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Fin11ttflt
The
OfltmrrrttI
Railway& Industrial Compendium
itate & Municipal Compendium
VOL. 122.
11at
)
Public Utility Compendium
Railway Earnings Section
SATURDAY, MARCH 20 1926
Thronute
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The Financial Situation.
The action of the Senate Committee on Banking
and Currency in attaching a rider, at the instance of
Senator Carter Glass, to the McFadden Branch
Banking Bill, as it came from the House, with a view
to providing perpetual charters for the Federal Reserve banks is unworthy of the name and fame of
Mr. Glass. Mr. Glass played an important part in
securing the enactment of the Federal Reserve Law
and it is natural that he should take a deep interest
in anything affecting the welfare and existence of
these institutions. But the charters of the Federal
Reserve banks still have 8/
1
2 years to run and there
is no need of haste in extending their life far in advance of its expiration. Moreover, before steps are
taken to grant charters in perpetuity, action should
first be taken to deprive the Federal Reserve banks
of their war-time powers, under the exercise of which
in peace times grave abuses have grown up and the
further continuance of which may mean serious
menace to the country.
Because of the imperative necessity of abolishing
these war-time powers, so as to restore the Federal
Reserve banks to their original scope, any device or
scheme intended to extend the charters in advance
of the passage of these repeal provisions is to be
deprecated and should be vigorously opposed. If
the life of the banks has once been extended it may
prove difficult, if not impossible, to get a repeal
provision through the two Houses of Congress, since
obstructive measures against legislation of any kind
are always easy on the part of even a very small
minority. Besides, the matter ought to be broadly
and deliberately considered on its own merits and
not disposed of by means of a rider to a bill of any
tde
Bank and Quotation Sem ra
Bankers' Convention Sectio
NO. 3169.
other kind. Some see a plot in the rider to defeat
the McFadden Branch Banking Bill, which has many
opponents in the Senate, but of course Mr. Glass is
above anything of the kind. Yet everyone must regret that he should have allowed the Use of his name
and prestige in having this particular rider incorporated in the bill.
If the Federal Reserve banks existed to-day according to their original design we doubt that any
serious opposition to the extension of their charters
could be found. But through the war-time amendments their character and purposes have been entirely changed. It is incumbent, therefore, for the
reason already stated, that repeal should first be
carried out and then legislation enacted to give the
banks perpetual life. The Federal Reserve banks
should be restricted, as repeatedly pointed out by
us, in their power to issue Reserve notes, the same
as before the war, so that notes can be put out only
against mercantile paper and not used in addition
to corral all the gold in the country, thereby furnishing the basis for promoting speculation of every
conceivable type. Then, also, the Reserve banks
should not have the custody of the entire reserves of
the member banks, but only a part thereof, and the
member banks should be obliged to carry the remainder of such reserves in their own vaults in actual
gold. Their open market operations should in like
manner be restricted. Finally, the Reserve banks
should be required to charge for their services instead of giving them gratuitously.
No such gigantic speculation in stocks as has been
witnessed in this country during the last two years
would have been possible except for the operation
and existence of the Reserve banks with their unlimited powers in the acquisition of gold and the
emission of Reserve notes. We like to credit men
with good motives and we do not, of course, mean to
assert that the managers of the Reserve banks have
a purpose or design to promote speculation. But
nevertheless, the free-handed way hi which the unlimited powers at their command are used in itself
tends to promote speculative frenzy with all the
evils attaching to it
The havoc caused by the rampant speculation to
which we refer is now in evidence on every side, further sharp collapses in Stock Exchange values having occurred the present week. The magnitude of
the loans to brokers and dealers on the Stock Exchange tell their own story of the extent to which
credit has been extended in carrying on Stock Exchange speculation. It will be remembered that in
its first statement the Federal Reserve Board reported that as of Feb. 3 the total of loans to brokers
1512
THE CHRONICLE
and dealers (secured by stocks and bonds) made by
61 member banks stood at $3,091,997,000; in addition it appeared there were $999,634,000 of other
loans secured by stocks and bonds, but not to be
classed as brokers' loans, making altogether $4,091,631,000 of loans secured by stock and bond collateral. Just think of a total exceeding four billion
dollars! Of course, these are loans by the member
banks and not by the Reserve banks, but they would
not have been possible except for the use of the credit
of the Reserve banks granted in such unstinted
fashion.
Remember; too, that the figures given cover merely
the reporting member banks in the New York Federal Reserve District. How much additional money
has been employed elsewhere in aiding stock speculation in Boston, Philadelphia, Chicago and the various
other Stock Exchanges which have had a similar
rampant speculation on their own Exchanges? Observe, also, that the reporting member banks in the
New York District, while showing loans on stock
and bond collateral running in excess of over $4,000,000,000, showed only $2,234,922,000 of "all other
loans and discounts," or mercantile loans.
Since the collapse on the Stock Exchange the
brokers' loans have been rapidly reduced, the decline in the statement the present week (for the
week ending March 10) being no less than $162,783,000. This followed a decline of $60,939,000 the
previous week and of $29,393,000 the week before,
making altogether no less than $253,115,000 for
the three weeks combined. The contraction will no
doubt be referred to as an illustration of the beneficent way in which the Federal Reserve Banking
System functions in providing both expansion and
contraction. As a matter of fact, the liquidation now
being enforced furnishes the strongest evidence going to show that the accommodation originally extended and now being withdrawn should never have
been granted in the first instance. We therefore urge
with great strenuousness that the charters of the
Federal Reserve banks should not be extended until
the law has first been changed so as to make it impossible in the future to use the credit of the Reserve
banks in the way indicated.
There have been a number of developments during
the week, in connection with the recently disapproved Nickel Plate unification, which render the
situation considerably more definite than it has
been, but which do not throw any light on the plans
of the Van Sweringen interests in respect to going
forward with or abandoning the merger plan. Early
in 1925 the directors of the Chesapeake & Ohio and
others made it clear that dividend rates on the proposed component roads would not be changed until
the merger plan had been consummated or rejected,
inasmuch as the change would disturb the situation
on which the merger had been based and which had
received the approval of directors and stockholders.
In the words of these same Chesapeake & Ohio directors, the Inter-State Commerce Commission has now
rejected "some financial features of the unification
plan," and the deposit plan committee has agreed to
return to holders certificates representing the deposited stock.
On these premises the Chesapeake & Ohio directors have raised the dividend rate to 8%, and declared an extra dividend of $4, thus following the
lead set a few days earlier by the directors of the
[Vol.. 122.
Pere Marquette Railway in increasing the rate to
$6 and declaring an extra of $2. The directors of the
Hocking Valley Railway have taken simultaneous
action with that of the Chesapeake & Ohio, raising
their dividend rate to $8 and declaring an extra of
$4, and the directors of the New York Chicago &
St. Louis have recognized in part the extra income
to be derived on its holdings of Chesapeake & Ohio
and Pere Marquette stocks by declaring an extra
dividend of $1 25 on its own stock, this representing
a distribution of approximately $380,000, whereas
it will receive on the extra dividends of the Pere
Marquette and the Chesapeake & Ohio approximately $860,000. The directors of the Chesapeake
& Ohio made the significant statement that the dividend changes were made in view of existing conditions and "pending any further proceedings under
the plan." This would seem to be an intimation on
the part of some, at least, of the parties concerned
that consolidation plans will go forward, but on a
new financial basis, as indicated by the release of
stock under the present plan, and the public recognition of changed values as against those on which the
plan was originally based.
It is widely understood that present Federal law
calls for the merger of the railroads of the country
into a few large systems, that the public, financial
interests and the present administration at Washington are all favorably disposed to this end, and
that there is now agitation in Congress to make the
present railroad law more effective in this particular objective. There was, furthermore, very wide
belief that the Nickel Plate merger would be approved. Rejection, therefore, by the Inter-State
Commerce Commission came as a surprise and a
great shock to the investment market structure. The
recovery in the market price of the various stocks.
concerned of the losses incurred immediately after
the announcement has been an evidence of wide appraisement of the real values concerned. The recent
raising of the dividends is evidence of courage in the
places of control and of a looking forward, if not to
the consummation of this particular merger, at
least to a continuation of sound conditions for the
railroads. In themselves the raising of these dividends may not be a matter of very great moment in
connection with the vast financial structure of this
country, but in their significance they are of considerable importance.
Puring the week there has been no change in the
trend toward easy conditions in money and liquid
funds. Call money in New York remains around
414% and time money around 4% %. The oversubscription to the $500,000,000 33
47
0 bonds offered at
100% was indication of a trend which has been further confirmed by a slow advance during the week
of the average price of investment bonds. Commodity values give no indication of any increased call on
liquid capital through advance in prices. On the
other hand, whereas volume of business has eased
off in some sections, the general average is still very
high, as evidenced by freight loadings getting back
to record-breaking figures.
During the week there has been considerable
nervousness underlying the stock market, indicating the belief that there are still weakly margined
accounts and that certain securities have not settled
in price to actual values. Yesterday and the day
before what appeared to be a concerted bear drive
met with considerable success and many further new
MAR. 20 1926.]
THE CHEONICLE
1513
low records for the year were established all through in January imports this year over a year
ago was
the list. .
derived from.
Likewise as to exports. A decline in the single
The course of the country's foreign trade, for the item of raw cotton for January and
February of
time being at least, has changed and for the second this year, has changed the total value of
merchansuccessive month the balance of trade is against the disc exports from a gain over the
same months of
United States. This appears from the statistics for the preceding year to a loss. For those two
months
the month of February, made public the present this year, merchandise exports from the United
week. Imports again exceed those of a year ago by States show a decline from a year ago
of 8.2%;
a considerable amount, while exports, on the other omitting cotton from the exports of both years, and
hand, are again reduced as compared with February the remaining amount for 1926 is 5.4% larger
than
of last year, and also leave an excess on the side of it was in 1925. For the current crop year to date
the imports, as was the case in January. Further- cotton exports are considerably less than they were
more, as in January, the increase in merchandise a year ago, which is the more significant as the 1925
imports last month was quite largely due to a heavy crop was an early one and in the earlier
weeks of
increase in shipments of rubber to the United States, the current crop year cotton exports exceeded
those
both as to quantity and value, the average import of the corresponding weeks of the preceding crop
price in February, as in January of this year, being year. The reverse, however, has been the case for
considerably higher than it was a year ago. The the past two or three months and cotton exports have
merchandise exports in turn were very much less tended downward. The falling off in February was
this year because of reduced shipments of cotton, quite marked, exports of 556,185 bales contrasting
and the lower export price of that commodity pre- with 811,838 bales in February 1925. The decline in
vailing in the markets the present year.
cotton values for February this year was• even
February imports of merchandise were valued at greater than that as to quantity for the average ex$389,000,000, against $416,767,000 in January and port price of the staple last month was 21.2 cents
$333,387,000 in February of last year, while mer- per pound, as against 25 cents per pound for Febchandise exports last month were $353,000,000, ruary 1925.
against $397,196,000 in January and $370,676,000 in
For eight months of the current fiscal year, total
February a year ago. If allowance be made for the merchandise imports have been $2,968,600,000, as
difference in the number of days between February against $2,439,924,000 for the corresponding period
and January this year, the decline in imports be- of the preceding fiscal year, an increase this year
tween those two months, entirely disappears. In of $528,675,600. The figures for each one of the
fact, the average daily amount of the imports in eigh months of the current fiscal year, exceed those
January was $134,400,000, and in February $139,- for the earlier period. Merchandise exports, on the
000,000. Exports, on the other hand, averaged $128,- other hand, for the past eight months were $3,296,000,000 for each day in January and only $126,000,- 723,000, in comparison with $3,318,381,000 for the
000 for each day in February. The balance of trade same eight months of the preceding fiscal year, a
for February on merchandise account is $36,000,000 decrease of $21,658,000, the first decrease that has
on the import side; for February of last year there appeared in a number of years. For this same pewas a balance of $37,280,000 on the export side, as Hod the decline in the value of cotton exports has
there has been, until the beginning of 1926,for many been $99,272,500. Five of the eight months of the
months prior thereto. As it happens, too, the re- current fiscal year show smaller merchandise exvised figures for January of this year show an in- ports than for the corresponding months in the precrease in imports and a decrease in exports as corn- ceding year. The excess of merchandise exports for
pared with the preliminary report for January these eight months this year is $328,123,500; for the
printed a month ago, making the revised balance of same period of the preceding fiscal year it was $878,trade on the import side for that month $10,571,500. 456,000, a difference against the present year in
For the two months of 1926 to date the total bal- amount of considerably over half a billion dolance of trade on the import side amounts to $55,570,- lars.
000; in the same two months_ of 1925, the balance
Gold imports show another small gain in Februwas •on the export side and aggregated $137,566,- ary, the total for that month being $25,415,655,
864.
against $19,351,202 for January and $3,602,527 for
Imports of rubber both in quantity and value have February 1925. Gold exports are still very much
added materially to the increase in total imports reduced, amounting last month to only $3,850,350,
this year. Detailed reports for February are as yet against $50,599,708 a year ago. For eight months
unavailable, but it is stated that rubber imports of the current fiscal year gold imports have been
last month were valued at $58,000,000; in February $132,373,525, in contrast with $102,118,959 for the
1925 rubber imports were valued at $18,532,000, the same period in the preceding year, while gold exquantity in that month last year being 55,329,000 ports have been only $78,640,551, against $181,918,.
pounds, and the average price per pound 33y2 cents. 890. The excess of gold imports for the past eight
February merchandise imports this year exceed months has been $53,732,974, which contrasts with
those of February 1925 by $55,600,000 and .nearly an excess of gold exports of $79,799,931, for the same
$40,000,000 of this gain was due to rubber imports period of the preceding year. Silver.imports in Febalone. The detailed statement for January, which ruary were *8,861,871, and exports $7,747,324, the
is now available, shows imports of rubber in that variation from month to month being unimportant.
month of 94,985,456 pounds at an average import
The much-heralded special meeting of the Assemprice of 76.4 cents per pound, against 73,692,000
pounds imported in January 1925, at an average im- bly of the League of Nations to admit Germany has
port price of only 30 cents per pound. It is appar- adjourned until next September without accomwhere much of the increase plishing anything of real value, except possibly to
ent from these figures
•
1514
THE CHRONICLE
demonstrate still further its own lack of power to
control or settle any important international question. Announcement was made, however, that "the
League of Nations Council at a final meeting on
March 18 decided to invite the United States to Geneva on Sept. 1 to discuss with representatives of
all League members the American reservations to
American participation in the Permanent Court of
International Justice, and particularly Reservation
5, concerning advisory opinions of the Court affecting the United States. The Council also definitely
fixed the date of the first meeting of the Preparatory Commission for the disarmament conference
for May 17 and decided that it should be held in
Geneva." Premier Briand has received a vote of
confidence from the French Chamber of Deputies.
What the fate of the German and British representatives at Geneva still remains to be seen at this writing. Mr. Chamberlain is expected to appear in the
House of Commons next Tuesday.
[vat,. 122.
Germany's reply. It was ‘Glattabgelehnt'—that is, a
flat refusal."
Continuing, the "Herald Tribune" correspondent
said: "The Allies as a result to-night are in a state
of utter confusion. Premier Briand of France, haggard and worn, received the press to say: 'We proposed to the Germans to-day a transaction which
was the extreme limit of all possible concessions.
They refused. They will have the full responsibility for what will happen.' Yielding to a demand for
a statement from the British correspondents, Sir
Austen Chamberlain, the British Foreign Secretary,
to-night gave them the impression that nothing could
prevent a break in the negotiations. The Secretary
laid full blame on the shoulders of Germany for the
collapse of the Locarno spirit and said that even if
this were not already dead it would take years to
repair the damage. Sir Austen,in his concentration
on the dramatic tragedy, at times seemed on the
verge of tears. While none except Britons were permitted in the conference, those attending stated that
The squabbling at Geneia, as to what Powers they had never seen any Foreign Minister in such an
should be admitted to the League of Nations Council emotional state, or heard such words from the lips
at this time continued during the early part of the of a similar official."
week. Not only was it indicated in the cable adIn a wireless message to his paper Saturday evevices that this particular sitting of the Council might ning, March 13, the New York "Evening Post" correfail as to the, specific purpose for which it was spondent said: "The whole atmosphere of Geneva
called, but Also that the whole League of Nations is charged with the feeling of impending catastrophe
might go by the board., Last Saturday the situation as the result of the breakdown of negotiations over
was said to have been particularly bad. Cabling at the expansion of the League of Nations Council.
an early hour on,that day, the New York "Times" There is a feeling that not only the efforts for new
correspondent said: "At 2 o'clock this morning, and more friendly relations between nations are enafter a day and a night of attempts to reach a com- dangered, but that the peace of Europe is gravely
promise on the crisis over the League of Nations menaced. As the situation stands, all the leading
Council seats, the situation is very near the breaking actors in the drama, after three days of doing their
point." He added that "after the refusal of the Ger- best, are only in a position to face their Parliaments
mans to accept the proposal made yesterday morn- with trouble and confusion as their earnings. The
ing by which Poland would receive a non-permanent failure of Chancellor Luther threatens the future of
seat when Germany was admitted to the League his Government in Berlin. Premier Briand, after
Council, with Brazil's and Spain's claims adjourned, one speech by Raymond Poincare in the Senate, is
Britain and France proposed to Germany this morn- doomed. Sir Austen Chamberlain, already tottering that the new non-permanent seat be created and ing in London, appears to be faced with removal
ho left to the Assembly to fill. After short consid- from office. The League, with Great Britain weakeration the Germans rejected this suggestion, re- ened, becomes a broken-down machine. At the Secverting to their position that they alone must enter retariat there is a gloomy prospect of the League futhe Council at this time." The "Times" representa- ture, even if some repairs are made in its rickety
tive further stated that "in a midnight conversation structure. What has been accomplished as things
Sir Austen Chamberlain painted the situation in stand is that the labors of Briand and Chamberlain
very dark colors.. 'After hearing the reply of the at Locarno, which were hailed all over the world as
Germans made to-night, and after a discussion of the insuring the peace and happiness of Europe, have
situation with them, it appears to me quite useless been nullified. 'We.have stretched conciliation to
to continue these conversations, and the matter the extreme limit and our proposals have been remust be referred to the Council. We have made jected.' Premier Briand of France, who had seemed
every reasonable concession, and if the Locarno plan young and fresh, appeared haggard and weak as he
fails now the plain fault will be that of Germany.'" pronounced these words after the German delegates
The New York "Herald Tribune" represen,tative had rejected the allied compromise offer for Gersummarized the situation in part as follows: "Eu- many's entrance."
rope's future is trembling in the balance to-night.
In a little less figurative, but no less emphatic,
Another fruitless day of bickering brought Germany language the Geneva representative of "The Sun"
and her supporters on one side and France, Great cabled, also Saturday evening, March 13, in part as
Britain and Italy on the other side, face to face with follows: "With the firm refusal of the Germans
the tragic probability that the Locarno agreements registered early to-day after a night of conference
are in danger of meaning absolutely nothing. Briefly, to budge from their original stand against enlargethe situation at a late hour was this: Great Britain ment of the League Council, the European honeyand France, with the assent of Italy, made a des- moon trip which started at Locarno is ending in disperate effort to draw from Germany a promise to aster. All the Powers involved have settled down
permit Poland to enter the Council of the League of to apparently unshakable contentions that it may
Nations, not as a permanent member, but in a tem- be anybody's fault but theirs. But a ray of hope
porary capacity. Chancellor Luther of Germany remains in the fact that although both the Germans
visited the Allied statesmen to-night and delivered and the former Allies have firmly announced that
MAR. 20 1926.]
THE CHRONICLE
they have said their last say there has as yet been
no exodus from Geneva. Chancellor Luther, when
he turned down the Allies' compromise offer at 2
o'clock this morning, said that he was still willing
to co-operate to find a solution. He said, however,
that the compromise proposed did not accord with
the principle of policy laid down by the Reich Cabinet—that Germany must be admitted to the Council without any enlargement of that body. Sir Austen Chamberlain and Premier Briand thereupon informed him that the Allies had said their last word
in whittling down Poland's claim to a permanent
seat on the Council to the creation of a non-permanent seat, the occupant of which would be elected
by the General Assembly of the League. It was a
suggestion, which greatly tickled the Assembly,
which was becoming anxious at the encroachments
on its power by the Locarnites. But the refusal of
this suggestion is considered in Franco-British
headquarters to involve the very existence of the
Locarno treaties, the destruction of the Locarno
spirit and a return to the old system of balancing
national antagonisms—and this quite apart from
the influence the collapse will have upon the political futures of Briand and Chamberlain themselves.
The League has been dealt a shattering blow and already there is talk of resignations."
That national and even personal politics was taking precedence over the international good was
stated emphatically by the New York "Times" representative the next day. In part he.said: "The representative,s of the fifty-five nations gathered at Geneva for the high purposes of promoting the peace
of the world, and in particular to put into effect the
treaties of Locarno promising tranquillity to Europe, continued to-day to play politics which would
scarcely bear favorable resemblance to a session of a
municipal council called for the purpose of awarding a new bridge contract to some one else than the
lowest bidder. The most fanciful imagination could
scarcely imagine a more burlesque situation. It is
almost impossible to say what the quarrel is about.
No logic and no reason are being used here. All that
is clear is that the League leaders on the one hand
and Germany on the other wish to have their way.
Further than that, one risks becoming demented
trying to understand what the racket is about. M.
Briand and Dr. Stresemann both stated to-night
that the problem was unsettled, and each asserted
that it was the other's fault." Continuing his arraignment of the political leaders, the "Times" representative said: "For the first four days in this
squabble over League Council seats Germany took
the position that it was none of her business and
that she was an innocent bystander. But that wellknown diplomat, M. Briand, has turned things so
that the Germans have had to shoulder the responsibility which rightly belongs to them, and this has
aroused Dr. Stresemann and Dr. Luther to a point
where to-night they called the correspondents together and devoted speeches lasting an hour to 'explanations.' Needless to say, they whitewashed
themselves to the tint of angels' wings, while half an
hour later a French spokesman dilated upon Germany's refusal of 'reasonable proposals.' What
would be funny if it was not so serious is that most
will lose their jobs
of the delegates quarreling here
reaching
an agreement. It
without
home
if they go
has got down to
dispute
the
that
just
is fair and
1515
the plane of a contest between France and Germany,
for that is where it belongs. Spain and Brazil have
stepped aside, and when M. Vandervelde of Belgium,
acting for M. Briand, got the Swedes to promise to
back down if Germany did not mind the last prop
was knocked from under the German position of
disinterestedness. And so to-night the situation is
that Germany will not enter the League unless she
enters the Council alone and France, backed by England's delegates, will not let Germany in unless
Poland gets a permanent or non-permanent seat.
And it is justice to the other nations to say that the
situation has so shaped up."
It was made known at that time that it had been
decided to call a meeting of the League of Nations
Assembly for last Tuesday, March 16.
Continuing his account the next day of the latest
developments, up to that time, the "Times" correspondent in part said: "The Sabbath brought no
peace in Geneva. With thirty-six hours remaining
before the meeting of the League Assembly which is
supposed to mark the success or failure of this conference, the French and Germans to-night remain
firmly in their positions. The German position.is
that they must join the Council alone or they will
not join the League, while the French position is
that the Germans cannot join the Council.unless the
Poles get a seat at the same time. All the trimmings
have been torn off the situation and it is plainly now
a diplomatic fight for prestige between France,
backed by England, on the hand and Germany on
the other hand. Viscount Ishii undertook to-day to
solve the situation and evolved a plan by which the
Assembly would admit Germany to the League and
at the same time create a new non-permanent Council seat to be filled next September. He called on
Dr. Stresemann late this afternoon and put the
scheme up to him. The German Foreign Minister
asked the Japanese delegate to return to see him
when he had M. Briand's answer to the proposal.
Thereupon Viscount Ishii put the proposal up to M.
Briand, who replied that he could not consent to any
arrangement which did not admit Poland in the
Council now. With this reply Viscount Ishii did not
return to see the Germans, evidently taking it for
granted that they would not agree. Therefore it
appears that the Japanese effort leaves the problem
just where it was.""
The New York "Herald Tribune" representative
brought out several additional features. In part
he said, under date of Geneva, March 14: "Premier
Briand of France and Foreign Minister Stresemann
of Germany met for a long talk to-night in an effort
to agree on some solution of the highly dangerous
deadlock over the proposed enlargement of the Council of the League. They admitted that it was in the
interest both of France and Germany that a settlement should be made quickly, but they were unable
to reach the slightest accord as to how this might be
accomplished. To-night's meeting came at the conclusion of several futile conversations among the
numerous principals of the Geneva drama. The conclusion reached to-night was that the fight had now
centred down to a Franco-German affair until the
League itself is called on to take over matters on
Tuesday. The British delegation is now concentrating on gettting Germany into the League. This
leaves Premier Briand in the ticklish position of
having to save the Locarno agreements and himself,
1516
THE CHRONICLE
but he has not yet given up hope of seating
Poland
in the Council. Thus it was believed that
to-night's
.conference was the first step toward some compromise. This compromise is not yet in sight, but may
be reached to-morrow, which is the last day remaining before the whole matter of Germany's entry
comes up in public debate in the Assembly. The
Connell decided yesterday that on Tuesday the Assembly would be called upon to vote Germany into
the League."
[Vox,. 122.
agreed to-day to postpone the election of Germany
to the League until September. Faced by the difficulty of Brazil's continued demand for a permanent Council seat, the leaders agreed that Sir Austen Chamberlain, the British Foreign Secretary,
should propose in to-morrow's session of the Assembly that the whole question of Germany's admission
to the League and the enlargement of the Council
should be put off until the September session." The
correspondent added that "in order to show that the
Locarno atmosphere of conciliation and accord reThe following day, Monday, the situation was rep- mains unshaken, all the signatory
Powers, includresented in Geneva dispatches as being more encour- ing Germany, plan soon to publish
a common decaging. The Associated Press representative said: laration in which they will re-affirm
their faith in
"Prospects for settlement of the League of Nations the Locarno agreement. Before
the leaders' decision
crisis appeared brighter to-day, with the acceptance became known, Premier Briand
of France told
of a compromise by France and Germany, under French correspondents that German
y had agreed
which both Sweden and Czechoslovakia would re- not to withdraw her application for
election to the
frain from seeking re-election to their non-perma- League and that this would be
considered in Sepnent Council seats next September, paving the way tember." It was even claimed
that "Premier Brifor the election of Poland to one of the vacanci
ces and made the categorical statement that Germany
thus created. The Foreign Ministers of the
two and the Allies now are absolutely united on all quescountries are awaiting ratification of their
recom- tions connected with the reorganization of the Counmendations by their respective Governments,
but cil."
this is considered a foregone conclusion."
Commenting on the failure of the League underLater cable advices Monday evening showed
that taking, the Geneva correspondent of the New York
the situation was practically hopeless again.
The "Times" said in a long dispatch March 16 that "the
New York "Times" representative said: "After
M. meeting of the League of Nations called to admit
Briand had achieved the seemingly impossi
ble in Germany and bring into effect the treaties of Loevolving a plan for the admission of Poland
to the carno has failed. After ten days of the most deCouncil of the League in a manner accepta
ble to the plorable exhibition of petty nationalism, an exhibiGermans, the whole situation here has been thrown tion for which a bumber of nations
must share reback into achaos by an official statement by
the sponsibility, the statesmen here assembled have found
Brazilian delegation that on new instructions from themselves unable to agree on the issue
of the CounRio de Janeiro it must veto the admission of Ger- cil sets and the whole matter
has been postponed
many to the Council unless Brazil gets a permanent until September. The Germans, with
a rather exseat instead of the non-permanent one she now holds traordinary show of conciliation,
have agreed to
and has held since the League was born. It seems leave their application for member
ship before the
absolutely out of the question to give Brazil her per- League. Asked to-night whether
Germany would
manent seat at this meeting, since Sweden, on the come to Geneva in September,
Chancellor Luther
Council, is bitterly opposed and Germany is dead replied with hard good sense: 'That
depends on the
against it. Heavy pressure has been brought on German Government of next Septemb
er.' To-morMello Franco to get him to ask his Government to row morning the League Assembly
will meet to hear
change its instructions. As a result of their talks the Council's report and then
will adjourn. The
yesterday and last night M. Briand and Dr. Strese- Germans and Allies and other
League members will
mann explained to each other that neither could scatter to the four corners of the
earth."
afford to have this meeting break up without the admission of Germany. Each understood the other's
The whole affair ended the next day. The Assoc
desire to obtain a diplomatic victory, as to go back ciated Press correspondent at Geneva
cabled (March
without it would injure his standing. But they also 17) that "the League of Nations
Assembly to-day
agreed that to go back without success here would be voted to adjourn the question of German
y's election
even more serious for them."
to the League until the September session. The Assembly then adjourned sine die at 1.15 p. m.” ConIt became known in Geneva during the day that tinuing he said: "The vote came after announcement
Premier Briand had arranged to have the League of by Alfranio Mello-Franco, Brazilian representative,
Nations Assembly postponed from Tuesday to Wed- that the decision of his country not to
vote a permanesday, in the hope that a settlement might be nent Council seat for Germany
unless Brazil were
reached in the meantime. He even thought he had given one at the same time was irrevoc
able. A brief
a plan that he could put through in spite of Brazil's session of the Council had been held during the foreopposition. It was understood to have provided noon, and rumors were flying regardi
ng the chances
that "Czechoslovakia and Sweden both to resign for a last-minute settlement when President Da
now, Poland to be elected to the Czech seat and a Costa called the momentous meeting of the Assemneutral, preferably Holland, to Sweden's seat."
bly to order at 10.32 a. m. Extraordinary excitement prevailed in the Hall of Reformation as the
The plan failed, and after squabbling for ten days delegates assembled and the galleries were jammed.
it was decided to postpone the admission of Germany Sir Austen Chamberlain, the British Foreign Secreuntil September. This was made known here tary, took the rostrum and said the announcement
through an Associated Press dispatch from Geneva which he was about to make depended upon a stateTuesday evening, March 16. It was stated that "the ment made to him by the representative of Brazil,
leaders of the Council of the League of Nations Senhor Mello Franco thereupon went to the tribune
Ma.201926.]
THE CHRONICLE
and explained his country's attitude. Brazil was
convinced, he said, the reconstruction of the Council
interested all States, and that all viewpoints should
be made known. Brazil was deeply interested in the
work for peace accomplished at Locarno because she
was one of the pioneers in arbitration and conciliation, but she thought the admirable work of Locarno
should find its place in the fabric of the League and
not that the League should be made to exist as part
of the political machinery of Locarno. 'We regret
sincerely the great German nation is unable immediately to enter the League, because she would contribute great things to the League,' the Brazilian
spokesman said. Then, referring to Brazil's projected veto of Germany for a permanent Council
seat, he made the pronouncement: 'The instructions of my Government are irrevocable and final.'
Sir Austen Chamberlain, in proposing postponement
of Germany's election until September, described
Germany's demand for assurance of a permanent
Council seat at the present session as just and reasonable, but, he added: 'The statement by the representative of Brazil shows the members of the Council are not in a position to give that assurance.'"
The Geneva representative of "The Sun" described
the situation dramatically in part as follows: "The
curtain has dropped upon the closing act of the
great Mello-Franco drama, wherein the Brazilian
delegate, the villain of the peace, is triumphant over
virtue as represented by Briand and Chamberlain,
while the heavy Fathers Luther and Stresemann
make grief-stricken exits. The futility and insincerity of mystery hung heavy upon the Assembly's
whole proceedings. None of the chief speakers made
any attempt to explain to the wondering world the
forces which have been fighting against realization
of Locarno or to unmask the interests which, as each
successive difficulty was overcome and each fresh
country's demands met, immediately mobilized another obstacle to peace. Every country mentioned
as having caused difficulties is busy protesting to
the world's newspaper men the innocence and highminded nature of their actions, and the real culprit,
if culprit there be, remains concealed. No one finds
it possible to believe that Brazil on her own would
have dared or been able to defy a great European
Power. The hero was Unden of Sweden, who dramatically rose from a sick bed to explain the high
principles behind the determination of Sweden to
give Germany fair play, and who, unable to speak,
had to sit on the platform while an interpreter read
his speech. It was a veritable 'Hamlet' without the
'Prince,' for the only Germans present were a few
minor officials in the lobbies. It is generally felt
that the chances of Germany, who maintains her application for League membership, returning to Geneva in September are of the slightest, and that political upheavals are bound to result not only in Germany, but also in France and Britain, which will
retard for a long time, if not completely destroy, the
prospect of her admission."
Naturally, there was keen interest in all the leading European capitals in the outcome of the Geneva
gathering. The London representative of "The Sun"
cabled Wednesday evening (March 17) that "in the
worlds of politics and finance alike the postponement of Germany's admission to the League of Nations has caused the deepest depression to-day and
1517
has aroused the keenest anxieties. Although the
Locarno treaty signatories have tried to gild the pill
of failure in a joint statement in which they declare
that the spirit of Locarno has not been diluted by
the conflict at Geneva during the last eight days,
fears are admitted in many influential quarters that
the next six months instead of making Germany's
entry in September any more certain may make it
more difficult, for intrigue is in the air, and already
Mussolini's pet project of forming a central European bloc to thwart any union of Germany and Austria has taken very definite shape and has even obtained the blessings of Briand himself. What effect
this Geneva imbroglio will have on the personal political fortunes of Sir Austen Chamberlain is a matter of widest discussion to-day. There is a strong
element in the Labor Party that is anxious to bring
in a vote of censure on the Foreign Secretary."
According to a special Paris cablegram to "The
Sun" the same evening, "the French capital is in a
state of exasperated disappointment at the news of
the League meeting's probable indecisive end. The
press of all shades of political belief concurs in the
general feeling b y calling the Geneva Assembly a
'lost illusion,' a depressing spectacle,' a disquieting
affair' and 'a drama of jealousy.' Unless an eleventh
hour miracle changes the aspect of affairs, M. Briand will have the stormiest entry to Parliament tomorrow of his career. An accumulation of questions regarding the financial situation will be kept
back as reserve ammunition."
As to Germany's attitude, the Berlin representative of the same paper cabled that "Chancellor Luther and Foreign Minister Stresemann will be asked
to resign following dissolution of the Geneva conference, it is confidently stated by Government leaders
here this morning, but, they add that the demand,
which will come from the Radical bloc, will fail.
Highly placed persons in closest touch with Herren
Luther and Stresemann throughout the conference
told the correspondent of 'The Sun' to-day that
apart from the carping of the critics of the Right,
there is general satisfaction with the proceedings
and that the outcome is little short of a brilliant victory instead of being an ignominious defeat." He
added that "another brilliant result seen here is
that from all the turmoil of the League meeting that
Locarno agreements have been saved intact and that
there will be no change in carrying them out. These
principles are regarded as having far greater importance than actual entry into the League, although
this, if it had been accomplished peacefully, would
have been another tremendous stride in the direction
of stabilizing world relations."
In a later dispatch, the Geneva representative of
the New York "Times" commented, on March 17, in
part as follows on the failure of the League gathering,
and also brought out several new features: "Sir
Austen Chamberlain, the British Foreign Secretary,
termed it a tragedy when the Assembly of the League
of Nations, called in special session to admit Germany, recorded to-day its failure to do so because
the members of the Council could not agree on the
issue of the Council seats. With the Germans allowing their application to remain on file the League
officially adjourned the whole matter until the regular Assembly session in September, after deciding
to name a commission to study reconstitution of the
Council. Meanwhile, the diplomats will work to re-
1518
THE CHRONICLE
move the difficulties which
wrecked this gathering
and thus permit the Locarno
treaties to come into
effect. Formally, blame for
the fiasco goes to
Brazil, which before fifty-five
nations composing
the Assembly accepted responsibili
ty for her 'final
and irrevocable' stand that Brazil
must have a permanent seat on the Council when any
changes are
made in its composition, including the
entry of Germany. Unquestionably there are other factor
s in the
failure, including the real position of
Italy and
Spain, but one bright 'circumstance stand
s out,
namely, that France and Germany are in
agreement
and the delegates of all the nations which
signed
the Locarno treaties have hert, signed an undert
aking to work sincerely to bring them into effect
."
[Vox,. 121
attack upon the inclusion of Jean Louis Malvy
in
the Cabinet, which evoked a dramatic defens by
e
the
Premier and culminated in the temporary suspen
sion of a tumultuous session when the Minist
er of
the Interior fell in a dead faint and had
to be carried out, solidified the Socialists and the Radic
als
against the Right in the Chamber of Deput
ies tonight and gave to the new Government of Aristi
de
Briand an expression of confidence by a vote
of 341
to 165." The New York "Herald Tribune" correspondent added that "the international tragedy
at
Geneva and France's financial crisis were forgotten
in the debate, which was centred entirely on the
presence in the new Government of a man exiled from
France during the war for endangering an Allied
victory."
As might have been expected, both Aristide
Briand, French Premier and Foreign Minister, and
AusOpposition in Berlin to Chancellor Luther and
ten Chamberlain, British Foreign Minister,
were Foreign Minister Stresemann was no less
procalled upon to face determined opposition in
their nounced than it was in Paris and London
to the
respective Parliaments, following their return from
French and British representatives at Geneva, acthe unsuccessful meeting of the Council of
the cording to cable advices from the German capita
l.
League of Nations at Geneva. The Associated Press
The Berlin representative of "The Sun" cabled on
representative in Paris cabled on the aftern
oon of the evening of March 18 that "Chancellor Luther
March 18 that "Premier Briand, speaking in
the and Foreign Minister Stresemann arrived back in
Chamber of Deputies this afternoon on the
League Berlin from Geneva late this afternoon. The forces
of Nations sessions at Geneva, declared that no
dis- that are attempting to compel their resignations
cord whatever existed between France, Germa
ny and were already at work last night. While they failed
the other signatories of the Locarno pact, but
added, to interrupt the Reichstag proceedings with denun'in returning to Paris this morning I
found an at- ciatory speeches, party leaders were busily at work
mosphere that was not quite the same.'
There ap- on wording resolutions of no confidence, and these
pears to be in this Chamber,' the Premier
continued, are now practically prepared, to be hurled almost
'the elements of a majority opposed to the
Govern- before the Geneva delegates have pronounced the
ment. This majority may not be organi
zed, but it last words of their reports. From the hour of the
exists in a latent state. If it is the intent
ion of this arrival of the delegates here this evening action will
majority to overthrow me it would be better
that be fast and furious, culminating in a vote early next
this be done immediately. I can wait, but the
coun- week on whether or no the foreign policy established
try cannot. We cannot lose more time,' M. Brian
d by Luther and Stresemann is to be abandoned, and
went on. 'In any case I hope that if you throw
me thus another crisis will be brought on which will tie
down you will not wait until dawn to accomplish
up legislation and economic reforms for half the
it.'"
summer." He also stated that "the German deleThe dispatch further stated that "the Ministerial
gates realized that the deadlock was complete at
declaration of the reorganized Briand Government
, Geneva from the very beginning, it was authoritaread this afternoon in the Chamber of Deputies of
tively stated to the correspondent of 'The Sun' here
failure to bring about a solution of the country's
to-day. It was added, however, that the delegates
financial problems by the date expected calls upon
did not dare to risk a hasty return for fear of seemParliament to 'observe exceptional discipline' so as
ing to knuckle down to the Government's opponents,
to vote the necessary measure before the Easter reand that M. Briand and Sir Austen Chamberlain
cess. 'It is this Government's urgent duty to insure
were in the same position. This statement bears
sincere and complete balancing of the budget,' the
out the information given to 'The Sun' yesterday to
declaration says. 'If we can count upon the active
the effect that the formation of struggling groups
and whole-hearted collaboration of both assemblies
was hastily accomplished when the Brazilian bombthe country may look forward without fear to
shell was hurled—apparently by Signor Mussolini
prompt financial restoration of the Treasury, which
—into what would otherwise have been a peacefully
is the aim of all of our efforts. Right now we ask
cut and dried session."
you to observe exceptional discipline of work in
order to permit the voting before the parliamentary
As for the British sentiment, it was asserted in a
recess of measures without which it will become imspecial London cable dispatch to the New York
possible to achieve a return to a normal regime and
"Times" on Thursday evening that "a hornet's nest
budgetary regularity.' Referring to foreign policy,
will be a mild term for describing the sort of Engthe declaration continues: 'The policy of internaland Sir Austen Chamberlain will find on his hometional agreements to which, by a large majority the
coming to-morrow night from Geneva, unless all
Chamber and Finance Committee of the Senate have
present signs fail. His Government colleagues and
given approbation, will continue to be the policy of
many of his friends outside the Government are loythis Government.'"
ally rallying to his defense, but they are badly outnumbered by those growling and cursing at what
According to a later dispatch to the New York happe
ned at Geneva. These malcontents are only
"Times" the same evening, Premier Briand received too prone
to attribute the major part of the blame to
support in the Chamber of Deputies for his policies Sir Austen. Even
among those inclined to poohin an unexpected way. It was stated that "a bitter pooh the idea that the
Geneva conference was a
MAR. 20 1926.]
THE CHRONICLE
1519
'catastrophe,' as is commonly assumed here, it is ad- once more is swinging toward an isolationist point
mitted that what happened there was a serious de- of view with regard to Europe. The hopes raised in
feat for Britain."
Washington by the signing of the Locarno treaty
have been dissipated by the quarrels which broke
The leading European Powers are still planning out among the Powers over the admission of Gerto hold a preliminary session to consider a general many to the Council of the League of Nations, by the
disarmament conference. This was made known in failure to admit Germany and by the doubt whether
an Associated Press dispatch from Geneva on March an agreement to include Germany can be reached
18. It stated that "the League of Nations Council even at next September's meeting of the League.
to-day set May 17, at Geneva, for the first meeting This revelation that Europe still is full of the hosof the Preparatory Commission of the Disarmament tilities which brought on the great war, together
Conference. It decided to add delegates from the with the postponement of the disarmament conferUnited States, Germany, Japan and Russia to the ence and the profound disbelief that disarmament
joint committee of experts which will advise the can come from the international conference the
Commission. It also decided to submit all military League has initiated, has induced great pessimism
questions to a special sub-commission including rep- about the political outlook in Europe. At the end of
resentatives of all States which participate in the the course Europe is pursuing, the Administration
Preparatory Commission." According to another learns from its European advisers, nothing can be
Associated Press dispatch from Geneva the same forecast but war. Europe is moved by the same moday, "the League of Nations Council to-day adopted tives and is setting up the same kind of balances of
a resolution offered by Austen Chamberlain, Brit- power which brought on the war. The same causes
ish Foreign Secretary, to convoke a conference of produce the same results, bearing in mind, of course,
delegates of States signatory to the protocol of the the possibility that Europe will so exhaust itself ecoCourt of International Justice at Geneva on Sept. nomically, it will, in a decade or so, be compelled to
1." It was added that "this meeting will attempt disarm and really organize for peace. This picture
to reach a common accord concerning the attitude of European conditions has been allowed to come
to be taken toward the United States Senate's reser- out in a semi-official way here, following the revations to American adherence to the Court." The port Ambassador Houghton and Minister Gibson
Geneva representative of the New York "Herald brought to President Coolidge on the prospects of
Tribune" asserted that "the Council of the League disarmament. The frankness with which the press
of Nations to-day administered a rebuke to Secre- was informed was unprecedented in international
tary of State Kellogg of the United States when it relations and may be taken as indicating the prorejected his idea that the Governments who have found disappointment the Administration feels over
already ratified the protocol of the Permanent Court the failure of Europe to proceed in the spirit of the
of International Justice should signify in writing Locarno treaty. The Europe with which this counto the Washington Government their acceptance of try has to deal in seeking disarmament, according
the Senate reservations accompanying the adherence to the information before the President, is not govof the United States to the protocol of the Court." erned by statesmen who have learned the lesson of
Announcement likewise was made that "the March the great war and are moved by a determination to
session of the Council adjourned late this afternoon" prevent another one. The sooner we abandon the
(March 18).
illusion the better. The peoples of Europe may desire disarmament, but their Governments are thinkNotwithstanding this action at Geneva, Washing- ing of national prestige and imperialist ambitions
ton appears to doubt that a disarmament conference and of setting up combinations and alliances which
actually will be held. Alanson B. Houghton, Am- will be able to face any other combination or allibassador to Great Britain, and Hugh S. Gibson, ance which an opposing group of nations may preMinister to Switzerland, according to Washington sent. They called a disarmament conference through
dispatches, brought a discouraging report to Presi- the League of Nations, not because they felt about
dent Coolidge and Secretary of State Kellogg rela- disarmament as the American people feel about distive to conditions in Europe. It was claimed in a armament, but because, under the Treaty of Verspecial Washington dispatch to the New York sailles, having compelled the disarmament of Ger"Times" on March 17 that,"although Secretary Kel- many, they were obligated to attempt their own
logg, Ambassador Houghton and Minister Gibson disarmament. Having called this conference merely
declined to make any statement with regard to the to fulfill their treaty obligations, they drew up an
character and scope of their conversations, it was agenda for it under which, in the opinion of the
apparent that the visit of Mr. Houghton and Mr. President's advisers, any agreement on disarmament
Gibson had assumed a greater importance than was was impossible."
attributed to it. No doubt seems to remain that the
chief officers of the Administration view the current
In a special Washington dispatch to the New York
happenings at Geneva with concern, with apprehen- "Times" yesterday morning it was stated that,
sion engendered that not merely the fate of the dis- "while word from Geneva that the Council of the
armament conference, in which President Coolidge League of Nations to-day had set May 17 for the first
has shown a deep sympathetic interest, but that the meeting of the Preparatory Commission on the prosuccess of the League of Nations, certainly so far as posed European disarmament conference was gratiAmerican public opinion is likely to appraise it, fying to Administration officials, they were taken
hangs in• the balance."
by surprise by the decision of the Council to convoke a conference at the Swiss capital on Sept. 1 in
The Washington representative of the New York an effort to reach an accord on the American reser"Evening Post" went much further in a dispatch the vations governing adherence to the World Court."
next day. He said in part: "The United States It was added that, "in the absence of definite infor
1520
THE CHRONICLE
mation officials withheld comment, but it became
evident to-night that they were at a loss to understand the meaning of the move. That quick advantage will be taken of it by the irreconcilables, who
aim to effect the withdrawal of the United States
from entry into the Court, was demonstrated when
Senator Reed of Missouri in the Senate to-day assailed both the League and the Court."
Official bank rates at leading European centres
continue to be quoted at 8% in Berlin; 71/
2% in Belgium; 7% in Italy; 6% in Paris and Norway; 5/
1
2%
in Denmark; 5% in London and Madrid; 4/
1
2% in
Sweden and 31/
2% in Holland and Switzerland. In
London open market discount rates were firmer and
finished at 4%@43
/
4% for short bills, as against
4 7-16@41/
2% last week, and 41/
2.% for three months'
bills, against 43
/
8(34 7-16% a week ago. Money on
call at the British centre was likewise firm early
in the week, touching 43
/
8%, but declined and closed
at 41/
8%, in comparison with 41/
4% last week.
In Paris and Switzerland the open market discounts
have not been changed from 43/
4% and 2%, respectively.
The Bank of England lost gold this week to the
amount of £30,862, the first decline in several weeks.
Note circulation, however, continues to decline as a
result of a decrease of £40,000, the reserve in gold
and notes in the banking department increased
£9,000. A slight lowering in the proportion of reserve to liabilities was reported, viz., 20.08%, as
against 20.20% a week ago. In the corresponding
week of 1925 the ratio stood at 197
/% and a year
earlier at 17%70. Public deposits were again materially expanded, increasing £3,057,000, while
"other" deposits fell £2,321,000. The Bank's temporary loans to the Government diminished £1,275,000. Loans on other securities, however, expanded
£1,994,000. Gold stocks aggregate £145,561,670,
which compares with £128,618,554 a year ago (before the transfer to the Bank of England of the £27,000,000 gold formerly held by the Redemption Account of the Currency Note issue), and £128,105,046 in 1924. Reserve totals £24,105,000, against
£24,294,619 in 1925 and £22,949,676 a year earlier.
