
No par 40 Mar 10 5212 Jan 7
4114 42
5,800 Childs Co
375 377
26 3718 Mar 5 427 Jan 7 334 June 443s Da
3713 377
3734 3812 3734 38
3818 3814 38
3814 9,500 Chile Copper
224 Jan 24 AV
__
Cbino Copper
5
3478 Jan 9078 Dee
11678 1174 *116 117
11634 117
117 117
*116 117
1167 11678
900 Christie-Brown tern etfsNo par 85 Jan 4 131 Jan 23
6138 6212 8214 6458 624 65
No par 5434 Jan 16 6558 Mar 161 384 Jan 1334 Dee
6318 6438 634 644 *6312 6538 586,400 Chrysler Corp
11512 11512 11612 117 *116 117 *116 1167 *11634 117 z115 1155, 1.500 Preferred
No par 11338 Jan 9 117 Mar 12 10238 Apr 118 Del
4814 Mar 54 Des
*5314 5334 54
54
54 *53
54 *5314 544 *53
*53
100 City Stores clams A____No par 5114 Jan 19 54 Mar 12
54
4112 Apr 644 Des
86
8612 86
8673 87
87
88
8512 86
No par 62 Jan 5 884 Feb 15
87
87
8714 7.300 Class B
84's 00
51 .1110
95
94
95
9434 96
9618 9818 95 97
97
9712 10112 37,400 Cluett Peabody & Co_No par 774 Jan 10 10112 Mar 18
120 120 *120 12134 120 120 •120 12014 120 120
100 1184 Jan 11 122 Jan 23 11114 Jan 12514 Not
120 Preferred
120 120
138 13812 3136 13758 13638 13933 137 13878 137 13878 138 13834 23,300 Coca Cola Co
No par 127 Feb 20 13978 Mar 6 c9613 Apr 1994 AV
8912 8514 88
8212 8878 86
8212 8614 823* 85
8512 8918 63,200 Collins & Alkman new_No par 79 Mar 2 11134 Jan 3 86 Aug 11318 De
102 102
101 10134 102 10212 1,800 Preferred
100 101 Mar 15 109 Jan 3 10212 Sept 10934 De
*103 10312 103 103 *102 103
4258 Jan 9618 Jul:
100 6612 Feb 27 8412 Jan 31
7212 7618 7234 7638 734 7634 7514 7934 78% 8258 137.300 Colorado Fuel & Iron
724 74
68% Jan 10114 No,
9112 90
90
8834 8834 877 9312 91
90
93,4 91
6.400 Columbian Carbon•t cNo par 8778 Mar 12 9814 Jan 24
90
9013 914 9018 907o 8958 9034 8978 9014 8912 9014 8934 9014 21,000 Colum Gas & Elec new_No par 8912 Mar 15 9758 Feb 1( 82% Feb 988* Ma
108 10834 10834 1083 10734 10812 1,000 Preferred new
10734 10734 10734 10734 *10734 108
100 10714 Feb 28 11014 Jan 3 9912 Jan 11018 De
4858May 7834 04
6812 68
6814 6934 6738 6812 67
6918 70
69
6753 6878 17.100 Commonwealth Power_No par 6214 Jan 11 70 Mar 10
5,100 commercial Credit____No par 21 Feb 20 2514 Mar 10; 14 June 244 De
2458 2514 2458 2458 2414 2458 2353 2412 2412 2458 2412 25
17 June 2413 Sep
*2312 2412 *2312 2412 2438 2438 *2312 24,2
26 23 Feb 3 2438 Mar 15
*2312 241 *2312 24
10 Preferred
2438 2438 2312 2312
240 2438 *2312 2412 *2334 241
12312 241
25 23 Feb 7 25 Jan 71 187g June 25 De
70 Preferred B
90
90
901
9058 90
90
90
90
9134 9072 907
830 1st preferred (133.4%).-_100 87% Feb 2 96 Mar 16, 69 July 8958 De
90
5913 801
4118 May 62 De
604 61
6258 63% 6214 8278 604 6134 5934 60
7,800 Comm Invest Trust-No par 552 Mar 1 6378 Mar 10
9413 Sept 102 De
7% preferred
*104 105 *104 105 *104 105 *104 105 *10214 105 *10214 105
100 99 Jan 27 106 Feb 17
9658 *95
9658 *95
8858 July 9814 De
961
100 9458 Mar 6 97 Feb 15
96
*9512 9578 9512 9558 *95
500 Preferred (65/)
96
17514 15078 17512 17078 177 18024 17812 17934 25,800 Commercial Solvents__ No par 15312 Feb 18 18078Mar 13 145 Nov 203 Sep
17234 1741 17214 179
4912 491
39 Aug 53 De
50
50
501
4912 49,2 1,000 Conde Nast Publica___No par 48 Jan 14 52 Feb 8
4958 4958 5034 SO4 50
1714 Jan 293, De
2438 24
27
2612 2712 86,200 C,ongoleum-Nairn Inc_ _No par 2338 Feb 8 2912 Jan 3
244 2484 243 248 2418 2454 24
73
73
72
7218 73
7414 741 *72
No par 67 Feb 18 81% Jan 3 47 Mar 884 De
800 Congress Cigar
7414 7214 7214 72
*14
*14
*14
t
*14
•14
1
*14
12
12
Ils Ja
14 Feb
1
14 Jan 10
Conley Tin Foil stpd
No par
12
14 Jan 10
744 Oct 8834 Jul
No par 7912 Jan 20 8812 Mar 5
845 861
85 86
85% 863s 854 864 14,900 Consolidated Cigar
8512 86
864 863
Au
Aug
1083,
8973
21
Feb
9912 100
103
24
Preferred
•10112 103 *10112 103 *102 103 *102 103
Jan
9912 9912
98
100
700
114
212 Fe
4 Oct
11: Jan 12
1
1
1'8
I
l's
78 Jan21
11
1
14 114 10,600 Consolidated Diatrib'erallo par
118 114
94 Mar 12534 De
13334 1351 13414 13634 135 136
13514 136
136 137's 13412 136
60,100 Consolidated Gas(NY)No par 11938 Jan 10 13934 Feb 9
10178 102 •10134 1021 10178 10214 102 102
10214 10214 2,500 Preferred
10134 102
No par 10118 Feb 16 10234 Mar 8 93 Mar 103 De
312 31
34 31
34 Mar
718 Jut
458 Jan 4
358 3'2
34 Feb 9
318 314 12,000 Consolidated Textile_ _No par
318 314
34 33,
32
35
35
334 Apr 247s Ja
3018 37
34
34
36
37
371
3412 364 46,100 Continental Baking cl-ANo par 30,8 Mar 15 531: Jan 13
43
4 May 1014 Ja
418 412
414 438
414 438
458 414
6 Jan 13
414 412 13.200 Class B
458
4'8M& 15
No par
0012 8912 90
90
907
72 AID 9734 No
9058 9112 90
90
9114 92
100 8912 Mar 15 9613 Jan 20
9014 7.200 Preferred
5834 Apr 867s De
93
9458 0232 9458 9314 954 9434 96
924 94
9534 93 108,700 Continental Can. Inc No par 8014 Jan 10 98 Mar 16
12714 12714 125 125 *125 127
125 125
125 125
125 125
100 123 Jan 5 12714 Mar 9 120 Jan 128 Jul
310 Preferred
7412 Dec 9314 De
8012 8212 8114 82
77% 7618 82
7714 7714 77
81
861 20,300 Continental Ins temp ctfs..10 75 Feb 15 8612 Mar 16
8% Nov 134 Ja
1014 1038 104 1038 10
104 10
104 10
101 11.600 Continental Motors___No par 10 Mar 13 1134 Jan 23
1014 10
4674 Jan 68 No
7414 7234 737
7238 7334 724 727* 724 74 62,400 Corn Products Refining----22 6458 Jan 3 744 Mar 12
727g 72
72
139 139 *139 142 *140 14154
*139 140 •139 140 *13812 140
100 13812 Jan 16 14038 Jan 11 128 Jan 14214 DI
200 Preferred
58 Jan 123 De
143 14434 144 145
146 14612 143 14312 14112 14112 140 143
No par 123 Jan 3 15112Mar 5
7,000 Coty. Inc
8634 87
764 Oct 96% Mi
86
8852 86
8714 8618 87'8 7,100 Crucible Steel of America_100 834 Feb 18 93 Feb 7
88% 89
864 87
114
114
114
105
Jan 116 Bei
*11212
114
26
Jan
*111
114
11412
11518
114
16
11212 1121
114
100 11212Mar
700 Preferred
2412 247s 26
24
24
I ,./ Aug 3414 J5
25
24
2518 2578 2412 25
No par 24 Feb 18 281/ Jan 13
2,000 Cuba Co
247
61
6
658 *6
618
17
8
Oct
534 534 *534 6,3 *6
Jan
12
1034 J5
714
*534 65,
16
Feb
900 Cuba Cane Einar
54
No par
2512 2712 2512 251j 3,700 Preferred
25
2612 2514 2534 25
2818 Nov 5034 Is
2613 2612 26
100 24 Feb 18 3238 Jan 12
2012 2018 2012 2038 21
20
1878 Nov 2812 Js
20
20
2118 2134 4.700 Cuban-Amerloan Sugar... 10 194 Feb 18 2334 Jan 3
20
20
9712 Nov 107 At
Preferred
*10114 10412 *10114 10412 *10114 103 *10114 103 *10114 103 *10114 103
100 10112 Feb 16 108 Feb 1
*1078 11
*1072 11
*1072 11
*1078 11
101s Nov 18 Jo
*1013 11
11
11
100 CubanDom'CanSugnewNo par 101:Mar 9 12 Jan 4
434 Apr 5834 Sei
6614 6614 6578 6658 65 664 6438 6514 6334 6512 6434 6534 15.400 Cudahy Packing new
50 54 Jan 3 7238 Feb 14
8278 6114 6378 62
6111 60
4513 Nov 694 DI
634 18,500 Curtis Aer & Mot Co-No par 53,8 Feb 27 6458 Jan 3
58
5834 574 8178 60
Preferred
*135 13934 •135 13934 *135 13934 *135 137 *135 13934 *135 137
100 11734 Jan 5 13812 Feb 17 111 Nov 118 Di
•16612 173 *16612 173 *16612 172 *16612 172 *16612 172 *16612 172
Cl121111180.8 SODS
No par 14434 Jan 13 175 Mar 8 103 Apr 152 0
*11614 12212 *11614 12212 *11614 12212 116 11614 *116 118 *116 118
20 Cushman's Sons prof (7)..100 114 Jan 11 126 Jan 20 107 Apr 125 Di
5118 5134 *52
51
5234 51
5114 *51
30 Apr 5.512 0
53
900 Cuyamel Fruit
*5014 6114 51
No par 51 Jan 3 5534 Jan 20
38
3812 3814 39
395
3712 39% 37
3858 40
38
384 13,000 Davison Chemical•to-No par 3433 Feb 18 4853 Jan 6
2614 Apr 484 Di
119
11914 120
119 119
11912 11912
119 11978 11918 1194 118
610 Deere & Co pre!
100 11512 Feb 1 120 Mar 14 10512 Jan 12512 21(
181 181
181 181
1804 181
1804 1801: 3,400 Detroit Edison
179 17934 180 182
100 16613 Jan 11 1948 Feb 3 13312 Jan 17012 D
523
5112 52
50
5134 14,200 Devoe & Raynoldi A__No par 40 Jan 3 6258 Mar 12
3813 Aug 4273 D
5034 514 5138 5253 5112 5258 61
148 1481z 14812 14812 148 148
14934 14934 14734 150
14834 150
350 Diamond Match
100 134% Jan 18 181 Feb 2 116 Feb 14734 Se
1934 2014 75,600 Dodge Bros Class A......No par 17 Feb 18 2418 Jan 4
1838 1884 1818 1858 1818 1834 1814 1958 1912 20
134 Oct 2712 Ji
701k
7112 7138 7178 35,000 Preferred certif
6934 7014 6934 713* 71
6958 7034 694
5812 Oct 85 Fl
No par 6818 Feb 18 7578 Jan 4
1012 11
1012 1078 1012 11
11
11
11
4,400 Dome Mines, Ltd
11
1414 D
1078 11
No par 104 Mar
7 Jun
131/ Jan 6
Douglas Pectin
46 Jan 80 Ju
par
No
678
5712 588 5814 -ii6014 574 58% 67
Dunhill International.. No par 554 Jan 9 65 Jan 23
1ilio
3,
34 -58
61
61
49 Aug 6212 0
__
*11615___ 11812 1161 *11612 ___ - *11612 - --- -___
100 Duquesne Light 1st pref _ _ _100 11512 Jan 3 11612 Mar 3 11414 Mar 11753 /',7,
16612 friiii 16734 1184 7.500 Eastman Kodak Co____No par 163 Feb 20 17138 Feb 3 12614 Jan 17514 Se
168 16814 166 167
168 169
16634 I69
10 Preferred
127 127 *12513 1298 *12512 12938 *12512 12932 *12512 12932 •12512 12938
100 125 Mar 7 130 Jan 24 11914 Jan 13118 0
327k 3118 3238 3118 3234 3234 3312 3238 3318 29,200 Eaton Axle & Spiing.__No par 26 Jan 11 3418 Mar 8
325 3358 32
2114 Oct 2934 Jul
350 355 347 35078 344 35034 348 35158 3504 35412 355 359 26,700 E Idu Pont deNem new_No par 310 Jan 10 359 Mar 16 168 Jan 34378 0
11514 11514 11518 11514
800 flty non-vot deb
*11512 11554 115 1151 *115 116 *11514 116
100 115 Mar 9 12018 Jan 4 10512 Feb 118 Di
16
164 1614 1614 16
16
16
16
164 1,500 Eisenlohr & Bros
1014 Nov 1612 Fs
1614 164 16
26 1218 Jan 3 19 Jan 23
8312 Jan 102 Di
37,300 Electric Autolite
No par 98 Jan 3 131 Mar 16
12314 12658 1234 12614 12378 12914 128 13014 12918 12934 1294 131
133* 13
131
. 1212 13% 1258 1234 17.800 Electric Boat
134 Mar 2218 At
1334 13
13
No par 124 Mar 2 16 Feb 14
13
131
3708 3658 374 3612 3712 67,000 Electric Pow & Lt
3614 38
36
184 Jan 321s DI
No par 2884 J1211 10 8834 Mar 9
374 3814 3634 38
400 Allot etre for pref 40% pd__ 1205* Jan 17 12512M:sr 12 1037s Jan 12214 Di
12514 12514
___ 125 125
:1251 •125 --- *125
127.-- z1251
1077s 108 *10712 108
10712 10814
98 Jan 109 ish
108 108
600 Preferred
No par 10813 Jan 10 11018 Mar 8
•1094 11014 107 107
135s 134 134 1412 20,900 Electric Refrigeration_No par 1118 Feb 6 1534 Feb 15 . 524 Nov 3718 Ji
1314 144 134 137
134 1334 1308 137
7218 714 7274 7114 724 7034 7178 7034 715* 7034 7138 16,700 Eleo Storage Battery_.No par 69 Feb 20 774 Mar 7 834 May 794 Js
71
Ex-dividend. a Ex-rights. S Es-warrants.
I
salsa
on
this
day
priewg
no
1114 and asked
New York Stock Record-Continued-Page 4
1632
For sales during the week of stocks usually inactive. see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
March 10.
Monday.
March 12.
Tuesday,
March 13.
Wednesday, Thursday,
March 14. March 15.
Friday,
March 16.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share Shares Indus. & M1scel.(Con.) Par
lElk Horn Coal Corp_ __No par
*612 8
Preferred
*1552 1634
50
200 Emerson-Brant Class A.No par
*718 714
!Emporium Corp
No par
*32
33
3,500 Endicott-Johnson Corp___ 60
7934 80
100 Preferred
124 124
100
38
3918 31.000 Engineers Public Serv__No par
No par
10912 10912 1,100 Preferred
5
300 Erie Steam Shovel
36
36
Certificates
5
Preferred
100
7.200 Equitable Office Bldg__No par
1105 Iff4 1058 11-1-1-72 1091-4 fills 1094 1-113-4 311018 11212 112 113
7312 7434 10,600 Eureka Vacuum Clean_No par
7212 7012 7012 7058 7114 7112 74
7214 7214 72
100 Exchange Buffet Corp_No par
2012 2012
*2012 21
*2012 21
*2012 21
no
*20
21
21
No par
3714 3778 1,300 Fairbanks Morse
378 377
1 *3778 38
*38
39
3384 3814 38
100 Preferred
100
• *108 112 *108 10812 10814 10814 *108 110 *10818 112 *108 112
1194 121/
1
4 119 12034 119 12058 11834 12038 3117 11814 1171g 11814 69,300 Famous Players-Lasky_No par
I Preferred (8%)
100
15
7,500 Federal Light & Trac
537 35154 5278 511 52
5314 5312 53
51
521 1 5138 53
Preferred
par
No
130
103
103
10212
103
103 103 *10014 103
*104 10412 103 104
200 Federal Mining & Smeleg_100
•120 145 *120 145 *120 145 *120 145 *120 140 *120 140
100
200 Preferred
9412 15
*9412 95
*94
95
95
*94
95
9414 944 *94
1814 1,700 Federal Motor Truck _ -No Dar
1812 1812 1858 1858 1812 1834 1814 1812 181 181 318
210 21334 3,100 Fidel Then Fire Ins of N Y_ 25
207 207
20334 20934 209 209
20312 204
203 203
No par
Fifth Ave Bus
1
4 121
/
4
•1178 1212 *1178 1212 *1178 1212 *117g 1212 *1178 124 *11/
Plrst Nat'l Pic, let pref_ __100
*108 109 *106 109 41/04 109 *104 109 *104 109 *104 109
No par
2812 2812 284 2858 2858 2912 3,000 First Nat'l Stores
2814 29
2834 2914 29 29
No par
9,900 Fisk Rubber
1412 1474 1412 1478 1434 15
154 1458 16
1434 1478 15
1,200 lst preferred stam ped_ _ _100
84
*83
84
8414
84
84
8412 8312 84
84
8512 86
cony
100
1st
preferred
400
9312
9312
*92
*92
9312
*92
924
9218
92
92
92
92
7014 7112 6934 7152 *694 7078 69 70 I 6858 6984 6858 7038 60,700 Flelscbman Co new___ _No par
No par
2,740 Foundation Co
43
45
43
43
42
4414 42
4434 *42
4512 44
43
No par
7814 7934 23.100 Fox Film Class A
7978 7634 7934 7612 79
7934 79
80
8014 79
100
10 Franklin-Simon pref
•11118 11214 *1114 11212 *11113 11212 *11118 11212 *11118 11212 11212 11212
No
par
Freeport
Texas
Co
200,400
8514
89
8112
85
854
885
8
83
78
8012
7918 8078 7812
No par
1734 18
1712 1838 8,200 Gabriel Snubber A
18
1812 1812 1834 1734 184 18
18
No pa'
1212 13
1212 1278 10,600 Gardner Motor
1212 13 1 1258 13
1238 13
1278 13
17,800 Gen Amer Tank Car
No Par
x6412 6534 6312 65
66
6678 6558 6634 6518 66
65
66
100
100 Preferred
111 111 *111 112 *110 112 *110 112
•11134 112 *11112 112
100
8178 7912 884 8412 8678 8678 9114 8734 9012 121,200 General Asphalt
8012 8278 80
100
135 13712 3,100 Preferred
12514 131 I 13012 13134 132 138
126 127
128 128
80 General Baking pref_ _No par
13818 1384 *138 139 *138 139
*138 139
138 13834 *138 139
8834 12.200 General Cigar, Inc new_No par
6934 704 694 6912 684 6912 68
6934 7034 894 70
I Preferred (7)
100
•1244 130 *12414 130 *12414 128 *12418 128 *1244 128
*125
*5612 5678 564 5612 2,500 Gen Outdoor Adv A___No par
5818 5614 564 564 5614 5612 5612 57
Trust
_No
par
3,700.
certificates-*45
46
464
46
45
3
8
463
8
4312
4512
7
8
4378 4378 4318 43
13112 13338 13614 14014 137 1444 13838 141141 13814 14038 140 14012 338,600 General Electric New _No par
_10
1114 1112 1138 1112 3,100 General Electric special
/
4 1138 1138 1114 113g
11/
1
4 1113 1114 111
4112 4113 3,800 General Gas & Elm ANo par
1
4 4112 4218 4118 4118 *4112 42
41
4314 34113 42/
'Oen Gas & Elea of A (7) No par
2113 116 'liii. 116 *11112 116 *113 116 1*112 116 *112 116
2001 Preferred A (8)
125
125
12434
1243
4
No par
*124
125
125
•122
125
*122
*124 125
100 Preferred B (7)
No par
10778 10778 •106 108 *106 108 *106 108
41107 108 *10512 108
1584 164
16412 169 1542000 General Motors Corp now 26
156 161 I 15618 15834 15314 15812 15414 159
1,2001 7% preferred
100
12534 126
126 126
12512 12512 126 126
125 125 *12518 126
____ __ _ _ _ _ Gen Motors Corp 6%deb 0100
0108
*108
•108
*108
____ •108
-1.108
1
4 63,000 Gen Ry Signal new__ _ _No par
9812 9712 10412 102 104/
971. 10112 97
96
97 I 95 101
13,200 General Refractories.. _No par
6012 7212 6934 71
7114 6914 7058 *694 70
70
7212 70
101 mil% 10058 1014 10012 10134 11,200 Gillette Safety Razor_ _No par
10112 10234 10118 10212 101 101
Gimbel Bros
26.200
No par
37
3712
37
355
8
395
8
3514
357
8
36
344
3812
3512 3512
90
90
90,2 90
100
89/
1
4 8978 2,000 Preferred
8978 8914 90
8914 8914 89
10,900 Glidden Co
2278 2134 2238 2178 2214 2112 22
No par
2114 2112 214 2112 21
380 Prior preferred
9812 9834 98
99
9734 9818
98
100
9812 974 9812 98
*98
9712 10078 974 9978 98 10072 203.900 Gold Dust Corp vs e_ __No par
9212 9638 9434 10212 9612 104
8012 7858 8038 7878 8034 40,400 Goodrich Co (B F)____No par
8118 82 I 7932 8134 7834 8034 79
200 Preferred
110 110
100
.110 110 *109 110 *108 110 *108 110 *108 110
5018 5438 5154 5234 39,900 Goodyear T & Rub__No par
5518 534 55
5558 56381 5518 5638 52
9512 9612 9418 9534 9231 95
No par
9212 9332
96
9612 964 97
t Ilk Hosiery_No par
6
'
4
300 GoltslitaPmreS
8838 8512 86
8412 8558 11.
8518 8518 38458 85
8512 864 86
8478 8418 854 5,600 New
No par
8538 854 8538 864 8512 8638 8458 854 x84
900 Preferred New
122 123
100
124 124,*123 124 *123 124
124 125 I 124 124
Gould Coupler A
8141 08
834 *8
834
834 *8
834 *8
*8
854 *8
Gre
aa
ntbw
y Cons M Sm & P
0O
6000
8:6
4214 43
Nro_I
POO
42
ar
424 6
4214 4312 424 4278 424 4212' 4238 43
32
3734 32
esternSugarnewNo par
3214 3234 3238 3219 3214 3238 3238 3278 332
240 Preferred
1 114 117
115 11634
100
.111154 11612 116 11812 *116 11612 11612 11612'.
100
129 1314 138,200 Greene Cananea Copper
1314 136 I 12834 132 i 12834 13412 12818 13078 12978 132
800 Guantanamo sugar_.__No par
8
8
714 712
712 712'
712 712:
712 712
5712 8181
Preferred
_ *104
100
__I*106
____ *106
____ •106
*108
5412 2,700 Gulf States Steel
5412 -5-4-12 54
100
*6314 6412 5312 5638 55
5512' 5434 55
110 Hackensack Water
2438 *2412 25
24
24
25
25 I 24
254 2512 2534 •24
*24
690 Hanna let pref class A__ _100
66
6612
6612
6712
684
67
6712
6712
6814 6814 6612 6814
545 Hartman Corp class A_No par
*26
27
2612 27
26
27 21 26
*26
27
2634 *26
*26
No par
224 2214 2212 224 2238 2258 5,600 Class B
2214 2258 224 221
*224 23
Hayes Wheel
No par
300 Heime (0 W)
25
2 11214 11214 '1125* ffi- *112Tg ffi - 11214 11314
•iiii8 iiii- 1111H1-2 1121Preferred
*12514
100
1•254 _-_- •1254
•1254 ____ •12514 ____ *12514
ioo Hoe (11) & Co
*2312 2412 2312 -2-414
par
25
2414 *24
24
*24
28
28
*24
300 Hollander & Son (A) Nct
No par
3112 *3034 3112, *3018 31
3078 3078 3012 3012, 3012 3012. *30
400 Homestake Mining
74
74
*73
100
73 ' 7314 7314 *73
73 1 73
73
•71 73
Househ
3.300
Prod.Inc.tem ctfNo par
6514 65
65'8 6518 654
6558 66 I 65
6678 6678 6458 66
70,300 Houston 011 of Tex tern ctfs100
144 152
13614 145 I 142 14812 14912 156
135 137
135 137
No par
4518 45
4538 4514 4578 23,300 Howe Sound
444 4614 4478 4534 4414 4538 44
9552 9778 9412 994 890,800 Hudson Motor Car__ _ No par
9412 9158 98
904 944 39134 9434 91
Hupp
Motor
377.700
Car
Corp
10
44
447
8
4312
4512
4514
44
8
4612
42
4438 431g 4614 443
2658 14,100 Independent Oil& Gne_No par
2538 25'8 2514 25
26
26 I 2512 2618 2514 2558 25
4612 4612 4612 4678 3,000 Indian Motocycle
No Par
46
4878 46
4578 45
*42
4214' 43
Preferred
100
*106
____ *106
*105 ____ •105 ____ *105
10
1218 1234 1232 124 121 1 1234 9,500 Indian Refining
13
1358 1258 1338 1258 1278
11,200
Certificates
10
114
12
117
8
1214
1214
12
1238
12
1258 134 1214 1234
100 Preferred
100
108 108 *106 110 *107 111 *107 111 *107 111 *107 111
800 Ingersoll Rand new _ _ _No par
91
9012 9012 9012 9012 91
91 I 91
914 9014 91
91
Preferred
100
*118 120 ,•118 121 *118 120 *118 120 118 120 *118 120
6,200 Inland Steel
5012 .5012 51
No par
50
504 51
51
51
51141 5018 5114 50
600 Preferred
100
•11614 11612 11614 11614 11612 11612 11638 11612 11614 11614 *11658 11612
1814 1812 1938 184 1872 3.400 Inspiration Cons Copper_ _ _20
18
•1814 1812 1818 1834 1814 1814
12,200 Intercont'l Rubber__No par
16
151
/
4 15
1514 1514; 1412 1514
1458 1514 1412 1412 15
No par
1
4' 13/
1358 14 I 1314 1438 1332 1334 1378 1378 2,400 Internet Agrlcul
1
4 14
1432 14/
5034 504 1,200 Prior preferred
100
5312 4912 52
5512 5314 5312 *52
54I *50
54
12912 1324 132 1311g 7,900 Int Business Machines_No par
13112 133
129 13012 129 130
130 133
6934' 36718 6834 66
6712 6612 6734 6712 6952 6918 7134 27,800 International Cement_ -No Par
68
200 Preferred
100
*110 11134 *10814 110 *1084 110 *10814 110 10978 10972 10834 10834 245,100
Inter Comb Eng Corp_ No par
5114 5234 5034 5218
4712 4814 4818 5178 5058 5338 504 53
500
Preferred
*10114
103
105
100
*1043
4
*10418 10412 10412 10412 10434 104341 10434 105
239 24214 23918 24034 15,500 International Harveater__ _100
242 243 1 240 240
24212 248
239 241
800 Preferred
100
•13658 13738 *13858 13712 10214 11012'13658 13712 *13658 13712. 13714 13714
700 Int Mercantile Marine___ _100
418 412
418 44
4I
418 418
418.
4
418
•44 412
24,900 Preferred
100
387
8
404
3812
4018
38
3758
38121
37
4
3812
363
3712
3712
416.800 International Match pref__35
10014 10234 10018 10614 10214 110121 106 11212 11012 11534 11434 120 850,500
Internationa Nickel (The)25
94
8812 98 I 8814 9112 38952 9412 91
8312 8718 8938 94
60.700 International Paper___No par
7314
7212
7512
7512
7112
723
4
7412 7134 734
7034 7234 71
Preferred (6%)
100
•100 107 •100 107 *10814 107 *100 107 *100 107 *100 107
100
10614 10614 2,000 Preferred (7%)
10578 106
1054 106
106 106
106 10614 106 106
360
International
Salt
5812
100
36514
634
254
63
63
65
*63
65 .63
65
.63
International Shoe_
No par
169 162 167 1,300 International S.Iver
100
176" fif- iio- fif- 16- 169 *16520 Preferred
100
12534 12514
128 128
•12534 128 *12534 128 *12534 128 *12534 128 14914
/
4 154/
1
4 39,900 internat Teter; & Teleg__ _ _100
15312 1521
14612 149
148 1494 14812 14938 147 149
35
3512 2,600 intertype Corp
No par
35
35
334 35
*32
34
34
*32
34
*32
1,100 Island Creek Coal
54
54
1
5214 53
52
52
52
62
52
52
5112 52
1,100
Jewel
Tea.
Inc
83
804
81
*81
No par
82
*81
8112
8118
824 8214 8178 82
Preferred
100
•122 125 *123 1234 *123 124 *123 125 *12114 12314 *12114 12314
360 Junes at Laugh Steel pref._100
123 123 *123 12334 1214 12178 12138 12132
12212 12212 12212 123
3238 3112 3258 2,700 Jones Bros Tea, Inc_ _._No par
3212 3234 32 4 31
32
3338 32
33
33
No par
1212 1212 1214 124 1212 1212 5,900 Jordan Motor Car
1218 123s 1238 • 1338 1212 1314
100 Kan City P&L lst pf ANo par
1 1114 11712 91458 11712
A11834 11712 1164 11638 *11634 1174 *11458 11712 .
•Bid and sated price!: no alai 00 tbla day. s Ex-dividend. a Ex-rights.
Per share $ per share
*613 8
*61
/
4 8
•1533 18
*1552 17
718 718
*614 714
*28
*28
34
33
81
8014 8178 81
*12114 124 *12114 124
36
3738 3514 3612
*109 10934 109 100
*36
37,2 *3612 3714
$ Per share $ per share $ per share
*714 8
*612 8
*634 8
•1558 1612 *1558 1614 *1558 18
*718 714
*74 714 *718
*32
33
*314 33
*28
32
794 7934 7912 7978
7934 80
*12112 124 *12318 124 *1234 124
3612 3858
3514 3572 3534 37
1094 10918 1084 10978 10934 10034
3634 3634
37
•35
*35
37
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1927
Lowest
Highest
per share
$ per share $ per share
$ per share
Ls% May
7 Dec
9 Jan 9
612 Feb 14
1
4 May
15 Dec 27/
15 Feb 23 19 Feb 15
Oct 13 Apr
3
9/
1
4 Feb I
514 Feb 21
33 Mar 7 33 Mar 7
30 July 374 Mar
6434 Jan 8114 Dec
75/
1
4 Jan 10 824 Feb 1
12114 Jan 27 12414 Jan 11 1183s Jan 125 Sept
1
4 Oct
33 Feb 18 3'118 Mar 16
2114 Jan 39/
93/
1
4 Jan 10833 Dec
107 Jan 24 110 Mar 1
1
4 Des
24/
1
4 Jan 35/
334 Feb 20 3833 Jan 23
3012 Sept 354 Dec
35 Jan 5 37 Jan 13
11114 Feb 1 116 Jan 13 10112 Jan 11353 July
84/
1
4 Sept 934 Dec
9018 Jan 7 11454 Mar 14
1
4 Nov
50 Aug 77/
69 Feb 20 79 Jan 3
154 Jan 23 Dec
20 Jan 30 22 J81328
3014 Nov 4312 May
3211 Jan 5 4014 Jan 20
104 Jan 9 10814 Mar 8 107 Dec 112 Mar
11114 Jan 16 12134 Mar 10
92 July 11513 Dec
1
4 Jan
1
4 July 124/
12118 Jan 3 124 Jan 6 114/
42 Jan 10 55 Jan 31
374 Jan 47 May
98 Jan 6- 105 Jan 25
9112 Feb 100 Aug
140 Feb 7 140 Feb 7
60 Feb 187 June
9114 Jan 3 96 Feb 10
7512 Jan 97 Mar
18 Feb 57 211
17 Dec 307s Jan
/
4 Jan 4
934 Feb 230 Dec
18312 Jan II 214 Feb 2
1114 Jan 9 15 Jan 18
14/
1
4 May
10 Nov
10514 Jan 13 109 Feb 8
9712 Jan 10612 Dee
2818 Jan 6 33/
194 May 30 Feb
1
4 Feb 14
1412 Mar 14 17/
14/
1
4 Oct 20 Apr
1
4 Jan 4
82 Mar 1 9112 Jan 10
Jan 100 Sept
81
92 Mar 10 9714 Jan 5
9413 July 102 Sept
66 Feb 20 7412 Jan 24
464 Feb 7113 Dee
42 Mar 5 5154 Jan 3
35 Nov 8853 Apr
7612 Mar 15 8814 Jan 24
50 June 854 Dee
111 Jan 5 113 Feb 14 109 Dec 115 Aug
344 Jan 10612 Dec
6552 Feb 20 10914 Jan 11
22 Dec 59 Aug
1712 Mar 16 284 Jan 5
154 Dec
64 Jan
1 153 Jan 17 1834 Feb 2
46
Jan 6453 Dec
1
4 Mar 12
604 Feb 20 66/
110 Jan 9 111 Mar 1 1061s Mar 11213 Sept
1
4 Max
85 Aug 96/
7114 Feb 20 934 Jan 9
114 Feb 20 1404 Jan 7 10714 Aug 14453 Mar
Oct
134 Jan 26 140 Feb 7 11813 Apr 140
52 Jan 747a Dec
1
4 Feb 2
87 Jan 19 75/
Jan 138 Sept
128 Feb 3 128 Feb 3 116
1
4 Nov
5453 Apr 59/
584 Feb 23 58/
1
4 Jan 3
1
4 Nov
Jan 58/
37
5233 Jan 7
4218 Feb 11
Jan 14653 Sept
81
124 Feb 27 1448 Mar 13
1153 Jan
11 June
/
4 Jan 6
114 Jan 23 111
34 Apr 474 Feb
3514 Jan 18 4314 Mar 9
Jan 11018 OM
10812 Jan 4 11312Mar 2 100
1
4 Nov
12238 Feb 21 12818 Jan 19 1134 Mar 123/
Jan 10513 Dec
96
10512 Jan 17 108 Mar 6
Oct
130 Jan 10 169 Mar 16 11314 Aug 141
12312 Jan 28 12858 Jan 6 11812 Mar 12514 Dec
104 Mar 10914 Deo
8218 Jan 15314 Sept
94 Mar 2 123/
1
4 Jan 3
Dec
Jan 81
38
66 Feb 25 82 Jan 3
95/
1
4 Nov 10913 Oct
9812 Jan 16 104 Jan 24
3512 Dec 59 Sept
344 Mar 8 434 Jan 31
91 Nov 10813 July
87 Mar 6 98 Jan 12
144 May 22 Mar
20/
1
4 Jan 27 2138 Feb 2
86 Aug 101 June
95 Jan 4 9914 Feb 7
42 Mar 7834 Dec
1
4 Feb 15
71 Jan 16 105/
4254 Jan 964 Dec
1
4 Jan 4
7814 Mar 7 99/
95 Jan 11112 Dec
10912 Feb 17 11214 Feb 7
1
4 Dee
4833 Aug 69/
5013 Mar 15 7213 Jan 4
9212 Nov 9878 Dee
9212 Mar 16 9912 Jan 13
1
4 Jan 8553 Dee
57/
78 Jan 4 88 Mar 0
Jan 8512 Dee
58
1
4 Feb 9
7812 Jan 5 87/
Jan 122 Sept
115/
1
4 Jan 16 126 Mar 9 104
Oct 114 Nov
4
1
4 Feb 2
8 Jan 3 12/
314 Jan 45 May
394 Feb 18 44 Mar 9
3518 Dec 4453 Sept
31 Jan 26 38 Jan 7
11212 Feb 20 120 Jan 3 11612 Feb 123 Sept
2914 Jan 15112 Dec
113 Feb 18 18412 Jan 4
1114 May
Ma Jan 4
7 Feb 23
106 Dec
105 Feb 23 107 Jan 7
64
Feb
Feb
7
57
/
1
4
51 Jan 9
2
4092
577s Aug
jOOacet 27 July
23 Jan 5 30 Jan 31
Jan 7233 Dee
56
6512 Jan 5 7934 Jan 19
2212 Oct 274 Mar
8 Feb 3
24 Jan 5 27,
1
4 Apr
1812 Dec 29/
/
4 Jan 27
1914 Jan 4 251
ueb
n 2813 Mar
1512 F
Oct
125
764
112 Jan 17 11812 Feb 20
121 Jan 3 128 Jan 16 11814 Jan 130 July
/
4 July
Jan 411
22
2212 Feb 29 3078 Jan 20
40.84 Oct
June
j
6
30
114J
1
4 Jan 24
2912 Jan 10 34/
Oct
75
67 Jan 4 744 Jan 7
/
1
4 Nov
70
Jan
434
6412 Feb 21 6912 Jan 28
Oct
6018 Jan 175
127 Feb 27 15618 Jan 3
1
4 Dee
3434 July 48/
4058 Feb 18 4758 Feb 29
4814 Jan 9112 Aug
75 Jan 16 9978 Mar 16
/
4 Deo
Oct 361
16
29 Jan 16 4612 Mar 13
1
4 Feb
1753 May 32/
211
/
4 Feb 20 2814 Jan 9
13 Mar 47 Dec
3812 Feb 14 4878 Mar 13
1
4 Dec
92 Jan 102/
10014 Jan 3 105 Jan 9
74 May 124 Sept
1372 Mar 6
9 Feb 18
74 June 12 Sept
812 Jan 16 1312 Mar 6
Oct 112 Mar
99
101 Jan 4 11012 Mar 7
9612 Apr
874 Nov
90 Feb 18 94 Jan 8
1
4 July 120 May
116 Jan 4 118 Feb 9 106/
1
4 Dec
41 Feb 62/
46 Mar 3 63 Jan 3
Oct
Jan 118
11512 Jan 6 118 Feb 18 111
Jan
1213
2513
June
18 Feb 25 2152 Jan 3
11 Nov 25 Nov
14/
1
4 Feb 23 2154 Jan 4
1613 Dee
613 Apr
13 Feb 24
1578 Jan 3
33 Mar 664 May
4912 Mar 15 60 Jan 3
1
4 Dec
5313 Jan 119/
/
4 Feb 3
114 Jan 16 1471
454 Jan 05/
1
4 May
/
4 Mar 16
56 Jan 3 711
Oct 113 Dec
10812 Jan 4 11014 Feb 10 100
4013 Oct 64 Mar
1
4 Jan 3
4514 Feb 20 55/
1033g Feb 24
22434 Feb18
13614 Mar 1
4 Feb21
3114 Feb 20
9318 Jan 3
7358 Feb 24
874 Jan 16
10014 Feb 6
11,338 Feb 24
5812 Mar 16
10512 Jan 3
247/
1
4 Jan 7
142 Jan 7
534 Jan 9
44/
1
4 Jan 17
120 Mar 16
9934 Jan 27
7812 Feb 8
103 Jan 6
108 Jan 14
1
4 Jan 12
68/
158 Feb 21
12534 Mar 16
13912 Feb 20
31 Jan 17
51 Feb 17
771
/
4 Mar 1
120 Jan 18
120/
1
4 Jan 4
2933 Feb 18
812 Jan 16
115 Jan 9
198 Jan 24
131 Jan 27
1511
/
4 Mar 16
3812 Jan 20
58 Jan 4
8812 Feb 10
123 Jan 18
123/
1
4 Feb 9
4034 Jan 10
1
4 Jan 3
14/
1163s Mar 12
Oct
101
13533 Jan
12634 Jan
312 Oct
3212 Oct
82 Mar
384 Jan
a3912 May
854 July
gm: Jan
63 Sept
Jan
160
13512 Mar
109 Mar
12214 Jan
1912 Jan
484 Mar
531s Jan
11112 July
117 Feb
1053 Jan
1252 July
109 Dec
10514 Deo
25513 Dee
139 Dec
853 May
55% May
9512 Dec
8912 Dec
8112 Nov
106 Dee
11253 Dec
75 Dec
239
Oct
198 Nov
128
Oct
15873 Sept
3912 June
67 Sept
86 Dec
12511 Mar
123
Oct
3453 Dec
2213 Jan
1164 Dec
1633
New York Stock Record-Continued-Page 5
For sales during the week of stocks usually inactive, see fifth page preceding
111011 AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
March 10.
Monday,
March 12.
Tuesday, 1Wednesday, Thursday,
March 13. I March 14. March 15.