Loans stand at £76,176,000, as compared with £76,349,489 and £76,748,003 one and two years ago, respectively, while note circulation is £141,206,000, in
comparison with £124,073,935 last year and £124,905,370.the year immediately preceding. Clearings
through the London banks for the week totaled
£726,849,000, which compares with £777,879,000 last
week and £741,008,000 a year ago. No change has
been made in the Bank's minimum discount from
5%, the rate prevailing for some time. We append
herewith comparisons of the different items of the
Bank of England return for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1924.
1925.
1926.
1923.
1922.
March 17. March 18. March 19. March 21. March 22.
b141,205.000
Circulation
Public deposits-- 10.813 000
100.202 000
Other deposits
Govern't securities_ 38,010.000
76,176,000
Other securities
Reserve notes & coin 21,105 000
Coln and bullion_ _8195,561.670
Proportion of reserve
20.08%
to liabilities
5%
Bank rate
121,073,935
13,752,406
108,508,333
39,891,830
76,349,489
2E294.619
128,618,554
121.905.370
23.997,991
105.795,098
48,357.455
76,748,003
22,949.676
128.105.046
123,198.570
24,128,920
102,643,570
48,529.200
72,435,936
24,062,950
127,511,520
121.701,000
2E859,788
120,330.265
48,465,365
85,396,923
25,525,318
128,779,763
1911%
5%
1711%
19%
3%
17.95%
914%
a Includes, beginning with April 29 1925, E27,000,000 gold coin and bullion
previously held as security for currency note issued and which was transferred to the
Bank of England cn the British Government's decision to return to told standard.
b Beginning with the statement for April 29 1925, includes £27,000,000 of Bank
at England notes issued in return for the same amount of gold Coln and bullion
held up to that time in redemption account of currency note issue.
[VOL. 122.
According to the weekly return of the Bank of
France, note circulation declined 252,562,000 francs,
reducing the total outstanding to 51,798,935,485
francs. Last year notes in circulation stood at
40,880,024,375 francs and the year before at 39,905,980,835 francs. The gold item shows a fu ther
small gain, namely, 4,950 francs. The Bank's gold
holdings, therefore, now aggregate 5,548,291,875
francs as compared with 5,545,904,836 francs for the
corresponding date last year and 5,541,640,171 francs
for the year previous. Of these amounts 1,864,320,907 francs were held abroad in each of the years 1926,
1925 and 1924. The French Government repaid
200,000,000 francs of its borrowings to the Bank,
reducing the total of advances to the State to 35,250,000,000 francs. During the week silver holdings
increased 869,000 francs, bills discounted gained
171,086,000 francs, and treasury deposits rose
11,595,000 francs. On the other hand, trade advances decreased 36,891,000 francs and general
deposits fell 150,957,000 francs. Comparison of the
different items in this week's return with the figures
of last week and the • corresponding dates in both
1925 and 1924 is as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for IVeek.
Mar. 171b26. Mar. 181925. Afar. 19 1924.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
Inc.
In France
4.950 3,683,970,968 3,681,583.928 3,677,319,263
Abroad
Unchanged 1.864,320,907 1,864,320,907 1,864,320,907
Total
Inc.
4,950 5,548.291,875
Silver
Inc.
869,000
329,700.009
Bilisdiseounted
Inc.171,088,000 3,236,909,196
Trade advances_._ _Dec. 38,891,000 2,487.381,779
Note circulation.. Dec252.562.000 51,798,935,485
Treasury deposits_ _Inc. 11,595,000
98,660.899
General deposits_Dee 150,957,000 2.673,310,823
Advances to State_ _Dec200,000,000 35,250,000,000
5,595,904,836
307.470,325
.5,756,010,134
3,053.305,745
40,880.024,375
13,136,553
2,090,737,096
21,800,000,000
6,541,690,171
297,821,975
5,071,167,526
2,474,833,607
39,905,980,835
56,957,200
2.896,993,502
22,900,000,000
The Imperial Bank of Germany in its statement,
issued as of March 15, reported a decline in note circulation of 125,201,000 marks, but at the same time
an expansion in other maturing obligations of 159,817,000 marks. Other liabilities increased 24,357,000 marks. On the assets side, there was an increase in holdings of bills of exchange and checks
of 7,679,000 marks, and in advances of 3,868,000
marks. Deposits held abroad increased 12,748,000
marks, reserve in foreign currencies 7,679,000 marks
and silver and other coins, 4,867,000 marks. Increases were also shown of 8,793,000 marks in notes
on other banks, 485,000 marks in investments and
2,569,000 marks in other assets. Gold and bullion
holdings showed a gain of 23,034,000 marks, which
brought the Bank's gold reserve up to 1,427,936,000
marks. Note circulation aggregates 2,604,506,000
marks.
The Federal Reserve Banks' weekly statements,
issued on Thursday, revealed continued shrinkage
in rediscounting, as well as open market operations,
and for the banks as a group, another gain in gold
of approximately $12,000,000. The report of the
System further shows that rediscounts of all classes
of paper were reduced $21,800,000, thus bringing
total bills discounted for the week down to $480,615,000, as compared with $502,425,000 last week.
Holdings of bills purchased in the open market declined $27,300,000. Total bills and securities (earning assets) decreased roughly $57,000,000, while deposits fell off $16,600,000. There was a contraction
of $12,500,000 in the amount of Federal Reserve
notes in actual circulation, but member bank reserve accounts increased $20,600,000. The New
York bank lost gold, albeit a small amount, namely
$997,000. Here, also, however, a heavy falling off
MAR. 20 1926.]
THE CHRONICLE
was shown in rediscounting of both Government
secured and "other" paper; $38,700,000 and $13,100,000, respectively, with a decrease in total bills
discounted of $51,800,000. Bill buying in the open
market was reduced $11,700,000. On the other hand,
total bills and securities increased $8,900,000 (as the
result of the issuance to the Bank by the United
States Treasury of a temporary Certificate of Indebtedness for $99,000,000 pending the collection
of the quarterly income taxes), and deposits $15,100,000. Federal Reserve notes in actual circulation
by the New York Reserve Bank remained almost stationary—increasing $463,000. Member bank reserve
accounts recorded an expansion of $15,200,000.
As
a result of the addition to gold reserves and smaller
deposits, the reserve ratio of the System advanced
1.0%, to 75.6%. At New York there was a shrinkage of a like amount-1.0%, to 77.8%.
Last Saturday's statement of the New York Clearing House banks and trust companies was featured
by another addition to surplus reserve of more than
$12,000,000. Loans expanded $2,576,000. Net demand deposits were reduced $25,374,000, while time
deposits increaEed $13,278,000, to $573,717,000. The
total of demand deposits is $4,383,441,000, exclusive
of $44,537,000 in Government deposits. Cash in
own vaults of members of the Federal Reserve Bank
fell off $547,000, to $48,341,000. This, however,
does not count as reserve. Reserves of State banks
and trust companies in own vaults declined $62,000
and reserves of these institutions kept in other depositaries fell $313,000. Member banks added to
their reserves in the Federal institution $9,762,000;
a factor that was responsible for the increase in surplus reserve of $12,220,840, bringing excess reserves
up to $27,095,680, as compared with $14,874,840 last
week. The calculation is on the basis of 13% legal
reserve requirements against demand deposits for
member banks of the Federal Reserve System, but
does not include $48,341,000 cash in own vault held
by these member banks on Saturday last.
1521
reported, reflecting larger earnings for last year and
confidence over prospects for this year. Mergers
continue to come forward in various lines, with the
exception of the railroads. They are still affected
by the adverse Nickel Plate decision of the InterState Commerce Commission.
Dealing with specific rates for money, the call
loan market has been motionless throughout, with
all loans placed at 44%, which compares with a
range of 4@4M% last week. In other words, from
Monday to Friday the only rate named has been
44%, this having been the high, low and renewal
basis during the entire period. Call funds were in
ample supply and in the outside market loans were
negotiated at 4%. For fixed date maturities there
was very little demand and trading was dull and
featureless. Toward the close there was a general
easing up as a result of unusually free offerings and
quotations declined to 44@4% for sixty days
and 432% for all maturities from ninety days to
six months, as compared with a range of 44.®5%
for short and long periods last week.
Commercial paper was inactive, although a good
demand was reported and high grade names were
readily absorbed. The supply of offerings, however,
was extremely limited. Both local and out-of-town
banks were among the buyers. Quotations have not
been changed from 44% for four to six months'
names of choice character, with names not so well
known still requiring 432%. New England mill
paper and the shorter choice names continue to
0.
pass at 4317
Banks' and bankers'-acceptances were in fair demand, although trading was restricted by lack of
offerings. Most of the business passing was for
account of country banks. The tone of the market
was easier, but actual rates remained unchanged.
For call loans against bankers' acceptances the
posted rate of the American Acceptance Council
continues at 34%. The Acceptance Council makes
the discount rate on prime bankers' acceptances
eligible for purchase by the Federal Reserve banks
3%
8% bid and 31A% asked for bills running 30 days_
bid and 3%8% asked for 60 and 90 days, 3%%
4
3
3
The local money market has experienced a nat- bid %
and 34% asked for 120 days,4% bid and 4%
ural reaction following the large interest and divi- asked for 150 days and 180 days. Open market
dend disbursements on March 15 and the further quotations are as follows:
SPOT DELIVERY.
heavy liquidation in stocks; and the heavy income
90 Days.
60 Da,.
30 D.
34@34
35“.
,3%
3% ,394
tax payments to the Government have been without Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
4%, while time loans
effect. Call money ruled at 41/
Eligible member banks
34 bid
dropped yesterday to 41/
2% for 60 days to 6 months. Eligible non-member banks
3% bid
Even at the lower level, the time money market was
There have been no changes this week in Federal
quiet. The slackening in some lines of general busiReserve
Bank rates. The following is the schedule
is
that
reported probably contributed its share
ness
of rates now in effect for the various classes of paper
to the generally easy monetary conditions. The ex- at the different Reserve banks:
tent to which loans have been affected by the liqui- DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
MARCH 19 1926.
dation in securities was shown by the Federal RePaper Maturing—
serve figures yesterday. They disclosed a decrease
After 90 A.lier
$163,000,000
nearly
for
the
week
on
the part of the
of
Days. but
but
Within 90 Days.
Within 6 Within 9
New York banks reporting. With the unsatis- FEDERAL RESERVE
Months. Months.
BANK.
factory stock market,from the point of view of those
Com'rcial Secured
Agric't & by U. S Bankers' Trade Agrlcul.• At:Heist*/
working for higher prices, the offerings of new seLivestock Govern't AccepAcre9and
and
Paper. Obtlyalances. tames. Livestock Livestock
curities fell off somewhat. Still, the aggregate was
ne.s.
lions.
Paper.
Paper.
4
4
4
4
4
a
by no means small, and embraced a wide variety of Boston
New York
4
4
4
4
4
4
Philadelphia
4
4
issues. Conflicting reports are coming to hand rel- Cleveland
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
ative to actual conditions in several important in- Richmond
Atlanta
4
4
4
6
4
4
Chicago
4
4
4
4
4
4
dustries, and also as to the nearby outlook. At best, St
Louis
4
4
4
4
4
4
Minneapolis
4
4
4
4
4
4
indications
that
trade
is
are
becoming
some- Kansas City
there
4
4
4
4
4
4
Dallas
4
4
4
4
4
4
loadings
Car
on
"spotty."
the
railroads
keep
4an Francisco
4
what
4
including bankers' acceptances drawn for an agricultural purpose and secured
up well. Further liberal dividend increases, both by•warelionsernsesipta.
&a.
industrial
corporations
and
,
been
have
railroad
by
1522
THE CHRONICLE
['Vu. 122.
In the Continental exchanges the event of the week
Sterling exchange was neglected and the small upand-down movements that characterized the week's was the unlooked for crash in the value of Antwerp
dealings attracted very little attention. The whole francs, which, after nearly six months of practical
market was dull and featureless with traders almost stability, slumped about 50 points from the pre3
The break occurred on Monwholly absorbed in the wild changes that have been vious level of 4 53%.
taking place in values of Belgian francs. Neverthe- day with almost startling suddenness and immeless, sterling, price levels were well maintained and diately following cable advices to the effect that
demand rates ruled throughout between 4 85 11-16 serious difficulties had arisen over Belgium's budget
and 4 85 27-32. Offerings of commercial bills were between the Belgian Government and the bankers
light and buying usually adequate. The unexpected engaged in arranging details for the proposed Belgian
debacle in Belgian francs, coming at a time when it loan. Coupled with this was the circulation of
was believed that Belgium had turned the corner and rumors that the stabilization credits granted the
was on the high road to financial recovery, was a Belgian Government some time ago had been comkeen disappointment to local bankers and financiers, pletely exhausted; and this in conjunction with the
and the resultant effect for a time was to depress strain of the Geneva situation and the sharp recesthe tone of sterling, although, as already indicated, sions in French francs, all served to undermine confiactual price changes were small. Later on, when the dence, and precipitated a sort of semi-panic. Violent
first shock of surprise had subsided, a better feeling fluctuations ensued that carried Belgian franc quobegan to prevail, and it was felt that the break had tations down from 4 52% to 4 03; back to 4 24, only
been considerably overdone, especially as Belgium's to drop again to 4 13; then crash through the 4.00
economic and financial position is considered pre- mark to 3.96, or the lowest point touched since the
collapse in the spring of 1924, with the close about
eminently sound.
So far as sterling itself is concerned, despite the 4.01. Quotations moved up and down with great
very apparent lack of interest shown, there is a very rapidity as a result of frenzied attempts to sell,
well defined feeling that price levels will be well interspersed by spurts of short covering and occamaintained if they do not actually move higher. sional buying by interests who regarded the deThus far the dreaded Indian demand for gold has cline as unwarranted. It should be noted, howfailed to assume the large proportions feared some ever, that most of the excitement and the bulk
weeks back, while labor conditions, though still un- of the trading took place in London, which
settled, give better promise of satisfactory readjust- appeared to be the seat of the disturbance. Cerment in the not distant future. It is noted that tainly London dealers were responsible for a large
whereas before the war sterling rates were weakest proportion of the demoralizing selling. Local operfrom the latter part of December until well into May, ators took only a minor part in the proceedings and
firmness in these later years is apt to set in around price changes here simply reflected developments
abroad. Those familiar with inside affairs in Europe
the end of February.
Referring to quotations in greater detail, sterling claim that the advance in the discount of the Naexchange on Saturday last was a shade easier and tional Bank of Belgium last week to 732% ought to
demand sold at 4 85% (one rate), cable transfers at have been interpreted as a danger signal, and no
4 863/i and sixty days at 4 823/
2; trading was inactive., doubt was so regarded in some quarters since the
On Monday there was a further fractional decline to advance was followed by the putting out of large
4 85 11-16 for demand, partly in sympathy with the quantities of Belgian franc futures, which naturally
slump in Belgian francs; the high was 4 85%, while reduced the rate to well below the spot figure and
cable transfers ranged between 4 86 1-16 and 4 863'g thus led to the liquidation of heavy holdings
2; the volume of of Belgian exchange. The incident revived stateand sixty days at 4 82 7-16@4 823/
business transacted was small. Moderate improve- ments put forth months ago as to the doubtful wisdom
ment set in on Tuesday, so that demand covered a of stabilizing francs at so high a level. Later in the
range of 4 85 11-16@4 85 25-32, cable transfers week, when part of the hysteria had died down, it
4 86 1-16@4 86 5-16 and sixty days 4 82 7-16@ began to be rumored that Antwerp currency would
4 82 17-32; the market, however, continued inactive. likely be stabilized at around 4 04, as Belgium's
Wednesday the undertone was firm and rates moved position is economically sound. Much will depend
up on quiet trading to 4 85%@4 85 27-32 for demc nd, upon the success attained in floating new loans to
2@ replace the exhausted stabilization credits, also, to a
4 863/@4 86 7-32 for cable transfers and 4 823/
4 82 19-32 for sixty days. Sterling was dull, but lesser extent, rehabilitation of French financial
steady on Thursday and demand sold at 4 85%@ affairs.
The feverish unsettlement displayed by Belgian
4 85 13-16, cable transfers at 4 86%@4 86 3-16 and
sixty days at 4 823/
2@4 82 9-16. Friday's market francs affected adversely the remainder of the Eurowas inactive and unchanged, with quoted rates still pean list and French francs, as well as Italian lire,
86 3-16 were under considerable selling pressure, although
at 4 85%@4 85 13-16 for demand, 4 86/@4
1
for cable transfers and 4 823"@4 82 9-16 for sixty price changes were relatively small. Very little
days. Closing quotations were 4 82 9-16 for sixty progress has been made this week in straightening
days, 4 85 13-16 for demand and 4 86 3-16 for cable out France's tangled finances, and publication of
transfers. Commercialsight billsfinished at 4 8511-16, unfavorable February foreign trade figures helped
sixty days at 4 82 1-16, ninety days at 4 81 5-16, increase the depression and led to a drop of about
documents for payment (sixty days) at 4 82 5-16 and 10 points to 3.52, although later part of the loss was
seven-day grain bills at 4 84 9-16. Cotton and grain recovered. Trading was sporadic and the market is
still in a waiting attitude. Practically no hope is
for payment closed at 4 85 11-16.
entertained
of securing a vote on the budget or even
week
No gold engagements were noted during the
tax legislation before Easter, while
passing
special
of
either for export or import. The Bank of England
unions
in
France
are said to be asking for wage
labor
reported sales of gold bars to the amount of E120,000.
increases. Considerable official support was neces
MAR. 20 1926.)
'VHE CHRONTCL2
sitated to prevent depreciation. The same is true
of lire, which were held at around 4.00% to 4.01,
on quiet trading. German and Austrian currencies
remained motionless. Greek currency opened and
ruled for a time at f.40, but later declined to 1.353/
2.
The minor Central European exchanges were dull
and about steady; except Polish zloties, which dropped
back 50 points to 12.50, then closed at 12.75.
The London check rate on Paris finished at 1 36.63,
against 1 33.28 last week. In New York sight bills
2,against 3.633;
on the French centre closed at 3.523/
2; commercial
cable transfers at 3.5332, against 3.643/
sight bills at 3.513/
2, against 3.643i, and commercial
sixty days at 3.47, against 3.579 a week ago.
Closing rates on Antwerp francs were 4.003/ for
checks and 4.013/ for cable transfers. This compares
with 4.52% and 4.534
7 a week earlier. Reichsmarks
continue to be quoted at 23.81 (one rate) for both
checks and cable transfers. Austrian exchange is now
quoted in shillings, the par being 14.07 per shilling
and the trading rate 143/s. Lire closed at 4.01 for
bankers' sight bills and at 4.02 for cable transfers.
Last week the close was .4.00% and 4.01%. Exchange on Czechoslovakia finished at 2.963..(, against
2.96%; on Bucharest at 0.423/
2, against 0.423, and
on Finland at 2.52, against 2.523. Polish zloties
closed at 12.75, against 12.70 last week. Greek
exchange finished at 1.353/
2 for checks and at 1.36
for cable transfers, as contrasted with 1.393( and
1.39% the preceding week.
Movements in the neutral exchanges, formerly
so-called, were not particularly significant. The
undertone of the market was depressed by the drop
in Belgian francs and declines were registered in a
number of currencies, notably Norway, which broke
no less than 58 points, to 21.12, chiefly on active
selling in London, with few takers. Danish and
Swedish exchanges were steady at close to the levels
of the previous week. Guilders remain dull at within
a point or two of 40.05. Swiss francs ruled at 19.243.
then closed higher at 19.253/2. Pesetas were quiet
and still quoted around 14.08; all on a narrow volume
of featureless trading.
Bankers' sight on Amsterdam finished at 40.059,
against 40.05%; cable transfers at 40.073
%, against
40.07%; commercial sight bills at 39.973, against
3 and commercial sixty days at
39.97%,
39.619,
against 39.613
% last week. Final quotations on Swiss
francs were 19.253/2 for bankers' sight bills and
19.263/i for cable transfers, which compares with
19.243" and 19.253/i a week ago. Copenhagen checks
finished at 26.19 and cable transfers at 26.23, against
26.26 and 26.30. Checks on Sweden closed at 26.77
and cable transfers at 26.81, against 26.78 and 26.82,
while checks on Norway finished at 21.41 and cable
transfers at 21.45, against 21.863/i and. 21.9O3.
Spanish pesetas closed at 14.0814 for checks and at
14.103/ for cable transfers, as contrasted with 14.08
and 14.10 the previous week.
With regard to South American exchange, renewed weakness made itself felt in Argentine pesos,
which broke to 39.07 for checks and to 39.11 for
cable transfers, then rallied and closed at 39.50 and
39.55, as compared with 39.75 and 39.80 a week
ago. Much of the weakness is ascribed to speculative
maneuvering. It is claimed that this currency
had been built up too high in the expectation of
crops for export. The reaction of this week is,
therefore, due to the general belief that currencies
1523
have been moved up too far. The same is true of
Brazil exchange, although to a lesser extent. Brazilian
milreis closed at 14.31 for checks and 14.36 for cable
transfers, against 14.43 and 14.48. Chilean exchange
was steady and closed at 12.05, as against 12.01 last
week. Peru was easier, finishing at 3.85, against
3.90 last week.
Far Eastern exchange was dull, at close to the
levels prevailing a week earlier. Hong Kong finished at 56%@56%, against 5631.@56%; Shanghai,
733.@733/2, the same as a week ago; Yokohama,
453'2@45%,against 45%@)4532; Manila,49/
5 s@49%,
against 49%@49 15-16; Singapore, 57@573,
against 56%@57; Bombay, 36%@37, against 37(4),
%@)36%,against 36%(4)37.
373'1,and Calcutta, 363
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
MARCH 13 1926 TO MARCH 19 1926, INCLUSIVE.
Noon Busing Rate for Cable Transfers tn New York.
Value in United States Mona.
Country and Monet
Unit.
Mar. 13. Mar. 15. Mar. 16. Mar.17. Mar.18. Mar.19,
EUROPE$
Austria, whaling
5.14057
Belgium, fmtno
0454
Bulgaria, lev
.007188
Czechoslovakia, kron .029618
Denmark, krone
.2626
England. pound
ling
8610
Finland. markka
025214
France. franc
0363
Germany, reichsmark. .2380
Greece. drachma
.014066
Holland, guilder
.4006
Hungary. pang o
.1754
Italy, lira
.0402
Norway. krone
.2183
Poland. zloty
.1259
Portugal. escudo
.0513
Rumania.leu
.004237
Spain. peseta
.1409
Sweden,krona
.2681
Switzerland, franc.-- .1925
Yugoslavia, dinar
.017611
ASIAChinaChefoo, tael
.7583
Hankow,tael
.7513
Shanghai, tael
.7279
Tientsin, tael
.7688
Hong Kong. dollar. .5604
Mexican dollar
.5294
Tientsin or Pelyang,
dollar
.5350
Yuan, dollar
.5479
India, rupee
.3671
Japan, yen
.4537
Stngapore(S.S.). do
.5663
NORTH AMER.Canada, dollar
.996514
Cuba. peso
999531
Mexico. peso
485000
Newfoundland. dolla .993938
SOUTH AMER.Argentina. peso (gold) .9018
Brazil, mllrels
1457
Chile. Peso (Inner)._ .1203
Urturt ay. peso
1022.1
•-....
$
$
$
8
II
8.14069 8.14051 8.14058 $.14058 6.1407Y
.0417
.0417
.0402
.0403
0402
.007246 .007214 .007214 .007221 .007194
.029618 .029617 .029619 .029617 .029618
.2618
.2618
.2623
.2617
.2623
.8605
.025223
.0360
.2380
.013985
.4005
.1754
.0400
.2169
.1278
.0513
.004230
.1409
.2681
.1925
.017628
4.8604
4.8615
4.8614
4.8611
.025220 .025217 .025220 .025218'
.0361
.0357
.0358
.0355
2380
.2380
.2380
.2381
.013975 .013844 .013704 013628
.4007
.4005
.4008
.4005
.1755
.1758
.1758.
.1755
.0402
.0401
.0402
.0401
.2131
.2159
.2151
.2148
.1241
.1286
.1249
.1268
.0513
.0514
.0513
.0514
.004228 .004227 .004214 .004218
.1408
.1408
.1410
.1410
.2680
.2680
.2680
.2680
.1925
.1925
.1925
.1925
.017613 .017613 .017617 .017606
.7554
.7509
.7276
.7654
.5573
.5270
.7567
.7508
.7273
.7654
.5581
.5280
.7590
.7519
7282
.7669
.5615
.5283
.7588
.7517
.7280
.7667
.5625
.5244
.7563
.7503
.7273
.7654
.5609
.5246
.5308
.5438
.3668
.4540
.5663
.5325
.5454
.3662
.4530
.5658
.5329
.5458
.3659
4514
.5663
.5338
.5433
.3644
.4528
.5658
.5
.5458
.3643
.4524
.5663
.996419
.999156
.485167
.993828
.996154
.999469
.485000
.993938
.996286
.999469
.485333
.994125
.996038
.999469
.485500
.993750
.996205
.999406
.485667
.993750
.8985
.1455
.1204
1 11911
.8807
.1432
.1206
10172
.8911
.1445
.1205
1 0155
.8980
.1437
.1208
1.0174
.8962
.1442
.1210
1.0220
•One Debating Is equivalent to 10,000 paper crowns.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $3,887,144 net in cash as a result of the currency movements for the week ended March 19.
Their receipts from the interior have aggregated
$4,879,644, while the shipments have reached $992,500, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended March 19.
Banks'Interior movement
Into
Banks.
$4,879.644
Out of
Banks.
Gain or Lou
H Saab.
6992,500 Gain 63.887.148
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
1524
THE CHRONICLE
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANb
AT CLEARING HOUSE.
[voi.. 122.
shall some time know, whether it acted for itself or
as the catspaw of some other Power or some group of
8afurday. Monday, Tuesday, Arwthesdle. Thursday, Friday,
Aggregate
Powers. Whatever the motive, its course lays it
Mar. 13. Mar. 15. Mar. 16. Mar. 17. Mar. 18. Mar. 19.
far Week.
fairly open to condemnation, and the repercussions
89.000.000 102,000 000 125,000000 114.000 000 125.000000 101 000000 Or 653 000 000
of its conduct at Geneva will, be felt throughout
Note.—The foregoing heavy credits reflect the huge mass of eheckx which come
to the New York Reserve Bank from all parts of the country in the operation of South America
and in the future relations between
the Federal Reserve System's par collection scheme. These large credit balances.
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented in the South American States and the League. The
the daily balances. The large volume of cheeks on institutions located outside of
New York are not accounted for in arriving at these balances, as such cheeks do report that Spain, which did not withdraw its cannot pass through the Clearing House but are deposited with the Federa, Reserve
didacy, apparently stood ready to do what Brazil
Bank for collection for the account of the local Clearing House banks.
---t
did, does not exculpate Brazil, and on the surface
The following table indicates the amount of bul- Brazil is the scapegoat and will be made to bear as
much of the burden of odium as the other Powers
lion in the principal European banks:
shall succeed in heaping upon it.
March 18 1926.
March 19 1925.
Banks of
This is only the surface, however. The real reGold.
Total.
Gold.
Total.
StIrer.
sponsibility is elsewhere. However overweening the
£
£
£
£
£
England __ 145,561,67
145,561.670 128,618,554
128,618,554 ambition of Brazil may have been to play a greater
France a__ 147,358,839 13,160,000 160,518,83 147,263,357 12.280,000159.543.357
Germany c 55,211,75
d994,600 56,206,350 35,568.500
994,600 36.563.100 part than formerly in the affairs of the League, there
Asia -Hun.. b2,000,000
b2,000,00 b2.000,000
b
b2,000,000
Spain
101.475.00 26.451.
127.926.000 101,440,000 26.133,0001127.573.000 is small reason to suppose that it
would have inItaly
35,687,000 3.410.
39.097,000 35,585,000 3.362,000 38.947,000
Netherl'ds 35,870,000 2322,00 37.992.000 42.010,000 1,700,000 43.740.000 sisted so stubbornly
upon its claims if other Powers
Nat. Belg_ 10.954,000 3.658.00 14,612.000 10.891.000 3.002,000 13.893.000
Switzerl'd. 16.685,000 3,709,000 20,394,1i i 19.189.00 3,599,000 22.788.000
of far greater consequence had not set the fatal exSweden..
12,763.000
12.763,001 13,000,000
13.000.000
Denmark _ 11,623,0
842,000 12.465,000 11,637.000
919,000 12,556.000 ample. What that example was, the
record of events
Norway___ 8.180,000
8,180,000 8.180,000
8,180,000
Total week 583,369,256 54.346,600 337,715.851 555.412.411 51,989,600 307.402.011 clearly shows. The responsibility for the Geneva
Prey. week 583.162.973 54,514,600 337,677.573.555.669,684 52.183.600607,8.53.284
catastrophe rests primarily with France, which, by
a Gold holdings of the Bank of France this year are exclusive of £74,572,835
held abroad. b No recent figures. c Gold holdings of the Bank of Germany this championing the claims of its ally, Poland, to a peryear are exolusive of £15,033,350 held abroad. d As of Oct. 7 1924.
manent seat in the Council, made itself the dominating factor in a political move whose main object
The Breakdown at Geneva and Its
was to reconstruct the membership of the Council to
Consequences.
Germany's disadvantage, and to seize the occasion
The extraordinary session of the Assembly of the of Germany's application for admission as
the opLeague of Nations which was called for the express portune moment for putting through the
scheme.
purpose of admitting Germany to the League of Had not France, with M. Briand as its spokesman
Nations, in accordance with the assurances given and leader, thrown its whole weight on the Polish
to Germany at Locarno, adjourned on Wednesday side, the demand of Poland, and the demands
of
with Germany still out of the League. After ten Brazil and Spain as well, would unquestiona
bly
days of wrangling, the Council found itself unable to have been withdrawn under pressure
from the Powsettle the controversy which had developed over the ers. To the policy of France, admittedly
in contraproposed enlargement of the Council of the League vention of the assurances given to
Germany at Loand the distribution of permanent seats therein, and carno, the British Government, in the
person of Sir
until the Council had acted the Assembly could not Austen Chamberlain, became virtually
committed,
proceed. Accordingly, the matter has been post- while to that which France coveted and
Great Britponed until September, the question of enlarging the ain was willing to aid, Mussolini
hastened to give
Council being in the meantime relegated to the con- his support. These are the essentials
of the Geneva
sideration of a commission. The German delegates, story. Germany is to-day outside
the League bewhose conduct apparently has been free from criti- cause the three Power's which have
dominated the
cism, have gone home empty-handed, save for some League from the beginning, and
whose wishes should
fine phrases doubtless intended to console them in naturally, under ordinary
circumstances, entitle
their disappointment and rebuff. Whatever the re- them to superior weight, have
given their active supception accorded to them by the Reichstag or the port to a movement to impose
new and extraneous
people of Germany, they at least will have nothing conditions to the admission of
Germany to membersave a straight story to tell and an honorable atti- ship in the League Council. The efforts
to place the
tude to defend. The representatives of the other chief responsibility elsewhere, or to
make it appear
Powers who mixed in the controversy will be kept that this or that large question of
general League
busy for a time in explaining why and how it all policy was involved, are
only clumsy attempts to
happened, with the possibility that their reports conceal from the world the game nationalistic polof
may precipitate more than one change of Govern- itics that was
being played, to the discredit of the
ment before the Assembly reconvenes in September. players and the
debasement of the League.
No one who has followed with an open mind the
What lay back of the extraordinary course which
proceedings at Geneva, as they have been reported the three. Powers
pursued was the thing against
from day to day (and no meeting of the League has which President Wilson repeatedly
protested, and
been more fully reported in the American press), the achievement of which he -did his
best to circumshould find any difficulty in making a just ap- vent. The struggle at Geneva, as
the whole world
praisal of the merits of the dispute, or in putting the now perceives, was a struggle for the restoration of
blame for the catastrophe exactly where it belongs. the old idea of balance of power.
Never has the
Technically and formally, the offending State is League appeared less a genuine
association of naBrazil, which stubbornly refused to abate its de- tions, never have its supposed authority and remand for a permanent seat in the Council as its sourcefulness appeared more impotent, than when
price for approving the entry of Germany into the it was faced with schemes for the re-establishment
League with a permanent place in the Council. Pre- of a political system which President Wilson rightly
cisely what motives determined the action of Brazil branded as discredited, and which he declared ought
is not clear, nor do we yet know, as we doubtless under no circumstances to be allowed to return.
MAR. 20 1926.]
THE CHRONICLE
1525
With the Locarno treaties only a few months old, the League Council and to continue his efforts to
and with the memory of M. Briand's cordial maintain the balance of power. All this, however, is
expression regarding Germany and the "new of the future. The immediate lesson, writ large on the
spirit" fresh in mind, the League of Nations face of the record made at Geneva, is the complete
was confronted with a scheme to maintain the futility of the League as a device for insuring interpeace of Europe by grouping Germany's for national peace and cultivating the spirit of intermer enemies in allied camps, and balancing one national good-will, and the deliberate return to the
group against another. Such a policy is the natural balance of power as the means of regulating the reconsequence of the Little Entente among the Balkan 'aliens between States. The former may perhaps be
Powers and Mussolini's recent appeal for a Latin dismissed as no more than a grievous disappointunion against Germany, and it is the only policy, ment of high and generous hopes, but the latter is a
apparently, upon which the Powers feel disposed to world calamity.
rely, but it is the negation of the League idea and the
certain enemy of international peace. The "new
world order" which the war was supposed to have "Out Where the West Begins"—Helping the
Farmer.
ushered in turns out to be only the old order rethe
In
the
sower goes forth to scatter
springtime
vamped, and the "Locarno spirit" appears as little
the
in
The black loam, turned and
seed
good
ground.
better than a form of words. For all practical purleveled;
striding forward with
figure,
the
sturdy
poses, Europe is back where it was before the war,
the
rhythmic
swinging
arm;
benignant
sky overhead
with nationalistic enmities and rivalries, and politthe
and
beneath;
earth
trustworthy
these
constitute
ical suspicions and ambitions, unfurling their standa
will
a
picture
that
endure
and
type
through
the
peace.
ards in the capital of international
ages.
It
matters
not
the
that
good
grain
now
is
of
the
calamitous
consequences
immediate
The
break-down at Geneva will show ;themselves widely. drilled in by machinery, the modern farmer is essenThe prestige of the League has received a severe blow, tially the husbandman of old, and the elements that
he combines in primal production are unchanged and
and the statesman will indeed be hardy who shall
undertake now to defend it as a peace agency. The unchangeable. Man's law and his government can
Locarno agreements are under a cloud, and the sin- never alter the ancient equation. The man needs the
soil and the soil needs the man. They are brothers
cerity of the statesmen who signed them, apart from
working in and by and under the natui al law. And
If
exists
still
impugned.
been
there
Germany, has
it
follows that in the exchange and commerce that
opinion
body
respectable
a
of
States
United
in the
the governing power, to at least a guiding exensue,
that desires to see the United States a member of
tent,
in this solitary union of man and nature.
lies
the League, its spirit may well have been broken
No
no
man,
law, no Government, can grow figs from
by the spectacle of a nationalistic squabble which
thistles.
The
seed that falls in stony places will not
well-informed American correspondents, to a man,
if,
thrive.
And
"out where the West begins," there
have not hesitated to describe in unbridled terms.
is
and
corn
wheat
and.grass lands, man alters them
American adhesion to the World Court, if so be it
at
peril.
his
as an individual tied to the
Therefore,
resoluthat the reservations imposed by the Senate
he
soil,
follow
the
cannot
acreage limitations set
will
become
Council,
the
by
tion are swallowed
henceforth a matter of misgiving, for the Court is a for him by the combinations of theorists who would,
creation of the League, and the League is in con- from their remote heights, fit production to contempt. The gloomy accounts which Mr. Houghton and sumption in order to fix price. He cannot impose
Mr. Gibson are reported to have given to President his will upon the will of the soil. By a small margin
Coolidge regarding the actual political situation in he can resist the quality of the soil he tills, but if
Europe, while on the surface containing nothing that he defies it utterly by growing wheat on land best
was not already known or widely suspected, are adapted to corn he defeats his own best prospects
such as to justify the firm continuance of a policy of and in the end shatters the dream of price by attempting to fit production to an estimated consumpcomplete independence in European relations.
It would be gratifying to be able to hope that, in tion. The talent that is given him lies in the quality
the six months which must elapse before the League of the soil over which ownership gives him personal
is again convened, the Powers which are responsible power.
It happens that at this sowing time of the year,
for the Geneva fiasco may come to their senses and
in the vast stretches of the Middle West thouwhen
exert themselves to undo the mischief that has been
sands
of farmers are in the fields, there exists at
done. Unfortunately, there is little in the situation
in the halls of legislation a deep yearnWashington
at the moment to sustain the hope. The Mussolini
Eolitary figure who trusts in God •and
this
for
ing
Government is still in the saddle, and to build an
bright. It is a curious anomplowshares
his
keeps
a
of
Italian empire or a Latin union on the ruins
worker who goes forth in the
seasonal
this
that
aly
apparnot,
formal
peace
European
would
merely
sows snail
ently, be out of harmony with the Mussolini policy. morning with confident heart that 1 e who
of
theories
the
to
listen
should
accordingly
Sir Austen Chamberlain may have the fight of his reap
they
do
neither
sow,
not
do
lilies,
the
like
who,
political life in defending himself before the House those
is it that it may be doubted that
of Commons, but it is not yet certain that Premier reap. So anomalous
as he does to the murmurings
carefully
as
listens
he
Baldwin will repudiate him or that the Conservative
the melodies of the winds,
earth,
quickening
the
of
majority in the Commons will withhold its support.
the falling rains. If he
of
music
plangent
the
and
M. Briand, upon whose shoulders the heaviest
if he waits for the fixburden rests, has actually obtained a breath- works not in the springtime,
legislative friends and by his
ing space sufficient to enable'him to win ing of prices by his
knows better than he
approval of his new Ministry, so that, for political benefactors, no one
he may hope
Whatever
vain.
in
that he will wait
the moment at least, he would seem to be
in God and
trust
first
his
puts
he
Congress,
his views regarding for from
in a position further to advance
1526
THE CHRONICLE
[Vou 122.
his own right hand. He sows that he may reap. He
He hears what Congress so generously and symis alertly aware that as far as his own personal in- pathetically says about the creation
of "co-operative
terezt is concerned it is better to have two bushels marketing associations" to 'take care
of the "farm
of good grain at the market price than one bushel surplus," but he tries to make sure that
his own farm
at a fixed price that may materialize and may not. produces a surplus. He is not averse to
associations
He knows that his own farm is the only one over that will aid him in selling, but he is shy
when he is
which he has personal control. He knows that while asked to take stock in a corporation
organized to
he may associate with his neighbor to produce a take over a string of elevators at a faney figure.
He
given amount of grain he must thereby give up some is not averse to high prices, but when he has
to pay
of his independence and sacrifice some of the power for them himself through a revolving
fund drawn
that lies in his own soil. And he knows that these from his sales tickets at the market-place
to enable
far-off estimates of total consumption are so distant the Government or some legalized Commissi
on to peg
from his own acres that he is trusting his own for- the price or to take over the "surplus"
he does not
tunes, his own possibilities, to a supposition that is unanimously follow his self-constituted
leaders who
a mere mass of figures. And so he works on, in much are in charge of the farmers' organizations.
He has
the same old way, and does what he can to produce heard of the plan of an erstwhile Secretary
of Agria good crop, knowing the uncertainties of his call- culture friend to fix the minimum price
(to be maining, yet never doubting the returns of the soil be- tained by an excise tax of one-half of
one per cent,
neath and the sky overhead.
on the "value of the annual marketable crop" as comIt also happens that the time the Capitol at Wash- puted by the Commission) for wool at 40
cents, for
ington is dripping grief there comes a smash in butter at 40 cents, for cotton at 25 cents,
for wheat
stocks in "Wall Street." Now the gentle, unsuspect- at $1 25 and for corn at 65 cents." And he
wonders,
ing farmer "out where the West begins" has been in his hard-headed simplicity, what effect
such a
taught in divers and sundry political campaigns "standardization".of price will have on
the local
that this region in the City of Greater New York prices for domestic consumption. And he
feels, in
has many of the characteristics Dante found in his his contemplative moments, that some time or other
explorations and Dore subsequently pictured, but he may yet be forced to pray for relief from
his
he does not altogether believe it, for he sometimes friends. He has his mental reservations, has this
takes a "flyer" in stocks himself, though this is the farmer of many friends. He does not enter Leagues,
exception, not the rule. And so, in keeping with the by any new name, without them. And
despite his
idea that the best of us secretly and subconsciously waning propensity to join in politically
-bred asso"rejoice a little over the misfortunes of our friends," ciations, he does not surrender his
individual indehe smiles when the speculative house of cards comes pendence and his free thought and action
thereby.
tumbling down on the heads of those who built it. The National Industrial Conference has
lately found
In a small way he, too, has "lost his stake"; but he that this farmer, nurtured in the
concentrative siknows that this is foreign to his sowing and reap- lences of nature, is more "radical" than
the city
ing, save that it induces him to work the harder. It dweller, nourished on the confusing
noises of roar:
may and does affect the price of grain, though he ing industries where the bright lights
twinkle in the
has little usually to sell in the spring of the year. sign-boards and the "million lilied"
Milky Way of
What troubles him most is the periodical "boom" in the night-sky is obscured by the electric
glare of the
land values he cannot prevent and to which he, being earthly Great White Way, but he cannot
prevent it.
human, too often succumbs. When the land boom- He knows he is something of a myth
to his friends
ers are shouting at every crossroads, he catches the the investigators. He has, if it must
be told, a prospeculation fever unbeknown to himself; and too found sense of his own reality. And
no real thing
often for his own good sells at high price and then, is ever much disturbed by the fables
of the statistisick at health, buys at a still higher, and so comes cians. Modest as he is, often unused
to the ways of
to grief when the mortgage falls due. He knows, as the log-roller reformers who sound the
loud tocsin
he meditates in the long furrows, that all these of Middle West revolt, he deems himself
a useful citibooms are apart from the ancient and honored voca- zen of the Republic, entitled for what he is
and what
tion of producing food for the human race. He he does to the respect of all good men and
true. And
knows, in the midst of the percentages of returns he is not quite carried away by what others
think of
which his friends figure out, even what the National him and proclaim what they would do for
him.
Industrial Conference does not seem to appreciate,
So, in the springtime, the sower goes forth to
that he is sure of his own living—though all the scatter the gain in good ground! Leagues
of Nabooms burst and cloture be never invoked against tions may fail and Locarno treaties
fall into prethose in legislative halls who would, by law, line mature desuetude, but they raise no
crops on the
his meagre purse with abundant gold. He feels that American prairies. As was asked once
of the nervhe is not perforce a wage-earner, compelled to ad- ous but puissant State of Kansas, one
hundred and
vance the price of his toil by strikes and picketing. ten millions of his countrymen may
always ask in
This, he senses, belongs to the East, an environ of the smiling springtime: What's the
matter with the
"Wall Street"; where population congests; where Western farmer? When the cobwebs
are all blown
rents are high and skyscrapers abound; and where away there is nothing much the matter
with him
the "protective tariff" flourishes as a green bay tree, save that he works and never strikes. Downtrodden
about the only tree that will grow in the exhausted and oppressed and poor, as the myth-makers
see him,
soil. Thus, when the bluebird sings, albeit the March he is nevertheless the ground-sill of all prosperity,
winds twist and turn like Satan, he fastens his the food-maker of the nation, the tireless toiler of
thought on good seed and gathers a spirit of inde- the finest valley of earth, with courage in his heart
pendence from the sunshine and the soil. While and God for his friend. And he will always "get
Congress talks he works. Anomalous, but quite along," despite the theorists, reformers, lawmakers
true.
and organizers. If, perchance, in the legislative
MAR. 20 1926.]
THE CHRONICLE
mania for the Governmental lifting of all men by
their boot-straps, he complains of certain injustices,
such as the "protective tariff," he is not really pleading that this false favoritism be bestowed upon himself. Having good, common sense he sometimes wonders at the sudden zeal for railroad "consolidations"
while the magnificent system of natural waterways
goes unimproved. He uses, to a not alarming extent, Land banks and Intermediate Credit banks
provided for him in a burst of political generosity.
But of the thirty thousand local banks, a large proportion in his own territory, which he helped to create and now uses with satisfaction, he may now
seem indifferently concerned. If, however, by any
Congressional fumbling "branch banking" should
be saddled on him with a prospective financial domination, he will some day turn and rend the system
responsible for it and scatter it to the four winds.
What this real farmer of the West resents, albeit
unconsciously, is this effusive political friendship
which would set him apart as a class to be coddled
and patronized by laws and bureaus. He is somewhat suspicious of patent nostrums. He works in
all kinds of weather, fights weeds, insects and rust
that destroy, and he asks only justice, not condescension in the guise of helpfulness. If he were a believer
in the efficiency of Governmental intervention he
would soon become a slack worker and some day "lay
down on his job." Does he? If these moving figures
in the fields in spring could be visualized on a small
canvas what fine duty and conscientious toil and untiring endeavor would the panorama disclose! Not
a class to be mourned over by politicians, but a body
of citizens to be respected and consulted on all occasions of State affairs. Hungry unions clamoring
for increases in already inordinate pay, long lines
of jeering "picketing" iconoclasts, stuffed prophets
of reform in stifling halls, and eloquent sophists in
legislatures, these are not native to the West—
where the bannered armies of the Corn march in
solid ranks to the Rockies and the billowy seas of
Wheat wash waves of gold over all the valleys. With
such strength and mind, such opportunity and environment, such potential power and decisive determination, taught in the school of nature and learned
in the lore of fields, woods and streams, this real
farmer asks no pitying favors from any class, section, organization or self-constituted political or
legislative friend. Is it any wonder that he wonders
why favors are showered on others?
Some poet has said that generations rise and fall
like billows on the ocean. And it is true that races
migrate, continents are peopled, and Governments
appear and disappear. But within the few centuries
coming, upon which we may now speculate, what
of this vast valley of the Mississippi that forms the
heart of our nation? Surely as the decades hurry
by, the residue of its rich production will fall down
upon the new generations that till the soil in this
inexhaustible reservoir of wealth. Already it is a
growing market-place for the bonds that feed the
factories of the East. And as credit and consumption link these two areas in profit and amity, sectionalism and class will disappear in an indissoluble
union of strength and independence. It is sometimes seemingly apparent that the Western farmer
better appreciates this than does his Eastern brother.
But if this be not so, it cannot but be true that setting him apart as a class, when at last financial dominance does come to him and his fellow-workers, will
1527
not make the way easier or the result more abiding.
He is a farmer-citizen not a farmer-crank; a worker,
not a beggar for the crumbs of the overburdened legislative table; and a voter, who, if he brushes aside
the details of economic speculation, can the more
surely come to the core of the truth of economic conditions. And so, self-reliant and sincere, the Sower
goes forth in the springtime!
The Making of Political Issues.
Announcement in the Washington dispatches that
after the disposal of the tax bill the Democrats in
Congress contemplated unified action to the end of
creating political issues for the fall elections was
doubtless a discerning and true statement. But the
best laid plans "gang aft awry." And as the election approaches the people may well consider the
origin of the political issues they will be called upon
to endorse or reject. This origin is not easy to define.
Currently, in a democratic form of government,
and in a two-party system, it would appear that the
rank and file on the respective sides make the issues.
Going deeper than this it would appear that the
people experience some overshadowing need that can
only be brought about by government; or that the
Government has proved faulty or inefficient and
must be amended or reconstructed; or that a party
in power, responsible for the conduct of the Government, is recreant, morally or financially, to its
trust. But none of these "issues" ever are clearly
defined, free from temporary alignments and qualifying details. As so often said it is largely true that
great principles of statesmanship are no more.
We cannot argue from this that experience has
perfected our form of government, or that we are
no longer in need as a people of vital and revivifying principles. Rather the reverse. Few can doubt
that we need some powerful issues that will rescue
us from the mass of details and temporary expediencies in which we are enmeshed. We stand at the
dividing of the ways. Behind us lie the simplicity
and comprehensiveness of a theory of Government
as servant, not master, as agency and not principal,
and as limited and not autocratic. In front of us
lie the complexities of a growth and development
that seems to call for definite action by Government
in the interest of the people lest they be undone by
their own energies and destroyed by their own untrammeled progress. To a small extent this condition appears in and influences the two parties of
to-day. But there is so much of sectionalism and
class interest in evidence that the natural distinction is not sharp. Both the parties have swung from
their historic moorings. And it may be said also
that each is swerved by the calls of partisan success. Furthermore, it is questioned whether there
are great leaders, as of old, to formulate paramount
issues, that should emerge from present conditions
and imperative needs. These principles and these
leaders may exemplify themselves either in the executive or legislative division of the Government.
But the important question is can they do so unless
the people themselves, in contemplative mood, can
see the Government whole and rise above party interest?
Moves upon the Senate chessboard for position in
which to meet an election cannot develop great principles of government in the very nature of things.
1528
THE CHRONICLE.
[VoL. 122.
As to this, the Senate itself is becoming an issue as New times make new demands. But as a people we
yet only hinted at and not paramount in politics. cannot blindly run any course that the winds of
No one will deny that the overwhelming questions, chance compel and preserve the fundamental printhe comprehensive issues, rarely take predominance ciples embodied in the present form of government.
in party platforms. For instance, in view of pro- Is this a Government by and for free electors poshibition, one party might be dry and the other wet. sessed of personal rights guaranteed by the limitaBut such a contention would not more than touch tions put upon Government in the original concepthe surface of an abiding and tremendous question: tion as expressed in a written and therefore ines"Are we going to end in summary manner the creep- capable Constitution? Or is it a thing of shreds and
ing and continual creation of Boards and Commis- patches, a conglomeration of Boards and Commissions that steal away the personal guaranteed rights sions, a law-made tyrant, holding in its clutches the
of the people in and under a limited form of Govern- social conduct of citizens, and their daily business
ment?" ;We would get some of the argument in cam- procedure?
paign discussions, but the imperative gravity of an
We attained a small degree of this consideration
explicit declaration we would be likely to escape. A in the last election, and whether the voters realized
short time has elapsed when, due to some over-vig- the full import, it is recorded that they voted overorous Chief Executives, it was said that the Presi- whelmingly for limitations in Government. And
dent was more powerful than any ruler in the world this is a far more comprehensive issue than the old
and was overshadowing Congress if not in fact con- States rights question, though that is in part emtrolling it. Now, it is beginning to dawn on the bodied therein. And strange as it may seem, the
people that Congress, and especially the Senate, is party that the most nearly met the issue was not the
the overruling and arrogant power, vesting through former State's rights party. What we are endeavorBoards and Commissions new duties upon a tech- ing to suggest is that just as in law-making a multinically, already, Autocrat. But how get this into a plicity of detail obscures principle so manufactured,
platform, how get it specifically before the elec- issues framed by investigations, partisan uproar,
torate?
and the expediency of party charge and counterAgain, owing to the clamorous appeal of Western charge, obscure the great issues that affect all the
farmers (millions are quietly sowing and reaping) people. And the peoplemay be depended upon to
and in their behalf of Northwestern Senators and discern "whither" the Government is tending, and
Representatives, there is believed to be a paramount to sweep aside the fog of partisan campaign-making,
question of "farmer relief." Dire political revolu- for they are yet loyal to its principles and purpose.
tion is predicted unless "something is done." Peril, They make and meet the issue—whatever the parheaving up like a tornado-cloud on the prairies, is ties may do. It is said of Mr. Coolidge that he is an
said to threaten the "Administration." And prob- "enigma." But the important thing is to ask: Does
ably, no matter what instant laws are enacted, there he cling to the great underlying principles or is he
will be a stirring plank in this behalf. But does this tossed about on the waves of party expediency?
touch the growing power of sectionalism, which, if Congress may submit a Constitutional Amendment
not some time, and perhaps soon, abandoned, will as to the date of succession, but is that comparable
disrupt the Government in reality as a unified power to an amendment that overrules the States in the
and purpose if not physically and geographically. administration of property, in the control and suIn face of this fact, will either of these two great pervision of education, and in the assertion of the
parties embody a plank in its coming platform that rights and duties of parents touching child labor?
will declare anew the principle of unionism? Will
Nothing is more essential to the full and free life
there be a statement anywhere that to legislate for of the people than banking, credit and currency.
a class or a section is rank favoritism and not in None of these is a function of Government. Yet the
keeping with an indissoluble union of indestructible dead past is strewn with the wrecks of party atStates? In the light of these conditions petty, in- tempts to fasten them in and upon Government.
deed, must be the efforts of any party to manufac- Each of these looms in the present. And owing to
ture ammunition for a campaign through legisla- complications that are the outcome of growth and
tion in any form. And puerile must be the loud- development, each is involved in what, owing to legsounding "Investigations" intended to show that islative effort, may be made a party issue. But shall
"big business" is defiant of law and Courts and that not the people stand upon the base rock that bankby a policy of party encouragement "monopolies" ing, credit and currency are prerogatives of the
people in their free commerce and finance and not
are throttling the free life of the people.
While the people are not too easily fooled as to the functions of a servant-Government? Obscure this
worth of big business and consolidated corporations, as may be by partisan expedients, tactics, laws, if
as witness the last election, they may be drawn tem- you will, still the people will not surrender these
porarily from the main issue, in a single campaign, rights without a tremendous struggle.
And so we may conclude, as we do of laws, that
by the loud shouting over a minor matter. Reaction
was heralded as a prospective issue. But since we uness party issues grow out of actual, tangible wants
have no other foundation than the past those who and needs of the people in their natural life-functionwould have us turn utterly to the future do not make ing, individually and collectively, they will serve no
any very triumphant headway. The past is past— good purpose to any political organization. If they
and we must go forward; but to throw away experi- are in conformity to natural law their success is a
ence and deny truth merely to embrace an uncharted mere accord with the wishes and wants of the citicourse in an unexplored country in the magic name zenry, if they are not they fail, and though through
of Progress is not likely ever to capture the sober the fortunes of politics they for a time prevail they
thought of the people. It rather failed in the last ultimately overthrow the party that sponsors them.
contest. Reaction as a political thought does not And lastly, we may say that unless principles shall
mean that the past is either sacred or impeccable. be clearly enunciated and sustained the futile ef-
MAR. 20 1926.]
THE CHRONICLE
forts of party leaders to coin issues out of partisan
tactics will fail. We have a, surfeit of law-making.
We have a plethora of "investigations." We have
an insidious encroachment of Socialism and autocracy in our affairs. The party that will stand fast
—that will turn away from favoritism to class and
section—that will hold to a past that has functioned
well, that will confront a future bravely and yet cautiously, that party will have vitalissues that will win,
Some Advanced Thought of To-Day.
We reviewed in our issue of Oct. 3 1925 the problems of the New Philosophy in its bearing upon life.
As they are receiving wide attention, we return to
the subject to cover late material,
This is found in a successful series of books, small
enough to be read by the busiest men and in a form
to challenge attention, published by E. P. Dutton
& Co. They deal with,the questions of the hour that
are of permanent interest and present the thought
of men most worthy to be heard upon underlying
principles and scientific facts as now known.
We select three of the attractive books which may
be set together as bearing upon the great business
of life, and give a brief outline of them as suggestive of the series,
The first is "Hephaestus," or "The Soul of the
Machine," by Dr. Fournier d'Albe, an English scientist. He takes for his book the name of the "God of
Fire," later known as Vulcan, who eventually dommated Olympus and established awe-inspiring vol• canos like Etna and Stromboli, and kept them at full
blast until Paul of Tarsus came with his claim to
have found "the unknown God," who was to establish a new Roman dominion to take the place of the
Empire of the Caesars. Vulcan's fires are still dominant in the great forces which drive the machinery
of modern life and substantiate the materialistic
aspect of all existence. Thus stating his case, our
author proceeds to deal with it. The great question
is: Will man survive? In the midst of these vast
forces of the material universe is there to be seen
any loss of man's power of resistance or in the
trustworthiness of his impulses, or any deteriora
tion in his ability to survive in full possession of
himself?
If man, as we all believe, is to be recognized as an
individual and the ultimate agency in whatever the
race is to accomplish, and, beyond that, as himself
the finest product, the highest attainment of the
system, we must be slow to accept the conception
that he is only a part of the machine, and that even
when he makes use of fire, which has fusing and
transforming power in the world about him, he is
only resorting to what is the same element, or its
counterpart within himself. If this is true, it is
difficult to prove that in the multiplication of machinery and the organization of power, of which so
much is made to-day, there is to be found a corresponding progress in Man, in happiness or in what
must be regarded as the realm of the spirit, and his
attainment of that existence to which he looks for.
ward as the home of the soul. It is difficult to see
how upon his conception of an "organized and unilied earth," the protoplasm of the race will build a
"supernatural edifice which in its full beauty and
perfection will be nothing less than divine."
The difficulties in the way are set forth in "Tantalus," or the "Future of Man," by Dr. F. C. S.
Schiller of Oxford. He finds his theme in the story
1529
of the poor man who had offended Zeus and was
condemned to the pit where drink and food should continually appear but never come within his reach.
He sees the man of to-day, even the successful rich
man, as the modern Tantalus. The tree that bears
the fruit he desires is the Tree of Knowledge; the
water at his feet trampled into mud is the "Elixir
of Life"; the barrier that confines him is built of the
debris of his animal life, and Forgetfulness envelops
him. Then our author proceeds to discuss the life
of to-day.
Man, he says, has pushed on his knowledge, his
culture, his power over nature, because he has devised institutions which have created a continuous
social memory that defies death. The wise and the
best must perish; in civilization the baby is relieved
from his hereditary ignorance by the apparatus which
h
has come down to him, and is potentially the heir
of such wisdom as man has accumulated. Language
extends the possibility of united action, and writing
p
permits a record of what is worth remembering.
Upon these two inventions are built all the intricate
structures, social, religious, political, which knit
together human society and permit an accumulated
knowledge. Consequently, knowledge and education
of a sort have become world-wide. But these can
readily be rendered useless by the perversity of human nature. Many may defeat all.
He proceeds to show how men are doing this.
There is a common tendency. Human institutions
incline to get clogged with their own waste products.
Churches may be seen by formalism and the elaborateness of their worship becoming deadeners of religion. Civil government, which is essential to)mman society, becomes the entrenched fortress of corruption and graft. The school blunts the desire for
knowledge, and educational systems may be seen to
be the chief enemies of education. Culture is often
embalmed by its reserve and held as a paddock for
the chosen few. As a matter of fact, faith cannot be
pinned to the actual working of existing educational
institutions nor business integrity to the perfection
of industrial or commercial establishments. The
more expert a man is, the more authoritative; the
more of a specialist, the narrower and the more enwrapped in the mysteries of technical jargon. Religion perishes in ritual and dogma; Science is degraded into assumption; Logic becomes formal nonsense; and Experts in affairs take to mathematical
formulae and are content w..hen they have constructed
"graphs" and curves. Human institutions are social
mechanism,and, unless intelligently supervised, tend
to become repressive and destructive.
Consequently, our author concludes, modern man •
is not intrinsically better than his fathers; it is probable that as a race,we are slightly inferior to our
ancestors, and markedly so to the great races of
antiquity at their best, e. g. the Greeks; our civilization carries within it the seeds of its own decay and
destruction.
He sees, however, that we may not despair, possibility of redemption in a revival of Christian ethics,
which will be difficult, and, therefore, in what is
safer though slower, a eugenic reform and reconstruction of our social organization. Eugenics may
lead to a smaller proportion of undesirables; and
the social temper, it is to be hoped, will become more
intelligent and reasonable than it has been. Psychology, the science of human mentality, now deplorably backward, may become more competent
1530
THE CHRONICLE
and join to help "poor Tantalus to muddle along for
a good while yet."
Before we close our learned books and "take to the
woods," we turn to "Quo Vadimus?" "Some
Glimpses of the Future," or, as we may put it,
"What are we up against?" by our first author,
Dr.Fournier d'Albe. He looks up and not down, and
is therefore disposed to be more cheerful. He turns
his eyes to the heavens and notes that the age of the
stellar universe is put by science at "seven million
million years." Over against this the age of the
human race is thought to be some 500,000 years.
There is evidently a good deal of patience to be recognized in the existing movement. A counterpart
of this is found in an insatiable interest in the minds
of men concerning what lies beyond. Furthermore,
in certain countries, e. g. England, great advance has
been made by men, advance toward perfection, toward happiness, a fuller and more enduring life.
He quotes Professor Haldane, the biologist, for the
statement that physiology will eventually invade
and destroy mathematical physics, and that the
speeding up of the whole nervous system and the
brightening of the intelligence of all but an insignificant fraction of the population has produced a
more agile generation. If the profound difference
can be made in 20 years, as it has been, what will be
the effect of even 200 years of continually accelerated progress!
Unless the "Russian blight" extends over Europe
and America (we may add that it seems to be changing for the better in Russia), we may look forward,
our author believes, to a long era of steadily accelerated progress. The form of that progress is varied.
The greatest material change is in transportation, as
increasing intercourse and enlarging the sphere both
of man's effective operation and of personal influ-
[voL. 122.
ence. It stimulates enterprise and adds value to
every form of productive industry. It multiplies
experience and raises the temperature of national
life. The amenities of private life in housing, clothing,light and heat, and personal privacy, are marked.
The care and education of children are receiving
constant attention; their conduct and progress will
be more assured. Co-operation and improved machinery are working highly important and what will
be surely recognized as beneficial changes in the
conditions and character of Labor. A new spirit is
already powerfully felt in all its relations with Capital as place is made for its individual advance and
co-operating activity.
Civil government cannot fail to be helped by the
general advance. Almost every discovery of science
and invention makes the maintenance of public
order and security easier, however disturbing its introduction in any given community may be.
In all this, historical guidance fails us, for progress is in many directions both revolutionary and
rapid; witness for a single instance, the amazing
widening of the power of hearing, of sight, and of
speech. Who can fix a limit? War may not soon
cease to be possible, but it will cease when it is seen
to mean loss to every belligerent and to the whole
world. The unification of the earth which is being
accomplished puts its energies more and more under
the direction of man for his service. It is not necessary to assume, as our author does, that the earth
will have become a "sentient being," with man as
the "gray matter of its brain."
Fortunately for our peace of mind, we do not have
to visualize in what, and when, progress in material
things will result. We know that man is not of the
earth, earthy; that "God is in His heaven and it is
right with the world"; and "Love never fails."
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Mar. 19 1926.
the recent abnormally cold
that
enough
plain
still
It is
weather, together with the bad conditions of many of the
in. roads at the West and South, has had a more or less
jurious effect on trade. It is significant that retail business
makes the poorest showing in the interior. It is admitted,
better
too, that wholesale trade which at one time made a
exhibit than at the same time last year, is no better now
than it was then. The low temperatures all over the country have been the subject of general remark and undoubtedly have tended to cut down transactions both at wholesale
and retail, apart from the storms which have intensified
the effect of such conditions. And there is no doubt that
the decline in the stock market, which has latterly been
resumed, has had a certain moral effect on the country
not at all to the advantage of general trade. The situation
In Europe is in some respects deplorable. Besides the break
of late in Belgian francs, French francs to-day dropped to
a new low level, not only in Paris, but in New York. Premier Briand won a vote of confidence in the French Parliament the other day,, but it is admitted that the question
of French finances will be the crucial one in the immequestion
diate future of French affairs. An even graver
been
is that of the League of Nations, in which there has
of
citizens
the
make
to
tends
that
quarreling
of
an amount
United States
this country more pleased than ever that the
Senate blocked the plan some years ago to have this counseems to have degenerated
try enter the League. It now
European council and it is
a
like
much
very
something
into
war have been taken
none too clear that the lessons of the
have
been. And now a
should
they
as
heart,
to
thoroughly
for the meeting of the
date in September has been fixed
on DisarmaLeague of Nations Preparatory Commission
ment, with a suggestion that the United States explain to
the League Council its reservations to the League Court
protocol. This action was apparently not expected by the
United States Government at this time. The whole thing,
together with the recent bickering in Geneva, tends to make
the average American citizen recall George Washington's
advice to his countrymen: "Friendly relations with all,
entangling alliances with none." It will need a firm hand
and plain speech at Washington to make it clear to Europe
that this country is not going to enter into any dubious
agreements with foreign nations, or for that matter into
any new relations at all, unless and until there is a dispositi,on in foreign countries to get together, drop squabbling
and take sin'cere, honest and decisive steps looking to disarmament and peace with the ultimate goal of abolishing
war as civilization advances. It is the •cloud in Europe
which has been reflected more or less in all the markets at
home and abroad, directly or indirectly. It is true that
London to-day was in a more cheerful mood because there Is
to be no engineering strike, but curiously enough, is surprised at the American dissatisfaction with the outlook in
Europe.
The grain markets were rather chaotic to-day, with a
break of 5 to 7 cents in wheat and a sharp decline also in
other grain. The drop in wheat was due to declining for:
eign markets and a sudden falling off in the export demand after foreign buying on Wednesday estimated at as
high as 4,000,000 bushels. One reason for the decline, too,
was the generally favorable weather of late in the winter
wheat belt. It is on some accounts regrettable that prices
of corn have fallen during the week some 4 to 5 cents.
Corn planting is making rapid progress in the Southwest,
and there is no great demand for this grain at the present
time. There was also a sharp decline in rye and other
MAR. 20 1926.]
THE CHRONICLE
1531
grain, for which there is little or no export demand. Cotton increased. In New York City unemployment was heavy in
has declined somewhat during the week, but on the whole women's wear industry during February, while men's clothhas shown a steadiness that has mystified a good many in ing industries resumed normal operations. There was a
the trade. They stress the dulness of raw and manufac- slight improvement in other manufacturing activities.
Charlotte, N. C., wired that "despite curtailment talk
tured cotton at home and abroad, the big stocks, and the
Indications that the next acreage will again be large. It carded yarn production is not being reduced much. The
curtailment
would seem that for the time being, at any rate, all the con- combed yarn mills in Gaston County began a
curtailditions making for lower prices have been at least to a con- on Monday, over 1,000,000 spindles being affected,
siderable extent discounted, with prices 6 to 12 cents lower ing one day a week." Other Charlotte advices said that
bethan in recent years and the new crop months selling at con- no other short-time operations have taken place there
full-time
siderable discounts under the old. Coffee has dropped yond those in the combed yarn mills, and that the
sharply, as Brazil has shown an anxiety to sell and Bra- operations since the first of the year have not yet created
zilian markets have fallen. Supplies are plentiful and heavy yarn stocks. Greenville, N. C., wired that while no
dealers in this country evidently prefer the hand-to-mouth mills there have as yet curtailed their output, there is evipolicy of buying. Raw sugar has been active at about dence that such a program is to be carried out The cloth
steady prices for prompt delivery, though futures have de- market is bad. Textile mill employment in general showed
clined under what looked like heavy liquidation, in the a slight improvement during February as compared with
presence of large supplies. Refiners have had a larger trade January, with the exception of the New Jersey district,
at 5 cents for prompt delivery. Rubber has been firm here according to a survey just made public by the Department
and in London, even though trading has not been on a large of Labor.
Passaic, N. J., wired March 15 that 800 strikers, after a
scale. There is certainly no burdensome supply, and it will
take the American consumer some time to arrange for new meeting in Garfield, marched to East Paterson to picket the
sources of production. Steel plants are said to be working mills of the National Silk Dyeing Co., but were stopped by
at 95% of capacity, with the structural and tin plate mills the Sheriff and a posse. A delegation of strikers went to
the most active. But it seems clear enough that prices are see President Coolidge, but the President did not receive
no more than steady if even that much can be said of the them. Burlap prices declined again and are 30% below
quotations in all departments of the business. For pig iron the high of two months ago.
It has been cold here during the week, with snow flurries
there is talk of a larger inquiry here, but here, again, prices
far
seem inclined to weaken as trade in the main halts. The on the 16th inst. The temperatures continued to be
38
production of hard coal is increasing, even if that of soft below the normal. On the 17th inst. they were 21 to
average
the
below
degrees
12
or
30,
of
average
an
or
degrees,
of
tendency
coal has fallen off. It would seem that the
the average
coal prices is on the whole downward. There is a larger on the same date last year and 18 degrees below
was 22 to
it
Chicago
At
past
years
40
for
date
same
the
on
and
fertilizers
of
true
is
trade in hardware, and the same
farm implements. The business in staple cottons is rather 44, at Cleveland, 18 to 36; at Indianapolis, 26 to 48; at Kansmall. Raw wool has been declining and there is no pro- sas City, 34 to 74; at Milwaukee, 16 to 44; at Philadelphia,
nounced improvement in woolen goods. The situation in 24 to 42; at St Paul, 24 to 50. Some think the winter has
this line, in fact, still leaves very much to be desired. At seen its worst. The last three or four snowfalls have been
automobile centres operations are on a big scale. There is light. It was milder here on the 18th inst., reaching 49
considerable building being done where the weather per- degrees at 2.40 p. m., with the lowest 31 degrees. To-day
mits, but bad conditions have recently curtailed this work. was clear and rather springlike. It was warmer in the
40 in Chicago,
The buying of lumber, however, is on a larger scale than cotton States and mild in the grain belt, with
Abilene and
at
74
also
at
46
Minneapolis,
Cincinnati,
in
66
a year ago. The car loadings thus far this year slightly exat 3 p. m. 42.
ceed those up to the same time last year. After all, the Miami. Here, to-day, at 4 p. m. it was 40;
aggregate trade of the country is large. For the second The forecast is cloudy and warmer.
month this year, however, the foreign trade in February
showed an excess of imports over exports, this time of $36,Domestic Business Conditions According to the
000,000, making an excess for two months of about $55,Government.
000,000. Money has been lower, but with the rate steady
Further figures on February business conditions show
enough to-day at 4%. Not only stocks, but bonds, declined
increases over a year ago in the consumption of cotton by
to-day. As heretofore, however, the solid securities of the
textile mills, in the production of Douglas fir lumber and
of
no
give
bad account
list
themselves. Fundamentally,
newsprint paper, in car loadings of merchandise, and in the
the business situation in this country is sound, regardless
value and square footage of new building contracts awarded.
of the drastic and, it must be added, corrective liquidation
Newspaper advertising also showed an increase over Februin some branches of the stock market.
ary 1925, while declines from a year ago were noted in the
London cabled that lockout notices which would have
output of copper, in the production of California redwood
thrown 1,000,000 men in engineering trades out of work
lumber, North Carolina pine and maple flooring, cement
and created havoc in Great Britain, will be withdrawn by
production and in the sales of mechanical stokers, says the
employers. The withdrawal is a victory for the employstatement of the Department released for publication to-day
ers, for the announcement was accompanied by a statement
(March 20).
that 900 striking employees of the Hoe Printing Press Co.
As compared with the preceding month, increases were
would return to work.
noted in February in the sales of mechanical stokers and in
Fall River wired that operations have been resumed in the production of Douglas fir and North Carolina pine,
the No. 2 Stafford mill. 'New Bedford, Mass., estimated while declines occurred in car loadings, consumption of cotthat artificial silk is taking the place of at least 75,000 ton, production of copper, the output of maple flooring, and
bales of cotton annually in the mills of that section. New cement, newspaper advertising and in the production of
Hampshire cotton mills are running at 80% against 40% a newsprint paper, most of the declines from the previous
year ago. The Amoskeag Co. sounded a note of optimism month being very largely due to seasonal considerations as
at a meeting of the workers' congress in Manchester, N. H., well as the shorter month.
when it'told delegates that prospects are good for worsted
lines and that the corporation's rayon cloth product is on
Slight Decline in Wholesale Prices in February.
a par with any on the market The Amoskeag cotton mill
workers have decided by vote to continue until October 1
A slight decline in the general level of wholesale prices from
the present wage agreement which expires April 1. This January to February is shown by information gathered in
means that the 10% reduction in wages which went into leading markets by the Bureau of Labor Statistics of the
effect Oct. 1 will be retained by the thousands of Amoskeag United States Department of Labor. The Bureau's weighted
operatives. To-day the Amoskeag mills, it is stated, will index number, which includes 404 commodities or price
put in operation 1,500 additional looms on ginghams. The series, registered 155 for February, compared with 156 for
tendency is towards better trade. It is not pronounced, but the preceding month. Compared with February 1925, with
that is the trend. The Amoskeag has about 10,000 operatives an index number of 160.6, there was a decrease of 33%.
at work. The Devonshire mills at Goff Falls, N. H., are now In stating this on March 18, the Department adds:
Farm products and foods declined appreciably below the level of January.
producing only about 10% of their normal output. In VerSlightly lower prices were reported also for clothing materials, metals,
mont textile part time operations continue. In Maine part building materials, chemicals and drugs, and housefurnishing goods.
time operations are in effect Working quotas were slightly In the group of miscellaneous commodities, due to reduced prices of cattle
1532
THE CHRONICLE
Croups and Subgroups.
1925.
1926.
February. January. February.
149.9
163.5
135.9
155.4
153.2
149.0
151.2
156.8
183
185.1
170.0
204.9
175.1
179.4
•
203.1
154.1
128.4
136.1
111.5
177.1
191.1
205.6
129.1
164.8
132.3
119.5
113.1
182.9
163.9
143.7
229.8
132.9
117.6
140.1
187.8
116.9
155.0
•Insufficient data.
Decrease in Retail Food Prices in February
as
pared with January-Advances Over Prices
Com-
of Year Ago.
•
The retail food index issued by the Bureau
of Labor Statistics of the United States Department of Labor shows for
February 15 1926 a decrease of over 1M% since Jan. 15
1926;
an increase of over 63/2% since Feb. 15 1925; and an increase
of nearly 67% since Feb. 15 1913. The index number
(1913=100.0) was 164.3 in January and 161.5 in February
1926. The Department's statement in the matter, made
public March 18, also states:
During the month from Jan. 15 1926 to Feb. 15 1926, 19 articles on
which prices are secured decreased, as follows: Strictly fresh eggs,
19%;
storage eggs, 15%; ills roast, leg of lamb, butter, navy beans, potatoes
and
canned tomatoes, 2%;round steak, pork chops, lard, baked
beans, canned
corn, canned peas, and oranges, 1%; sirloin steak, oleomargarin
e, cheese
and bananas, less than five-tenths of 1%. Nine articles increased:
Cabbage, 14%; flour, 2%; plate beef, bacon, ham, hens, canned red
salmon,
and raisins, 1%;and tea, less than five-tenths of 1%. The following fifteen
articles showed no change in the month: Chuck roast, fresh milk,
evaporated milk, vegetable lard substitute, bread, cornmeal, rolled oats, corn
flakes, wheat cereal, macaroni, rice, onions, granulated sugar, coffee
and
prunes.
Changes in Retail Prices of Food, by Cities.
During the month from Jan. 15 1926 to Feb. 15 1926 the average cost
of food decreased in all cities, as follows: Atlanta, Dallas, Detroit, Houston,
Indianapolis, Jacksonville, Newark and New Orleans, 3%; Birmingham
,
Boston, Bridgeport, Buffalo, Denver, Fall River, Kansas City, Little Rock,
Louisville, Memphis, Milwaukee, Minneapolis, Norfolk, Omaha, Peoria,
Philadelphia. Pittsburgh, Richmond, Rochester, St. Louis, St. Paul, San
Francisco, Springfield, Ill., and Washington, 2%; Baltimore, Butte,
Charleston. S. 0.. Chicago. Cincinnati, Cleveland. Columbus, Los Angeles,
Manchester, Mobile, New Haven, New York, Portland, Me., Portland,
Ore., Providence. Savannah, Scranton and Seattle, 1%; and Salt Lake
City less than five-tenths of 1%.
For the year period February 1925 to February 1926, 50 of the 51 cities
showed increases: Jacksonville, 11%; Columbus, Detroit, Indianapolis
and Savannah, 10%; Atlanta, Buffalo, Cincinnati, Cleveland, Minneapolis,
Omaha and St. Paul, 9%; Bridgeport, Charleston, S. C., Chicago, Fall
River. New Haven. Philadelphia, Providence and St. Louis, 8%; Baltimore, Boston, Kansas City, Louisville, Milwaukee, New York, Norfolk,
Peoria, Pittsburgh, Richmond, Rochester, Springfield, Ill., and Washington, 7%; Denver, Manchester, Memphis and Scranton, 6%; Birmingham, Little Rock, Mobile, Newark and Portland, Me.,5%;Portland, Oro.,
4%; Houston, New Orleans and San Francisco, 3%; Butte, Los Angeles
and Seattle, 2%;and Dallas, 1%. In Salt Lake City there was a decrease
of 2% in the year.
As compared with the average cost in the year 1913, food in February
1926 was 72% higher in Chicago; 71% in Detroit and Richmond; 70% in
Washington; 69% in Birmingham; 68% in Baltimore and Buffalo; 67%
in Charleston, S. C.. and Scranton; 66% in Providence; 65% in Atlanta,
New York and St. Louis; 64% in Boston. New Haven, Philadelphia and
Pittsburgh; 63% in Cincinnati and Jacksonville; 62% in Cleveland; 61%
In Fall River. Milwaukee, Minneapolis and Omaha; 60% in Kansas City;
59% in Manchester; 57% in Louisville and New Orleans; 56% in Indianapolis; 55% in Dallas; 53% in Memphis, Newark and San Francisco; 52% in
Little Rock: 48% in Seattle; 46% in Los Angeles; 44% in Denver; 41% in
Portland, Ore.; and 36% in Salt Lake City. Prices were not obtained from
Bridgeport, Butte, Columbus, Houston, Mobile, Norfolk, Peoria, Portland,
Me., Rochester, St. Paul, Savannah and Springfield, Ill., in 1913, hence no
comparison for the 13-year period can be given for those cities.
The Bureau furnishes the following index numbers of
retail food prices:
July
August
September
October
November
December
Ryes
153.9149.3144.4 129.4 109.9 130.5 137.: 166.2 118.4 162.1
152.4 148.0142.9 127.5 109.9 127.1 135.6 165.1 113.9 164.:
153.1 148.4 144.4 128.8 109.9 128.1 134. 163.6 110.8168.5
155.9150.7 146.5 130.6 109.9 136.7 134.1 164.7108.9169.
159. 155.3148.5133.1 110.7 142.4 133.7164.7108.21 1
160.2156.1 148.5 132.5 109.1 143.8 184.1 165.8 107.0 168.5
160.2155.2147.0 131.3 108.3 144.3134.8 168.2 108.2 165.7
160.2156.1 147.0 131.3 108.3 165.7141.9 173.2122.2 163.
158.3153.8 146.5 130.6 109.1 170.5 145.6 174.3 126.6 165.7
155.9151.1 144.4 129.4 108.3 178.6 148.5 175.1 135.4 164.:
152.4 147.5 142.4 127.5 109.1 150.5 148.5 174.7 141.8 162.1
150.4 145.3 141.4 126.3 108.3 139.5 147.8 173.2 139.9161.•
ter
160.1
157.2
151.4
130.8
120.4
128.9
129.9
126.1
126.6
125.1
127.7
137.1
Average for yr. 155.9151.6 145.5 130.0 l09.1'146.7 139.6 168.4 120.3
165.7 138.6 185.0
1925.
January
152.4 147.1 143.9 128.1 109.9I 146.2 149.3 177.0 144.3
168.1 204.4186.0
February
151.6 146.6 143.4 127.5 109.1 144.3150.7 178.8 144.3
.• 164.8182.1
March
155.9 150.7 147.0 131.3 111.6 178.1 164.4 190.3 148.2173.2113
.3144.9
April
159.1 155.2 150.0 135.0 114.1 175.2 172.6 198.9 146.
110.4 139.2
177.9
May
160.6 157.0 150.5138.1 115.7 171.4 171.9 197.0143.0177. 113.. 135.5
June
161.4 157.8 150.5136.3 114.0172.4 173.7 197.0 144.917
3 2 122 6 137.6
July
166.1 163.7 153.5 140.0115.7186.7 180.4 202.2 148.7
August
165.4 162.3 153.0 138.1 114.9 190.5 182.6204.1 153. 171.:.133.9 13 .
170.1 141.7141.8
September
163.8 159 6 51 5 137 5 114.9 192.4 183.0 204.1 151. 171.8180.4
145.7
October
162.2 158.7151 0 137.5 116.5186.2 183.7 101.9
vnvember ___. 158.7 154.3 149.0 135.0 116.5 178.6 182.2 198.9 152. 171.4 174.8155.1
147.. 168.1 201.2 155.9
December
158.7154.3149.5 134.4 116.5 170.0 180.0197.4
143.0171.4 191.9153.0
Average for yr- 159.8 155.6 149.5 135.0114.1 174.3 173.0195.5
147.5171 :161.0143.1
1926
January
160.6 157.0 151.6138.1 119.8 173.8 178.5 198.1 141.1
181. 158. 144.7
February
159.8156.1 148.01138.1 120.7 172.9 181.1 199.3139.OJl8I.e
127.0142 3
•
'
Year
C'oris-
and Month
1934
January
February
March
April
May
June
July
August
September._.
October
November
December....
11.1,
R,
1,
..)ko.)a.o.oamonwato.o
151.8
169.7
129.5
163.4
156.2
150.7
152.8
160.9
185.5
186.1
172.5
206.7
177.9
176.5
•
203.2
148.1
128.9
136.7
111.7
177.9
111.6
205.5
129.1
166.0
133.2
121.6
111.9
183.0
164.9
144.7
230.6
135.3
129.9
140.1
181.5
121.2
156.0
86t
Ham bard He
1924
January
February
March
April
May
June
otoiM.m.iwiaaor.t-rCODOC.0.0.0.0,
161.5
198.7
126.9
175.7
156.9
141.6
147.7
168.1
191.0
185.9
181.3
218.9
168.5
177.5
224.9
196
154.8
135.6
146.1
112.4
182.8
197.5
208.5
135.7
169.6
134.5
126.8
106.0
180.3
172.5
153.5
234.9
124.5
130.0
153.2
158.1
104.9
160.6
Year
Stan RatedJ Rib ant& Platel Porkl
and Month. Steak &eak Roast Roast Beef rops
:!!
4
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Meats
Butter, cheese and milk
Other foods
Clothing materials
Boots and shoes
Cotton goods
Woolen and worsted goods "
Silk, &c
Fuels
Anthracite COM
Bituminous coal
Other fuels
Metals and moral products
Iron and steel
Nonferrous metals
Building materials
Lumber
Brick
Structural steel
Other building materials
Chemicals and drugs
Chemicals
Fertilizer materials
Drugs and pharmaceuticals
Housefurnishing goods
Furniture
Furnishings
Miscellaneous
Cattle feed
Leather
Paper and pulp
Other miscellaneous
All commodities
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
CICIR44,
!.
,
!
WePQM.P#VOCMCI
INDEX NUMBERS OF WHOLESALE
PRICES BY GROUPS OF
COMMODITIES (1913=100.0)
[Vol,. 122.
I
feed and rubber, there was a decrease
of 134 %. Fuels, on the other hand,
averaged higher than in January.
Of the 404 commodities or price series
for which comparable information
for January and February was collected,
increases were shown in 53 instances and decreases in 16e instances.
In 191 instances no change in
price was reported.
Yoga
Cop
Article.
Bread Plow neat Rice tees Sugar fee Tea AU
Combined
155.4130.4 146.7112.6 164.7185, 128.2130..
155.4 139.4 146.7112. 164.7 187.3130 2130.
155.4 139.4 146.7III. 164.7 189.1 136. 130.3
155.4 139.4 146.7112. 104.7180.' 140 • 130.•
. 139.4 146.7113. 170.6 167.8141.
.
155.4 139.4 146.7 118. 194.1 150.9 141.9 130.3
155.4 145.5 150.0 114.9194.1 152.7 142.3 130.1
149.1
147.3
143.7
141.3
141.0
142.4
157.1 154.5 160.0 118.4 152.9 156.4 148. 130..
157.1 180.8 166.7 119.5 141.2160.1 154.7 132.'
158.9 163.6 170.0120.7129.4 160.0 164.4135.1
158.9169.7 178.8 121.8
.
.
. 135.
144.2
146.8
148.7
150.1
151.5
157.1 154.6 156.7 117.2
. 149.1 145.6 130
Average tar yr_ 159.7 155.1 157.1 148.5 136.7 116.1 158.81137.3145.8131.4
1925.
January
162.4 156.2164.8 181.8 180.0 123.0 147.1 147.3 173.2 136.4
February
164.7 156.2 169.6 193.9 183.3 124.1 152 9140.0 174.8137 •
March
165.2 155.1 167.9 193.9 183.3 125.3 147.1 140.1 175., 138.1
April
165.2 155.1 167.9 184.8 183.3 128.4 141.2 136.4 174.8135.8
104.3 153.9187.9 184. 180.1 126.4 153.8130. 176.2139.0
May
June
165.2 153.91167.9 184.8 180.0 126.4205.9130. 170.1 139.8
July_ _
165.6 155.1 167.9 184 8 180.0 128.7 258.8 129.1 170.5 139 5
August
166.5 186.2167.9 184.8 mom 129.9 258.8 127.3 170.
September ....._ 67.4 159.9 167 9184.8 180.0 129.9 211.8 127.3 171.1 139.
139.3
October
68.3 180.7167.9 178.8 178.7 129.9 217.6 123 6 171 51.39.?
November _ _ 69.2 160.7 167.9 181.8 179.7 131.0305.9 120. 171.'
139.2
December
169.7160.7 167.9184.8 173.3 131.0305.9 121 172.1 139 •
Average for yr. 66.1 157.3 187.9184.8 180.0 127.8211.8 130.9 172.813
8.8
1926
January
170.1 159.8 167. 187. 173. 133.3 341.2 121. 172.2
ter.hrourv
16O.71501t167Oillfl 17:1 a 1:13.:1.....'5121 179 1 139..
1411 1
143.8
145.9
154.3
151.4
151.1
150.8
161.6
155.0
159.9
160.4
159.0
161.6
167.1
165.6
157.4
164.3
Industrial Conditions in Illinois During February
Month Marked Greatest Activity in Two Years.
The factories of Illinois were the busiest during February
of any time in nearly two years, according to Reuben D.
Cahn, Chief of the Bureau of Industrial Accident and Labor
Research of the Illinois Department of Labor, who says
that not since May 1924 were as many persons at work in
the manufacturing plants of the State as were found employed by the survey of the Department during
February.
Continuing, he says under date of March 12:
In thirty days the names of 1.6% more persons were
added to the payrolls of the factories, and if the operations of approximatel
y 1,200 employers reporting information may be taken as representativ
e of the whole
realm of factory employment, fully 11,000 persons have
been put to work
since January.
The fact that there was an upward trend in employment
quite generally
prevalent during February is not so important, since
there is always a
pick-up following inventory-taking in January. But
it is of importance
that the newest gain was substantial, and that it
follows the steady expansion of preceding months. The increase has been
constant since July, and
in the seven months' interval nearly 43,000 persons have
been added to the
payrolls of the manufacturing establishments of
the State.
That there was a pronounced upward trend in industry
is indicated by a comparison of the number of industries during February
expanding in February with those reducing the number of their
workers. Of the 55 principal industries represented in the tabulations, 40
increased the number of
their workers in February.
Metal plants lead in increasing their working
forces. The changes here
are of the utmost importance not only because of the
large number of workers involved, but because the metal industries furnish
materials and equipment utilized by industry generally. The car
building industry whose
initial recovery was noted in the last review, reported
an addition of 12.4%
in the number of persons employed. In anticipation
of the demand for
cooking, heating and ventilating equipment, this
industry increased the
number of productive workers by 9.5% in February.
In tools and cutlery
there was an aggregate growth in employment which
was calculated to be
5.9%. Elsewhere in the metal group, the changes
were of lesser extent,
but were substantial in practically every case.
Employment in the Agri*
cultural implement factories was still on the up-grade
with an increase of
1.8% in the number of workers. The slight
curtailment of operation which
affected the electrical apparatus industry in January
came to an end in
February through a more than compensating expansion
of 1.1% in the number of workers employed.
The building material industries forecast a busy year
when they increased the number of their workmen during February. Brick, glass, lumber finishing and paint factories all showed healthy gains, which
run from
1.3% in the case of paint factories to 5% in glass factories. The only
MAR. 20 1926.]
THE CHRONICLE
1533
adverse trend in this group affected the lime and cement plants, which taking the lead. It is reported that manufacturing in Bloomington is
to undergo further expansion in the near future through the location there
reduced the size of their forces by 2.7%.
The seasoned contraction of employment which has been affecting the of an importalt automobile accessory plant. Superintendent Jones of the
free employment office reported that the railroad shops were on a full time
the
of
one
but
all
In
February.
group
products
came to an end in
wood
four industries in this group employment conditions were improved. The schedule. The ratio of registrations to job opportunities at the free emfurniture manufacturing industry by taking on 1.6% more workers almost ployment office reflected a relatively good condition for this time of the
recovered the ground lost in January, when 1.7% of the workers were laid year. There were 118 applicants for each 100 jobs available. The ratio
off. Makers of pianos and other musical instruments reported an employ- for February 1925 was 122 and for 1924 136. The present situation is
ment trend contrary to that for the wood products group as a whole; the promised further improvement because of increased demand for help on the
reduction in employment amounted to 8.9%. This decrease was seasonal part of farmers who were beginning to hire as the month closed. Although
building permits were larger in number than in the previous month, their
and followed upon a reduction of 4.3% in June.
The fur and leather group was one of the few which did not participate value, which amounted to $51,000, was $35,500 less than the figure for
January and $17,000 less than for February 1925. With better weather
group,
this
for
decline
February
employment
The
general
advance.
the
In
which amounted to 1.5%, was largely brought about by the leather manu- conditions, however, enlarged building authorizations are to be expected.
Chicago.-In February, the manufacturing industries of Chicago confacturers reducing their operations by 7.6%. Reports from boot and shoe
firms, which employ more than two-thirds of the workers in this group, in- tinued the expansion which stopped temporarily in December and was rein January. The increase in employment in February amounted to
sumed
1%.
of
1-10
to
amounting
improvement
an
January
over
dicate
Chemicals and oils was another group in which employment declined in 2.4% for the 591 firms which report to the Illinois Department of Labor.
February-the reduction in this case amounting to only % of 1%. The As in January, the machinery and metals group of industries were most
change was accounted for by the fact that oil refineries reduced their opera- responsible for the increase, but other grouns, especially the clothing group,
tions slightly and that firms producing miscellaneous chemicals got along contributed their quota. Placements by the Chicago offices of the free emwith 2.8% fewer employees. On the other hand, plants manufacturing ployment service numbered 4,182; there were 4,683 placements in January and 5,152 in December. During February 1925 the Chicago offices
drugs added to their working forces by 2.6%.
Although three of the five industries which comprise the printing and placed 375 fewer workers than in the same month this year. The ratio of
paper group reported an adverse employment trend, compensating gains on registrations to jobs open receded from that of January. In that month
the part of the other two were sufficient to bring about a gain in em- there were 197 registrations for every 100 jobs, while in February the figure
ployment of 1.1% for the group as a whole. The favorable gains applied to was 167. The February ratio for the four preceding years has been: 1925,
the paper box and the newspaper and periodical industries. Newspapers 176; 1924, 151; 1923, 95; 1922, 239. Building permits increased both in
and periodical firms, which added 29% to the number of their employees number and value during February. There were 1,002 permits for buildIn January, took on an additional 1.8% in February. Firms making paper ings estimated to cost $24,924,000. This was $6,421,000 more than the
boxes and bags employed 4.8% more workers; this was almost entirely estimated cost of the 717 permits in January, but $2,297,000 behind Febconfined to re-employing those laid off during January. Job printing, the ruary of last year.
most important industry in the group, had a loss of 1-10 of 1% in the
Cicero.-In line with other Illinois cities, there was an expansion of
number employed.
employment in Cicero during February. The gain over January amounted
Industries in the textile group expanded all along the line, the improve- to 3.9% as indicated by the reports from a representative group of manument for the group as a whole amounting to 2.5%. The clothing group facturing plants in that city. This gain follows one of about the same
showed an increase of 4% in the number of wage earners. But the expan- proportions during the previous month. The largest plant in the commusion which began in men's clothing in January came practically to a stand- nity continued its policy of moderate expansion. Superintendent Hlavin
still in February, when only 1-10 of 1% more employees were hired. The of the free employment office states that two additional firms are to locate
February expansion in 1925 amounted to 2.8%. The trend was more shortly in Cicero. The employment ratio also showed that betterment is
favorable in the women's clothing industry-12.6% more persons were taking place; there were 165 registrations for each 100 jobs available,
hired in contrast to an expansion of 5.6% in February last year.
compared with 175 in January. The improvement from February 1925 was
Industries in the food, beverages and tobacco group reported a mixed marked: in that month there were 246 registrations for each 100 jobs availtrend-seven showed increases in employment while four showed decreases. able. The most recent ratio indicates the best February since 1923, when
The aggregate result was a decline of 2-10 of 1% for the group as a whole. the ratio was 139. Building authorization increased both in number and
Chiefly contributory to this outcome was the decrease in the meat packing in value over the previous month. The figure for February was $236,595
Industry. The reporting packers who employ more than half of the work- -an increase of about $40,000 over January. However, there was a deers in this group reduced their forces 1.5%. The flour and feed, canning, crease of $31,000 from the total for February 1925.
beverage and tobacco industries all had sulgtantial increases in employment.
Danville.-Reports from 18 manufacturing plants of Danville indicate
The customary large January decline in employment in the department a jump of 8.2% for February in the number of employees on the payrolls
stores and mail order houses continued into February, but in the latter of identical firms. However, the improvement in the aggregate figure was
month amounted for each industry to only between 1 and 2%. In February mainly due to a large brick manufacturing plant nearly trebling its
a year ago mail order houses added 5.2% to the number of their employees. forces; about half of the firms reported slight decreases during February.
During the year there was a decline of 20% in the number employed. In A further indication that employment conditions are not ideal in Danville is
fad, this is, no doubt, to be ascribed to the somewhat reduced purchasing shown by the fact that the free employment office reports an increase in
power of many agricultural communities in which the mail order houses the employment ratio for the month of February. There were 199 regissell goods in large volume.
trations for each 100 jobs open-or about two job-seekers for every job
There was a pick-up in building activity, as indicated by an increase of opportunity. The situation was a. little better in January, when the ratio
4.9% in the number of workers. This shows a recovery of some of the was 187. But there was a great improvement over a year ago when, largely
ground which was lost during January, when contractors let go nearly 16% due to slack employment in the coal mines, the free employment office
of their employees.
record showed seven job-seekers to each job open. Building authorizaAnother year of intense building activity is forecast by the large volume tions during February were only five in number and were estimated to cost
of new projects authorized during February. In 25 reporting cities there $20,800. This was a decided drop from January, the figure for which was
were 1,963 permits issued for buildings estimated to cost $30,419,235. In $227,000.