Sales I
for
Friday,
Vee
March 16. I 1k.
the
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-3hare lots
Highest
Lowest
PER SHARE
Range for Previews
Year 1921
Lowest
Highest
per sharel per Oaf/
$ per share
Per share S per share Sharer Indus. & Miscel.(Con.) Par $ per share
Per share $ per share $ per share 3 Per share
Apr 6534 Dec
49
6912 10,100 Kayser (J) Co v t c__ __No par 62% Jan 5 7134 Feb 15
6912 68
6914 69% 6858 694 6872 694 6812 6918 69
Feb 17 2738 Jan 3
913 Jan 324 Nov
15
25
field
Tire
Kelly-Spring
21,700
2114
20
2012
8
197
8
207
2012
21
20
1934 2034 2014 21
35
6
102 Sept
Feb
Jan
84
17
Feb
5514
100
200 8% preferred
70
6934 69% 70
70
*60
70
*65
70
*65
72
*65
Jan 9712 Sept
44
100 58 Feb 17 80 Jan 26
100 6% preferred
72
74
*65
74
*65
*70
74
7334 7334 *70
74
*70
19
27 July
8
Mar
Oct
25%
10
Jan
pal
2212
...No
Wheel_
Hayes
Kelsey
10,500
2538
2512 25
254 24% 2518 25
2512 2578 2512 25% 25
60 Feb 9038 Dee
No par 8018 Feb 20 87% Feb 10
26,900 Kennecott Copper
814 82
8118 8218 8018 8134 8038 8114 8058 8112 8114 82
1 Mar
14 June
Keystone Tire & Rubb_No par
.934 June 45
Jan
3812 Jan 16 52 Jan 19
No pal
,-11 14- ---iob Kinney Co
'
-44- -4-4 - -4346
1-11451.2 16-1; *44
68 June 93 Dee
100 8914 Jan 6 97 Jan 24
460 Preferred
91
8934 90
9138 9234 9112 9158 914 9112 90
9134 93
49 June 62% Feb
Jan 9
74
3
Jan
5914
25
Kraft
Cheese
5,200
64
6212
4
6212 623
6214 6312
6314 63% 6212 6314 6214 63
4578 Jan 7714 Sept
10 60% Feb 24 7312 Jan 24
20,400 Kresge (S S) Co new
6814 6818 71
6938 68
68
6814 69
6838 6838 6838 70
100 11314 Jan 19 117 Jan 3 11018 Feb 118 July
10 Preferred
115 115 *11238 11478 *11238 11412 *11238 11412
*11214 115 *11214 115
10 June
18 Dec
Feb 29
273*
18
Jan
par
1312
Stores____No
Dept
Kresge
8,500
2412 2312 2312 2318 2412
24
2312 25
2012 2112 2014 23
Jan
80
45 Nov
100 5134 Feb 1 69 Feb 29
Preferred
70
*57
70
*57
70
*56
72
*56
*5612 7178
Jan 10512 Sept
59
9714 Jan 25
20
Feb
87
par
No
new
Co
Kress
400
9412
9412
95
*93
95
*93
95
92
*92
91
95
*92
Jan
17314
2674
June
2
Feb
260
10
Jan
200
Louls)_100
(St
L
Laclede Gas
4200 235 *205 235 *205 235 *200 235 *200 235 *200 235
96
Jan 130 May
100 100 Jan 5 12412 Jan 26
Preferred
*103 10734 •103 108 •103 107 *10318 10678 *103 108 *103 108
2012 Jan 374 Nov
27% Feb 20 3578 Jan 14
800 Lego 011 & Transport_No pa
3018 3018 *3012 30% 30% 3112
31
31
31
31
*3014 32
Jan 884 Oct
66
16
Mar
4
963
10
Jan
7912
No pa
9218 9434 9414 964 38,200 Lambert Co
934 93% 9258 93% 9118 923* 9118 92
7 Jan
1812 Dee
1714 Jan 3 225 Feb 2
18
1738 1738 1712 1712 3,500 Lee Rubber & Tire__ _No pa
•1814 1812 1758 1838 1738 1734 *16
3258 Apr 43 Nov
38 Jan 17 45 Feb 15
No pa
43
4112 4238 4134 4212 4158 43
4334 4318 4334 13,800 Lehn & Fink
42
42
2014
344
Sept
Dee
7
Feb
3618
18
Jan
3014
No pa
3112 3212 3178 3178 1,900 Life Saver,
3212 x3234 33
3312 3312 33
4 32
Feb 128 Sept
1,200 Liggett & Myers Tobacco..25 105 Feb 20 12212 Jan 3 *874 Feb
10618 1077 *107 108
111 111
10914 10914 109 109
11018 112
128
Oct
3
Jan
12312
•863*
20
Feb
104%
2
B
Series
5,400
10678 10738 106% 108
11034 11078 10914 11034 10714 10912; 107 108
100 13514 Jan 30 13814 Jan 11 12434 Jan 140 Dec
200 Preferred
13612 13612 13678 136%
•136 138 *136 138 *136 138 *136 137
Oct 788k Apr
49
Jan 3
6514
15
Mar
5314
pa
No
Wks
Loc
Llma
1,400
54
64
533* 533* 534 5334 .54
54
5434 5434 54
54
4534 Sept 784 Dee
6312 Feb 20 777 Jan 13
7334 764 25,600 Liquid Carbonic certifs_No pa
71% 70
7034 684 6914 6834 7234 7318 76
70
4878 Jan 63% Max
57 Jan 10 6712 Mar 16
6578 6712 100,500 Loew's Incorporated__ _ No pa
61
75 Jan
6178 6114 6238 6138 6212 26058 6178 6118 65
73 Feb 27
Oct
5
9
Feb
54
pa
No
Incorporated
Loft
6% 64 2,000
63* 658
614 612
638 638
612 634
612 658
2512 Dec 43 Mar
3
Feb
4
353
3
Jan
26
800 Long Bell Lumber A._.No Int
2918
*3012 31
3014 3012 3038 3038 3014 301 *2918 304 29
Jan 27 z3612 July 574 Dec
58
10
Jan
4918
__25
new..
Biscuit
Loose-Wiles
19,800
5314
5034 5112 504 5314 5214
514 523
52
51
6034 52
Jan 123 Nov
10 1:0 Feb 8 123 Jan 6 118
20 let preferred
*121
___ 121 121 *121
___; *121
*121
*121
157 Mar 171 May
10
211 preferred
4738 July
2312 May
44 Mar 7
21
Feb
35%
2
Lorillard
YLion
-591-2 -4-0C4
- 3-4 4038 41
-46
; -ioTs 41
-inT841
11-5
1b0 112 Mar 8 114 Mar 13 107 June 11811 Jan
100 Preferred
4113 115 *113 115
114 114 •114 115 •110 114 *110 114
12 Aug
Oct
10
1234 Jan 9
94 Feb 21
pa
ctfs.M.
temp
011
8
97
Louisiana
912
7.500
*1018 1012 10
938 934
104
934 934
934 973
8514 Dec 97 Feb
80 Feb 21 91 Jan 6
_10
Preferred
88
*83
88
*83
*83
88
88
89
*83
*83
8734 *83
2358 Jan 3012 Dec
Feb 7 294 Feb 10
28
&
0
.No
Louisville
El
APa
7.800
2912
29%
29
294
287
8
29
294
28%
2834 29
28% 2918
Oct 3314 Max
20
255s Jan11 3412 Fell 6
_No pa
31
31% 11,500 Ludlum Steel----32% 32
3112 32
3314 3114 32,4 3114 32
31
43 Nov 5814 Dec
46 Jan 6 5112 Mar 6
500 MacAndrews & Fr- Des _No pa
*4914 50
50
50%
*4914 51
*4914 50
51
*4914 61
51
Jan 27 105 June 134 Aug
8
1193
2
Mar
10812
100
Mackay
Comps-des
3,100
4
1133
11412
11611
1164
112 113 •112 11312 112 11512
•110 112
67 Aug 74 Aug
100 6814 Jan 13 7112 Mar 16
700 Preferred
71
71
7118 7112
71
71
*7012 72
72
*7014 72
*70
8814 Jan 1184 May
No par 9058 Mar 2 107% Jan 3
.., Ins
.
95,2 121,300 Mack Truc
93
9478 9318 97,4 93% 9658 9358 9714 13514 9634 x94
Jan 11318 July
109
100
let pref. red
---Jan 10712 June
102
100
211 or,.erred
Jan 24312 Nov
124
2
Mar
No par 235 Jan 10 313
100 Macy C.)
310 310 *290 322 *290 322 *290 322
429934 310 *295 322
2012 Aug 2858 Oct
Mar 10
27%
9
Jan
2214
par
_No
Garden__
Sq
n
Media,.
1
18,300
2614 2612 2534 26 4
2614 27
2678 2734 2634 2738 2614 27
584 Dec
Feb
2912
4
Jan
5612
27
Feb
4
433
No par
47
4612 4912 5,200 Magma Copper
4838 4734 4812 4712 4734 4612 4634 46
48
114 Apr 20114 Dec
16 Jan 20 2714 Mar 9
17,400 MallInson (II R) Ar Co_No par
2334 2612 2434 26
2538 2638 2434 261s 2458 2538 2334 24
Dec
95
July
15
4
663
Mar
8
1017
30
Jan
8718
100
Preferred
940
9612 9512 9614 9614 10178 9914 100
9634 90
9634 9634 90
27 Nov46 Feb
100 3412 Feb 10 41 Jan 14
Mallet' Sugar
3712 *33
3712 *33
373*
3712 *33
*33
3312 *33
37,2 *33
Oct801* Dee
48
17
Jan
88
17
Feb
70
Preferred
100
340
7012
7012
70
70
70
*66
70
*66
70
*66
70
*66
3918 Dec 4934 Aug
36 Mar 2 4012 Jan 24
No pa
1,000 Mandel Bros
3812 3812 *3712 3812 38
38
38
38
3712 38
38
36
Oct132 Aug
43
50 Jan 11 594 Mar 16
5212 523* 5234 56,8 6,500 Nlanti Elee Supply....No pa
5338 5318 5314 5212 53
5314 5334 53
2414 Jan 358k Dec
15
Mar
37
18
Feb
7
3134
2
37
3414 3678 22,400 Manhattan Shirt
3312 34
3378 34
3318 344 33
34
34
Oct
Jan 60
40
3
4534 Feb 6 50 Feb
10 Manila Electric Corp__No Da
*47
46
58
46
58
*47
58
58
•47
*47
58
*47
Oct2234 Jan
12
1212 Feb 20 1818 Jan 13
1414 1414
1.300 Maracaibo 011 Expl_ __No pa
1414 1414 1418 141 1
*1418 1434 154 15,8
•1434 15
Jan
5812
Jun
31
16
Jan
8
383
17
33 Feb
No pa
347 364 34,900 Marland Oil
3534 3614 3538 3534 3518 3534 35
3512 3412 35
Jan 557k Nov
27
4514 Mar 6 5212 Jan 6
No pa
49
49
493
4614 4612 4734 48
46
48% 494 8.400 Marlin-Rockwell
46
46
Feb
2434
Dec
1512
3
Jan
12
Mar
4
153
1218
.No
_
Martin-Parry
Corp_
pa
_
1212
1212
1212 1212 *1212 13
800
1212 124
9218 1234 1218 1238
82 Jan 13214 Dec
12334 12538 12414 12534 124 12738 12534 12914 126 12734 x126 12912 14,800 Mathleson Alkali WorksNo pa 119 Feb 20 1314 Jan 25 103
Jan 120 Dec
100 115 Jan 12 118 Mar 15
120 Preferred
118 118
116 116 *11614 11734 *11714 11734 *11714 11734 11734 118
6634 June 9038 Nov
3
Jan
8
78 Feb 17 853
2
6,100 May Dept Stores new
81
8034 8112 8014 8134 8018 8012 8018 8212 81
82
82
2338 Jan 3514 Dec
30 Mar 12 344 Jan 12
No pa
7,200 Maytag Co
3034 31
3112 3018 31381 3014 3058 3012 31
30
31
31
55 Mar 90 Dec
77 Feb 18 88 Jan 3
300 McCrory Stores class A.No pa
80
80
80
8012 8012 80
8012
7912 *79
79
85
•79
564 Ma
9634 Dec
8012 Mar 14 8912 Jan 3
No pa
8112' 8012 8278 82
1,200 Class B
82
82
82
803* 8058 *8012 82 I *80
97 Ma 11612 Sent
100 109 Feb 8 111 Jan 10
600 Preferred
1 10912 114 *10912 114 *10012 114 •10912 114
11012 11012.'
110 110
Ma
2834 Oct
2412
16
Mar
2812
24
Feb
264
McIntyre
1
_5
Porcupine
Mines_
*27
300
*2614
4
283
27
2712 2812 28,2
2
*2612 2712 *2612
*2612 28
2434 Jan 2614 Feb
27 Feb 9
2578 25781 *2534 26 I 2534 2534 2534 25% 2534 25% 1,600 Metro-Goldwyn Pictures pf _27 2518 Jan
*2534 26
94 Feb
3 Aug
Feb 29
8
85
1
Jan
7
8
45
par
Mexican
Seaboard
_No
011_
5
4
63
5,400
4
63
612
63
41
63
4
64
6%
7
612
634
8
75
71
2034 Dec
1318 Jun
1912 Feb 7
5 1734 Jan
1818I 18
18
1818 18
1814 18
1814 3,600 Miami Copper
1814 18'2 1818 1814
Jan
39%
Oct
2512
2912 Jan 3
2658 2634 2612 2738 8.500 Mid-Continent Petro_ No par 25* Feb 2
2778 27
27
2714 27
2718 2758 27
Apr 105 Feb
97
.Mid-Cont Petrol prat
100 103,4 Feb 20 105% Jan 16
410312 1051 *10312 10512 *10312 10512 *10334 10512 *10334 10512 *10334 10512
June
Jan
34
158
5
Jan
8
5
3
238 Jan 3
10
212 212
212 278
238 234
24 27
234 234 6.700 Middle States 011 Corp
234 234
234 June
118 Jan
238 Jan 5
112 Jan 3
10
178
1%
1%
134
134 2 ,
134
*134 2 1
17
134 3,300 Certificates
1%
Apr 315 Dec
229 235
224 22912 *224 229
230 233
5.200 Midland Steel Prod pref.. _100 199 Feb 18 290 Jan 4 106
230 235
230 233
Nov
1712
4 Apr
363
3
Jan
No par 21 Feb 17 27
700 Miller Rubber etre
23
2334 2334 2358 2334 2312 2312 2338 2338 *2212 2312 23
8112 Jan 10912 Oct
100 10214 Jan 10 16734 Mar 5
34,400 Montana Power
16112 164
16338 16558 163 16478 216034 163 1 160 16514 16112 164
12318
Feb
Dec
,
603
8
Feb
14914
19
138 14158 13612 14034 1371 1 14034 140 14312 178,200 Montg Ward & Co Ill corp_ _10 117 Jan
13518 13738 13434 142
1212 Jan
6 Jun
734 Mar 2
538 Feb 6
No par
678 738
634 7 1
658 67g
638 1334
7,2
7,2 21,500 Moon Motors
7%
7,4
438
Oct
35
Jan
112
23
Feb
27
1
1
Jan
1
2*
par
_No
Mother
Coalition
314
Lode
318 314
318 5,000
31 1
34 34
338
338
3
314 3 4
612 Sept 16% Mar
812 Jan 27
612 Feb 29
No par
67g 678 *634 678 *634 7
7
7
700 Motion Picture
7
7
634 634
3834 Apr
17 Nov
1611 1612 164 1612 1614 1612 1614 1638 16
No par 15% Mar 6 2314 Jan 12
1612 16
1614 7.500 Motor Meter A
2034 Jan 27% Mar
No par 2512 Jan 12 3114 Mar 16
298 2818 2914 28
2912 3014 29
3014 3114 26,700 Motor Wheel
2834 2914 31
Jan 794 Dec
10
7734 7814 86
7712 76
86
92
8534 8812 24,500 Mullins Body Corp__ No par 72% Feb 17 93 Feb 2
6
773* 77
Jan 11014 Dec
80
9
Jan
4
3
110
17
Jan
4
1043
100
*107
110
110
*107
*107
110
110 *107 110
20 Preferred
10712 10712 *107
53 Nov
23
Jan
May
354
No par 4634 Mar 5 53
4718 4834 47
4758 48
2,500 Nlunaingwear Inc
4814 47% 4712 4712 471
4734 48
163* Oct 43 Feb
3112 Jan 4
No par 2112 Feb 1
2314 2334 2312 23% 227 2411 2312 2412 234 23% 2334 24% 9.700 Murray Body new
6014 Apr 10178 Dec
8014 Feb 20 101:4 Jan 3
No pa
85
8634 8514 8634 86
8678 8618 881 51,300 Nash Motors Co
8614 88% 8458 88
5 Feb
7,2 Gel
1118 1178 *1118 1134 1114 1138 11,2 111
7,4 Jan 4 14 Jan 31
2,400 National Acme stamped_ ___10
12
12
113* 12
31 1,, Sept 4612 Dec
41 Jan 3 61125.1ar 9
6412 6312 64
No pa
6418 6212 637
6312 6414 64
3.400 Nat Belies Hess
13312 63% 64
Sept
Apr
97
8514
26
Jan
101
3
Jan
9014
100
*9618 100
*9614 100
•99 100
100 Preferred
*9618 100
*98 100
100 100
9434 Jan 187 Dec
2 16214 Jan 19 182 Jan 27
16912 17014 16812 175
169 17012 168 172
8,500 National Biscuit
17314 175
169 172
Jan 142 Dec
130
9
Jan
143
29
Feb
13712
_
___
100
*139
*138
Preferred
142
*139
*13712
Jan
*139
•138
39%
51% Dec
4714 Jan 16 5412 Mar 16
51
514 52
5058 5134 5014 51
5358 5312 -- 129,300 Nat Cash Register A w IN° pa
541;
5034 52
5914 May 6878 Aug
6412 Jan 5 7212 Feb 1
No pa
6834 6958 6812 69% 6878 6938 69
6834 6734 70
68
7112 66.100 Nat Dairy Prod
2738 Star
June
2014
2
Feb
4
243
5
Jan
8
217
pa
No
*2334 24
2312 2334 •2312 23% 2338 23%
900 Nat Department Stores
2312 2312 2334 24
8912 July 9414 Jan
*9038 93
100 91 Jan 10 93 Mar 16
*9114 93
*91 14 93
•9114 93
91
9114 93
600 1st preferred
91
Feb 60
Oct
17
9
Jan
28
5g
5812
Feb
354
pa
ctfs___No
40
3812
8
395
Distill
4014
39%
Nat
39
Prod
90
4712
43%
16,900
40
4534
39
43 Mar 6934 June
55 Feb 28 7138 Jan 9
5814 5814 *5818 61
5814 5814 *5812 59
400 Preferrea temp etre_.No pa
5912 5912 *5814 60
1918 Apr 3538 June
•2312 24
2438 2412 247 2478 2312 24
2438 2512 1,600 Nat Enarn & Stamping..._100 2312 Mar 14 30% Jan 26
26
*25
6918 Apr 91% July
92
100 9014 Feb 27 91% Jan 18
*90
92 .90
92
*90
92
*90
400 Preferred
91
91
*9014 91
100 123 Mar 1 136 Jan 31 595 May 2024 May
127 127
127 127
127 127 x126 128
12734 128
1,000 National Lead
•I27 128
June 13934 Dec
13918
11312
1
Mar
3
Jan
139
100
*139
4
139
1393
139
A
139
Preferred
1393
300
•139
139
4
•139
1393
4
139 139
113 Jan 19 11634 Jan 5 10478 June 11514 Dec
10
Preferred B
*109 116 *109 11312 •109 11312 *109 11312 *109 11312 •109 11312
2634 Sept
1914 Jun
21% Jan 16 27% Jan 27
2538 2514 2534 35,300 National Pr & Lt ctfs__No pa
2512 2614 2512 25% 2518 2538 2518 2512 25
76 May 9772 Dee
50 90 Feb 21 9612 Jan 3
9212 93
9212 93
9278 96
9412 9512 4,200 National Supply
9312 9311 9258 94
10 298 Feb 7 355 Jan 3 a218 Jul 373 Dec
335 33934 335 33834 336 338
339 344
2.610 National Surety
330 336
341 347
Apr 180 Dec
18212 18914 18712 194
12,600 National Tea Co
No par 160 Jan 17 194 /Mar 16 108
185 189,2 18434 188 *178 185 •175 183
2058 Dec
1234 Jun
1938 1934 1912 1934 19% 2014 2194 19% 30,400 Nevada Consul Copper_No par 17% Jan 18 2312 Fen 6
19% 20,8 19% 19%
39,4 Oct 60 June
44
*44
4434 43% 44
No par 4212 Mar 10 5012 Feb 10
44
4312 4438 43
4418 3,900 N Y Air Brake
4212 44
21% Jan
1312 AD
N Y Canners
No par
Jan
72
43 Ma
Preferred
-----No par
6538 Nov
la
34
572g 55
55
5614 -i6:
55 ;5,-13* 17- 55
100 52 Feb 18 6414 Jan 4
2 600 New York Dock
.vii" 57 56 92
9312
Nov
Fe
724
4
Jan
95
*87
9014
92
89
2
Feb
*87
100
*87
92
Preferred
*88
92
•87
92
*88
10212 Oct
9312 Fe
10112 10178
150 N Y Steam pref (6)____No par 9914 Jan 3 10338 Mar 9
10014 10112 10134 10134 10112 10134 *10114 102 210134 102
Jan 11412 Oct
11378 11378 113 11412211114 11212 112 112
210 First preferred (7)...No par 102 Jan 30 1143* Feb 24 105
113 113 *11238 114
2958 May
Jan
4
273
/7
28
28
28
2814 28
•2778 28
700 Niagara Falls Power pt new_25 28 Jan 3 2834 Feb
2818 2814 28,4 28
*28
4558 Jan 6412 Oct
10 5858 Jan 5 6218 Jan 14
614 6178 6118 6112 604 6138 6078 614 6118 6112 6118 6152 24,100 North American Co
Aug
Jan
66
3
50
23
Feb
5312
53
55
54
3
*53
534
8
533
Jan
Preferred
5314
800
50
*5312 5438 5334 5334 5334 5334
Oct
9658 Jan 10.5
103 103
103 103
103 10338
700 No Amer Edison pref. No par 10212 Feb 15 10578 Feb 7
*10234 103 *10234 103 •10278 103
4 Jan 58 Sept
473
14
Jan
52
5
Jan
8
160
517
51
51
51
50
*5012
Northwestern
51
_50
Telegraph__
*5012
*5014
51
4
,
*50
4
50,
5014
June
Feb
5%
178
3
Jan
4
15
212Mar
212 212
500 Norwalk Tire & Rubber....10
238 238 *212 3
212 212
*258 3
*258 3
Jan
13
934 Mar 9
84 Dec
8 Mar 8
200 Nunnaily Co (The)___.No par
*812 10
10
*812 10
*9
918 *812 10
9
10
*8
3114 Jan 38% Dec
26 33 Feb 18 41 Jan 11
1,400 011 Well Supply
3378 34
3334 34
33% 34
3334 34
35
*34
35
35
110
Mar
June
4
1023
II
Jan
100 107 Jan 26 11012
50 Preferred
•10712 10812 •10712 10812 *10712 10812 10812 10812 10738 10758 10712 10712
1718 June
11 Mar
144 Jan 26
1218 Feb 18
No Par
1238 1234 1,600 Omnibuis Corp
1214 12,2 1214 1211 •1214 1212 1214 1214
•1212 13
Jan 99'3 Stay
81
100 90 Jan II 9612Mar 8
95
400 Preferred A
96
957 •93
*95
96
96
96 •95
95% 95% *95
584 Feb 8238 Dec
73
7212 73
72
73
73
72% 1,300 Oppenhelin Collins & CoNo par 7112 Feb 21 8812 Jan 7
7312 73
7312 *73
*73
2378 Dec 35
Apr
I 20 Mar 13 2412 Jan 9
*194 20
700 Orpheum Circuit. Inc
20
20
20
*1912 20
20
21
21
*2112 22
100 9912 Feb 21} 102 Jan 5 10234 Nov 1084 June
9914 *9712 99
100 Preferred
*95 10078 *10014 100% •I0014 10078 9912 9912 .97
14718 Feb 20 15812 Jan 17 z103 Feb 15534 Oct
50
Otis
15418
Elevator
*15314
4
3,700
1543
8
1537
15312
1543
153
4
8
1557
154
154
154 154
Feb 12434 Aug
100 11914 Jan 24 124 Mar 2 108
1191 1 11914 •11914 124
50 Preferred
120 120
120 120 •120 122 *120 122
1212 June
714 Feb
1012 Jan 18 1312 Feb 8
No par
111s 1 -1A 13.300 Otis Steel
113s 121s
124
12
1218 121 2
•jild and asked Dewy.: 60 swag Oil lisle 13634 P EI-CIIVIdeOlie
I EI-11116613 •
New York Stock Record-Continued-Page 6
1634
For sales during the week of stocks usually inactive, see sixth page preceding
111011 AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
March 10.
onaay.
,
March 12.
Tuesday,
Wednesday,
March 13. March 14.
Thursday,
March 15.
$ Per share $ Per share $ Per share $ per share $ per share
8938 89% 893s 8938 89
89
8878 x8812 89
*88
87
•82
90
*83
*83
87
90
85
87
*86
83
82
82/
1
4 8514 8314 83% 8212 8278 8158 8312
•11612 117 •11612 117
11612 11612 *11612 117 •11612 117
44
4412 44
4412 4412 4434 4414 4454 4458 45
114
114
114
138
114
138 *114
138
114
114
148 14912 148 143
148 143
149,
4 150
150 150
*11812 12134 11812 11812 •11812 12134 *11812 120 *11812 121
6413 66
65
68
,
4 66
688 6614 6738 26612 6712
Friday,
March 16.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 1.
On basis of 100-share tots
Lowest
Highest
PER SHARE
Range for Previous
Year 1927
Lowest
Highest
$ per share Shares Indus. & /Mace!.(Con.) Par
per share
$ per share t per /hare $ INV /hare
*87
8812 1,300 0118 Steel prior pref
100 8212 Jan 10 9034 Feb 7
6113 Feb 91 Nov
*86
Outlet Co
90
No par 82 Feb 21 91 Jan 5
5234 Jan 09 Dee
82,
4 8278 8,600 Owens Bottle
25 7413 Jan 3 8514 Mar 12
73 Dec 8511 Dee
117 117
20 Preferred
100 11434 Jan 3 117 Mar IC 107
Jan 120 Nov
4412 46,4 8,400 Pacific Gas - Else new
4313
25
Feb 28 49/
1
4 Feb 6
31
Feb 50 Dee
*114
1,
8 3,000 Pacific Oil
No par
114 Jan 3
1 May
11
/
4 Jan 27
11
/
4 Jan
150 150
530 Pacific Telep & Teleg
100 148 Mar 10 157 Jan 6 124 Mar 162 Dee
121 121
90 Preferred
100 115 Jan 5 123 Feb 3 10312 Star 118
Oct
66% 6778 187,400 Packard Motor Car
10 15614 Feb 18 6834 Star 12
3334 Apr 62 Dee
Paige Del Motor Car_ No pa
17 Jan 17 2038 Jan 4
774 Star 1834 Dee
4134 12-12 42
;i6i2
42
4134 -4-1-542
-41i842
42
4
21; - i;ion Pan-Amer Pelt & Trans_ _ _ _50 3814 Feb 20 46/
4
1
4 Jan 6
4018 Dec 6572 Jan
4212 43
41,
4 42,
41% 4178 4158 4314 24,600 Class B
4 4114 4214 4114 42
51) 3734 Feb 20 4634 Jan 6
4014 Dec 6633 Jan
*1912 20
*1912 20
•1814 1912 19
1912 20
19
19
19
700 Pan-Am West Petrol B_No pa
1814 Feb 15 21 Jan 13
16/
1
4 Oct 3778 Jan
1278 13
*1234 13
*13
13
1312 13
13,
4 1312 1312
13
,
4
800 Panhandle Prod & ref _No pa
1112 Feb 11
1612 Jan 6
8 Apr 1878 Jan
*74
80
*75
78
80
*75
78
78
80
375
80
80
200 Preferred
10
70 Feb 21 81 Jan 4
54 Sep; 83 Nov
34
34
3512 36
34
3614 38
36
36
36
37
3812 12,800 Park St Tilford tern ctle_No Pa
34 Mar 10 3812 Mar 16
20
Jan 4658 Oct
1078 11
1078 11
1012 10,
1058 11
4 101 4 1034
1038 1073 25.000 Park Utah C NI
934 Jan 3 1412 Jan 5
6
1012 Oct
Jan
3
3
3
3
234 278
2
,
4 273
2
,
4 278
234 2/
1
4 9,500 Pathe Exchange
No pa
2 Feb 8
412 Jan 6
334 Dec 12 June
•1312 14
14
1412 1312 1312 1314 1312 1314 1312 1214 1314 5,600 Paths Exchange A new-No Pa
81,3 Feb 0 1813 Jan 14
1811 Dec 4314 June
26,
4 27% 26
2678 26
26
27
2612 2558 2614 2578 26
10,400 Patino Mines & Enterpr__ _20 23/
1
4 Jan 3 301
/
4 Jan 30
1812 Aug 27/
1
4 Feb
2312 21,
23
4 2278 2218 2278 2114 2238 2114 2112 22
8,400 Peerless Motor Car
50 1618 Jan 27 24 Mar 9
20
Apr 32
Jan
27
271
/
4 27
2712 2613 2714 27
2778 2658 27% 27
N34 6,400 Penick & Ford
No pa
22,
8 Jan 7 2812 Mar 5
19
/
1
4
Sept
27
/
1
4
May
*1012
•103
4 11
*1013 11
11
*1012 11
*1012 11
Penn Coal & Coke
*1012 11
50 10 Feb 9 1412 Jan 5
1014 Jan 2512 May
2578 2578 2514 2578 25
52514 26
,
8 26
25
,
4 26
2514 25% 5,700 Penn-Dlxie Cement__ _ _No pa
2258 Jan 11 2712 Jan 31
2112 Dec 39/
1
4 Jan
*9512 9814 *9512 98
*9512 98
*9512 98
*9512 98,2 *9512 9812
Preferred
100 94 Jan 5 9612 Mar 9
91 Sept 100 May
Penn-Seaboard St'l vto No pa
118 Feb
171.1-4 17134
11.
7-1-- 16912 170
17278 173
16613. 1163-4 16913 ifdr 1,600 People's 0 L & C (Chie)_100 15134 Jan 6 18912 Feb 2 12614 June
Jan 16834 Nov
•I49 165
159 159
159 159 •157 162 *157 165 *156 165
400 Philadelphia Co (Pittsb)___50 14912 Jan 19 163 Jan 31
8514 Jan 153/
1
4 Dee
*4634 48
*4512 48
*4634 48
*4512 48
4512 4512 4512 45,2
30 5% preferred
50 4512 Mar 15 4818 Jan 16
40
Jan 51
Dee
5378 54
54
54
54
54,4 5414 5414 5418 54% 54
5438 2,100 6% preferred
50 52 Jan 3 5.112.Mar 8
50
Jan
5312
Sept
2978 31
4 3058 28,
28,
4 30
,
8 28,
4 3012 29% 30% 2958 30
20,800 Phila & Read C & I._ _ _No pa
2814 Feb 9 39
,
4 Jan 3
3733 June 47/
1
4 Mar
30
4128
2914 27
29
28
28,
4 28,
4 2878 2912 2914 30
5,400 Certificates of Int _ _No pa
13
27 Mar
38 Jan 12
3714 June 47 Mar
16
1858 18
17
,
4 17
18,
18,
1818 18
4 18
4 18
8,400 Phillip Morris & Co. Ltd_ _10 15 Mar 1
18
18 Sept 411
1958 Jan 31
/
4 Jan
3858 3934 3.513 39
,
8 38% 39
3812 3913 x3814 3878 3818 39,
No pa
8 36,900 Phillips Petroleum
3514 Feb 20 4312 Jan 14
3614 Oct 6014 Feb
34
•32
34
*32
34
*32
*32
34
*32
34
32
Phoerlx
Hosiery
32
100
5 28 Jan 12 37 Feb 23
3518 Dec 52/
1
4
Aug
•100 103
100 100
*9812 100
*9814 99
,
4 9812 9812 *9814 99
20 Preferred
100 96 Jan 9 10314 Feb 14 103
Jan 10734 July
12
1214 1258 1214 1212 1212 1273 1278 1358
12%
18,200 Plerce-Arrow Mot Car_No par
1012 Feb 18 1558 Jan 3
9(3 Oct 2353 Mar
*44
46
47
*43
46
4414 4414 46
46
48% 47
,1
47
182 2,100 Preferred
100 3978 Feb 16 5312 Jan 3
3734 Oct 10213 Jan
.12
58
12
12
12
12
38
12
58
12
25
34 2,500 Pierce 011 Corporation
12
12 Mar 3
54 Jan 3
11
/
4 June
14 Mar
•1612 18
*1634 17
*1578 17
*1614 17
*1614 17
17
17
100 Preferred
100 1014 Feb 20 2012 Jan 10
1312 Mar 24 June
*334 378
358 3/
3,2 3
3,2 3,
1
4
4
3
,
4 3,
,
4
4 *312 372 3,000 Pierre Petrol'm tern etfallo par
4/
1
4 Jan 7
312 Feb 16
2/
1
4 Star
5
/
1
4 June
34
34
34
34
3418 34
33
,
4 33,
1
4 3414 34
4 33/
3412 2,900 Pillsbury Flour Nlills_No Par 3234 Feb 18 3712 Jan 9
301
/
4 Nov
37/
1
4 Aug
110 11014 *1103s 11114 *110 11114 *110 11112 *1098 11111 *10912 11014 2,000 Preferred
100 108 Jan 5 11713 Jan 9 104 Aug 109
Oct
.1.44
43
46
,
4 44
44
47
46
4912 46
4778 47
4712 8,400 Pittsburgh Coal of Pa
100 4114 Feb 8 5312 Jan 4
3254 Mar 741
/
4 June
*8212 8312 *8212 8312 *8212 8312 •8212 8312 8312 8312 8312 8312
300 Preferred
100 8212Mar 9 88 Jan 12
70/
1
4 Star 98 Sept
*8712 92
*88
90
92
*90
8712 8712. *8712 92
9012 90
900 Pittsburgh Steel pref
100 8712 Mar 15 96 Feb 0
94 1)ec 101
Jan
*28
*28
33
33
3614 *30
35
*30
31
35
•30
35
1,100 Pitts Terminal Coal
1(10 28 Feb 10 361 1 Mar 13
3012 Apr 55 June
7978 80
78
78
7978 7978 80
82
*797k 8112 *80
8112
190 Preferred
100 77 Feb 20 82 Mar 13
Apr 8412 Dee
74
*6512 67
*6612 6712 66
66
64
66
*6512
6512 *6412 66
700 Porto Rican-Am Tob cl A.100 6218 Feb 24 797,2 Jan 6
65 Aug 9112 Jan
2512 2512 2558 25% 25
2638 25
25
*2514 26
*2514 26
1,300 Class II
No par 23/
1
4 Feb 24 35 Jan 3
1
4 Dee
15 Aug 52/
12118 12238 12134 12458 12112 12312 12112 12212 122 1235
, 12178 123
45,500 Postum Co. Inc
No par 118 Feb 20 1201
/
4
Jan
9253 Star 1208 Dect
24
2578 2578 25
2558 25
25
2518 *2434 25
,
4 25
24,
4 2434 1,500 Pressed Steel Car newNo par 22 Feb 18 2678 Jan 3
3612 Feb 7814 Dee
*84
86
86
*84
*84
86
*84
*84
86
86
*84
Preferred
86
100 80 Feb 28 88 Jan 4
7612 Feb 9212 May
20
1912 20
20
1918 1934
1938 19%
19
1912 1912 2012 7,100 Producers & Refiners Corp 50 18 Feb 17 26 Jan
1634 Jan 3372 May
10
*43
4314 *43
43
431 4 4314 *43
4314 *43
4314 43
4314
110 Preferred
50 41 Feb 20 45 Jan 24
3678 Jan 50 Feb
4414 4518 44
4478 4312 44
4318 4414 43% 4414 4314 44
18,700 PubServCorp of NJ newNo par 4112 Jan 9 4514 Mar 9
Jan 4672 Sept
32
10512 106 •10512 106 •10512 106
106 106 *10534 106
10578 106
500 6% preferred
100 10333 Jan 8 10614 Feb 7
9812 Feb 105 Nov
4.11814 11934 11814 11814 11814 11814 119 119
119 119 .11831 119
600 7% preferred
100 118 Jan 21 12018 Jan 25 10812 Jan 12014 Nov
*13618 -- *13612 ____ •13612 -- •13612 -- *13612 13812 •13612
8% preferred
100 134 Jan 7 13812 Feb 17 125
Jan 13514 Nov
.'
1 10812 10914 *10812 10914 10914 10914 109 109
109 109
109 166600 Pub Serv Elec & Gas pfd_100
Jan 11013 Deo
4 8114 8212 8113 8212 81% 8338 8212 8312 50,000 Pullman Company new No par 108 Star 8 11018 Jan 28 102
8112 8212 8158 82,
7334 Aug 8434 Des
7912 Feb 21' 8558 Jan 28
2834 2913 29,
,
4 2978 2978 *2912 29711 29,
4 29
4 3014 30
3011
2,700 Punta Alegre Sugar
50 2818 Feb 171 341
Oct 46/
1
4 Jan
27
/
4 Jan 3
22
2214 2178 2214 2158 22
2112 21,
4 2118 2112 2114 2172 14,300 Pure Oil (The)
25 19 Feb 1 2712 Jan 5
Oct 3313 Mar
25
•110 112 •111 112 •109 111 •11612
108 108 •108 112
100 8% preferred
100
108
Mar
11512
3
15
Jan
1115
112
Del
Feb
3
64
,
•6434 65
4 6434 •64
,
4 65 •
64,
4 *6478
4 64,
300 Purity Bakeries class A
25 5812 Jan 3 6938 Feb 14
4284 Star 63 Nov
13318 13318 13378 13118 135 13512 •133 134
133 13318 13218 133
3,000 Claw' B
No
par
9614
Jant
Mar
4114
Nov
Jan
9
68
/
1
4
3 13612
*110 11014 *110 11014 110 110
110 110 *110 11011 11018 11013
40 Preferred
100 1071
/
4 Jan 3 11314 Feb 7 1011
/
4 Jan 110 No!
111 12134 12012 13812 140 160
135 15312 140,
4 15214 142 148,
8 1370300 Radio Corp of Amer_.No par 8514 Feb 20 IGO Star 13
4118 Apr 101 Nov
5612 5612 56
56
56
56
56
56
56
56
56
56
900 Preferred
50 5412 Jan 4 5778 Jun 9
49 May 57
Apr
*40
4712 *40
*40
47
4712 *40
44
*40
4712 •411112 4712
Rand Mines, Ltd
No par 4058 Feb 23 45 Jan 17
39 Dec 48 Sept
Ray Consolidated Copper 10
1318 July
1558 Apr
26 16 - 2538 -2-534 2512 26
26
28
2512 2578 2513 2578 2,500 Real Silk Hosiery
10 2478 Jan 17 3014 Jan 26
2013 Nov 49 Mar
•90
9012 90
9018 9018 91
90
91
92
9112 8812 8812
250 Preferred
100 84 Feb 7 0412 Feb 21
80 June 99 Dee
Reid Ice Cream
No par 82 Jan 8 9212 Jan 11
3812 Jan 8414 Nov
Preferred
100 11058 Jan 6 11034 Jan 6
97 Slay 11013 Jan
1,34 -834 .