January the comparable figures were 1,276 and $21,483,141. The totals
Decatur.-There was a favorable change in manufacturing employment
were larger in February 1925, but the differences were not extreme: 309
in this city during February. Twenty-two manufacturing plants reported
more permits were issued and the total cost was $1,668,000 greater.
employees. This contrasts
Despite the general improvement in the manufacturing industries, there an increase of 5.6% in the number of their
January of nearly 1%. The betterment was most
is considerable unemployment, and numbers of those without work were with a decline during
unprepared to meet the rigors of a severe winter. Reports from several of marked in the meat packing and women's clothing industries. The machinsubstantial increase. Plants
the down-State cities have continued to come in of record-breaking appeals ery manufacturing industry also showed a
were satisfied to keep their
for charity. The revival of the outdoor trades with the budding of spring representing other industries for the most part
is to be
will relieve the situation materially. During February the State free em- forces about the same. It is reported that a new wall paper plant
ployment office superintendents, generally, reported the receipt of inquiries put into operation on or about April 1; the plant is expected to give
from
declined
ratio
office
from farmers as to the agricultural labor situation, but the actual hirings employment to 100 men. The free employment
much room
were small. Where single men were being sought, one superintendent re- the previous month, but the report indicates that there is still
open, in
ported the same rates were being offered as last year; that Is $40 to $45 for improvement: there were 237 registrations for each 100 jobs
1925. This index of
per month on grain farms, and $50 to $60 per month on grain and dairy contrast with 247 in January and 195 in December
somewhat
was
year
the employment situation shows that February last
farms.
288 and in
The free employment offices of Illinois placed 8,960 job seekers in Feb- better with a ratio of 178. The ratio in February 1924 was
ram. This was 607 more than a year ago, but 1,165 less than the number 1923 it was 111. Building operations were active during February. The
New
placed in January. The employment ratia for the whole State showed im- number of permits, 97, was more than double the January figure.
provement over January: there were 170 registrations for each 100 jobs authorizations were estimated to cost $239,000, an increase of $55,000
1925,
February
for
total
the
of
available in comparison with 190 in January. The ratio for February of this over January, but somewhat less than half
year showed a slight improvement in the situation in comparison with when authorizations were valued at $535,000.
February 1925, when there were 174 applicants for every 100 jobs.
East St. Louis.-A further expansion took place in the volume of manuThe coal mining industry has passed the peak of its seasonal operations, facturing employment in East St. Louis during February. The gain
and recessions are in progress in the amount of working time. The closing amounted to 3.1% and followed one of 2.5% for the previous month. The
of several snore mines during February was reported to the Department of iron and steel and machinery plants were responsible for most of the inLabor.
crease Some firms, it is true, showed losses, but with two exceptions
these were small in amount. The ratio of registrations to job opportunities
The following analysis of the industrial situation in Illi- continued to show an adverse trend. In February there were 251 persons
nois by cities, during February, is furnished by Mr. Cahn registered for each 100 jobs. This was a marked increase from the January
ratio, which was 211. February was the fourth successive month during
under date of March 13:
which the ratio has increased. There was a decided pick-up in building
Aurora.-February showed further gains in the number of employees in operations, authorizations being valued at $227,000, compared with $87,manufacturing establishments in this city. The increase of 3.5% was the 330 in January. Construction was at about the same level as in February
fifth one to be reported, the cumulative growth in the factories amounting of last year, when permits were issued for buildings valued at $234,000.
to LIM since September. The February increase was well distributed
Joliet.-There was a substantial increase during February in the aggreamong the different industries represented. Employment in railroad shops gate number of workers on the payrolls of Joliet manufacturing establishcontinued to improve, but they were still operating on a schedule substan- ments. The increase, 6.1%, did not extend to all types of firms, for in
tially below that of February a year ago. With persistently cold weather more than half of the 28 which reported there were slight decreases. But
slowing down the building trades, the number of unemployed is quite the expansion in the other firms, particularly in those making metal prodlarge. There were 175 applicants for each 100 jobs available last month, ucts, more than offset the decreases which took place. At the free emthis ratio comparing with 165 in January and 174 in February a year ago. ployment office the number of applicants, 215 for each 100 jobs, was still
The superintendent of the free employment office reports that dairy farm- high. But the tendency was toward improvement, for the February ratio
ers have not been active in hiring help since the tuberculosis tests have was five less than that for January. There was little demand for farm
been instituted. Building plans were being drawn in increasing numbers help during February, but Superintendent Rogers of the free employment
in February, there being 62 permits authorized for buildings estimated to office reported that many inquiries were coming in concerning the prospects
cost $225,347; this compares with 28 permits valued at $63,800 in January for farm help the middle of March or the 1st of April. The February ratios for the four years previous were: 1925, 171; 1924, 146; 1923, 115;
and amounts to a gain of about $77,000 over February of 1925.
Bloomington.-There was an employment gain in February of 9.2% for 1922, 202. Building operations are reported to be active and both skilled
in
firms
representative
manufacturing
Bloomington. The increase ran and unskilled workers in the building trades have been kept busy all win12
through practically all of the city's plants with confectionery factories ter on inside work.
1534
THE CHRONICLE
Moline-Rock Island.-Manufacturing operations continued to expand in
the tri-cities during February. Increases affected plants in nearly all the
industries represented, thus indicating a generally healthy 'condition. The
City Council of East Moline is reported to be considering the purchase of
52 acres of swamp land located near the railroad tracks and said to be
Ideally fitted for factory purposes. The number of workers placed by the
Rock Island free employment office was more than double the number in
February 1925. There were 167 registrations for each 100 jobs. The ratio
for January was 160, but in February 1925 it was 246. Rock Island and
Moline each showed striking increases in the value of building authorizations when comparisons are made with January and with February 1925.
Rock Island, with 36 permits for buildings estimated to cost $178,000,
doubled the January total, and authorizations for February one year ago
were valued at only $15,631. In Moline the February total of $110,183
compares with that of $17,579 in January and is nearly double the February 1925 figure. Each city had the largest February volume of authorizations in six years.
Peoria.-Thirty-four Peoria manufacturing plants in widely varied industries reported employment figures for February, which disclose a general upward tendency. The increase amounted to 3%-machinery and
metal plants especially contributing to the expansion. Further expansion
may be expected with the spring months. This will be most welcome, for
Superintendent Metts of the free employment office reports that a large
number of factory workers and skilled mechanics are idle. Reflecting this
situation was a high ratio of registrations to places open-in February 313
persons registered at the free employment office for each 100 job opportunities. This compares with 318, the January ratio, and a ratio of 217 a
year ago. Placements in February numbered 452 ; in February 1925 the
number was 513. Building authorizations were valued at $1,550,000. This
was the largest total for any city outside of Chicago, and marks a great
increase over the January figure, which was $92,550. The total for February a year ago was $158,635. From all indications, the large amount of
new construction which took place in 1925 will be exceeded during the
current year.
Quincy.-A reversal took place in February in the downward tendency
which has characterized the volume of factory employment in this city
for a number of months. The increase, 5-10 of 1%, though not large, is
regarded as a favorable indication. A number of firms, including the stove
foundries, are taking back men who were laid off during the January inventory. The free employment office ratio also indicates improvement:
there were 190 registrations for each 100 jobs, in comparison with 252 in
January and 244 in Feb. 1925. With better weather the demand for farm
help will increase and several contracts for hard road building and street
paving-the work on which was discontinued with cold weather-will soon
supply jobs for part of the common labor which is now without employment. Permits were let for 32 building projects in February. This was
nearly three times the number in January. February authorizations were
valued at $85,000-more than double the January total.
Rockford.-Most of the 62 Rockford manufacturing concerns reported
figures on employment which indicate little or no change from the January
situation. Such changes as did take place were commonly in the direction of expansion. The furniture, metal and machinery industries maintained operations at about the same level as during the previous month.
There was some expansion in the textile industry. The free employment
office placed 1,007 persons in February. Placements for January numbered 1,046 and were 812 for February 1925. In February of this year
there were 91 registrants for each 100 jobs available. The ratio was also
91 in January; in February 1925 it was 83. Superintendent Anderson of
the free employment office reported that the shortage of workers was
made up of molders, tool and diemakers and machine carvers. Building
permits were issued for construction estimated to cost $333,000. This was
$227,000 ahead of the previous month and $89,000 more than February
1925. Due to many mild days during the winter, building operations have
been well maintained and employment conditions for building workers have
been good.
Springfield.-For the fourth consecutive month, ten manufacturing
plants in this community reported an aggregate gain in employment. In
none of the four months has the increase been a striking one, but the advance has been substantial and further betterment is anticipated. The February increase in the number of employees was 2.6%. The report from
the free employment office also indicated improvement in February. Placements numbered 349-an increase of 44 over January and more than double the number placed in February a year ago. There were 117 applicants
for each 100 jobs open, while the figure in January was 123. The ratio in
February 1925 was 31 and in 1924 it was 116. Superintendent Lindsey
reports that the immediate future appears to be bright for further decreases in the considerable amount of unemployment which still prevails.
However, an important adverse influence is the fact that the coal mines
have curtailed operations since the peak of their activity in January.
Building operations expanded during February. There were 72 permits,
compared with 41 in January and their value amounted to $218,000-an
increase of $60,000 over January. In February 1925 building authorizations numbered 81 and totaled $231,500.
Increase in Employment and Wages in Pennsylvania
and Delaware During February-Slight
Decrease in New Jersey.
Reporting that employment and wages increased during
February in Pennsylvania, whereas in New Jersey, a slight
decrease took place, the Federal Reserve Bank of Philadelphia In its monthly statement made public March 15, says:
Many plants in both Pennsylvania and New Jersey reported gains over
last month, due to the resumption of operations after the shutdown in January because of inventory or annual repairs. In a few instances, such as
iron and steel blast furnaces in Pennsylvania, the large increases are due
to the fact that one plant in the industry is reopening after an entire
shutdown for a few days.
In Pennsylvania, all groups reported increases in both employment and
wages with the exception of the textile and construction and contracting
group. Reports from the building industry are shown for the first time
this month. The textile group only declined slightly in employment, but
each industry in the construction group showed large declines in both employment and wages. These were the only notable decreases in Pennsylvania. Automobile and heating appliance factories, iron and steel blast
furnaces, cement plants, paint and varnish plants, petroleum refineries,
leather product and boot and shoe factories reported the most marked
increases in employment and wages.
Many of the New Jersey industries reported decreases. The most notable
losses occurred at automobile factories, steel works and rolling mills,
woolen and worsted mills, canneries and printing and publishing establishments. A strike at two of the woolen and worsted mills caused the very
[Vol.. 122.
large decrease in that industry. There were no outstanding increases ill
New Jersey. The most notable one occurred in the musical instrument industry. Cotton mills and dyeing and finishing textile factories had large
decreases in total wages paid but only small advances in employment.
Both employment and wages advanced in Delaware. The metal and
leather industries experienced the greatest advances. The largest decline
was in the food industry.
Only five out of the fifteen reporting cities showed decreases in employment, and three declines in wage payments. Reading and Wilkes-Barre
reported the largest advances, whereas York was the only city to show loss
in both employment and wages.
The compilations follow:
EMPLOYMENT AND WAGES IN NEW JERSEY.
(Compiled by Federal Reserve Bank of Philadelphia.)
Increase or Decrease
No. of
Feb. 1926 Over Jan. 1926.
Plants EmployTotal
Average
Group and IndustryReporting
ment.
Wages.
1Wages.
All industries (37)
315
--0.3%
-0.6%
-0.3%
Metal manufactures
91
+0.9
-1.1
-0.2
Automobiles, bodies and parts
5
-7.0
-1.8
-8.6
Electrical machinery and apparatus
20
+1.4
+3.9
+5.3
Engines, machines and machine tools_ _ _ _ 1
0:6
-3.9
+0.
Foundries and machine shops
-6.7
-7.3
Heating appliances and apparatus
3
+1.1
-11.6
-12.6
Steel works and rolling mills
5
-7.1
-3.6
Structural iron works
3
+2.0
-8.4
-10.2
Miscellaneous Iron and steel products_ _ _ _ 16
+3.7
+3.9
+0.2
Shipbuilding
-2.9
-5.0
Non-ferrous metals
6
+1.6
+4.5
+2.8
Textile products
70
-3.4
+3.3
+7.0
Carpets and rugs
3
+3.6
-0.4
-3.9
Clothing
8
+1.7
+2.7
+1.0
Hats, felt and other
3
-0.9
+1.9
+2.8
Cotton goods
13
+2.5
+13.0
+10.3
Silk goods
16
-0.2
+6.3
+6.5
Woolens and worsteds
rs
10 -36.2
-38.4
-3.5
Dyeing and finishing textiles
11
+4.8
+19.4
+13.9
Miscellaneous textile products
6
+1.0
-10.8
-11.7
Foods and tobacco
10
-3.5
-4.2
-0.8
Canneries
6
-5.1
-4.1
+1.1
Cigars and tobacco
4
+1.2
-4.6
-5.8
Building materials
23
-0.4
-2.7
-2.3
Brick, tile and terra cotta products
9
-0.1
-0.5
-0.4
Glass
3
-6.1
+1.9
+8.5
Pottery
11
+1.4
-4.2
-5.5
Chemicals and allied products
41
-0.9
-3.6
-2.8
Chemicals and drugs
23
-4.2
-1.9
+2.5
Explosives
10
-0.0
+3.0
+3.1
Paints and varnishes
5
+3.7
+3.9
+0.2
Petroleum refining
3
+0.6
-5.8
-6.4
Miscellaneous industries
80
+1.8
-1.6
+0.2
Lumber and planing mill products
3
-3.9
-4.5
-0.6
Furniture
6
+0.3
+0.4
+0.1
Musical instruments
5
+5.3
+6.4
+1.1
Leather tanning
11
-0.2
+0.7
+0.9
Boots and shoes
5
+0.9
+7.8
+6.9
Paper and pulp products
8
-1.0
-2.1
-1.0
Printing and publishing
9
-6.3
-15.5
-9.9
Rubber tires and goods
12
+4.2
+0.9
-3.1
Novelties and jewelry
8 -16.0
-15.3
+0.9
All other industries
13
+2.3
-5.9
-8.0
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
(Compiled by the Federal Reserve Bank of Philadelphia and the Department
of Labor and Industry, Commonwealth of Pennsylvania.)
-Increase or Decrease
No. of
Feb. 1926 Over Jan. 1926.
Masts EmployTotal
Average
Group and IndustryReporting. meat.
Wages.
Wages.
All industries (46)
908
+1.9%
+4.6%
+2.7%
Metal manufactures
303
+3.1
+2.4
+5.6
Automobiles, bodies and parts
20
+4.9
+5.7
+0.8
Car construction and repair
19
+2.2
+0.9
.
Electrical machinery and apparatus
19
+2.0
+4.1
+2.1
Engines, machines and machine tools
39
+2.0
+3.2
+1.1
Foundries and machine shops
60
+1.6
+4.4
+6.1
Heating appliances and apparatus
16
+7.8
+6.3
+14.6
Iron and steel blast furnaces
14 +24.6
+3.9
+294
.
Iron and steel forgings
12
+0.0
+13.2
+13.2
Steel works and rolling mills
40
-0.2
+1.9
+1.8
Structural Iron works
17
-1.4
+4.8
+6.3
Miscellaneous iron and steel products..... 27
+1.8
+3.9
+5.8
Shipbuilding
3
-2.5
-1.3
-3.7
Hardware
8
+2.1
+4.3
+6.5
Non-ferrous metals
9
+2.3
+0.0
+2.4
Textile products
179
-0.5
4.
+ 3
+3.7
Carpets and rugs
-3
.4
4
•:-0.6-3.
Clothing
39
3
+0.8
+0.2
Hats, felt and other
16
7
+0
+1.
.9
8
+10.1
+10.9
goods
Cotton
+0.9
+2.8
Silk goods
45
-2.2
+5.8
+3.4
Woolens and worsteds
16
-1.5
-4.0
-5.3
Knit goods and hosiery
42
+0.6
+7.3
+7.9
Dyeing and finishing textiles
11
+3.2
.2
+1.7
+5.0
Foods and tobacco
116
+0.8
+0.7
+1.5
Bakeries
-0.5
+0.4
Confectionery and ice cream
3
29
4
++92..9
1
+3.7
+5.9
Slaughtering and meat packing
14
-1.9
-0.5
-2.4
Cigars and tobacco
39
+0.6
+0.1
+0.6
Building materials
72
+2.4
+2.0
+4.4
Brick, tile and terra cotta products
29
+4.1
+0.6
+4.7
14
+5.3
-1.2
+4.0
25
+4.5
+0.9
+5.4
P
GCoelatm
sts
ernYt
4
-1.1
-1.5
-2.5
Cotruction
ns
and contracting
36 -13.3
-6.4
-18.9
Buildings, commercial, industrial and
residential
21 -17.7
+3.2
-15.1
Street and highway
5 -15.6
-13.4
General
10
3
v
5:
.4
+
Iii
:
+11
6
Chemicals and allied products
Chemicals and drugs
Explosives
+3.5
+2.5
Paints and varnishes
9
-+513
+3.4
+9.2
Petroleum refining
5
+3.9
+9.2
+13.4
Miscellaneous industries
163
+2.4
+0.8
+3.2
Lumber and planing mill products
28
-3.4
+2.1
+5.7
Furniture
21
+6.0
-1.3
+4.7
Leather tanning
18
+4.4
-0.1
+4.4
Leather products
ts
9
-3.0
+8.2
Boots and shoes
23
+2.1
+5.4
+7.7
Paper and pulp products
+0.4
+0.7
Printing and publishing
4
10
9
-1.1
+3..0
+1.9
Rubber tires and goods
3
+4.5
-2.1
+2.3
Novelties and jewelry
3
-0.2
+3.8
+3.6
EMPLOYMENT AND WAGES IN DELAWARE.
(Compiled by Federal Reserve Bank of Philadelphia.)
Increase or Decrease
No. of
Feb. 1926 Over Jan, 1926.
Repor
Pltai:1
3553ge Employmen+++343...t64%
Average
+
03/
To
3
tal
.3%
1
4
IndustryWages.
Wages.
All industries
Foundries and machinery products
-1.0
+3.4
Other metal manufactures
-0.8
+2.7
Food industries
4
-2.1+3.8
--5.7
Chemicals, drugs and paints
-0.2
-0.4
Leather tanned and products
5
3
-0.2
-9.2
+8.4
+8.2
Pringng and publishing
4
-1.5
-0.5
-2.0
Miscellaneous industries
7
+1.3
+1.0
+2.3
12 +
THE CHRONICLE
MAR. 20 1926.]
1535
EMPLOYMENT AND WAGES IN TETE CITIES OF THE PHILADELPHIA STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES FOR
THE MONTH OF FEBRUARY 1926.
FEDERAL RESERVE DISTRICT.
Per Cl. Per C't. Per Cl.
(Compiled by the Department of Statistics and Research of the Federal Reserve
25.ry
a.
ry
1926 1925 1924
Fe
1b9r2u6
Fe1b9rua
Bank of Philadelphia.)
Increase.
over
over
over
Increase or Decrease
$
1925. 1924. 1923.
Offices$
$
Feb. 1926 Over Jan. 1926.
No. of
5.75 8.72
New York, N.Y__ 5,546,811 99 5,229,465 20 317,346 79 6.07
Average
Total
EmployPlants
7.56
3.36
.80
Chicago, Ill
4,825,245 75 4.668,45255 156.793 20
Areasmatt.
Wages.
Wages.
Reporting.
..25
1,562,098 99 1,403,202 71 158,896 28 11.32 2.51
Philadelphia, Pa
Philadelphia
+1.3%
+2.3%
290
+1.0% Boston, Mass._.. 1,190,813 90 1,095,827 95
8.67 .2.22
8.36
94.985 95
-4.0
Trenton
-3.1
+0.9
27
80,610 37 8.62 *1.70 9.28
935,421 95
St. Louis, Mo
1,016,032 32
Wilmington
-1.5
+4.7
+3.1
35
5.24
9.81
764,20932 165.490 03 21.66
Kansas City, Mo. 929,699 35
Reading
+26.8
+10.5
+14.8
68
.44 19.63
131,178
10 20.47
34
640.709
Detroit. Mich_
771.887 44
Lancaster
-0.8
+3.6
+2.8
31
14:
2 0
0
97,390 08 15.02 *1.50 2
Cleveland, Ohio
648,572 52
745,962 60
York
-0.7
46
-1.1
-1.8
40.152 19 6.59 2.82 22.7 1
609.697446
Los Angeles, Cal
649,849 65
Harrisburg
+5.6
+5.5
37
+0.2
1.08
9.22
51,701 87
560,773 67
San Francisco,Cal_ 612,475 54
Schuylkill
24
-0.3
+0.4
+0.7
3.11
36
89,550 73 16.70 "9.00 17
536,263 08
Brooklyn, N.Y
625,813 81
Allentown
+2.4
+5.4
80
+2.9
41,278 69 7.62 "1.83 10.99
542,040 87
Pittsburgh, Pa
583,319 58
Sunbury
19
-0.3
+0.6
59,527 63 11.40 9.91
522.200 90
Cincinnati,
53
Ohio
581,728
Wilkes-Barre
+4.2
+11.8
+7.3
23
5.72 •7.22 8.19
25,748 29
450,082 12
Minneapolls,Minn. 475,830 41
Scranton
+11.3
35
-4.6
+6.2
9.21
.86
423,068 72 129,653 25 30.65
Baltimore, Md
552,721 97
Altoona
+6.8
-0.2
+7.0
14
35,496 93 10.07 4.13 12.79
352,358
20
Milwaukee,
WLs_
_
387,855
13
Johnstown
+0.5
+0.6
+1.1
12
12.40
*1.70
14.21
50.731
12
357,092 17
Washington, D.C. 407,823 29
Williamsport
27
-1.1
+5.5
+6.7
1.43
22.98256 6.23 2.25
Buffalo, N. Y
391,839 14 . 368,856 18
49,561 95 15.89 *2.90 12.76
St. Paul, Minn
311,872 52
361,434 47
1.64 16.41
45.568 95 14.25
319.828 35
Indianapolis, Ind_ 365,397 30
40,650 03 14.58 "2.38 10.33
278.829 40
Atlanta, Ga
319,479 43
Prevalence of Smut Wheat in Northwest Alarming, Newark,
.94 18.86
26.326 49 10.08
261,061 71
N. J
287,388 20
22,441 45 9.23
80
243,068
Denver,
Col
265,510
25
Colt,
According to Federal Reserve Bank of Minneapolis.
2.367
.2
11.37
09
30,994
Dallas, Tex
272.484
56
303.478 65
9
7. .18
978
1
20,923 08 9.37 "2.15 14
223,243 91
Wash
244,166 99
The prevalence of smut in wheat in the Northwest has Seattle,
.00
28
1.8
1
11.941 93 5.68 *3.45'
Omaha, Nebr._ _. 222,021 51
210,079 58
12.49
5.62
9.35
87
reached alarming proportions, according to the March 1 Des Moines,Iowa_ 275,296 42 251.767 55 23,528
.47
5.03
11,036 37
219,479 63
Oregon_ 230.516 00
88
4
14..9
number of the Monthly Review issued by the Federal Portland,
22,075 55 11.10 "3.25 2
Louisville, Ky
198,943 66
221.019 21
.14
20,985 06 10.20
06
205,736
Rochester,
N.
Y
226,721
12
Reserve Bank of Minneapolis. The Review says:
36,599 66 17.83 .9.30
205,213 39
Columbus, Ohio
241,813 05
9.55
.39
9.36
19,377 79
207,014 33
A campaign is under way under the direction of the Northwest Grain New Orleans,
ns, La
La.. 226,392 12
27.25720 17.82 *3.93 11.96
152,986 32
72
7
7;
24
13
95
800 8
Smut Prevention Committee to eradicate or at least control this disease. Toledo, Ohio
9.84
*1:
46
44
6
7.97
43
12,610
158,209 34
1
Richmond, Va
According to a letter from this committee dated Feb.
6.17
more than Providence, R.I- 144,590 84
4.95
6,825 69
137,765 15
8.92
3.56
20,417 05 13.69
bushels of smutty spring and durum wheat have been received Memphis, Tenn
149.183 26
169,600 31
.4
13
4 12.45
2.
33,050 16 23.01 16
143,646 18
176,696 34
at terminal elevators in Minneapolis. Duluth, Superior, and St. Paul Dayton, Ohio
15.45
16,338 88 12.11
134,913 41
Conn.__
151.252 29
since Sept.
It Is estimated that smut cost the farmers and local Hartford,
4.34
8.10
10,594
20
72
130,853
92
Nashville, Tenn
141,447
9.
.72
09
elevators in the last year $8,000,000 in discounts and low yields. Discounts Houston,Texas_ _ _
19.199 26 14.98 6.86 10
128,197 61
147,396 87
5.79 *3.02 10.07
6,536 65
112,801 88
on hard red spring wheat averaged about cents a bushel and on durum Syracuse, N. Y.__
119,338 53
1.13
5.28
3.20
3,723
42
116,240 98
wheat about
cents a bushel. The smut situation has become so serious New Haven,Conn. 119.964 40
.37
780
0 .41
12.720875
15,521 07 14.56 1.44..
106,623 37
Gr. Rapids, Mich_
122,144 44
that unless immediate steps are taken to prevent it, a smut epidemic is Akron,Ohio
48
3.40
31,532 96 33.90 .
93,016 30
124.549 26
38.46
predicted for
48,288 25
125,550 29
Fort Worth,Tex
173,838 54
*1.62
91,484 45
The
situiiion is illustrated by a map prepared from grain investiga- Jersey City, N.J
.94 24.44
36
3
50
11
9 9..0
7
'
72
81
87
6
98,316 78
695
96
9
883.'2
tion reports of the United States Bureau of Agricultural Economics. Over Springfield, Mass_
4.24
9.51197 10.18 12.39
S. L. City, Utah
102,970 04
93,458 07
2.49 14.88
of wheat of the
crop in the inportant spring wheat counties was Jacksonville,Fla
38,142 58 47.77
117.980 2579,83767
3.57
1.56
6.85
5.597 92
infected and in a large part of the heaviest producing regions, over
81,750 85
Worcester, Mass
87,348 77
the wheat was infected.
9.45
1.50
9.53
2,444,479
62
41
25,643,947
79
Total
28,088,427
To check this infection, the United States Department of Agriculture
•Decrease.
recommends chemical seed treatment. Since smut spores are carried from
Nov. 1925 over Nov. 1924, 13.19%. Dec. 1925 over Dec. 1924, 13.20%. Jan
machines
and
one community to another in grain sacks and threshing
1926 over Jan. 1925,6.77%.
adhere to elevator Machinery, It is possible for clean seed wheat to become
Infected from outside sources. In view of this chance of infection, every Increase in Postal Receipts at Fifty Industrial Cities.
farmer should treat his seed wheat as a means of self protection. Local
With seven cities reporting decreases and eight others
county agents have been instructed how to treat seed grain.
15 1926
15,000,000
1 1925.
1925
5%
7
15
1926.
1925
25% of
reporting increases in excess of 25%, postal receipts for the
50 industrial cities for February 1926 were on the average
to figures
Preliminary Summary of Agricultural and Financial 11.08% greater than for February 1925, accordingMarch
6.
made public by Postmaster-General New on
Conditions in Federal Reserve District of
The total receipts for February 1926 were $3,172,252 99
Minneapolis.
as compared with $2,855,764 63 for February 1925, an
The Federal Reserve Bank of Minneapolis in a prelim- increase of $316,488 36. Tampa, Fla., led the list in
inary summary of agricultural and financial conditions in percentage of gain with 49.72%, closely followed by Reno,
Nev., with 46.25% and Sioux Falls, S. D., with 43.56%.
the district, made public March 12, says:
Jackson, Miss., ranked fourth with 41.20%; Fargo, N. D.,
All of the grains dropped in price during February. The quantities
Ind., sixth with 30.97%;
marketed in this district declined 21% as compared with a year ago, and fifth with 37.16%; South Bend,
25% as compared with the preceding month. However, the movement Shreveport, La., seventh with 29.77%, and Fort Wayne,
of wheat was slightly greater than a year ago. Livestock prices were all Ind., eighth with 25.71%. Tabulated figures follow:
higher than a year ago, except for lambs, although somewhat weaker than STATEMENT OF POSTAL RECEIPTS AT FIFTY INDUSTRIAL OFFICES
FOR THE MONTH OF FEBRUARY 1926.
the preceding month. Livestock marketed increased one-fifth each
Per Cl. Per Cf. Per Cl.
for cattle and calves and decreased one-fourth each for hogs and sheep
1926 1925 1924
relative to last year. Although the total receipts of livestock were someOver
Over
Over
February
February
Increase. 1925. 1924. 1923.
what reduced, the total value increased. The net effect of the movement
1925.
Offices1926.
1.55
43.55
.35
$78251
of grains and livestock to terminal markets was a decline of 10% in the Springfield, Ohio__ $224,518 78 $223,736 27
5.88 8.01
12,444 80 10.94
113,721 30
total farm income from these two sources as compared with last year for Oklahoma, Okla...
26.11
6.05
17.92
23.616
07
69
Albany. N. Y
131.817
155,433 76
the same month.
83,758 48
88.15808 .2,399 60 "2.78 .22.35 42.85
Scranton, Pa
19
3.89
.92
.99 15.99 2
Hogs and cattle for feeding purposes continued to move from terminals Harrisburg, Pa
1.253 17
127,488 75
126.235 58
7,34683 8.37 5.56
95,141 73
87,794 90
In large volume during the month, the movement of hogs alone being double San Antonio, Tex
.88 16.90
2.34933 2.74
Spokane,
Wash..,,.
85,689
74
88,039
07
that of a year ago. On the other hand, weakness in the price of lambs
7.38 37.72
18.85688 16.21
116,342 53
Oakland, Calif.... 135,19939
.21
23
Indicates that we are approaching a more balanced situation with reference Birmingham, Ala
3.23 2
14
6.
109,759 09 19,127 66 17.43
128.886 75
".70
4,261 52 4.02
Topeka, Kan
105.936 05
to the holdings of sheep.
110,197 57
.3.60
10.48
6.25
4,47106
71,560 66
76,032 62
The total volume of general business in this district made an unfavorable Peoria, Ill
5.18
.40
8,394 18 13.70
61.249 12
69,643 30
showing in February, both as compared with last year and with January of Norfolk, Va
30,724 30 49.72 4.95 6.36
92,519 52
61,795 22
Tampa,Fla
year.
As
this
compared with a year ago, there were declines of
19,953 65 25.71 •9.75 28.38
in Fort Wayne. Ind
77,596 68
97,550 33
2.83 3.10
4.977 83 7.31
total carloadings, other than less-than-carload lots, of 3% in retail trade Lincoln, Nob
68,130 40
73,108 23
1.07 *1.00
7,20358 13.02
55,304 45
62,508 03
in the amount of check payments through representative banks. Duluth,Minn
and of
12,420 47 17.61 "2.39 7.92
91
70,541
Little
Rock,
Ark
__
_
82.962
38
Although the totals declined, some bright spots are to be found such as the
.48 6.70
15.37
9.43029
61,355
62
Sioux City, Iowa
70,785 91
general situation with reference to livestock and the improvement in the Bridgeport, Conn..
10,916 30 18.41 .6.77 11.55
59,278 11
70,19441
4.49
business activity in our reporting group of 8 wheat belt cities, in the live- Portland, Me
65,399 29 '11.50033 *17.58 30.41
53,898 96
'35624 ..74
5.20
3.65
48,025 44
St. Joseph, Mo___ _
47,669 20
stock receiving cities and in St. Paul, all as compared with a year ago.
9,482 19 14.49 •4.40 27.05
06
85.445
Springfield,
74,927
25
_.The prospects for business activity, according to building figures, are
1.66 15.73
49,533 02 10,448 70 21.09
Trenton, N.J
59,981 72
somewhat uncertain. While the permits granted during the month were Wilmington. Del
•.70 15.74
5,62181 11.61
48,411 01
84.03262
8.99
7.50498 14.58 2.86
51,867 69
valued at 12% less than a year ago,the contracts actually awarded increased Madison, Wig
59.432 67
3.31
5.35
15,974 32 30.97
67.551 33
51,577 01
There was an increase of
in contracts for residential building South Bend,Ind '1,40084 .2.32 21.33 15.19
Charlotte,
N.
58,871
23
07
C...
60,272
in contracts for commercial, industrial and public Savannah, Ga
and a decrease of
2,82357 6.23 *5.52 25.49
48,136 53
45,312 96
utility construction. The fact that February permits and contracts Cedar Rapids.Iowa
4.71
3.17
4.71677 10.39
50.08948
45,372 71
.56 "1.52
2,55259 6.34
42,800 27
40,247 68
awarded both were greater than in January, is probably to be accounted Charleston, W.Va.
.60
8.20
6,011 17 10.65
62,442 22
56,431 05
for by the exceptionally warm weather which prevailed during February Chattanooga, Tenn
Schenectady, N.Y.
39,710 63
41,224 08 '1,51345 "3.67 9.01 "9.03
this year.
.05
Lynn Mass
36,652 66
5.17055 16.42 2.31
31,482 11
Shreveport, La_ _ _
5.00
10.133 51 29.77 *3.96
44,172 79
34,039 28
2.44 .4.27 7.08
Columbia,S. C_ _ _
29,623 63
'28,81932
704 31
3.41 "13.20
Fargo, No. Dak _
12.19042 37.16
44,997 73
32,80731
Increase in Postal Receipts at Fifty Selected Cities.
8.89 13.65
Sioux Falls, S. D
43,268 13
30.13887 -13,12928 43.56
30,829 11
31,412 45
'58334 *1.86 15.64 "4.01
Postal receipts for the fifty selected cities for February Waterbury,Conn
Pueblo, Colo
27,526 97
3,74121 15.73 "4.96 *5.37
23,785 76
1926 were $2,444,479 62, or 9.53% greater than for Febru- Manchester, N. H. 22,866 02
2.68
20,50090
2.36512 11.54 "2.84
Lexington, KY....
8.74
.48 17.46
30,710 20
146 94
30,563 26
1925,
according
ti
;
figures received by Postmaster-Gen- Phoenix, Aria
ary
32,738 09
3,11671 12.03 14.75 15.26
29.221 38
*4.77
.3.98
Butte,
Mont
8.64
19,198
40
17.671
1,52738
02
eral New March 5. Jacksonville, Florida, again led the list Jackson, Miss
32,982 15
23,357 91
9,62424 41.20 11.69 21.12
Idaho
17,625 00
5.43 2.58 .1.03
16,718 00
907 00
in percentage of increase with a gain of 47.77%; Fort Worth, Boise,
Burlington, Vt. 16,785 94
1.40843 9.16 *8.50 14.72
15,377 51
Texas, was second with 38.46%; Akron, Ohio, third with Cumberland, Md
12,929 62
11,604 09
1.32553 11.42 *4.95 12.11
Nev
16,936 67
11.58004
5,35683 46.25 ..95 9.88
33.90%;Baltimore, Maryland,fourth with 30.65%; Dayton, Reno,
Albuquerque, N.M
7.06 "4.02 6.13
13,050 69
88118
12,189 51
1.24
Cheyenne,
Wyo...
9.779
97
47 *14.01 21.30
11,373
44
*1,593
fifth with 23.01%; Kansas City,
sixth with
in
2%
4%
15%.
24%
57%
Missouri,
Ohio,
21.66%, and Detroit, Michigan, seventh with 20.47%.
Tabulated figures follow:
Total
53,172,25299 52.855.764 63 $316.488 36 11.08 4.68 12.21
•Decrease. Nov. 1925 over Nov. 1924, 13.09: Dec. 1925 over Dec. 1924, 14.1
Jan. 1920 over Jan. 1925, 7.21.
1536
THE CHRONICLE
Lumber Production and Shipments During 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 1926 issued the
following table of the production and shipments of lumber
during the month of January:
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TES NATIONAL LUMBER MANUFACTURERS ASSOCIATION FOR JANUARY 1926 AND JANUARY 1925.
[VOL. 122.
Altogether the 378 comparably reporting mills had shipments 104% and orders 109% of actual production. For the
Southern Pine mills these percentages were, respectively,
95 and 105; and for the West Coast mills 107 and 120.
Of the reporting mills, the 334 with an established normal
production for the week of 216,138,682 feet, gave actual
production 104%,shipments 106% and orders 114% thereof.
The following table compares the national softwood lumber
movement as reflected by the reporting mills of eight regional
associations for the three weeks indicated:
January 1926.
Association.
Production.
Mills. Hardw'ds.
Feet.
33,058,000
Feet.
California Redwood
15
California White & Sugar
Pine Mfrs
28
Georgia-Florida Saw Mill 10
North Carolina Pine
55
Northern Hemlock &
Hardwood Mfrs
44
Northern Pine Mfrs
9
Southern Cypress Mfrs_ _
9
Southern Pine
158
West Coast Lumbermen's 98
Western Pine Mfrs
40
Lower Michigan Mfrs_ _ _ No R
Individual reports
31
Total
Shipments.
Softwoods.
Hardw'ds.
47,869,000
14,156,000
30,677,000
48,395,000
2,101,000
evert
15,977,000
497 66,473.000
Softwoods.
Feet.
26,456,000
Feel.
111,986.000
14,147,000
37,160,000
16,301,000 32,696.000
25,939,000
7,745.000 2,061.000
345,090,000
359,287,000
81,421,000
14.152,000
29,374,000
10,923,000
337,908,000
407.054.000
104,053.000
31,903,000 16,385,000
26.670.000
993.446.000 51.142.000 1.119.883.000
January 1925.
Association.
Production.
Mills. Hardw'ds.
Feet.
California Redwood
15
California White & Sugar
Pine Mfrs
28
Georgia-Florida Saw Mill
9
North Carolina Pine
62
Northern Hemlock &
Hardwood Mfrs
43 43,408,000
Northern Pine Mfrs
10
Southern Cypress Mfrs
9 1.875.000
Southern Pine
173
West Coast Lumbermen's 110
Western Pine Mfrs
40
Lower Michigan Mfrs__
10 9,304.000
Individual reports
24 10.877,000
Shipments.
Softwoods.
Feet.
Hardw'ds.
Feet.
Softwoods.
Feet.
34,274,000
28.634,000
34,079.000
14,618,000
33,192,000
84,316,000
18.868,000
32,224,000
18,611,000 27.533,000
26,571,000
10,811,000 2,368.000
404,463,000
453,773,000
74,968,000
3,846,000 6,645,000
48,932,000 10,144,000
17,235,000
40,853,000
9,503.000
368,575,000
466,051,000
128.435,000
2,807,000
43,113,000
Total
533 65.464.000 1.159,038.000 46,690,000 1,240.704.000
Total production Jan. 1926, 1,059,919,000 ft.. Total production Jan. 1925,
1,224,502,000 It.
Total shipments Jan. 1926, 1,171,025.090 ft. Total shipments Jan. 1925. 1,287.394,000 It.
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
January 1926.
Production.
Alabama
Arkansas
California
Florida
Georgia
Idaho
Louisiana
Michigan
Minnesota
Mississippi
Montana
North Carolina
Oklahoma
Oregon
South Carolina
Texas
Virginia
Washington
Wisconsin
Others •
Total
Shipments.
18
19
35
16
8
12
46
11
5
38
10
13
3
57
16
35
20
67
34
34
Feet.
29,156,000
34,829.000
73,360.000
31,942.000
3,327,000
19,963.000
97,913,000
18,546,000
24.601,000
97,158,000
18,295,000
3,858,000
8,495.000
203,924,000
5,469,000
68,158,000
19,463,000
206,093,000
47,488 000
47,881,000
Feet.
29,898,000
31,826,000
126,806.000
31,926,000
3.404,000
32,426.000
98,536,000
11,286,000
24,415,000
99.297,000
19.214.000
3,862,000
5,976,000
200,162,000
6,461,000
85,927,000
25,087,000
270,941.000
36,317.000
47.258,000
497
1,059.919,000
1.171.025.000
•Includes mostly individual reports, not dist ibuted.
Lumber Industry Shows Continued Aetivity.
The National Lumber Manufacturers' Association received telegraphic reports of the status of the lumber industry, for the week ended March 13, from 391 of the larger
softwood, and 136 of the chief hardwood, mills of the country.
The 378 comparably reporting softwood mills showed small
increases in production and new business, and a negligible
decrease in shipments when compared with reports from
375 mills the previous week. In comparison with reports
for the same period a year ago, an increase in all three items,
especially in new business-where it was about 20%-was
noted. The hardwood operations showed considerable increases in all three factors when compared with reports for
the week earlier, when, however, twenty fewer mills reported.
The unfilled orders of 232 Southern Pine and West Coast
mills at the end of last week amounted to 763,624,965 feet,
as against 700,783,187 feet for 226 mills the previous week.
The 124 identical Southern Pine mills in the group showed
unfilled orders of 300,274,944 feet last week, as against
293,787,264 feet for the week before. For the 108 West
Coast mills the unfilled orders were 463,350,021 feet, as
against 406,995,923 feet for 102 mills a week earlier.
Mills
Production
Shipments
Orders(new business)_ _ _
Past Week.
378
246,546,642
255,925,236
269,572,937
Corresponding
Week 1925.
385
237,846,956
239,013,361
229,560,742
Preceding Week
1926 (Revised).
375
240,721,333
257.702,560
259,552,152
The following revised figures compare the softwood lumber
movement of the same eight regional associations for the
first ten weeks of 1926 with the same period of 1925:
Production.
2,237,764,173
2,178.371,611
1926
1925
Shipments,
2,439,709,729
2,270.339,798
Orders.
2,518,228,170
2,185,686,718
The Southern Cypress Manufacturers' Association of New
Orleans (omitted from above tables because only recently
reporting) for the week ended March 10, reported from 13
mills a production of 4,523,694 feet, shipments 5,600,000
and orders.5,940,000. In comparison with reports for the
previous week, when two more mills reported, this association showed a slight decrease in production, considerable
decrease in shipments, while new business was somewhat
above that reported for the previous week.
Estimated Production of Bituminous Coal by States
During January.
The table below presents for the first time estimates of
bituminous coal production by States during the month of
January. There are also given similar figures for November and December for comparison, as prepared and issued by
the U. S. Department of Mines.
Total output during January, including lignite and coal
coked at the mines, amounted to 53,662,000 net tons, the
highest January production recorded in recent years. The
average daily rate of output, although greater than that in
December, was less by about 21,000 tons, or 1%, than that
for November.
The detailed figures in the table indicate that in January
practically all States produced at a higher daily rate than in
December. The few exceptions to the rule were west of the
Mississippi. In the Appalachian field as a whole the increase
in rate was about 5%, and in the Eastern Interior, consisting of Illinois, Indiana and Western Kentucky, about 4%.
ESTIMATED MONTHLY PRODUCTION OF SOFT COAL BY STATES.
(Net Tons.)
November 1925.
December 1925.
States.
Produclion.
Alabama
1,976,000
Arkansas
152,000
Colorado
01.168,000
Illinois
6.911,000
Indiana
2,076,000
477,000
Iowa
Kansas
419,000
Kentucky:
Eastern
3,564.000
Western
1,412,000
Maryland
0258,000
Michigan
76,000
Missouri
0263,000
322,000
Montana
New Mexico
235,0000
152,000
North Dakota..
02,594,000
Ohio
0231,000
Oklahoma
a13395000
Pennsylvania
550,000
Tennessee
78,000
Texas
458,000
Utah
01,108,000
Virginia
264,000
Washington
West Virginia_ __.011876 000
Wyoming
754.000
8.000
Others is
....•.....1
Daily
Average.
83,400
6,400
49,300
291,600
87,600
20,100
17,700
Produclion.
2,120,000
152.000
1,250,000
7,711,000
2.354,000
504,000
439,000
150,400 3,725,000
59,600 1,556.000
277,000
10,900
3.200
99,000
11,100
278.000
13,600
267,000
249,000
9,900
6,400
108.000
109,500 02,619.000
228,000
9,700
565,300 a14123000
23,200
592.000
85,000
3,300
452.000
19,300
46,800 1,111,000
235,000
11,100
501,100 011541000
734,000
31,800
7,000
300
xn 7011 Ann 9 149 RIM A2 R1R
Daily
Average.
81,500
5,800
48,100
296.600
90.500
19,400
16,900
January 1926.
Produclion.
Daily
Average.
2,117,000
163,000
1,079,000
7.767,000
2.353,000
539,000
449,000
83,700
6,400
42,700
307,000
93,000
21.300
17,700
143,300 3.759,000
59,800 1,642,000
10,700
333.000
3,800
77,000
10,700
283,000
10,300
245,000
9.600
271,000
4,200
104,000
100,700 2,745,000
8,800
229,000
543,200 13,995,000
22.800
543,000
3,300
85.000
17,400
457.000
42,700 1.179.000
9,000
221,000
443,900 12,295,000
28,200
724.000
300
8,000
148,600
64,900
13,200
3,000
11,200
9,700
10,700
4,100
108,600
9,100
553,200
21,500
3,400
18,100
46,600
8,700
486,000
28,600
300
non 2.031.400 53.662.000 2.121.000
a Revised. is Includes Georgia, California, Oregon and (kWh Dakota.
New Automobile Models and Price Changes.
Under date of March 17 the Pierce Arrow dealers of New
York, Philadelphia and northern New Jersey advertised the
new line of custom-built coaches, Standard Series 80 Chassis,
as follows: five-passenger, two-door coach $3,150; fivepassenger, four-door coach $3,250; seven-passenger, fourdoor coach $3,350; seven-passenger four-door limousine
coach $3,450. For the custom-built De Luxe models prices
ran as follows: four-passenger coupe, $3,695; five-passenger
sedan $3,895; seven-passenger sedan $3,995; seven-passenger
enclosed drive limousine $4,045; runabout $2,895; four-
MAR. 20 1926.]
THE CHRONICLE
passenger touring $3,095; seven-passenger touring $2,895.
All prices are f. o. b. Buffalo, New York, tax extra, 2%
rebate in tax effective immediately.
The Moon Motor Car Co. is reported to have increased
prices from $100 to$200 on the Diana straight eight models,
effective April 1 and is expected to advance the prices of
Moon models on the same date, though the amount of the
increase is not reported. The new Diana prices are: roadster
$1,795, against $1,695; cabriolet $2,095, against $1,995;
Brougham $1,995, against $1,795; four-door de luxe sedan
$2,195, against $1,995; 7-passenger sedan $2,695; berline
sedan $2,895. Respecting the rumors of the new type of car
to be added to Moon-Diana line, Stewart MacDonald,
President of the Moon Motor Car Co., says:
In the first place the car will not be brought out until early in the summer
Instead of early spring as was first reported. In the second place it will be
be an entirely different type of car than the preseent Moon Six, Series A.
The new Six will be a lighter car of shorter wheel-base and will be considerably lower in price, built to meet competition in the $1,000 class. It
will not be known by the name Moon and will have an entirely new radiator
of different lines and contour and will bear an entirely different name just
as Diana, the light eight type manufactured by the Moon Motor Car Co.,
has no connection either in physical appearance or mechanical construction
with the present Moon Six.
Crude Oil and Gasoline Prices Remain Practically
Unchanged.
The markets for both crude oil and gasoline remained
quiet as regal* fluctuations in prices during the present
week. The most noteworthy change in the crude oil trade
was the announcement that the Gulf Pipe Line Co. had
advanced its price for Gulf Coast Grade B oil from 15 to
30 cents per barrel, following the advance announced by
the Humble Oil & Refining Co. last week (see our issue of
March 13, page 1386). Reports state that the Texas Co.
will probably adjust its prices in accordance with the advance in that sector. Press dispatches from Chicago on
March 18 said that fuel oil of the 24-26 grade had been advanced in price 5 cents to $1 30-$1 35 a barrel.
Gasoline quotations in Denver, Colo., were moved up
March 16 by the Continental Oil Co., which established the
prices of 26 cents a gallon tank wagon and 28 cents a gallon
service station. The company also made an advance per
gallon of 1% cents in Salt Lake City, Utah, making the
price 25 cents a gallon tank wagon and 27 cents a gallbn
service station. Wholesale gasoline fell
cent per gallon
to 9%@9% cents, U. S. motor grade, according to Chicago
dispatches on March 17.
1537
barrels against 31,700 barrels; Cromwell, 19,200 barrels
against 19,300 barrels, and Papoose, 13,300 barrels against
13,800 barrels.
The Mexia pool, East Central Texas, is reported at 13,150
barrels against 13,450 barrels; Corsicana-Powell, 31,900
barrels against 32,800 barrels; Wortham, 10,800 barrels
against 11,200 barrels; Reagan County, West Central Texas,
32,200 barrels against 31,600 barrels; Haynesville, North
Louisiana, 10,400 barrels against 10,350 barrels; Cotton
Valley, 8,450 barrels against 8,400 barrels; Urania, 5,850
barrels against 6,600 barrels, and Smackover, Arkansas,
light, 18,250 barrels, against 18,700 barrels; heavy, 133,300
barrels, no change. In the Gulf Coast field Hull is reported
at 17,150 barrels against 15,300 barrels; West Columbia,
9,400 barrels, no change; Orange County, 16,650 barrels
against 11,500 barrels; South Liberty, 7,350 barrels against
7,800 barrels; Boling, 3,250 barrels against 6,550 barrels,
and in the Southwest Texas field Luling is reported at 22,650
barrels against 21,800 barrels; Lytton Springs, 7,650 barrels
against 7,400 barrels; Piedras Pintas, 200 barrels against
450 barrels.
In Wyoming Salt Creek is reported at 53,500 barrels against
55,050 barrels.
In California Santa Fe Springs is reported at 50,000
barrels against 48,000 barrels; Long Beach, 110,500 barrels,
no change; Huntington Beach, 45,000 barrels, no change;
Torrance, 28,000 barrels, no change; Dominguez, 21,500
barrels, no change; Rosecrans, 21,500 barrels, no change;
Inglewood, 51,500 barrels, against 52,500 barrels, and Midway-Sunset, 92,000 barrels, no change.
Estimated World Production of Petroleum During 1925.
The world's output of petroleum during the calendar year
of 1925, as estimated by the American Petroleum Institute
from official sources wherever possible, reached a total of
1,066,220,000 barrels, comparing with an estimated 1,012,927,000 barrels during the preceding year of 1924, as recorded by the United States Geological Survey, an increase
of 53,293,000 barrels, or 5.2%.
The United States produced 764,000,000 barrels in 1925,
or 71.6% of the total world production. In 1924 the United
States produced 713,940,000 barrels, or 70.5% of the world
production in that year. The United States production in
1925 increased 50,060,000 barrels, or 7%.
Mexico produced 115,000,000 barrels in 1925, or 10.8% of
the world production. In 1924 Mexico produced 139,497,000
barrels, or 13.8% of the total production that year. The de-
Slight Increase Recorded in Crude Oil Output.
crease in Mexico in 1925 amounted to 24,497,000 barrels, or
With an increase of about 14,900 barrels per day, as esti- 17.6%.
mated by the American Petroleum Institute, the daily averIn 1925 the United States and Mexico combined produced
age gross crude oil production in the United States rose from 82.4% of the world production, and in 1924, 84.3%.
1,920,300 barrels to 1,935,200 barrels during the week ended
Wherever possible 1925 production figures are official
March 13. The daily average production east of California estimates. In converting the figures of certain countries
was 1,327,700 barrels, as compared with 1,321,300 barrels, from tons to barrels, equivalents are stated in United States
an increase of 6,400 barrels. The following are estimates barrels of 42 gallons, based upon the average specific gravof daily average gross production by districts for the weeks ity of the oil of each country. All the figures shown for
ended as indicated:
1924 are those reported by the United States Geological
DAILY AVERAGE PRODUCTION.
Survey.
(In Barrels)
Oklahoma
Kansas
North Texas
East Central Texas
West Central Texas
Southwest Texas
North Louisiana
Arkansas
Gulf Coast
Eastern
Wyoming
Montana
Colorado
New Mexico
California
Total
Mar. 13 '26 Mar. 6 '26 Feb. 27 '26 Mar.14'25
452,700
453.150
458.400
455,400
103,350
103.950
84.550
103.250
83.450
81,150
88.700
79,700
59,200
60,850
60,150
163,550
80,250
77,700
54.600
39.650
38,400
38,900
50,100
48,650
49.450
50,550
48,150
164.200
163,900
167,000
111,000
95,000
90,850
93,600
95,450
97.500
98,000
98,500
99.000
.74,250
75,050
77,000
79,550
18.400
18,050
18,250
7,800
7.200
6.950
7,000
2.450
3.900
3.850
4.100
500
607,500
599.000
603.000
603.000
1,935.200 1,920.300 1.927,050 1.949,200
ESTIMATED WORLD PETROLEUM PRODUCTION.
1924
1925.------United States
Modco
Russia
Persia
Dutch East Indies
Venezuela
Rumania
Peru
India
Poland (Galicia)
Argentina
Sarawak (British Borneo)
Trinidad
Japan
Egypt
Colombia
France
Germany
Canada
Czechoslovakia
Italy
Algeria
Barbados
Cuba
England
Others
TTitalf
.
Barrels.
71.6
764,000,000
10.8
115,000,000
52.000,000
4.9
3.3
34,665,000
2.0
21,500,000
20,200,000
1.9
1.6
16.625,000
9,164,000
.9
.7
7,500,000
5,770,000
.5
5.422,000
.5
4,500,000
.4
.4
4,417,000
2,000.000
.2
1,220,000
1,000,000
445,000
410,000
160,000
50.000.
.3
45,000
12,000
9,000
4,000
2.000
100.000
e ai
Barrels.
Total.
713,940,000
70.5
13.8
139.497,000
45,312,000
4.5
32,373.000
3.2
2.0
20,473.000
0.9
8,754,000
1.3
13.303,000
7,812,000
.8
.8
8,150.000
.5
5,657.000
.4
4,163,000
.
.1
4.669,000
4.057,000
2
1,959,000
1.122,000
445.000
426.000
406.000
164,000
3
75,000
45,000
12,000
10,000
4.000
2,000
97,000
The estimated daily average gross production of the MidContinent field, including Oklahoma, Kansas, North, East
Central, West Central and Southwest Texas, North Louisiana and Arkansas, for the week ended March 13 was 1,031,450 barrels, as compared with 1,028,550 barrels for the preceding week, an increase of 2,900 barrels. The Mid-Continent production, excluding Smackover, Arkansas, heavy oil,
was 898,150 barrels, as compared with 895,250 barrels, an
Total
1,066,220,000 100.0 1,012.927,000 100.0
increase of 2,900 barrels.
In Oklahoma production of South Braman is reported at
10,800 barrels against 9,050 barrels; Thomas, 7,350 barrels Women's Wear Prices Fall 5 to 18%-American Wo..len
Co. Opens New Line.
against 7,450 barrels; Tonkawa, 43,150 barrels against
Regarding the opening on March 16 of the fall line o
44,400 barrels; Garber, 23,050 barrels against 25,100 barrels;
Burbank, 44,700 barrels against 44,300 barrels; Davenport, women's suitings and coatings, the New York "Journal of
22,450 barrels against 21,050 barrels; Bristow-Slick, 31,500 Commerce," says:
1538
THE CHRONICL7
The American Woolen Co. opened its women's wear goods for fall
yesterday, products of nineteen mills, at prices averaging 73c. to 573c. a
yard, or about 5 to 18%, under levels of a year ago on both woolen and
worsted coatings, suitings and skirtings, at the same time showing only a
slight recession as compared with spring, 1926, which values were 5 to 10%
under those of spring, 1925, indicating a continued trend in the buyer's
favor arising from lower wool and labor costs, and a policy of retrenchment
and economy to meet a consumer pressure for more attractive apparel costs.
The big company apparently is centering most of its attention on pile
sheen or bolivia coatings for the new season, and in poiret sheens in the
worsted division. While plain fabrics number less than 100 styles, and
novelties as many as 600, it Is an open secret that the bulk of its business
continues in piece dyes, which are made in the gray to a considerable extent
to await the market's demand for popular colors of the moment. They show
some 40 colors in worsteds and an equal number in woolen goods, the
majority being of the medium to dark tones.
See Little Surplus.
That little surplus stock Is being held in either mill or second hands, was
the assertion of an official of the company, who placed considerable stress
on their cotton-warp and all-wool pile sheens which are expected again to be
a market leader as to type, since "nothing has been introduced as yet to
succeed them in popular favor." It is noteworthy, that in the face of a
general downward movement of prices, their Nos. 16,132 and 13,496
cotton-warp pile sheens have been advanced Sc. and 7Xc. a yard to 81.923
and 81.95. respectively, but it was explained that the cloth has been
improved to contain more picks and ends. Another interesting change was
an increase in the weight of pile effects to 22 ounces, against the previous
maximum of 20 ounces heretofore.
It was said the company has had considerable success with pinpoint
effect pile coatings because of comparatively few complaints of spotting
faults, and for this reason "Venise" petit-tip continues to be featured at
84.40 against $4.6234 last fall. An interesting development is the decision
of the company to discontinue the use of fabric names on pile sheen and
petit-tip coatings, except for repeat numbers, the demands of the trade
being for numbers rather than names. Rayon is given little prominence,
except in the pile cloths and in bayadere mixtures and eponge effects, which
stress a high luster. Two new cloths have been added to pile coatings,
Petit-Silk-Tip (21640) at 83.87% and Silk Tinge (21637) at $3,874.
Census Report on Cotton Consumed and on Hand in
February-Consumption Below a Year Ago.
Under date of Mar. 13 1926 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 1926 and 1925. Cotton consumed amounted
to 567,244 bales of lint and 53,978 bales of linters, compared with 550,775 bales of lint and 51,414 bales of linters
in February 1925 and 583,192 bales of lint and 56,465 bales of linters in January 1926. It will be seen that there
is an increase over February 1925 in the total lint and
linters combined of 19,033 bales, or 3.1%. The statistics of
cotton in this report are given in running bales, counting
round as half bales, except foreign bales, which are in
equivalent 500-pound bales:
Cotton consumed, cotton on hand, active cotton spindles and imports
and exports of cotton for the month of February, 1926 and 1925, with
statistics of cotton consumed, imported, and exported for the seven months
ending Feb. 28 1926.
(The statistics of cotton in this report are given in running bales, counting
round as half bales, except foreign cotton, which is in equivalent 500pound bales.)
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND
IN OTHER ESTABLISHMENTS, AND ACTIVE COTTON
SPINDLES (Linters not Included).
Cotton Consumed
During-(bales).
Locality.
The workers' congress of the Amoskeag Manufacturing Co. has voted to
continue for six months the wage agreement now in operation. Wages
were cut 10% a year ago because of business depression. At that time it
was understood there would be a restoration of the previous wage scale
when conditions warranted.
Cottonseed Production During February.
On March 17 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured, shipped out, on
hand and exports during the month of February 1926 and
1925:
Received at Mills.
Crushed
On Hand at Mills
Aug. 1 to Feb. 28 Aug. 1 to Feb. 28.
Feb. 28.
State,
1926.
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other
Unitnd
PitAteli
_
1925.
1926,
1925.
1926.
1925.
328,603 223,010 294,858 209,289
53,625
45,158
52.014
42,781
419,291 295,580 372,419 262,803
77.776
64,597
60,627
58,040
488,108 363,488 414,440 330,570
227.253 147,566 202,909 140,955
658,309 410,903 524,720 355.401
346,332 259,217 292,475 228,009
.. 518,324 451,624 419,900 340,706
244,620 204,849 221,469 191,509
350,684 257,539 322,001 217,357
1,328,564 1,508,927 1,168.661 1,294,427
139,187 107.933 115.731
85,056
34,032
2,781
46,953
17,523
71.649
24,396
132,739
54,122
101,718
21,515
29,130
180,996
23,742
15,010
2,391
32,827
9,212
36,834
6,611
56,254
31,560
111,067
13,971
40,823
220.570
20,881
5.176.676 4.340.391 4.462.224 3.758.993
744.296
598 021
•Includes seed destroyed at mills but not 32,276 tons and 21,711 tons on hand
Aug.1, nor 109,412 tons and 89,781 tons reshipped for 1926 and 1925, respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT. AND
ON HAND.
5CDC0,24200*C0c0=.4.0S14,
.Nt.k.2NNNbQNNNINE.NN
re"1"WrtTtcrtTl"rtT
Crude oll
(Pounds)
Refined oil
(Pounds)
Cake and meal-(Tons)
Hulls
(Tons)
Linters (500-lb.
bales)
(Running bales)_
Hull fiber
(500-lb. bales)._
Grabbots,motes4c
traulli, holn,
Season.
J.N.NWI,,WWWWWWW4
A=CAMMVIOCm0O.00CAO.0
Item,
On Hand
Aug. 1.
Produced
Aug. 1 to
Feb. 28.
Shipped Out
Aug. 1 to
Feb. 28.
On Hand
Feb. 28.
.4,847.333 1,283,200.195 1,228.152,452 "121,606,479
4,052,703 1.130.935.963 1,035.886,990 127,422,874
a173,549,345 61000 507,205
a261,166,483
106,799.632 903,651,709
349,357,107
2,074,697
18.976
1.736.257
357,416
41,620
1,720,374
1,550,821
211,173
1,229.865
39,503
1,090,072
179.296
33.515
1,073.901
913,981
193,435
18,912
884,479
694,912
208,479
53,410
609,749
722.078
165,739
835,578
18.547
198,365
655,760
4,008
56,396
70,898
18,510
44,553
60,407
15,854
20,515
30,772
1,758
12.015
A Add
25046
10414
82711
•Includes 835,825 and 19,082,617 pounds held by refining and manufacturing
establishments and 1,550,690 and 44,815,301 pounds In transit to refiners and
consumers Aug. 1 1925 and Feb. 28 1926, respectively.
a Includes 12,798,458 and 7,543,321 pounds held by refiners, brokers, agents
and warehousemen at places other than refineries and manufacturing establishments
and 6.989,033 and 9,591,947 pounds in transit to manufacturers of lard substitute,
oleomargarine. soap. &c., Aug. 1 1925 and Feb. 28 1926, respectively.
b Produced from 1,127,802,362 pounds crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR SEVEN MONTHS ENDING
FEBRUARY 28.
1926.
Oil-Crude
Refined
Cake and meal
Linters
Pounds
Pounds
Tons
Running bales
27,814,176
18.572,829
291,646
59,589
1925.
16,398,795
20,035,745
358.718
97,742
Year
Feb.
United States
Amoskeag Wage Agreement Continued.
Manchester (N: H.) advices March 16 in the New York
"Evening Post" state:
[VoL. 122.
Cotton on Hand
__
Feb. 28.
Cotton
Spindles
Active
Inconsuni- In public
Seven
Months tag estab- stosage&at During
Ending lislisnents compresses February
Feb. 28. (Bales).
(Bates). (Ntonner)
1926 *567,244 "3,744,415 '1,831,296 .4.744.090 33,028,966
1925 550,775 3,503,792 1,542,382 3,073,396 33.358,798
Cotton-growing States_ 1926
1925
New England States
1926
1925
All other States
1926
1925
399.046 2,591,894 1,127,859 4,526,920 17,221,238
372,560 2,404,886
915,004 2,749,271 16,990,842
956,367
141,300
602,581
154,985 14,239,820
912,839
150.176
532,051
95,297 14,783,298
26,898
196,154
100,856
62,185 1,567,910
28.039
186.067
95.327
228.828 1.584.65a
'Includes 19,205 Egyptian, 5,588 o her foreign 941 American-Egyptian and 198
sea-island consumed; 49,877 Egyptian. 24.488 other fore gn, 3.391 AmericanEgyptian and 1,870 sea-Island in consuming estimate and 24,534 Egyptian, 14.703
other foreign, 9,510 American-Egyptian and 513 sea-island In public storage. Seven
months consumption, 117,755 Egyptian, 45,582 other foreign, 5,616 AmericanEgyptian and 1,747 sea-Island.
Linters not included above were 53,978 bales consumed during Feb. In
1926 and 51,414 bales in 1925; 174,976 bales on hand in consuming establishments on Feb. 28 1926, and 150,913 bales in 1925; and 80.151 bales
in public storage and at compresses in 1926, and 69,488 bales in 1925.
Linters consumed during seven months ending Feb. 28 amounted to 441,451
balm} in 1926 and 356,002 bales in 1925.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
Imports of Foreign Cotton (500-Pound Bales).
Country of Production.
February.
1926.
Total
Egypt
Peru
China
Mexico
British India
All other
7 Moa, Ending Feb. 28.
1925.
1926.
1925.
38,355
59,902
198,585
212,861
22,812
1,109
5,645
7,604
967
218
41,284
1.324
8,380
6,283
1,643
988
142,484
12,093
17,042
17,079
8,424
1,465
141,393
9,590
11,131
40,920
7,719
2,108
Exports of Domestic Cotton and Linters-Running Bales (See Note for Linters)
Country to Which Exported. __
February.
1926.
Total
United Kingdom
France
Italy
Germany
Other EuroPean
Japan
All Other
1925.
7 Mos. Ending Feb. 28.
1926.
1925.
556,185
811,838
5,986,630
6,232,024
173.192
64,647
59,862
95,481
78.204
68,093
16,706
252,032
82,786
74.437
199,159
99,295
82.633
21,496
1,761,864
709,200
469,709
1,331,560
706,301
794,213
213,783
2,110,886
733,425
505,260
1,361,395
670,518
676.692
173,848
Note.-Figures include 10,859 bales of linters exported during February in 1928
and 19.800 bales In 1925 and 59,569 bales for the seven months ending Feb. 28 in
1926 and 97,472 bales in 1925. The distribution for Feb. 1928. follows: United
Kingdom.2,005; Netherlands, 1,833: France, 1,698: Germany, 3,471: Belgium, 226:
Sweden, 38; Spain, 400; Canada, 1,185; Mexico, 1; Panama, 2.
World Statistics.
The estimated world's production of commercial cotton, exclusive of
linters, grown in 1924, as compiled from information secured through the
domestic and foreign staff of the Department of Commerce is 23,825,000
bales of 478 pounds lint, while the consumption of cotton (exclusive of
linters in the United States) for the year ending July 31 1925, was approximately 22,640.000 bales of 478 pounds lint. The total number of spinning
cotton spindles, both active and idle, is about 162,000,000.
Steel Consumption High-Prices Steady for Both Steel
and Iron.
The sustained rate of operation in industries which consume steel is brought out more clearly by the market developments of the first half of March, in the opinion of the
"Iron Age," as expressed in its market review of March 18.
Steel production is on a scale exceeding the average for
January and February, but still without signs that appeared
a year ago of overproduction by several of the leading companies.
There is a good volume of new buying, due in part to the
coming on of',spring, but these orders plus specifications are
a
MAR. 20
1926.]
THE CHRONICLE
1539
still somewhat less than mill shipments, declares the "Age,"
giving further details of interest from which we quote:
for spring use: lettings of the week total 16,000 tons with over 50,000 tons
pending. Pittsburgh mills will furnish 45,000 to 50.000 tons of 22-inch
line pipe, recently placed by the Standard Oil Co. of New Jersey.
Mills rolling rails and track accessories have shipped since the first of the
Pig iron buyers are making more persistent efforts to get lower prices
year considerably more steel than in the same period last year, rail buying for second quarter and are feeling their way. Another American railroad,
last fall being unusual. On most of the other forms of steel the close con- the Boston & Maine, has placed a rail tonnage with foreign mills. This
nection consumers are making with the mills and the small stocks buyers road purchased at least part of its inquiry for 16,000 tons, with German
now have point to a continuance of such business on the present scale well makers.
Into the second quarter. Yet contracts covering the full second quarter
Further close competition in ferromanganese has resulted in another cut
are few.
of $5 a ton by American and Norwegian producers.
Sales of the leading finished products for delivery beyond April 1 indicate
The "Iron Trade Review's" composite price of 14 leading iron and steel
the carrying over of first quarter prices. The plate market, which for so products this week is $38 89. This compares with $3890 for the past two
long has been the weakest spot, is a shade firmer. Steel scrap, after a show weeks.
of strength in the Pittsburgh district for two weeks, is tending lower.
The Market Report of Rogers Brown & Crocker Bros.,
The Steel Corporation's rate of operations has been above 95% the past
week and that of Bethlehem between 85 and 90%. The Pittsburgh dis- Inc. has the following to say concerning the pig iron market
trict as a whole has been not far from 85%. Steel company production of under date of March 18:
pig iron is running higher than in February.
The Pig Iron buying movement in the Eastern district is broadening and
In the steadily increasing stream of steel imports to the Atlantic seaboard
there is considerable more inquiry in the market. It is significant that
the order for 15,000 tons of 100-1b. and 85-1b. rails just placed by the
large inquiries for second quarter specify deliveries must commence at once.
Boston & Maine RR. with the Krupp mill at Rheinhausen, Germany, is
Some of the actual orders placed are from those who are always regarded as
conspicuous. The contract includes 5,000 tons of tie plates.
most shrewd in their judgment of the time to buy. Prices have held firm
It is found that 26,500 railroad cars were ordered between Jan. 1 and
in spite of buyers' best efforts to force concessions by talking low prices on
March 15, or 10,000 more than in the same period last year. A large part
imported iron.
of the 270,000 tons of steel required, besides axles, will come from Chicago
In the Central West there is slightly more inquiry, but the market there
mills.
may still be termed quiet.
The Central RR. of New Jersey has inquired for 1,000 box cars and 100
Volume of sales is about the same as the previous week. Shipments
gondolas. The Pennsylvania RR. may authorize the building of 300 lococontinue heavy.
motives, of which 100 will come from its own shops. The Wabash is inLow prices on ferromanganese so far have resulted in the placing 'of a
quiring for 30.
fair tonnage. The buying is still under way.
Structural steel mills are operating at an extraordinary rate, but after
Coke market is quiet. There is little change in price.
several remarkable weeks fabricating contracts are light. An office building in New York, up for bids, will take 12.000 tons of structural steel, and
a warehouse in Brooklyn calls for 1,800 tons of concrete bars.
Cement Production Smaller-Shipments Also Smaller
Motor car builders, after speeding up purchases for a time, as of sheets,
and Stocks Increasing.
have fallen back to nearby requirement buying.
Spring needs have brought pipe-making operations to a 75% basis, a gain
The production of Portland cement in February the presof about 50% from the low point five or six months ago.
ent year was 7,731,000 bbls. and in January 7,887,000 bbls.,
Shipments of wire and wire products are now on the upgrade, and not,
as they were a year ago, dwindling because the first two months of the year as against 8,255,000 bbls. in February last year and 8,856,000
then had completely filled distributers' stocks.
bbls. in January last year. Shipments are also on a declinTonnage wage rates of sheet and tin mill workers in mid-Western mills ing scale,
having been 5,820,000 bbls.in Feb. this year and 5,have been advanced 3% for March and April under the sliding scale agreement. which showed that shipments of black sheets averaged 3.20c. in Jan- 672,000 bbls. in Jan., against 6,015,000 bbls. and 5,162,000
uary and February against 3.10c. in the preceding 60 days.
bbls., respectively, in 1925. Stocks have been steadily risConnellsvllle coke production has not yet been cut down to the point of
bringing supply and demand In balance, spot furnace coke being available ing since last September, and Feb. 28 were 22,493,000 bbls.,
at $3 at oven. Pig iron producers are holding off on second quarter con- against 19,689,000 bbls. at the same date last year. The
tracts, looking for a price nearer to $3 than to the $3 50 which coke com- following are the figures
as furnished by the Bureau of Mines
panies ask.
Competition in ferromanganese among domestic producers brought an- of the Department of Commerce:
other drop of $5 in the past week, and in buying at $95 consumers are get- PRODUCTION. SHIPMENTS AND STOCKS OF FINISHED PORTLAND
ting a guaranty against further decline. English makers have dropped out
CEMENT, BY MONTHS, IN 1925 AND 1926 (IN BARRELS).
of the contest, their last quotation being $110 at seaboard.
In tin the movement above 60c. seems no more difficult than the advance
Production.
Stocks at End of Month.
Shipment*.
through the fifties. Sales have been made this week at 66c., the highest
Month.
1925.
1926.
1926.
1925.
1925.
1926.
price since 1920.
January 8,856,000 a7,887.000 5,162,000 a5,672,000 17,656.000 a20,582,000
Both of the "Iron Age" composite prices are unchanged. That for pig February.
8,255,000 7,731,000 6,015,000 5,820,000 19,689,000 22,493,000
Iron is at $21 38 for a second week-the low figure of the year. The fin- March
11,034,000
20,469,000
10,279,000
ished steel price is 2.431c. per lb. for the third week, as shown in the fol1st guar. 28,145,000
21,456,000
lowing composite price tables:
Finished Steel-March 16 1926-2.431c. Per Pound.
April
13,807,000
19,877,000
14,394,000
Based on prices of steel bars, beams,tank One week ago
15,503,000
2.431c. May
18.440,000
16,735,000
plates, plain wire, open-hearth rails, One month ago
2.424c. June
15.387.000
16,409,000
17.501,000
black pipe and black sheets, constitut- One year ago
2.531c.
ing 88% of the U.S.output
10-year pre-war average_1.689c.
2d guar_ 44,697,000
48,630,000
Pig Iron-March 16 1926-$21.38 Per Gross Ton.
July
15,641,000
13,896.000
18,131,000
Based on average of basic and foundry One week ago
$21 38 August
16,419,000
11,952,000
18,383.000
Irons, the basic being Valley quotation, One month ago
21.54 September 15,939,000
......
10.247,000
17,711,000
the foundry an average of Chicago, One year ago
22.13
Philadelphia and Birmingham
10-year pre-war average
15.72
3d guar_ 47,999,000
54.225,000
Finished Steel
Pig Iron
October __ 15,992,II
High.
10,979,000
15,309.000
Low.
Low.
High.
1926- - -2.453c. Jan. 5 2.424c. Feb. 9 $21.54 Jan. 5
14.534,000
10,187,000
Mar. 9 November 13,658,000
1925- - -2.560c. Jan. 6 2.396c. Aug. 18 22.50 Jan. 13 $21.38
a6,917,000
al8,315,000
18.96 July 7 December al0,713,000
1924-2.789c. Jan. 15 2.460c. Oct. 14 22.88 Feb. 26 19.21 Nov. 3
1923---2.824c. Apr. 24 2.446c. Jan. 2 30.86 Mar. 20 20.77 Nov.20
4th quar 40,361,000
32,413,000
A further speeding up of steel production, already on an
unusually high plane, points to the presence of another cycle
of expansion of consumption, declares the "Iron Trade
Review" this week. This increase is peculiarly gauged under
the prevailing conditions where buyers are drawing upon
producers only as they actually need the material and are
not discounting future probabilities. From the way new
capacity is being called into service, there is every indication
that March will set a new high mark for the monthly steel
output for all time. The first two weeks of March find the
Gary works well on the way toward breaking the world's
record. To date, output is ahead of March 1925, when the
previous record was established. Leading companies in the
Chicago district have their mills scheduled on heaviest scale
of any March in history, continues the "Review's" summary
of market events issued March 18, and from which we add
the following:
The Steel Corp. this week is running around the highest point in its
history, with operations at 97%. A year ago it was approximately 95%
active. The Bethlehem Steel Co. is blowing in three more blast furnaces
this week. More furnaces have gone in this week in the Pittsburgh and
Youngstown area, with others in line to resume soon.
The automobile industry is making good progress, with some larger
builders scheduled at the greatest March rate ever known. For this
season, farming implement manufactureres are at the highest point in
five years.
Volume of prospective structural steel work makes a very impressive
showing, since it embraces a number of large projects. Probably 200,000
tons are In some definite stage of planning. New York reports a total of
65,000 tons in sight. In addition preliminary plans are being prepared
for two bridges over the Kill Van Kull, greater New York, which will
Involve 35,000 tons.
Miscellaneous car orders footing up about 2,000 are reported this week.
The cast iron pipe market shows widespread buying among municipalities
161.202.000
a Revised.
156,724.000
Coal Prices Drop-Anthracite Trade
Steady as Demand Keeps Up.
A marked drop in prices asked for spot bituminous minerun at tidewater all along the coast occurred last week,
reports the "Coal Trade Journal" in its usual weekly review
of market conditions, issued March 17. Domestic sizes of
prepared in most localities along the coast were in very poor
demand, as was prepared coke. On account of the great
curtailment in preparation, slack occupied a strong position
and quotations on most of the fine coals advanced, declared
the "Journal," adding further comment, which we repeat
herewith:
Bituminous
Production at the anthradte mines showed steady improvement and
domestic sized were universally in good demand. Steam sizes, however,
lagged in some localities. Sales of company coal were good as were those
for the independent coal commanding only small premiums.
The feature of the Boston bituminous market last week was the break
in tidewater prices, particularly for orders involving largo tonnages. This
reduction in price was for the purpose of arousing customers to action, who
had been holding out for lower prices and the drop at the southern piers
aided materially. The reduction, however, did not bring out as many
customers as was expected. The Providence market was a little lower,
but nowhere near as low as that of Boston. The market for prepared
bituminous was at a standstill. Retail demands for anthracite fell off
considerably. Company tonnage was coming through well. New England
coke was moving well, but Pennsylvania and foreign cokes were difficult
to move.
The New York bituminous market was very dull over the past week and
sales were rumored at very little over freight charges. Domestic anthracite
from company mines are independents, where the premium was small, were
In good demand. Steam sizes lagged locally, however, as many industrial
consumers were fairly well stocked with soft coal and were unwilling to
1540
THE CHRONICLE
enter the market until these stocks were used up. There was practically
no demand for coke and some offers were reported below the $3 mark.
Cancellations and rejections of shipments of bituminous coal and coke
are frequent in the Philadelphia market, and this situation was hammering
down the regular market, resulting in the holding up of considerable contracting. There was a general slump in prices of all pool coal, slack being the
only soft coal item that had stiffened at all since the strike. Soft coal men
are hoping that the opening of the Lake season will help to counteract this
condition. Retailers are getting a very fair allotment of anthracite, but
were still working hard to dispose of their stock of substitutes. It is thought
by the trade that independent prices will be reduced during the next few
weeks, when the first rush is over. Buckwheat was in the best demand
of the steam sizes and rice and barley were in good call.
The brightest spot in the Baltimore coal trade was the seeming revival
of their export business. Outside of that the bituminous market was withou
Interest and prices were off. A few contracts were placed, but the big
majority of industrial consumers stuck to the holding-off policy and bought
small spot lots. Anthracite was coming in better and was being delivered
in small lots.
Production and demand in the central Pennsylvania bituminous fields
was approaching a basis prevailing prior to the anthracite strike, and prices
were considerably lower than those earlier in the year. Loadings dropped
about 20% under those of the first week in February. There were quite a
few "no bills" on the tracks and this depressed the market.
Consumers in the Pittsburgh market were buying in small lots only.
Domestic coal was in smaller demand. Industrial demand had been improving slowly and considerable contracting negotiations were under way.
The slack market was somewhat steadier, due to the lesser screened coal
production. The ConnellsvWe coke fields recovered somewhat from the
depression of the previous week, and while furnace prices were still low,
there was a distinct advance from the extreme depression. Production was
under that of the previous week.
The spot coal prices continued to slide a little last week in northern West
Virginia, there being a great deal of "no bill" lump, mine-run and slack on
the tracks. Prospects of a pick-up in demand before April 1 were not encouraging. Mines supplying contract coal, and these were in the majority,
continued to work at nearly normal strength, although production fell off
last week.
Lower production in the higher and lower volatile fields of southern West
Virginia last week stiffened the prices of certain kinds of coal, especially
some of the domestic grades. This was aided by the cooler weather. There
was an appreciable decrease in the smokeless production, which should
prevent further price recession. Smokeless slack was in a stronger position
with prices higher. Tidewater prices, however, were rather low. The
demand for certain of the high volatile prepared sizes was better and minerun was somewhat stiffer in price. There was a large amount of high volatile slack moving at fair prices.
Production in the upper Potomac and western Maryland fields was more
than sufficient to take care of demands, resulting in the prices remaining
firm. Spot buying was small and contracting light. There was very little
actual change in prices.
Although production in the Virginia fields was still large, the output last
week was under that of the preceding week, and the principal movement
was in mine-run. Production of coke in this territory was curtailed and
prices were lower.
The liquidation in bituminous coal production and prices
made necessary by the settlement of the anthracite strike is
nearing completion, observes the "Coal Age" in its March
18th summary of conditions in the fuel markets. Notwithstanding the large number of individual price declines reported from various distributing centres last week, the technical'position of the market has improved. For one thing,
there is less distress tonnage to create fictitious price bases.
For another, there is less coal at the mines and en route,
continues the "Age," from which we quote additional facts
as follows:
The "Coal Age" index of spot bituminous prices for March 15 was 168
and the corresponding price was $2 03. This was an increase of one point
and lc. over the figures for the preceding week. This increase was made
possible by a stronger tone to screenings in nearly all producing fields and
in all-rail central Pennsylvania coals in New England. Pool prices at New
York and Baltimore were weaker.
With few exceptions, the prices on prepared coals were shaded in all
markets. Naturally,seaboard quotations were the worst sufferers. Inland
prices on Eastern and Southern high-volatiles, however, did not escape.
Quotations in the Southwest and the Far West also sagged. The most
conspicuous exception to the general trend was in southern Illinois, where
the efforts to stabilize prices were abetted by the weather.
To the weather, too, must be given credit for pushing up anthracite
output to 1,787,000 net tons the first week in March, as compared with
current
1.655,000 tons a year ago. The bulk of the buying, of course, is for
consumption. The average householder in the anthracite consuming
territory bought sparingly of other fuels during the suspension, so that his
immediate requirements are not inconsiderable in the aggregate.
In so far as there are pronounced indications of choice in the present
buying, chestnut has the call over the lordly stove. The lowly pea size
also is experiencing a period of public favor not ordinarily its lot. Demend, however, is not such that independent shippers have been able to
move tonnage at the peak prices obtainable the first week production was
resumed.
Spot movement of the steam sizes is back to pre-strike levels. That
means that producers have little difficulty in selling rice and barley and that
No. 1 buckwheat is more or less of a drug on the market. The chief interest
in the situation is in contracts for the coming year.
Spot prices on metallurgical coke in the Connellsville region are close to
the levels of a year ago. Furnace coke is possibly 25c, weaker and foundry
25c. stronger. Production, however, has not yet been brought within the
limits of estimated demand. Output for the first week in March was only
51,290 tons under the record production four weeks earlier.
There still is yard-crushed coke waiting in vain for buyers. Ovens are
laboring to make adjustments with their late Eastern retail customers and
Alabama market, too, is easier, but no
to move rejected tonnage: The
excess production is reported.
Output of Bituminous Coal and Coke Continues to
Decline--Anthracite Production Increases.
Continuing the decline in production which has been
evident during the last few weeks, the output of bituminous
coal fell off by about 390,000 tons during the week ended
[VOL. 122.
March 6, while that of coke decreased by about 55,000
tons during the same period, when compared with the
production records of the preceding week in each case.
Anthracite production, on the other hand, reached a total
of 1,787,000 net tons or 11% over the revised figure for the
preceding week, according to statistics issued by the U. S.
Bureau of Mines on March 13, from which we quote a
portion herewith:
Production of bituminous coal during the week ended March 6,including
lignite and coal coked at the mines, is estimated at 10,500,000 net tons.
This shows a decrease, compared with that in the preceding week, of390,000
tons, or 3.6%, but is greater by 12% than output in the corresponding
week in 1925.
Estimated United States Production of Bituminous Coal(Net Tons) a,Including
Coal Coked,
1925-26
1924-25
Coal Year
Coal Year
Week.
to Date.
Week.
to Date.b
Feb. 20
11.509,000 483,702,000 9.464,000 424,651,000
Daily average
1,918.000
1.763.000
1.577,000
1,522,000
Feb. 27_c
10,890,000 494,592,000 8,855,000 433.506,000
Daily average
1.846,000
1.765,000
1,501,000
1,550,000
March 6_d
10,500,000 505.092,000 9,384,000 442,890,000
Daily average
1.750,000
1.764,000
1.564,000
1,551,000
a Original estimates corrected for usual error, which in past has averaged
2%. b Minus one day's production first week in April to equalize number
of days in the two years. c Revised. d Subject to revision.
Production of soft coal during the present coal year to March 6 (approximately 286 days) is now 505.092,000 tons. Production for similar periods
in other recent years is given below:
1918-19
528,894,000 net tons 1921-22
407,941,000 net tons
1919-20
456,446.000 net tons 1923-24
527,726,000 net tons
1920-21
510,450,000 net tons 1924-25
442,890,000 net tons
ANTHRACITE.
Production of anthracite during the week ended March 6 is estimated
at 1,787,000 net tons,an increase of178,000 net tons,or 11% over the revised
figure for the preceding week. This is practically the same output recorded
for the last week in June, and is but 2% less than the average for the 22
weeks in the present coal year preceding the suspension. Compared with
production during the corresponding week in 1925, the gain is 132,000 tons,
or about 8%.
Estimated United States Production of Anthracite (Net Tons).
1925-261924-25
Coal Year
Coal Year
Week.
to Date.
Week EndedWeek.
to Date.a
Feb. 20
408,000 41,121.000
1,838,000 77,558,000
1.609,000 42.733,000
Feb.27_ b
1,605,000 79,163,000
March 6_ c
1,787.000 44,520,000
1.655,000 80,818,000
a Minus one day's production in April to equalize the number of days in
the two years. 13 Revised. c Subject to revision.
BEEHIVE COKE.
Continuing the decline which began early in February, and gained
momentum with the resumption of anthracite mining, production of
beehive coke during the week ended March 6 amounted to 265,000 net
tons. Compared with output during the preceding week, this shows a
loss of 55.000 tons, or about 17%, practically all of which was within the
State of Pennsylvania.
Total production of beehive coke during the year 1926 to March 6 is
now 3.046.000 tons. Compared with output during the corresponding
period in 1925, the present year shows a gain of 621,000 tons, or about 26%•
Estimated Production of Beehive Coke (Net Tons).
Week Ended1926
1925
Afar.6 Feb. 27 Mar. 7
to
to
1926.b 1926.c 1925.
Date.
Date.a
Pennsylvania & Ohio
210.000 262.000 188,000 2,506.000 1,910,000
West Virginia
17,000 18.000 14,000 158,000 125,000
Ala., Ky., Tenn. & Ga
19.000 19,000 23,000 195,000 216,000
Virginia
10,000 12,000 10,000 100,000
93,000
Colorado & New Mexico_ _ _ _
,
4.000
50,000
39,000
Washington & Utah
4,000 4.000 42,000
37,000
42,000
United States total
265,000 320,000 281.000 3,046,000 2.425,000
Daily average
44,000 53.000 47,000
54,000
43,000
a Adjusted to make comparable the number of days covered in the two
years. b Subject to revision. c Revised since last report.
Reversal of Country's Foreign Trade Position-Balance
Now on the Side of the Imports.
The Bureau of Statistics of the Department of Commerce
at Washington on March 13 issued a statement of the foreign
trade of the United States for February and the 8 months
Zding with February. The value of merchandise exported
in February 1926 was $353,000,000, as compared with $370,676,434 in February 1925. The imports of merchandise are
provisionally computed at $389,000,000 in February 1926, as
against $333,387,369 in February the previous year, leaving
an unfavorable trade balance against the United States on
the merchandise movement for the month of February 1926
of $36,000,000. Last year in February there was a favorable
trade balance on the merchandise movement of $37,289,065.
Imports for the 8 months of 1925-26 have been $2,968,599,915,as against $2,439,924,346 for the corresponding 8 months
of 1924-25. The merchandise exports for the 8 months of
1925-26 have been $3,296,723,427, against $3,318,380,769,
giving a favorable trade balance of $25,415,655 in 1925-26,
against $878,456,423 in 1924-25. Gold imports totaled
$25,415,655 in February 1926,against$3,602,527 in the corresponding month the previous year, and for the 8 months
they were $132,373,525, as against $102,118,959. Gold exports in February 1926 were $3,850,350, against $50,599,708
in February 1925. For the 8 months of 1925-26 the exports
of the metal foot up $78,640,551, against $181,918,890 in the
8 months of 1924-25. Silver imports for the 8 months of
1925-26 have been $47,038,232, as against $51,693,560 in
MAR: 201926.]
THE CHRONICLE
1541
1924-25, and silver exports $66,122,844; as against $76,531,- January and the 7 months ending with January for the
139. Some comments on the figures will be found in an years 1925 and 1926. The following is the table complete:
earlier part of our paper in our article on "The Financial TOTAL VALUES OF EXPORTS AND IMPORTS OF MERCHANDISE BY
GRAND DIVISIONS AND PRINCIPAL COUNTRIES.
Situation." Following is the complete official report:
-Month of January- -7 Mon1hs End. JanuaryTOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
(Preliminary figures for 1926, corrected to March 12 19263
MERCHANDISE.
February.
1926.
8 Months Ending February.
1925.
1926.
1925.
Increase (-I-)
Decrease(-)
$
$
353,000,000 370,676,434 3,296.723,427 3,318,380.769 -21,657.342
389,000,000 333,387.369 2,968,599,915 2,439,924.346 +528,675,569
Exports
Imports
Excess of expts
37,289.065
Excess of impts 36,000,000
328,123,512
878,456,423
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
1925-26.
ExportsJuly
August
September_
October._
November_
December _
January_
February
March
April
May
June
1924-25.
$
339,660.368
379.822,746
420,368,140
490,566,814
447,803.577
468,305,919
397.195,833
353,000,000
$
276,649.055
330,659,566
427,459,531
527,171,781
493,572,921
445,748,393
446.443,088
370,676.434
453,652,842
398,254,668
370,945.110
323,347,775
1922-23.
1923-24.
$
302,186,027
310,965,891
381,433,570
399,199,014
401,483,872
426,665,519
395,172,187
365,781,772
339,755,230
346,935,702
335,088,701
306,989,006
1921-22.
$
$
301,157,335 325,181,138
301,774,517 366.887,538
313.196,557 324.863.123
370,718,595 343,330,815
379,999,622 294,092,219
344,327,560 296.198,373
335,416,506 278,848,469
306,957,419 '250,619,841
341.376,664 329.979,817
325,492,175 318,469,578
316,359,470 307,568,828
319,956,953 335,116,750
8 mos. end.
February 3,296,723,427 3,318,380,769 2,982,887,852 2,653,548,111 2.480,021,516
12mos.end.
June_
4,864,581,164 4,311,656,491 3.956,733,373 3.771,156,489
Imports,
July
August..
September _
October .....
November _
December.
January..
February
March _
April
May
June
325,648,257
340,085,626
349,953.680
374.073,914
376,431.290
396,639.809
416,767,339
389,000,000
278,593.546
254.542,143
287,144,334
310.751,608
296,147,998
333,192,059
346,165,289
333,387.369
385,378.617
346,090,956
327.518,721
325.215,735
287.433,769
275,437,993
253,645.380
308,290,809
291.333,346
288.304,766
295,506,212
332.323.121
320,482,113
324,290.966
302,987.791
274.000,688
178,159,154
194,768,751
179,292.165
188,007,629
210,948,036
237,495,505
217.185,396
215.743,282
256.177,796
217,023,142
252,817,254
260,460,898
251,771,881
281,376.403
298,493,403
276,103.979
291,804,826
293,788,573
329,253,664
303,406,933
397,928,382
364,252,544
372.544,578
320,233,799
8 mos. end.
February 2.968.599,915 2.439,924,346 2.332,275.396 2,325,999,662 1,621,599,918
12mos.end.
June..,.
3.824.128.375 3.554.036.954 3.780.958,965 2,608.079.008
GOLD AND SILVER.
February.
1926.
Ilg Gold.
Exports
Imports
8 Mos.End ng February.
1925.
1926.
1925.
Increase (+)
Decrease (-)
$
$
$
$
$
3,850,350 50,599,708 78.640,551 181.918.890 -103,278.339
25,415,655 3.602,527 132,373,525 102,118,959 +30,254,566
Excess of exports
46,997,181
79,799,931
Excess of 'rants_ 21,565,305
53,732,974
Silver.
Exports
Imports
.
111
Excess of exports
Excess of inlets_
7,747.324
8,861,871
6,832,647 66,122,844 76.531,139 -10,408.295
4,928,916 47,038,232 51,693,560 -4,655,328
1,903,731 19,084,612 24,837,579
1.114.547
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
Gold.
1925-26.
1924-25.
$
Exports.
$
July__ 4,416,452
327,178
August. 2.135.690 2,397.457
Sept---- 6,784,201 4,579.501
October. 28,039.190 4,125,268
Nov---- 24,360.071 6,689,182
Dec.... 5,967,727 39,674,653
anus y 3.086.870 73,525.943
February 3,850,350 50.599,708
March__
25,104,416
21.603,945
April13,389,967
May
6,712.480
June _
Silver.
1923-24.
1925-26.
1924-25.
$
522,826
2,200,961
882.697
3
1,307060
746,794
711.529
280.723
505,135
817,374
1,390,537
593.290
268,015
$
$
8,349,304 9,190,362
8,284,991
067
7.487 317 10
8.632.
345205
8.78 :376 9,465,023
2
7
8,118,093 9,401,406
7,589,470 11.279.630
9,762,960 11.384.799
7,747,324 6,832.647
7.916,717
9.322,618
6,535.761
8,522.492
1923-24.
$
6.233,1133
7,032.221
8 123 460
:52 :845
8.775,474
9,521.083
8,208,644
8,876.713
8.355.278
7.801.689
9,686.517
8,648.499
Smonths
end. Feb 78.640,551 181,918,890 7,137,725 66,122,844 76,531,139 64,293,603
12 mos
248.729,698 10,206,941
108,828,727 98,785.586
end.June
,
ImPort
July-August.
sept____
October_
NOV....
Dee__
January
February
March._
April.-May --June ___
10,204,112
4,861,736
4,128,052
50.740,649
10,456,115
7,216,004
19,351.202
25,415,655
18,834,423
18,149,981
6,656,105
19,701.640
19.862,384
10.274,049
5,037.800
3,602,527
7,337.322
8,869,883
11,392,837
4,426,135
27,929,447
32,856,097
27.803,961
29,795,185
39,757,436
32.641,226
45,135,760
35,111,269
34,322,375
45,418,115
41,073,650
25,181,117
5.238,437
7.273,298
4,504,024
5,601,851
4,040,035
5,746,956
5.762.760
8.861,871
7.127413 10,066,463
7,041.630 6,465.949
7,082,962 8.517,971
5.828,572 6.929,311
6,481,416 5,269.173
5,863,892 8,172,301
7.338.559 5,979.758
4,928,916 7.900.409
6,660,750 6,220,934
4,944,807 3,907,745
3,390,180 5,639,582
4,918,605 4,870,389
Smonthe
271,030,381 47,038,232 51.693,560 59,301,335
and. Feb 132,373,525 102,118,959
12 mos•
71,607,902 79.939,985
134.145,136 417,025,638
...1 TIIIIP
Total Value oflImports and Exports of Merchandise
by GrandlDivisions and Principal Countries.
The Bureau ofi.Foreign and Domestic Commerce of the
Department of Commerce at Washington has issued its
report showing the merchandise imports and exports by
month of
grand divisions and principal countries for the
Exports to;
Grand DivisionsEurope
North America
South America
Asia
Oceania
Africa
Total
1925.
3
269,401,035
77,830,775
31,745,094
46,224,878
14,659,012
6,582,294
1926.
1925.
1926.