;
6
-639
63-4
638 634 *6% 6,
4 1.400 Reis(Robt) & Co
No par
512 Feb 23
538 July
9 June
714 Jan 6
2712 2814 2712 2878 2734 2812 2718 2912 29
301 1 28,
4 2958 94,400 Remington -Rand
No par 23/
1
4 Jan 20 33 Jan 28
2012
Nov 471
/
4 Deci
*9412 9534 95
95
95
95
95
95
*9518 9534 9518 9513
500 First preferred
100
93
Jan
Nov 10212 Apr
16
Feb
8712
96
28
*9518 100
*9518 9814 *9513 98
9714 *95
*95
*9518 100
99
Second preferred
100
9914 Mar 8 100 Jan 24
Oct 110 Apr
90
*10314 110 *10314 110 *10314 110 *10314 110 *10112 110 *10118 110
Rem'letn Type 7% 18t p1.100 110 Feb 7 110 Feb 7 106
Oct 1171
/
4 Feb
•100 113 *100 113 *100 113 *100 113
*98 113
*98 113
8% 24 preferred
100 101 Mar 5 114 Jan 30 104 Dec 126
Apr
Replogle Steel
par
9/
1
4 Apr
1312 Jan
60
61
62
-6014 -613-4 603* -6f7-8 -1-3,500 Republic Iron ar Steel No 100
-62-7g -&-14
-Cois
56 Feb 17 6934 Feb 7
Oct 75/
53
1
4 Mar
•107 109 *107 109 *10778 109
109 109 *10714 109
108 108
200 Preferred
100 105 Jan 3 112 Feb 6
9658 Jan 106 May
834 918
812 858
834 9
834 878
812 834
85s 9
6,400 Reynolds Spring
No par
814 Feb 18 101
/
4 Jan 23
4 Feb
13 Dee
145 14558 14412 145
142 143 x142 14212 15,000 Reynolds MI)Tob
143 144
14112 143
9818 Feb 162 Dee
*179 17912 179 18012 179 184 :180 18312 18312 18678 18512 19912 18,500 Rossla Insurance CoClass B 25 13818 Feb21 16118 Jan 3
251 163
Jan 194
74
Oct
4534 4578 4534 4614 *4534 4614 4512 4534 4512 4534 45% 46
2,600 Royal Dutch Co(N Y shares).1 4458 Jan 10 19912 Star 16
Jan 20 4834 Jan 14
4414 July 5412 Feb
3914 3912 3878 3914 39
37
39
3712 4,300 St Joseph Lead
39
39
37,
8 39
10 37 Mar 16 4338 Jan 4
36
May
43/
1
4 Mar
'Safety Cable
No par
5234 Jan 7414 July
'
i212
-(-I6T4 -72;
67
62
7,500 Savage Arms Corporation.100 6058 Jan
1
12 75 Jan 27
43/
1
4 Oct 7212 Mar
213 218
2
213
218 *2
2
218
2
218
2
218 7,700 Seneca Copper
No
par
2
Jan
18
318 Jan 3
1 June
334 Jan
6212 6212 6234 65
6478 6312 8478 7,400,Shubert Theatre Corp_ _No par 591
6212 64,4 64
62
62
2Mar 5 8934 Jan 0
1
4 Nov
55 Aug 74/
51
5178 5034 5112 5034 5112 5034 5139 50,1 5112 51
5158 8,90013chulte Retail Stores_.No par 4078
Feb 18 5338 Jan 19
47
Jan 57 Sept
125 125 *12212 12434 12212 12234 *12212 12334 12334 12334 12212 12212
601 Preferred
100
11912
Jan 31 125 Mar 10 11614 Jan 123 Aug
*1054 11
1078 11
*1078 11
11
*1078 11
1012 1078
11
800,Seagrave Corp
No par
10 Feb 18 1414 Jan 3
834 Sept1533 Dee
8634 88
87
8978 8738 89
, 871e 8878 74,800;Sears. Roebuck & Co new Noyar
8718 8838 8718 885
821
/
4 Jan 16 9212 Feb 9
Jan 9113 Den
51
84
8618 87
9058 8912 90% 8818 8912 8638 8812 8612 8812 13,800,Shattick (F 0)
No par 8012 Feb 17 9258 Jan 27
561
/
4 Jan 10112 Oct
*4214 4338 *4238 4338 *4238 4338 •42
*42
*42
425s
4253
1Shell Transport & Trading_E2
4238
3933 Jan 24 4314 Feb 23
411
/
4 Oct 47/
1
4 Feb
2514 2534 25,2 2534 253 2534 2538 2553 25% 2538 2518 2534 9,800,Shell Union 011
No
par
2314
Feb 8 2678 Jan 14
24/
1
4 Oct 311
/
4 Feb
•2018 2012 2034 207
, 20
2058 7,900151mme Petroleum
2012 1914 1934 19
197, 19
10 1818 Feb 20 2434 Jan 6
141
/
4
2618
July
Deo
5914 5978 5918 62
61
60114 6138 5912 6058 x595, 62
6218 26,500 Simmons Co
No par 5818 Nat 2 66/
1
4 Jan 4
33/
1
4 Jan 64/
1
4 Dec
Preferred
100
10714 Jan 11133 Oct
-211.8 -2-2- -21- 2178 -21- -221; -214
2134 2212 2214 2518 375,600 Sinclair Cone Oil Corp_No par
1738 Feb 20 251
/
4 Star 16
15
Oct 2238 Jan
•105 106
10612 10612 10612 10634 *10612 10658 10612 10631 10658 10634
1,200 Preferred
100 10213 Jan 4 108 Jan 23
Jan 10413 Dee
97
2528 2678 26
2614 2553 2738 2714 2714 26
2653 2612 2718 15,800 Skelly 011 Co
25 25 Feb 15 281.4 Jan 13
2418
June
37/
1
4 Feb
*125 130
129 13158 12978 12978 128 132 *125 130 *122 128
10,600 Sloss-Sheffield Steel & Iron 100 11612 Feb
27 134 Feb 6 11014 Nov 1341
/
4 Apr
1414 1412 1358 1418
133.1 1334 2,900 Snider Packing
14
13% 1378
1414 14
14
No par
1258 Jan 6 17 Jan 11
111
/
4 June 1634 July
•46
4612 *441 1 4612 4538 46
*4513 4614 4512 4612 1,100 Preferred
*4513 46
No par 44 Jan 5 60 Jan 11
44 Nov
5214 July
36
3614 35
36
3518 357
3539 3638 3618 3714 3614 364 17,200 So Porto Rico Bug new _No par 3212 Feb 18
39/
1
4 Jan 3
33/
1
4 Aug 4253 May
•135 136 *133 136 *133 135 *133 135 *133 135 *133 135
Preferred
100 133 Feb I 136 Feb 8 1181
/
4 Mar 137 Nov
4614 47
4612 47
4512 4678 4518 46
4614 46% 4613 46% 12,700 Southern Calif Edison
25
4313
Jan
5
4712
Jan
27
311
/
4 Jan 45 Dee
2758 28
28
281 1 2778 28
28
2814 2814 2812 5,800 Southern Dairies cl A_No par 2412 Jan 25
2814 28
2978 Mar 5
15 May 4534 Jan
11
1118 11
1118 11
1118 1114 9,200 Class B
11
1078 1118 11
1114
No par
9
Jan
23
111
/
4
Feb
634
29
Oct 20
Jan
*115 ____ *115
____ •115
____ *115 ____ *115
_--- 115 115
20 Spalding Bros 131 pref ...„ _100 109 Jan 7 115 Feb
15 103
Jan 11212 Nov
18
19
1812 19
17
1812 1858
17
1712 1678 17
660 Spear & Co
17
No par
12
Jan
16
20
Feb
20
8
,
4
16
May
Des
•88
90
4,88
9012 *88
8734 87%
9012 *88
9012 *8712 89
10 Preferred.
100 79 Feb 25 9238 Feb 29
73 Feb 88 Deo
29
2934 29
27,
29
4 28% 4,700 Spicer Mfg Co
2914 2812 2834 28
28
29
No par 2313 Jan 12 3078 Mar 6
2012 Jan 28/
1
4 May
•110
*110
*110
____ *110
____ •110
____ *110
Preferred
100
111
Jan
10
11118
Jan
12
Feb 11113 Nov
104
6134 6212 6134 6234 6118 6214 6134 6278 621s 6378 6318 6414 66,500 Standard Gas & El
Co_No par 5778 Jan 12 65 Jan 27
54
Jan 6634 June
.66
67
67
67
68
6612 6612 6678 6712 68
*66% 67%
500 Preferred
50 65 Jan 3 68 Feb 27
571
/
4 Jan 6613 Nov
10654 10814 108 10914 10612 10834 106 106
10634 10812 5,400 Standard Nt Wing
108 108
100 100 Jan 5 118 Feb 1
7014 Jan 10438 Dec
10378 10412 .10334 10412 *10334 10412 10412 10412 10412 10412 10412 10412
130 Preferred
100 10018
84 Jan 103 Dee
5558 5618 55
5518 5434 55
5412 5512 11,400 Standard 011 of Cal newNopar 5.3 Jan 3 10534 Jan 12
5514 5412 55
55
Feb 20 5658 Jan 14
5038 Apr 8034 Jan
39
3914 3878 3914 3834 3918 3834 39
3839 3873 38% 39
22,000 Standard 011 of New Jersey_25 3734 Feb 18 4014 Jan
7
351
/
4 Apr 6134 Feb
2978 3014 2912 2978 2939 29,
29,
4 30
18,600 Standard OH of New York._25 2834 Feb 17 311
4 2912 2934 2958 30
/
4
Jan
/
1
4 June 3418 Jan
3
29
*4
412
4
418
43
8
4
4
4
412 512 4,400 Stand Plate Glass Co. No par
4
4
214 Jan 3
7/
1
4 Feb 23
2 Mar
433 June
18
18
1818 1912 18
18
18
21
1712 1712 18
18
360 Preferred
100
10 Jan 18 40 Feb 23
10 Mar 1578 June
13912 13912:137 13712 139 139
137 13878 13818 14312 143 147
4,600 Sterling Products
No par 13414 Feb 28 150 Jan 26
901
/
4
Jan
14313
Nov
8418 86
8458 8778 8412 8738 8412 8658 8514 8653 8534 8978 67,900 Stewart-Warn Sp Corp_No par 7714
Feb 18 8078 Mar 16
5414 Mar 8711 Nov
51
53
x52
5338 5112 5312 52
5213 5378 5434 5634 9,200 Stromberg Carburetor_No par 44 Jan 3 503 Mar 10
52
2818 June 60 Sept
4
6414
62
6358 6238 6358 6218 6312 6214 63,
63
/
1
4
63
65 173,400 Studeb'rCorp(The) newNo par 57 Jan 10 6714
4
49 June 6312 Sept
Feb 9
12378 i237 '122'z 12378 12218 12218 12334 12334 *12314 1231
/
4 •12314 12378
50 Preferred
100 12113 Feb 25 12612 Feb 10 118 Feb 1251
/
4 Nov
*314
3!..
358'
314
3I
314
4
412 18,900 Submarine Boat
311
3
353
312 4
No par
2/
1
4 Feb
3 Feb 14
412 ar 16
81s May
•Bid and asked Odom no sales on Ole day. a Ex-rigb33- I Ex-dividend, b Ex-dividend and ex
-rights.
1635
New York Stock Record-Continued-Page 7
For sales during the week of stocks usually inactive. see seventh page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
March 10.
Monday,
March 12.
Tuesday.
March 13.
1Vednesday, Thulsday,
March 14. March 15.
Friday.
March 16.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. I.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1927
Lowest
Highest
Per share $ per share 5 pert hare
$ per share $ per share $ per share S per share $ per share $ per share Shares Indus. & Miscel. (Con.) Par $ per share
30 Mar 3478 Jan
aor 3111 Jan 9 4234 Mar 8
No 1p0
7,300 Sun Oil
4112 4014 42
3934 4034 40
4012 401
41
/
4 42
4134 423
99 Aug 101% Dec
Jan
6
100
----*1021,
102
Feb 8
Preferred
102
102
*10212
*10212
___
_
100
*10112 ____ *10112 ____
.
3/
1
4 Dec
61
/
4 Feb
212 Feb 17
aor
No 1p0
3/
1
4 Jan 23
2,500 Superior Oil
234 234
234 234
21
/
4 3
3
3
234 278
Oct 28 May
18
18 Jan 18 2373 Feb 6
23
500 Superior Steel
22/
1
4 2212 2212 *20
21
21
*20
2212
*20
23
22
7
Apr 14 Dec
Feb
8
115
8
50
1558 Feb 25
14
13
13
1258 1314 1212 13
1258 123
1,300 Sweets Co of America
1312 1312 13
6
Jan
21g Sept
418 Jan
53
53
678 Feb 3
Symington temp ctfe_ __No par
*5
*434 53
*412 53
*5
5% *5
*5
5%
6
Oct 15% Nov
1234 Jan 1
1834 Feb 2
15
1514
141
/
4 1518 14,8 15
151
/
4 1514 3,800 Class A temp ctfs____No par
1512 1512 158 16
1112 Mar 1714 Nov
1514 Jan 28
16/
1
4 Feb 15
600 Telautograph Corp___ _No par
*1658 17
16/
1
4 1678 1678 16/
1
4 1634 1634 *1612 1634
1613 1678
1314 Jan
81
/
4 June
1012 Jan 1
No Par
1114 Jan 20
1
4 1034 1078 1034 1034 1034 1034 5,200 Tenn Copp & C
1078 101
/
4 10/
1
4 11
1034 10/
Jan
45 Apr 58
25 50 Feb 17 55% Jan 13
5112 5118 5178 21,500 Texas Corporation
52
5278 5112 521
/
4 5114 5134 5118 5158 51
Jan 8138 Sept
49
80% Jan 4
/
4 7612 7412. 7714 77
7258 7414 7318 7458 731
78/
1
4 7612 7814 439,100 Texas Gulf Sulphur new No par 6818 Feb 1
12
Apr 1878 June
17 Jan 14
13
1314 1212 13
1212 1234 1212 1258 1212 1234 1212 1318 16.700 Tease Pacific Coal & 011_ _ _ _10 1218 Mar
1512 Jan 40 June
1
4 Feb 2
_1 20/
29 Jan 13
2412 23
2358 2414 2318 2334 23
2334 2278 2312 2234 2418 33,100 Texas Pao Land Trust new.
1612 Aug 2312 Sept
28 Jan 12
22 Jan
No par
*26
2614 26
27
*26
2614 *26
2614 *26
600 Thatcher Mfg
2614 26
26
Aug 5012 Nov
43
Jan
31
471
/
4
Feb
27
51
Preferred
par
No
*4712 4812 4712 4914 *47
4914 *47
49
300
*47
49
*47
49
36 Aug
2414 Jan
39 :gar 16
34 Jan
No par
37,900 The Fair
3514 3512 3538 3512 3558 3534 3558 3714 3712 60,8
3812 6012
9
3
60
38
Jan 654 Dec
47
Jan
31
Thompson
(J
6212
Feb
9
59
R)
Co
300
6014 6014 6014 6014 *60
*60
60%
060
6058
/
4 June
lb% Oct 191
143. Feb 20
1714 Jan 3
1512 1534
1512 1534
1512 1534 1514 1558 1518 1514
13,400 Tidewater Assoc 011___No par
1434 16
Oct 9034 June
85
100 8178 Mar 13 87% Jan 6
*8178 8212 8178 811
300 Preferred
8314 8314 *81/
1
4 83
*8174 83
/
4 x8212 8212
19 July 2918 Jan
100 1958 Mar 7 2214 Jan 6
*2114 2178 2178 2178 *2112 22
2138 2158 22
22300 Tide Water 011
22
*21
9018 Sept
85 Nov
*88
100 87 Jan 4 901 Jan 26
8878 *8812 89
100 Preferred
*88
80
*88
89
8834 884 *88
89
Jan 14212 Aug
78
11818 11978 11712 12234 11912 12212 11914 128
12514 12914 12312 12712 59,200 Timken Roller BearIng_No pa 11258Mar 3 134 Jan 4
1175
8 Dec
Oct
92%
10218
Feb
7
11412
Feb
14
Tobacco
Products
Corp.
100
10812 10918 10838 109
10712 109
107 10778 107 100
16.900
10814 109
Apr 12378 Dec
100 113 Feb 7 128 Feb 14 108
123 12314 *121 12212 *121 12214 121 122 *121 122
121 121
600 Class A
334 Apr 10% Nov
718 Feb 21 1018 Jan 12
814 858
8
812
8
814
7/
1
4 8
734 778
734 814 35,300 TranscTi011 ternctfnewNo pa
10 May 50 Dee
4554 Jan 3 5912 Feb 7
5034 5178 50
5114 5014 5118 50
53
54/
1
4 10,000 Trausue & Williams St'l No pa
50/
1
4 50/
1
4 545
Jan 70 Dee
45
65 Feb 17 7154 Jan 21
6634 67
66
6734 06
67
65/
1
4 6634 67
6634 6,200 Under. Elliott Fisher Co.No pa
67
x66
Jan 125 Dec
*12014 123 *12014 123 *121 123
100 119 Mar 1 12412 Jan 19 120
40 Preferred
123 123 *12112 123
123 123
3812 Jan 7314 June
3914 3914 3914 40
40
40
3912 3912 39
3914 2,400 Union Bag & Paper Corp _ _100 3612 Feb 20 493 Feb 1
39'8 39
9918 Jan 15112 Nov
1
4 Mar 13
1443 14512 14478 1493* 14714 153/
1
4 14812 15214 15014 1527 150 15178 153,300 Union Carbide & Carb_No par 13618 Feb18 153/
39,
8 June 5612 Jan
4734 4814 4638 4712 4612 4714 4634 47
25 423 Feb 11 4914 Mar 9
4714 4834 17,100 Union Oil California
4634 47
Jan 12711 Dec
94
*121 12414 *120 124
1,000 Union Tank Car now____100 11918 Feb 23 125 Jan 28
12212 124 *120 123 *118 122
120 12014
32% Dec 3818 July
*3118 3112 3012 3138 30/
1
4 3114 303* 3114 3034 3113 3058 3058 3,600 United Cigar Stores new__ 10 3038 Mar 34 315* Feb 10
10812 10812 10812 109
100 10612 Feb 18 109 Jan 5 104 July 109 June
800 Preferred
10834 1094 *10814 10858 *10814 1088 10858 10858
Jan 20012 Nov
19714 19812 19938 1998 198 198/
100 190 Jan 5 209 Mar 16 169
11,400 United Drug
1
4 197 197
19812 20512 208 209
5812 Jan 61 Dec
50 59 Feb 28 6012 Jan 4
5914 5914 5914 5914 5914 5914 5914 5958 ____ ____ ___
7,200 1st Preferred
Jan
364 July 49
10 Unit
United Dyewood prof
100 4534 Jan 20 6712Mar 12
*62
6712 6712 671 *61
6612 *61
6434 *61
64% *61- -613.-4
ptd_i00
138 138
138 138
No par 136 Feb 11 14234 Jan 3 11312 Jan 150 Sent
13714 138% 13834 139
13712 13934 13834 139
4,600 United Fruit
9634 Dec 10338 Apr
9612 Jan 20 100 Feb 24
*995 100
170 Universal Pictures let
100 100
100 100
100 100
x9734 100
995 9938
2418 Sept 374 Mar
2334 2378 23/
2,400 Universal Pipe dr Rad__No par 2218 Feb 18 2758 Jan 3
1
4 24
*2312 24
2338 24
24
2412 2314 24
8154 Jan 98 Dec
100 88 Jan 5, 102 Jan 12
*95
99
95
*95 10012 *9512 10012 *9878 10012 *95 10012
100 Preferred
95
200 202 *198 202
200 20312 *200 202
20234 207
205 20634 6,000 U S Cast Iron Pipe & Fdy_100 19018 Feb 27} 22214 Jan 14 19012 Aug 246 May
300 Preferred
100 115 Mar 10 1201g Jan 20 112 Mar 125 Nov
115 115
115 115 *112 121 *115 121 *115 120 *115 120
2234 July
141458ay
16
16
1638 163* 1612 1858 1714 17/
6,000 U S Distrib Corp new_ _No par 16 Feb 18 2014 Jan 4
1
4 1712 1758 1734 18
81 May 9614 Sept
85
85
•34
85
*84
85
*84
85
*84
100 Preferred
100 84 Feb 23 908 Jan 16
85
*84
85
44 Oct 6338 May
511
52
51
4,500 US Hoff Mach Corp vtcNo par 4918 Jan 3, 5858 Jan 23
51
508 511
/
4 *5012 52
50% 5058 50/
1
4 51
69 Mar 1111/ Deo
111 112
11158 11278 11118 113
11114 11178 11234 118
116 11778 66,60 U 8 Industrial Alcohol
100 10234 Jan 16 118 Mar 15
Apr 121 Dec
*119 121 *119 121 *11814 119 *11814 119 *119 121 *119 121
Preferred
100 119 Jan 13 12034 Jan 10 bore
14 July 251
/
4 NOV
1
4
Feb
18
263
Jan
2312 2312 2318 2312 2312 2334 2314 24
Leather
22
8
No
par
2374 241
/
4 2434 254 23,400 U
2734June 5612 Dee
58
59
58
5812 5712 61
6034 6238 6218 63% 6212 6312 21,100 Class A
No par 52 Jan 5 643 Feb 2
89 July 10612 Nov
*105 10612 *105 10612 *105 106 *10434 10612 *10434 10512 *10434 10512
Prior preferred
100 10514 Jan 4 109 Feb 7
54 Apr 6978 Dec
66
66
65
65
6412 644 6418 6434 6434 6514 635* 65
6114 Feb 4 684 Feb 14
3,300 US Realty & Impt new.No pa
3714June 6718 Feb
4318 4334 4214 4478 4318 45
4234 4534 4318 4458 4312 4414 59,600 United States Rubber
100 40 Mar 7 634 Jan 4
8534June 1115* Apr
88
8912 8812 92
89
91/
1
4 8914 93
9014 9234 90
91
14,400 1st Preferred
100 8212:gar 7 10938 Jan 13
1
4 Dec
333* Jan 48/
*3912 4012 395 4012 3912 4012 3912 3934 40
/
4 Jan 3
4034 4018 4034 3,200 US Smelting. Ref & Min_ _50 3912 Feb 20 451
4558 Jan 54 Dee
53
53
53
53
*5214 54
53
53
1
4 Jan 3
*5212 53
53
53
900 United1, efe Starred
50 51 Jan 26 53/
May
176
x15014Sept
tes Steel Corp__100
14414 14612 145 14914 14512 14734 14412 14614 14412 147
14514 14758 608,900 New
13738 Mar 2, 15234 Jan 7 11138 Jan 16012 Sept
13912 13912 13954 140
13912 13958 13958 140
13912 13958 13934 14018 3,600 Preferred
100 13858 Jan 51 142 Jan 31, 129 Jan 14114 Dec
*91
94
*00
94
*91
94
US Tobacco
*91
9412 *91
9412 *91
9412
No par 9014 Mar 6 9712 Jan 13, 67 Jan 9718 Dec
*12812 ____ *12812 ____ *12812 ____ *12812
/
4 Jan 14 12712 Jan 141 123 Jan 127 Nov
*12812 __ *12812 __
100 1271
•____ 145 *____ 145 *____ 145 *145
____ *____ 144 *145
Utah Copper
10 139 Jan 171 158 Jan 6 111 Feb 162 Dec
34 May
3238 3134 3212 3134 3218 26,400 Utilities Pow be IA A__No par 2812 Feb 20 3412 Mar 8, 27 Jan
3212 3112 3212 3112 3212 31
32
37 Jan 6714 Deo
79
8214 80/
1
4 86/
1
4 82
8534 8314 9234 9112 96
1
4 324,400 Vanadium Corp
No par
GO Jan 18 96 Mar 15
9114 95/
53*Segt 1438 Feb
1258 1258 128 1234 1158 13
*1112 13
*11
500 Van Raalte
13
No par
754 Jan 7 13 Mar 13
*11
13
424 Dec 64 Feb
4812 4812 *4812 5812 *4812 5812 *4812 5812 *4812 5734 *4812 49
10 let preferred
100 4378 Jan 61 4812 Mar 9
Jan 63% J11213
48
/
4 Feb 10
6312 6412 62
6312 62/
1
4 6318 *6212 63
6218 63
5,800 Vick Chemical
No par
58 Jan 17 691
6214 63
54% Dee
32 Jul
71
7238 7012 7218 7034 7138 73,300 Victor Talk Machine_No par 525* Jan 3 7234 Mat 10
7014 72
7134 7234 71
72
Oct 111% Dee
87
14218 14412 14218 14214 140 142
14212 14512 143 14334 142 144
4,700 6% preferred
No par 10834 Jan 3 14512 Mar 10
1021
/
4 Dee
Oct
9614
prior
1071
/
4 107/
1,500 7%
preferred
100 10112 Jan 6 110 Mar 5
1
4 10714 107/
108 10814
1
4 10718 10712 10714 10714 108 108
712 May
1512 Sent
1412 15
1314 Jan 11 1634 Feb 10
15
141
/
4 1414
1518 14/
14
1418 6,800 vIrg-Caro Chem
No
1
4 1514
1438 14
2618 Apr 4834 Dec
48
4718 4712 4718 4718 4718 4714 3,60
4814 475* 4818 475* 48
6% preferred
par100 4458 Jan 18 51 3 Feb 14
91 Nov
73 Jun
9112 92
9118 92
1,700 7% preferred
100 8812 Jan 16 9212 Feb 14
*91
92
*9154 92
*91
9134 91 18 92
Jan
51
36 De
200 Virginia Iron Coal & Coke_100 32 Feb 29 38 Jan 17
34
34
*32
35
*33
35
*33
45
*33
45
*33
45
7612 Aug
Dec
6212
Jan
13
82%
Preferred
60
Feb
17
*60
62
*60
62
100
*60
62
*60
62
*60
62
*60
62
3914 June
2014 De
No par 20 Mar 16 25% Jan 4
2112 2112 2138 2134 2034 2112 2058 2138 2018 2078 20
2038 18,300 VIvaudou(V)_
95 De 11812 June
85 Mar 16 100 Jan 28
900 Preferred
9012 93
85
85
*9318 9312 *9318 9312 *9312 94
88
88
161
/
4 Jan 80 Aug
340 Vulcan Detinning
100 25 Jan 7 4334 Jan 11
2838 2714 28
2712 2712 *2712 28
2738 2914 2738 2738 27
Jan 125 Aug
90
Preferred
100 91 Feb 6 97 Jan 12
*90
97
*90
97
*80
90
*90
97
*90
97
*90
97
Jan 5934 Aug
16
Jan
11
38
Jan
10
Class
A
100 2258
24
24
120
2312 2312 2312 2312 24
24
*90
97
*25
26
25 Feb
1814 De
par
1912 Jan 3 25 Feb 3
2114 2112 2138 22
2178 2212 10,700 Waldorf System
2138 217g 2138 21% 2118 22
2412 Apr
17
De
Jan
24
17
182
Feb
Walworth
Co
16
ctfs
No
par
a
r
1614
1614
500
1612
1612
1612
1614
1614
1612
1612
*1612
17
1612
118%
Oct
Apr
8918
2
Feb
*110 115 *110 115
108 110
108 108 *10912 12012 *10912 115
120 Ward Baking Class A _ _No par 108 Mar 13 123
171
/
4 June 3358 Feb
23 Feb 18 293* Jan 13
2312 2378 2312 2312 23
2358 23
23
23
2412 23
243* 9,700 Class B
10014
Nov
Apr
84
19
Jan
Feb
20
9712
Preferred
;
93
p
a
9612 9612 97
*9514 971
No
o
97
97
97
97
97
/
4 *9512 97
600
(100)
N
1814 Dec 4512 Jan
1
4 2618 2738 2678 2778 2614 2758 2614 261
2612 2678 2614 27/
/
4 15,700 Warner Bros Pictures A_ _ __10 22 Jan 5 30 Feb 24
2938 294 29
29
2914 29
288 29% x2834 29
No par 26 Feb 17 3278 Jan 6' 24 June 3412 Boo
2858 2858 3,300 Warner Quinlan
Jan 180 Nov
65
2(
182
Feb
168 174
16978 17412 174 174
No par 15012 Jan 4
*170 17378 170 170
17014 17014 5,200 Warren Bros
18
Oct 27 June
18 Feb 20 2134 Jan 31
IS
18
18
18
18
1814
18
18
18
IS
1.3
18
3,200 Warren Fndry dr Plpe_No par
6514 Dec 7512 Aug
64
6112 6112 60
*61
0018 *5912 60
*59
64
60
1,300 Weber & lieilbr, new c_No Par 60 Feb 29 68% Jan 23
*61
10078 10078 *10114 102 *10112 102 *10114 102
100 Preferred
100 100 Mar 6 103 Jan 3 101% Nov 10358 Aug
•10014 102 *10012 102
16612 16612 16814 172 *16612 16912 16612 16612 188 168
16612 16734 2,900 Western Union Telegraph_100 163 Feb 20 17712 Jan 3 14412 Jan 176 Dec
40
Oct 5013 Sept
1
4 5512 523 5334 521
/
4 5338 5218 5334 45,900 Wstnghfie Air Brake NewNopar 461s Jan 4 57% Jan 27
/
4 5318 521
5112 5278 53/
67% Jan 9434 Dee
/
4 Jan 5 10512 Mar 12
9618 10412 10012 10512 100 10538 1013 10314 10118 10278 1013* 10212 402,600 Westinghouse Elea & Mfg__50 881
82 Mar 10378 Dec
101 102
103 103
10214 10212 1,140 lst preferred
50 9534 Jan 6 107 Mar 13
10134 10514 10214 107
101 106
11 Sept 1834 Feb
1212 Jan 6 1412 Jan 27
1238 1258 *1238 13
*1258 1312 *1258 1312 1258 1238
500 Weston Elea Instrutn't_No par
*1238 14
30 July 3444 Apr
300 ChM
parr 3034 Jan 3 3414 Feb 21
*3258 3334 *3238 3334 *3238 3334 3312 3334 *3258 3334 *3258 3334
. Aug
97
/
1
4 Jan 111
1107
8
Feb
27
10612
Jan
3
10912
*10914
110
1097
8
1097
10912
8
*1071
/
4
10914
West
Penn
10912
*10714
40
Elea
CIA
vtt
*10914
ANo
No P
109,4
Jan 112 Sept
/
4 Feb 2 11434 Jan 11 102
1
4 113
11218 11218 11218 113
11314 11314
510 Preferred
100 1091
11212 11212 112 11278 112/
Jan 118 May
/
4 11514 11512
130 West Penn Power pref
100 1143* Jan 18 116% Jan 4 111
11538 11538 11538 11558 11,514 11511 11514 11512 11514 1151
/
4 11012 10914 10914 10914 10914 10914 10914
150 6% preferred
100 10914 Fell 9 113 Jan 5 10012 Jan 111 Dee
*10912 11014 10912 11014 1091
20 Dec 2712 Feb
21
21
21
*2014 21
*2014 21
22
22
500 White Eagle Oil &Refg_No Dar 2018 Feb 21 2412 Jan 10
2112 2112 21
5838 Feb
3014 Nov
33
33
White
Motor
33
/
1
4
34
341
18,000
335*
33
/
1
4
50 3014 Feb 21 41% Jan 4
3212
/
4
x323
4
3458
4
333
33
Jan 4112 Sept
26
1
4 3512 36
36
3418 Jan 19 3778 Mar 8
*361
/
4 37
3614 3678 36/
36
800 White Rock Min Sp ctf _No pa
*36
36
361
/
4
534 Aug
2112 Ma
3658 Feb 18 45 Mar 7
4058 4212 4118 4214 4058 4118 4112 42
4014 411
/
4 7,200 White Sewing Machine_No pa
4134 43
Jan
59
48 Fe
*5312 54
5312 5312 54
53 Feb 21 55 Jan 5
54
*5312 54
54
200 White Sewing Mach pt_No pa
*53
54
*53
112 Feb
/
1
4 Oct
Wickwire Spencer elf __No pa
Mar
243
4
if
1312
Oct
233
4
2012
6i2
13Mar
16
Jan
16
8
20s
26
3
;
-2
.
3
.
100
173
4
207
2334
191Willys-Overland
-2014
-if(The)-96 Aug
*9812 9934 9834 99
87 Jun
9858 99% 2.400 Preferred
9812 9812 99
100 92% Jan 3 99% Mar 16
9812 9834 98
1758 Feb
10 May
1112 Jan 3 16 Feb 14
1358 1334 1358 1334 1312 1312 1312 134 1334 1378 3,500 Wilson dr Co Inc. new_No par
14
14
29
2912
297
1614 may 327s Feb
5
3114
283
4
293
4
2912
8
Class
A
2834 2878 8 1600
No par 22 Jan 3 3414 Feb 14
3134 293s
30
7112 71
Apr 8414 Feb
58
7138 1,800 Preferred
7112 7212 7114 7134 7158 7134 71
100 66 Jan 3 7734 Feb 111
*7134 72
/
4 18434 186
18512 187
18534 187
29.300 Woolworth (F W) Co
25 17512 Feb 20 194 Jan 3 11734 Jan 19812 Dee
18258 18414 18318 18814 185 1871
Jan 46 June
2858
29
2812
2918
/
4
2818
293
4
2912
2111
Jan
27
30
2912
2,200
Worthington P & M
*2834
100 28 Jan 5 3412
30
30
55
55
*49
*50
55
44 Dec 6112 June
*50
550
55
Preferred A
55
100 4614 Jan 19 55 Feb 1
*51
55
*49
4312
4312
*43
45
5412 June
47
45
Preferred
B
37
Oct
*44
45
300
4912
Feb
1
47
41
Jan
4
*45
100
*4312 47
91
80
8478 8114 8614 86
84
2412 Apr 94% Dec
82
89
71,500 Wright Aeronautical__ No par 69 Feb 27 91 Mar 15
7538 7678 76
/
4 7434 7434 2,400 Wrigley (Wm Jr)
5074 Jan 7234 Dec
1
4 7312 7358 7312 741
No par 6934 Jan 27 75 Jan 8
7333 732* 73/
731 2 73
*73
74
70
73
*6918 71
70
7014 Jan 8412 Aug
7412 73
70
700 Yale & Towne
25 70 Mar 14 75 Jan 13
*73
75
*73
Jan 40 Aug
3078 33
3318 3438 156,100 Yellow Truck dr Coach Cl B_10 2758 Feb 28 3612 Jan 12
25
2034 3014 2018 3178 3038 3234 3078 32
Aug 99% July
*92
93
*92
93
8318
9354
Feb
11
93
*92
93
Preferred
*92
Jan
9
875
8
93
100
*92
93
*92
/
4 Boo
87
8834 8714 88
801g Oct 1001
1
4 Jan 26
8978 x8712 89
13,800 Youngstown Sheet & T_No par 8514 Mar 8 106/
89
91
8712 8914 89
Bank & Trust Co. Stocks.
30 Bank of Commerce
550 Feb 21
590 Bank of Manhattan Co___100 500 Feb 21
Chase National Bank
100 54812 Jan 3
,
- i- i1
i• i- ---230 Chat Phen Nat Bk & Tr 100 568 Jan 3
6-1-6- /1,
__.
_1
iiiii- 61-E- 605 0-0-- 6i- 6-16- (-31:76- 6-0-9 - isoi600 600
605 605
20 Corn Exchange Bank
100 600 Mar 15
*605 625 *605 615 *600 620 *600 615
422 422 *415 424
100 410 Jan 17
419 420
70 Equitable Tr Cool N Y
417 418
'
3416 420 *415 420
--- Hanover National Bank__.100 1295 Jan 17
National City Bank
100 745 Jan 3
10 National Park Bank
100 642 Jan 3
50 665 650 650 *650 652 *650 655
*647- tiii" oiii5" ai- *6'
I
*565
607
570
620
570
618
570
620
*560
610
56S
615
*560
605
568
611
558
*610
558
612
565
*610
565
612
•Bid and asked prices; no sales on this day. a Ex-rights. z Ex-dividend. • No par value.
575 Jan 9 504
620 Mar 10 556
580 Jan 9 528
62412 Mar 3 495
608 Jan 3 593
422 Jan 7 390
1295 Jan 17 1270
799 Jan 7 669
650 Jan 26 • 593
Oct
Oct
Dec
Oct
Oct
Oct
Oct
Oct
Nov
582
613
615
575
615
428
1310
745
655
Deo
Oct
Sept
Dec
Dec
Oct
Deo
Dec
Oct
1636
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jae. 1 1909 the Exchange method of gaoling bond
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 16.
Price
Arklau.
March 16.
Week's
Range or
Last Sale.
was changed and prices are now "and interest"—except for income and defaulted bonds
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 16.
Price
Friday.
March 16.
Week's
Range or
Last Sale,
U. S. Government.
Ask Low
High Vo, Low
Sict
High
BO
Ask Low
High No.
First Liberty LoanFinale) Mun Loan 634s A..1954 A
4
994 100
9938 1001,,
External 034s series B._1954 A0 99% 1001_ 994
5
834% of 1932-1947
.1 13 101.3, Sale 1017n 101 023, 363 1012,, 1012.3,
99%
Cony 4% of 1032-47
4 101.os 1011,,, French Repub 25-yr ext'l 88_1945 SI S
14
101.n 101.n
J D 101 232
1094 110
Cony
% of 1932-47
20-year external loan 75413_1941 ID 117 F-aile 11614
102"32 Sale 102,84210288n 386 02153,203123s
362
J
117
2d cony 414% of 1932-47
10224,102 2?n
External 7s of 1924
1940 JO 109 Sale 10758 109 341
J D 02223210222n 1021,a2Mar'28
Third Liberty LoanGerman Republic ext'l 7s...1949 A0 10738 Sale 10714
10734 101
_ 1954 MN 10312 Sale 10318 10312 11
434% of 1928
MS 10022.2 Sale 100,23,1001'n 287 1001211310024, Graz(Municipality) 8e_ _
Fourth Liberty LoanGt Brit & Irel (UK of) 53-45_1937 PA 106 Sale 10578
10618 37
431% of 1933-1938
10-year cony 554a
1929 FA 11834 Sale 11812 11834 17
A 0 103153i Sale 10318121031812 971 1031,48104
Treasury 41.15
1947-1952 A 0 11514, Sale 115,142115"n 80 11418mi168n Greater Prague(City) 734s_ 1952 MN 10512 Sale 10514 10578 19
Treasury 413
1944-1954 J D 1101,42 Sale 110,82211028n 88 10984111111u Greek Government 81 see 75 1964 MN 9858 99
13
9818
99
Treasury 31-i a
Sinking fund see 65
1946-1958 M S 1072542 Sale 1072212107"n 75 10(244108,042
43
1988 FA 91 Sale 91
92
Treasury 334s
1943-1947 J
1022842 Sale 1022842102241 260 102 10318,, Haiti (Republic) s 68
1952 A0 10012 Sale 100
10012 19
State and City Securities.
Hamburg (State) 6s
1946 A0 9614 96,2 9614
9612 38
N Y City-41(8 Corp stock 1960 M 8 10034 10118 10034 Mar'28
10034 10112 Heidelberg (Germany) tut 756550.73 104 105 104 .Mar'28
_
ktls Corporate stock____1984 M S 10412 10514 10514 Mar'28
10412 10512 Hungarian Slunic Loan 7.16s 1945
10014 Sale 10018 10012 38
External a f 75
10518 1053s
434s Corporate stock____1966 A 0 10458 10514 10538 Mar'28
9678 Sale 964
Sept 1 1948
31
97
Cis Corporate stock___. 1972 A 0 1044 10512 105 Mar'28
105 105
Hungarian Land M Inst 7345 '61 MN 9912 100
14
9934 10014
tie Corporate stock____1971 J D 10934 11012 10934 Feb'28
10934 10934 Hungary (Kingd of) a f 7148_1944 FA 10212 Sale 10214
10212 29
6 ha Corporate stock _July1987 J J 10938 11014 10914 Feb'28
10914 1104 Italy (Kingdom of) ext'l 7s_ _1951 Jo 9858 Sale 98
085s 332
10912 Mar'28
43.45 Corporate stock____1985 J D 10914
10912 10934 Italian Cred Consortium 75 A1937 MS 9658 Sale 964
9658 53
634s Corporate stock___1963 M S 10912 110 10912 10912
10918 10934
Esti sec s 78 eer 13
1947 MS 96 Sale 9558
9614 48
46 registered
101 1054 Dec'27
Italian Public Utility ext 75_1952 JJ 9714 Sale 97
1955 M N
97,2 46
45 registered
10634 1-6634 Japanese Govt £ loan 4s
1001, Jan'28
1956 M N
9334 Sale 9312
1931
9334 39
4 10034 10134
4% Corporate stock
30-year a f 0354
10078
1959 M N 10034 1014 10078
103 Sale 10234 103
1954
158
4% Corporate stock
A 10014 10034 1001, 1004 29
10034 10134 Leipzig (Germany) a 1 7E1_1947
1958 M N 100:14 10138 10034 Mar'28
4% Corporate stock
10034 10134 Lower Austria (Prey) 7)4s-1950 JO 10112 Sale 1001, 101 12 34
1957 MN 10034 10138 10034 Mar'28
ls registered
9834 July'27
1938 M N
Lyons (City of) 15-year 68 1934 MN 10078 Sale 0058 10114 44
10814 1-64.74 Marseilles(City of) lbyr 6s_ _1934 MN 10034 Sale 10034 10138 44
kt-i% Corporate stock _ _1957 M N
1-61-4 1087sMar'28
4 10814 10834 Mexican Irrigat Aastng 434s 1943
330
% Corporate stock_
3312 3378 3312
1957 MN 10835 ---- 10834 1084
3
3 ____ 4934 Jan'28
8
834% Corporate st__May 1954 M N 9234 9314 9318
9318
93
9318 Mexico (U 5) extl 55 of 1899 £'45 Q J 4934
13
93
% Corporate et__Nov 1954 MN
35 Sale 35
Assenting be of 1899
9234 _ - - 93
93
16
9312
1945
36
10258 Nov'27
New York State Canal 4a1960
Assenting be large
3912 Feb'28
Canal Imp 45
2338 2414 234
_ 10438 Oct'27
1961 3 J
Assenting 45 of 1904
23,2
Canal Term 4 34s
1054 Oct'27
_
1945 J J
Assenting 48 of 1910 large
2512 25
---- 2514 Sale 25
Foreign Gov't Pi Municipals
23
Assenting 45 0( 1910 small_
2312 25
Aerie Mtge Bank 5 f 6s
9278 11
4184 Mar'28 _
Trees (3s o('13 assent (large)'33 .1
9078 9278
1947 F A 9214 Sale 9234
1
- -- -372
•ntioqula (Dept) Col 75 A1945 J
10038 30
Small
9812 Sale 981s
3712
3
9412 100 18
3712
81
External f 75 ser 13
99
9814 Sale 9812
9458 99
1945 J
Milan(Clty. Italy) ext'l 6545 '52 A 0 9314 Sale 924
9304 131
External s f 75 series C.._....1945 J J
9838 Sale 9734
9834 47
24
94
9834 Montevideo (City 01) 7e___1952 J D 10414 10434 10378 104
Ext f is let Her
9814 32
1057 A 0 9778 Sale 974
9334 9814 Netherlands(Is (flat prizes) _ _1972 M S 10614 10878 10618 10658 19
9814 36
2d series trust rets
1957 A 0 974 Sale 9734
30-year external 65„„3 5, 1 05
4 A 0 10212 Sale 10234 1024 112
9312 98%
57
Argentine Govt Pub Wks 88_1960 A 0 100 Sale 100
100,4 20
9514 Sale 9434
9912 100,4 New So Wales(Ste)
ta
1957 F A
9512 37
Argentine Nation (Govt of)—
External a I
9538 75
1958 A 0 95 Sale 944
9958 10012 Norway 20-yearbeApr
10012 83
Sink fund 65 01 June 1925_1959 1 D 10018 Sale 100
eat! 68
10258 60
194
4
54
8
3 F A 10238 Sale 10214
1003s 103
Ext1 a 1 68 of Oct 1925
9912 100,2
extl69_199
19F
213-year external 65
5522 A 0
1059 A 0 100 10014 100
A 10258 Sale 10212 10278 37
10058 70 10018 101 14
Sink fund tls series A
1957 M S 10038 Sale 100,4
30-year external 13a
102 Sale 10178
10212 73
external 8s series 0_ _Dec 1958 J D 100,4 Sale 9978 10014 33
40-year vi 50
9912 10012
10012 Sale 10012 101
1.