3
$
$
199,794,209 1,657,503,627 1,531,933,139
84,779,597 671,573,065 674,401,316
37,774,678 198,622,335 246,847,915
50,236,723 285,710,773 318,597.516
92,636.174 116,772,296
16,308,210
55.168.373
8,302,416
41.658,361
446,443.088 397,195,833 2,947,704.335 2.943.720,555
Principal Countries68.788,280
Belgium
76,315,747
10,207,656 8,583,584
26,399.860
33.884.396
Denmark
4,772,857 5,364,712
France
29,209,762 29,731,416 182,544,042 174,736.541
Germany
49,598.693 25,537,436 284.734,085 267,027,564
14.816.109
7,505,404
743,259
Greece
2,694,692
Italy
22,669,082 14,382,297 125,457,183 102,692,628
77,577,481
Netherlands
14,725,287 10,586,072 106,781.853
14389,447
17,123.978
Norway
3.156,584 2.221,070
22,224,483
37.032,053
Soviet Russia, Europe
2,506,473 6,162,337
45.745,764
Spain
7,656,284 6,754,660
48.483.165
24.735.903
24.870.328
Sweden
3.430,787 2,848,590
729,649
4,625.811
5,543.989
Switzerland
590,096
United Kingdom
113,136,945 82,158,884 700,141,658 638.246,935
36,931,454 47.437,155 381,306,392 393,146,175
Canada
40,941,527
43,650,050
Central America
6,026,261 6,364,154
83.907,234
80,914,110
11,915,043 11,076,475
Mexico
16,411,871 14,660,702 122,662,601 112,904,904
Cuba
10.207,299
1,599,534 1.308,183
11,001,430
Dominican Republic
12,892,875 14,938.461
77.273,367
93,213.523
Argentina
41,198,519
47,474,642
Brazil
6,799.835 6,204,966
2,924,054 3,793,025
19,647,858
25,006,540
Chile
18,038,425
2,548.930 4,303,984
27,354.065
Colombia
2.891,773
325.705
Ecuador
360,919
4.054.515
1,772,473 2,188,436
13,990.870
14.138,237
Peru
10.088,569
1,828,425 1,884,939
12,618.176
Uruguay
17,259,159
1,825,872 3,145,536
10.768,020
Venezuela
19,799,594
British India
2,829,239 3,714,658
A25,110,068
4,650,399
7,595,964
631,728 1,101.997
British Malaya
49,446.647
6,291,834 10.157,396
China
58.637,767
1,817,943
8,421,472
Hongkong
1,105,051
7.971,504
1,329,084 2.468,256
8,700.859
Dutch East Indies
13,629,927
Japan, including Chosen
28,093,517 23,424,771 150,275,126 156,645,185
35,565,370
Philippine Islands
4,611,603 6,561.375
37.188.008
11,867,596 12,856,847
73,895,689
Australia
91,453.535
17,402,683
New Zealand
2,462,982 3,362,688
23.909,746
21,153,906
British South Africa
3,210,293 3,901,503
27,781,834
622.547
823,392
3.363.148
4,756,666
Egypt
-Month of January- -7 Mo-ahs End. JanvaroImports from,
1925.
1926.
1925.
1926.
$
$
$
Grand Divisions$
102,808,855 111.210,059 678.677,838 753,740,801
Europe
77,531,029 73,559.135 517.834,577 534,358.602
North America
42,254,476 53,517,512 276.833,897 311,317,701
South America
100,965,251 154,045,627 565,233,595 890,014,832
Asia
11,954,917 8,037,231
Oceania
28,355,798
36.808,783
10.650,761 16,396,849
39,601,272
Africa
53,048,514
346,165,289 416.766,413 2,106,536,977 2,580,289.233
Total
Principal Countries6,386.156 6,886,242
Belgium
36,589,476
39,599.239
797,591
2,375,590
Denmark
313,049
2,410.401
13,923,725 12,825,540
90,604,833
France
95,032.140
87,358,686 111,440.571
11,402,094 16,005,979
Germany
16,397,197
2,153,018 1.655.760
Greece
8,410,089
49,466.924
8,462,573 8,554,604
Italy
56,811,799
47,666.009
7,080.581 8,679,103
Netherlands
62,979.558
12,346,089
925,598 1,884,759
Norway
13,448,930
4,480,710
691,889 2,022.727
Soviet Russia, Europe__
9,528,003
2,568,195 4.393,088
16.239,564
Spain
21,947,874
29,672.032
5,366,352 3,437,240
24,211,075
Sweden
22,669,466
3,131,661 3,734,350
Switzerland
25,951,370
35.177.932 34,620,382 228,342,171 248,455,427
United Kingdom
32,963,099 35,576,299 232,021,743 280.809,201
Canada
3,224,510 4,902,834
18,184,360
22,893,090
Central America
17.609,030 14,119,202
98,732,621
Mexico
88,967,987
20,646,566 14,831,262 150,679,918 114,622,333
Cuba
426,657
710,010
3,165,650
4,012.105
Dominican Republic
6.522,530 7,678.113
38,291.595
41,546,057
Argentina
18,433,925 22,099,295 123,194,892 149.941,420
Brazil
6,412,625 8,477,180
Chile
49,654,987
41.829.990
4.092.957 5,138,519
32,093,755
37,181,614
Colombia
749,201
3.872,648
5.531.361
405.332
Ecuador
12,799.213
12,034,427
Peru
1,682,297 1,799,338
9.204.548
5,861.185
3.015,805 4,801,111
Uruguay
9.729,519
12,819.369
1,446,834 2,608,058
Venezuela
60.541,061
86,313.950
British India
12,177,015 17.994,657
89,012.171 246.420,592
British Malaya
21,291,359 51,613,856
68,421,281
89.012,575
China
11,355,463 9,624,534
5,007,746
6,281,299
877,736
1,543,636
Hongkong
35,679,016
69,193.223
Dutch East Indies
8,019,270 15,102,330
Japan, including Chosen 33,285,655 40,407,292 222,573,069 271,471.748
48,690,779
60.292.383
Philippine Islands
7,744,390 8,407,704
19,634,810
26,989,477
Australia
10,240,846 5,747,086
6,901,361
7.744.938
1,482,877 1,922,669
New Zealand
6,560,256
4.712.783
1,389,809 2,293,147
British South Africa
18,435,220
23,225,691
7,863,923 8.619 074
Egypt
States Senate Confirms Nomination of Charles
W. Hunt as Member of Federal Trade Commission.
In an executive session on March 10, the U. S. Senate
confirmed,,by a vote of 48 to 20, the nomination of Charles
W. Hunt as a member of the Federal Trade Commission.
Mr. Hunt had been named last September to succeed himself,
having originally been appointed in 1924. Regarding opposition to his continuance on the commission, the New York
"Journal of Commerce" in Washington advices March 10
stated:
United
Opposition to the retention of Commissioner Hunt in his present position
developed some time ago among the Progressives and certain of the Democrats because of his alignment with Commissioners Humphrey and Van
Fleet in their campaign for the institution of rules of reason governing the
activities of the commission in line with the proposals that are contained in
the Wadsworth-Williams bills. Lined up against this group are Commissioners Huston Thompson and George Nugent, who have protested against
the settlement with publicity of all cases where such action can be taken.
as alleged by the other conunIsqloners to be in the best interests both of the
public and the business world.
These various matters came up for consideration during the executive
debate on Mr. Hunt. He was criticised as being reactionary, but the
opposition probably was more against the system of the commission than
against Mr. Hunt personally.
It had generally been accepted that Mr. Hunt would be kept In office
and the fact that there were more than twice as many favorable as unfavorable votes was not a surprise.
1542
UTE CHRONICLE
[void. in.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on March 17, made public by the Federal
Reserve Board and which deals with the results for the
twelve Federal Reserve banks combined, shows a decline of
$21,800,000 in holdings of discounted bills, of $27,400,000 in
acceptances purchased in open market, and of $7,100,000 in
Government securities. Total bills and securities went down
$56,900,000 and Federal Reserve note circulation $12,500,000, while cash reserves increased $13,800,000.
Largely as a result of the Treasury's financial operations on
March 15, which included the redemption of securities
maturing on that date, member banks in the New York
district reduced their borrowings from the Federal Reserve
bank by $51,800,000. Discount holdings of the Chicago bank
declined $9,500,000, while those of Atlanta increased $13,000,000, San Francisco $12,300,000, Philadelphia $5,500,000,
and St. Louis $5,400,000. All of the Federal Reserve banks
show smaller holdings of acceptances purchased in open
market, the principal decreases being: New York $11,700,000, Atlanta $3,600,000, the Philadelphia $3,300,000.
After noting these facts, the Federal Reserve Board proceeds
as follows:
Investments in U. S. securities were $23,000.000 less than
last week, the
principal changes in this item being a reduction of
$24.000,000 in the
New York district and an increase of $16,000,000 in
the San Francisco
district. Holdings of other bonds, stocks and securities
increased $20.000,000 at banks in the New York district and $26,000.000
at all reporting
banks.
Net demand deposits fell off $113,000,000, declines of $107,000,000
in the
New York district. $15,000.000 in the Kansas City district, $9,000,000
in the
Cleveland district and 38.000.000 each in the Boston
and Philadelphia districts being offset in part by increases of $22,000,000 and
$12,000,000 in
the Chicago and San Francisco districts, respectively. Time deposits
were
88,000.000 higher than a week ago at all reporting banks and
811.000,000
higher at banks in the New York district.
Reduced borrowings from the Federal Reserve banks were
reported for
all districts except Cleveland and Richmond. The principal reductions
were $20,000,000 in the Chicago district, and $16,000,000 and
$14,000,000
in the New York and Boston districts, respectively.
On a subsequent page—that is, on page 1579—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve system. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Increase (+) or Decrease
(—)
During
Week.
Year.
Loans and discounts, total
—895.000,000 +8669,000,000
Secured by U. S. Govt. obligations
—5.000.000 —29,000.000
Secured by stocks and bonds
—121,000.000 +528,000,000
All other
+31,000,000 +170,000.000
Holdings of Treasury certificates of indebtedness increased 3101,400.00
0. Investments, total
+3,000,000 +132.000,000
of which $99,000,000 represents a temporary certificate issued by the
U. S. bonds
+18,000.000 +146,000.000
Treasury to the Federal Reserve Bank of New York pending the collection
U. S. Treasury notes
—23,000,000 —218,000.000
of the quarterly installment of taxes. Holdings of Treasury notes declined
U. S. Treasury certificates
—18,000,000
+11,000.000
$111,900,000, while holdings of U. S. bonds increased $3,400,000.
Other bonds, stocks and securities
+26,000.000 +193.000,000
The Federal Reserve Banks of Cleveland and San Francisco
report Reserve balances with Federal Reserve banks —6,000.000
—22,000.000
declines of $5,100.000 and $2.500,000, respectively, in Federal Reserve Cash in vault
+3.000.000
—8.000,000
note circulation, while the remaining banks show relatively small changes Net demand deposits
—113,000,000 —164,000,000
In this item.
Time deposits
+8.000.000 +500,000,000
The statement in full, in comparison with the preceding Government deposits
—3,000,000
+85,000.000
week and with the corresponding date last year, will be Total accommodation at Fed. Res. banks —79,000,000 +56,000,000
found on subsequent pages—namely, pages 1578 and 1579.
A summary of changes in the principal assets and liabilities Digest of Cables Received from Foreign Offices of the
Bureau' of Foreign and Domestic Commerce.
of the Reserve banks during the week and the year ending
March 17 1926 follows:
The'summary of foreign cablegrams received by the
DeIncreases(+)or Decrease(—) partment
of Commerce at Washington, released for publiDuring
Week.
cation to-day, follows:
Year.
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
Total deposits
Members' reserve deposits
Government deposits
+813,800,000 —$45,900,000
+12,100,000 --62.600.000
—56.900.000
+44,800,000
—21,800,000 +141,100,000
—3.400,000 +78,900.000
—18.400.000
+62,300.000
—27,400.000 —19,600,000
—7,100.000 —75.700,000
+3,400,000 —15.400,000
—111,900.000 —146,800,000
+101,400.000
+86,500.000
—12,500,000 —61.200.000
—16,600.000
+53,600.000
+20.600.000
+54,800.000
—41,500,000
+1,000.000
GERMANY.
A slight diminution of unemployment and a renewal of
foreign buying
proved some justification for the growing hope that Germany
is on the way
to a return to normal conditions. The results of the
depression of the past
six months show that some weaker business concerns which
grow during the
inflation period have been eliminated, the wholesale and
retail price levels
have been reduced, and a gradual reduction of imports
has
favorable trade balance for January. Interest rates on brought about a
time loans, call
money and private discounts have been reduced, and
the banking situation
is generally improved.
The program of the new Finance Minister has
created a favorable impression, press reports indicate, as it tends towards
a policy of tax reductions and simplification with a view to lightening
the heavy tax burden
which has been considered as a contributing factor
to the depression. Attention is also centred on the means of obtaining a
more effective distribution of commercial and investment funds through
banks and credit institutions. The end of February showed a slight
decrease in the number of
unemployed receiving Government assistance;
while the stock index has
risen at the beginning of March. The annual report
for all German savings
banks showed a considerable increase during 1925.
Recent political discussions have not affected
German financial markets
during the past week ands spirit of confidence was
evidenced by the steadiness of the stock exchange. Money remains easy.
The Week with the Member Banks of the Federal
Reserve System.
The Federal Reserve Board's statement of condition of
712 reporting member banks in leading cities as of March 10
shows a reduction of $95,000,000 in loans and discounts and
an increase of $3,000,000 in investments. These changes
BELGIUM.
were accompanied by declines of $113,000,000 in net demand
Difficulties in connection with negotiations for
the stabilization loan,
deposits and $79,000,000 in borrowings from the Federal and
higher money rates, have depressed the
Belgian business situation.
Reserve banks. Member banks in New York City reported The rediscount rate of the National Bank has been
increased, likewise the
reductions of $68,000,000 in loans and discounts, $5,000,000 rate on advances against securities and the amount of interest on six
months Treasury bills, provoking tight credit, in
accordance with the stain investments, $98,000,000 in net demand deposits and bilization program, and
also depressing business on the Stock Exchange
$16,000,000 in borrowings from the Federal Reserve bank. Metallurgical markets are uncertain
with increased competition. Glass
It should be noted that the figures for these member banks production is normal, but window glass shows a tendency to weaken. Dulness persists in the coal market, despite good demand from the
cement and
are always a week behind those for the Reserve banks coal industry,
and the renewal of activity in Charleroi metallurgy. The
themselves.
automobile market is good except for medium priced cars of heavy
gasoline
Loans on corporate stocks and bonds were $121,000,000 consumption. Lumber sales are excellent. Cotton yarns are dull but
weaving is slightly improved; flax business has recovered somewhat. Tonless than a week ago. Of this decline $99,000,000 and nage of Belgian import trade in 1925 declined slightly, while export
tonnage
$13,000,000 were reported by banks in the New York and advanced: import values remained almost stationary, while exports increased, thus reducing the unfavorable trade balance.
Boston districts, respectively. "All other" loans and disTHE NETHERLANDS.
counts increased $31,000,000, the larger increase of $33,The gradual strengthening of industry and trade in the Netherlands
has
000,000 in the New York district being partly offset by a continued
during the past month. The advance is particularly marked
in
decline of $8,000,000 in the San Francisco district. Total the artificial silk, shoe, margarine, paper and shipbuilding
industries, while
glass, textile and airplane manufacturing has shown an
loans to brokers and dealers, secured by stocks and bonds, The
unfavorable trend.
new Cabinet has quieted political uncertainty and
facilitated the
made by reporting banks in New York City show a further enactment of definite legislation. Note circulation
and gold reserves of
the
Netherlands
were reduced during the month, with little change
reduction of $163,000,000, of which $104,000,000 was in
in the
relation between them. Money continues to be
abundant and German
loans for their own account, $55,000,000 in loans for account loans have again become
an important feature of the market. Government
of out-of-town banks and $4,000,000 in loans for the account revenues in January exceeded those of January 1925. reaching 43,100,000
guilders as against 40,800,000 guilders. Wholesale and retail prices
of others. Further comment regarding the changes shown showed
both
declines as compared with last year. Unemployme
nt has been
by these member banks is as follows:
gradually reduced by the activity of the
building Industries, and seasonal
MAR. 20
1926.]
THE CHRONICLE
1543
factors. January import trade was normal but exports reached the lowest
figure since June 1924. with reduced exportation to Germany on account
of the high tariff.
FINLAND.
General business conditions in Finland during January were quiet with
of the
a corresponding dulness in trade caused by the frozen condition
harbors and heavy ice in the Gulf of Finland. Foreign trade during the
month was very low with a large unfavorable balance, characteristic of this
time of the year. Industries, however, are active and financial conditions
show further improvement,as indicated by the easy money market,declining
note circulation and a substantial increase in deposits during the past month.
during
A sufficient supply of funds seemed to be available, and demands
January were somewhat heavy. Price levels showed a marked decline during the month. .
ARGENTINA.
Weather conditions continue favorable. Purchases of linseed by American firms have increased and the market is slightly higher. Wheat advanced
with other products and an early European demand is anticipated. The
wool market has been active but prices have not advanced. Hide prices
tendency has been upward with an improved buying interest. Livestock
receipts are ample and prices remain unchanged. There has been a reduced export movement, while the imports continue to increase. Government remittances are depressing the exchange value of the peso. The general depression in local business continues with heavy failures still being
recorded. Bank rates remain steady at from 6 to 8%. Congress is still
Inactive.
BRAZIL.
Exchange weakened from 6.870 milreis to the dollar on Monday to 8.900
to the dollar on Friday, but firmed again on Saturday. The weakness was
due to lack of export bills. The Santos coffee market was firm for spot
coffee with a slight fall for futures. The Rio market is weakening. Stocks
at Santos on the 12th were reported locally at 1,318,088 bags. The State
of Sao Paulo has negotiated an agreement with the State of Espirito Santo
which unites the four principal coffee States in the defense plan. Espirito
Santo is to build four regulatory warehouses, one in Rio de Janeiro, one in
Victoria, and two in the interior. The State intends to finance the plan
from State funds without increased taxation. Lloyd Brasileiro has reduced
the coffee rate to American ports to 40 cents for cargo boats. Other lines
are meeting the reduction. Mail steamers are asking 45 cents. An issue
of 500.000 sterling has been granted in London for a Sao Paulo textile mill.
No information is available as to the extent of the use that was made of
the credits, but foreign exchange dealers said it was likely that the Belgian
Government had used about 50% of the amount available in supporting
the franc. It had been generally expected that the large international
loan being discussed would absorb the credit. The Federal Reserve Bank
In assisting the stabilization plans of Belgium, announced last year that
It had offered to buy commercial bills, but it was learned yesterday that:the
bank had not been called on to make such purchases.
Break in Belgian Franc—Secretary Mellon Says Debt
Settlement Not a Factor in It
The decline in the Belgian franc has been one of the outstanding developments of the week, its sensational fall
causing two Cabinet meetings at Brussels on March 15,
according to Associated Press cablegrams, which said the
decline was due to Washington and London developments,
according to the general opinion expressed in political and
financial quarters. These cablegrams also said:
The Finance Commission of the Chamber of Deputies, after the Governmoat's explanation regarding the negotiations for a foreign loan, decided
to day that they should be continued, with some modifications and new
reeorvations.
Failure of the United States Senate to ratify the Washington Belgian debt
agreement and the insistence of British bankers on obtaining close control
of the Belgian national ralroads brought unrest in financial circles and
heavy sales of Belgian securities, entailing depreciation of the franc.
A rumor which gained popular credence that the American bankers concerned in the proposed loan to Belgium had demanded supervision of the
Belgian Congo Colony, wasalso responsible in part,it was asserted in wellinformed financial circles.
Official information this evening indicated that all the foregoing was
untrue, but the harm had been done. There had been a wave of selling of
Belgian stocks and the purchase of foreign securities, which the Cabinet
hopes, with the help of the Belgian bankers, to stem to-morrow.
Depreciation in the last two days has caused a loss of 14%% in Belgium's
national wealth.
London Associated Press advices March 15 referring to
the decline said:
The feature of the London Exchange market to-day was the sharp relapse
of the Belgian franc from 107 to the pound to 121%. due to the exhaustion
of the credits obtained here and in America with which the Belgian Government has been supporting the franc at 107.
Selling orders were liberal most of the day, but in the afternoon there was
a recovery to 117 under covering orders.
The market also was affected by rumors that there has been a hitch in
the negotiations in which Belgium is seeking a loan of $150.000.000 from
bankers in the United States, Great Britain and Continental countries.
In the New York Market on March 15 a break was also
witnessed, the New York "Times" in referring thereto saying
in part:
Government Support Withdrawn.
Whatever the reason, the Belgian Government withdrew its support of
the franc, and this led to selling by speculators. The pressure came almost
exclusively from Europe and the break in prices had occurred before trading
In New York opened. It was pointed out that speculators knew in advance
something of what was coming, for as early as last Friday there had been
heavy.selling of francs for future delivery, while spot quotations still were
steady,
The opening quotation on the Belgian franc in New York yesterday was
4.24% cents, as against a close at 4.53 on Saturday. The rate quickly
dropped to 4.043, the lowest it has reached since March 1924. There
was a reaction from the extreme decline and the close was at 4.22%, a loss
of close to one-third of a cent net for the day. It was the first sharp movement in some time in the Belgian franc, which has held steady in the neighborhood of 4% cents in the face of violent movements of the French franc
and the Italian lira.
The decline in bonds occurred in the Belgian Government's 6s of 1955.
which sold at a new low for the year at 85% and closed at 86, a net loss of
% for the day;the 6 As of 1949, which closed % lower at 93%;the 7s of 1955,
which lost % at 95%. and the 730 of 1949, which lost % at
On March 15 Associated Press advices from Brussels said:
The Cabinet Council, this afternoon decided to suspend all buying of
foreign exchange temporarily, and to institute a close investigation of recent
deals in dollars and sterling, and also stocks quoted in foreign exchange on
the Brussels Bourse.
The Cabinet gave the Minister of Justice authority to take stern measures
against any one found guilty of speculation or unable to prove the genuineness of purchases of foreign exchange for business transactions. it is
generally admhted, however, that speculation is the result, not the cause,
of the present crisis'
The following day (March 16) the following Brussels
advices were reported by the Associated Press:
Still later advices (March 17 from the same source said:
The "Etoile Beige" to-day says that the Cabinet at a lengthy meeting
drafted the terms of a ministerial declaration announcing if not a complete
rupture at least a postponement of the negotiations for a foreign loan.
The terms of the declaration,the paper adds, make the position of Finance
Minister Janssen untenable, and with the failure of the Government to
stabilize the Belgian franc inevitably will lead to a Cabinet crisis, which
may come at to-night's meeting of the Chamber of Deputies.
The New York News Bureau on March 17 announced the
following from the Central News at Brussels:
Ex-Finance Minister Vanderwyere declared the present situation in the
Belgian franc is the result of foreign bankers, including the Bank of England, failing to keep their earlier engagements given verbally only.
Premier Poulett, before the Chamber to-day said that the stabilization
plan still held good, and he further intimated that proceedings would be
inaugurated for the severe repression of speculators in the currency.
Secretary of the Treasury Mellon in a statement on March
16 had the following to say in the matter:
"I do not believe that the speculation in Belgium exchange can be attributed to any doubt of the ratification of the Belgian-American debt settlement here. The settlement passed the House by a vote of 316 to 25 and
without the slightest criticism. I have heard of no opposition in the
Senate to Belgium. We have made a fair adjustment and I anticipate a
favorable reception to the settlement when it is reached in the Senate within
the next few days."
Advices from Washington March 18 to the New York
"Journal of Commerce", stated:
The Government will not interfere with pending negotiations between the
Belgian Government and New York financiers for the placing of a substantial share of what is understood to be a $150,000.000 loan Belgium is seeking
to float here and in London.
This was made clear at the Treasury to-day by Secretary Mellon,who indicated that Belgium's efforts to settle her war debt to this country constituted sufficient guarantee, so far as the Government is concerned, of her
good will towards this country. Mr. Mellon denied that the Administration is taking any stand against American nationals becoming creditors
of foreign nations or interests in the issuance of long-term obligations.
The Treasury has received word that this reported attitude of the United
States Government was principally responsible for the sharp decline in
the Belgian franc during the past several days. Secretary Mellon,however,
made it clear that the Government has taken no such attitude, adding that
the only stand the Government has taken with reference to loans abroad is in
connection with war debt funding negotiations and foreign interests said to
be using their control of raw materials for artificial maintenance of high
prices to American consumers.
sudden crash of half a cent in the value of the Belgian franc yesterday
caused reports to spread through Wall Street that a hitch had occurred
in preparations for a Belgian stabilization loan which had been expected to
amount to between $100,000,000 and $150.000,000. The onslaught of
selling came from London, where discussions regarding Belgian financial
affairs have been taking place, and New York bankers conversant with the
13elgian situation said they were in the dark as to what had inspired the
pressure. The attack against the franc was reflected in a decline in the
prices of Belgian Government bonds, which sold off as much as % of a
point on the New York Stock Exchange.
Though various explanations were hazarded as to the reason for the
In its issue of March 16 the same paper said:
break in the Belgian franc, an air of mystery covered the situation, to
New York bankers yesterday did not confirm the rumor that there was a
London.
in
lies
The
key
following
were
the
declared,
some
was
it
which,
hitch in the arrangements for the $150,000,000 Belgian stabilization loan.
of the reports received by foreign exchange dealers to account for the break: Negotiations for the loan, it was said, had not gone beyond the "conversaAdvance information obtained by foreign operators that the Belgian
tion" stage. Bankers hero are awaiting news that Belgium has completed
Government's report would show that the budget had not been balanced,
the balancing of her budget and other financial preparations, which must be
which would be expected to delay the granting of the international loan; made before the loan can be discussed
opinion
in
between
financiers
London
and
of
clash
a
been
had
there
that
the Belgian Government as to the proper terms of a large international
loan; that the Brussels Government, which has been "pegging" the franc, Italy Pays £2,000,000 to Bank of England on War Debt.
partly with the use of credits granted here and abroad last year, had deAn Associated Press cablegram from Rome (Italy),
franc to finds its "true" level
cided to withdraw its support and allow the
before attempting an official revaluation, and,finally, that the Government, March 15, says:
which had been expected to revalue the franc in the neighborhood of 4%
The semi-official Stefani Agency announces that the Italian Government
to-day paid £2,000,000 to the Bank of England, the first payment on
cents, had decided that 4% or 4 cents would be a more suitable level.
italy's war debt to Great Britain, which was funded recently in London.
Credits Expire This Month.
the
$50.000.000,
to
Belgium
amounted
by
year
last
obtained
Reference to the British-Italian war debt agreement was
credits
The
a banking group headed by J. P.
made
New York portion being advanced by
in these columns Jan. 30, page 551, and March 13,
announcement
an
and
month,
this
Morgan & Co. These credits expire
1391.
page
days.
few
a
within
expected
regarding their renewal is
THE CHRONICLE
Brazilian Cotton Loan.
A cablegram to the New York News Bureau from the
Central News, London, March 11, says:
The Vorantim Cotton Mills of Brazil offers £500,000 first mortgage
debentures at 96,1•
Ratification of Agreement for Settlement of Disputes
in Shipbuilding Trades of Great Britain.
At the last quarterly meeting of the Federation of Engineering and Shipbuilding Trades of Great Britain it was
announced that the agreement between the men's federation
and the Shipbuilding Employers' Federation for the settlement and avoidance of disputes in that industry had been
ratified. According to advices received by Bankers Trust
Co. of New York from its British Information Service (made
public March 15), the figures revealed a vote of four to one
in favor of the agreement and aggregated 12,000 votes.
The trust company's advices state:
Although the boilers makers' and several other unions not affiliated to
the men's federation have not participated in the ballot and are not parties to the new agreement, the new negotiating machinery which will come
into effect will be available for all shipyard workers.
The purpose of the agreement is to secure more prompt consideration
and settlement of questions arising in the industry without recourse to
stoppages of work. There is a complete procedure for dealing with questions in the yard in which they arise by district or nationally, as the case
demands, with provision for mutual reference to arbitration. The question
of the regulation of wage fluctuation was not dealt with in the present
agreement, but will be the subject of a supplementary agreement.
Plan to Help German Rye Growers Opposed—Grain
Trade Assures Reichstag That "Price-Boosting"
Plan Would Be Ineffective.
From the New York "Times" we quote the following copyright cablegram from Berlin, March 7:
The grain trade organization strongly opposes the plan for artificially
maintaining rye prices in the interest of East German farmers. At a session of the Reichstag's Economic Committee last week representatives of
the grain traders stated that out of 8,000,000 tons of rye produced in 1925
the farmers consumed, including fodder, 5,000,000 tons.
From this they argued that even if prices were driven up 80 marks per
ton the actual gain to producers would be only 90,000,000 marks. The
committee has been considering various other ways of encouraging rye production at the expense of the wheat output.
Stock of Money in the Country.
The Treasury Department at Washington issued its 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. The figures this time are
for March 1. They show that the money in circulation at
that date (including, of course, what is held in bank vaults
of the member banks of the Federal Reserve System) was
$4,814,217,046, as against $4,739,537,429 Feb. 1 1926 and
$4,804,208,822 March 11925, and comparing with $5,628,427,732 on Nov. 1 1920. Just before the outbreak of the
European war, that is, on July 1 1914, the total was only
$3,402,015,427. The following is the statement:
.....
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d4,192.874,164
San Paulo Bond Offering Next Week by Banking Group
Headed by Speyer & Co.
$7,500,000 State of San Paulo 7% secured sinking fund
gold bonds, external water works loan of 1926, due Sept. 1
1956, will be offered Tuesday at 963', to yield about 7.30%,
by a group headed by Speyer & Co., and including Blair &
Co., Inc., J. Henry Schroder Banking Corporation, Ladenburg, Thalmann & Co., E. H. Rollins & Sons, the Equitable
Trust Co. of New York and Blyth, Witter & Co. The
balance of the loan, viz., .£2,500,000 sterling bonds, will be
issued simultaneously in London by Baring Brothers &
Co., Ltd., N. M. Rothschild & Sons and J. Henry Schroder
& Co. The proceeds of the loan are to be used for additions,
betterments and extensions to the water supply and sewerage
systems of the City of San Paulo.
MONEY OUTSIDE OP THE TREASURY.
Strong opposition was shown by Conservatives and Liberals, who declared their astonishment that the Government dared to support such a
measure under present conditions in Europe. M. Rasmussen, the Defense
Minister, sponsored the bill.
-
[Vol.. 122.
I
Denmark House of Commons Passes Disarmament Bill.
Copenhagen (Denmark) Associated Press advices, March
13, report that the Folketing (House of Commons) passed
the thiTd—
readilig—onhe disarmament bill, which calls for
virtual abolition of the Danish army and navy, leaving only
frontier and customs guards and a number of vessels for
coast duty. The vote was 75 to 71. The cablegram says:
MONEY HELD IN THE TREASURY.
1544
.....000.00 .
T..m.P. 0
molgtnt...
....v... .ssr.sg
ii4 qp!....3.6s
a
z.
u
**1
g r:
giln;
71. 00000
q15.2.4.
Riikkq4
4;gds.
1- 00 N -.5
nttn4S5.
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g
E.M /F.R1
al
es.nesets
wawww..;
91
a iT:ieg:
gili 11;241
HEM
:8i: .."..cc
<04v—mo,
;D. 22 2;41:3
(.1
00202
to0iNts.Z
a Includes United States paper currency in circulation In foreign
countries and
the amount held by the Cuban agencies of the Federal Reserve
6 Does not include gold bullion or foreign coin outside of vaultsbanks.
of the Treasury,
Federal Reserve banks, and Federal Reserve agents.
c These amounts are not Included in the total since the money held In
trust against
gold and silver certificates and Treasury notes of 1890 is included
under gold coin
and bullion and standard silver dollars, respectively.
d The amount of money held In trust against gold and silver
certificates and
Treasury notes of 1890 should be deducted from this total
combining it with
total money outside of the Treasury to arrive at the stockbefore
of money In the united
States.
e This total Includes $15,014,261 of notes in process of
redemption, $159,533,272
of gold deposited for redemption of Federal Reserve notes,
for redemption of national bans notes. $4,565 deposited for $14,148,094 deposited
retirement of additional
circulation (act of May 30 1908), and $6,576.290
deposited as a reserve against
postal savings deposits.
/Includes money held by the Cuban agencies of the Federal
Reserve banks of
Boston and Atlanta.
Note.—Gold certificates are secured dollar for dollar by
gold
held
In the Treasury
for their redemption; sliver certificates are secured dollar
silver dollars held in the Treasury for their redemption; for dollar by standard
United
States
notes are
gold
secured by a
reserve of $151,188,886 held in the Treasury.
This reserve
fund may also be used for the redemption of Treasury notes
of
secured, dollar for dollar, by standard silver dollars, held In the1890, which are also
Reserve notes are obligations of the United States and a first Treasury. Federal
of the issuing Federal Reserve bank. Federal Reserve noteslien on all the asseta
are secured by the
deposit with Federal Reserve agents of a like amount of
gold or of gold and such
discounted or purchased paper as Is eligible under the terms
Act. Federal Reserve banks must maintain a gold reserve of of the Federal Reserve
the gold redemption fund which must be deposited with the at least 40%,Including
United States Treasurer.
against Federal Reserve notes In actual circulation. Lawful
money has been deposited with the Treasurer of the United States for
retirement
of all outstanding
Federal Reserve bank notes. National bank notes are
bonds except where lawful money has been deposited secured by United States
with
the
Treasurer of the
United States for their retirement. A 5% fund is also
maintained In lawful money
with the Treasurer of the United States for the redemption
of national bank now/
secured by Government bonds.
Expansion of State Bank of U. S. S. R.
An official report showing the expansion of the State Bank
of the Soviet Union (State Bank of the Union of Socialist
Soviet Republics) for the past fiscal year has been received
by the Russian Information Bureau at Washington. The
report is accompanied by the financial statement of the bank
as of Oct. 1 last, at the close of the fiscal year. A summary
of the report at the year's close follows:
Capital remains unchanged at 10.000,000 chervonetz
(951.450.000).
The reserve, however, has been increased from 790.000 chary. ($4,064.000,
SO 1,500.000 cherv. ($7,717,000). in addition to the increase of reserve'.
MAu. 20 1926.]
THE CHRONICLE
the bank's earnings during the year 1924-25 amounted to the impressive
figure of $37.114,000, equivalent to about 63% of capital and reserve, as
compared with earnings of $17,265,000, or 31% of capital and reserve, during the previous year.
Deposits increased from $164,228,000 on Oct. 1 1924 to $489,518,000 on
Oct 1 1925, an increase of 200% during the course of the year. In the
same period loans and discounts increased from $308,029.000 to $774,417.000, an increase of 151%. These figures do not include the special deposits of the Government. amounting to $108,694,000 on Oct. 1 1925.
specifically intended for the purpose of Government loans to industry and
agriculture, which aggregated $108,905,000 meth° same date.
The State Bank note circulation increased from 52.185,000 cherv.
($268,492,000) on Oct. 1 1924 to 75,664.000 cherv. ($3389,291,000) on Oct. 1
1925. The "gold fund," i. e.. holdings of stable foreign currencies and
precious metals, remained unchanged at about $153,356,000.
The Soviet State Bank is extending its network of branch
• banks, which are already located in every port and industrial
and commercial centre of the Soviet Union. There were
390 branches and agencies of the bank in October 1924,
which by October 1925 had increased to over 450. The
bank's statement as of Oct. 1 1925 follows:
CLOSING STATEMENT FOR FINANCIAL YEAR ENDING
SEPT. 30 1925.
Dollars.
Assets—
Chervonetz. (1Ch.=1.5.145)
Cash
50,793.580
9.872,416 •
Bullion, coin, precious metals and foreign cur153,355.563
29,806,718
Securities
44.348.793
8619.785
•
Goods
531,618
103,327
Loans and discounts
668,624,564
129.956,184
Loans against merchandise
105,792,058
20,562,110
Special loans to industry and agriculture on account of People's Conuni.ssariat of Finance..
108,905.059
21,167,164
Commission,interest and other charges, &c_ _ _ _
204.485
39,744
37.273,213
Other assets
7,244,551
1545 '
output to 13,000,000 barrels during the next fewllyears.
Demand is growing and the present price is 140% of the prewar price. Exports of Soviet cement last year aggregated
30,078 metric tons, about five times the pre-war average.
The export was almost wholly to the Near Eastern countries
and Persia.
Increase in Output of Metal Industry ofPoviet Russia.
The metal industry of the Soviet Union showed a substantial increase in output for the first quarter of the current
Soviet fiscal year, Oct. 1 to Jan. 1, according-to a bulletin
received by the Russian Information Bureau. Iron and steel
production advanced from 16 to 31% over the previous quarter, while copper smeltings showed no gain. The figures
for the quarter, in metric tons, are as follows:
Pig iron
Steel
Rolled iron
Copper
Per Cent Increase Over]
Previous Quarter.
Tons.
16
479,396
24
649,731
482.657
31
None
2,160
Offering of $5,000,000 5% Bonds of DallasPoint!Stock
Land Bank.
Lee, Higginson & Co. and the Illinois Merchants Trust
Co.of Chicago offered on March 18 a new issue of $5,000,000
5% Farm Loan bonds of the Dallas Joint Stock Land Bank
of Dallas, Texas. The bonds were offered at 1023 and
accrued
interest, to yield about 4.68% to the optional date
Total
227,371,999 1.169,828,933
(1936) and 5% thereafter. The issue will be dated Jan. 1
Liabilities—
51,450.000
Capital
10.000,000
7,717,500 1926 and will become due Jan. 1 1966. It will be redeemable
Reserve
1.500,000
37.114,119 at 100 and accrued interest on Jan. 1 1936 or any interest
Profits 1924-25
7.213,629
389,291,414
Note issue
75,664,026
489.517.862 date thereafter. The bonds will be in coupon and fully regisDeposit and current accounts
95.144,385
4,164,059
Transfers
809,341
tered form, interchangeable, in denominations of $10,000,
Government funds for loans to industry and
108,694,429
21,126,225
agriculture
$5,000
and $1,000. Principal and semi-annual interest
4,448,179
Commission and interest
864,564
9,200,601 (Jan. 1 and July 1) will be payable at the
1,788,261
Offices, branches and agencies
bank of issue or
68,230,770
13,261,568
Other liabilities
coupons may be presented for payment at the offices of Lee,
Total
227,371,999 1,169.828,933
Higginson & Co., in Boston, New York or Chicago. As of
March 10 1926, there were outstanding (including this issue)
Grain Crop Statistics of Soviet Russia.
total bonds issued by the Dallas Joint Stock Land Bank to
Late statistics of the grain crops of the Soviet Union for the amount of $29,947,000. Security for these was
approxi1925 received by the Russian Information Bureau, show mately as follows:
larger crops of corn and barley than had been reported, anti First mortgages upon farms, $29,997,000 deposited, secured by
farms with appraised value of
$77,900,000
slight decreases in wheat, rye and other grains. The gross Capital
stock paid in (carrying double liability)
2,500.000
625,811
crop of all grains shows a decrease of 22 million bushels Surplus and reserve
from the estimate made about a month ago. A statement by
$81.025,811
Average loans March 10 1926 represented 38.5% of the
the Bureau, issued in February, says:
The grain crop now stands at 2,732 million bushels, as compared with appraised value of the farms.
1,826 million bushels in 1924, and a pre-war production of about 3,200
The loan statistics of the bank as of March 10 1926 are
million bushels.
Individual grains, in millions of bushels, are as follows: Rye, 774; furnished as follows:
wheat, 663; oats, 658; barley, 287; buckwheat, 62; millet, 140; corn, Total amount loans closed
$32,622,115
Acreage covered by loans
178. The corn crop marks a new high record for Russia.
2.588,525
Appraised value of lands
Late statistics of cotton, flax and hemp show advances over previous Appraised
$75,965,378
value of improvements
8,684,175
estimates. The cotton crop was 906,000 bales, as compared with 521,000 Appraised value of land and improvements
bales in 1924 and a pre-war average of 953,000 bales. The gross flax fibre Percentage of loans to appraised value of land & improvements- 84,649,553
38.5%
crop was 404,000 metric tons, as compared with 244,000 in 1924 and 419,- Percentage of loans to appraised value of land only
42.9%
000 in 1913. The gross hemp fibre crop was 449,000 metric tons, as comThe Dallas Joint Stock Land Bank was organized on July 3
pared with 308,000 in 1924 and 351,000 in 1913.
1919 under the provisions
of the Federal Farm Loan Act.
H. W. Ferguson is President.
Foreign Trade of Soviet Russia.
The foreign trade turnover of the Soviet Union for the
first quarter of the Soviet fiscal year, Oct. 1 to Jan. 1, was
$194,567,000, as compared with $113,403,000 for the same
period of last year, an increase of 72%, according to the
Russian Information Bureau. Exports for the period were
$88,992,000 and imports $105,575,000, giving an unfavorable
balance of $16,583,000, as compared with a favorable balance of $9,373,000 for the same period of last year. The
unfavorable balance was due to heavy imports of industrial
and agricultural machinery throughout the quarter, a
marked falling off of grain exports during December, and
smaller seasonal decreases in the exports of timber, furs
and oil products. The December trade turnover showed a
decline of $11,400,000, as compared with November, and of
$30,260,000 as compared with October, the high-record month
for trade since the close of the war.
Offering of $2,500,000 Bonds of Denver Joint Stock
Land Bank.
A new issue of $2,500,000 tax exempt Denver Joint Stock
Land Bank 5% Farm Loan bonds, dated March 1 1926, is
being offered by C. F. Childs & Co. at 1033 and accrued
interest, to yield 4.56% to the optional date and 5% thereafter. The bonds will become due March 1 1956, they will
be redeemable at par and accrued interest on March 1 1936
or any interest date thereretifter. They will be coupon
bonds in denominations of $1,000, $5,000 and $10,000,
fully •registerable and interchangeable. Principal and
interest (March 1 and Sept. 1), will be payable at the Chase
National Bank, New York, or at the Denver Joint Stock
Land Bank, Denver, Colo. The bank operates in the
States of Colorado and Wyoming and is the only Joint Stock
Land bank operating in those States. An analysis of the
bank's loans as of Feb. 28 1926, follows:
Total loans
-1,607
$11,085,900 00
Output of Cement Industry in Soviet Russia in Current Appraised value
of farms mortgaged
30,634,984 00
Average
amount
loaned per farm
Year Planned to Equal that of 1913.
6.898 50
Average number of acres per farm
853
Total acres mortgaged
Plans for the cement industry of the Soviet Union for the Average
1,371,395
appraised value per acre
22.34
Average
next
call
Sept.
1
ending
for
a
year
total output
amount loaned per acre
current fiscal
8.08
Ratio of total amount loaned to appraised value
36%
of nine million barrels, equal to the output of 1913, according Real estate acquired by foreclosure
14.700 00
Its figures of capital, surplus and reserve are announced as
to a report of the industry received by the Russian Information Bureau. Production rose from the low point of follows:
534,000 barrels in the fiscal year 1921-22 to 3,960,000 barrels Capital
$1,000,000 00
Surplus and profits
153,901 39
during 1924-25. Thirty-three factories are now working, Reserve(legal)
30,000 00
war.
The
the
equipbefore
present
fifty
The
to
compared
Farm
Loan
bonds outstanding total $10,381,000..
as
ment is considered adequate to cover an increase in the annual C. L. Beatty is President and director of the bank.
1546
THE CHRONICLE
[VoL 122.
•
A step of importance in the direction of economy for the Canadian NaOffering of Bonds of Ohio-Pennsylvania Joint Stock tional
Railways and the Canadian Pacific Railway by the elimination of
Land Bank.
costly duplication of train service has been announced by the Minister of
Railways. The outcome of the movement will be watched with considerThe Union Trust Co. of Cleveland is head of a group, able
interest.
including R. V. Mitchell & Co., the Herrick Co., and Otis
The sales of ordinary life insurance in Canada during the past year were
& Co., which is offering $1,000,000 5% Farm Loan bonds greater than in any previous year. According to figures just published
sales amounted to $424,872,000, an increase of $33,709,000 over the
of the Ohio-Pennsylvania Joint Stock Land Bank. The such
1924 figures. Practically every province shows a gain for the year, and
bonds are offered at 103Yi and accrued interest to yield ap- gains in Newfoundland increased by 38%. In Ontario and Quebec, the two
proximately 4.53% to Feb. 1 1936 and 5% thereafter. most important provinces, ttie gains were 10% and 8%. respectively.
They will be dated Feb. 1 1926, will mature Feb. 1 1956 and
will not be redeemable before Feb. 1 1936.
J. R. Longmire, of Mississippi Valley Trust Co., on
Protection Afforded Investors by Banks.
Offering of Oregon-Washington Joint Stock Land
John R. Longmire, Vice-President and Bond Officer of the
Bank Bonds.
Mississippi Valley Trust Co. of St. Louis, in a recent address
At 1024, and interest to yield 4.71% to the optional date
In 1936 and 5% thereafter, Brooke, Stokes & Co. of Philadel- over the radio used as his subject "How Banks Help Protect
Investors," as to which he said in part:
phia, Washington and Baltimore, are offering an issue of
Sometimes I think the American people exercise less care in purchasing
5% farm loan bonds of the Oregon-Washington Joint Stock securities and making investments than in almost anything
else they do.
When the average man plans to buy an automobile, he personally inspects
Land Bank of Portland, Ore. The bonds will be dated Jan. 1
several
machines
made
by
reputable
manufacturers.
He
talks
to his friends
1926, will become due Jan. 1 1956 and will not be callable and possibly
to a mechanic in an effort to learn the various points of conbefore Jan. 1 1936. They will be coupon or fully registered struction, so he may get the best value for his money when he purchases.
bonds, interchangeable, in denomination of $1,000. Coupons When he buys a radio set, he usually tries to learn as much as possible from
users. Even when he purchases a suit of clothes, he tries to get the
will be payable at the office of the bank, at Portland, or at radio
most for his dollars.
Yet the same man often invests his money with very little personal invesBrooke, Stokes & Co., Philadelphia, on Jan. 1 and July 1.
tigation and, indeed, sometimes with very little consideration. Sometimes
The bank reported $3,011,000 farm loan bonds outstanding he
accepts the mere statements of an enthusiastic stock salesman; someon Dec. 31 1925.
times It is the tip of an acquaintance that such and such a security is a
good buy. Then he rushes off and places his money without having any
actual facts concerning the investment he purchases.
Perhaps this is because it is so difficult to make a personal investigation
of bonds and stocks. To be sure, it is practically impossible for the small
Investor to check up financial statements and all of the other elements that
enter into the safety of investments. But, on the other hand, it is equally
impossible for the average man to verify all of the claims made concerning
an automobile—he must take the word of a reputable manufacturer and the
opinion of others qualified by training and experience in the automobile
business.
Why shouldn't the prospective investor take the same care? Why
should he buy an unknown security from a practically unknown person,
when
he would not buy an unknown make of car? Why shouldn't he deal
Americans invested over $1,100,000,000 in foreign securities last year.
1928 will see another large sum added to this. As a rule, the investor has exclusively with investment houses he knows to be reliable, or at least ask
very little personal knowledge of the country in whose continued prosperity the advice of those who make a life work of banking and finance?
Millions of dollars are lost annually by the American people because
he is concerned. Now, financiers of wide experience, working under the
conservative jurisdiction of the Federal Reserve Board, will offer the in- they listen to fraudulent security salesmen and hand over their money
without
making any effort to get the real facts. Perhaps they are so
vestor a chance to participate in the earnings, not of one sound foreign enoverawed by the promise of great riches that they are afraid to fro to a
terprise, but of many.
conservative banker for fear he might shatter the dream. But the dream
The trust (mention of which was made in these columns Is often shattered—after it is too late.
My friends, the investment business
March 6, page 1240, and March 13, page 1394) was created Is one of the most necessary and most honorable pursuits in our civilization,
but
it
is
to
be
regretted
there
are
many unscrupulous men In our
that
under a provision of the Federal Reserve Act, and the offi- country who make their
living by preying upon ininformed people and
cers and directors are for the most part bankers and econo- selling them highly speculative and often worthless stocks and bonds.
The banks and reputable investment houses throughout the United
mists of this city. The first issue of capital stock to the
States, acting individually and through associations, are attempting to
,amount of 20,000 shares has already been offered to the pub- reduce the annual
loss by the American people through these unwise inlic at $110 per share.
vestments. The problem is almost entirely one of education. When you
have
a
little
money
to invest, be fair to yourself. Don't be carried away
Dominick & Dominick point out that the investment
by glowing promises of big returns. When a proposition offers really big
trust has been a successful and important factor in British prospects, it is not necessary for the promoters
to send salesmen out to
financing for several years. There are now 200 companies canvass small investors to spread the golden harvest.
Within
the
reach
of
my
voice
are
residents
of many different cities and
In England with a total capital approaching $1,500,000,000 towns. Within a short
distance of every one of you is a
bank. Go to
Invested mainly in securities from the United States and your banker with your investment problems. Whengood
a proposition is
the countries of South America and Europe. The successful offered you, consult your banker before you put your money in it. He is
your friend; he won't try to sell you something else or try to keep you from
flotation of foreign loans through the British and Scottish withdrawing
your money just for his own benefit. He is in business to
Investment trusts has stimulated British foreign trade. The stay, and his success depends upon constant fair dealing with all of the
people. He has a specialized knowledge of investments and finance. If
report concludes:
he has not all the information regarding a security at his finger tips, he has
The new Government organization will serve the investor by reducing to the facilities for
obtaining it readily.
a minimum speculative elements in foreign financing. It will serve foreign
Industry by providing a new market for the securities of a large number of
reliable municipalities, land banks, public utilities and industries not yet Report on Government Cotton
Crop Forecasts by Comsufficently prominent to attract participation separately.
Formation of First Federal Foreign Investment Trust
Regarded as Important Move to Guard
American Investor.
The formation of the First Federal Foreign Investment
Trust Is an important effort on the part of the Government
to safeguard the American investor in the purchase of foreign securities, according to a review published March 13
by Dominick & Dominick. The report says:
mittee of United States Chamber of Commerce—
Opposed to Two Forecasts a Month.
Improvement in Business Conditions in Canada
A report by the Agricultural Service of the Chamber of
Reported by Canadian Bank of Commerce.
Commerce of the United States on Government methods of
In its monthly "Commerce Letter," dated February, the
cotton
crop forecasting was made public on March 13. The
say
following
reto
Canadian Bank of Commerce has the
report, which surveys the forecasts for the past ten years,
garding business conditions:
That the improvement in business conditions is becoming more. marked says that "under present conditions the system employed
throughout the Dominion is evidenced by the reports received during the by the Crop Reporting Board in forecasting cotton producpast month. Many of the industries have sufficient orders on hand to tion appears to be the only
feasible system for arriving at an
keep their plants operating at capacity for several months, and a number of
them have been working on a daily schedule of 24 hours. Reports from intelligent conception of the probable size of the cotton crop."
wholesalers indicate that the volume and amount of orders received are in The report adds:
excess of the figures for the corresponding period of 1925, and that collections are much better than a year ago. Although the retail stores at a
number of points are experiencing keen competition from mail order houses,
generally increased retail sales are noted in all of the provinces and the
outlook is regarded as decidedly brighter than for several years past. With
a view to effecting appreciable savings through purchasing their goods as
one unit, a federation comprising some thirty department stores in Ontario
has been formed. It is estimated that the combined turnover of the firms
in the group amounted last year to $10,000,000, and the intention is to
maintain purchasing offices in London, Paris and New York.
Illustrative of the real extent of the improvement in conditions in western Canada is the response to the overtures of a Winnipeg wholesale grocery
firm which recently offered a larger line of credit to a number of its retail
customers. Less than 50% of those written to availed themselves of the
offer, the remainder stating that as payments from the farming community
were muCh more satisfactory additional credit was not desired. A further
indication is that good prices have been realized at farm auction sales.
The demand for farm lands at improving prices continues and it is expected
that the movement will assume considerable proportions in the spring.
The Government forecasts give valuable information to the cotton trade.
In most instances they probably form a basis for trading that more nearly
reflects current conditions than would be possible without them. But
at the same time they do disturb the market, and there should be enough
time between forecasts to allow the market to recover. Evidently this is
not possible with two forecasts a month.
All that these forecasts attempt to do is to measure the cotton
acreage
and its condition of growth as of a certain date, and to calculate a figure
for the prospective crop on the basis of the average size of the
crop which
similar conditions have produced over a series of years.
The accuracy of the Government's method is demonstrated by the fact
that the average of its forecasts for a number of years approximates closely
the average of the ginning returns.
The Department of Agriculture has the largest statistical organization of
any of the agencies forecasting the cotton crop. Its forecasts, on the average, have been nearer to actual ginning returns than the figure commonly
called "the average of the private forecasts." They have also been less
variable from one time to the next. All of the forecasts are subject to about
the same limitations.
MAR. 20 1926.]
THE CHRONICLE
1547
New York Bank Criticized.
In this connection It was pointed out that there had been criticism of the
action of the New York Federal Reserve Bank in guaranteeing the British
credit of $200,000,000. The principal duty of the Reserve banks, as contemplated by Congress, it was suggested here to-day, is to mobilize credits
for use in emergencies. That Reserve banks had embarked on more extensive activities was the substance of a statement made to-day by a House
leader.
The amendment to grant indeterminate charters to Reserve banks was
adopted by the Senate committee on motion of Senator Glass, who to-day
said this change in law was endorsed by Secretary Mellon.
"Its purpose is plain on its face," said Mr. Glass. "It provides that
Reserve banks shall have indeterminate charters instead of being limited to
a definite number of years. We want to perpetuate the Federal Reserve
system. Existing Federal Reserve charters expire in six years, and, as we
are legislating generally on banking questions we decided to adopt this
amendment. That's all there is to it."
There is another Senate amendment to the McFadden bill to which exProvision for Perpetual Charters for Federal Reserve
ception is taken by Mr. McFadden and other members of the House BankBanks Incorporated in McFadden Banking Bill by
ing and Currency Committee. It vests the Comptroller of the Currency
Senate Committee.
with discretionary power in authorizing establishment of national bank
As passed by the House the bill provided that branches should
Provision for making perpetual the charters of the Federal branches.
be authorized where the law was complied with, no discretion being lodged
Reserve Banks is carried in the McFadden Banking bill, with the Comptroller. The House will irsist upon the language of its bill
as reported to the Senate on Mar. 12 the Senate Committee on this particular subject.
Wants All Sides Discussed.
on Banking and Currency having inserted the provision as
"There is no objection to the charter extension provided by the Glass
a rider to the bill. .The newly added section to the bill reads
amendment, but it should have most careful consideration before approved
as follows:
by Congress," said Chairman McFadden. "This question should not be
Sec. 20. That the second subdivision of the fourth paragraph of Section 4 Injected into a bill such as that bearing my name. If the Senate amendof the Federal Reserve Act be amended to read as follows:
ment is adopted, no opportunity would be given the House to give it the
"Second. To have succession after the approval of this Act until dissolved discussion its importance demands. It would have to be considered as
law."
of
by Act of Congress or until forfeiture of franchise for violation
part of a conference report. It should have separate consideration, and for
in the bill.
The bill as it was passed by the House on Feb. 4 (the text that reason I will oppose its incorporation
"I believe it much better to deal with charter extension through a special
was
1245)
of which was given in these columns Mar. 6, page
committee directed to make an inquiry, hear all parties having interest and
devoid of any legislation respecting the Reserve Bank charters report its conclusion to the House. Full opportunity would thus be given
House to determine whether it desired to continue the limitation on
and the action of the Senate Committee in attaching the the
Reserve Bank charters stipulated in the organic act."
The official character of the Government forecasts renders them much
more authoritative than any of the private forecasts. Fear of fluctuations
slows up the whole cotton trade for several days preceding the date of publication of the forecasts. On account of possible price declines or of falling
off in the demand for cotton following the release of the Government reports, many are afraid to buy.
The distauted condition of the trade has become greatly aggravated since
the institution of the semi-monthly forecasts, and criticism of the forecasts
has been correspondingly severe. As a result, a number of bills have been
introduced in the present session of Congress providing for a reduction in
the number of reports and for the elimination of the early season bale forecasts.
Cotton acreage estimates of the Department of Agriculture are criticized
at times, but for the most part the trade accepts them. Very seldom are
the preliminary estimates more than 5% off from the final revision.
provision to the bill may,it is feared, have the effect of lulling
Regarding other amendments to the bill made by the
the bill. The Washington accounts to the New York
Committee, we quote thft following, appearing in the
Senate
posthe
"Journal of Commerce" on Mar. 17, in indicating
"Commercial" of Mar. 13:
York
New
sible defeat of the measure as a result of the amendment,said:
The Senate committee also added as an amendment a provision sponsored
There is looming up a fight in House and Senate, not so much against the
proposal itself, but against its inclusion in an omnibus measure.
Dilatory Tactics Possible.
The legislative situation in the House is such that should the Senate
persist in retaining the provision in question its opponents may proceed to
use tactics that will keep the matter open beyond the conclusion of the
present session of Congress. The demand is for an opportunity to consider
the proposal as an independent proposition.
Members of the House counted upon to attack the provision in question
want an opportunity to express their views and to place before Congress
Information which they say has been furnished by their constituents, the
consideration of all of which, they feel, may have the effect of righting some
of the matters of which they complain, even beyond the improvements
contemplated generally in the McFadden bill.
by the Federal Reserve Board amending the interlocking directorate sections of the Clayton Anti-Trust Act by authorizing the Board to permit a
banker to serve as officer or director of more than two banks if not incompatible with the public interest.
The modifications in branch banking provisions of the principal McFadden-Pepper bill as approved by the committee include the elimination of the
so-called Hull amendments of the House bill, the extension of the branch
banking privilege to continguous territory in the discretion of the Comptroller
of the Currency or Federal Reserve Board and a change in the restrictions
applying to banks with branches coming into the national bank or Federal
Reserve systems hereafter.
The original bill prohibits banks from bringing into the national banking
system or the Federal Reserve system any branches outside city limits if
they joined either system after the passage of the Act. This has been
amended in the Senate committee bill so that banks may consolidate and
join either system after the passage of the Act.
According to the same paper the amendment is understood
to have been drafted by a sub-committee composed of
The "Wall Street Journal" notes:
Other sections of revised statutes are amended so as to provide that the
Senators Pepper, Edge and Glass and approved by the full
capital stock of national associations shall be divided into shares of $100
Finance Committee.- The New York "Times" in Wash- each.
Every director must own at least $1,000 of the capital stock, or if
ington advices, Mar. 17, stated that the perpetuation of the the capital of the bank is not more than 525,000, at least $500. Every
Federal Reserve system by granting indeterminate charters director must be a citizen of the United States and at least three-quarters
of them must have resided in the State, territory or district in which the
to Federal Reserve banks is the aim of a movement started Association is located, or within fifty miles of its office for one year.
by Secretary Mellon and Senator Glass. That account in
An item regarding the report on the bill by the Senate
which was set out the attitude of Representative McFadden
Committee appeared in our issue of last Saturday, page 1397.
toward the provision, also said in part:
The argument Is made by Secretary Mellon that the banking and business
Interests of the country have a rignt to assurance by Congress that the Fed- St. Paul Bankers Purport to Find a "Joker" in Senate
eral Reserve system is to be continued in its present form, if that is its inAmendment to McFadden Measure—Bill Would
tent, and that inasmuch as present Federal Reserve bank chartres expire
Legalize Branch Banking in Minnesota,
by ihnitaion in 1932 it would be well for Congress to act without delay.
Despite State Law.
If the Senate approves the charter amendment recommended by its committee the matter will at once become a controverted issue between House
According to the New York "Journal of Commerce" a
and Senate, according to Representative McFadden, Chairman of the House
Banking and Currency Committee.
joker in the McFadden National Bank Bill as amended by
McFadden Favors Special Inquiry.
the Senate Finance Committee was developed on March 18,
Mr.McFadden takes the position that extension of Reserve Bank charters when protests from 'St. Paul, Minn., bankers indicated the
as proposed is a matter of such transcendent importance to the business of
possibility that certain branches, additional offices and
the country that it should be considered as an independent proposition
banks would Fe legalized,
and not as a "rider" of his bill, which deals primarily with branch banking teller windows of Minneapolis
by national banks and co-related questions bearing on the activities of na- when laws of the State are opposed to branch banking.
tional banks.
The account goes on to say:
Mr. McFadden said t9-day that he regarded the question of extension of
The discovery by the St. Paul bankers of this feature of the bin, it Is
Reserve bank charters as of such importance that he would
in-
advocate
circles, raises a very interesting question. The
vestigation of its by a special committee, with instruction to report at the pointed out in Congressional
peculiar wording of Senate amendments further amending Section 5,155 of
session.
December
the revised statutes is responsible.
The second subdivision of the Fourth paragraph of Section 4 ofthe Federal
Mr. McFadden Explains.
Reserve Act provides that each Reserve bank charter shall "have succession
its organization unless it is sooner dis"Paragraph (a) of this section as proposed by the Senate Banking and
for a period of twenty years from
its
unless
or
franchise
Congress,
becomes
forfeited by Currency Committee if not modified would confirm and permit to continue
solved by Act of
some violation of law." The Senate amendment proposes that such char- In operation the teller windows, additional offices or branch banks which
are in operation in Minneapolis," explained Chairman McFadden of the
ters shall be granted practically in perpetuity. . .
Chairman McFadden expressed the opinion that the proposed change in House Banking and Currency Committee, author of the bill.
Federal
the
of
Reserve
system
endiscussion
and
might, lead to general
"My opinion is that these were created without the authority of the
,
la
danger his bill, which, he insisted, is urgently needed by national banks as Comptroller of the Currency and in contravention of the law of the State of
a means for strengthening them in competition for business with State Minnesota and are now being operated without the approval or consent of
the Comptroller, I think that Paragraph (a) should be amended, if retained,
banks and trust companies.
When the House comes to deal with the matter of extending Reserve bank for the reason that the laws of Minnesota do not permit State banks to have
have
would
law
necessarily
the
branches of any kind whatsoever and, therefore, no national bank should
considerain
changes
other
said,
charters. he
n.For example, he pointed out that criticisms had been made that Fed- have the right to establish any branches either inside or outside the city
on.
to some extent had encroached upon the banking terri- limits.
ral ReSerVe banks
"While maintaining this view of the situation, I cannot see how any bank,
opinion of some opponents of the systory of member banks, and that in the
Federal Reserve banks had gone "far afield" from the functions either State or national, located in the City of Minneapolis could have
em the
them in the Act approved by President branches or additional offices in the City of St. Paul or in any other city
tsupposed to have been marked outfor
within the State as long as State laws prohibit branch banking.
Wilson in 1913.
"I appreciate the fact that the branches, additional offices or teller
when the law is amended a provision may be eancted
It Ls suggested that
windows in Minneapolis were established at a time when the State law was
character.
an
international
of
business
barring Reserve banks from any
e
1548
THE CHRONICLE
silent on the question of branch banking, and that the law prohibiting
branch banking in any form was passed by the State Legislature immediately
after the establishment of these forms of banks. However, Paragraph (el),
as provided by the Senate committee, would legalize them.
"Another difficulty is with respect to Paragraph (f) which would permit.
with approval of the Comptroller of the Currency, the establishment and
operation of one or more branchedbeyond the boundaries of the city,town or
village as now strictly defined by law as being in the same metropolitan area
as that in which the parent bank is situated.
Public Interest Proviso.
"This paragraph also would confirm the establishment of these additional
banking facilities if they are located within the metropolitan area of Minneapolis. but outside of the distinctive city limits. There is an added
proviso to the effect that a public interest must be shown as developed at a
public hearing.
"I consider all of this objectionable as it only serves to continue the present
controversy in regard to the establishment of branches beyond the scope
provided in the bill as passed by the House. 'Contiguous' territory would
be a continuing basis of controversy.
"I do not believe we can afford to leave the matter so wide open as to
permit the construction of 'contiguous' territory as contemplated by the
Senate draft of the bill, as it might lead to State-wide branch banking.
'I hope that, although this bill was reported unanimously by the Senate
Banking and Currency Committee, some of these provisions will be so
modified on the floor of the Senate as no.. to throw these objectionalbe
features into conferenee."
It was later learned that a move already is under way to formulate an
amendment to the Senate committee's amendments that will remove the
features referred to by the St. Paul bankers.
(Vol,. 122.
A BILL
To amend Section 9 of the Federal Reserve Act.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress Assembled, That Section 9 of the Federal
Reserve Act be amended by adding thereto a new paragraph as follows:
"All banks or trust companies incorporated by special law or organized
under the general laws of any State, which are members of the Federal
Reserve System, when designated for that purpose by the Secretary of the
Treasury, shall be depositaries of public money, under such regulations 1111
may be prescribed by the Secretary; and they may also be employed as
financial agents of the Government; and they shall perform all such reasonable duties, as depositaries of public money and financial agents of the
Government, as may be required of them. The Secretary of the Treasury
shall require of the banks and trust companies thus designated satisfactory
security, by the deposit of United States bonds or otherwise, for the safe
keeping and prompt payment of the public money deposited with them and
for the faithful performance of their duties as financial agents of the Government."
Senate Passes McFadden-Pepper Bill Changing Method
of Taxing Shares of National Banks.
The U. S. Senate on Mar. 18 passed the McFaddenPepper bill designed to change the method of taxing national
bank shares. On the same day the House Committee on
Rules reported a special rule making immediate consideration
of the bill an order in the House following the adoption of
the rule. Under the rule four-hour debate is provided, preliminary to the reading of the bill for amendment, and final
Representative McFadden's Bill for Enlarging Scope of action by the House. We have already
indicated the proDepositary System of Government—
visions of the bill in these columns—Mar. 6, page 1244,
Secretary Mellon's Views.
and Mar. 13, page 1397. The New York "Journal of
A bill introduced by Representative McFadden has for its Commerce," in referring to the Senate consideration of the
purpose the designation of State banks and trust companies, bill on Mar. 17, said:
Chairman McLean, of the Senate Banking and Currency Committee.
members of the Federal Reserve System, as depositaries of
the measure to the attention of the Senate to-day, but its passage
public moneys. Secretary of the Treasury Mellon, in a let- brought
was blocked because of the belief of some of the Senators that it would
ter to the author of the bill, giving his views thereon, says bring about large refunds of taxes heretofore paid by national banks.
that "the necessity .for strict economy in deposits of Govern- Senator Glass of Virginia pointed out that a similar bill was before the
Senate a few years ago, having been sponsored by the present Secretary
ment funds has dictated the present policy of the Treasury of State Kellogg. The measure proposed,
Senator Glass explained, involved
in limiting such deposits with national bank depositaries to quite a considerable refund of taxes which had been collected from certain
the minimum amounts required for the transaction of some banking institutions.
On the 18th inst. the New York "Commercial" reported
essential Government business, and no sueh deposits are
maintained at points where Federal Reserve banks or the following advices from Washington:
Senator McLean of Connecticut, Chairman of the Banking and Currency
branches are located. Consequently, the Treasury feels that Committee, gave assurance that the question of refunds
of taxes to national
authority to designate State banks as depositaries of public banks does not enter into the matter as feared by some Senators when the
bill was called up yesterday.
moneys for general purposes, in addition to the present
Senator McLean explained that the purpose is to permit States which
authority of designating national banks as such depositaries, adopt income tax laws to tax shares and income from national banks on
is not necessary at this time." The letter of Secretary Mel- the same basis as State banks are taxed. The bill provides one more
alternative method of taxation to those already specified by law. He said
lon, dated March 10, follows:
that it applies especially to the situation in Now York and Massachusetts
TREASURY DEPARTMENT.
Office of the Secretary.
Washington, March 10 1926.
My dear Congressman:
I have your letter of Feb. 9 1926 enclosing a copy of H. R. 7760, a bill
to amend Section 9 of the Federal Reserve Act, and requesting an expression of my views of this pending legislation. My reply to your letter has
been withheld pending a complete review of the depositary situation.
The Treasury, on several previous occasions has expressed Its opposition
to any legislation which would result in broadening the scope of the depositary system of the Government. As contemplated by the Federal Revenue Act, the Federal Reserve banks and their branches have gradually become the principal depositaries of the Government for the transaction of
the regular depositary business, and, as a result, the necessity for the designation of banks other than Federal Reserve banks and branches is diminishing rather than increasing. The necessity for strict economy in deposits
of Government funds has dictated the present policy of the Treasury in
limiting such deposits with national bank depositaries to the minimum
amount required for the transaction of some essential Government business,
and no such deposits are maintained at points where federal Reserve banks
or branches are located. Consequently, the Treasury feels that authority
to designate State banks as depositaries of public moneys for general purposes, in addition to the present authority of designating National banks
as such depositaries, is not necessary at this time. Furthermore, State
banks are now authorized to participate in the greater part of all Government deposits carried with banks by the Treasury, inasmuch as such banks
are eligible for designation as special depositaries of public moneys under
the Act approved Sept. 24 1917, as amended and supplemented. Under
this designation banks are permitted to participate in deposits of public
moneys arising from such sales of bonds, notes or Treasury certificates of
Indebtedness of the United States offered from time to time, as, under the
terms of the official offerings, may be paid for by credit. The amount of
such special deposits is largely determined by the bank's own subscription
to current offerings of Government securities for which payment may be
made by credit. At the present time there are 7,533 special depositaries
of public moneys, of which 3,709 are State banks and trust companies. The
total deposits carried with such depositaries, according to the latest available figures, is $257,632,000, of which $105,000,000 is held by State banks
and trust companies. Upon the same date the total Government deposits
carried with general national bank depositaries by the Treasury, for the
purpose of transacting the essential business of the Government, was $7,002,848 66 deposited with some 300 national banks.
In view of the fact that State banks and trust companies are now upon
substantially an equal basis with national banks in the matter of Government deposits, it appears that there is no necessity, from the standpoint of
the Government, for enlarging the scope of the present depositary system.
Very truly yours,
(Signed) A. W. MELLON, Secretary of the Treasury.
Hon. Louis T. McFadden, Chairman Committee on Banking and Currency,
House of Representatises, Washington, D. C.
The following is the text of the bill:
H. R. 7760.
In the House of Representatives—Jan. 15 1926.
and that there is a desire that action be taken by Congress before the New
York Legislature adjourns.
The Future of the Bond Market.
"With relatively little new domestic financing in immediate prospect, and a sustained demand, which will, no
doubt, be somewhat augmented by the disappointed recruits
from the stock market, now rendered more cautious by their
recent experience with speculative securities, the outlook
remains reassuring for the bond buyer." In brief, such is
the opinion of Halsey, Stuart & Co. as to the outlook for the
bond market as expressed in their quarterly review just
issued. Commenting on the general business situation, the
review says:
Despite some ripples on the surface of things, the underlying situation
in business and industry is one justifying confidence in their future. The
speculative trend, until recently apparent in some other fields, has been
noticeably absent in the conduct of business generally; supply, for the
most part, has been gauged to demand; inventories have been kept low,
and efficiency in operation, including a satisfactory labor situation, has
generally prevailed.
While the stocks of some companies have tumbled from the unwarranted
heights to which they were carried by the over-optimism of the stock
market, this can hardly be interpreted as a reflection of conditions in the
business and industrial situation which gives promise of continuing sound
and active.
Discussing the situation with regard to the various classes
of bonds, the review says:
The strength and activity that have characterized the bond market over
a considerable period continued unabated into the new year, carrying the
price level during the latter part of February to the highest point since
1917. Despite some liquidation attending the long-expected break in the
specuhttive market, the undertone in bonds remains distinctly strong.
With careful discrimination, some of the best bargains of to-day are to
be found among the foreign bonds. New offerings of such securities, especially corporate issues, have continued in large volume since the first of
the year, and for the most part have been well received. Considering the
educational process that attends the distribution of successive issues of
foreign bondb, the large amount of capital available for investment, and
the uncertain supply of new domestic issues, there is good reason to believe that the present wide disparity in yield between foreign and domestic
issues will narrow.
But in view of the fact that American investors are still relatively inexperienced in the foreign field and often lack complete information re.
garding foreign corporations—and even Governments and
municipalities,
more than ordinary care should be used in selecting such
issues.
While new offerings of public utility bonds have continued in large
volume since the first of the year, some recession in the output seems not
Improbable, considering the present well-financed condition of the in-
a
MAR. 20
1926.]
THE CHRONICLE
1549
"As a matter of fact this country has had fine business, level prices and
no undue expansions of credit. As for the high prices of stocks, the Reserve banks cannot be blamed for that Stock prices always are moving in
one direction or another due to causes outside of banking policies.
"The increase in stock and bond loans is due to a change that has taken
place in the method of financing industry in this country. For the last
few years it has been relatively easy for businesses to obtain new financing
and the sales of new securities have been unusually large, Where in former years business men obtained their needed funds through commercial
banking channels, they have recently been attending to this through the sale
of new securities. This has transferred the borrowing to the other end of
the credit line—the buyer of the securities. Bank loans obtained by the
purchasers of the securities account for the increase in the volume of collateral loans."
Speech Caused Much Talk.
Dr. Anderson's address caused considerable discussion in Wall Street, as
the rediscount rate and the question of credit expansion have been in the
public eye since the decision early this year of the Federal Reserve Bank
of New York and the New York Stock Exchange to publish the amount of
brokers' loans. For the most part bankers said that the totals did not
seem large in view of the. increase in the nation's business and the volume
of new financing that it entailed.
At the Chase National Bank, officials made it clear that Dr. Anderson
Dr.Anderson, of Chase National Bank, on Credit spoke only for himself and did not present the official views of the bank
in his Chicago address.
Situation—Says Federal Reserve Banks Have
"We realize that the Reserve System is doing invaluable work and that
Pursued Cheap Money Policy.
we could not get along without it," an officer of the bank said. "The
Benjamin M. Anderson Jr., Ph.D., Economist of the Chase bank, of course, would not dream of engaging in a controversy over Reserve
the same time we all have the greatest respect for Dr. AnderNational Bank of New York, in discussing before the Bank- policies.an At
economist, and a difference of opinion is as wholesome in the
son as
ers' Club of Chicago, on Feb. 25, "The Credit Situation," financial world as anywhere else."
dustry. With supply therefore somewhat uncertain and demand steadily
expanding—much of it coming from institutions which previously have
accorded first choice to high grade rails—it seems probable that the price
level of utilities will be well maintained.
The quick absorption by investors of the $15,000,000 Commonwealth
/
2% bonds, recently offered, is a striking indication of the
Edison Co. 41
/
2%
high favor in which first-class utilities are held. This is the first 41
coupon bond issued by a public utility since the war.
Fairly consistent activity has characterized the market for tax-exempt
bonds during the opening months of 1926, and the demand for the obligations of the States and larger cities, has, in general, tended to exceed the
supply of new offerings.
The reduction in Federal income tax rates was apparently discounted by
investors well in advance of the adoption of the new Revenue Act The
new rates, being gauged more closely to minimum Governmental requirements, promise a greater degree of permanency than the high rates previously prevailing, and therefore constitute a sounder basis upon which to
capitalize the value of tax exemption in.a long-term investment
Indications, therefore, are that current price levels will be well sustained. Bonds of many smaller political subdivisions, and of various joint
stock land banks, are still priced at relatively attractive figures.
while referring to the commercial credit situation as sound,
declared that the Federal Reserve banks have been pursuing a "cheap money" policy, which has led to a great surplus Walter Lichtenstein, of First National Bank of Chicago,
of funds. The following is an abstract of his remarks, to
Uncle-it-rakes to Answer Dr. Anderson's Criticisms
which we referred editorially in our issue of March 6, page
of Federal Reserve System.
1212:
Walter Lichtenstein, Executive Secretary of the First
The commercial credit situation, by and large, Is very sound. Banks and
Chicago, on March 11 undertook to reply
business men have been prudent. The volume of "commercial loans" of the National Bank of
"reporting member banks" of the Federal Reserve System increased only to criticism of the Federal Reserve System's policy of buy$85,000,000 (about 1%) from Jan. 7 1925 to Jan. 6 1926.
ing and selling Government securities or acceptances in the
But the commercial banks and business men have not had full control of
Benjamin M. Anderson
the matter. The Federal Reserve banks have been pursuing a "cheap open market, voiced recently by Dr.
money" policy which has led to a great surplus of loan funds. They have Jr. of New York. Referring to what Mr. Lichtenstein had
kept their rediscount rates systematically below the market rates. When,
the Chicago "Journal of Commerce" of March 13
despite low rediscount rates, the banks have been reluctant to borrow to say,
unnecessary funds, the Federal Reserve banks have gone into the open stated:
market and bought Government securities and acceptances on a vast scale.
Mr. Lichtenstein's defense of the System was contained in an address
This was particularly true in 1924, when hundreds of millions of unneeded before a meeting of the Purchasing Agents Association of Chicago at the
reserve funds were forced on a reluctant money market.
Auditorium Hotel.
Commerce would not use the funds thus artificially created. But the
Admitting that there is much to be said for Dr. Anderson's theory that
securities markets absorbed them cheerfully. From Jan. 7 1925 to Jan. 6 the Reserve System's activities in the securities markets were largely re1926 the stock and bond collateral loans of these same reporting banks sponsible for the boom market of 1925, Mr. Lichtenstein took the New
Increased approximately one billion dollars, or over 20%. How great the York economist to task for not giving publicity to both sides of the situaIncrease in this twelve-month period for all the banks of the country is, it tion.
is not easy to say, but the reporting banks have only about 46% of the
Calls Criticism Most Unfair.
total bank resources of the country. This excess of money has also worked
"It seems to me," he said, "that Dr. Anderson was most unfair in not
over into the real estate market and the mortgage market. It has facilitated
giving the other side of the story. Dr. Anderson, himself, stated that part
the rapid growth of installment buying.
in
The present volume of bank credit afloat in the United States stands of our prosperity has been due to the restoration of the gold standard
quesabout 12% above the peak of the post-war boom period, although com- many countries, and the successful operation of the Dawes plan. It is
the
for
merely
not
modity prices are far lower and although commercial loans stand well below tionable whether either of these events, so necessary
the figures of 1920. I do not believe that these tendencies should be re- prosperity of 1925, but for the even development of business in the future,
would have been possible had it not been for the Federal Reserve banks
garded with indifference.
in this country, thus enabling foreign credits to be
From a dispatch to the New York "Times" from Chicago, keeping money easy
floated readily, and at the same time making it possible for the Bank of
25,
Feb.
giving an account of what Dr. Anderson had to say, England to keep its discount rates above ours, and attracting from this
country funds to Great Britain, without at the same time having so high
we take the following:
would hamper her own business.
Early in 1924 the Federal Reserve banks glutted the market with money a discount rate that it
"I maintain that this was not an altruistic act for the benefit of foreign
by buying Government securities. They did this to employ funds which
the financial standing of
were not needed in commerce. Ever since then the banks have forced money countries, but primarily benefited us by restoring
making it possible for them to take our products of
Into the market which had no real need for it. They have kept their re- our customers, thus
and our firms adequate employment
discount rates artificially low and so tempted the member banks to borrow of our hands and give our factories
with adequate prices.
and relend profitably.
Cotton Exports Cited.
This practice has marked an undesirable change in the conduct of the
Reserve System. It has generated a prolonged stock market boom and
"This is well shown by the export statistics of one of our most imporbrought about a situation that is not conducive to safety.
tant crops. In the five years ending with 1925, the annual average export
The mission of the Reserve banks is to avert crises, if possible, and to of cotton was about 6,000,000 bales, but in 1925 exports rose to 8,000,000
assist in times of crises by extending credit. But it is not their mission bales.
"I have no desire to enter here upon a tariff argument I am merely
to finance stock market booms and they have done this by keeping their
rediscount rates below the open money market rates.
pointing out certain possibilities which may in the near future check, or
our industries. Naturally, the need for this
The same paper contained the following in its Feb. 27 at least temporarily embarrass,passed,
and we find that whereas on Dec. 23
sort of stimulus has gradually
issue relative to the views expressed by Dr. Anderson:
of last year the earning assets of the Federal Reserve banks amounted to
Bankers in close touch with Federal Reserve policies took exception yes- $1,505,000,000 by March 3 of this year, they had decreased to $1,207,terday to remarks made in a Chicago address Thursday night by Dr. Ben- 000,000.
jamin M. Anderson Jr., Economist of the Chase National Bank, who said
"Normally, it is not desirable to have the Federal Reserve banks increase
that the Reserve banks had fostered the prolonged stock market boom and their earnings to such an extent that stock market speculation is artificially
gone
beyond
their
rightful
function.
thus
Dr.
Anderson asserted that stimulated. Naturally, in times of prosperity people have more money
had
the banks glutted the market with money and tempted borrowing by keep- and there will always be more or less speculation. This is exactly what we
ing the rediscount rates artificially low. He further declared that member have had occur this last year, and prices, especially of speculative stocks,
banks in the year ended Jan. 8 1926 increased commercial loans by only reached unwarranted heights. That is true, because human nature Is as
.
loans increased about it is. Sooner or later, the weak point in the chain gives, and you have a
$85,000,000, whereas their stock and bond collateral
$1,000,000,000.
collapse such as we had last week.
"The figures bearing on the situation speak for themselves, and so does
Big Aid to Europe.
the economic position of the country," said an authority on Federal Reserve
operations. "In 1921 the total of Federal Reserve credit was about $3,000,"When conditions are normal and the policies of the Federal Reserve
000,000. Early in 1922, with the bulk of the war-time finanCial left-overs banks are not dictated by considerations such as have had to prevail in
cleaned up, the total declined to about $1,250,000,000. Since then the recent times, they can do much to prevent these speculative tendencies from
amount has remained almost stationary. At the end of 1925 and the start going as far as they did in recent times.
"Under.the circumstances as they existed, the Federal Reserve System
of 1926 it rose rather sharply, but it has since receded and now stands at
had to weigh in the balance the desire to check speculation in this country
about $1,200,000,000, virtually the same level as four years ago.
Sees No Inflation.
and the desire to aid Europe in getting back on her feet In my opinion,
and
"If the rediscount rate had been 'kept artificially low, the assumption the System decided widely in permitting the speculation to go on,
sound
would be that it was for the purpose of inducing the member banks to throw what weight it could into the scale, to enable Europe to become
Increase their borrowings from the Reserve banks. Such an increase has financially once more.
"At the present moment money is still very easy, perhaps too easy, and
level for
not taken place. The borrowings have been on about the same
it is a fair question whether the time has not come for the Federal Reserve
several years. Dr. Anderson contends that the Reserve System's policy has
banks to sell some of their holdings and thus help in tightening the money,
tended to engender inflation. The inflation question is settled best by a
have been almost sta- and prevent another flare-up in the stock market, followed, presumably, by
study of prices. Indexes show that wholesale prices
a reaction similar to the one which we have just experienced."
tionary for four years.
1550
THE CHRONICLE
Subscriptions and Allotments in $500,000,000 United
States Treasury Bond Offering.
Secretary of the Treasury Mellon announced on March 15
that subscriptions amounting to $647,243,900 were received
to last week's offering of 33
4% long term Treasury bonds.
As indicated in our item of a week ago (page 1401) bonds to
the amount of $500,000,000, or thereabouts, were offered
at 10O3, The amount of bonds allotted was $494;898,100.
In a statement on March 12 announcing that subscriptions
in amounts not exceeding $50,000 were allotted in full,
while allotments above that amount were scaled, Secretary
Mellon said:
Reports received from the twelve Federal Reserve banks show that for
the offering, which was for $500,000,000 or thereabouts, total subscriptions
aggregate some 9647,000.000.
Allotments on subscriptions wen made as follows: Subscriptions in
amounts not exceeding
allotted in full; subscriptions in amounts
over $50,000 but not exceeding 9100,000 were allotted 80%, but not less
than $50,000 on any one subscription; subscriptions in amounts over $100,000 but not exceeding 9500,000 were allotted 60%, but not less than $80,000
on any one subscription, and subscriptions in amounts over 9500,000 were
allotted 50%, but not less than 9300,000 on any on
The Secretary's further announcement on March 15
making known the subscriptions and allotments stated:
As previously announced, all subscriptions in amounts not exceeding
950,000 were allotted in full, while allotments on subscriptions in amounts
over 950,000 were made on a graduated scale.
The subscriptions and allotments were divided among the several Federal
Reserve districts as follows:
Total Subscriptions
Total Subscriptions
Federal Reserve District—
Received.
Allotted.
Boston
980,855,700
$69,110,700
New York
171,108,600
98,601,600
Philadelphia
77.456,300
67,061,300
Cleveland
67,819.800
51.090,000
Richmond
28,303,200
20,740,400
Atlanta
28,835,100
26.945,100
Chicago
54,373,200
48.655,200
St. Louis
22,017,100
19,348,100
Minneapolis
16,438,900
13,894,700
Kansas City
22.402,100
18,087,100
Dallas
17,620.400
12,920,400
San Francisco
60,013,500
48,443,500
Total
9647,243,900
$494,898,100
Results of United States Treasury's Offering to Purchase Third Liberty Loan Bonds for Sinking Fund.
In announcing on March 12 that the privilege of tendering
Third Liberty Loan 431% bonds for sale to the United
States, through the Cumulative Sinking Fund, expired at
the close of business on March 10, and that no further proposals would be received, Secretary of the Treasury Mellon
stated that all proposals for sale at prices not exceeding
101 10-32 had been accepted, and that such proposals
aggregated about $121,750,000 face amount. The Treasury
Department's proposal to purchase $100,000,000 or thereabouts of the issue at the lowest prices offered was referred
to in these columns March 6, page 1244. In his announcement of March 12 Secretary Mellon stated:
Under the terms of the Secretary's earlier announcement, purchases were
to be made at the lowest prices offered plus accrued interest.
According to reports received from the Federal Reserve banks, over
$148,000,000 face amount of bonds were tendered for sale.
The Treasury has accepted all proposals for sale at prices not exceeding
101 10-32. Such proposals aggregate about 9121,750,000 face amount,
and the average cost of these bonds to the Government (exclusive of accrued
Interest) will be slightly under 101 8-32. On all offers which have been
accepted the bonds should be in the hands of the Federal Reserve banks by
March 23 1926, payment therefor to be made on that date or, in the case
of registered bonds, as soon thereafter as the registration may be discharged
on the books of the Treasury.
All tenders for sale at prices exceeding 101 10-32 have been rejected.
Federal Inheritance Tax—Recommendations to State
Legislatures.
The "report and recommendations on Federal Inheritance
Tax Measure" which was presented at a meeting in Washington on March 6 of a committee of speakers of State
Legislatures have been, made available by Senator Fletcher,
at whose instance the matter has been inserted in the
Congressional Record. While reference to the recommendations appeared in our issue of a week ago (page 1402) we take
occasion to give herewith the complete report and recommendations.
Vt)t,. 122
4. That an estate tax is a property tax and is a source of revenue belonging to the State and should be abandoned by Congress and every legitimate
effort should be made to accomplish that result.
The House measure carried a graduated inheritance-tax levy at a minimum rate of 1% and a maximum rate of 20%. but provided that death
taxes of any form which had been levied by and paid to States might be
deducted from the Federal levy up to 80% of that levy. An exemption of
950,000 was given to each State.
The Senate bill repealed the Federal inheritance tax. A compromise was
effected in conference raising the exemptions from $50,000 to 9100,000 for
each estate and acceptidg the House bill as so amended. This compromise,
in our opinion very greatly destroyed the practical effect of the measure in
so far as it applies to those States now levying an inheritance tax, except a
very few States where large units of wealth are concentrated, among them
New York, Massachusetts, Illinois, New Jersey, and Pennsylvania. In
these States the legislatures will have to raise their State inheritance-tax
rates to 16% in order to avail themselves of the credit due them on the large
estates.
In all other States that levy an inheritance tax and where there are very
few large estates no change in the present State inheritance-tax law would
seem necessary. As we understand it, an estate in settling with the Federal
Government is to be given credit for any amount the estate has paid to any
State Government up to 80% of the Federal levy. No special or additional
legislation on the part of State legislature is necessary to secure this credit
provided the present State inheritance-tax rates absorb the 80% levy the
Federal Government offers the States. The Federal Government exempts
9100,000 estates and the initial levy made on a $150.000 estate amounts to
a total of 9500. These brackets cover most of the properties levied against
in a majority of the States.
The Federal levy is against the estate as a whole and makes no di:Unction
between close kin exemptions or provisions which all State legislatures
recognize, and in accepting the Federal measure the State legislatures must
surrender their basis of levy and conform to the Federal provisions in most
all instances, as well as accept the basis and methods of appraisement made
by Federal agents. These are matters for all legislatures to consider.
For your information and use in applying the Federal levy to your State
we list below the amount of the Federal levy against each estate up to a
value of $1,000,000 as submitted to us by acceptable authority. The
proportion the Federal Government takes and the proportion it offers the
States is shown separately.
Value of
Amount of
Federal
State
Estate.
Bracket—
Levy.
Proportion.
Proportion.
*$150.000
1%
9100
$500
9400
*200,000
1,500
2%
1,200
300
*300,000
3%
4,500
3.600
900
*500,000
12,500
47
10,000
2,500
*700,000
54
22.500
18.000
4.500
*900,000
6%
34.500
6,900
27.600
*1,100,000
7%
48,500
38,800
9.700
*$100,000 exempt.
The Federal act works a hardship upon those States that have no State
inheritance tax such as Alabama, Florida, and Nevada. as well as upon all
States that exempt close kin or apply a very much lower rate to near
relatives than to remote kin. We question the constitutionality of the act.
Regardless of the legal status of the measure, we consider its provisions
obnoxious to the public sentiment and an offense against State legislatures of
the Nation. The object of the measure, as stated by its proponents, and
the acknowledged effect of its operation, is not to raise revenue for the
Federal Government but to regulate the taxing powers of the States. It is
proposed to compel all States to levy an inheritance-tax and to levy it at a
rate and under conditions prescribed by Congress. Both procedures are
a grievous invasion of the rights of States. We challenge the statement that
it is in the interest of the public welfare that legislatures be forced to enact
laws and the people be compelled to think and act according to mandates
laid down by Congress.
The gift tax was repealed. It was passed in 1924 as a companion measure
to the estate tax and for the purpose of preventing evasion of the estate tax.
As soon as developments warrant it, we will call a meeting in Washington
of the speakers and officers of all State legislatures and adopt a definite
program of procedure understood and approved by those most interested.
Respectfully submitted.
ARTHUR A. SHERMAN, Chairman,
President pro tempers Rhode Island Senate.
HUGH D. MERRILL,
Speaker Alabama Legislature.
EDGAR A. BROWN,
Speaker South Carolina Legislature.
FRANCIS P. CURTIS,
Speaker Maryland Legislature.
A. Y. MILAM,
Speaker Florida Legislature.
In session at the Raleigh Hotel, Washington, D. C., March 6 1926.
Secretary Hoover on Future of Foreign Trade—Control
of Raw Materials by Foreign Governments.
Discussing "The Future of Our Foreign Trade," Secretary
of Commerce Herbert Hoover, in an address on March 16
before the Export Managers' Club of New York, at the
Hotel Pennsylvania, this city, referred to the repeated
assertions made by him regarding "the increasing practice
of foreign governments directly or indirectly to create controls of raw materials for price fixing purposes where such
nations dominate the production of a commodity." "Our
long view solution," he said, "is to secure independent
supplies and our temporary solution is to co-operate with
the trades in organizing our consumers for resistance when
there is unreasonable demand, by better use and substitution
of other commodities." Incidentally the reports of the
House Committee inquiring into alleged foreign monopolies
of commodities were made public this week, and an item
regarding the Committee's findings appears elsewhere in
this issue. In his address on the 16th, Secretary Hoover is
reported in the New York "Times" as having said:
To the legislatures of all States in the Union and the people thereof:
We, your committee, appointed to safeguard the interests of the States
In joint-tax levies and appropriations made by Congress, beg leave to report
on inheritance-tax legislation and to make recommendations to State
legislatures as follows:
Recommendations.
1. That State legislatures take no action that permanently commits them
to the joint inheritance-tax levy plan enacted by Congress.
2. That Congress repeal that portion of the Federal inheritance-tax
The immediate effect of these large incursions into business by foreign
provision relating to State levies and reduce the Federal levy accordingly.
3. That State legislatures demand recognition by Congress in all joint governments is that in nearly every one of these cases our American busilevies, appropriations, and interlocking policies of Government before ness men and consumers have insistently demanded the support and intervention of our Government in their protection. For years in some of these
•
Congress legislates upon such matters.
si
MAR. 20 1926.]
TFEF
CHRONICLE
cases our people have exhausted every effort by negotiation to avoid inevitable friction. Finally our Government is plunged into business if we would
not see our consumers unprotected. Emotion is common enough between
individual buyers and sellers, but when governments get into price-fixing
they have established emotion upon a mass production basis.
From an objective point of view, price fixing by governmental restriction on production or otherwise not only creates artificial famines, but it
also works to restrain the adequate growth of future supplies from the
territories best adapted to production. In this way the expanding future
need of the consumers is also jeopardized. In the end the consumer is
forced to reduce his use and to employ inferior substitutes. All this is the
negation of world progress.
We have had various possible courses to consider. Some of our bankers,
business men and public men have advocated that the best way to handle
these situations was to avoid consumer outbreaks by having our Government negotiate the terms and thus fix prices on behalf of the consumer, or
to authorize the trades or the banks to do so. I do not believe they have
thought this through. Such negotiation would be a recognition of price
fixing as an economic basis of world trade by our Government. It would
be a step inevitably followed into our domestic trade every time some industry fell into trouble. The Administration at Washington has steadfastly
refused to countenance any price fixing. . . .
Our countrymen are making progress in the long view provision of independent supplies in a number of these commodities. The campaign of
the manufacturers and consumers for better use and conservation of rubber
is a demonstration that the consumer possesses a potent weapon even against
the formidable character of governmental price fixing and without resort
to trade reprisals, and this movement is not confined to the United States.
Any doubts as to what the result of this campaign has been in the diminished demand for new rubber goods and the corresponding increase in the
demand for repair material and substitutes during the last sixty days can
be resolved by inquiry among the rubber trade. And it has had a repercussion in the 50% fall of rubber prices and a decrease in tire prices.
I am convinced that the world has gained something from this effort far
greater than the saving of rubber. It is notice to the world that the consumer must have reasonable treatment by these controls. It has shown that
speculation against the consumer in these commodities is a dangerous calling. It may help the enlightenment of the managers of such controls for
whose actions we should not hold their countrymen responsible. It may
check the formation of other price-fixing controls in some other thirty commodities where it is possible. This demonstration should thus make for less
friction in the future. It will save us from resort to price-fixing schemes,
and it may also save us from necessity of legislation. It has not been pleasing business, but the artificial suspension of the law of supply and demand is
no parlor amenity.
We do not wish to buy any commodity without fair and stimulative
profit to the producer. We have ourselves suffered greatly and still suffer
from selling our farm products below the cost of production. It is not in
the interest of any nation that it shall buy products on such terms, for the
world needs expanding production. If there is any truth in economics at
all, this cannot happen for long.
We would prefer to have established industries do the businessin commodities Which we cannot produce within our own borders than to force new
industries in them elsewhere. We want to see their people prosper and expand their power to consume our export products. We earnestly wish for
good will as the first necessity for trade. But none of these things will be
accomplished by governments endeavoring to suspend the law of supply
and demand and the entry of the world upon an era of price-fixing.
Without entering upon any partisan discussion of the protective tariff
principle, which I, of course, support, there is one phase which I believe experience shows has less effect upon the volume of international movement
of commodities than had at one time been assumed.