97
10012 39
9912 100z Nuremberg (City)
Extl e I (is of May 1926_ 1960 M N 100 Sale 994
9" 3
F"
A 9318 Sale 9212
9314 28
External a f 6e (State Ry)_1960 M S 100 Sale 9978 10018 87
9938 100,4
10018 77
9978 Sale 994
Extlfle Sanitary Works _ 1961 F A
9938 10012 Oslo (City) 30-year 8 I 88
1955 M N 10112 Sale 10112 10212 11
Ext165 pub wks(May '27)1981 M N 10018 Sale 9978
10014 91
99% 10014
Sinking fund 51-51.
6
10012
48
3 F A 100 10012 100
195
216
'37
PUblIc Works extl 545-1962 F' A 9678 Stk 904
4
96% 974 Panama (Rep) eat' 51is__
J I) 10334 Sale 10318
10334
0212 35
Argentine Treasury be L.__1945 M S 9214 Sale 9178
91% 9378
Esti sec 51 6145
5
1961 .1 D 10212 Sale 10212 10212
9814 135
Australia 30-yr be _ __July 15 1955.7 1 9738 Sale 97%
9784 38
97,4 9884 Pernambuco (State of) eat! 75'47 M 5 9734 Sale 97)
98
175
External 5s of 1927.._ Sept 1957 M S 9778 Sale 9712
98
Peru(Rep of) extl 8s(of'24)_1944 A 0 110 Sale 1094
97
110
20
D 104 Sale 103,2 104
31 103 10438
Austrian ((lovt) s 1 78
1943
Extl 85 (ger of 1926)
m O
N 10978 11014 11018 Mar'28
19
94
40
4A
Bavaria (Free State) 634s__ _1945 F A 9812 Sale 98,8
9834 29
Ext1 sink fd 7548
10758 Sale 1074 10734 23
9614 9912
Belgium 25-yr ext vi 7.144 6_1945 J D 11518 Sale 115
11514 101 114 1154
Esti a f see 7 1,19 (of 1928)_1956 MS 10714 Sale 107
10714 36
1941 F A 11112 Sale 110
11112 62 109 1111,
20-year s f 8e
Eat] 8 1 sec 7s
1980
59 3
51 D
S 10378 Sale 10378 10412 63
1949 Si S 10812 Sale 10714
25-year external 634s
10812 110 10314 10812
Nat Loan extl a 1 Os
9234 Sale 9258
9312 538
1955 J J 10078 Sale 1001.2
External a f 65
10138 150
9878 101,4 Poland (Rep of) gold tle_ _1940 A 0 84
8414 27
8414 834
External 30-year s f 78_1955 1 1) 10838 Sale 106,4
10838 173 10614 10878
Stabilization loan s I 73_1947 A 0 9034 Sale 9014
91
505
1956 51 N 10638 Sale 10618 10814 74 10414 10814
Stabilization loan 78
Esti sink fd g lis
85
10078 Sale 10012 101
Bergen (Norway) s f 8s
1945 M N 113 Sale 113
11334 16 113 1134 Porto Alegre (City of) 88_1
5
10718
19
981
593
1 1:0
'1 10718 Sale 107
Sale
(38_1949
I5-year sinking fund
A 0 10034
10012 10034
9
9858 101
Est, guar sink Id 71-65
196(3 1 J 10212 Sale 10212 10234 23
Berlin (Germany) 6540
1950 A 0 9914 Sale 99
9938 15
9958 Queensland :State) esti e 1 75 1941 A 0 11638 Sale 114,
11
07
8 115%
Bogota (City) ext'l 5 f 88_1945 A 0 10534 Sale 10514
10534 15 1034 106
25-year external
10812 12
F A 10814 Sale 10814
Bolivia (Republic of) 8s
1947 M N 106 Sale 10514 106
73 10312 106
Rio Grande do Sul esti
26
107
s I 85_1194
lis9
46
7 A 0 10614 10634 106
1958 J J 98 Sale 9634
Ent sec 75 tern
98
141
Rio de Janeiro 25-yr a f 86_ 1199
51
9334 98
108
,
2
108
Pale
106
A
0
94
5
4
,
6
7
Bordeaux (City of) 15-yr 85.1934 M N 101 Sale 10012 10118 82
9958 10112
25-yr extl 85
110 Sale 10978 11018 61
111
D 11114 Sale 11018
Brazil(U of) external 8s_ 1941
92 107 111
Rome (City) extI6 yis
A 0 9358 Sale 93,4
93% 249
External a f 6SO of 1926_1957 A 0 984 Sale 9734
9834 230
11
92
9834 Rotterdam (City) extl 6s_..1964 M N 10414 105 1044
105
981
Extl s f 634A of 1927
49
1957 A 0 9778 0812 973
120
12
9734 08,4 Sao Paulo(City) a 188__Mar 195
M N 119 Sale 119
1957
2 rA
1952 1 D 10131 Sale 1004 10131 113
78 (Central Hallway)
97 10134
Esti e f 63.45 of '27
9958 Sale 9912 10014 24
3 10712 10804 San Paulo (State) ext.! 0185.1936 1 J 10714 Sale 10634
7368 (coffee occur) E (11a0.19.52 A 0 10712 109 10778 108
7
10738
47 10118 103
Bremen (State of) ext.] 78_1935 M S 103 Sale 1021, 103
External sec a 1 88
1910.7 .1 10814 Sale 10734 10812 37
9558 103
9558
1957 M S 9514 Sale 9514
7
04
Brisbane(City) s f bs
External a f 7s Water L'n_1958 al 5 10234 Sale 10134 103
8738 205
Budapest(City) extl vi 68L....1982 J D 8712 Sale 87
8518 884 Santa Fe(Prov, Arg Rep)713_1942 M S 9934 Sale 994
994 60
Buenos Aires (City) extl 834s1955.7 J 10078 Sale 10018 10078 68 10018 10134 Seine, Dept of(France) extl 78'42 1 I 108 Sale 105
106
80
10012 168
10014 Sale 10014
Buenos Aires (Prov) extl 78_1057 J
Serbs. Croats & Slovenes 88_1962 PA N 101 18 Sale 1004 101% 52
9612 101
10014 48
aoissons (City of) ext1194._ 1938 NI N 9958 Sale 994
1958 M N 10014 Sale 10018
Ext1 5 1 7s of 1926
8
Ws 101
994
96,
4 83
Ref esti s 68
9612 967s Styria (Prov) extl 78
196153 S 9634 Sale 0658
7
94
39
6F A
9512 Sale 9512
95,2
93
43
9212 Sale 92
Bulgaria (Kingdom) s f 76_1987
Sweden 20-year 65
8934 93
J I) 10314 Sale 103,4
J
10378 19
28
98 102
Caldas Dept of(Colombia)?34546 3 J 10114 Sale 10012 102
External loan 534a
8
119
940
54 NI N 1045s Sale 104,
1014 27
12 101 10212 Swiss Confed'n 20-yr at £4...
Canada (Dominion of) 58.,., 1931 A 0 102 Sale 10134 102
11212 156
J J 11214 Sale 112
10-year 534e
1929 F A 10112 Sale 10118 101% 58 10115 10214 Switzerland Govt ext 54s.1948 A 0 10312 Sale 10312 10418 53
Tokyo Cfty 5s loan of 1912_ _1952 NI S 8014 Sale 794
65
1952 M N 107 Sale 10678 10714 46 10634 109
8014 78
10112 10 101 10178
634s
Exti a(5103 guar
152
1936 F A 10112 Sale 10118
92
1961 A 0 9114 Sale 914
105 10912 Trondhjern (City) 1st 534v _ 1957 M N
Carlsbad (City) a 1 8s
1954.7 .1 10612 108 108 Mar'28
9838 Sale 98
083s 24
102
29
Cauca Val (Dept) Colom 71414'46 A 0 10238 Sale 102
9814 102,2 Upper Austria (Prov) 7s__ _ _1945 J D 9812 Sale 97,4
99,4 78
101
28
9912 1014 Uruguay (Republic) extl 813_1946 F A 109 1094 109
Cent Aerie Bk (Germany) 7s 1950 af
10014 Sale 10014
2
10931,
93
79
92
9312
Farm Loan a 168 lilt elf.. _ _1960 J J 924 Sale 9214
EXtC211818((19
9912 Sale 98%
99,2 82
9234 175
9134 9314 Yokohama ,City) exti 601
Farm Loan a f fis let ctf w I 1960 A 0 9212 Sale 924
MN
I3 9858 Sale 98,4
_ 19
969
81 J
9934 115
Chile (Republic) extl a f 85._1941 F A 11034 Sale 11034 11134 46 10878 11134
Railroad
10212 69 10058 10212 Ala Gt Sou 1st cons A 5a
20-year externals I 78
1942 M N 10212 Sale 10114
1943 1 D 107 ____ 10834 Feb'28
11012 39 108 11114 Ala Mid let guar gold 58_1928 M N 1004 10058 10014
25-year external s f 8s
1004 29
1946 Si N 11012 Sale 108
9514 231
914 9514 Alb & Stlaq 1st guar 350_1046 A 0 9014 90:4 904
External sinking fund 65_ _196b A 0 95 Sale 9412
90,
8
8
9158 95,4 Alleg & West lot g go, 4a.„.1998 A 0 934 _ ___ 9538 Feb'28 _ _ _
9518 277
External f Rs
9434 Sale 9412
1961 F A.
0514 200
934 051 1 Alleg Val gen guar g 40 Jolly 109
Ry ref extl s f as
0812 Mar'28
1945
20
M S
i 9812 99
1961
J 9434 Sale 9412
9912 50
9534 9912 Ann Arbor let g 48
Chile Mtge Ilk 61-s June 30 1957 J D 9834 Sale 9814
8218 ---2
8218 Sale 82
9934 144
9634 993i Atch Top & S Fe—Gen g 48_1995 A 0 9734 Sale 9758
8 f 63s of 1926_ _June 30 1961 .1 D 9912 Sale 99
111
98
29
2
2518 2914
29
Chinese(Hukuang ity) 5a
Registered
2814
294
A 0 ---- ____ 9514 Mar'28
1951 / D
1 10012 10178
Adjustment gold 4s__July 1995 Nov 9
Christiania (Oslo) 30-yr a f 681954 51 S 10012 10178 10134 10112
93
1014
2 .._ __ __ __ 9
89
314 Dm
4
03
217 ii i:ii
57
Cologne (City) Germany6S4a1950 M 8 99 Sale 984
9614 99
99
Registered
Nov
9138 05%
Stamped
Colombia (Republic) 6s. _ _ _1981 3 J 94 Sale 934
9535 250
9312 Sale
, D
N
July 199
55 .M
142
92
91
9218
Colombia altge Bank 6 Sis_ _1947 A 0 9134 Sale 91
Registered
PA N
9012 9212 92 Dec'27
9458 9638
Cony gold 48 0( 1109
9534 92
Sinking fund 7s of 1926_1946 al N 9534 Sale 95
'
ri:4
:
3
2 __ _ 7__ 9__
F,Ineai9
:
2M
9
02
39
3184
91% 93
Cone 4s 01 1905
2
9434 96,
9614 35
0212
Sinking fund 7s of 1927_1947 F A 96 Sale 0612
93
9212
8
41 10018 102
0212 Dec'27 _ ____
Registered
8318 ____ 9
Copenhagen 26- yearsf 5 y55_1944 J J 10058 Sale 004 101
Cony g 4s Issue of 1910
9712 91
9584 97,2
511
1
U
3. D
13 917
196
External be
50
1952 J D 0702 Sale 97
East Okla Div let g 4s____1928 M S
10012 18
06 100,2
Cordoba (City) extl a 178, 1957 F A 9938 Sale 99
101
7
Rocky Mtn DIv 1st 48__1905 J J
2
99 101,2
9414
9414
Cordoba (Prov) Argentina7a 1942 J J 101 Sale 99
14 96
9834 65
4
9412 9834
Trans-Con Short L let 413_1958 J J 9534 96
9584
Costa Rica (Repub) ext1 75.1951 M N 9812 Sale 0712
9534
Cal-Ariz lat & ref 4145 A__1962 Ill 8 10318 Sale 10318
094 101,4
18
5
10318
Cuba 55 of l904
1944 M 8 101 Sale 004 101
Atl Knoxv & Nor 1st ii 58_1946 J D 10812 ____ 10758 Jan'28 _ _ ...
10012 101
External re of 1914 ser A_1949 F A 10114 10214 0034 Feb'28
9712
8
96 10014 Atl & Char! A List A 41.0_1944 .1 J 100 ___ 9914 Feb'28 _
External loan 4148 ser C 1949 F A 9634 974 97
let 30-year 58 series B____1944 .1 J
4
6
10184
1047
8
1023
10214
_ _ 107 Feb'28
Sinking fund 534e
102
10212
1953 1 J
9312 9714 Atlantic City let cons 4a____1951 J 1 1074934 - - 9
972111 -98
334 9212
4
974 53
Cundlnamarca (Dept-Col) 7s '46 ,1 D 9714 Sale 96,
08
111,4 21 108% 111,8 Atl Coast Line let cons 48 July '52 M 18
Csechoelovakia(Rep of) 85..1951 A 0 111 Sale 10%
9738 Feb'28
Registered
98° —7
lal S
Sinking fund 85 err B
1952 A 0 11034 Sale 1012 11114 35 10812 112
General unified 434s
3
10518 21 105 106
102's 10212 10218 10218
External a f 7lie series A 1945 A 0 105 Sale 05
L &N coil gold 42__Oct 196
5 11018 1114
9412 31
0-112 Sale 9438
MN
D
2j
Danish Cons Municip 8s A 1948 F A 111 Sale 1034 111
1954
Atl & Dav 1st g 48
0 11018 111
6
8134
1048 J J 8112 Sale 814
Series 13 a f 8s
1946 F A 11014 11078 104 11078
2
2d 4s
7418
69 10515 10634
7418 sale 7418
19483 J
1013
Denmark 20-year est!68_ _1942 J
10534 Sale 054
Atl k Yad let g guar 48
9834 52
lwo4 _ .. _ _
99
07
A 0 90
9084 90 Mar'28
Deutsche Bk Am part ctf 62.1932 M S 9834 Sale 984
9912 10078 AustIn & NW 1st gu g 58_119
10078 16
949
41 .11 .1 102:2 105 10212 Feb'28
Dominican Rep Cleft Ad 5348'42 PA 8 10078 Sale 00
-98 — 65
9738 100,4 halt & Ohio let g 4a___ _July 1948 A 0 964 Sale 9638
9912 23
1940A 0 9912 Sale 9834
lItvech34,of 1926
Registered
26 10014 102
95
9714 0618 Feb'28 __ __
July 1948 Q
Dreeden (City) external 75_1945 M N 10158 Sale 0158 102
113
20-year cony 434s
10458 48 104 1054
10012 Sale 10014
M
Dutch East Indies ext1 65
1933 IN
1947 J J 104 Hale 04
10438 18 104 10512
Registered
40-year external 88
-- - - --- 10018 Feb'28
1962 M S 104 Sale 04
-Refund
lstg5,d, gen fai series A.199.5 .1
4 10318 10414
104 Sale 10314 104 - -33
10318
30-year external 5145
103 1034 034
1953 M
84
109
2 10312 10412
1084 Sale 10814
19,5
48A
J
30-year external 5141
1953 M N 10318 10314 0312 10312
31
1,%
2
Ref & gen 65 series C
8 10712 111,4
118
94
3 Sale1 082 110
91%2 10
El Salvador (Repub) 8s
11134
1948 J
1114 Sale 10
24
P LE& W Va Sys ref 411_1941 NI
9518 10012
Finland (Republic) eat! 65_1945 M S 9914 Sale 984
10012 17
15
5
10
8
,
578 2
08
512
58
Southw Div 1st ba
18085538, Hale106 14 18
10114 56
9912 10112
External sink fund 7a
1950 J
1950 NI 8 10012 Sale 0012
Tot & Cin Div 1st ref 4s A_1959 J
10014 35
9814 10114
1958 M S 10014 Sale 9978
External s f 6 tie
1011 1 Sale 10334 10434 83
Ref & gen 55 series D
26
9278 9314
2000 l'A
Extl sink fund 534s
93
92:8 9312 9278
1958F A
Range
Since
Jan. 1.
Low
High
98 101
98 101
10978 11058
11534 117
106 109
10638 1074
102 10312
10578 10834
11684 119
10484 10914
9684 100
92
91
9934 10118
9514 064
10314 105
9854 10014
97
94
9814 10014
102 1034
9712 9912
9514 974
9658
94
9514 974
9134 9334
10114 10318
99 10034
9812 10112
9958 10112
9934 10112
3312 3634
4934 49114
35
4234
394
39
23
29
25
3012
23
285s
4014 44
3712 43
0112 9313
10238 104
10578 109
102 10314
9458 96
9412 06
102 1033a
1024 10418
101% 103,4
10012 102%
9212 934
101 103
09 10012
10318 10384
102 103
9512 9812
10912 11012
10912 110,4
10614 10784
10618 107,4
10278 10412
9034 935s
8012 844
8912 9134
9812 101
10412 107%
10138 10384
113% 1154
106 1084
10512 108
1054 10873
10512 11011
9112 9334
104 1054
11214 120
964 10014
1081s 10858
10812 1087a
10034 1034
9434 100
10358 10658
9712 10112
9818 10018
9412 9534
10212 105
104 1051s
11138 113
10312 10511
Ms 804
87:2 92,4
9712 984
99,4
97
10814 11012
9012 9958
9934
94
10014 10814
10014 1004
9018 9112
92
95-4
9712 99
8138 8418
0634 99
9514 9658
0258 944
-6.3
9-1
92-4 03
92
934
-9972
9304 9414
9312 9534
103
10758
9914
106
91
964
974
10134
9312
8158
74
8814
10214
10434
10758
994
107
9312
984
9732
104
95,4
85
76%
91314
10212
98
9618 00,
4
100,4 101
10018 100%
10314 105
108 110
11118 112
9512 974
1051s 1074
8734 9144
10312 10514
1637
New York Bond Record-Continued-Page 2
Price
a
.
BONDS
Range
..st
Week'
Friday.
..
N. V. STOCK EXCHANGE
1,7,
.
Range or
Since
.., Z. March 16.
Week Ended March 16.
Jan. 1.
Last Sale. ‘0.a
Price
a
'
BONDS
t ...
Friday,
t
N. `I. STOCK EXCHANGE
.N,' c... March 16.
Week Ended March 16.
Week's
Range or
Last Sate.
ei. _
47,1
ca.,
Range
Since
Jan. I.
High No Low
Hips
Ask Low
Rid
High
IBM No. Low
_
Clearfield & Mob let gu 51433 J 10034 ____ 9912 June'27 ---Mar'28 -_-_ 10234 103
18
9614
9714
Sale
8
967
9712
D
1
964
____--4e_1993
gen
L
St
&
Ch
M
C
Cleve
8914
87
2
89
1004
---Mar'28
10018
100
10018
34
1931 J J 10018
40-year deb 410
6812 72
Feb'28 ____
1993 1 D 11534 118 116 Feb'28 ---- 1154 116
General be Series 13
98
97
Mar'28 ____
9 10112 103
I929 J J 10112 Sale 10112 10134
Ref & Impt Os series A
97
97
Jan'28 ---10512
18
10853
1941 .1 J 10538 10612 10512 106
Ref & Impt Os ser C
.
____
Aug'27 ____
3 104 1051s
10418
1963 3 .1 10418 10438 104
Ref & inapt 5$ ser D
95
9338 --1
9438
9638 9634
_ _ 965s Mar'28 ---98
1930 1 J
Cairo Div lot gold 433
8412 88
Feb'28 -__
9138 9314
8
92
9134 -9i12 9138
CM W & M Div lot g 413_1991 J J
9734 974
5
9778
1
927s 9314
93
927g ____ 93
St L Div let coil trig 4s 1990 Si N
Mar'28 ____ 103 1065,
____ ____
9118 Dec'27 ---__
91
MN
Registered
9214 9814
9334 106
9712 9712
Spr & Col Div lst g 43_1940 M S 9638 -983-4 9712 Jan'28 ---10314
9 10212 10314
W W Val Div 1st g 4s____1940 J J 9638 ___ 9612 Apr'27 ---- ___
9912 1-0-018
10014 153
10014 Sale 100
J
4
46
J
E__--1977
ser
Impt
&
Ref
4
3
110
10918
_
Mar'28
10912
111
10912
0
A
Canada Sou cons gu A 611- -1962
10818 Mar'28 ---- 10812 10812
10014 14 10014 10214 .3 C C & 1 gen cons g 6s____1934 1 J 10814 _
Canadian Nat 4126_Sept lb 1954 M S 10012 10078 10014
5 1024 10434
"ley Lor & W con let g 66_1933 A 0 10258 1-03-3-4 1024 10258
10058 10 10014 101
5-year gold 410__Feb 15 1930 F A 10012 Sale 10014
____ 10012 Apr'27 ---- ____ __ _
60 10014 10218 Cleve & Mahon Val g 5s____1938 J J 101
1957 J J 10034 Sale 10034 101
30-year gold 410
___ 100 Nov'27 ---- ____ ____
Cl & Mar let gu g 410_ _ _ 1935 MN 100
Canadian Norte deb e I 713_1940 .1 D 116 Sale 11534 11614 35 11512 117
984 Aug'26 ---- --__ ____
10412
8
1015
0
A
13_1942
ser
4125
gu
gen
P
&
Cleve
12212
123
121
4
12214
J
1
1946
Sale
12214
612e
25-year s - deb
.. _
10214 Nov'27 ---,
____
8
1015
J
J
1942
410
A
Series
10012 10 100 10314
10-yrgold 410_ _ _Feb 151935 F A 10012 Sale 10014
9014 9-014
2 ____9014
1948 M N 0014 ____ 9014
Series C 310
8934 92
9078 72
9012 Sale 9018
Canadian Pao Ity 4% deb stock__ J J
__ _
-----Nov'27
891g
____
8
895
A
F
1950
310
D
Series
10114
9912
57
10012
8
997
Sale
1946 M S 10038
Col Cr 410
10412 10611
___ Cleve Shor Line let gu 410_1961 A 0 10358 ____ 10412 Mar'28 ____
____
1932 M S 9814 99 9834 Dec'27 ---_
Garb & Shaw lot gold 48
10912 10934 13 10914 1104
1972 A 0 10934
80 -9058 Cleve Union Term 610
1949 1 J 8212 8914 8212 Feb'28 Caro Cent let cons g 46
10714
106
31
107
10618
Sale
10618
0
A
1973
11
ser
Os
of
lot
10512
4 10234
10512
Caro Clinch & 0 let 30-yr 55 1938 J D 105 10512 105
9212 Nov'27 ---- ---- ---_
1945 J D 9312
2 108 10912 Coal River fly lot gu 4s
1952 J 0 108 109 10812 10812
let & con g (is series A
994 1004
5
9978
9934
Sale
4
993
A
F
1929
South
4s
g
1st
&
Colorado
95
8
943
____
Jan'28
95
96
9438
D
J
1981
Cart & Ad let go g 45
9912 100
9934 17
9934 Sale 9934
Refunding & eaten 410_1935 M N
8758 90
1
8758
Cent Branch U P lot g 48_ _1948 J D 8758 89 8758
964 9678
9678 Mar'28 ---1948 A 0 9614 98
Central of Ga lot g 5s_Nov 1945 F A 10814 --- 1074 Dec'27 ---- ---- Col &II V 131°33 g 48
9512 9512
---Mar'28
9512
9712
8
953
A
F
1955
4e
ext
let
Tol
&
Col
1 10614 10-7-14
107
1945 M N 10612 1071 107
Consol gold Es
8818 Mar'27 ---- ---- --F A 10458 _ _ 10414 Feb'28 ____ 10212 10414 Conn & Possum Rh,1st 0....1943 A 0 9012 ____
Registered
____
1930 F A 9612 ___ 9614 Nov'27 ---- ..,_
7 10114 10214 Consol fly deb 49
10-year secured 6s_June 1929 1 D 10114 101-58 10114 10114
79 -824
8012
7
82
8012
8012
J
J
1954
4,
Non-conv
6 107 10814
Ref & gen 610 series B___1959 A 0 108 10818 10818 10818
8612
78
Non-cony deb 413____J&J 1955 1 J ____ 82 8612 Feb'28 ---1959 A 0 10334 ____ 10358 Mar'28 --__ 10338 10418
Ref & gen 5s series C
80
___ 8112 Jan'28 ---8111
Non.conv deb 9s_ __ _A&O 1955 A 0 81
9518 9518
Chatt Div pur money g 46_1951 J D 9634 ____ 954 Jan'28......
7638 8314
2
82
1956 1 J 82 -8312 82
Non-cony debenture 4s
____ __
Mae & Nor Div let g 6s 1946 J
10638 ____ 10712 Oct'27 ____
Sale 97
9712
984
9612
63
9712
D
J
1042
Ry
Nor
let
Cuba
5558
-_
Oct'27
10318 __ _ 104
1047 1
Mid Ga & AU div be
9734 100
9
9858
9814
1952 J J 9812 99
1 10614 1067a Cuba RR let 50-year 58 g
10678 ____ 10678 10678
1946 1
Mobile Division 5s
8 10814 1094
19303 D 10938 Sale 10834 10938
let ref 73.45 ser A
19
8858
86
88
1961 1 J 87 Sale 8612
Cent New Eng 1st gu 433
9912 10012
1
1936 J D 100 10012 10012 10012
let lien & ref 3331 ser B
1930 Si S 100 10034 10018 Feb'28 ____ 1004 10034
Central Ohio reorg 4 Sis
9912 10012 10012 Jan'28 ---- 10012 10012
Central RIt of Ga coil g E5 1937 M N 1004 10078 10034 Feb'28 ---- 10034 10134 Day & Mich lot cons 4345.1931 1 J
9634 27
93
9634
953
N
9534
Sale
4
M
4s....1943
ref
&
1st
Hudson
&
Del
11912
8
1173
7
11712
11712
119
Central of NJ gen gold be. 1937 1 1 11718
100 1014
1935 A 0 101 10212 10112 10112
30-year cony bs
7 117 11818
1937 Q J 117 119 11718 11718
Registered
18 10412 107
106
1937 M N 106 Sale 105
15-year 510
974 99
9712 13
1987 J J 9618 9712 9712
General 45
1930 J D 10518 Sale 10518 1054 18 1044 107
10-year secured 76
9612 20
9418 9612
1949 F A 9518 9614 9518
Cent Pac let ref gu g 46
D RR & Bdge let gu 4/4 g _1936 F A --------9834 Apr'27 ---- -___ ____
94
F A --------94
94
Jan'28 .___
Registered
924 94
9334 53
99
1936 J .1 9338 Sale 93
65is 99
1
99
9914 Den & R 0 1st cons g 436
NItge guar gold 31is _ _Aug 1920 J 13
9614 9814
9814 22
1936 J .1 9714 Sale 97
Consol gold 410
9434
94
Through St L 1st gu 0...A954 A 0 9418 9434 944 Mar'28 ____
100
---10014
1928 J D 100 10018 100 Feb'28
Improvement gold 5e
10438 48 10334 10512
1960 F A 10414 Sale 104
Guaranteed g be
8914 924
9278 260
9278 Sale 91
Charleston & Savn'h 1st 78_ _1936 J J 11318 ____ 11938 Aug'27 ---- ____ ____ Den & R G West gen bs_Aug 1955 MN
31
274
---Feb'28
2714
49
_1935 J 1 27
Des M & Ft D 1st gu 4s
274
26
2712 26 Mar'28 ---27
Temporary Ws of deposit__ _. ___
Chts & Ohio fund & !met 55_1920 3 1 10038 10058 10034 Mar'28 ---- 1004 10118
---Feb'28
10214
10214
--------10214
S
11
41413.1947
let
Val
gen
1939 M N 107 Sale 107
10718 13 103314 10734 Des Plaines
let consul gold 56
80
1
89
80
82 80
1939 M N 10558 Sale 10558 10558
2 10558 10558 Dot & Mac_ let lien g 4s_ _ BM 1 13 80
Registered
72
70
70 Mar'28 -75
1995 J D 70
Gold 413
1092 M S 10312 Sale 10234 10338 36 10258 10358
General gold 410
10258 10258 20 10138 10911
M 13 10118 ____ 10118
10118 ____ 100 10214 Detroit River Tunnel 410 1961 M N 10214
Registered
1930 F A 10014 Sale 10014
20-year cony 410
10012 46 10014 10118 Dul Nlissabe & Nor gen 5/3_1941 1 .1 10418 ___ 10378 July'27 ---- -----1940 J 1 101
__ 10238 Jan'28 ____ 10238 10238 Dul & Iron Range lot 5e...._1937 A 0 103 ____ 109 Mar'28 ---- 10234 10311
Craig Valley lst be
A 0 --------1025, Jan'28 ---- 10278 1027i
Registered
9134 9312
Potts Creek Branch let 45_1946 J J 9214 -933-4 9312 Mar'28 ____
1
8712 90
8712
1989 J J 9412 ____ 9412 Mar'28 ____
9438 9458 Dul Sou Shore & AD g 58_ .1937 .1 .1 8712 Sale 8712
It & A Div 1st con g 45
96
95
I
95
1989 .1 J
2
9258 ____ 9258
. East fly Minn Nor Div let 4e'48 A 0 95 Sale 95
924
9112 92,
2d conga! gold 4e
Warm Syringe v 1st g 50_1941 M 8 10078 ___ 10212 Mar'28 __ 10212 10212 Ea8t T va & Ga Div g 63____1930 J .1 10034 ____ 10034 Mar'28 ---- 10034 104
1097
8
5
11011
11018
MN
11018
____
N
M
1s1
1958
151947
11018
May
9978
bs
100
gold
9912
Sale
Cons
200
9918 100
Cheesy Corp cony bs
10514 Mar'28 ---- 10434 10511
1949 A 0 7314 7334 734
Elgin Joliet 4 East let g 5s 1941 M N 10514
74
Chic & Alton RR ref g 3e
73
734 10
109 10034
1965 A 0 10914 1-093-4 10914 Feb'28
7314 _ _ 7314 Feb'28 ____
7212 7312 El Paso & S W 1st 56
Ctf den stpd Oct 1927 le _ __ _ ____
6 10513 1061:
60
1950 J 1 5912 -61- 6878
40
Erie 15t consol gold 7s ext_1930 Nd S 10512 10534 10512 10534
5878 62
Railway first lien 310
91
89
8934 20
1996 J ./ 8958 Sale 8912
5914 6012 60 Mar'28 ___
5912 6138
let cons g 4s prior
Otis dee Jan '23 & sub coup ____
Se
86
Jan'28 ---904 14
1997 J J ____ ___ 86
Registered
8934 91 18
Ohio Burl & Q-111 Div 3S48-1949 J 1 8934 Sale 8934
863
84
83
85
J .1 --------8938 Feb'28 ____
1998 J 1 8512 Sale 85
let consol gen lien g 4e_
8938 9014
Registered
86
82
1
86
Registered
1996 J J --------86
1949 J J
9712 Sale 971 3
9712 25
965, 9834
Illinois Division is
10212
2
1031
9738 12
1968 PA 13 9634 9712 9678
9678 9834
195I F A 10234 Sale 10234 10234
Penn coil trust gold 45_
General 46
8712 891
14
1024
5 10118 10234
88
1977 F A 102 10214 10218
60-year cony 4s series A1953 A 0 8734 Sale 874
let & ref 410 ser 11
864 891,
7
88
10834
1971 F A 1084 110 10814
Series B
9 10738 10834
1953 A 0 8734 8814 8778
lot & ref Es series A
8812 135 Sept'27 -----------10678
1934 A 0 10678 ____ 10678
1953 A 0 86
3 10678 10718
Gen cony 4e series D
Chicago & East III 1st 65
9738 993
9878 655
8712 Sale 8712
8818 105
1967 M N 9878 Sale 981s
Ref & Inept 55
85
93
O & E III Ry (new co) con 53_1951 M N
1 113 11471
112
1982 MN 11218 113 11178
2 11012 11214
Erie & Jersey lst s f6s___ _1955 1 J 11358 11438 11358 11358
Chia & Erie let gold be
1 1124 115
69
162
66
Geneses River let s I 5e_1057 J .1 11358 Sale 11358 11358
7212
Chicago Great Weet lot 45-1959 NI S 69 Sale 6714
Jan'28 ____ 102 102
ChM Ind & "gutsy-Ref 62_1947 J .1 11818 ___ 11818 Feb'28 ____ 11678 11814 Erie Sr Pitts gu g 334e 13___ _1940 „I .1 92 ____ 102
9034 94
1
94
19473 .1 10434 _-__ 116 Nov'27 ____
19403 J 9034 ___ 94
____ ___.
Series C 310
Refunding gold bs
1 10034 1043,
10434
1947 .1 J 97 ____ 9114 May'27 ____
1954 NI N 10434 Sale 104
Est RR einoils
Refunding 4e Barks C
1021.
10212
1
10212
10212
MN
_
_
._
Sale
10212
10534
10534
1966
10534
1 10538 1-0714 Fla Cent& Penn let ext g 65_1930 1 J
General be A
J J 10234 ____ 10234 Nlar'28 _--- 10258 1023:
2 10914 11112
Consul gold 55
May 1966 1 J 1094 11118 10912 10958
General 6813
1011:
100
1
10012
10012
___
9618
9618
9612
9914
J
J
48_1956
9614
D
11
let
-year
50
J
Coast
Sou
957
East
410_1959
Florida
9614
8
&
Chia Ind
322
8314 89'
80
1974 NI 5 89 Sale 8612
let & ref 55 serlee A
Chic L S & East let 410____1969 J 13 10212 ____ 10212 Feb'28 ____ 10212 10212
4518 52
12
48
4712
4812 50
7012 75
Fonda Johns & Glov 434s._1952 NI N
GM & Puget Sd let gu 4s___1945 J .1 --------75 Mar'28 ____
9812 981:
9812 Jan'28 __-9712 Sale 9238
9234 92
9158 931 2 Fort Si U D Co let g 41.233__ _1941 J 1 984
CO Id & St P gong 4s Ser A-41989 J .1
9128 Ft w & Den C let g 510__ .1961 J D 10814 1-083-4 1084 Jan'28 --_- 1084 1085
91
Q 1 --------9134 Jan'28 __
Registered
9914 993
8138 8158 8112 Mar'28 ____
General gold 3120 eer 11-41989 3 J
8038 8134 Ft Worth & Rio Grist g 4s1928 J .1 9934 99,8 9934 Feb'28 ____
10614
1 10614 1071
103
58 10012 10114 From Elk & NI° Vol 15t 6s
1933 A 0 10614 10834 10614
Gen 410 tieries 0_ __May 1989 J J 103 Sale 103
10114 10211
____ ____ 10012 Feb'28 ____ 10014 10012 OH & S A HAP 1st bs
1931 M N 10134 10218 10134 Mar'28 __Registered
1 10038 1015
7314 Mar'28 ____
Gen & ref ser A 410_ _Jan 2014 A 0
1931 J J 10038 Sale 10018 10018
2d extens be guar
7238 7478
9912 1005
____ 75 Mar'28 -__Galv Hoes & Rend let 5.9.. 1933 A 0 ____ 100 100 Mar'28 ---Gen ref cony ser II be Jan 2014 F A
'7018 75
98 1003
1
99
1934 .1 .7 ioa_Sale 103
9912 99
104
153 103 104
let eer fls
Ga & Ala fly let cons be_Oct 19453 .1 99
1932 1 D
75 Mar'28 ____
Debenture 410
Ga Caro & Nor let gu g 5s 1929 J J ____ 99 10014 Mar'28 ---- 10014 1001
71
75
78
78
78 Feb'28 __-_
1025 J 13 ____ ____ 7178 Feb'28 ____
1946 A 0 7612 78
71
Debenture 413
7334 Georgia Midland let 3s
1934 J J --------7214 Feb'28 __
__ 101 Mar'28 --n 10014 101
7012 734 Or II& I ext let gu g 410_ _1941 J J 10078
25 year debenture 4e
7 1 1518 1 161
3 8 Sale 9634
9734 4909
9518 9734 Grand Trunk of Can deb 75_1940 A 0 11578 11614 11534 11618
Chic MOW St P & Pac 5s_ 1975 F A
10912 10 109 1095
6838 7656
Jan 1 2000 A 0 13738 Sale 6418
1936 M 5 109 10914 109
15-year s f 613
614 683,
Cony a41.1 his
9834 997
Grays Point Term let be... _1947 .1 D 9918 _ __ 9934 Feb'28 ---11514 67 11478 116
8558 13
1936 .1 1 115 Sale 115
8458 86
Great Nor gen 70 series A
Ohio & N'west gong 310-1987 N1 N 8558 Sale 8414
8 1145
1145
__-Feb'28
114543
_
84
____
84
J
F
J
Q
84
2
Registered
Reglotereci
84
8458
11 100 1021
10114
1987 MN
97
96
9678 Mar'28 ____
- _- 101
let & ref 4 14e series A._ __1961 J J 10014 10112
9534 98
General 4s
23
8
1123
1151
112
SIN
112
'87
tax
Sale
le
953
Fed
4
963
97
4
11214
J
Feb'28......
510
19523
General
13
series
non-p
9612
As
4
963
Stpd
2 10678 109
____ 112
112
1973 J J 108 10812 10738 10738
2 112 115
General Se aeries C
Gee 414e Med Fed Inc tax_1987 NI N 111
994 1011
112 117
1976 J 1 10014 Sale 10018 1003* 92
General 434e series D
Hen bs stud Fed Inc tax---1987 51 N 114 Mlle 115 Mar'28 ____
9.594 10014
NI N 10912 114 113 Mar'28
10014 190
113 113
1977 J J 10018 Sale 994
General 410 series E
Registered
1879-1029 A 0 10218 10274 1024 Mar'28 ____ 10238 10258 Green Bay & West deb ate A__ Feb 8578 87 864 Mar'28 _--864 865
Sinking fund 66
2412 2914
1879-1939 A 0 10034 10138 10114 Mar'28 _
2614
I
2612 2614
25
Fel
Debentures etre 11
10114 10138
Sinking fund be
9518 9512
1879-1929 A 0 10018 __ 10012 Oct'27 ____
2
9512
. Greenbrier fly let gii 4s___1940 NI N 9512___ 9512
Registered
1933 M N 10234 --__ 1024 Mar'28 _._ _ 1oii8 f63 Gulf Mob & Nor hot 5101950
107
6 10612 1071 2
A 0 10618 1-07 107
_
Sinking fund deb be
M N 10218
10218 10218
3 10314 104
1950 A 0 ____ 10312 10312 10312
1 10218 10218
lot M be series C
Registered
1930 J D 10478 105 10478
5 10712 10814
108
10514 42 10478 10612 Gulf & S I lot ref Atari 59_61952 J
108
10-year secured 78 g
M
1936
4
1053
13
10514 1071 2
11
4
1123
10514
g
Hocking
10512
Val
8
1057
Sale
1074__11414
let
J
11212
610
4;0_1999
g
cons
secured
1134
11212
9
15-year
D
May2037 J
11134 11238 11112 114
19 11118 114
Registered
19993 J____ ____ 10412 Feb'28 ____ 10412 10412
let ref g 56
4 10111 1011
May 2037 J D 10314 Sale
10314 38 102 10412 Housatonic fly cons g 5&
10112 10112
l937 NI N 10112
let & ref 410
9334 29
11 & T C let g let guar
924 96
1037 J 3 10318 - -__ 10318 Mar'28 ---- 10318 1031
Ohio It I & P Railway gen 413-1988 1 1 9334 9378 9338
1 3 9134 92
9158 Feb'28 _
Waco & NW div let 60_1930 M N 105
9138 9158
___ 10312 Mar'28 --_- 10312 1031
Registered
1934 A 0 913 Sale 9534
8 10134 1021
9638 181
9512 9634 Houston Belt & Term hot 65_1937 1 3 10212 103 10212 10212
Refunding gold 40
S
8
965 Sale 0618
1952 NI
9634 239
0558 9734 Houston E & W Tex lot g 55_1933 M N 10058___ 101 June'27 - - 1
Secured 410 series A
s 16Z1
D Iv 0_1951 .1 D 9212 _ __ 9234 Feb'28 _
ua 58 red
let gear
92
1933 M N 101 1-02 10218 Jan'28 -- -_ - ioil9234
ch St L & NO Men,
_ 10278 Feb'28 __
10238 1033, Hud & Manhat be seriesA _.1957 F A 10118 Sale 101
10112 35 1004 3021
Ch St LAP let cons g be..„1932 A 0 10234
1930 1 D 10278 foi 103
103
11 10278 10338
Adjustment income Es Feb 1957 A 0 9214 Sale 92,4
9234 94
9153 931
ChM St PM & 0 cone 6s
_ Illinois Central let gold 4e 1951 J
9731 991
.
3
9812
_ 98
9714
Cons 68 reduced to 310 1930 J 13 97_ 9614 Nlay'27 _ _
loo
1930 M s loo 1-6614 um
i Rio 16612 lit gold 334s
894 90
89 -91- 89%
8058 16
1951 J
Debenture be
100 ____ 100
Jan'28 ____ 100 100
Extended let gold 310_1951 A 0 89
9112 9112 Jan'27 ---- ---- -Stamped
10338 33 10218 10358
1st gold Is sterling
1951 M S 76-- _ 7612 June'27 ----------Ohio T Il & So East let be__1960 J 0 10318 Sale 10318
4
Collateral trust gold 45_ 1952 A 0 95
9518
98
944 961
96- 95
75
Dec I 1960 M8 98 Sale 9718
9612 984
Inc gu 6e
10212
10214
20
Sale
let
10214
4s
1
J
9634 981
10114
1955 M N 9712 Sale 97
refunding
A_1063
974 25
10212
410
gu
let
Chic Un Stan
8938 901
8918 26
Purchased lines 310
10478
1963 J J 10434 105 10478
1 10418 106
1952 J 3 8712 8934 894
let be series 11
_
---- _--_
Dec'27
4
8
933
1035
___
104
0
J
1944
7
Sale
4
____
1033
3
J
Registered
10318
105
65
II
Guaranteed
991
9218 -20
93
119
19833 J 11834 Sale 1184
58 1184 1194
Collateral trust gold 4a___1953 NI N 93 Sale 924
let 610 series C
__ 91 Nov'27
M N ____
Registered
Jan'28 ____ 10234 103
ChM & West Ind gen g 613..0932 Q NI 10518 ____ 103
10934 25 109 1-1-91
9218 36
19523 .3 9218 Sale 9134
Refunding Es
9112 93
1955 MN 10914 11078 109
Coneol 60-Year 45
4 11312 1141
15-year secured 610 g_1936 J
11312 Sale 11312 11312
105314 24 105 10578
1082 NI S 10518 Sale 10518
lit ref 510 ser A
10134 74 101 102
8 Sale 10114
1015
A
Mar'28
F
8
MN
1073
-year
____
____
8
1073
414e
107
1966
1
60
Aug
8
1075
1962
5e
cone
Gulf
&
Choc Okla
974 971
--Jan'28
9718
____
8
923
D
J
1950
Cairo
Bridge
1
434
gold
9914
99
8
90,
8
99,
1937 1 J 90'sCie Li & 1324 gold 410
8038 ____ 8012 0131.'27
Litchfield Div let gold 3s_1951 J
9818 9818
9878 9818 Feb'28 ____
0 I Eit LA C let g 4e___Aug 1936 Q F 9758 ____
8-814
87
874 26
874
86 4
.1
Div
330.1953
Emilia/
Feb'28
&
____
g
Term
9714
974
9718
974
F
Q
1938
Aug
Registered
7912 801
7958 -8112 8012 Jan'28 ___
____ 9334 Feb'28 ____
94
934 9334
Omaha Div 1st gold 3s- _1951 F A
CM Leb & Nor ffu 4,g____ 1942 NI N
Bangor & Aroostook let 58_1943 J J
1951 1 .1
Con ref 4s
Battle Crk & Stur lstgu 333._1989 .1 D
1936 J 1
Beech Creek let gu g 4s
1936 J J
2d guar g Es
A 0
310.__1951
g
let
Beech Crk Ext
1944 J D
Big Sandy lot 4e
Bost & NY Air Line 1st 4s1955 F A
1938 1 J
Burns &W let go gold 4s
Buffalo It & I' gen gold 5e 1937 Si S
1957 M N
Coneol 414s
193s A 0
Burl C RA4 Nor let be
Ask Low
10234
-8-812 88
7212 6812
9714
____ 97
____ 8512
9438
8612 8738 8714
9778
9814 99
103 105 103
93 Sale 9214
10234 ____ 10314
Bid
102
---67
0714
10018
8218
--
-
I Due Feb. e Due May. p Due Dec.
--
1638
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 16.
New York Bond Record-Continued--Page 3
Price
Friday.
March 16.
Week's
Range or
Last Sale.
'
17.1
Range
Since
Jan. 1.
BONDS
:
133
Prize
N. Y. STOCK EXCHANGE
Friday.
Week Ended March 16.
March 16.
Week's
Range or
Last Sale.
a
Range
Since
Jan, 1.
Bid
Ask Low
High No. Low
High
Bid
Ask Low
High No. Low
High
Illinois Cent (Concluded)Nat RR Mex pr I 41613 Oct_1926 J J
_
3812 July'25
St Lou% Div & Term g 39_1951 J .11 80
90
00
90
8012 90
Assent cash war rct No 4 on
1712 Mar'28
17
'2
-2-2-3i
_
_
Gold 31631
1951 J 1 8914 01
8914 Feb'28
1st consol 4s
8914 8933
- -1951 4o
28 Apr'26
Springfield Div 1st g 3169.19b1 J J
Oct'27
_ 88
Assent cash war rct No 4 on
_
IA 10
1034 - 12 -03-4 -1-3-18
Western Linea let g 49_1951 F A 889234 9612 9414
Naugatuck
93 .
9414
9-414
RR 1st B 45
1954 M N 85
8658 Nov'27
Registered
F A
Jan'28
90
New England cons fig
90
90
1945 J .1 10253 115 10234 Feb'28
10234 1072-4
III Central & Chic St L & N ()Censol guar 45
1945 1 .1 9214 94
921s
90
92%
92% 10
Joint 1st ref 513 series A___1983 J D 10634 Sale 10634 1067s
6 10614 10814 NJ June RR guar 1st 413_1986 F A 8814 - _ 9034 Mar'28
_ _
9058 9813
let dc ref 4168 ser C
1983 J D 10018 Sale 100
10058 38
NO& N E lat ref & Imp436sA'62
9938 101
10114 Sale 10114
10114
2 10014 102
Gold be
1951 J D 10818 ___ 10838 Mar'28
10838 10812 New Orleans Term 1st 413_1953 1 J
9412 Sale 93
90% 9413
9412 21
Gold 316e
1951 1 D 8358 ___ 8412 Jan'27
10 Texas & Met n-c Inc 59_1935 A 0
102 10112 Mar'28
100 102
Ind Bloom & West 1st ext 48_1940 A 0 943 ____ 933 Sept'27
let be series 13
1954 A 0 il -)i4 Sale 10033 10118 12
9912 1011s
Ind III & Iowa 1st g 4s
10501 J 96
Mar'28
9612
let 58 series C
0012 97
1956 F A 10334 Sale 10334 10334
3 10312 105
Ind & Louisville 1st gu 4e__ _1958 .1 .1 9018 ____ 9018 Feb'28
9C18 9112
1st 454s series D
1956 F A 993s Sale 9914
98% 90,3
9912 48
2 104 105
1st Sj4s series A
105
Ina Union Sty gen bs aer A 1965 J J 10412 ____ 105
1954 A 0 105 Sale 105
105
15 104% 10513
Gen & red be series B
10412 Feb'28
1965 J J 10412
10412 10412 4 & C Bilge gen guar 436s 1945 J J 100 10113 100
Jan'28
100 100
Int & Grt Nor 1st (is ser A 1952 J J 10673 1-0714 10634 10714 50 106% 10812
Y B & M 181st eon g 55_1936 0. 0 10034 -._ _ 101 Mar'28
101 101
Adjustment (is aer A July 1952 Aprl 941 Sale 94
174
9312
N
Y Cent RR cony deb tis_ _1935 M N 10728 1084 10734 108
9434
99,4
4
10713 10834
Stamped
7712 Feb'28
7712 771,
Consol 45 series A
1998 F A 9614 Sale 961s
9512 9713
9612 2
let be series B
1956 J J
9934
10058 52
99% 10178 -Ref & impt 416e series A_2013 A 0 103% Sale 103
10358 12 10212 10413
1st g 6s series C
1956 1 J 16112 Sale ion
1013s 26 10038 102
Ref & impt 5a series C
2013 A 0 10953 Sale 10912 10928 08 10814 11034
Int Rys Cent Amer let bs
1972 MN
10
8178 8414 N Y Cent & Bud Riv
84 Sale 8312
8414
33,6a '97 J
8514 8814 8618
8634 37
85% 8753
181 roll tr 8% notes
1941 M N 9514 96
2
9514
0484 9734
96
Registered
1997 J J 8538_ 8512 Mar'28
_
8512 8512
1st lien & ref 634e
1947 F A 9413 Sale 94
947
9518
48
91
Debenture gold 45
1934 M N
9814 Safe 98
9814 59
98
0914
Iowa Central let gold ba
1938 1 D 3812 Sale 38
7
38
Registered
4012
3812
M N
9514- 0838 Jan'28 _ _
083s 9833
Certificates of deposit---------- 38
38
2
38
40
4034
30-year debenture 4s
33
1942 J J 97 -6i 98 Feb'28
_
9734 99
Refunding gold 49
1951 li-g 1013 11
1012
2
Lake Shore coil gold 310_1998 F A 83% 8412 8353
1018 1314
101 2
83%
8318 864
5
James Frank & Clear let 49_1959 J D
_
9634 9634
3
9634
Registered
96,4 96,8
1998 F A 8134- 8238 Jan'28 _ _ _ _
827s 8271
Ka A &GRIstglig 51
1938 1 J 103 ----103 May'27
Mich Cent coil gold 3149_1998 F A 8538 -6614 8512
8512
1
85344 87
Kan & M 1st gu fr 4s
9618 Feb'28
1990 A 0 9034
9112
Registered
1998 F A
811s July'27 _
KCFtSaz M cense 68
1928 M N 100 100% 100
100
1 100 100% N Y Chic & St L let g 4s___ _1937 A 0 9734
9712 Mar'28
-9714 98
11 C Ft ft dc /31 Ity ref g 4e_ _1936 A 0 963g Sale 9638
9638 24
96
Registered
0653
1937 A 0 0618 _
0818 0813
9612 Feb'28
_
KC&MR&B1etgu5s1929 A 0 101 13 ____ 10112 Mar'28
10053 10134
25-year debenture 45
1031 M N 09 Sale 09
99
11
99 100
Kansas City Sou let gold 35_1960 A 0 7734 Sale 7734
783
10
24 671 series A 180
7712 7934
1931 MN 10314 Sale 103
10314
101%
16
10314
Ref & impt ba
Apr 19501 J 10212 Sale 101% 10213 31 10138 10278
Refunding 534s series A__1974 A 0 10753 Sale 10738 10734 25 1067g 10734
Kansas City Term 1st 49_ ___1960 1 J 9418 Sale 9312
9414 71
93% 95
Refunding 536s series 11_1975 J J 10738 10712 10738 10712 41 10658 10712
Kentucky Central gold 45___1987 J J 933
___ 9334 Feb'28
0312 9612 NY Connect let gu 4165 A.. _1953 F A 10114
_ 10114 1014
5 10075 10214
Kentucky & Ind Term 4345_1961 .1 3 9014
02
4-95
Jan'28
92
91
1st guar 5.3 series 13_ _ ____1953 F A 10434 1-0.14 10514 Feb'28 ___ 18012 10514
Stamped
1981 J J 94
9512 95 Mar'28
N Y A Erie let ext gold 49_1947 M N
93% 95
9212 Nov'27
Plain
9634 Dec'27
1961 J J 9714
3d ext gold 414e
1933 M
100
10034 Dec'27
Lake Erie az West 1st if Ss
1937 1 J 10418 -___ 1047,3
10478
1 10334 104%
4th ext gold 59
1930 A 0 10034
10034 10034
1 10034 1663;
2d gold 58
1941 J .1 103%
_ 10378 1037
2 102 104%
5th ext gold 45
1928 J D 0914
9914 Jan'28
9914 91)14
Lake Shr & Mich S g 3168.._1997 J D 86% Sale 8318
8638
83% 8712 N Y & Greenw L gii g 5s__ _ _1946 MN 100 101371 101 Dec'27
3
1997 J D 80,8 --__ 851s
Registered
85%
86
6
NY de Harlem gold 316a2001) M N 8712 89 871s Feb'28
85
87's
8718
1928 M S 997 Sale 987s
Debenture gold 48
9978 19
9878 100
N Y Lack & W 1st & ref be _1973 M N 10314 80 July'26
_
1931 iN
25-year gold 45
ikvi
l N 9912 Sale 9914
9912 62
0914 100
First & ref 410
1973 M
108
_
108 Feb'28 _
107I 108
0934 Feb'28 -Registered
9834
9934 9034
YLE&W 1st 7s ext
1930M S
164i 106 Feb'27 _
Lel) Val Harbor Term 5s___-1954 F A 10614 Sale 10614 107
12 10614 107
N Y & Jersey 1st 58
1932 F A 10112 102
0118 Mar'28
_ ieroig 1611i
Leh Val N Y lat gu g 4168_ _1940 J .1 10178 102 10134 Mar'28
101 10217 NY&NE Bost Term 413_1939 A 0 9313
91
Apr'27
_
Lehigh Val (Pa) cons g 49_ _2003 M N 9114 9112 9118
74
917
01
93,3 NYNtt& 11 n-c deb 4_1947 M
90
88
16
90
III)
1
88
M N 88
Jan'28
Registered
9014 91
_
91
90
Non-cony debenture 3369_1947 M S 81 12 8134 781s
7818 10
781s 83,4
MN
N 10113 Sale 10112 10112
2003 ra
General cons 434s
4 10012 10258
Non-cony debenture 3149_1054 A 0 78
79
79 Mar'28
__
773
4
8114
99 100
Registered
98 Nov'27
Non-cony debenture 49__ 1955 J
8612 Sale 8638
87
7
85% 881s
Lehigh Val RR gen 59 series.2003 M N 109% 11012 109%
10958
5 loci" 11114
Non-conv debenture 48_ _1956 M N 8534 8638 851 4
8612 18
8518 8813
Leh V Term Ity 1st gu ii 59__1941 A 0 10553 10614 10618 Mar'28 _ _ _ _ 10512 1063,
Cony debenture 3368
1956
7813 Sale 7812
J
7714 80
7813 14
A 0 10312 10812 1037 Feb'28
Registered
10378 103%
Cony debenture Os
1948 J J 116% 851° 11512 11658 26 115% 118
_
Let & N IC 1st guar gold 49..1945 M S 9112 Sale 9212 Jan'28
9212 92%
Registered
J
J
14
Mar'28
11312
115
tea & East 1st 50-yr be gu_1905 A 0 113 114 114
114
1 114 11538
Collateral trust Os
1940 A 0 lo5T2 1663; 0514
10514 27 105 10534
Little Miami gen 45 Ser A__1962 al N
__
9212 Jan'28 _ _
0212 9212
Registered
A 0
0912 Dec'27
1935 A 0 10914
Long Dock compel g 65
951093-4 1093a Feb'28
10938 10913
Debenture 45
1957 M N 8112 Sale 8014
8112 36
8014 82%
Long laid let con gold 5sJuly 1931 Q 1 10034 Sale 10024 10034
2 100% 102
1st & ref 436s ser of 1927_ _1967 J D
934
9334 GO
9314 9334
let consel gold 4a ___ _July 1931 Q 1
98% 99%
9812 9934 0934 Mar'28 _ _
Harlem ft & Pt Ches let 4s 1954 M N 927s 312 92%
927
8
5
924
9314
1938 .1 D 961 4 Sale 9614
General gold 45
9814
5
94% 96,4 NYO&W ret 1st g 49_June 1992 M S 80 Sale 80
8014
11
7914 81%
1932 J D 97
Gold 4s
964 Sept'27
General 45
1955 J D 7634 7734 7412
7412 8053
7934 15
1949 M 8 9234 Sale 9234
United gold 413
9234
5
92% 9312 N Y Providence & Boston 45 1942 A 0 0134
05 95
95 Jan'28 _ _ _ _
1934 1 D 100 10134 10014 Nov'27
Debenture gold 55
Registered
8934 Jan'28
A 0
_
8934 89%
1937 M N
20-year p m deb 59
9978 100
9934 1001s 41
9934 101 1-2
Y & Putnam 1st con gu 4s 1933 A 0 06
9658 Mar'28
__
9438 )l634
Guar refunding gold 45_ 1949 M E3 93 Sale 927
9312 18
9212 9434 N Y Sum az West 1st ref 58_1937 J J 01 -9112 91
91
92%
5
90
Nor Sh B let con gu 5s_Oct '32 0 .1 101,41 10114 10118 Mar'28
_ 1011s 101,3
2d gold 436e
__
1937 F A
814
7858 811 1 8114 Feb'28
81
Lou & Jeff Ildge Co gu g 49_1945 M S 933 9414 94
9414
5
9312 9414
General gold 5e
4
1940
757
F
8
A
7318
74%
721s
75%
8011
Louisville & Nashville 58_1937 M N 10512 107 10534 Mar'28
105% 108
_
Terminal let gold 58
1943 M N 10214
10214 Feb'28
90% 10214
Unified gold 4s
1940 1 J 975 Sale 975s
9814 27
97% 9914 NY Wehes & 11 ist Fier I 430'46 J J 9034 Sale- 9018
89
9034 189
92
1931 NI N 102 10238 10218 10218
Collateral trust gold 5s
2 10218 102% Nord Sty ext'l s t 836s
46
1950
1023
A
4
0
103
1012
10212
8
100
Sale
10-year secured 78
1930 M N 10313 10334 103
10334
6 103 105,2 Norfolk South 1st & ref A 59_1961 F A
964 13
9612 Sale 9612
008 97
let refund 516s series A_2003 A 0 10912 ____ 10012 10912
3 10914 11012 Norfolk & South let gold 55_1041 MN 10234 ____ 10234 Feb'28 _ _ _ 10234 103
2003 A 0 10812 ____ 108% Mar'28
let & ref be series B
_ 10818 10834 Norfolk & West gen gold 68_1931 M N
4 105 1051s
10512
105
2003 A 0
let az ref 4168 series C
_ _ 104%
10418
1 104s 104%
Improvement & ext 813_1934 F A 109,4
10912
- mg% Dec'27
1930 1 I 19
N 0 & M let gold 6s
- - 8 10338 Feb'28
102
24 1033
New River let gold 8a _ _ _ _1932 A 0 10634 - - 10212 10338
Feb'28 -- 16612 169-1;
1930 J .1 10212 10312 103% Dec'27 _ _ _
2d gold Os
N & W Ity let cons g 4e. _ _1996 A 0 97 -9712 07
9738
5
9634 agls
Paducah & Stem Div 45_1946 F A 96% 98
963 Feb'28
_ _ -013'73
Registered
2
1996 A 0 963 _ - _ _ 95%
9578 957s
95%
St Louis Div 2d gold 38_1980 M S 691.2 6978 70
70
1
6834 7034
Dly'l 1st lien & gen g 49.1944 4 J 9614 Sale 9614
9614 25
9534 9614
Mob & Monte 1st g 4AB_ _1945 11 S 10234 ____ 10278 Feb'28
__
102 102%
10-yr cony fla
2 1761s 19012
1920 NI S
18234
181
J
South Sty joint Morton 413_1952 J
9258 Sale 9258
93
6
9258 0414
Pocah C & C joint 4s
4
1941 J D -9914 167-2 9612
9612
96% 97%
97 Mar'28
Atl Knoxv & Cin Div 413_1955 M 11 9612 98
_
96
9812 North Cent gen & ref Is 4_1974 M
10653 Sept'27 _ _
10752
__ 10012 Mar'28 _ _ _ _ 10012 10034
Lougly CM & Lea Div g 410'31 MN 1001
Gen & ref 41613 series A _ _1975 51 S 10312 ---- 10138 Jan'28
10138 161-4
Mallon Coal RR 1st 58
210412 10312 Jan'28 _ _ 10312 10312
1021z
Stamped
10312 Mar'28
- 101 10313
1 75 Sale 7458
M N
41
Manila RR (South Lines) 45_1193
939
75
75
North Ohio 1st guar g 613_ _ _1945 A 0 100 10112 100
74
6
100
99 103
let 45
1059 M N
8212
8234 8212
1
80
8234 North Pacific prior lien 4s___1997 Q 1 9012 9634 9673
SO
9714
65
96
97%
Manitoba SW Colonlza'n 69 1934 J D 100 101 1005s Mar'28
10018 10112
Registered
1997 Q
9538 9612 9538
95% 97
9538
1
88 Mar'28 _ _
Man 0 B az N W 1st 310_1941
91
88
88
88
Gen'l lien gold 3e..,... Jan 2047 Q F 7112 72
7114
61
7014
718
7213
Mich Cent Del & Bay City 5a_'31 3 M 1014 _ _ 10134
10134
2 10134 10218
Registered
Jan 2047 Q F 691g 7212 6912 Mar'28
8912 897s
Ref Se 'met 41613 series A _ _2047 J J 104 Sale 104
Registered
Q M 1004 101 1017s Feb'28 ____ 1017g 10178
104
2 102% 105
1
9718
__
1
97
J
1940
Mien Air Line 45
Jan'28 _ _
97544 9758
Registered
J J
98 May'27
_
_
J J ---Ref & impt 68 series B__ _2047 ..I
Registered
-- 964 Nov'27
116 Sale 11534 116
57 115"f2 fin;
lit gold 34s
893t Mar'28 _ _ _ _
8912 8914
1958 M 15 8858
Registered
J
J
11514
Oct'27
ill's
7
_ _ 99
9978
1
20-year debenture 4s
1929 A 0 9978
9934 100
Ref & Inlet 5a series C2047 J J 109 Sale 109
6 io§" 169-1-2
10914
Mid of N J Int ext ba
984
5
1940 A 0 9812 gale 9812
9714 0934
Ref It impt 55 series D__ _2047 J J 108% 10934 10853 10934
7 108 10934
Mlle/ L S& West imp It 5s_ _1929 F A 10012 ___ 100% Mar'28
10014 10058 Nor Pac Term Co 1st g Cls_ _1933 J J 11014
10978 11038
_ 11018 Mar'28
9914 Feb'28
Mil & Nor let ext 4165(1880) 1934 1 D 98 -99
9914 9914 Nor Ry of Calif guar g to_ _1938 A 0 10513 iiii 106
Jan'28 _ _ _ _
100 106
Cons ext 434s (1384)
987 Mar'28
9754 991* North Wisconsin 1st 65
1934 1 D 975 99
1930 J J 10212 10312 10212 Jan'28
10212 10213
go
9718
Ddll Bpar & N W 1st gu 48_ 1947 M 8 96
9612
9612 16
Og & L Cham 1st gu 413g_ _ _ -1948 J J 8714 87%
97
8734
23
87
85%
Minn de St Louis 1st cone 56_1934 al N 41
4312 Ohio Connecting Ity 1st 413_1043 51 S
42
4278 42
1
42
9538 Nov'27 _ - Temp ctfe of deposit
40
MN
4218
2
4018 Ma1r.
Ohio River lilt let g be
43
43
41
1935 J D 104% - - - 19413 Dec'27 - let az refunding gold 4s___1949 M S 14 Sale 14
16
14
18
General gold ba
11)37 A 0 10212 1-0613 10418 Jan'28 _ _
i
1-911-1
Ref & ext 50-yr 5s ser A _1962 Q F
1212 16
1112 1518 Oregon lilt & Nay con g 45_1046 .1 D 9529 9612 95%
1434 1212
14
96
95
95%
61 St P & SS M con g 40 int gu'38 J .1 9114 Sale 9114
9153 28
9078 9212 Ore Short Line let cons g 6s_1946 J J 1101 4
1 11014 11014
11014 11014
5812 Dec'27 _ _
Registered
Guar cons 58
1946 J J 110%
Feb'28
11014 11135
let cons 6a
9814
16612
9814
9
"1/8f4
Guar refunding 48
1938 1 .1 98% 9918
1929 J D 9934 Sale 99%
9912 100
99%
9
1st cons bs gu as to int_
101
18
1938 1 1 10014 Sale 100
Oregon-Wash let & ref 49...1901 J J
9912 101
92% 941s
9338 55
0314 Sale 9258
10-year coil trust 0 As.....1931 M S 10138 10134 1013
8 10112 10318 Pacific Coast Co 1 st g 63_ _1946
102
1) 83
1
84% 884
8412
8413
8412
let & ref 66 series A
101 10318 Pac RR of Mo 1st ext e 4s_ _1938 F A 9538 97
1940 J 1 1015s 10212 10218 Mar'28
9512
95
9512
,2 95%
6
25-year b HS
943
96
6
24 extended gold bs
945 94%
1949 M 13 94
94
1938 1 .1 101
10258 102%
10258 Jan'28
let Chicago Terms f 48_1941 M N
___ 9838 Oct'27
_
Paducah de Ills let 51 4148_1955
10053 10151
10158 Jan'28
101
_
_ _ -5/4- 992 Paris-Lyons-Med RR 139_1958 F A 9918 Salo 99
Miselealppl Central 1st Le_ _ _ 1949 J .1 95%09% 98 Mar'28
98
96 1005s
9958 339
9112 9214
Mo Kan de Tel 1st gold 49_1990 J D 92
9233 32
Sinking fund external 713.__1958 Sf S 104 Sale 10314
9253 91%
116 10112 10414
104
Mo-K-T RR pr lien be ser A.1962 J .1 10412 Sale 10412 10458
9 10418 10434 Parle-Orleane RR e f 7s._ _ _1954 el S 104 Sale 1037s
10418 63 101 10414
9112 34
40-year 45 series Ii
9034 92%
1962 1 1 9112 Sale 004
External sinking fund 5)45 1968 51 S 96 Sale 98
98
9618 29
9614
Cure adjust 59 sec A Jan.1158) A 0 10712 Sale 10618 10713 147 106 10917 Paulista Ity 1st & ref s t 79_1942 M 8 103 Sale 103
3 10114 1034
103
9 102% 103% Pennsylvania RR cons g 413_1943 M N 09,8 -- 08
Mo Pan let & ref be aer A _1985 F A 18
12
88
Sa
ale 10234 10338
03
13
09%
Jan'28
98
8112 148
8012
General 45
7014 8314
Consul gold 4s
1975 M S
1948 M N 9714 -9814 9813
1
97 100
9818
10218 440 101 10253
let & ret 58 set F
49 sterl stpd dollar_May 11048 M N 9738 98
1977 M S 102 Sale 1015
96% 99
071 4 Mar'28
_
_
947 Mar'28
Mo Par 3d 78 eat at 4% July 1938 MN 9478 97
Consolidated 436e
9334 91%
1960 F A 105 Sale 105
4 105 107
10538
Feb'28
Mob & Blr prior lien g 68
103
103
103
General
____
4)45 aeries A
1945 J .1 103
1965 J D 104 Sale 1034 104
62 10318 1047g
100 Feb'28
General be acried 11
1 J 100
Small
99% 100
1968 .1 D 11278 Sale 1125s 11314 23 1123g 115
tat m gold 45
9218 9818
10-year secured 78
1945 J .1 924 03. 9218 Mar'28
1930 A 0 105 Sale 105
10518 78 1051s 105%
16-year secured 61413
Small
87 Feb'28
87
1945.3 .1 84
87
88
1936 F A 11314 Bale 1124 11334 115 11212 113%
9734 98
Mobile & Ohio gen gold 45_1938 61 S 9712 Sale 9712
40-year secured gold be_ __1904 M N 105 Sale 104%
9734
10518 61 104 10571
10538 Feb'28
_ _ 10414 10533 Pa Cogs 334s coil tr A reg_1937 51 S 9212 - - 93 Jan'28 _ _ _
Montgomery Div 1st g 58_1947 F A 1044
93
93
Ref & Impt 4168
9912 39
Guar 314s coil trust ser B.1941 F A 9058 -91-14 91 Mar'28 _ _ _ _
1977 M S 9912 Sale 99
9813 9934
90% 9114
Mob & Mar let gu gold 45..1991 M S
97 Mar'28
97
Guar 314e trust etre C____1942 J D
9718
8914 9014
9014
90,4
1
11212 11212
Mont C lst gu 08
5 11212 112%
19371 J 112,4
Guar 316e trust ctfe D____1944 J D 89% _- _- 90 Mar'28 _ _ _ _
8938 90
let guar gold 59
Guar 15-25-year gold 48_ _ _1931 A 0 995s Sale 09%
1937 J .1 10512 1-0612 1044 Jan'28
10434 10454
9912 100
99%
1
3
85
Morris & Essex let gu 31513-2000 1 :
Guar 45 series E
88
81
9358 94%
__
1952 M N 0418 - -- 94 Mar'28
11 84% 8518 84%
Mashy Chatt az St L 1st be_ _1928 A 0 100 1001s 100
100
7 100 10014 Pa Ohio & Det 1st & ref 4148 A'77 A 0 101 14 Salo 10114 10114 15 101 10111
N Fla & 8 let gu g ba
1937 F A 103% 10614 10312 Feb'28 ____ 10312 1041s Peoria & Eastern let cons 49_1940 A 0 91 14 0212 9114
911s 92
9114 10
Nat Sty of Met pr lien 430_1957 J J
30 Sept.24
Income 4s
_
37% 45
April 1990 Apr. 3814 4112 3712
3712
(3
Assent cash war rct No 4 on
1238 12
1712 Sale 1214
12'4 1558 Peoria dr Pekin Un let 530_1974 F A 108% - -- mils 10818
2 1071s 1084
Guar 70-year a f 4s
8712 AUg'25
Pere Marquette 1st sec A 59.1056
1977 1- 6
10514 69 10412 10514
J 105 Sale 104
Assent cash war rot No 5 on ---- -1/ -1-878 1712
18
3
let 48 series 13
4
1712 21
9312 9012
9434
1958 .7 J 9434 Sale 94%
-ow.;
1639
New York Bond Record-Continued-Page 4
BONDS
R. Y.STOCK EXCHANGE
Week Ended March 16.
a
11,
Prize
Friday.
March 16.
Week's
Range or
Last Sale.
3'2A
Range
Since
Jan, 1.
BONDS.
N. Y.STOCK EXCHANGE.
Week Ended March 16.
Price
Friday:
March 16.
Week's
Range or
Last Sale.
11
Range
Btruat
Jan. I.
High NO. Low
Rid
Ask Low
Mph
High
Ask Low
FRO No Low
Ma
6
6018 75
69 68
6912
98
9812 lister & Del let cons a bs__-1928 1 D 86
9812
5
9812
PM Bait & Wash let II 4e_ _1943 M N 9812 99
1962 A 0 35
I
32
38
3578
3934 3578
let refunding g 42
114
114
_ 114 Mar'28
1974 F A 11118
General 5s series B
984 58
974 99
41
7
4018 4118 Union Pacific let RR &Id gt 48'47 J J 98 Sale 9778
4018
Philippine Ry 1st 30-yr e f 4e 1937 3 .1 4012 41
J J
9712 Mar'28 ---9612 971e
Pine Creek registered lat 88_1932 1 ID 10534 10712 10634 Nov'27 -----------Registered
33
97
9514 9894
June 2008 M S -We 6;1;3- 9638
1st lien & ref 4s
s c
1940 A 0 10138 10234 102 Mar'28
P C C & St L gu 4 As A
10012 11
9914 10011
1967 J J 10018 10014 100
Gold 4348
10218 10212
_ 10214 Mar'28
1942 A 0 10112
Series B 4 W1 guar
3 11218 11534
let lien & ref 5e
June 2008 M S 11212 114 11212 11212
102's 10218
10218 Jan'28_
1942 M N 10112
Series C 434s guar
24 100 10078
100
10012
1928
J
J
1004
Sale
-year
secured
66
10
99
973
8
99
Feb'28
974
99
1945
M
N
Series D 4s guar
9912 Mar'28 ---9712 991e
9712 U NJ RR & Can gen 4___,,1944 M S
97
1
97
97
Series E 3145 guar gold_1949 F A 97
9834 Nov'27 -- ____ -Utah & Nor lot ext 48
9714 Apr'27
Series F 4s guar gold
1953 3 D 97
_i_
Dec'27
A
3
A__1
1
9
9
5
3
3
5
3
F
974
____
973
4
Vandal's
cons
g
48
series
Nov'27
--1957 M N 9714 _-__ 9738
Series 0 4s guar
-iii, ..9.8_1;
9812 Mar'28 --1957 MN 9778
Con s f 40 series 13
-658 Iiiii
974 Mar'28 Series H con guar 48
1960 F A 97
1714 214
1712 Sale 1712
1712
Series I cons guar 4 Ns__ _1963 F A 1044 10512 10512 Feb'28 ____ 10412 10512 Vera Cruz & P assent 430_1934
10112 1011e
____
10112
Jan'28
---10118
F
193I
Iii
-i3
Virginia
Mid
5s
series
105
Series J cons guar 4348____1964 MN 10412 108 105 Mar'28 ____ 105
2 10334 10334
1936 MN 10334 ____ 10334 10334
General be
General M 5s series A____1970 J D 1134 Sale 11312 1137s 17 113 11412
104348
0071
58
4 1001v
1107
6,
14
4 & Southw'n let gu 5s2003 1 J 10718 ____ 10714 Jan'28 ____ 1
J D
__ 11338 Jan'28____ 1134 11338 1,
Registered
9984 1034
5
1958 A 0 100 101 10058 10038
1st cons 50-year 58
11 113 11518
Gen mtge guar Se series B-1975 A 0 Hai, 1-137-8 11312 1131
83
A 0
11312 Jan'28 ---- 11312 11312 Virginian Ry let be series A-I982 M N 108% Sale 10858 109
__
Registered
5
1939 MN 10514 Sale 105
1053s
Wabash lst gold 5e
Pills McK & Y let gu 6s----1932 J J jolts ____ 106 May'2 ---1 10
03
3 104
0414
104
1939 F A 104 Sale 104
2d gold 56
20 guar es
1934 3 J 10612
_ 107 Jan'28i5i" gi7 10514 107
1975
M
13
106
Sale
106
10614
Feb'28Re
f
is
1
5
Ns
series
A
105
10318
1st
105
PPills55
Sh & L E
g
1940 A 0 10312
116
series];
1978
F
A
1033
8
104
Ref
&
gen
68
104
Sale
19433 3 10212
10012 Apr'2
let consol gold 58
Oct'2------------Debenture B Eis registered_1939 J .1 9612 ____ 8314 Feb'28 ____
1943 M N 964
95
Pitts Va & Char let 45
8618 Feb'28 -- -His iile
1st lien 50-yr a term 4s___1954 J J
1927 M N
Pitts Y & Ash let cons 56
100 July'27
9718
Det & Chi ext let g 56-__1941 J .1 1044 ____ 10458 Feb'28 ---- 10418 1043a
1 -_.6
'
3 -d
-7-14
1948 .1 D -iie -IF4 9718
let gen 4s series A
913, 934
Dee Moines Div 1st g 41_ _1939J .1 9114 9334 9138 Mar'28 ---let gen be series B
1962 F A 10734 ____ 10812 Mar'28 ---- 10812 10812
8714 8834
1941 A 0 874 89 8712 Mar'28 ---8018 8018
Om Div lets 334s
Providence &cur deb 48_ _1957 M N 8014 -__ 8012 Feb'28 ____
..
9_3_14_ _9_31
4
1041 M 8 9312 ____ 9314 Mar'28____ .
Tol & Chic Div g 48
Providence Term let 40
1956 M 8 90 -921 89 Dee'27 ___ _
8218
8312
Nov'27
8212
F
A
Warren
let
ref
gu
g
-2000
314s97
29
957
8
Beading Co Jersey Cen coll 48251 A 0 97
97
9714 9634
92 Nov'27 --1948 Q M 9058 91
Wash Cent let gold 48
24 10214 104
Gen & ref 438s series A_,,1997 J 3 104 Sale 1034 104
lir
i Ii4
1946 F A 8818 904 91
91
Rich & Meek 1st g 46
1948 M N 8214 853 8212 Nov'27 ------------Wash Term let gu 334e
96 Nov'27 -- 1945 F A
let 40-year guar 48
2 10414 10412
Rlohm Term By 1st gu 5s_ __1952 1
10414 105 10414 10414
101
W Min W & N W let gu Ss 1930F A 101 Sale 101
Rio Grande Juno 1st gu 5a...1939 J 0 10078 1011 102 Dee'27 ---5
-6
1 -11
44 1-8
86
6
%
7
7
1
1952 A 0 8578 Sale 8514
41; West Maryland 1st g 4s
Rlo Grande Sou let gold 48_ _1940 3
81 41e Feb'28 ---- --:178 5
23 10114 1034
17412 Sale 10112 1013
.1 10154
0
19,4
1i
J 13
1st & ref 510 series A
2
9412 9538
Rio Grande West 1st gold 48_1939 3
95
951 95
95
4 10
92
24
1 104
944
34 1(
0
/4
'""'
0
0
8918 West N Y & Pa let g 5s
88
let con & coil trust 4s A__1949 A 0 8834 891 8812
8918 73
10
Gen gold 48
9658 9918
It I Ark & Louis 1st 448_1934 41
9812 18
9812 Sale 9814
9934 10034
8458 8458 Western Pac 1st ser A 5e_1948 M 13 100 Sale 9934 10014 69
Rut-Canada let gu e 4s
1949 J J 8458 861 8478 Mar'28 ---gold
68
series
B
let
9658
9518
1
Rutland let con g 414e
9658
1941 J J 9512 __ 9658
-1 if; iiii2174
2 Aug
9.2
21 --1
1
- 19
02
3 -9
-2
;-9-2-58
216
46
13
M 8
91 _ West Shore let 48 guar
89
1
91
St Joe & Grand Tel let g____1947 J 3 91 Sale 91
7
911e 9219
911
2361 J J 9114 9134 9114
Registered
St Lawr & Ada lst g Ed-1996 1 1 10078 __ 10018 Sept'27 ---Wheeling
&
Lake
Erie
66
26 gold 6is
Jan'28 ---- iii- 1__ 108
1996 A 0 107
Wheeling Div 1st gold 5s-1928 J J 100 1004 10018 Feb'28 ___
1931 J J 9834 -994 9834 Feb'28 ---9814 9878
St L & Cairo guar g 43
9812
9614 11701$12
1930 F A 100 ____ 10018 Feb'28---i ICS
Ext'n & Inlet gold be
St L Ir Mt& S gen con g 58-1931 A 0 10112 Sale 101
1014 22 1014 10214
97
Refunding 434e series A__1966 M S 9678 99 97
_1931 A 0 _ _
---10134 Dee'26 ------------Refunding
Stamped guar 58
2 10
74
114
2 10
72
94
2 ---1966 M 9 10112 102 10112 Mar'28
Refunding 58 series B
I0-1-5;
7
Unified & ref gold 48
993*
1929 3 1 5538 Sale 9938
93
93
2
93
931s
1949 M l 93
RR let come'48
J .1
9812 Nov'27 _
Reglstered
____ 10424 1042,
1942 1 D 7512 Sale 170:34
9614 9734 Wilk & East 1St HU g Ed
9714 24
RI,&0 Div 1st g 4s
1933 MN 97 Sale 964
Feb'28
1938 1
1044 ---101 10134 Will & S F 1st gold be
St L M Bridge Ter gu g 58_ _1930 A 0 10034 10158 10134 Mar'28
9314
923
144 9234
4
9118 93
Winston-Salem 8 B Ist 4e
1960 J J 9234 -___ 9234 Mar'28 ---St L & San Fran (reorg co)46 1950 J J - 92 Sale 9134
92 -119
_
will Cent 50-yr let gen 48___1949 J J 8834 Sale 8812 8834 6 8818 8934
J J
9158 Dee'27 ----Registered
92
9214
931
93
9314
..__
&
Dul
N
93
Sup
div
&
term
46'38
M
let
-Con M 4is
97
80 -97- -97
1- se
series A
11-7 6W; 97
1978 M El -M'28
Prior lien series 38 be
1950 3 3 10414 Sale 10312 10412 62 10278 10412 Wore Con East let 4328-1943 J 3 924 ___ 924ar
INDUSTRIALS
Prior lien series C138
19283 .
11 10014 10038 10014 10014 20 10014 101
9114
9114
Prior lien 5419 series D
1 10212 Sale 10212 10212 142 10238 3034 Adams Express coil tr g 4s_ _1948 M S 9034 911
1942 3 ...
Cum arilu set A 68_ _July 1955 A o 1014 Sale 10138 10134 243 100 10178 Ajax Rubber let 15-yr 81 88_1936 J D 10714 1071 10712 10712
Mar'28
---VI 6
3
10
6
A
__I:2
2
5
6
ivi
M
S
B
Alaska
Gold
NI
deb
6s
189
991$
10218
Sale
10178
102
1980
Oct
;
10178
Income series A (is_ _July
6 Feb'28 ---414 6
Cony deb 6s series B
St Louis & San Fr By gen 65-1931 J .. 10312 10438 10438 Mar'28 ---- 10438 105
27 10014 10244
Allis-Chalmers Mfg deb 56_1937 MN 10012 1004 1003s 101
General gold be
__ 102 Mar'28 ---- 10078 102
1931 3 11 10158
11
93
96
96
Alpine-Montan Steel let 75_1955 M S 954 Sale 9533
St L Peer & NW let gu 5e-1948 1 1 10914 11014 10912 Mar'28 _-_ lows 111
Am Agrio Chem 1st ref a 1 7)0'41 F A 10578 Sale 10514 1054 40 10434 106
It Louie Sou let gu g Ni.--.1931 M S 9758 ____ 975s Aug'27 -4
80
84
1e
1
8
04
01
Sale
ILO%
F
A
Beet
Sug
88_1935
44
8453
9712
Amer
cony
deb
It L S W let g 45 bond etts_1989 M N 92 Sale 9134
-14'0;
9214
14 1034 10434
American Chain deb a I 68_1933 A 0 1803078
25 g 4e Inc bond eths_Noy 1989 3 J 8514 Sale 8514
8514
1
10114
6 100 1023,
Am Cot 011 debenture 56_1931 MN 101 10434 101
9818 16
9734 99
Consol gold 4s
1932.
1 D 98 Sale 98
3 10414 10514
1939 A 0 10414 10512 10438 105
let terminal & unifying 50_1952 1 .1 10178 Sale 10138 102
24 10012 1034 Am Mach & Fdy at 65
5 10134 1027e
St Paul & K C Sh L 1st 4%6_1941 F A 9634 Sale 964
9758 Am Republic Corn deb 68 1937 A 0 1024 103 1024 1027
96
31
97
68 101 10214
1021
__ 10212 Nov'27 ---- -.
It Paul & Duluth let 54
_9_6_14 Am Sm & R let 30-yr 68 ser A '47 A 0 102 Sale 102
iii
1931 F A 1003
19 10718 109
let M 68 Belles B
2
1947 A 0 109 Sale 10814 109
lat consol gold 4a
4 9514
9514
4-9731968 J D 9514
St Paul E Gr Trunk 4Hs__ 1947 1 3 9934
___ Amer Sugar Ref 15-yr 68_1937 J .1 10438 10412 1014 10514 12 1021,106
10014 Nov'27 --_
____ ---_
9978 213
994 100
Am Telep & Teleg colt tr 48_1929 J .1 9978 Sale 9938
St Paul Minn & Man con 46_1933 1 J 9812 -99 99 Dec'27- ____
9812
1
98
9978
Convertible 48
1938 M 8 9812 994 9812
10818 11112
let consol g 69
1938 J 3 107 109 11112 Jan'28
4 10084 10214
J .1 l0634 10534 loo. 10634
1 10634 10634 20-year cony 414s
1933 M 13 10112 ___ 10112 10134
Registered
10034 Mar'28 ---- 10018 10114
30-year roll tr bs
19463 0 10514 Sale 10514 10512 29 105 106
is reduced to gold 4 Ns.._ _1933 3 1 100¼
lo6.4 _iia 10438 1041s
05
44
34 Feb'28
J J go
_ _ 10
9912 Jan'28
Registered
9912 9912
Registered
10514 1061s
yea
r erf6cifeL5e
J 1513174 6;le
20.
36-y
.
1960 3
.11 D
Mont ext let gold 45
1937 J D 9734 9812 9734 Feb'28
9734 9812
108
54 1094
06
1943 MN 10918 Sale 10834 10938
J D 9112
9511June'27
Registered
4 10542
05,
14
00
1940 A 0 10514 106 100
9412
1
Pacific ext guar 4s (sterling)'40 1 J 94 -9434 944
94
9478 Am Type Found deb Ss
074
9
1528
0
02034 101
St Paul En Dep 1st & ref 56_1972 1
1087e 10914 10834 10914 26 1081s 10958 Am Wat Wks & El col tr 5e_1934 A 0 10012 Sale
1975 M N 10534 Sale 10534 10814 20 1
9312 12
Deb g 135 ser A
8 A & Ar Pass let gu g 4s___1943 1
934 Sale 9338
93
9434
92
7
90
9314
1947 J 3 92 Sale 9134
Am Writ Pap lets Os
Santa Fe Pres & Phen 58-1942 M 6 10318 ____ 104 Feb'28 ____ mil 104
Anaconda Cop Min let 6s 1953 F A 10558 Sale 10538 10578 229 10518 10811
gay Fla & West let a IN--1934 A 0 10812 _ _ 109
Jan'28 ---- 109 109
10512 10512 18 10514 10512
let gold ba
1934 A 0 10212 14412 10211 Nov'27
Registered
,
1014
12 10
13
34
9758
2
9758 98
15-year cony deb 7s
1938 i A 11112 Sale 11034 11158 108 19
SSoto V & NE let gu a 40-1989 MN 974 -___ 974
12714 908 120 12714
8018
2
Seaboard Alr Line g 48
1950 A 0 7912 Sale 794
8412 Andes Cop Min cony deb 78_1943 J .1 127 Sale 122
79
102
19
Gold 48 stamped
1950 A 0 79
80
51
7978 79
7718 8378 Anglo-Chilean is 1 deb 7s_ ___1945 MN 102 Sale 102
9378 9614
944 94
9412
5
55 Sale 4934
55 1037
Adjustment 66
46
8212 AWOL(Comp Male)746_1939 3 J 94
Oet 1949 F A
, 10218 1023s
Refunding 48
1959 A 0 8312 Sale 8218
0412 160
60
7212 Ark & Mem Bridge d,Ter 58_1984 M S 1034 -__ 1024 Mar'28 -io
9212
9138 9312
913
4
Sale
D
J
92
let & cone l's series A
1945 M S 8512 Sale 8134
8512 619
7712 904 Armour & Co 1st real est 446'39
91
160
8712 92
91 Sale 9058
_
J J
Registered
17
M
8438 8478 7858 Mar'28
7858 784
1023410312
103
AU& Birm 30-yr 1st g 48_61933 M
91
729
Associated 0116% gold nois904 9212 901s
8834 95
38 1935 M 5 103 1031 103
1
0324_ 1_0
.
.
314_
Seaboard All Fla let gu 68 A_1936 F A 8438 Sale 79
.1
J D
o 104
11 -- 10314 Jan'28 -- .
37
84
714 9478 Atlanta Gas L let 68
__
20 Nov'27 --Series B
1935 F A 8234 Sale 79
8234
3
72
9458 Atlantic Fruit 7s ctfs dep___11993447
---18
Jan'27
20
11
Seaboard & Roan 58 extd_ 1931 .1 J
Stamped
J
0
_ 100 101 Mar'28 ---- 100 10058
ctfs of deposit
218
784
-iii4 WBO Car Ac Ga let ext 530____1929
Atl Gulf & W I 85 L col tr 58-1959 J J 7812 Sale 774
07
04
1024 34 10
38 10,0341
,4
S& N Ala cons gu g 68
1937 1 J 102 Sale 102
1930
1
10
16156174 Atlantic Refg deb be
Gen cons guar 60-yr 58_ _1983 A 0 11458 ___ 11434 Feb'28 ---Baldw Loco Works let 58_1940 MN 10814 109 1084 Mar'28 ---1 10312 106
108
.
7
0358 -94
9334
gni
7
110 PAC coil 4s (Cent Pao coil) k'49 J D
Bamgua (Comp As) 748_1937 J .1 10412 109 106
934 95
9912 1024
J D 88
Barnsdall Corp Be with warr_1940 3 0 100 Sale 9934 10014 87
Registered
90
90 Dee'27 ---9178 29
904 92
June 1929 M 8 9934 Sale 9912
Deb Be (without warrant)_1940 J D 91 Sale 91
20-year cony 48
9934 31 -iii-2 1-669812
8
964 9914
let 43is (Oregon Lines) A_1977 M S 10312 Sale 1034 10358 42 10318 104
1936 J J 98 Sale 9714
Belding-HemIngway Ser
3 100s8 1034 Bali Telep of Pa bs series 13_1948 J J 10812 Sale 10818 10834 30 10834 109114
1934 J D 10238 10212 10212 10258
20-year cony 6a
74 10878 11238
1944 MN 100 Sale 100
20-year gold 6s
10018 10 100 1034
let & ref be series C
1960 A 0 11218 Sale 11E4 112
9414 98
9714 80
1968 M 13 9978 Sale I 9914
9978 47
Gold 44s
9914 9978 Berlin City Elec Co deb 6348.1911 J D 9738 Sale 96
1960 A 0 9514 Sale 944
9614 54
9514
6
9411 9514 Berlin Elec El It Undg 6148_1956 A 0 9818 Sale 954
Ban Fran Terml let 46
94
9734
104
3 102 1044
Registered
90
Beth Steel let & ref be guar A '42 M N 104 Sale 104
A 0 8818_ 90 Feb'28 ---90
So Pao of Cal let con gu g 56_1937 M N 10558 1-0714 10578 Mar'28 ____ 10578 10711
30-Yr pm at Imp s 1 be__ 1936 J J 10238 Sale 10118 10238 27 10038 103
9718 Jan'28 -- - CODS 30-year 65 series A-1948 F A 10514 Sale 1044 10512 63 10418 1054
So Pao Coast 1st gu g 4s____1937 J J 0738 93
9718 974
974 63
10358 84 10258 106
19553 1 9634 Sale 9834
So Pao RR 1st ref 46
Com 30-year 5 yis ser B__ _1953 F A 10312 Sale 103
9658 9812
954 on
4
J J
Bing & Bind deb 6 Ns
9758
97
9712
Oct'27 Registered
1950 M S 9712 98
Southern By let cone g 56-1994 J J 11512 Sale 1134 11512 117 1124 1-1-512 Booth Fisheries deb s f 63_1926 A 0 -------- 9734 Feb'27J J 11018 ____ Ill Feb'28
Botany Cons Mills 634e___1934 A 0 8212 Sale 82
821
110 111
21 ---Registered
7983
---1a
9212 -Ib3
914 93
Bowman-Bilt Hotels ?e_.1934 111 S 10334 104 104 Mar'28 ____ 10384 1054
Dave!& gen 45 series A_1956 A 0 9214 Sale 914
1938 A 0 120 121 11978 121
44 11878 121
B'way & 7th Av 1st con Is. _1943 J 0 6912 Sale 6912
70
16
68
Develop Ac gen 68
714
1966 A 0 12658 Sale 1264
Brooklyn City RR let Se_ _ _1941 J J 944
12834 65 12514 127
Devel & gen 634s
032a4
11138 Feb'28 ---- 11138 11318 Bklyn Edison Inc gen be A__1949 J 3 1061s ga
13
42 12112 19
1996 3 .1 11158
'
: 1:8
Mem Div lets Se
l
e la
1951 J 3 94 -64-7General Se series B
103
1 1024 10934
8 9378
94
St Louis Div let g 48
2
9334 94
1930 J .1 10234 103 103
9614 9914
Bklyn-Man It T sec 68
172
East Tenn reorg lien g Es...1938 5.1 S 10312 ____ 9658 Dee'27 ---99
_.
1968 J J
9834 Sale 984
6412 72
10
1938 M 6 9658 __ 9858
70
Mob & Ohio coil tr 48
9658 10 -961-8 -915; Bklyn clu Co & Sub con gtd 58'41 MN 70 Sale 70
8212 824
89
19
let 58 stamped
Spokane Internal let a 68._1965 J J 8612 -883-4 8611
8612 90
8212 Jan'28 _ _ _ _
--- ---9612 Mar'28 ___
Sunbury & Lewiston let 4s_1936 J .1
9614 9612 Brooklyn R. Tr 1st cony g 48_2
100
942
13
-7 .1
-3
7614 83 884 Noy'26 -----------___ 9978 Nov'27 ---7% secured notes_ _ _ _1921 J J 105 ___ 13612 Nov'26 ---Superior Short Line let be_s1934) IQ 13 100
12 -c15; -9198
1950 F A
051s Sale 9512
Term Amu of St L let g 446_1939 A 0 10158 10218 1013s Mar'28 --- idoi-4 foil; Bklyn Un El let g 4-5e
16
9314 96
1944 F A 10534 107 1064 10634 15 10534 107
Stamped guar 4-52
98
let cons gold be
1950 F A 95 Sale 95
1953 J J 9278 9334 93 Mar'28 ---10914 27 10634 109311
Bklyn En Gas 1st cons g 5s__1945 MN 1084 Sale 109
Gen refund 8 f g 48
9214 94
let lien & ref Bs series A_ _1947 al N 11812 ____ 11813 Feb'28 ---- 11735 11841
Texarkana & Ft S 1st 534e A 1950 F A 10658 Sale 1064 10678
1 10618 1074
27012 32 261 276
1943 J J 10318 Sale 10318 10318
3 10318 10312
Cony deb 614s
D
J 266 Sale 266
Tex & NO con gold be
9314 944
9334 Feb'28 _--J
2000 3 E 11272 Sale 11212 11312 42 11034 11312 Buff & Susq Iron 1st s f 5s_ _19
38
2j
°3
Texas & Pao let gold 5a
9238 9412
Bush Terminal let 45
1952 A 0 934 _ _ 9312 Mar'28 --26 Inc 5e(Mar'28 op on)Dec2000 Mar 100 110 100 Aug'27- _ _ __
1977 A 0 10358 Sale 10338 10358 46 10212 1-663Coneol Ess
1956 J 3 9934 1-01- 10012 10112
4
Gen & ref be series B
13
5 100
0312 10
05
3
1931 1 .1 10034 10078 10038 10038 16 10038 10E2 Bush Term Bldge be gu tax-ex '60 A 0 104 Sale 10338 104
La Div B L Ist g 68
10314
7 102 10314
. 1064 10814 By-Prod Coke let 648 A_ __1945 M N 10314 __ 103
Tex Pao-Mo Pao Ter 63.4e_.1964 M 6 10818 109 10712 108 _7
11 10314 104
Cal0& E Corp unif & ref 58_1937 MN 10358 1-04 10334 104
Vol & Ohio Cent let gu 54-1935 J .1 10234 10712 103 Mar'28 __ _ _ 10218 103
9684 102
0034
Cal Petroleum cony deb e f 681939 F A 10018 Sale 1004 10038 18 100
1935 A 0 103
___ 103 Mar'28
103 103
Western DM 1st g 56
1938 MN 10238 Sale 10178 10238 54 100 1024
Cony deb a 1 54s
10158 10158
19383 D 10158 1-05 1014 Feb'28 General gold 58
10034 22
Camaguey SW lets 1g 78._ _1942 A 0 10034 Sale 100
19
15 Nov'27 ---_
12
Toledo Peoria & West let 48.1917 J J
3 1014 10314
95
3 "ii" Is- Canada 88 L 1st & gen 6s_ _1941 A 0 10214 Sale 1024 10214
Vol St L & W 50-yr g 46-1950 A 0 95 Sale 95
105
3 10434 10641
1931 J J 10038. _ 1004 Mar'28 -_______ 100 10% Cent Dist Tel let 30-yr 1511_ 19431 O 105 10514 05
Vol WV & 0gu 434e A
101 10312 Cent Foundry let 8 t 66..May1931 F A 984 9914 9914 Mar'28 _._ _
1st guar 448 series B_-__1933 J J 10012 1-01- 10312 Feb'28
122
1214
12112,
2
Central
Steel
lst g e f 8s
954 Jan'27 1942 M II 96
let guar 48 Berke C
105
18
6 100
298118 17
0
24
MS
N 104 1044110414
'39
41 I"
9418
1
9411 9412 Cespecles Sugar Co 1st 8 f 712129
Tor Ham & BIM let g 4s_ _ _ _ 1946 J D 9418 944 9418
Iv
1174 190it
71
ig11, isr.Irs Jam _ 1 liso154::
4 Due May. a Due Junes 8 Due August,
1640
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 16.
New York Bond Record-Continued-Page 5
P.
Price
Friday,
March 16.
Week's
Range or
Last Sate.
Range
Since
Jan. 1.
dONDS
Y.84 STOCK EXCHANGE
Week Ended March 16.
Price
Friday,
March 16.
Week's
Range or
Last Sale
Ranee
Since
Jan. 1.
His!
High No, Low
e.
High
Bid
Ask Low
Kinney(GR)& Co 744% notes'36 J D 10512 10634 10512 Mar'28 _
69
68
Jan'28
1 10344 10412 Kresge Found'n coll tr 6s___1936 J D 10412 105 10438 105
10412
2
Lackawanna Steel 181 58 A __1950 M S 105 Sale 10412 105
88
84
8512 75
29
9512 9634 Lac Gas Lot St L ref&eat 53_1934 A 0 10134 10214 102
9618 130
1
102
Coll & ref 544s series C__ _1953 F A 10434 Sale 10434 1047a 60
102 103
Feb'28
1044 10512 LehIgh C & Nav s f 4433 A__1954 J
10478
10034 Sale 10034 10034
2
____
Lehigh Valley Coal 1st g 58-1933 J J 10112
90
90
Mar'28
10112 102
5
5 101 10112
J
Registered
101
10012 Feb'28
1st 40-yr gu int red to 4%_1933 J J 9718
95% 984
9818 48
9512 Aug'27
let& ref f 53
9912 101
193
954
4 F A 10114--. 102 Feb'28
10014 138
1st & ref 8 f 58
9738 100
9
1944 F A 101 8
100
101
1011 101
71
1st &ref sr 5s
9512 100
100
97
98 10012 Mar'28
5
Ist 83 ref f bs
79
77% 79%
97
99
9912 99
1st 63 ref s 5s
7
98 10118
99,4
97
97% 9912 Mar'28
6
93
S
999
763
44 M
95% Lea Ave P F 1st gu 53_ _1119
FF AA
95
37 May'27
105 10612 Liggett& Myers Tobacco 73_1944 A 0
1064
112.1-2 122 12212 37
Registered
100 101
A 0
Jan'28
11718 Sept'27
5s
1951FA
9912 101
F A i0.5.72 gale 10312 104
Mar'28
10
Registered
10412 Nov'27
Liquid
09
Carbonic Corp 68_1941 F A 128 Sale 119
97
10
99
99
9913 9834
130
182
8218 Loew's Inc deb 68 with warr_1941 A 0 108 Sale 10678 10812 108
78 Sale 78
78
7918 41
Without stock pur warrants_ A 0 101 Sale 10034 10114 55
56 106 107
10612 Sale 1063s
107
1951F
10212 10258 Lorillard (P) Co 78
A 11714 11712 11712 11712
10212 ___ 10212 Feb'28
1944 A O
9
13 1044 105
Si
F A 93% Sale 93%
10478 fos 10478 105
95% 10
98% 10034
Registered
27
101 Sale 10012 101
97 Dec'27
9118
Deb 5345
79
3
90
8914 9078 8914
9634 Sale 9612
9714 -41
MN
5 10514 Sale 105
75
100 10134 Louisville Gas & Else(Ky)531_'5
932
10038 10034 10012 Mar'28
10512 23
10212 10212 Louisville Ry 1st cons bs__ _ _1930 J J 9634 98
102 ____ 10212 Feb'28
98 Mar'28
10478 10478 Lower Austrian Hydro EleePow_
10478 Feb'28
'stet 6Ms
10318 Sale 103
9013 Sale 90
10314 36 10218 10312
9012 37
McCrory Stores Corp deb 5)41944
41 -I
F D
A 102 Sale 10138 10218 28
864 93
28
88
90
89
90
Mania,Sugar Ist s 1 7 Ms_ _1942 A 0 106% 10678 106% 107
97
87
9212 43
9134 Sale 9034
21
Manhat
Ry
(NY)
cons
A
0
848.1990
32 10658 108
10634 10754 10658 107
7114 Sale 7114
72
24
2d 413
17 100 101
62
10034 Sale 10012 101
62
67 62
3
19
95
13
35
MS
D 10234 ---- 9912 Mar'28
19 103 10412 Manila Else Ry & List 5s_ _2
104 Sale 10313 104
1
9812 10012 Nitre Tr Co ctis of panic in
10018
1004 Sale 10018
A I Namm & Son 1st 68_ _1943 J D 10412 10512 10412 10514
_ 76 Dec'27
7
Market St Ry 78 ear A April 1940 Q J 9912 Sale 9918
8 i5i- 102
9958 30
10114 1-61-12 10112 10152
10114 10113 10118 10114 7 1004 101% 'dew Ed 1st & ref 53 ear C 1953 J J 104 10414 10334 10413 20
Metr West Side El(Chic)48_1938 F A 8312 84
4
84 Mar'28
5012 65
5838
58 Sale 58
10 10134 10334 Meg Mill Mach 78 with war.1966 J D 9834 100
984
103 Sale 10234 103
99
2
J D 93
Without warrants
93 Feb'28
94
104 Sale 10312 10458 13 10338 105
10512
42 10512 10612 Mid-Cont Petrol lat 6 Ms_._1940 M S 105 Sale 105
106 Sale 10534 106
4
10178 10234 10138 10258 173
10834 43 10734 108% Midvale Steel &0 m11,91681936 M
108 Sale 108
Milw El Ry & Lt ref & eat 4)0'31 J J 100 Sale 100
100
105% 106
1061s ____ 10538 Mar'28
4
General & ref bs ear A__1951 J D 105 Sale 105
105
1064 Sale 10612 10634 35 10564 10634
3
1st Jr ref Ss ser B
7
9634 9714
10318 Sale 10234 10314 24
9634 Sale 964
9634
196
43
15
8714 9218 Montana Power 1st 58 A
J1
D 10412 Bale 10412 10478 26
8812 288
8818 Sale 874
Deb 53 ser A
5
1962 J D 102 Sale 10014
8078 8212
8212
8234 83 82
102
36
85
99% Montecatini Min & Agrio99 Mar'28
9912 100
96
Deb 75 with warrants_ _1937 J J 10678 Sale 106% 1084 41
9538 9612 96
94
11
96
Without warrants
J J 9738 98
10618 Sale 106
9734
10614 45 10534 10678
984 22
1023s 376 10014 10238 Montreal Tram let & ref 5s__1941 J .1 10114 102 10114 10114
10218 Sale 10078
1
Gen & ref f 53 series A _1955 A 0 100
10234 Sale 10234 10334 13 102 105%
1004 Mar'28
Series B
4
1955 A 0 100 ____ 9912 Feb'28
97% 99
9858 99
98%
985
Morris
&
116
Co
ist
8
f
4
tia
1143
1939 J J 8813 Sale 87%
11534 ____ 11578 Mar'28
88% 184
Mortgage-Bond Co ws ear 2_1966 A 0 83
18
95% 99
99
9812 Sale 964
8734 8212 Jan'28
99
10-25-year 58 series 3
19325
94
9612 98 97 Feb'28
984 9934 9812
1
9812
Murray Body lat 634e
89% 91
8
90 Sale 90
90
94 Mar'28
9312 94
1013410212 Mutual Fuel Oas 1st KU g 58 19
101 10134 10134 Mar'28
94
37
45
MD
N 103
10318
_ 10318
3
Mut Un Tel gtd 6s eat at 5% 1941 MN 104 106 103 Feb'28
9534 100
Namm (A I) & Son-See Mfrs Tr
29
100 Sale 9834 100
Nassau Elec guar gold 4s
99 Sale 9834
20
99
983s 100
1951 J
574 Sale 574
4
5712
10458 10434 10214 Mar'28 10 10412 105% Nat Dairy Prod 6% notes-1940 M N 10338 Sale 103% 103% 26
Nat Enam & Stamps let 58_1929 1 D 104
10 101 105
102% Sale 10238
10434
104
3
104
9512 99
Nat Radiator deb 634s
98 Sale 9513 Mar'28
1947 F A 99 Sale 984
9934 13
105 Sale 105
10518 21 1004 10714 Nat Starch 20-year deb 58-1930 J J 100
10034 Mar'28
,
4
93,4 96,4 National Tube 1st s I 53
96
9614 0534
39
98
1952 M N 10434 Sale 1044 10434
6
118 Sale 118
11914 40 118 11912 Newark Consol Gas cons 53_1948 5 D 107,4 - - - - 10734 Jan'28
Ems 101
101 Sale 100
New England Tel & Tel 58 A 1952 1 D 11014 Sale 110
23
101
11012 39
10814 Sale 109
lst g 4 MsseriesB
110
37 10534 110
1961 M N 10412 Sale 10418 10412 173
110
5 108% 11014 New Orl Pub Serv let bs A-1952 A 0 99
10912 10912
10014 25
,
4 100 100
10234 Sale 10214 10234 56 101 1034
First & ref 58 series 13._1955 J D 10014 Sale 100
10034 30
N Y Air Brake 1st cony 63_1928 M N 99% 100 100 Mar'28
106 Feb'28
10738
106 106
NY Dock 50-year let g 48_1951 F A 88% Sale 8838
113
11113 Sale 111
58 109 117
88%
9413 96
94% ____ 9434
1
9434
N Edison 1st & ref 6M8A_1941 A 0 11712 Sale 11718
18
11714
10412 Sale 10412 10434 20 102 105
ls$iien&ref55serll
9
105
105 10534 105
119 11914 11912 11912 11 118 121
6
NYOasElLtH&Prg 58_1
4J
A
11012 Sale 11012 11058
194
948
99% 101%
4
100% 10034 10058 100%
Purchase money gold 48_1949 F A 984 :- 98
9834 13
104 Sale 10318 104
214 10234 10434 NYLE&WC&RR53.0_1942 MN 103 lib 10258 Oct'27
10214 24 102 10212 N Y L E& W Dock &Imp 53 1943 J
10214 Sale 10218
10313 Mar'28
10318
2 10412 10758 NY&QEIL&Platg54-1930 F A 10134 ---- 101% 101%
105
105 Sale 105
1
6 10012 10114 NY Rye 1st RE & ref 4s-1942 J J _ ___ -82101 10114 10034 10114
34 874 Dec'26
10812 35 10714 10812
10812 Sale 108
Certificates of deposit
Oct'27
54
__ 60
10734 Mar'28
30-year adj Inc 53___Jan 1942 1715
10734 10734
18
312
4
4 Sale
92% Sale 9214
9214 96
9314 144
CertWicates of deposit..........
10
4
4 Sale
N Y Rys Corp Inc 63_,Jan 1965 Apr 19 Sale 1712
2 102 103
10278 Sale 10278 10278
2012 123
77% 13
7434 824
Prior lien Os series A _____1965 S J 85% Sale 84%
7634 7913 77
175
86
NY dr Itichm 033 let Os A.1951 MN 10713 Sale 10712 108
10018 -- 10014 Dec'27
3
NY State Rys let cons 4341_1962 MN 5112 Sale 5114
100,8 -- 10014 Dec'27
5
03
994 Sale 994 100
let cons 614s series 13
30 -if- 1-60'4
8
67
67%
67
68
9234 9638 NY Steam lst 25-yr Miser A 1962
9638 43
964 Sale 96
2
47 MN 10812 10834 10812 1083
1 10534 10653 N Y Telco 1st & gen 314%3_1939 MN 102% Sale 102%
10534 106% 106% 106%
10314 149
30-year deben f 63___Feb 1949 F A 11012 Sale 11014
9614 98
9773 39
17
Ill
9734 Sale 97%
92
92
Mar'28
903
4
20
-year refunding gold 63_1941 A 0 108% Sale 10838 109
9238 ---34
N Y Trap Rock 1st 6s
904 Nov'27
10134 102 10134 10212 53
904 98
4
92
9214
Niagara Falls Power let 53_ 19
9012 93
1
93
42
65
10413 Salo 10413 10458 18
46
75
744 7834
Rel Jr gen 6s
7412 Sale 7412
10413 10453 10438 10512 20
9712 20
95% 9914 Niag Lock & 0 Pr lst bst..19
97 Sale 97
D
O 10414 10412 104
93
55
2
10414 39
3 102 1044 Nor Amer Cem deb 6%s A__1940 M S 8812 92
1034 Sale 10334 104
159
91 13
93
9412 No Am Edison deb 58 ser A.1957 M S 10258 Salo 102% 102% 81
89
9012 158
89 Sale 89
2 107 109
10738 10812 10738 10738
Nor Ohio Tmc & light 68_ _ _1947 M S 105 Sale 19.p., 100
14
10234 Sale 02% 10234 10 102% 10318 Nor'n States Pow 25-yr 53 A_1941 A 0 10313 104 1031., 104
8
let & ref 5-yr 68 series 13_1041 A 0 10511 Sale 10514
100% 55 100 10112
5
10012 Sale 0018
10538
105
76
0518
105%
North
WT
1053
4
tat Id g 4tiagtd_1934 J
10512 Sale
9434 ____ 9934 1"eb'28
9978 10112
10018 10034 9934 10012 47
6
9873 10112 Ohl° Public Service 7 Ms A __1940 A 0 11612 _- 11612 11612
10012 10078 0012 100%
98 1014
9813 16
let & ref 7a series B
1
9812 Sale 9814
115
1947 F A 115 Sale 115
994 10013 Ohio River Edison 1st Os__ I948 .1 1 10714 107% 10714
9934 Mar'28
5
10434 105
10758
13 1044 10534 Old Ben Coal 1st Os
1044 Sale 0434 105
904 18
1944 F A 9034 Sale 9012
Ontario Power N F 1st 53_ _ _1943 F A 10412 Sale 1041s
3
10412
10258 ---- 0012 May'27
104
17 iO3f4 figs; Ontario Transmission 1st 58_1945 M N 10458 10514 10458 10458
2
1034 Sale 03N
1 10034 102
100%
Oriental Devel guar Os
101 10112 00%
10012 32
1953 M S 10012 Sale 100
Apr'27
Otis Steel let M Os ear A_ _ _1941 M
1278 11
984 Sale 97%
981s 45
7912 188
74's -7112 Pacific Gas & El gen & ref 56_1942 J J 10312 Sale 10318 10312 21
7912 Sale 78
7912 468
744 7912 Pac Pow & Lt Ist& ref 20-yr 53'30 F A 100% 101 10034 101
7912 Sale 78
5
7718 Mar'28
7634 774 Pacific Tel & Tel Mt 53
6
10378
1937 J J 10412 _
104
61
76
70
771z
Ref mtge bs series A
1952 M N 107 10734 10658 1074 15
76 Sale 74
Pan-Amer P & T cony at 63_1934 M N 10314
9812 89
964 99
10314 41
98% Sale 9734
Sale 103
1st lien cony 10-yr 78
90
9112 Mar'28
92
4
1930 F A 105 105% 105
1053s
9212 95
81
Pan-Am Pet Co(of Cal)cony 63'40 J D 9312 Bale 031,
79
8034 33
9312 35
8034 Sale 804
10558 25 105 10613 Paramount-Bway let 5 Ms_ _1951 J
105 Sale 05
10214 Salo 10112 10214 19
10114 31 1004 1024 Para't-Famous-Lasky 6s
10058 10114 0078
1947 J D 9912 Sale 9913
9934 167
9312 26
10434 Sale 0334 104% 32 10334 1054 Park-Least leasehold 6 Ms_ _1953 J J 93 Sale 93
Pat & Passaic G & El cons 58.1949 M
300
97
95%
9514 97
Sale
964
1073s - 19718 Jan'28
12 104 10614 Paths Each deb 75 with war_1937 M N 57 Sale 5634
85
63
106% ---- 0614 10614
70
105% Sale 0514 10538 101 10434 10538 Penn-Dixie Cement 68 A _ _ _1941 M S 10012 Sale 9934 1GON
_ 101% 10212 Peop Gas & C 1st cons g (is 1943 A 0 115%
11534 Mar'28
10212 -- 0212 Feb'28
17 105% 10612
1
Refunding gold 58
105%
106
10478
1947 M S 105%
10578 10618 05%
Ill
101 10514 114,4
Registered
9914 May'27
M S
11058 Sale 09N
99% 100
23
8
Philadelphia Co coil tr 133 A_1944 F A 10384 Sale
99% 101
gale 10334 104
9934 100
266
Secured 55 series A
1967 J D 100 Sale 9912 100
108 1084 0734 10818 11 10614 10912
Phil& Else Co lst 434s
9612 Mar'28
0612 99
10212 299
964 99
1967 M N 10218 Sale 101
9814 38
3 104% 10414 Phila & Reading C & I ref 58.1973 J J 9534 97 0712
053s 1054
10533 38
94
130% 13238 Pierce-Arrow Mot Car deb 83243 M S 94 Salo 934
13138 -- 13258 Mar'28
8314 853a Pierce Oil deb s f 8o .Doc 15 1931 J D 10512 106 10518 Mar'28
85% 26
8558 Sale 8538
28
105
8614 22
8318 8614 Pillsbury Fl Mills 20-yr 68_1943 A 0 10412 Salo 104
85% Sale 8512
4
10414 108% Pirelli Co(Italy) cony 7s
10538 Mar'28
1952 M N 10514 106 10512 105%
10618
- 1194
99% Feb'28
Pleasant Val Coal 1st g s f 53_1928
120
3 119 120
994 100
120
Ask Low
68
_- 10412
10412
85 S.ile 85
9618 Sale 9578
102 10234 102
10478 Sale 10478
8913 93
87
101 10138 101
9818 Sale 974
10014 Sale 9934
9914
9912 100
98 Sale 9612
78 Sale 78
9834 Sao° 9834
95 Sale 94%
10534 10612 10638
10012 1e3 101
101 10112 101
Bid
Chic City & Conn Rye 513.1an1927 AO
Ch G L & Coke lst gu g 53__1937 Ii
Chicago Rye let 55
1927 FA
Chile Copper Co deb bs
1947 ii
Mein Gas & Elea 15t dc ref 58,56 *0
Jan 1 1961 AO
5348 ear B due
Clearfield Bit Coal let 43_ _1940 J J
Colo F I Co gen f 53_ _ _1943 FA
Col Indus let & coll 53 gu___1934 FA
Columbia 0 & E deb 56_ _ _1952 MN
Columbus Gas 1st gold 5s___1932 Ii
Columbus Ry P & L lit 4348.1957 j
Commercial Cable let g 4s_ _2397 Q
Commercial Credit s f 63_1934 MN
Col tr f 534% notes
1935 J J
J
Computing-Tab-Rec at 6s_1941
Conn Ry & L lst& ref g 4438 1951 J
Stamped guar 4 HE1
1951 J
Consolidated Hydro-Elec Works
of Upper Wuertemberg 78_1956 J J
Cons Coal of Md 1st & ref 5$_1950 Jo
Consol Gas(NY)deb 5343-1945 FA
Consumers Gas of Chic gu 581936 JD
Consumers Power let 5sL.-1952 MN
D
Container Corp 1st 68.
1946
Cons Pap & Bag Mills 634s 1944 FA
Copenhagen Telco ext 68_1950 *0
Corn Prod Refg 1st 25-yr 31 58'34 MN
Crown Cork & Seal lets t 68_1942 FA
Crown-Willamette Pap 6s
1951 J
Cuba Cane Sugar cony 7s
1930 J J
Cony deben stamped 8%1930 J
Cuban Am Sugar 1st coil 88_1931 M
Cuban Dom /lug 1st 740_....1944 MN
Climb T & T 1st & gen 6a_ 1937 J J
°unmet Fruit lst f 6s A
1940 AO
Denver Cons Tramw 1st 58_ _ 1933 AD
Den Gas & E List & ref 81g 53'51 MN
Stamped as to Pa tax
1951 MN
Dery Corp(DO) lets 7e_1942 MS
Detroit Edison let coil tr 53_1933 J J
1st & ref bs aeries A_July 1940 MS
Gen & ref 5s series A
1949 A 0
1st & ref 63 series B_July 1940 M S
D
Gen & ref 5s ser B
1955
Series C
1962 FA
Det United 1st cons g 4)414. _1932 J
Dodge Bros deb 63
1940 MN
Dold (Jacob) Pack let 8s
1942 MN
Dominion Iran & Steel 53_1939 MS
Dooner Steel let ref 75
1942 ii
Duke-Price Pow let es ger A '66 MN
Duquesne Light let 4345 A 1967 *0
East Cuba Sun 15-yr 3 f g 744837 MS
Ed El III Bkn let con g 48
1939 J
Ed Else III lot cons g 53_ _ _ _1995 Si
Else Pow Corp(Germany)640'50
B
Elk Horn Coal 1st & ref 6443.1931 Jo
Deb 7% notes (with warets'31 SD
Equit'bl Gas Light 1st con 531932 MS
Federal Light & Tr let 58_1942 MS
lat lien e f 58 stamped__ _1942 MS
1st lien Os stamped
1942 MS
1954 SD
30-year deb thi ser B
Federated Metals 3 f 78
1939 in
.1
Flat deb 78 (with wary)
1946
Without stock purch warrants_
1941 MS
Flak Rubber 1st a f 83
Ft Smith Lt & Tr 1st g 5s_ 1936 MS
Frameric Ind & Deb 20-yr 730'42 is
Francisco Sugar islet 740_1942 MN
French Nat Mail SS Lines 78 1949 Jo
Gas& El of Berg Co cons g 531949 JD
Gen Asphalt cony Os
1939 AO
Den Electric deb g 3).4s
1942 PA
Gen Elec (Germany)7s Jan 15'45 J J
S I deb 6 Ms with warr__ _ _1940 Jo
Without warets attach'd '40 JD
Gen Mot Accept deb 68
1937 PA
1940 FA
Gen! Petrol hit f bs
Gen Reit 1st 3 f g 6s see A _ I952 FA
Good Hope Steel & I see 7s_ _1945 AO
Goodrich (B F) Co 1st 6333-1947 Si
Registered
Goodyear Tire ec Ruo 1st 53_1957 MN
Gotham Silk Hosiery deb 68-1936 JO
Gould Coupler 1st s I 68_ _1940 PA
Granby Cons MS& P con 133 A'28 MN
Stamped
1928 MN
GI Cons El Power(Japan)78_1944 FA
1st & gen f 6 Ms
1950 Si
Great Falls Power 1st s f 53._1940 MN
Gulf States Steel deb 5333._1942 in
Hackensack Water let 43_1952 Si
Hartford St Ry 1st 48
1930 MS
Havana Elea consol g
_ _1952 PA
Deb 544s series of 1926_ 1951 MS
Hoe (It) a Coln 6 Ms Der A.1934 AD
Holland-Amer Line es (fiat) 1947 MN
Hudion Coal 1st sr 5s ear A _1962 in
Hudson Co Gas let g 53_ _ _1940 MN
Humble Oil& Refining 540_1932 Si
Deb gold 58
1937 AO
Illinois Bell Telephone 53
1956 in
Illinois Steel deb 4445
1940 *0
Under Steel Corp sf75
1946 AO
Indiana Limestone Mt f 68_1941
N
Ind Nat Gas & 01158
1936 MN
Indiana Steel 1st 53
1952 MN
Ingersoll-Rand let 58 Dec 31 1935 J J
Inland Steel deb 5Ms
1945 MN
Insolration Con Copper 6433.1931 MS
Interboro Metrop coil 4345..-1958 *0
Interboro Rap Tran let 56_1966 ii
J J
Stamped
Registered
10-year 63
1932 AO
10-year cony 7% notes..,.1932 MS
Int Agile Corp let 20-yr 58_ _1932 MN
Stamped extended to 1942____ MN
Inter Mercan Marine SI Os1941 AO
International Paper Si Se A _1947 J J
Ref f 63 ser A
1955 M
Int Telep & Teleg deb g 440 1952 ii
price).1947 Si
Jurgen'Works Os
Kansas City Pow & Lt 53
1952 MS
J
1st gold 4348 series B
1957
Kama Gas at Electric 68_1952 MS
Kayser (Julius) & Co deb 53.4s'47 M
Keith (13 F) Corp 1st 68
1946 MS
PUY-Spring:Tire 8% notes _1931 MN
Kenton Teiep Co 1st 58_1935 Si
1937 A
IDnita County El & P g 5e
Purchase money 6s
1997 AD
Kb= County Blev lot g 4a_ _1949 FA
Stamped guar 43
1949 FA
KIngs County Lighting 58..A954 Si
First & ref 61.43
1954 ii
3
9
Low
High
105 1084
161 10573
102 105
1014 10818
1044 1054
10034 1014
10138 10214
10012 101
i if4 102
101 1014
1004 10114
99 1001s
99
9934
184 1-2-3-3
;
65C4 1-6
.
63
;
113 133
106 1084
994 10118
1134 11718
93% 9814
9534
10378 106
9634 984
8838
10012
105
684
60
9914
904
1024
107
72
62
9934
10412 106
99 1004
10312 10434
8312 844
9613 100
894 94
10434 10534
10073 10253
100 10084
10234 10514
102 10334
104 10614
99% 10212
10034 1074
9418 101%
10058 1024
9978 10178
99
991s
8838 886s
82% 82%
99%
98
9058 954
10318 104
10214 103
614
58
10338 104
104 104
98 101
10034 10034
1044 1054
10758 108
1064 110%
101% 10413
9834 10058
99 10034
100 1014
8818 89
110 11713
105 100
10958 11034
97% 9584
jogs 1-0-3-1;
moss 101%
iis
212 4
1358 20
754 88
10814 108%
51
543s
72
65
108 1087s
10138 10314
11014 1114
10814 102
10038 10212
10334 10434
10414 10614
10353 1044
804 93
102 1037s
10218 105
103 104
105 107
9934 9914
116 11633
115 118
10714 108
904 94%
10358 1061s
10314 10451
9618 1004
9738 98$4
103 10414
10034 1014
1034 10414
1064 10718
1024 104
1034 10571
9153 95
10111 104
98% 9934
8618 953s
107 10718
814
50
98 10034
1134 11534
105 106
jQ384 10458
98 100
100 1024
94 10238
91% 87%
10458 106
104 10613
9914 10791
9938 100
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 16.
1641
FINANCIAL CHRONICLE
Kul. 17 1928.]
Price
Friday.
March 16.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
High
High No. Low
Ad Low
Bid
94 954
Pocah Con Collieries Islet 5s.'57 .3.3 95 96 95 Mar'28
106%
PA
1
106
105
105
A.1953
106
135
105
Dk
&
Can
Arthur
Port
105 106
1953 PA 105 105% 105 Mar'28
lat M 68 aeries B
Portland Elec Pow lit Os B_1947 MN 104 10412 10338 10434 14 10278 1054
10112
102 102
J
Jan'28
102
5e..1935
Portland Gen Elea 1st
98 98%
9812 19
Portland Ry 1st & ref 55_ _1930 MN 984 99 9814
3
98 98%
984
Portland Ry L & P 1st ref 55_1942 PA 9918 9912 9812
FA
9614 Oct'27
Registered
10338 10478 13 1023, 1Q47
1st lien & ref 65 series B_ _ _1947 MN
2 10718 108
10712 10734
1st lien & ref 7115 aeries A.1946 MN 10714
10134 73 100 105
Porto Rican Am Tob cony 68 1942 .3.3 1011 dife 101
.1 9412 Sale 95
95 9934
9618 37
Pruned Steel Car cony g 58..1933
114 115
114 Feb'28
Prod & Ref is f 88(with war).1931 JD 11138
111 11218
Without warrants attached.. JD 110 ifi 111 Mar'28
2 106% 10734
1074 1074
PubServ Corp of NJ see 60_1944 FA
4 10412 107
10578 10578
1956 33
Bee g 5Ha
5 104% 106
Pub Serv Elea & Gas let 53161959 AO i(W8 Sale 104'78 10518
9 10478 105%
10538
105
1965
let & ref 58
104 207
Punta Alegre Sugar deb 78-1937.3, 10414 105 105 Mar'28 _
9914 1014
Pure Oils(5)4% notes--1937 FA 100 Sale 100
10014 86
97 100
4
Remington Arms 65
100
1937 MN 100 Sale 98
934 96%
Rem Rand deb 5155 with warr '47 MN 9512 Sale 9434
9534 223
Repub I & 8 10-30-yr 58 f _ _1940 *0 104 10434 10434 10434 17 103 104%
Ref & gen 510series A __ _1953 .1
1034 Sale 10314 10338 22 103 304
3 108% 1134
Reinelbe Union?, with war_1946 J
109
10834 10918 109
9938 10188
Without stk pure]) warta_1946'.3 10038 Sale 10012 10012 28
Rhine-Main-Danube 78 A__ A950 M S 10238 103 10218 1024 14 10114 103
102
10034
MN
3
Rhine-Westphalia Elec Pow 78'50
10034 Sale 10034 10114
92% 94
1952 MN 9234 Sale 9234
Direct mtge 6s
9314 56
15
9588 9714
Rims Steel let 5 f 7s
97
1955 FA 9614 9678 9614
45
38
10
45
Robbins & Myers 1st a 1 7s 1942 3D 45 Sale 43
3 111 114
Rochester Gas & El 788er 13-1940 MS 11178 Sale 11178 112
4 10638 10712
Gen mtge 5145 series C_..1948 MS 10712 - - 10712 10712
9018 9018
Roth & Pitts CA I pm 158-1946 MN 9018 ____ 9018 Feb'28
35s
Price
BONDS
3a
Trident
N. Y. STOCK EXCHANGE g t;
::,c; March 16.
Week Ended March 10.
Western Union coil tr cur 53.1938 .1 J
Fund & real est g 4115-.1950 MN
1936 F A
15-year 630
1951 3 D
25-year gold 58
Wes'house E AM 20-yr g 56_1948 M S
Westphalia Un El Pow 6143_1950 J D
Wheeling Steel Corp 1st 514s 19483 J
White/4E8We Oil & Ref deb 5158'37
With stock purch warrants__ M 13
White Sew Mach es(with war)'311 .1 J
Without warrants
Wlckwlre Spen St'l lit 75.....1935 J J
Wickwire Sp St'l Co 75 Jan 1935 MN
Willys-Overiand 5!6148..___1933 M 8
Wilson & Co 1st 25-yr 5f 65_1941 A 0
WInchesterRepeatArms 7301941 A 0
1978 -I J
Yennast Sheet & Tube 58
Week's
Range or
Lad Sale.
Ask Low
BM
103 Sale 10334
101 Sale 101
11178 Sale 11188
10418 Sale 10414
10478 Sale 10412
10038 10012 100%
10214 Sale 10178
11
ro
Ranee
Rince
Jan. 1,
High No. Low
High
10414 11 103 10514
101
4 101 1034
11238 29 1114 1121a
10412 10 104 106
105 242 10418 105
10038 68 9712 10041
10212 15 1003, 1034
9412 14
94 Sale 94
128 130 130 Mar'28 ___1031: Sale 10312 1038* 24
6
34
35 34
34
2812 Sale 28
285* 12
4
10218
102 10212 102
10334 36
10334 Sale 103
5
106% Sale 10612 10612
101 Sale 10038 10078 308
9312 98
125 131%
10046 104
334 378*
31
28
10178 103
101 1035i
106 10714
10018 1011.
Quotations of Sundry Securities
All bond prices are 'and nterest" except where marked' f"
Bid Ask
Standard 011 Stocks Par ma AdRailroad Equipment.
4.85 4.70
Anglo-Amer 011 votstock_El 02014 2012 Atlantic Coast Line 6s
4.35 4.25
EquIpment133is
.E1 *1812 2012
Non-voting stock
4.85 4.70
Os
Ohio
as
Baltimore
10734
100 10788
Atlantic Refining
4.30 4.15
Equipment 411s & 5a_ _
12 11712
:
1138
00 :
126
Preferred
4.50
4.70
es_
equip
Pitts
&
Roth
Buff
52
Borne Scrymaer Co
6512 Canadian Pacific 4115 & 65_ 4.50 4.25
Buckeye Pipe Line Co_-60
4.85 4.70
Chesebrough Mfg Cons_25 *133 140 Central RR of N J 6a
4.85 4.65
1712 Chesapeake & Ohio 6s
10 *17
Continental Oily to
4.50 4.30
Equipment6 Hs
Cumberland Pipe Line_100 96 9812
4.30 4.20
7112
Equipment
56
70
_100
Co
Eureka Pipe Line
612 8 Chicago Burl A Quincy 6s_ 4.85 4.70
Galena Signal 011com__100
100 40 48 Chicago & North West 68„ 4.85 4.70
Preferred old
4.40 4.25
Equipment6148
39
Preferred new
65314 635s Chic R I & Pao 4SO & 55_ _ 4.40 4.25
Humble Oil A Refining...26 *3
Os
4.90 4.75
Equipment
202
200
100
Pipe
Illinois
Line
5.00 4.80
Imperial 011
1 *58% 59 Colorado & Southern Os_ _
4.85 4.70
&
Delaware
es
Hudson
85
*34'2
Pipe
Indiana
Co---60
Line
9812
98%
St Jots Ry Lt & Pr lst 56......1937 MN 984 _
984 Mar'28
4.60 4.35
International Petroleum..-1 537 3714 Erle 4115 & fs
St Joseph Stk Yds' 1st 4345..1930'.3
_ _ _ 9812 Dee'27
5.00 4.85
Equipment es
2914
*29
79
771
National
Co-12.50
Transit
4
1l
4
St L Rock Mt& P 68 stmpd-1955 33 99Feb'28
78
7712
77
4.80 4.75
65_
Northern
Great
5412
5414
York
New
Co.....100
Transit
981s
97
_
Si Paul City Cable eons 58-1937 3.3 9734 Sale
Jan'28
4.35 4.25
Equipment 58
5 109 109% Northern Pipe Line Co-100 112 113 Hocking
San Antonio Pub Serv let 68_1952 J J 10914 10934 10914 109¼
4.40 4.30
56
Valley
60
*59%
Oil
25
Ohio
10214
FA
9934
Saxon Pub Wks(Germany)75'46
10178 Sale 10112 10218 38
4.90 4.75
Os
Equipment
39
38
958 9714 Penn Mex Fuel Co
25
9714 44
1951 MN 9714 Sale 9612
Gen ref guar 6115
4.25 4.16
25 *4812 4834 Illinois Central 434e & 5s
9 103 1054 Prairie Oil& Gas
1946 3, 10384 Sale 10334 10412
Schuico Co guar 6 he
4.80 4.65
65
Equipment
220
218
Line
Pipe
100
Prairie
10334 17 1027 105
1946 AO 103 Sale 103
Guar a f 610 aeries B
4.40 4.30
SO
0
&
78
Equipment
100 174 178
7 107 10813 Solar Relining
10712
Sharon Steel Hoop 1st Slier A '41 M
1074 Sale 107
4.90 4.75
Southern Pipe Line Co..-60 *2934 30 Kanawha & Michigan Os
9814 99
9812 54
1947 MN 9814 Sale 984
Shell Union Oils S deb 56.
4.90 4.60
534s.
Southern
City
Kamm
4
3
38
25 5381±
South Penn 011
9188 94
25
93
Shubert Theatre 6s June 15 1942 JD 9234 Sale 9238
4.66
9 102 1034 Southwest Pa Pipe Lines.100 86 90 Louisville & Nashville 68.... 4.80
1936 .1
Siemens & Halske af 78
10278 103
103
4.40 4.30
6315
Equipment
5514
*543
Oil
Standard
MS
10838
(California)
106
..t
1951
6
Deb a f 6145
106 fdi 10618 107
4.30
4.50
ea.__
&
56
Central
Michigan
f 634s allot ctfs 50% pd_1951 MS 1064 Sale 10612 10678 48 10434 107% Standard 011(Indiana)-25 *73 7314
4.70 4.50
Sierra & San Fran Power 58.1949 FA 10412 Sale 104
10412 16 1017 10412 Standard 011 (Kansas).-25 •1514 151 MlnnStP&SSM4345ASS
4.60
4.75
78dr
6118
Equipment
124
*1234
Standard 011(Kentucky)-25
1
Silesia Elec Corps f 6115_1946 PA 9412 Sale 944
93 96
9412
Standard 011(Neb)
26 •4114 4134 Missouri Pacific es A 6 Ms_ 5.10 4.80
27
98 100
Silesian-Am Exp col tr 75...1941 FA 100 Sale 99
100
4.50
4.30
Is
Ohio
&
Mobile
39
*383
MN
Standard
of
011
New
101
_
Jer--25
notes
10811
6%
64
_1929
Simms Petrol
10214 Sale 10134 103
4.20
Sinclair Cons Oil 15-year 75-1937 MS 101 Sale 1004 10112 62 100 1011: Standard 011 ot New York-25 *29?s 30 New York Central 4318 A fs 4.30
4.80 4.65
Equipment65
Standard 011 (Ohio)
25 7034 72
974 99
1930 MS 98 Sale 9734
94
99
let Hen col Oa scr I)
4.30
4.4
78
Equipment
120
D
Preferred
1938
100 1172
9514 99
1st lien 634s series B
9812 Sale 9712
98% 111
4.2 4.15
17 Norfolk & Weaern
26 •16
69
98
9713 9834 Swan & Finch
Sinclair Crude Oil 51155er A.1938 J J 9734 Sale 9734
4.4 4.30
Northern Pacific 75
1943 AO 9538 Sale 94%
Preferred
95% 53
9588
94
Sinclair Pipe Line if 58
412 122 Pacific Fruit Ext)ress 7.-- 4.40 4.30
120
1939 MS 95 Sale 9413
100 *
24
94 951
Skelly Oil deb 6145
95
: Union Tank Car Co
10212
26 4.14212 14312 Pennsylvania RR eg 58 & eg 4.80 4.20
9 102 10288 Vacuum 011
Smith(A 0)Corp lit 610_1933 MN 10212 Sale 102
4.45 4.30
Pittab & Lake Erie 6115
JO
Public
Utilities
10918 110 109 Mar'28 - _ 10834 11014
South Porto Rico Sugar 75-1941
4.25 4.15
5 10412 10514 American Gas & Electrio_t 1.1384 13834 Reading Co 434s ASS
105
South Bell Tel & Tel 1st sf561941'.3 10434 105 105
4.45 4.30
5a.
Francisco
San
&
Louis
St
.3,
10712
*107
6%
1054
preferred
11
A..1947
10714
10578
es
106
Power
Colo
'I'
4
1063
Southern
1068i
Air
Line 5115 & Os 5.10 4.75
Deb 138 2014
MAN 10914 109% Seaboard
frweit Bell Tel let & ref 5a-1954 PA 10634 Sale 10534 1068i 79 10613 10834
Amer Light as Trac com_100 190 1911: Southern Pacific Co 434a... 4.25 4.16
10011 101
Spring Val Water 1st g 55_1943 MN 10012 - 10112 Feb'28
4.40 4.30
Equipment78
Preferred
100 115 120
5 10014 10112
1930 MN 10118 sale 10118 1011
Standard Milling let 5s
4.45 4.35
2 103 10488 Amer Pow & Light pref.-100 104 10434 Southern Ry 411s & 5a
1031
1946 MS 103 10312 103
1st & ref 5115
4.90 4.74
Equipment es
Deb eas 2016
M&S 10812 109
Stand Oil of NJ deb 56 Des 15'46 PA 1034 Sale 10338 10312 50 103 104
4.85 4.70
66-.
Central
Ohio
A
Toledo
9714 82
9634 934 Amer Public UPI cem-100 58 82
Stand Oil of NY deb 434....1951 3D 9714 Sale 9634
4.35 6.21
7% prior preferred____100 98 100 Union Pacific 7s
Stevens Hotel let es ser A.__1946 33 10218 Sale 10112 10218 46 100 10218
Sticks
Tobacco
90
88
MS
Partic
100
9 100 101
10012
preferred
Sugar Estates (Oriente) 711_1942
10018 Sale 100
1929 PA 10134 10334 10214 10312
6 1004 10312 Associated Elec 5345'46A&O 104% 105 American Cigar corn_ _100 138 145
Superior 011 let f 75
100 102
Preferred
1 10634 1081
: Associated Gas& Elec com.1 *20 22
Syracuse Lighting let g 58..1951 ID 10888 - - -. 10812 10812
1 *53 55 British-Amer Tobac ord_ _E 1 .27
Original preferred
El *27 28
Bearer
10314 10688
10638 Mar'28
86 preferred
1 *94 98
Tenn Coal Iron & RR gen 58_1951 J J 106
100 102
10118 104
4 10214 10214
1 *981t 100 Conan' Cigar pref.
5611 preferred
Tenn Copp & Chem deb 6a 1941 A 0 103 1031
*26 27
&
B
of
Tob
$7 preferred
10714 Sale 10714 10712 ao 107 10814
1 103 105 Imperial
Tennessee Elise Pow 1st 65..1947 J
Int Cigar Maolsloorr uewl°° 97 105
19603 J 6938 Sale 8818
6938 66
7034 Blackstone Val OAK com_50
66
Third Ave lat ref 48
03 °
8 Johnson Tin Foil A Met_100 oo 70
10314
Com'selth Pr Corp pre1-100 *1°5
6078 250
5534 61
Adj too 55 tax-ex N Y Jan 1960 A 0 60 Sale 5814
100 48 53
1937 J J 9934 Sale 10012 1004 14
9934 1011s Elec Bond & Share pre!_100 10914 10914 Mengel Co
Third Ave Ry let g 6e
1955 M
98 1004 Elise Bond & Share Secur-f 5914 9134 Union Tobanno CO WM-- 28 28
Soho Eke Pow let is
1004 Sale 9938 10018 44
so 90
A
Class
9938 9938 9938
9912 26
98 100
Lehigh Power Securities...1 .1.2514 2534
6% gold notes._ __July 15 1929 J
100 110 115
- Young (3 5) CO
Tokyo Elea Light 6% notes-1928 F A 10014 Sale 10018 10038 102
994 10012 Mississippi Hi,Pow pref.100 1081
110
104
100
Preferred
---_
1041
10073 1013,
First mtge 58 1951_ _ _J&J
Toledo Tr L & P 514% notes 1930 JJ 10078 Sale 10078 10078
Sugar SSSSSS
1949M 8 1074
Trenton & El 1st g 55
10714 Feb'28
10718 10714
Deb 58 1947
MAN 9950
Trumbull Steel let if 611-1940 MN 10234 Sale 1024 10212
8 1011a 1034 National Pow & Light pret-1 *1071 159 Caracas Sugar
Twenty-third St Ry ref 68-1962 .1
58 60 6014 Feb'28
564 6014 North States Pow com.100 132 13312 Cent Aguirre Sugar oom_ _20 *131 133
100 *157 159
7% Preferred
987g 10112
100 108 110 Fajardo Sugar
Tyrol Hydro-Elec Pow 7)48.1965 M N 101 1014 10034 10112 30
18 Federal Sugar Ref corn. 100 15 20
M
1946
981: 100
31
Nor Texas Elec Co com_100 15
1711frawa El Pow .57.
100 Sale 994 100
100 35 40
Preferred
951
Preferred
100 54 58
Underged of London 6118-1933 J J 9918 9934 9512 Mar'28
5
7
t .
1948 M 8 9512 9614 10418 10418
1 101 1044 Ohio Pub Se,-,, 7% pref_100 112 113 Godchaux Sugars,Inc
Income 68
27
100 *24
Preferred
28
S
2 1024 10218 Pacific Gas A El lit pref.._2 •2711
Union Elec Li & Pr(Mo)68_1932 M
10214 -- 10214 10214
13 Holly Sugar Corp cam--1 35 40
1933 M N 10238
5 10214 103
Power Securities corn
102% 102%
1 .11
Ref & ext fai
100 80 85
Preferred
Second preferred
1 *60 63
Un E L&P (111) let g 610 ger A'54 J .1 1034 1-0312 1034 10312 14 1023, 1034
Coll trust es 1049___JAD 97 100 National Sugar Refining_100 *137 139
92 947
Union Elev Ity (Chic) fs_.-1945 A 0 94 Bale 94
94% 13
100 38 45
1931 J J 102
102 Mar'28
Incomes June 1949_F&A 95 98 New Niquero Sugar
Union Oil 1st lien s I 58
1013, 102
*125 130
1 1087a 11118 Puget Sound Pow & Lt_100 49 51 Savannah Sugar corn
80-yr 65 series A-May 1942 F A 11014 11012 11014 11014
100 115 117
Preferred
994 10014
100 98 100
6% preferred
10014 14
15t lien st5e series C Feb 1935 A 0 10014 Sale 100
45 50
pf.100
Oriente
Estatca
Sugar
N
111
M
68.1942
109
deb
Am
20
Sale
10034
10015 10212
10012 101
100
7% Preferred
United Biscuit of
100 60 70
lit & ref 5146 1949_ _JAD 101 10412 Vertientes Sugar pf
United Drug 20-yr 13a-Oct 16 1944 A 0 10712 Sale 1074 10734 58 10788 108%
8518 85
851: South Cal Edison 8% pf _ _25 545 48 Rubb Stks(Cleted (.oSars)
3 86
85
United Rya St L 1st g 48-.1934 J J 85
10
*5
1937 M N 98 Sale 9778
9
981
95 994 Stand 0& E 7% or pt. _100 11214 11312 Falls Rubber corn
United 88 Co 16-yr 65
19
25 •10
Preferred
9412 9718 Tenn Elea Power lat pre!7% 108 109
Un Steel Works Corp 6116 A.1951 3 D 9534 96 9518 Feb'28
180
*176
D
3
Tire
com.10
Firestone
Rub
10514
&
k
104
937
9612
warrants
Sale
172
Toledo
9814
954
Edison
96
8% pf
With stock our
8% preferred
100 110 115
100 110 111
94 96
96
Series C without warrants_ J D 9412 96 96
100 108% 109
D 9314 94 9434
7% preferred
2% °112eP
t ow Corp pref-100 104 105
8
94 9738 We8ter
9434
With stock our warts
General Tire & Rub corn..25 *160 165
Water Bends.
United Steel Wks of Burbach
2 103
06
100 110
Preferred
33 10212 10$
Arkan Wat 1st 55'58 A.A&O 991: 10014
Esch-Dudelange if 78._ -1951 A 0 10312 Sale 10212 1031
Goody'r T & R of Can pf 100
J 934 Sale 92
9024 9612 Birm WW 1st 511/1.5'54.AA0 104
934 217
US Rubber lst & ref 5a ser A 1947
3 J
15t M 551954 rser B__J&D 10112 102 India Tire & Rubber new--1 15 16'9534 Dee'27 _Registered
102 i13iii 1-63;3-4 City W(Chatt)5115'54AJAD 10234 10312 Mason Tire A Rubber corn.1
10-yr 714% secured note8_1930 F A jail gale 10212 103
12
Preferred
let M 5a 1954
JAI) 100100
98 10814 1091:
US Steel Corp(Coupon Apr 1963 MN 10834 Sale 10838 109
92
Miller Rubber preferred_100
3 108 10814 City of New Castle Water
10818 1081
if 10-60-yr talregisi. Apr 1963 MN
40
100
.44
553.4.A'47"
Rubber
Mohawk
J
9214
98
96
1936
2
65
2
8914
1
Dec
5e
deb
95
1941
MD
931
Sad
-9Y12 9312
Universal Pipe &
75
100
Preferred
993 100
97
9934 Clinton WW 1st 56'39_F&A 9712 9812
Utah Lt & Trao 1st & ref 68_1944 A 0 9934 Sale 98
(36
10212 10312 Seiberling Tire A Rubber__ t
17 101 10318 Com'w'th Wat lot
1944 F A 10212 Sale 10218 1023
Utah Power & Lt 151 56
105
100
Preferred
.1
---J
Connellsv W 550ct2'39A&01 96
- 104 Aug'27
10434-Utica Elec L & P 1st 5 g 55-1950
Indus. A Miscall
lairs 1-g- E Si LA Int Wat 5a '42.J&J gel:
Utica Gas & Elea ref & est 55 1957 J J 10718 108 108 Mar'28
Allied Int Invest pre(
t *10412 10812
D 10012 Sale 10014 101
let M 13s 1942
.31,1 103
15
994 101
Vertientes Sugar let ref 75..1912
77
25 *74
American Hardware
5112 5234 Huntington let Os '54_MAS 103
1963.3 J 5014 5118 5112 Mar'28
Victor Fuel 1st 5 f fs
100 117 121
& Wilcox
Babcock
98%
103
8
19
Si
M
91
581949
Sale
917
1st
91
91
91
g
Coke
&
Coal
Iron
Va
19
•1712
Co
(E
Bliss
WI
4
5
MN
Mid
68'36
J
WW
1001:
1934.3
States
102
lon 101 10034 10114 15
Va Ry Pow let & ref 58
50 •57 63
Preferred
941k 984 Monm Con W 1st5/056AJAD 9618 9712
6
9412
Walworth deb 6345(with war)*36 A 0 0412 95 9412
120 123
pref___100
Company
Childs
102
65
101
9604Monm
0
Val
21
'60..J&J
511s
Wt
A
96
Sale
A...1946
96
90
series
let sink fund es
100 210 217
10718 13 1053, 10778 Muncie WW 58 Oct2'39 A01 96 _Hercules Powder
Warner Sugar Rein let 78-1941 J D 107)8 Sale 107
100 119 121
Preferred new
Si Joseph Water 58 1941A&O 9812 9112
844 88
9
96
86 Sale 9534
Warner Sugar Corp 1st 76_1939 J
130 132
pref-100
7%
Silver
Internal
-_
96
104
5/e58A&O
Vat
Shenango
J
Wat
10434
Wash Water Power 5 f 68._ _1939 J D 10434 Sale 10438 10434
100 120 124
Phelps Dodge Corp
So Pitts Wet let Is 1960 J&J 988
2 107 1075
_ 10738 10738
10738
West:rhea Ltg g 55 atmpd gtd 1950 3
Royal Baking Pow 0001_100 245 260
99
FAA
let
1024
M
N
Se
22
1955
M
103
104
1043,
1944
Sale
104
Weat Ky Coal let 78
100 106 108
Preferred
Ter H W W 68 '49 A J&D 102
West Penn Power set A 68-.1946 M 8 10414 105 10378 1044 14 103 105
Singer Manufacturing...100 430 445
3 105 1063,
list M 5e 1956 ser B_ _ FA D 9812
1963 M 8 10612 Sale 10578 1061s
lit Si series E
El •534
Ltd
Mfg
Singer
102
'49_MAS
1516,
Wat
Wichita
1061s
1
0
A
10512
Mar'28
1963
10512 106
063*
lit 5115 series F
1st MS.1958 ser B.FAA
17 104 105
1956 J D 10478 Sale 1044 105
lit see As series0
also
Purchaser
aserued
a
gays
17
59
Baste.
J
divIden$
e
59
Sale
59
19503
value
oar
69 60 . •Per share • Ne
West Va C & C 1st 138
1944 A 0 10314 Sale 10334 10418 46 103 1041* •Woo hal. a 11.3-dighlenOs a Ex-rlghtt 'Canadian quotation. I Hale prim
Western Electra) deb 58
9r13
:003:723 i
*3.
BOSTON STOCK EXCHANGE-Stock Record se.B43.711...
1642
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
March 10.
Monday,
March 12.
Tuesday,
March 13.
Wednesday, Thursday,
March 14. March 15.
Friday,
March 16.
Sales
for
the
Week.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
STOCKS
BOSTON STOCK
EXCHANGE
per share
per share
Railroads.
Par.
per share $ per share $ per share $ per share Shares
183 18312 *z183
214 Boston & Albany
183 183
1834 1831s 18318 18318 183 183
100
96
96
97
770 Boston Elevated
97
9512 9634 96
97
97
97
100
9714 96
*511012____ *210112
*210B2
Preferred
*210j12____ *210114 -100
89 181 preferred
116 116
116 116
116 116
115 115 '115 116
115 115
100
*z107 110
76 2d preferred
108 108
108 108
107 107 h10712
_ 10812 10812
100
5912 5912 5912 5912 5912 5912 5912 62
2.670 Boston & Maine corn
63
63
62
62
100
*6314
Preferred unstamped_ _ _100
*64
_ *64
____ *64
85
86
89
-ii- -65215 Ser A 1st pref unstamped 100
89
88
88
+86
88
88
88
*135 ____ 145 145 *135
10 Ser 13 1st pref unstamped 100
*135 ____ 0135
_
*125 ____ 135 135 *120
*2120
10 Ser C 1st pref unstamped 100
*120 ____ *120
*153 _
170 170 *155
*155
*215212
_
10 Ser D 1st pref unstamped 100
•155
Common stamped
63
*5814 5912 *5914 5912 *5914 5912 *59
5912 *62
100
*6314
*6314
Preferred stamped
*64
_ '64 ____ *65
100
*111 11112 110 11112 110 110
105 Prior preferred stamped_100
111 111 *111 112 *21156 110
7914 80 h79
79
*27731 79
79
463 Ser A 1st pref stamped_ _100
79
80
79
SO
12312 12312 *123 _ _ _ *125
____ 125 125
125 125
16 Ser B 18t prat stamped_ _100
*125
112 113
250 Ser C 1st pref stamped_ _100
112 112
112 112 *110 115 *11112 113 *211012 ---'146
*150
Ser D 1st pref stam ped_ _100
*150
*215212 - *150
•10618 16612 106 10-8-18 105 105 +105 107 *105 107
105 105
87 Net receipts 55% paid
*182
____ *182
Boston & Providence
*182
*182
100
*30
39
40
40
470 East Mass Street Ry Co.. 100
39
41
3212 *30
3212 3212 35
35
1st
preferred
*7312
75
135
74
74
74
75
100
*73
*7314
75
7314
*__
7012 *_-_- 6934 *____ 6912 *68
69
500 Preferred B
70
69
-76- -7-62-2
100
54
55
54
54
56
1.300 Adjustment
100
53
55
5334 5312 54
65
100
6114 6114 65
180 Maine Central
*6012 61,4 6012 6012 *6012 _
6158 62,2 -6224 6318 2,014 N Y N H & Hartford
100
6178 6238 6138 627g 6158 6234 6114 63
*105 116
42 Northern New Hampsbire_100
21041210578 *210412105
105 105 *2105 ---Norwich & Worcester pref..100
*132 137 •132 137 *132 137 +132 137 •____ 137
100
13612 13612 137 137
i577- 137
93 Old Colony
*113612
13612 13612 *213612 _
663g 6634 6678 6718 2,086 Pennsylvania RR
50
6612 67
66
6658 6578 6612 6638 67
28 Vermont dv Massachusetts_100
*211612121 *211612121
11612 11612 *211612121 *211612 120
*334 4
24
24
358 354
312 37s
2312
2378 2378 *23
3,2 3,
4
23
23
*50
18014 181
181 18218 18118 18214 18114 18258 179 18118
191g 19,
2012 2012 2018 2012 1912 20
1958 20
s
334 378
24
24
-176-2
1612 ;IT
16.11 '15
9412 94
95
94
94
94
94
.12 .12
*.12 .35 •.12 .35 ..12 .35 *.12 .35
121 121 *120 123
122 122 +120 123 *2112 2115
414 458 *412 5
*358 4
4
*358 4
4
2
2 •22
214 214 '5z2
2
214
2
214
90
90
9058
90
89
88
88
89
89
89
*4812 50
*4812 50
4812 4914 4912 4934 *4812 50
104 104
*2103 104
104 104 h103 104 *210314105
*1212 14
*1212 14
1234 1254
*1212 14
*1212 14
25612 258
257 257% 256 257
257 258
257 258
*34
3434
*33
35
*3314 35
*3312 35
*3312 35
3212 3212 3212 3258 *3112 3212
3212 3212 3212 33
*1834 19
*1834 1914 *1834 1914 *1884 1914 *1834 1914
3412 34
34
*34
3412 34
3412 *3312 34,2 *33
102 10234 10134 102,4 101 10112 101 10114 10034 10134
*10
1014 10
10
10
10
10
10
10
*10
36
3458 3518
35
351s 35
357g 37
3518 36
*95
*95 ____ *95
95
*95 ---- 95
922 912
912 912 *912 10
912 912
•93s 10
734 734
734 8
784 754
*734 -- -- *758 778
11134 11178 11012 11118 110 110
111 112
111 112
7914 7914
80
80
7912 7912 7912 7912 7912 80
104 104 h103 104
*2104 10412 104 10412 104 104
•418 438 *418 45*
418
418 41s *4
418 *4
*2714 28
2714 2712 2712 2712 2738 2712 2612 2612
*10612 ____ *107
*10614 ____ *10812 ____ *10612
'z10834__.... h1083410914 10834 110
109 109
109 109
.55 .55 •.20 .55 +.20 .50 •.20 .50 *.20 .50
41
*4
412 *4
412
*4
412 *4
412 *4
138 13812 138 13812
138 138
137 138
138 138
36
35
35
35
35
36
36
3512 36
35
*____ 20
•____ 20 *____ 20
;1534 16
21538 153*
*1534 16
*1534 16
16
16
134 *2112
+134
154
134
152 154 *112 134 *112
13014 13014 *2128 132
130 130
*130 132
130 130
131 13112 130 13034
130 131
131 131
130 130
102 103
102 103
100 100
101 103
100 100
218
134
134
222
212
2
218
2
21s *2
*1858 1878 *1858 19
1858 18,
8 *1858 19 *21814 1912
*1418 1434 14
1412 1434 1434 15
1478 15
1478
6434 65
65,4 6414 6514 6334 6514
6412 65,4 65
3014 3012
30
30
30
30
30
30,2 3012 30
9834 9734 97,
4
9812 9812 *98
*98
9834 *98
99
1178
1112 11
11
•10
1114 1014 1078 1012 11
*2114 2158 2158 22 2112 2134 2112 2112 217g 22
70
*67
69
*66
69
70
*66
*66
70
70
9212 9278
93
92
92
91
9212 921g 9218 *92
95
*105
h16
170
h60
*4
*5214
21
*1514
•158
*.75
*63g
•
52
*10512
*21214
2
*112
1
*112
3..26
.70
4912
*2614
.10
*10
*61
*474
*1
•.85
912
12
13
26
*178
'
1..30
•.15
4
114
*al
.4'12
-1-62
95
94
10512 105
17
216
171
170
*64
*860
•18
10512 105 10512 +105
17 h1534 1612 1612
170
169 17414 170
*55 ---- 55
*860
*18
*18
4
48
54
*5212
2114 2034
16
*1512
17g
2
1
.90
8
*638
.85 •.60
52
5112
_ *10512
1212
2
2
2
114
1
.85
134
158
.45 .0.26
.70
.60
4912 4934
2714 2634
.10
.15
20
*10
6112 *61
54
5
118
nil
.99
.75
912 *812
1214
1218
13
1234
26
*26
238 *134
.45 •.35
.30
.15
4
4
138
no
112 *al
.20 *.20
424
334
5218
54
*5214 54
2114 2034 21
2012
16
1514 1512 1412
2
*134 2
•134
.90 .*75
.1..75
1
8
•638 8
*Vs
.85 *.65 .85 •.65
5234 52
52
52
•10512
*10512
_- - 1214
1212 *212
-1212
2
134
134 *144
112 *114
112 *114
.86 *.80
1
.90
11
/
4
112 15* *Ps
.45
.25 .25 *.26
.60
.68 .68 •.65
50
4912 4934 491.2
26
27
*26
27
.15
.12
.12 .12
20
*10
*10
20
6112 61
61
61
5
54 514 *434
1h.
1
*1
1
.75 •.75 .99 •.75
10
914 914
9
1218 1214 1214 13
13
*1212 1284 1212
2712 2512 26
2512
212 *178 214 *178
.45 *.30 .45 *.30
.15 *.15 .30 '.15
438
418 41s
43,
158
112
158
138
112 *al
118 *al
.20 *.12 .25 '.12
Bur and saw Drawn
•
10512 *105 10512
1612 1612 1612
171 17212
175
56
56
55
*860
_
---_
4
5218 521s
2034 2012
1514 1412
•134
2
.98
.99
712 *6%
.85 ..65
5234 52
*10512
1214 1212
2,
4
*134
112 *1,4
.90 *.70
Highest
Lowest
Highest
$ per share
187 Jan 16
99 Mar 7
10212 Feb 28
12014 Jan 18
11014 Jan 24
63 Mar 15
62 Feb 23
90 Mar 16
145 Mar 12
135 Mar 12
170 Mar 12
6114 Jan 5
62 Feb 23
11412 Feb 23
80 Mar 12
125 Mar 15
120 Mar 5.
160 Mar 5'
106,2 Mar 12
182
Jan 20
41 Mar 16
80 Jan 30
73 Jan 4
56 Jan 10
65 Jan 12
6712 Feb 3
105 Mar 6
13712 Jan 6
138 Feb 15
6718 Mar 16
119 Jan 14
$ per share
171
Jan
81 May
9812 Apr
109 Mar
101
Jan
511g Mar
56
Jan
7634 Jan
118
Oct
97 Sept
15212 Dec
6114 Nov
5512 Jan
10412May
64 Feb
90 Jan
90
Jan
Jan
124
103 Sept
176 Dec
25 Feb
64 Feb
60 Mar
42 Apr
4712 Jan
4118 Jan
9211 Jan
127 Jan
122
Jan
63 July
107
Jan
$ per shots
188 May
9812 Deg
10312 June
120 Nov
110 Sept
70 July
6912 July
87 June
139 May
116 May
165 Apr
64 Nov
73 May
113 May
78 Jan
118 May
105 May
1441251ay
106
Oct
212 Oct
4312 Sept
81
Oct
78
Oat
5912 Sept
74 Mar
6312 Dec
106 Nov
14612 Nov
13612 Oct
8818 Oet
121 Nov
183 Feb 8
9114 Feb 17
100 Feb 1
114 Jan 3
10612Mar 9
55 Jan 3
6012 Feb 10
80 Jan 3
130 Jan 9
114 Jan 4
15212 Jan 3
6012 Jan 5
8114 Jan 26
110 Jan 6
6912 Jan 4
10612 Jan 3
98 Jan 3
135 Jan 4
10434 Jan 4
175 Jan 4
29 Jan 5
72 Jan 4
69 Mar 15
53 Feb 24
59 Feb 15
5934 Jan 18
103 Jan 12
132 Jan 25
135 Jan 3
6278 Feb 9
114 Jan 17
Miscellaneous.
418 Feb 14
314 Jan 21
1,330 Amer Pneumatic Service.._25
so 21 Jan 3 2414 Feb 14
170 Preferred
50 4812 Feb 2 50 Mar 29
1st preferred
17614 1161-4 2,389 Amer Telephone & Teleg__100 17678 Feb 21 1825* Mar 14
19 Mar 16 24 Feb 1
19
1934 2.355 Amoskeag Mfg
A2809 Gas & Elec el A _No par
Atlas Tack Corp
No par
Jan
2 --11-5
5
Beacon 011 corn tr ctfs_No par
1458" Feb 2
10
7714
3-Jn
ti -11
Bigelow-Hartf Carpet_ _No par 91 Jan 6 9612 Feb 4
200 Coldak Corp., class A T C___ .10 Jan 3 .40 Jan 19
70 Dominlon Stores, Ltd.._No par 10512 Jan 17 125 Jan 28
212 Jan 11
534 Mar 2
450 East Boston Land
10
-412 --4-1-2
138 Jan 31
234 Jan 20
285 Eastern Manufacturing
6
5 86 Feb 18 9512 Jan 23
90
92 4,535 Eastern SS Lines. Inc
ar 4712 Jan 6 50 Mar 2
715 Preferred
No 1poo
la- fa78 1st preferred
10212 Jan 17 105 Jan 4
20 Economy °roc y StoresNc par 1111 Jan 3 14 Feb 1
Ziir2 iiE 2,709 Edison Electric Illum
100 252 Feb 20 275 Mar 16
Federal Water Sem,corn
3334 Feb 9 38 Feb 3
ia Galveston-Houston Elec__100 31 Feb 24 3412 Jan 23
19
25 General Pub Seri,com_No par
1612 Jan 16 2058 Jan 31
19
34
50 Gilchrist Co
34
No par 32 Feb 24 3512 Jan 21
10138 10138 1,035 Gillette Safety Razor__ No par 99 Jan 10 104 Jan 24
505 Greenfield Tap & Die
25 10 Mar 12 13 Jan 13
35
1,700 Hood Rubber
35
No par 3458 Mar 15 4312 Jan 3
5 Kidder.Peab Accep A pre/_100 95 Jan 18 9514 Jan 18
195 Libby. McNeill & Libby __ __10
912 912
9 Jan 7
95* Feb 14
166 Loew's Theatres
8 Jan 30
25
714 Jan 4
10512 11612
523 Massachusetts Gas Cos_100 109 Feb 3 11312 Jan 24
154 Preferred
7932 79313
100 7812 Jan 4 81 Jan 27
200 Mergenthaler Linotype_No par 10314 Mar 16 112 Jan 10
10314 10312
115 National Leather
812 Jan 6 478 Jan 12
10
1,499 Nelson (Herman) Corp
5 2612 Mar 15 13114 Jan 3
New Eng Pub Serv $7 pf No par 102 Jan 3 10912 Feb 7
75 Prior preferred
10884 fa No par 104 Jan 3 11012 Feb 6
100 New Eng South MillsNo par .10 Jan 3 55 Mar 9
Preferred
412 Feb 29
100
4 Jan 4
13822 13822
798 New Eng Telep & Teleg
100 137 Mar 9 140 Jan 24
35
830 Pacific Mills
35
100 35 Feb 18 4018 Jan 3
Plant (Thos G), hat prat ___100 19 Mar 9 23 Jan 11
100 Reece Button Hole
10 z1538 Mar 15 16 Jan 5
134
134
235 Reece Folding Machine.._10
134 Jan 10
114 Feb 24
160 Swed-Amer Inv part prat _100 126 Jan 3 135 Feb 20
13014 13-6; 40f Swift & Co
100 12434 Jan 6 133 Feb 10
615 Torrington Co
100 12014
25 90 Feb 7 103 Mar 13
1,2 134 1,165 Tower Manufacturing
5 112 Mar 16 312 Jan 5
25 Traveller Shoe Co T C
1858 Feb 29 2012 Jan 3
_
1,560 Union Twist Drill
5 12 Jan 4 15 Mar 12
65
1.659 United Shoe Mach Corp____25 8334 Jan 21 6514 Mar 9
6514
30
30
200 Preferred
25 30 Jan 5 3112 Jan 19
9878 99
255 U S & Foreign See 1st prof.. _
95 Jan 3 101 Jan 31
1112 1112 2,405 Venezuela Holding Corp
8 Jan 14 1212 Mar 2
22
2212 1,790 WaldorfSys,Inc,new sh No Par 1912 Jan 3 2478 Feb 3
86
42 Walth Watch Cl B com_No Par 60 Jan 5 70 Mar 9
67
853 Preferred trust etre
100 88 Jan 3 96 Feb 7
Prior preferred
100 104 Jan 5 10612Mar 5
1612 1612
95 Walworth Company
18 Jan 24
20 218 Mar 1
171 172
567 Warren Bros
50 152 Jan 4 182 Feb 7
30 1s8 preferred
50 50 Jan 3 56 Mar 15
2d preferred
so 5212 Jan 11 56 Jan 28
Will & Baumer Candle corn
18 Feb 23 18 F eb 23
_-_-
____
5218
2118
1514
2
.98
8
.85 •.65 .85
5212 *5312 54,2
+10512
__
12-1-2 •1214 13
2
2
214
114
124
112
.*75 .99
1 •153
1,
158 *13s
.45 •.26 .45 •.26
.65
.65 .65
.70
50
4978 4912 50
2654 2612
2612 *26
.15
.10 .12
.12
20
510
20
61
61
61
61
5
*434 5
5
1
1
.99
1114
.99 '.75 .99 •.75
9
914 914
914
1412 1412
14
14
1234 1212 1258 1212
26
*2512
26
26
2,4 •178
214 •17g
.35
.45 +.30 .45
.15 .15 *15
.30
418
4
4
438
112 112
Ms
138
.99 .99
11s
.20 *.12 .20
no awes 011 this gay. a Aglearnana
Lowest
per share
358 358
23
23
4
4
5112 5112
21
2114
1518 1512
134
134
•.75 .99
144
.45
.65
5014
2612
.15
61
5
1,14
.99
912
1412
13
26
238
.35
.35
418
134
Mining.
Arcadian Consolidated
25
Arizona Commercial
6
103 Bingbam Minee
10
1,739 Calumet & Hecla
25
1,265 Copper Range Co
25
131 East Butte Copper Mining_10
100 Hancock Consolidated
25
_
Hardy Coal Co
1
Helvetia
25
1,040 Island Creek Coal
1
Preferred
1
90 Isle Royale Copper
25
350 Keweenaw Copper
25
140 Lake Copper Co
25
355 La Salle Copper
25
245 Mason Valley Mines
5
40 Mass Consolidated
25
1,450 Mayflower-Old Colony
25
1,571 Mohawk
25
215 New Cornelia Copper
5
2,900 New Dominion Copper
New River Company
100
95 Preferred
100
50 Nipissing Mines
5
770 North Butte Mining
10
40 0.11bway Mining
25
640 Old Dominion Co
25
740 Pd Cr'k Pocahontas Co No par
630 Quincy
25
455 St Mary's Mineral Land__ _25
Seneca Mining
No par
-ioo Shannon
10
265 Superior af Boston Copper 10
865 Utah-Apex Mining
5
7,585 Utah Metal & Tunnel
1
100 Victoria
25
Winona
25
[WM S EX-stook dividend.
PER SHARE
Range for Previous
Year 1927
3 Jan 3
334 Mar 13
5112 Mar 16
2014 Jan 10
1412 Mar 14
112 Feb 4
.35 Feb 8
5 Feb 20
.65 Jan 21
50 Feb 18
105 Feb 14
21178 Feb 28
154 Jan 17
1 Feb 24
.75 Jan 31
114 Jan 19
.25 Jan 7
.50 Jan 25
4612 Jan 31
2512 Feb 29
.10 Mar 10
538 Feb 24
6 Jan 3
5E1 Jan 4
2378 Feb 7
2158 Jan 20
214 Jan 13
.99 Mar 5
12 Jan 14
,85 Feb 25
5578 Jan 4
10512 Jan 20
1434 Jan 4
238 Feb 7
134 Mar 3
1 Jan 5
2 Jan 7
.60 Jan 3
.75 Jan 5
5014 Mar 16
2912 Jan 3
.15 Mar 12
5512 Jan 4
458 Mar 2
.90 Jan 6
60 Feb 24
9 Mar 8
12 Jan 3
1212Mar 9
25 Feb 24
3 Jan 3
.25 Mar 8
.15 Mar 12
4 Mar 7
1 Feb 9
.99 Mar 1
.10 Feb 7
62 in;i8
57a Jan 3
134 Jan 19
.99 Mar 3
1212 Jan 3
1678 Jan 24
1512 Jan 4
3112 Jan 7
3 Jan 3
.66 Mar 9
.35 Jan 30
514 Jan 4
134 Feb 25
134 Feb 1
.30 Jan 6
534 July
214 Jan
1512 Jan 2812 Sept
47 July 50 Apr
14912 Jan 18512 Oct
1912 Nov 2712 Nov
3634 Jan 5014 Dee
712 Oct 12 Apr
1512 Aug 2011 Jan
77 Feb 96 Noe
.01 Dec
67 Jan
114 June
112 Dec
45 Jan
35 Feb
8754 Feb
10 June
217 Feb
27 Apr
2212 Apr
1134 Jan
3414 June
8412 Mar
7 Oct
3258 July
94 Apr
7 Aug
6
Jan
84 Mar
Jan
70
10312 Nov
214 Mar
2312 Feb
Jan
91
9714 Jan
.10 Dee
2 Apr
11511 Jan
3512 Mar
15 June
z1414 Sept
1 Mar
10512 Jan
115 Jan
Jan
66
278 Dec
16 Aug
913 Sept
50 Jan
Jan
28
83 May
418 July
19 Oct
4012 Jan
Jan
61
10012 June
1718 Dec
6518 Jan
Jan
44
45 Jan
14 Jan
.20 July
5 July
Jan
30
1418 June
1178 May
Ils Oct
.15 Apr
6 Dec
Oct
.32
47 Feb
10412 Sept
9 July
1 July
Jan
.80
.50 Mar
Oct
.70
.05 Bain
.25 May
3458 June
1812 June
.03 Dec
15 Nov
56 Nov
5 Aug
.50 June
Oct
.40
912 Oct
11
Jan
1314 July
1812 June
1 July
.15 May
.15 Mar
418 July
Oct
.78
.50 July
.03 Mar
5 Jan
10812 Deo
354 Feb
734 Mar
94 Dee
4814 Dee
106 Dec
15 Sept
267 May
3618 Oct
38 Nov
1712 001
38 Mar
10914 Oct
1314 Nov
Jan
47
9534 July
1114 Sept
Jan
10
124 Nov
8178 Nov
116 001
tag Jan
83 Dee
10218 Dec
106 Dec
314 Feb
878 Feb
140 Aug
44 Sept
4258 Jan
1611 Feb
13* Jan
132
Oct
13012 Sept
96 Deo
Pea Jan
2112 Nov
1412 Jan
77 Nov
3112 Nov
96 Dec
11
Apr
271s Feb
6112 Dee
86 Dec
118 May
24114 Apr
17934 Nov
70 Dec
72 Dec
1812 Nov
314 Dee
1014 Jan
6114 Deo
2458 Dec
2114 Dee
254 Jan
1 July
1818 Sept
.85 Jan
67 Sept
107 Apr
16 Dee
278 Feb
3 Dee
1 Nov
I New stock, a Er-dividend. r Er-debts. a Er-dividend and
214 Dec
.85
Jan
DI Jan
52 Dee
3018 Dec
.06 Feb
1972 May
75 Feb
101s Feb
338 Jan
114 Jan
15 Apr
1812 Aug
Ma Apr
32 Dee
31s Jan
.63 Dee
.50 Sept
772 Feb
2 Feb
2 Aug
.70 June
rights.
WKS
:Tway
Last Week's Range for
Peek
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High Shares.
Outside Stock Exchanges
91 227,800
Amoskeag Mfg 6s_ _ _ _1948 90% 90
1,000
AtIG&WISSL 5s__1959
77% 77%
East mass Street RR1,000
70
70%
1948
4345 series A
80
3,700
79
1948 80
55 series B
100 100
1,000
1929
65 series A
1937 102Si 102% 102% 2,000
Hood Rubber 75
1,000
100% 100%
Mass Gas Co 434s__1929
5,000
100% 100%
1931
4345
1,000
Miss River Power 5s_ _1951
10334 10374
1,000
97
97
New Eng Tel & Tel 45_1930
10234 102% 12,000
1032
5s
109 110
4,000
PC Pocah Co 75 deb __1935
9934 99% 1.000
Richfield Oil Co (3s.... _1941
1.00
100% 100%
Sinclair Oil 7s
1937
11,00
102% 103
Swift dr Co Is
1944
102% 103
3.00
Western Tel & Tel 5s_ _1932 103
49,000
Whiterdghts Inc 6365_1932 127
122 127
Range Since Jan. 1.
Low.
90
72
High.
Feb
Jan
70
77
100
10234
100
10034
10334
97
10234
106
993-4
10034
10134
10034
105
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Mar
Jan
Jan
9534 Jan
77
Feb
74
8134
100
10334
100%
10034
104
97
10334
111
9934
10034
103
103
127
Jan
Feb
Mar
Jan
Mar
Jan
Jan
Mar
Feb
Jan
Mar
Mar
Jan
Mar
Mar
Philadelphia Stock Exchange.-Record of transactions
Philadelphia Stock Exchange, Mar. 10 to Mar. 16, both
inclusive, compiled from official sales lists:
at
Stocks-
Sates
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
all
a,
• No par value.
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange, Mar. 10 to Mar. 16, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Am Wholesale pref. _100
•
Arundel Corp
Bait & Commercial Bk_100
50
Baltimore Trust Co
100
Baltimore Tube
100
Preferred
Beneath (I) dr Sons corn_ *
25
Preferred
*
Black & Decker com
25
Preferred
10
Central Fire Ins
50
Century Trust
Chas dr Po Tel of Bait Pf100
Bank_10
National
Citizens
105% 105%
4734 47% 47%
14734 14734
15934 15934
10
10
34
34
39
38
2634 26% 27
27
2634 27
27
27
45
45
217 220
113% 115
6034 5034 50%
2
1,146
2
292
5
110
17
134
83
2
50
56
54
565
Range Since Jan. 1.
Low.
10534
46
146
158%
10
34
35
26%
24
26
45
217
113%
50
Jan
Jan
Mar
Mar
Feb
Jan
Mar
Feb
Jan
Jan
Jan
Feb
Jan
Mar
High,
10734
48
149%
165
11
3934
4134
2734
28
27
49
231
117%
54
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Mar
/Jan
Van
Jan
Jan
Range Since Jars. 1.
Low.
High.
21%
23
23
883,4
6734
125%
110
10034
28
85
5034
2234
27534
1134
1634
934
9534
2454
20
19%
174
4634
30%
25
1734
70
18
95
268
71
88
32
68
Feb
Jan
Feb
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Mar
Jan
Mar
Jan
Mar
Mar
Mar
Jan
Jan
Feb
Jan
Mar
Jan
Feb
Feb
Jan
Jan
Jan
81
22
9634
268
7934
8934
38
7234
Mar
Mar
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Mar
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Feb
Feb
Jan
9934
1734
40
1734
383.4
4834
315
15
34834
75
5234
Jan 101
Mar 1934
Mar 40
Mar 20
Mar 41
Mar 52
Jan 34234
Mar 2034
Jan 362
Jan 97
Jan 5534
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Jan
00000,00
000gg080Q02.0200.9.600C0Q0
000000
0000000000
,
..,
01,0
.
.
000 00
000,
WIVv.00
To
Ad IL
Ja
Fe
Ma
Ms
Fe
Ma
Mt
Ja
Ja
Fe
Mt
Mt
—
90
63
29
663.4
10()
95
10154
109
10734
1063.4
10054
107
.N
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Mar
101
99% 9934
99
99
101 101
9836 9834
101 101
99
9931
7134 7131
52
5231
8031
80
9434 9531
87
86
10631 10634
100 100
N
8834
60
15
65
9834
92
100%
108
106%
105%
9934
107
101
.. —......--
85,000
17,500
6,000
8.000
1,000
1,000
12,000
11.550
2.00
12,000
2,000
1,000
i (inn
10134 102
102 102
102 102
102 102
107 108
100 100
100 100
993,4 9976
94% 94%
10354 10354
10136 10134
9334 9334
97
97
99
99
102 102
99% 993.4
•
8834
6234
19
6534
9934
95
10134
1083-4
10734
10634
10054
107
en
BondsBalt City 45 school loan _'61
City 43 Annex Imp_1954
City 4s Annex Imp_1951
City 4s 2d School Ser '43
Black & Decker 6%s_ _1937 108
Central Ry cons 5s _1932
Exten & impt Ss__ _1932
Commercial Credit 66_1934
1935 9434
534s
Consol Gas gen 434s..1954 103%
Consol G EL&P4345_1935 10134
Consol Coal ref 4%s_ _1934
Elkhorn Coal Corp 634s'31 97
Georgia dr Ala cons 55_1945 99
Ga Sou & Florida 5s_ _ _1945
Hendler Creamery 65_1946 99%
101
Lord Balt Hotel 6%fl
Md Electric Ry 1st 55_1931 9934
lot dr ref 6345 ser A_1957
Silica Gel Corp6% _
Stand Gas Equip 1st 601929 9834
Titusville Ir Wks tat 75.'29
Un Port Ric6%% notes '37
United Ry & E 1st 45_1949 713-4
1949 5234
Income 45
Funding 55
1936
1949
1st 65
Wash Balt & Annap 5s 1941
_1946
West bid Dairy 6s_ .1946
W.Va Ohio Riv Bridge 6%s
..
8834
6134
19
6534
9954
95
10134
10834
10734
10574
100%
107
en
20
Feb
11
Jan
74% Feb
Mar
118
14
Feb
Feb
33
60
Jan
14
Jan
190
Jan
7734 Mar
10
Feb
79
Mar
4134 Jan
4134 Mar
Max
234
5734 Mar
109
Feb
95
Jar
7
Jan
834 Fet
12534 Jar
2634 Jar
9534 Max
2534 Jar
33
Fet
2234 Jar
8934 Fet
22% Fet
2534 Mai
90
Mai
82
Mat
66% Mai
10934 Jar
1% Mai
5434 Mai
9334 Fel
5934 Ma
2534 Ma
6034 Jai
51% Ma
133
Fel
63
Fel
15
Fel
3634 Fel
3734 Jai
21
Jai
10934 Ma
5434 Ma
2
Ja
434 Fe
40% Fe
1183-4 Ma
1834 Ma
57
Fe
93
Fe
72
Ma
34
Ja
39% Ja
5734 Ja
N
BondsConsol Trac N J 1st 53 1932
Elec & Peoples tr afs 4s'45 6234
Lake Sup Corp 1st s 5s 1929
Peoples Pass tr ctfs 45 1943
1067
Phila Co 5s
Phila Elec (Pa) lst 5 f 45'66 05
1967
1st 43is series
1966
1st Is
1st lien & ref 5348- -1953
Phila Elec Pow Co 5348'72
Phila Sub-Cos Gas 4345'57
107
,
Reading Term 55
High.
Low.
1,460 14% Jan
75 1034 Jan
Jan
4,150 64
266 11534 Jan
300 113-4 Mar
125 2734 Jan
Mar
345 54
390
1% Feb
50 175
Feb
380 6934 Jan
500 10
Feb
2,800 6434 Feb
25 35
Feb
100 3434 Mar
130 215
Jan
2,405 52
Feb
Mar
388 108
2,100 8434 Feb
13
3
Jan
3
Jan
5,800
MOO 10534 Feb
100 20
Jan
350 953.4 Mar
725 2234 Jan
125 2734 Jan
360 10
Mar
8 8854 Jan
600 2034 Mar
3,625 18
Jan
7 89
Mar
57 793-4 Jan
12,900 63
Feb
297 92
Jan
90
134 Mar
95 52
Jan
130 90% Jan
1,600 5534 Jan
6.500 22
Jan
400 55
Jan
Jan
480 50
12 131
Jan
260 5834 Jan
230 1134 Jan
35 35
Jan
300 2834 Mar
Mar
770 18
Jan
57 103
6,600 4734 Jan
Jan
1,600
1
3,000
1% Jan
665 3734 Jan
32,500 11134 Jan
16,400 153-4 Feb
1,440 3834 Jan
30 91
Feb
1,250 53
Jan
50 2734 Feb
72 35
Feb
25 5434 Feb
99% 101
1734 1734
40
40
1734 18
3834 3936
4834 4834
322 325
16
15
352 357
96
96
54% 5434
.
1734
Almar Stores
•
16
American Milling
10
1034 1034
• 71
American Stores
7034 72
Bell Tel Co of Pa prof _100 11734 116% 118
12
12
12
Bornot Inc
29% 30
30
Camden Fire Ins
56
54
Consol Traction of NJ _100
2% 2%
Cramp Ship & Eng_ _ _ _100
234
182 182
Curtis Publishing Co com.•
7234
71
Electric Storage Batry.
_100
10
10
Fairm't Pk Trans Co com_* 10
10 723.4 7234 74
Fire Association
4134 4134
Giant Port Cement pf _ _ _50
3734 3734
Gimbel Bros
215 234
Horn & Hart't (Phila) com* 233
Horn dr Hard't(NY)com •
53
5734
Preferred
100
108 109
Insurance Co of N A_ _ _ _10 8834 8834 8934
334 334
Keystone Telephone_
_50
Lake Superior Corp_._ _100
6%
6
7%
10534 10834
Lehigh Coal & Nay
50
2534 2534
Lehigh Pow Sec Corp com "
95% 9534
Lehigh Valley RR com _50
2434
10 2434 24
Lit Brothers
30
2934 30
Manufacturers Cas'ty Ins_
10
13
Mark (Louis) Shoes Inc__• 12
89% 89%
Northern Central Ry_ _50
2034 2034
Nat East Power Co
2434 2534
North Ohio Pow Co
•
89
89
North Pennsylvania RR_50 89
82
81
Penn Cent L & P cum pi_ •
65% 66%
Pennsylvania RR
50
Pennsylvania salt Mfg_ _50 9434 9334 95
134
134
134
Penn Traffic
234
Phila Co (Pitts) 6% Ilifd-50
5434 5434
9134
91
Phila Dairy Prod pref
5834 5934
Phila Electric of Pa
25
Phila Elec Pow rect5_ _ _ _25 2534 2234 2534
60
60
Phila Rapid Transit_ _ _ _50 60
50 5134 5134 513/
7% Preferred
132 132
Phila Germ dr Norris RR 50 132
Philadelphia Traction_ _ _50 603,4 60% 62
1234 13
Mita dr Western Ry _ _ _ _50 12
3534 3534
Preferred
50
Reliance Ins Co
2834 2934
Shreve El Dorado Pipe L 25 1834
18
1834
Scott Paper Co pref.._ _ _100 10934 109% 10934
Stanley Co. of America___• 49
4834 50
Tono-Belmont Devel
1
lit.
134
134
Tonopah Mining
4%
1
4
4
Union Traction
50 30% 3834 39%
United Gas Impt
116% 11834
50 117
United Lt & Pr "A' corn.*
1734 1834
U S Dairy Prod class A_ _ ..* 54
5234 5474
91
91
2nd preferred
•
71
72
Victor Talking Mach corn.*
Victory Ins. Co.
2834 2834
35
3534
West Jersey & Sea Sh RR50 35
Westmoreland Coal
50
56% 56%
Range Since Jan. 1.
24% 2634
2334 24%
2434
24
91
90
6934 71
126 126
110 11154
10134101%
2934 30
85
85
5234 5234
24
2434
290 295
1134 1134
18
18
934 934
9636 97
2434 2434
2034 203-6
1934 1934
187 190
46
47
3034 31
26% 2634
18
18
77% 7734
18
1834
9534 9634
268 268
74
73
8834 883-4
37
37
70
70
y?000NOCOWNOW
w0N.MWM0W
0
NM
.
Cle4
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Week.
* 25
Commercial Credit
25 2434
Preferred
25 2434
Preferred B
634% 1st preferred_ _100
Consol Gas EL & Pow...* 6934
8% preferred ser A_ _100
6% preferred ser D_ _100
101%
5% Preferred
Consolidation Coal_ ___100 30
100 85
Preferred
Cook (J W)pref
* 24
Eastern Rolling Mill
50 293
Fidelity & Deposit
Finance Co of Amer A _.. _ _* 1134
Finance Service com A 10
9%
10
Preferred
Houston Oil pf vt ctfs_ _100 9634
4
Mfrs Finance com vt __ _25 245
25
1st preferred
25
2nd preferred
Maryland Casualty Co_ _25 188
March & Miners TrallSP- -• 47
Merchants Nat Bank _ _ _10
Monon W Penn P S pf __25
Mortgage Security com .°
50
First preferred
Mt V-Woodb Mills v t _100
100 9534
Preferred
Natl Cent Bk
New Amsterd'm Cas Co _ 10 73
NorthernCentralRy _50
Park Bank
Penna Water & Power ___" 70
Schoeneman (J) 1st prof
100
with warrants
Silica Gel Corp com v t___* 1734
Standard Gas pfd w w
1734
Sun Mfg Co
Un Porto Rican Sug com _* 3934
•
Preferred
50
Union Trust Co
United Rys& Electric _ _ _50 15%
U S Fidelity & Guar _ _ _ _50 35334
West bid Dairy Inc pref.. *
50 5434
Prior preferred
1"40n9.9.0N,'.00N.00.W,00,0V0N000NV..WNV
NNN.
000 ,'.0,4100.140VMM00.NVW
.WV
,..
.N 0
WVM.
.. .
V
M
MM
WV
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange, Mar. 10 to Mar. 16, both inclusive:
Bonds-
1643
FINANCIAL CHRONICLE
MAR. 17 19281
2534
2434
25
91
7254
12834
113
10154
3334
85
5234
2634
29934
1134
2034
1034
103%
2634
20%
2034
191
4734
3334
27
2134
101% Mar 10334
Jan 102
102
Mar 103
102
Mar 102%
102
10634 Jan 10934
Feb 100
100
Mar 100
100
Jan 101
98
Jan 99%
94
101% Jan 10334
Feb 10134
100
93% Mar 9334
Jan 9834
95
Feb 100
99
Mar 1023-4
I 102
Jan 9934
99
Jan 101
100
I 9934 Jan 9934
5 983i Feb 993i
mar 10334
101
) 9836 Mar 101
Mar 101
) 101
Feb 101
) 99
) 7134 Feb 75
Mar 55
D 51
D 80
mar 8434
Mar 98
D 94
D 8354 Feb90
Jan 107
D 105
Mar 10034
D 100
Feb
Jan
Feb
Feb
Jan
Feb
Mar
Feb
Feb
Mar
Mar
Mar
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Jam
Jan
Jan
Jan
Jan
• No par value.
Chicago Stock Exchange.-Record of trnsactions at
Chicago Stock Exchange, Mar.10 to Mar.16, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High Shares.
Acme Steel Co
25
Adams Royalty Co corn __•
All America Radio cl A _5
•
Amer Colortype com
Am Fur Mart Bldg pf._100
Amer Nat'l GM Corp __•
Amer Pub Serv pref __ _ _ 100
Am Pub Uril Co prior pf100
Partic prof
100
Amer Shipbuilding _ _100
Amer States Secur Corp A •
•
Class B
Warrants
Armour & Co (Del) prof 100
Armour & Co pref
100
Associated Investment Co•
Auburn Auto Co cora _ _ _ _•
Balaban & Katz v t c.__ _25
Bastian-Blessing Co(com)•
Baxter Laundries Ine A .s
Voting trust certifs"B" •
Prof vot tr ctts
100
Bendix Corp cl A
10
Borg & Beck corn
10
Brach & Sons(K J) corn __•
Bunte Bros com
10
Butler Brothers
20
CampbeliWyant&CanFdy*
Castle & Co(A M)
10
Celotex Co corn
•
Preferred
100
Cent D Pa Corp"A" pf __•
Cent Gas & El Co7% pt ...•
Central III Pub Sore pre _.
Central Ind Power prat _100
Certifs of deposit_. _100
Central Pub Serv (Del)_.
.•
Cent States P&LCorp pf *
Central S W UttI com _ _ __•
Prior lien pre
•
•
Preferred
Chic City & Con Ry pt sh_•
•
Participation prof
Chic N S& Milw com ..100
Prior lien pref
100
Preferred
100
ChicRapTran pr pref A 100
Chic Rys part ctf ser 1 _100
100
Part ctTs series 2
Chic Towel Co cony pfd __•
86
25
934
24
22
100
634
634
54
78
127
3434
2434
55
74
23
2154
463.4
58
2434
9934
82
105
102%
1834
20
93
60
10134
9854
8334 8634
25
22
10
8
2434
24
9934 101
2234
22
101 101
100 100
9634 9634
108 112
63.4
534
544 634
%
:44
8834 89
78
77
37% 373-4
119 130
6334 64
53.4 3434
2434 26
4
4
51
51
5634
54
713.4 7434
1934 1934
2034 26
2134 23
42% 443,4
46% 47
58
51
86
85
2434 24%
99
99
9934
99
9934
99
9834 9934
16
16
10034 10034
80% 82
104 105
102 10234
154
134
1834 1934
21
20
9734 9936
61
60
101 10134
1534 1636
234 3
9754 9834
8.030
2,390
4,530
495
115
3,000
27
30
80
620
13,190
4,138
3,600
95
1,745
50
21,245
210
38,260
808
70
35
3,950
5.695
110
1,535
5.135
11,675
450
600
97
400
10
407
20
265
15
10
830
270
318
100
490
52
167
221
45
40
150
365
Range Since Jan. 1.
Low.
83
21
2
2334
99
1854
99
95%
8734
103
4
434
34
87
6634
36
114
5934
24
2434
234
39
51
66
1634
15
21
3834
4254
49
80
2434
9434
97%
95
94
16
99
76
10334
993-4
134
1734
20
9734
60 100%
15
2
9534
High.
Jan 8634 Mar
Jan 2534 Feb
10
Jan
Mar
Feb 2534 Mar
Feb
Jan 101
Jan 2234 Max
Max
Jan 101
Feb
Jan 100
Jan 9634 Mar
Feb 11734 Jan
644 Mat
Jan
Jan 6 % Mar
% Feb
Jan
Jan 91% Jan
Feb
Jan 80
Jan 3934 Jar
Jam
Feb 130
Max
Jan 65
Feb 3434 Mai
Fet
Mar 26
Jan
53-4 Fet
Mai
Jan 51
Feb 6034 Jar
Jan 8134 Jar
Fel
Jan 22
Mai
Jan 26
Feb 2334 Fel
Jan 443-4 Ma
Feb 47% Ma.
Jar
Feb 60
Feb 8734 Jar
Mar 25% Jar
Jaz
Feb 100
Jan 99% Ma.
Jan 9934 Fel
Jan 9934 M&
Mar 1734 Jai
Feb 10034 Jai
Jai
Jan 85
Jai
Feb108
Jan 10534 Jai
Jan
Fel
2
Feb2234 Jai
Mar 44
Jai
Mar 9934 Fel
Mar 65
Jai
Jan 10234 J&
Mar
187,4 Jai
Feb3
Jai
Feb100
Fel
..,
FINANCIAL CHRONICLE
181
178
23
23
10%
93-4
9434 92%
4
46
46
1204 120
5031 50%
2636
3034
18
20%
100%
101
10934
70% 63
62
72
3834 3534
72
7434
2034 21%
593-4 61%
5
5
50% 51%
51
300 311
300
42%
42
42% 4234 43
13% 15%
14
43% 45
45
63% 63% 65
41%
41
41
34% 3034 35
108 112
112
1034 11%
1034
92
89
104% 104%
51% 5134 52
187 166
260
10234 114
105
6234 64
63
334
33-4 4
931 931
9%
2% 234
4034 4034 41
39
323-4 39
68
70%
68
17% 18%
1834
53%
53% 53
96
943-4 96
20
20
13034 134%
132
2316
234
23-4
122% 12234 123
98
973-4 983-4
125 126
126
95
97
95
97
95
105% 106
91%
9134 91
104% 10431
33
32
9834 993-1
95
95%
473-4
96% 46
77
7634 7834
26
26
31% 30% 31%
434
43-1 434
51% 49% 52
39% 393-4 4031
32% 3034 333-4
10134 10034 101%
10% 11%
28
28
1123-4 114
114
79
79
21% 22
66% 63% 67
170% 168 172
168 172
11154 11134 111%
119 119
4834
47% 43
295 295
113 114
113
2531 2534
3134 31% 32%
88% 8631 90
92
90
55% 5531 59
2554 26
25%
102 104%
61% 92
6334 633-4 633-4
61%
61
893-I 8431 8931
130 131%
130
30% 30% 3231
1334 1334
60%
60
953-4 96
75
1834
105%
18%
141
121%
35
34
36%
7434
15
3531
53%
Bonds-.
Cairo Bridge dz Fer 1st M
20-yr 634s
1947 102
Ch of Rks Kghwy Bdg6348
1947
Chicago City Ry
_1927
Ctfs of deposits ___.1927
ChlRys5slatMcfofdep5s'27
58, series A
1927
Commonw Edison 5s._1943
1st M 5s series B
_1954 107%
lst M 4348 ser D _.1957
Fed Utll(Md)3 yr 53-4s'30
Great Lakes UM Corp1st 534s
1942 96
Hone G 0Co s f g 634.1931 11634
1.776 165
182
1,425 22
2334
7%
1134 18,290
943-4 5,475 87
3%
5
3,360
675 45%
46
150 119
12031
523-4 17,550 48)4
320 25
2734
100 30
3034
17,400 131%
24
925 99
101
660 108%
110%
70%
685 55
620 55
72
1,620 34
39
72
21
60
100
19%
9934
1734
24
20
73
123
431
183-4
6%
103%
16%
135
121
35
70
31
3-1
3234
3631
73
15
35
48
Low.
390 46
1,070 1831
5,300 473-4
3
300
2,470 43
285 245
95 41
210 39%
2,015 12
450 423i
125
535
9,055
2.375
2,195
170
40
130
12,015
177
740
755
2.420
50
412
3.170
1,960
12,790
1,695
150
930
14,810
42,100
1,030
865
635
315
318
278
225
10
930
310
40
1,475
3,890
11
3,290
1,895
6,490
2,105
11,890
130
450
400
36
12
560
10,550
303
345
56
11
1,570
105
135
200
340
14,000
235
1,595
383
120
20
25
100
35,700
2,075
4,405
65
725
55
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Mar
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
High.
Jewel's Bldg(Chic)let 68'50
Metr W Side El 1st 48_1938
Northwestern Elev 58_1941
Pub Serv Nor Ill 5348_1962
So Unit Ice 1st 6%CB"'38
Sou Unit Gas 1st 6s"A"'37
St L Gas & C Corp 68_1947
65 East So Water 630_1947
United Public Service Co15 yr 68"A"
1942
United Public CHI Co1st Cis "A"
1947
2 yr 536s
1929
189
25%
11%
95
534
473-4
12031
54
28
32%
24
101
110%
74
7434
39
8,000
99
102
10034
87
84%
84%
66
108%
10734
101
99%
1,000 100
10034
4,000 85
87
84% 12,000 84
8434 8,000 84
5,000 66
66
108% 5,000 106%
1,000 106%
10734
3,000 100%
101
99% 2,000 99
Stocks-
2%
4234
40
70%
18%
54
96
20
135
2316
1243.4
100
12934
1103-4
97
10631
91%
10434
34
100
9634
60
8034
26
32%
4%
5334
413-4
343-4
103
13
32
114
81
23
67
180
180
11334
121
4831
312
114 34
26
3434
92%
92
61%
26
104%
93
6334
62%
89%
13234
3434
16%
02%
953-4 96
116 117
9,000 95% Feb
20,000 108% Jan
98
117
2834
98
283-4 2834
223-4 2234
14
14
16,000
5,000
5,000
High.
97
Feb
98
Feb
Feb
Mar
Jan
Mar
Feb
Mar
Jan
Jan
Feb
9931 Jan 101
9731 Mar 100% Feb
107%
783-4
22
58
3334
180
11034
10834
165
460
20
36 34
3134
50
313-4
35
3334
30
11336
100
1073.4
50
3434
266
36
4734
106
11%
98
2634
470
125
100
Range Since Jan. 1.
Low,
2634 Jan
21
Feb
14
Jan
363-4
3831
112
383-4
120
112% 113
10734 108 34
234 2%
753-4 7834
400
100
22 34
22
58
58
32
3334
170 180
110 11034
108 36 108%
165 170
102 10234
9636
134% 135
89
450 460
10334
68
19
20
126
27% 2534
3634 38
31 34 32
102
50
513.4
3136
27
37
92
9234
35
40
75
75
3634 373-4
12
12
36
36
33
3334
30
30
11234 11334
9934 10034
10634 10734
60
50
3434 34%
1034
10
120 123
26034266
26
263-4
180 180
36 34
36
105 10534
6734 6734
107 1073-4
3034 3034
15
15
67
67
6231
62
45% 473-4
2434 24%
106 106
11% 12
98 100 34
46
46
34
36
299% 300
26
2634
20
1,512
25
890
130
30
139
400
110
25
10
170
27
789
420
39
234
35
200
100
96
100
53
100
10
235
10
683
55
150
20
197
3,870
32
179
310
56
397
160
60
1,115
360
86
992
71
95
890
470
50
878
125
156
691
56
97
69
85
100
25
826
1,255
200
61
858
668
16
189
119
595
101
1.000 101
--_
3434
111
3834 373-4
38
BondsCleve & Sand Brws 68_194/4
96
Jan 102
97
100% 10031
97% 9731 97%
Low.
Jan 101
9,000 99
Jan 84%
4,000 81
1,000 9434 Feb 9534
1,000 108% Mar 109%
Mar 100
7,000 100
2,000 97% Feb 98
Feb 98
2,000 96
Jan 100
2,000 100
prtaay
sates
Last Week's Range for
Sale
of Prices . Week.
Par. Price. Low. High. Shares.
Amer Multigraph corn_ _-*
*
Akron Rubber
*
Allen Industries
Bessemer Limestone &
•
Cement common
Buckeye Incubator corn _*
Central Alloy Steel pref.100
•
City Ice & Fuel corn
•
Cleve-Cliffs Iron corn
Cleveland Elec Ill pref_100
Cleveland Ry corn
100
Cleveland Secur p1 pref _10
•
Cleveland Stone corn
100
Cleveland Trust
Clevel Un Stkyds corn_ _100
Clevel Worst /Mils com_100
Elec Control & Mfg com__*
Federal Knit Mills corn_ _*
Firestone T dr R corn. _ _ _10
6% preferred
100
7% preferred
100
General Tire & Rub com _25
Preferred
100
Goodyear T & R pref_ _ _100
Grasselli Chemical com _100
Gt Lakes Towing c om_ _100
Guardian Trust
100
Halle Bros pref
100
Hanna(M A) 1st pref _.100
India Tire & Rubber corn.*
Interlake SS corn
*
Jaeger Machine corn
*
Jordan Motor pref
100
Kaynee corn
*
Preferred
100
Kelley Isl L & T corn...AO°
Le,Niur, corn
*
Metrop Pay Brick, corn.... •
Miller Rubber, pref_ _ _100
Mohawk Rubber, com_ _ _•
Preferred
100
Myers Pump
*
National Acme,nom_
_10
National Refining, com_25
National Tile, corn
•
111900" Washer, corn
*
Ohio Bell Tel, pfd
100
Ohio Brass "13"
*
Preferred
100
Packard Elec
•
Packer Corp
*
Paragon Refining, corn_ _25
Preferred
100
Richman Bros, corn
*
Scher Hirst, corn
«
Sandusky Cement, corn....5
Seiberling Rubber, corn_ _*
Preferred
100
Sherwin-Williams,com _ _25
Preferred
100
Smallwood Stone, com
*
Stand Textile Prod,corn 100
"A" preferred
100
Steel & Tubes
25
Telling-Belle Vernon, come
Thompson Prod, com_100
Trumb-Cliffs Furl pf,,100
Trumbull Steel, corn
•
Preferred
100
Union Metal Mfg, coin_ •
Union mortgage,com _ _ ioo
Union Trust
100
Wood Chem,corn
•
70
42
35
1163.4
13%
96
104%
52%
260
114
71
4
Feb loom
Feb 88%
Feb 8734
Feb 8734
Mar 68
Mar 109
Jan 107%
Jan 101
Jan 99%
101
8431
95
108%
100
98
98
100
Cleveland Stock Exchange.-Record of transactions at
Cleveland Stock Exchange, Mar. 10 to Mar. 16, both inclusive, compiled from official sales lists:
Jan 100%
280 95
100%
Jan
19%
1,240 14
1934
Jan 24
50 19
24
Mar 20
100 20
20
Mar 93
4,975 72
77
Jan 124
65 122
123
4
Jan
50
434
431
Jan 24
100 14
18%
9
Feb 1234
20
9%
995 100% Feb 108
10534
5
Jan 19%
1931 12,950
1433-4 6,280 11734 Jan 149
Mar 128
115 121
121%
Jan 3834
3634 3,055 32
Mar 72
300 66
70
31 Feb
1% 13,840
34 Mar
3-4
36 2,100
Jan 34%
20 27
32%
Jan 37
800 33
37
7,950 69% Feb 74%
75
Jan 17%
685 15
15%
Mar 43
36% 9,235 35
5331 12,970 35% Feb 53%
101
100%
84
95
108%
100
98
98
100
Range Since Jan. 1.
* No par value.
Jan 743-4
Jan 21%
Jan 63%
531
Jan
Jan 53%
Jan 330
Jan 43%
Feb 44
Feb 15%
Feb 45
63)4 Mar
39
Feb
26
Jan
65% Jan
10
Mar
Mar
89
102 • Jan
50% Feb
100
Jan
100
Jan
6031 Feb
3
Mar
9
Jan
2
Jan
40
Feb
2334 Jan
6134 Jan
1034 Jan
4434 Jan
9136 Jan
15% Jan
123% Jan
13316 Feb
1163-4 Jan
033-4 Jan
125
Mar
86
Feb
943-4 Jan
105
Jan
90% Mar
103
Jan
30
Feb
973-4 Jan
94
Jan
3834 Jan
733-4 Jan
23
Feb
27% Jan
3% Jan
37% Jan
32% Jan
29
Jan
993-4 Jan
10% Mar
28
Mar
10834 Jan
76% Jan
20
Jan
54% Jan
159% Jan
159% Jan
110
Feb
119
Feb
3834 Jan
285
Jan
111
Jan
233-4 Jan
303-4 Jan
8234 Jan
79
Mar
4834 Mar
25
Jan
101
Jan
89% Jan
59
Jan
49
Feb
7734 Feb
124% Jan
26
Jan
13
Feb
5931 Feb
95
Feb
Bonds (Concluded)
101
36
3434
10934
36 34
104
11231
1073-4
134
70
359
106%
21 34
5434
32
170
109
1083-4
165
102
9034
129%
88
390
102
68
18
123
283-4
20
3134
10134
50
27
3136
89
2934
55
33
73-4
353-4
33
2834
1103-4
9034
10634
37
3234
934
1083.4
256
26
155
3334
103
65%
107
293-4
13
6034
53
45
23
105
1031
8934
46
34
285
2534
Jan
Mar
Jan
Feb
Jan
Ja.
Jan
Feb
Feb
Jan
Mar
Feb
Jan
Jan
Mar
Jan
Feb
Mar
Feb
Mar
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Mar
Jan
Mar
High.
2834 Feb
29
Jan
1534 Jan
3754
49
112
3834
120
114
109
3
783-4
400
112
23
58
35
232
111
11134
190
102 34
9931
135
89%
460
10434
75
233-4
12634
30
50
3534
1023-4
5534
3134
37
98
40
80
37%
13%
39
3534
3034
1133-4
10034
108
50
35
113-4
123
290
27
180
44%
10534
69
10931
32
16
68
62%
48
25
10534
13
10834
48
7
300
2634
Feb 101
Jan
Jan
Mar
Mar
Mar
Feb
Mar
Jan
Mar
Mar
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Mar
Feb
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Mar
Mar
Feb
Feb
Feb
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Feb
mar
Feb
mar
Jan
mar
Feb
Feb
Feb
Jan
Jan
Mar
mar
Feb
* No par value.
San Francisco Stock Exchange.-Record of transactions at San Francisco Stock Exchange, Mar. 10 to Mar. 16,
both inclusive, compiled from official sales lists:
Stocks-
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Mar
Mar
Mar
Ma
,;quay
Last Week's Range for
Week,
of Prices.
Sale
Par, Price Low, High. Shares.
American Company
Anglo-Calif Trust Co
Anglo & London P & NI Bk
Atlas Im Diesel En "A"_ _
Bancitaly Corporation.. _ _
Bank of California, N A_ _ _
Bank of Italy, N T & S A
Calamba Sugar, corn
Preferred
California Copper
Calif Cotton Mills, corn_._
California Ink
Calif Oregon Power, pfd _
California Packing Corp.__
California Petroleum, corn_
Caterpillar Tractor
Coast Co Gas & El lst pi&
Crocker First Nat Bank,.,
Dairy Dale"A"
136
460
229
353.4
193%
290
294%
130
383-1
112
743-4
6231
100
450
273-4
2634
East Bay Water "A" pfd.. 9734
"B" preferred
3334
Emporium Corp., The,,,,
___
3
Fageol Motors, corn
Preferred
63-1
32
Federal Brandes
Fireman's Fund Insurance_
o,......,..«, Irlalnar nr•rn
11144
132 137
460 460
225 229
39
37
18331 196
280 290
290 29751
105 105
97
97
2.50
2.50
130 130
3034 3834
112 1123-1
7434 7634
25
26
59
64
100 10134
370 450
28
27
27
26
9634 9734
10934 10934
323-4 333-4
3
3
63-4 63-1
3334
31
122 123
lat.‘ 17
6,145
25
242
4,020
85,396
265
21,692
30
10
500
1,075
1,900
10
2,019
360
101,929
60
150
6,135
6,180
305
40
795
1,050
100
56,370
975
5.235
Range Since Jan. 1.
Low.
130
400
225
31
137%
26934
260
97
9134
2.50
75
30
1083-4
71
2354
53
98
365
23
1734
9534
106
32
82
Jan
Jan
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
2634 Jan
Feb
110
Jan
14
High.
5n nnEnnEEnENntrE5Wa.nEnn624
Commonwealth Edison 100
Consol Film Ind Inc pref _•
Consumers Co corn
5
Preferred
100
V t c pur warr
Crane Co corn
25
Preferred
100
Cutler-Ham Mfg Co corn 10
Decker (Alf) & Cohn, Inc_*
Eddy Paper Corp (The) --•
El Household UM Corp ..10
Empire0 F Co 7% pf 100
100
8% preferred
Evans & Co,Inc, el A_ _ -6
Class"B"
5
Fair Co(The) corn
Fitz Simons & Connell
Dk & Dredge Co coin _20
Foote Bros(G & M)Co _ _5
Galesburg Coulter-Disc _ _*
Godchaux Sug,Inc cl "B" *
Gossard Co(H
com_*
Great Lakes D & D_ _ _ _100
Greif Bros Coop'ge A corn *
Hartford Times part of _ _ _*
Henney Motor Co
•
Preferred
Hibbard, Spencer, Bart25
lett & CO COM
25
Illinois Brick Co
Inland Wire & Cable com10
Kalamazoo Stove corn ___*
Kellogg Switchb'd com_ _10
100
Preferred
Ky Hydro-Elec pfd__ _100
Kentucky UtlI Jr cum pf 50
Keystond St & Wire com100
100
Preferred
Kraft-Phenix Co com.._ _25
La Salle Ext Univ corn_ _10
Libby, McNeil & Libby_10
Lindsay Light corn
10
McCord Radiator Mfg A_ '
3
McQuay-Norris Mfg
Marvel Carburetor (Ind)10
Meadow Mfg Co coin _ _ _*
50
Preferred
Mer & Mfrs Sec Co pr of100
25
Part preferred
Middle West Utilities- - -•
Rights
100
Preferred
•
6% preferred
Prior lien preferred_ _100
Midland Steel Prod corn _ _•
Midland Util6% pr Ilen100
100
7% prior lien
Preferred 6% "A"_ _ _100
Preferred 7% "A" _100
Minneap Honeywell Reg-•
100
Preferred
Miss Val Util prior lien pf•
Monsanto Chemical Wks_*
3
Morgan Lithograph corn_ '
Messer Leather Corp com •
Nat Elec Power A part_*
National Leather corn__ _10
National Standard com_ _•
North American Car corn _*
Northwest Eng Co com_ _•
@FedFRASER