Ab a result of the hardships suffered by many people of both combatant
and neutral nations during the war, there came to all nations a deep resolution, in so far as the resources of their countries permitted, to produce as
far as possible their essential commodities. The struggle to overcome
post-war unemployment has added to this impulse. The result is that
52 of the 70 nations of the world, including almost every important trading
nation, increased their tariffs after the war. It might seem that these widespread Protective policies would tend to localize industry and thus decrease
the total volume of international trade. But it certainly appears that internal economic and social currents which make for prosperity or depression
in a nation have a much larger effect upon the total volume of imports than
the tariffs, and thus more largely affect world trade as a whole.
In our case, far from our present tariff diminishing our total imports,
they have increased about 35% since the higher tariff came into effect.
This has also been the case with other nations who have progressed in international economy. In any event, our experience surely indicates that in
considering the broad future of our trade we can dismiss the fear our increased tariff would so diminish our total imports as to destroy the ability
of other nations to buy from us.
The most commonly remarked revolution in our foreign economic relations is our shift from a debtor to a creditor nation upon a gigantic scale.
It is the father of much speculative discussion as to its future effect upon
our merchandise trade. Alarm has been repeatedly raised that repayment
of the war debts must necessitate the increase of imports of competitive
goods in order to provide for these payments—to the damage of our industry and workmen. These ideas are out of perspective. Our war debt when
settled upon our own views of the capacity to pay will yield about $300,000,000 per annum, although as yet the actual payments are about $180,000,000
per annum. The private foreign loans and investments to-day require
repayments in principal and interest of about $600,000,000 annually, or
nearly twice the war debt. I have heard of no suggestion that interest and
repayment of these private debts will bring the disaster attributed to the
war debt.
The question is of importance, however, as to how this $800,000,000 or
$900.000,000 of annual payments may effect our merchandise movement.
There is a compensating factor in American trade relations unique to our
country which has a large bearing upon this question—that is, the vast
dimension of our invisible exports in the form of tourist expenditures, emigrants' remittances and other forms of American expenditure abroad.
These items in 1925 amount to about 5900.000,000, or about $100,000,000
more than our incoming payments on debts of all kinds. In other words,
at this stage of calculation the balance of trade should be in our favor by
about $100,000,000. But beyond this we are and shall long continue to
make loans abroad. For the last four years these loans have averaged
nearly $700,000,000 a year, and in fact the merchandise balance in our favor
has been running just about this amount.
Now the summation and purpose of all these words is the conclusion that
there is no disastrous shift in our imports and exports of merchandise in
prospect from debt causes.
The making of loans to foreign countries for reproductive purposes not
only increases our direct exports, but builds up the prosperity of foreign
countries and is an economic blessing to both sides of the transaction. And
upon any sentimental footing although
I do not put this business of loans
1551
the economic advantage to foreign countries of our great financial strength
in these times cannot be denied. Nor did we get this financial strength
out of war profits. We lost enormously by the war. We created this
reserve of capital as any study of our economy will show, from our growth
of efficiency, by hard work, and savings, since the war.
Merchant Marine,
Before I conclude I wish to mention one more ever present most important
problem in foreign trade. That is our merchant marine. We need to
visualize our overseas transportation not as a lot of ships, but as about
twenty important sea routes, which are the extensions to our own inland
trade routes. There is only one protection of our commerce from discrimination and from combinations which would impose onerous freight
rates. That is to maintain upon these trade routes the regular operation
of very substantial shipping under the American flag. Commerce cannot
operate upon uncertainty of transportation; it requires regular. ferry-like
&Wings. The type of ship which is best adapted to such regular service
and at the same time is the most practical for us to operate is the cargo liner.
The Government is now deeply in the shipping business, and I believe
must continue to operate upon routes where private operation cannot undertake it, until the routes have been built up to the point where private operation can undertake them. But we will never have a real or satisfactory
merchant marine until it is owned and maintained by private enterprise.
The Government cannot operate cheaply. It cannot secure revenue as
large as private enterprise. It cannot avoid the interminable difficulties
and wastes of bureaucracy and, above all, the direct and indirect political
pressures. We must get out of Government operation as quickly as we can
establish private operation.
Some of the lines on important trade routes are to-day successfully
operated by American flag private enterprise. Some of the Government
lines which are losing money to-day are rapidly approaching the point where
they will pay private enterprise. With the growth of the volume of trade
most of the lines can, I believe, be ultimately disposed of to successful private operation. But we will never attain even the best mediocrity of Government operation until we reform the method of administering the fleet,
until we make it responsible to the President instead of directly to Congress
and until we have more definite merchant marine policies.
Death of Col. Coolidge, Father of President.
Col. John C. Coolidge, father of the President, died at
10.41 p. m. March 18, after an illness dating back early
last year. Last December his condition took% more serious
turn, and while it was stated then that it was improbable
that he would ever fully recover the use of his lower limbs,
the critical stage of his illness had only developed during the
past week, and he had gradually been sinking, following a
heart attack the week before his death. Col. Coolidge would
have reached his eighty-first birthday in two weeks. His
death occurred at his home in Plymouth, Vt. The President
was 'on his way from Washington to his father's bedside
when news came to him of his death. Title special train of
the President reached Woodstock at sunrise yesterday
(March 19); from there the trip to Plymouth (16 miles) was
made by automobile. The funeral will take place to-day.
It was Col. Coolidge who administered the oath of office to
his son, when the latter assumed the Presidency in August,
1923, following the death of President Harding.
Farm Relief Proposal of Former Secretary of Agriculture Meredith—Agricultural Stabilization
Commission Proposed.
Before the House Committee on Agriculture on March 9
Edwin T. Meredith, of Iowa, formerly Secretary of Agriculture offered a plan for the solution of the agricultural
problem which proposes the establishment of a Federal pricefixing agency, with (says the "United Statos Daily") authority to determine prices on six major crops and levy an
equalization fee to be funded as an "agricultural guaranty
fund." The proposal of ;Mr. Meredith, says the same
paper was offered as a counter plan to the pending Dickinson bill and the modification of the proposal submitted by
delegates from the recent Des Moines and Chicago Corn
Belt Conferences. We likewise take from the "Daily" the
following:
Crop Losses Payable From Treasury.
Convinced argiculture is the country's basic industry and that its prosperity and purchasing power affect every other industry, Mr. Meredith
declared he was equally convinced agricultural losses sustained by reason
of crop surpluses should be paid directly from the Federal Treasury, on the
theory that business and labor should carry their share of the load and that
business and labor would realize that fees levied against the farmers would
be passed on to the consumer anyway.
Having fixed minimum prices which would be guaranteed the farmers for
the six major crops, including wheat, wool, corn, butter, sugar and cotton,
the Federal board proposed in his plan would not enter the market to buy
any of the crop until one year after the harvest and then only to buy, Mr.
Meredith said, "surplus not absorbed either in our domestic or export
trade."
Warehousing Major Crops.
Each of the six major crops suggested in the program,Mr.Meredith Pointed out, are subject to warehousing if the commission should decide to carry
a portion of any bumper crop over into another year rather than sell it
Into export trade at a loss. Corn was included, he said, because of its
relation to pork and beef, butter because stabilization of its price would
stabilize milk and other dairy products; and sugar because it is now produced all over the United States.
"By raising and lowering the prices of these crops from year to year,"
continued Mr. Meredith, and "relying upon the law of incentive, a balance
can be kept and continuous surpluses avoided. The price of a given crop
would be kept low enough so it could be engaged in by only the number
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THE CHRONICLE
who, in the aggregate, could produce the quantity that the experience of
previous years proved was desired by the combined domestic and foreign
market—and yet high enough to encourage farmers to produce that
quantity.
"From the consumers' standpoint," Mr. Meredith argued, "this plan
would mean stabilized business through stabilized agriculture and this would
mean steady employment and further, that food would be produced by
the best farmers on the best land, nearest to markets, because the inefficient
farmers could not compete with the efficient and the price necessarily
would have to be the lowest price which would induce the aggregate production desired. Poor land could not compete with good."
Tax Is Provided.
In the bill submitted by 'Mr. Meredith, the "guaranty fund" would be
raised by a tax of one half of 1% on the value of the six major crops, and
Would be used to meet farmers'losses in marketing any one of the contributing crops. The price-fixing commission would include the Secretaries of
Commerce, Labor and Agriculture as well as four other members named
by the President.
"The real problem," said Mr. Meredith, exlaining his program, "is not
to handle the surplus, but to work out an agricultural policy which will
eliminate the surplus and give us a balanced production—a production
meeting all the demands of the domestic market, plus all the foreign
demands for our agricultural production, at a price which will give our
farmers, as we have demanded for our labor, an American standard of
living.
Eliminate Surplus.
"Our great need is a continuing agricultural policy which will eliminate
a surplus, granted the surplus must be sold at a price less than offers
reasonable compensation. I am willing that farmers should produce any
quantity, no matter how great, over domestic needs, granted it will be
absorbed in the world's markets at fair prices.
"Production exported under these conditions is, in effect, not a surplus.
but is simply meeting our market; but I am not willing that our farmers
should be led to produce a real surplus to be sold at a loss and this loss
charged back to the farmers.
"An individual manufacturer would not continue to follow such a policy
and viewing the farmers as individual manufacturers, as they are, why
should legislation be passed which encourages them to do so. Business is
In the position of accepting or declining a given offer to ra given service and
that is the privilege I feel should be granted.
"If the consumers of wheat, for instance, will bid what they wish to pay
'for wheat, whether it be much or little, the individual farmer can determine
for himself whether he wishes to undertake the task of helping fill the order.
"If the bid is high enough to encourage the production necessary to sustain our people, well and good. If it is nct high enough to interest the
farmer the consumer must raise his bid or go without wheat, the same as
he is denied any other service for which he is not willing to pay a fair price.
"There are two great laws which must be linked together to give us balanced production and avoid over-production—the law of supply and demand and the law of incentive. Use the latter to enable us to live in
accordance with/the former."
(Vol- 122
S./Res./1651.
Resolved, That the United States Tariff Commission be, and isrherebY
requested to submit to the Senate a certified copy orthe minutes of the
meetings of the Commission from Sept. 19 1922 to Jan. 26 1926, inclusive,
and that these minutes be printed as a public document.
The other resolution is that of Senator Robinson's (of
Arkansas) which was agreed to by thelSenate on March 11,
and directs an investigation into the manner in which the
flexible tariff provision of the tariff act of 1922 is being
administered. The inquiry is to "have particular referenee
to the regulations and procedure of the Tariff Commission,
the powers exercised and the functions performed by said
Commission, and to the institution, investigation, hearing
and decision of cases arising under said section." As
originally introduced by Senator Robinson the resolution
proposed that the Senate Committee on Finance should
conduct the investigation. At the instance of Senator King
the resolution was amended so as to provide that the
investigation be undertaken by a special committee consisting of five Senators, three of whom shall be members of
the majority, and shall include a Progressive Republican,
and two of whom shall be members of the minority. VicePresident Dawes, who was authorized under the resolution,
to name the committee, announced as follows oniMarchI12
the appointees: Senators Wadsworth of New York_ and
FM of ennsylvamaepub=r3); Senator Li7Follette of
Wisconsin (Progressive); and Senators Robinson of Arkansas
and Bruce of Maryland (Democrats).
Before the adoption of the Robinson resolution by the
Senate on the 11th inst. it was amended by Senator Norris
of Nebraska (we quote from the Washington "Post"(of
March 12) so that the proposed investigation would specifi:
ca7117 deal with the question of whether "any attempt has
been made to influence the official action of membersTof
said commission by any official of the government or other
person or persons, and if so, what were the means or methods
so used." The Norris amendment was adopted; 38jto 30.
The "Post" also says:
After this vote, Senator Bingham made a determined but ineffectual
attempt to strike out the provision for the appointment of a "Progressive
According to the New York "Times," the Agricultural Republican." This term had no official status, he maintained, and the
Stabilization Commission, which would be created under the Vice-President should not be called upon to decide which Republicans were
or were not progressive.
bill, would be empowered to proehre full information conBut Senators Robinson and Norris both opposed the effort of the senator
cerning crop prospects, probable demand in the domestic from Connecticut. His motion was then defeated, 29 to 41.
amiToreign markets and other information to enable it to
Prior to the adoption of the resolution SenatorlRobinson
fix, a year in advance, a minimum price per standard com- moved to strike out the provision providing that
The committee may summon witnesses, administer oaths, hearrtestimercial unit for each crop commodity which the. Governmony,and compel the production of papers, documents, books and records
ment would guarantee. The "Times" account alsolhad the In
the possession of or kept by the Tariff Commission.
following to say regarding the excise tax carried in the bill:
In moving the elimination of this provision, whichZwas
The bill also provides that the price fixed be paid in the purchase of any
crop not consumed in the domestic market, the surplus to be sold abroad agreed to by the Senate, Senator Robinson stated that in the
at the best prices obtainable. To meet any liabilities incurred in carrying regular course of events the special committee will submit to
out the guaranty, the bill provides for an excise tax of M of 1% of the value the Senate a resolution giving it the authorization
necessary,
of the annual marketable crop or crops of any commodity produced by them,
computed according to the minimum price fixed by the commission. The and making provision for the expenses of the investigation.
commission would have authority to lower or advance the tax in its dis- The following is the resolution as agreed to by the Senate:
cretion.
Section 7 of the Meredith plan would authorize the President, upon
recommendation of the commission, to alter existing tariff duties when
necessary to maintain domestic markets for our production. It is provided
that the minimum prices for crops of 1926 shall be 40 cents for wool,40 cents
for butter, 25 cents for cotton, $1 25 for wheat and 65 cents for corn. The
bill does not attempt to fix the 1926 price for sugar.
Crop ReportinglConference to Be Held at Topeka
April 13-16.
With regard to the Crop Reporting Conference to be held
next month,(we[take the following from the "U. S. Daily"
of March1182
Bureau of Agricultural Economics officials characterize as the largest
and most important statistical conference to be held by the Federal Crop
Reporting Service in a decade, the meeting scheduled to take place at
Topeka, Kan., April 13-16, the Department of Agriculture announced
March 17.
The conference is under the auspices of the Division of Crop and Livestock Estimates of the Bureau and besides representatives from the Washington office, 33 field men from 24 different States will be authorized to
attend.
There will be two sections, one dealing with livestock and the other with
general crops. Methods of collecting and handling statistical reports and
making estimates from them are on the program for discussion.
Resolved, That a special committee composed of five senators, three of
whom shall be members of the majority and include one who is a progressive
Republican, and two of whom shall be members of the minority, said
committee to be appointed by the Vice-President. is hereby authorized and
directed to investigate the manner in which section 315 (the flexible provision) of the tariff act of 1922 has been and is being administered. The
inquiry shall have particular reference to the regulations and procedure of the
Tariff Commission, the powers exercised and the functions performed by
said commission, and to the institution, investigation, hearing and decision
of cases arising under said section.
Said inquiry shall also comprehend the agents and processes employed by
the Tariff Commission in proceedings to ascertain the difference in costs of
production in the United States and in competing countries, as well as the
method of ascertaining which country constitutes the principal competing
country within the meaning of said tariff act of 1922.
The committee may inquire into any and all other facts, circumstances
and proceedings which it dooms relevant in arriving at an accurate conclusion touching the operation and administration of the tariff laws.
The committee shall also investigate the appointment of members of said
commission and report to the Senate whether any attempt has beedmade
to influence the official action of members of said commission by any official
of the Government or other person or persons and if so what were the
means or methods so used.
The committee shall promptly report its proceedings,findings and recommendations to the Senate.
At the time of the introduction of the resolution on March
6, Senator Robinson had the following to say regarding it:
I introduce a bill to reduce the membership of the Tariff Commission and
provide for the disqualification of members to serve in proceedings of the
commission in certain cases. I ask leave to make a very brief statement
Senate Resolution Calling for Inquiry Into Function- respecting the bill, and I also desire to submit,a
resolution which has direct
relationship to the subject matter of the bill I introduce. The resolution
ing of United States Tariff Commission.
directs the Finance Committee of the Senate to make an inquiry into the
Two resolutions having for their object an inquiry into proceedings, the regulations, the findings, and the recommendations of the
functioning of the United States Tariff Commission have Tariff Commission, and particularly with respect to what is known as the
provision of the tariff act of 1922.
been adopted by the Senate. One of these, introduced by flexible
The bill to reduce the membership of the Tariff Commission from six
Senate
Chairman
of
the
Utah,
Committee members to four, if enacted, would have the effect of abolishing the position
Senator Smoot of
on Finance, calls upon the Commission to submit to the to which Mr. Baldwin has been nominated, but not confirmed, and would
result in abolishing the position now filled by Mr. G lassie after the expiration
Senate a copy of its minutes. This resolution, as agreed to of his term, which will occur about the middle
of September next, as I am
Informed. I want to take just a fewtminutes to!explain what I conceive to
by the Senate on March 9 reads as follows:
it
MAR. 20 1926.]
THE CHRONICLE
be the justification for this bill and this resolution, because I expect to ask
action by the Senate within a reasonable time.
As at present constituted, the Tariff Commission functions very poorly,
and scarcely at all in the manner contemplated by the law which created it.
Every one here knows that the Tariff Commission was designed to be a
bi-partisan body and the purpose of making it such was to have fairly
reflected by the membership of the commission the two prominent economic
theories or views respecting tariff policy.
By the appointment of a Commissioner, nominally a Democrat, but
actually an advocate of high protective tariff rates the Tariff Commission
has been perverted into a partisan body, that is into a body into which
partisanship dominates.
Of course, the commission ought to be permitted to discharge its duties
without compulsion or undue influence from any source.
' The action of the Executive in requiring a member of the commission to
resign and to place his resignation in the hands of the Executive subject to
being accepted at any time it pleased the Executive, necessarily intimidated
and embarrassed the Commissioner. No question has been raised as to the
occurrence of the incident to which I refer. It was discussed in the Senate
by the able Senator from Nebraska (Mr. Norris), and evidence by the nature
of quasi records was produced, showing conslusively that the Executive
demanded of Commissioner Lewis his resignation, with the understanding
that the President should pigeonhole it or pocket it, and accept it when
It pleased the Executive. That, of course, meant that if in the performance
of his duties as a member of the commission the commissioner displeased the
Executive, the commissioner would immediately lose his official status.
The only object in requiring the resignation in such a manner would seem
to be a deliberate design on the part of the Executive to subordinate the
Commissioner's views to his own and to restrain the Commissioner from a
free exercise of his Judgment. Nothing could be more subversive of sound
principles of government.
The usefulness of the Tariff Commission as a fact-finding body has been
well-nigh destroyed. If the proposed bill is passed the bi-partisan character
of the commission will be restored and, it is to be hoped, safeguarded and
maintained.
Other provisions of the bill contemplate a legislative determination of the
long continued controversy in the commission as to whether a member
shall be the judge of his own qualifications when he has been challenged
because of alleged interest in the result of the commission's findings or
recommendations.
The bill provides that no member shall be deemed qualified to serve if he
or any member of his family has a direct pecuniary interest in the result, or
If any former employer of the Commissioner has such an interest. It is also
contemplated that the commission shall be authorized to make rules and
regulations for determining when a Commissioner is not qualified, but in
no case shall the Commissioner himself whose right to serve is questioned.
participate in deciding that issue.
The resolution of inquiry which accompanies the bill authorizes a comprehensive Investigation of the proceedings of the Tariff Commission with
a view to determining its efficiency, and the necessity for the legislation
which I am now discussing, and other legislation. The investigation has
particular reference to the flexible provisions of the Tariff act of 1922,
under which the tariff may be raised or lowered by the President in accordance with the alleged difference In costs of production in the United States
and in competing countries.
The resolution is broad enough to permit an inquiry into all facts and
circumstances which reflect light on the manner in which our tariff laws are
administered and on the way in which those laws influence the commerce of
the country.
The record of proceedings by the commission under the so-called flexible
provision of the tariff law show that in every important instance in which it
has been employed the result has been to increase very greatly the rates of
duties, and in most instances the existing rates are already too high. The
only instance I can now recall in which the flexible provision of the tariff
act of 1922 has been used to reduce import duties was in the case of quail
imported from the Argentine. In all the important cases, in instances
Involving the very necessities of life, the flexible provision of the tariff law
has been employed to increase the burdens, already too heavy, resting upon
consumers of this Nation.
If the Congress wants to pass legislation helpful to the American farmer.
of whom we hear so much and read so much as the prospective beneficiary
of our wise conclusions, the first measure it ought to pass is a general tariff
law, revising downward the rates now in force. It would not only be
helpful to consumers but it would also be helpful in stabilizing business
conditions, both at home and in the foreign countries with which the
United States trades.
The administration will, of course, resist any effort to modify the tariff,
except in conformity with a misconceived conclusion as to the purpose of
the flexible provision of the law. It is quite likely that it will be impracticable, if not impossible, to consider and enact during this Congress a general
tariff law, but it is to be hoped that in the early future conditions in both
branches of the Congress will be changed to such an extent as to enable the
people of the Nation to obtain relief from the very unjust burdens which
the tariff law imposes.
Even though it seems impracticable now to effectually deal with the
general subject of the tariff, it is both practicable and neasssary to take
such action as will enable and require the tariff commission to function
In the way it was intended, to function in the public interest rather than for
the benefit of those who practise extortion against the people of this Nation.
Senator Robinson asked that the bill be sent to the
Committee on Finance. On the 9th inst. Senator Robinson
had read into the Record a letter from Commissioner Henry
H. Massie challenging the statements of Senator Robinson.
This letter we give herewith.
UNITED STATES TARIFF COMMISSION.
Washington, March 9 1926.
(Thomas 0. Marvin, Chairman; Alfred P. Dennis, Vice-Chairman;
Edward P. Costigan; Henry H. Glarsie; A. H. Baldwin; Edgar B.
Brossard; John F. Bethune. Secretary)•
Hon. Joseph T. Robinson, United States Senate, Washington, D. C.:
My Dear Sir:—In your remarks in the Senate on Saturday, March 6 1926.
as reported in the Congressional Record, I observe that, with pointed
reference to mo, you stated that "by the appointment of a commissioner
nominally a Democrat but actually an advocate of high protective-tariff
rates the Tariff Commission has been perverted into a partisan body; that
is to say, into a body in which partisanship dominatbs."
Speaking of the Tariff Commission you also stated "that its decisions
reflect the fact that it has been so constituted by the appointment of one
nominally a Democrat but known to be in favor of high protective tariffs;
that those who favor the reduction of tariff as an economic principle are
never able to have their views considered, much less carried into effect."
Is it not proper to inquire why you lend the prestige of your name to these
atements You do not, of course, professlany personal knowledge on the
1553
subject, saying, however, that I am "known to be in favor of high protective
tariffs." Under the circumstances it seems to me that common fairness
requires a statement of the name of the person or persons upon whom you
are here depending for the supposed Information. Surely a charge such as
this should not be made without offering some proof of it. Any statement
that I am a nominal Democrat or an advocate of high protective-tariff rates
is not true.
I, as well as other members of the Tariff Commission, have repeatedly
stated that I welcome an investigation of the administration of the flexible
provisions of the tariff act in all its ramifications. Is it consistent with your
notion of fair play that statements such as those made concerning me should
be given currency from the floor of the Senate when the evidence which
would enable me to disprove the imputations is necessarily locked up in the
minutes of the commission? It needs only a word from Congress to make
these minutes accessible to all. Once open, they will demonstrate clearly
and indubitably that the charges which you are now repeating are without
foundation.
In justice not only to myself but to other members of the commission, an
immediate and thorough investigation should be made. In truth, it seems
to me that under the circumstances I have a right to demand such an
Investigation, and I trust that you will insist upon its being made without
delay.
I respectifully ask that you will be good enough to place this letter in the
Record, so as to afford me at least the small Justice of making my position
publicly known, for I have at present no other means of doing so.
Respectfully yours.
HENRY H. GLASSIE.
The New York "Journal of Commerce" in its Washington
advices March 12, said:
While the probe is said to be one to determine the efficiency of the
administration of the Tariff Commission, it will assume something of the
nature of a probe of the Presidential action in that under the terms of the
resolution the committee is to consider whether or not undue influence has
been sought to be exercised over any of the present or former commissioners.
Charges Openly Made.
Charges have been openly made on the floor of the Senate that President
Coolidge refused to renominate former Commissioner Lewis because the
latter had declined to place with the President a resignation with date in
blank to be accepted at the will of the Chief Executive and that former
Vice-Chairman Culbertson had been given a diplomatic post in order to
divorce him from his post on the commission. It is said to be quite probable
that both these officials will be called before the probe committee.
An initial meeting of the probe committee will probably be held next
Monday and there are Indications that the investigation will run along after
the adjournment of the present session of Congress. In such event, of
course, the report which the committee is obligated to make would not be
presented to the Senate until next December.
The investigation was brought under way on Thursday of
this week, March 18.
National Industrial Conference Board on Part Played
by Agriculture in National Economic Life—Warns
of England's Fate in Developing Industries at
Cost of Agriculture.
Agricultural production is so closely interwoven with the
general business structure of the nation, and plays so large
a part in our national economic life, that there is no individual no matter what his occupation or place who would
not ultimately be affected by continued agricultural depression, according to statistical data presented in the agricultural report of the National Industrial Conference Board,
247 Park Avenue, New York, and made public March 18.
Agriculture, by reason of its fundamental place in our national economy, in the view of the Board, is the mainstay
of our general business prosperity. The business man located in the midst of an agricultural region, or selling principally to rural markets, looks for a good season when there
has been a good crop, and anticipates poor business when
there has been a poor crop. Likewise, the Board points out,
the nation at large is not independent of agricultural conditions, and the rise or decline in agricultural prosperity will
inevitably make itself felt in the long run in general business conditions.
As the chief source of our food supply, agriculture, it is
pointed out, is a principal factor in maintaining our national security as well as a major economic necessity. But
the farm also-looms large as a primary source of supply for
industrial raw material, as a purchaser of goods and services furnished by the rest of the population, as a reservoir of future citizenship, and as bearing a large portion of
the cost of Government activities. The self-interest of every
portion of the population, the Board declares, is affected by
the various ramifications of the agricultural situation. The
following facts taken from the Conference Board's report
strikingly summarize the relations of agriculture to the rest
of our economic activities, and indicate the important place
the farm holds in our national economy:
(1) The agricultural industry normally buys $6,000,000,000 worth of the
goods and services of other industries, annually.
(2) The farm supplies the materials upon which depend industries giving
employment to nearly half of our industrial workers.
(3) It supplies about a fifth of the total tonnage of freight carried by
the railroads.
(4) Its products constitute nearly half of the total value of our exports.
(5) It pays in taxes one-fifth of the total cost of government in the
United States.
1554
THE CHRONICLE
(6) Our farms and farm property represent more than one-fifth of our
total national tangible wealth, and contribute, normally, about one-sixth
of the total national income.
(7) The total capital invested in agriculture in 1921 at current values
amounted to $65,000,000,000, as compared with $44,000,000,000 invested
In the manufacturing industries.
(8) With the rapid development of our industrial production, and the
Increasing pressure for foreign and domestic markets, the purchasing power
of the farming population, which buys about one-sixth of the value of our
total manufacturing production, may become a determining factor in industrial and business prosperity.
(9) The great dependence of our industries on the basic materials furnished by agriculture demands the maintenance of an adequate and wellbalanced agricultural production, lest we become dependent on foreign countries for such materials necessary to our industries and economic life.
(10) Last, but not least, the Conference Board urges that inasmuch as the
farming population constitutes nearly one-third of our total population, it
is a vast reservoir of future citizens, and justly claiming weighty consideration in the management of the affairs of the nation.
The Board also says:
The.extent to which the American farmer must meet foreign competition
in his home market, the Conference Board declares, can be measured by
the proportion of competitive items in the list of our total agricultural imports during the year 1925. Out of the total of approximately $1,818,-000,000 worth of imported agricultural commodities in 1925, $1,056,000,000,
or more than half were of such nature as to be in direct competition with
or tending to displace the products of the American farm. They included
animals, approximately $8,800,000 worth; meat, $7,252,000 worth; eggs
and egg products, $8,988,000; milk and cream, $10,114,000; butter,
$2,646,000; cheese, $17,349,000; animal fats, $637,000; hides and skins,
$96,746,000; leather and partly manufactured leather, $36,266,000; miscellaneous animal products $25,000,000; grains and grain preparations,
$26,237,000; fodders and feed, $11,850,000; vegetables and vegetable preparations, $36,244,000; fruits (excepting bananas), $24,500,000; nuts, $34,283,000; oil seeds, $64,725,000; vegetable oils and fats, $75,000,000;
sugar, syrup and honey, $266,008,000; seeds, $11,870,000; tobacco, $83,881,000; miscellaneous vegetable products, $5,000,000; cotton, $52,775,000; flax, $3,575,000; straw materials, $3,798,000; wool, $141,976,000.
While some of these are imported because not produced in the United
States in sufficient quantity, the Conference Board declares, this is the
case rather because production cost and competitive market prices do not
leave sufficient margin to make it pay to produce them in the United
States, and not because they could not be produced here in sufficient quantity, the very condition which, in the light of the Board's report, is responsible in part for the decline of agricultural production in proportion to
our population growth.
Non-competitive agricultural imports, such as ostrich feathers, coffee,
tea, rubber and raw silk are not included in the total given by the Board,
although the progressively increasing use of some, the Board points out,
may well be considered as tending to decrease the demand for domestic
agricultural products. Each class of commodities, moreover, has been
carefully scrutinized with view to excluding articles not of a competitive
nature. The figure given for imported animals, for instance, covers only
such as are raised on American farms, but excludes imports of snakes, monkeys and parrots and other zoological specimens.
In warning the United States not to neglect its agricultural development in too intensive preoccupation with other
Industrial, commercial and financial interests, the Board
on March 14 recalled that it is now England's fate to regret
the mistake of too intensive an industrial development,
achieved at the cost of having her agriculture lag behind so
that for a long time the country has not been self-sufficient
as regards food and other farm products, and that the difficulties arising out of her agricultural problem to-day constitute one of the gravest issues confronting the British
Government. The shrinkage of our agricultural "plant" in
proportion to our population growth, the dwindling of agricultural wealth and income since 1900, the report declares,
are real symptoms of a relative decline in American agricUlture which challenge the attention of all classes, including that of the urban manufacturing and commercial population, for reasons of self-interest if no other. The Board
adds:
Other nations, principally European countries, have since the war taker
cognizance of the necessity of an agricultural development that well balances the requirements of their population growth. A number of countries
suffering from post-war depression have been making special efforts to increase their agricultural production, and to diminish their dependence on
outside sources. As a result, the report says, wheat production in Australia
Las increased 110% from 1919 to 1925; in Canada, during the same period,
100%; in France, 75%; in Italy, 42%; in Argentina, 25%; and in India,
15%. All of this represents increased competition for the American farmer
In both domestic and foreign markets, according to the report, and further
aggravates his problem of meeting foreign competition based on lower production costs than his own.
Despite these efforts on the part of some countries, the report goes on,
there is indication that the total world production of agriculture also is not
keeping step with the increase in population, but is actually declining.
Figures on agricultural world production show an actual net decrease in
most important farm products between 1913 and 1924, with the exception
of potatoes, wool and tobacco. While the total of wheat produced in 1913
was 4,087,000,000 bushels, total world production in 1924 was only 3,298,830,000 bushels. Corn production likewise dropped from 3,743,000,000
bushels in 1913 is 3,366,000,000 bushels; oats, from 4,798,500,000 to
8 519,060,000 bushels; rye from 1,893,000,000 to 1,174,148,000 bushels,
and barley from 1,779,000,000 to 1,214,911,000 bushels. Cotton production decreased from 26,259,000 bales to 24,700,000 bales. The number of
swine declined from 2,881,000,000 to 1913 to 2,837,000,000 in 1924.
This situation of reduced agricultural production the world over indisimilar to that which exists in the
cates a world agricultural problem
United States, and is an added reason why prompt attention should be
Board
feels. Neglect of the farmer's difthe
problem,
given the national
he
ficulties of high cost production with low prices in the markets where
may lead to a reversal of the problem.
must sell, ultimately, it is intimated,
non-farming industrial groups, conIt might result in conditions where the
dilemma of having to prostituting the urban population, would face the
122.
duce at rising costs, caused by the rising prices of scarcer food, and, on the
other hand, of having to sell their manufactured goods at low prices in eversharpening competition with the world.
National Industrial Conference Board Suggests Cooperation of Agricultural and Business Groups
with View to Solving Agricultural Problem.
A suggestion for a plan of co-operation between agricultural and all other productive and business groups to work
out a policy to bring agriculture and the rest of the industrial and commercial structure of the country into readjustment, is made by the National Industrial Conference Board,
Inc. The solution of the agricultural problem through joint
and sympathetic study of the situation by the leading representatives of industry, commerce, transportation and finance, in conjunction with leading agriculturists, to facilitate the formulation of "a sound, effective and well-digested
program" for righting the existing economic maladjustment,
is proposed by the Board, in concluding its agricultural report, under date of March 15. The Board does not presume
to undertake to solve the farmers' problem for him, nor to
suggest specifically how he may solve it for himself, declaring such course to be "neither desirable nor feasible."
The whole weight of the Conference Board's proposal lies
in urging, first, the economic nature of the problem, and
second in emphasizing that the agricultural problem, because of the close interdependence of agriculture and our
whole industrial and commercial business structure, is not
the farmer's problem alone, but a common problem concerning all classes of the population. The Board does not go
beyond the proposal of a co-operative joint study of the economic aspects of the agricultural situation and its effects on
the rest of our business structure and general national welfare. But it places its report at the disposal of those who
may be chosen by the various agricultural, industrial, commercial, transportation and financial groups of the country
to make such study.
The agricultural problem, according to the diagnosis of
the Board's report, is that since the beginning of the rapid
and intensive development of our industrial, commercial
and financial life toward the end of the last century, agriculture has fallen out of step, and there has evolved a progressive maladjustment and inequality between the economic position of agriculture and that of the other major
branches of our national economy. The real underlying
practical problem, it is intimated, is one of much larger and
more significant scope even than of the existing maladjustment. It is the problem, in the view of the report, and in
the light of the Board's suggestion for a joint investigation
of the farm problem by representative of all economic interests, of formulating sound economic policies for the future
co-ordinating of all branches of production and business, on
the basis of scientific analysis and in the light of collective
experience. The following is the text of the Conference
Board's closing statement of the report containing its suggestion for a rational solution of the agricultural problem:
The study of the agricultural problem by the National Industrial Conference Board indicates clearly that since the beginning of the rapid and intensive development of our industrial, commercial and financial life toward
the end of the last century, there has been developing a progressive maladjustment and inequality between the economic position of agriculture and
that of the other major branches of our national economy.
The Symptoms.
This is reflected in the contraction of our agricultural plant and its
output relative to the growth of our population; in the growing effectiveness of the competition of foreign producers both in our domestic and foreign
markets; in the increasing costs of agricultural production compared with
the price of farm products; in the declining relative share in the national
income of those engaged in agriculture; in the wide disparity between return
on investment and reward for labor in agriculture as contrasted with that
in other productive activities; and in the marked difference between the
per capita income of the farm population and of the remainder of the
population in all the dominant agricultural sections of the country.
Fundamentally, these conditions have arisen partly out of inherent differences between the productive processes of agriculture and those of industry, and partly out of circumstantial factors affecting the inter-relationships between agriculture and the rest of our economic life. They not
only constitute a serious menace to the progress and prosperity of American
Industry, commerce and trade, but are equally of great significance for our
national welfare, for they deeply affect the future economic development,
the social advancement, the political unity and the national security of
the United States. This situation presents a far-reaching question of national policy and therefore demands clear and full understanding, careful
and open-minded consideration, and earnest effort toward readjustment
on the part of all major economic groups in our country.
Urges Joint Inquiry.
From this point of view, it would seem proper and desirable in the national interest for leading representatives of American industry, commerce,
transportation and finance, in conjunction with leaders of agriculture, to
study jointly and sympathetically, on the basis of the Conference Board's
comprehensive report, the agricultural situation and its causes, to appraise
Its consequences and to present for the consideration of the public their
MAR. 20 1926.]
THE CHRONICLE'
1555
mature judgment of the possibilities and desirable avenues of remedy and such controlled commodities throughout the world regarding real or fancied
readjustment. In this way it is possible that, apart from the disturbing and wrongs in prices, supplies and other trading conditions become matters of
transient influence of partisan politics, there may be provided a construc- governmental policy and concern, and consequently stir international ill will.
tive and practical plan for mutual understanding and full co-operation be"In fact, through these processes, trading is being taken from the market
tween agriculture and all other groups in our productive life, as well as a places and encumbered with the formalities and far-reaching, serious conbasis upon which may be developed a sound and far-sighted national policy sequences of international relations, with an evitable harmful effect to
embracing and justly balancing all the interests involved.
the world.
The agricultural problem is essentially an economic problem; its solution
"An immediately effective remedy against price exactions has been
should be sought through the co-operation of all economic interests along demonstrated in the power of the American consumer to decrease demand
sound economic lines. It is not desirable or feasible for others to under- as recently accomplished in the case of rubber. Emphatic complaints of
take to solve the farmer's problem for him or to suggest how he may solve American users of rubber goods, particularly tires, began to reach the
It for himself. The responsibility for the agricultural situation and its Department of Commerce in the latter part of 1925. Since both official
correction rests upon all groups in common. Outstanding business leaders and unofficial representations to the British government had brought no
in the major economic activities of our national life, selected by their re- action, the Secretary of Commerce advised the complainants and the public
spective national organizations or otherwise, may well address themselves generally to reduce their demand for rubber by using substitutes and by
to the important task of co-operating in the effort toward agricultural re- extracting a greater measure of service from all rubber articles through
adjustment to the end that the country may be assured of a prosperous using them properly and repairing them promptly.
agriculture as a part of a prosperous national economy.
"The immediate response indicated that the consumers realized the power
they held. The price of crude rubber began to decline almost immediately
from a high of $1 10 in November, and the decline has continued until
on the New York market at around 50
Foreign Monopoly of Rubber and Other Commodities the best grades are now selling
cents per pound. Attendant circumstances to this remarkable result inAlleged in Majority Report of House Committee—
clude a 16% lower consumption of crude rubber in the last quarter of 1925
than in the previous quarter. a 46% advance in the sales of tire repair
Findings of Minority—Allegations of Secretary
materials, an appreciable decrease in tire purchases and consequent increase
Hoover.
In tire stocks, an 80% increase in the consumption of reclaimed rubber and
substantial
increases in the stocks of raw rubber in New York and London.
Majority and minority reports were filed on March 13 by
"The committee believes that American consumers generally will not be
members.of the Senate Committee on Inter-State and For- slow
to realize that what has been done in the case of rubber can be done
eign Commerce, which was called upon to inquire into al- with other commodities, when their prices are advanced to unreasonable
levels
by monopolies controlling them."
leged Government price fixing in the shipment to the United
States of crude rubber, coffee, silk, nitrates, potash, quinine,
Regarding the further findings of the majority, we take
Iodine, tin, sisal, quicksilver, pulpwood and other important the following from the New York "Hierald Tribune":
raw materials, and the effect of such'action on American
Findings of Majority.
commerce. The committee was directed to report its findThe report of the majority of the committee after relating in detail its
ings and recommendations for remedial legislation. The findings as to the facts of the alleged monopoiies of foreign countries on raw
majority report was submitted by Representative Newton products reached the following conclusion.
"1. It has been proved in the case of rubber that a censervation cam(Republican) of Minnesota, while the minority report w#s paign can be conducted by the American people as a protest against high
presented by Representative Rayburn (Democrat) of Texas. artificially controlled prices and with a fair degree of success. This expeThe majority report finds that "controls of either produc- rience is of considerable significance in showing the ability of the consumer
to take matters into his own hands and secure some measure of protection
tiOn or exportation which materially affect prices have been through exercising positive control over demand. As a result of this
Instituted by direct or indirect foreign Governmental ac- demonstration the committee believes that a considerable measure of procan be attained in this way for the American consumer.
tion," the effect of which "has been to increase the price tection
"While the committee believes that it is desirable to give time for conwhich the American consumer must pay for several of these sideration by foreign governments of the undesirability of such combination
essential commodities to an unreasonable and exorbitant before resorting to legislation in the United States, yet, if the American consumer should be further subjected to unfair prices, the committee believes
figure." Although no legislation is recommended, the re- that further and more extended efforts as to carrying
on conservation camport strongly suggests:
paigns should be systematically organized and carried out. If necessary
the government should assist.
1. That American citizens refuse to furnish credit to the countries
"2. The ultimate solution of the problem of foreign control of comIndulging in these controls.
2. That independent sources of supply, such as the Philippines, be
given serious attention as a remedy to the rubber monopoly.
3. That conservation and substitution campaigns be carried on among
the consumers, with government assistance if necessary.
The majority reports says "retaliation by the United
States against, these controls was not given serious attention by the committee, and will not be except as a last resort." The majority states that it makes no suggestion for
remedial legislation "since it believes that a frank discussion of these questions and the development of a better
understanding of the consequences of the intrusion of Governmental price controls in international trade may secure
an abandonment of the practice. "If, however," it adds, "it
develops that the American public cannot. be protected
against a repetition of its experiences in the past by resort
to _methods mentioned above, the committee will have no
hesitation in reopening the question. Accordingly, the committee makes this preliminary report with the purpose of
making further report to the House later, if the occasion
should require it."
In reciting control over commodities by foreign countries,
the majority report says:
"That controls of either production or exportation which materially affect
prices have been instituted by direct or indirect foreign governmental action
as follows:
"The government of Great Britain, through direction of its Colonial
Office to its East Indian possessions, over rubber.
"The government of the States of Sao Paulo, Brazil, over coffee.
"The government of Chile, over nitrates and iodine.
"The governments of Germany and France, over potash.
.
"The government of Egypt, over long staple cotton.
"The government of Japan, over camphor and at times over silk and
"The government of Yucatan, Mexico, over sisal.
"All of them have maintained or brought about prices simply profitable
to their producers and some of them have from time to time advanced
prices to exorbitant levels. Seemingly, they either take the course of all
monopolies not to remain content with highly profitable prices or they fall
Into the hands of speculators who force the price to extortionate levels.
price has thus been exceeded greatly.
In many cases the declared stabilized
advanced to 300% of the originally
For instance, the price of rubber was
announced fair price.
price which the American consumer
increase
the
"The effect has been to
commodities to an unreasonable and
roust pay for several of these essential
exorbitant figure, and in other ways to restrict the natural flow of adequate
sUPPlies•
"This entry of foreign govermnents into the business and control of
trading and the consequent rise in price at once compels consumers of such
conunodities to deal directly with foreign governmental authorities, and
er our citizens are forced to demand that their government
or later
these negotiations. This projects the government of both parties
result, the complaints of consumers of
into business in largo issues. As a
soonerin
modities essential to American industries and progress will unquestionably
be for the United States to become more self-sufficient in their supply
through endeavoring to produce these commodities for itself, either under
Its own flag or in suitable foreign countries which would agree not to interrupt free trading in them at any time. In effecting such agreements, the
governmental facilities of the United States should freely assist.
Southern Philippines Favored.
"3. For growing rubber under the American flag the southern Philippines appear most suitable. Physical conditions are known to be excellent.
Under the existing Philippine land laws the holdings of individuals or
corporations are limited to about 2,500 acres. This condition could be
altered by the Philippine Legislature or by the Congress of the United
States if it chose to change the basis law under which the islands are now
administered. Furthermore, certain experiments have recently undertaken
to develop the production of rubber from the Guayule shrub in the Southwestern States. For several years rubber has been produced from this
wild shrub in Mexico. In 1925 our imports of the rubber amounted to
8,469,123 pounds. The committee believes that these experiments contain such possibilities as to warrant serious attention and consideration.
"Outside American territory, good possibilities for successful rubber
culture appear to exist in the Isthmus of Darien, in the Republic of Panama,
Brazil, Colombia and other parts of tropical America. Plantations in such
locations would be especially valuable to the United States from the standpoint of national defense, since rubber from them would most likely be
uninterruptedly available in the event of war. Substantial progress is also
being made in Liberia by American interests. As a step in the direction
of assuring such supplies, the committee specifically recommends that the
Department of Agriculture be authorized and enabled, in co-operation with
their respective governments, to establish and maintain demonstration
rubber plantations in South and Central American countries. Certain
suggestions were made in this connection to the committee by Dr. H. N.
Whitford, formerly crude rubber expert for the Department of Commerce.
"4. Efforts of the Bureau of Standards and others to develop a synthetic
rubber and other synthetic ploducts should be further encouraged.
"5. The committee considers that opportunity existsfor the development
of the potash resources of the United States, and believes that support
should be given to the Itureau of Mines or the Geological Survey for the
exploration of potash deposits in Texas, Utah and possibly other States.
"6. It is recommended that Congress bring to an early settlement the
Muscle Shoals question. Such action will give protection to the American
consumer of nitrate, both because Muscle Shoals is now an unknown and
deterring factor to our growing nitrogen industry and because undoubtedly
that plant itself will be used for nitrogen production.
"7. The committee recommends that the Department of Agriculture be
encouraged to further investigate the possibilities of producing sisal in continental United States or its insular possessions, and to make experimental
plantations for this purpose.
Americans Should Refuse Credit to Foreign Countries Controlling Commodities.
"8. Since these governmental controls are contrary to the interests of the
American consumer, the committee takes the position that American citizens should refuse to aid or assist them by extending credit to them. This
is obvious. Furthermore, self-interest should prompt this action on the
part of American financial interests for the granting of loans of this character would create a just resentment against them on the part of the American public. In some instances requests for loans of this character have
been refused. In at least one instance the loan has been granted. Requests for loans should be discouraged and if made should be refused.
1556
THE CHRONICLE
Retaliation Not Considered.
"9. Retaliation by the United States against these governmental controls
WAS not given serious attention by the committee and will not be except as a
last resort.
"10. The committee has received suggestions that Congress give direct
aid by representative American citizens of alternate supplies of these raw
materials, but takes the position that aid or subsidy of this sort is inadvisable, partly because it is an intrusion of government into production, against
the principle of which this investigation is directed.
"11. Suggestions made to the committee that it secure passage of a law
permitting combination of American purchasers to buy co-operatively are
not approved at this time. Such action is not urgently demanded by the
trades concerned.
"12. The committee for reasons heretofore appearing has not at this
time suggested remedial legislation, since it believes that a frank discussion
of these questions and the development of a better understanding of the
consequences of the intrusion of governmental price controls in international
trade may secure an abandonment of the practices. If, however, it develops that the American public cannot be protected against a repetition of its
experiences in the past by resort to methods mentioned above, the committee will have no hesitation in reopening the question. Accordingly,
the committee makes this preliminary report with the purpose of making
further report to the House later if the occasion should require it."
The minority report was signed by five Democratic members of the committee, viz., Representatives Rayburn, George
Huddleston (Alabama), A. C. Shallenberger (Nebraska),
Tillman B. Parks (Arkansas) and Robert Crosser of Ohio.
Summarizing the conclusions of the minority, the "Herald
Tribune" says that while it agrees with the historical and
statistical data of the majority, it complains that the majority's outstanding recommendations "point toward boycott
and retaliation," which it says are "the only weapons a
nation can employ when such nation itself pursues policies
of international trade obstruction, restriction, discrimination and reprisal. Our existing high tariffs, with their network of restrictions and discriminations, offer precisely a
case in point." Continuing, the "Herald Tribune" account
says:
Denying the assertion of the majority that the tariff is not responsible for
these monopolistic controls, the minority declares:
"The time of the enactment of the Fordney law as it related to the launching of the Stevenson plan, however, is entirely immaterial. This is true
because the Stevenson plan was represented as having for its only purpose
the stabilization of rubber prices at 36 cents a pound. This within itself
was unobjectionable, so far as other countries were concerned. It was after
the Fordney law, with its trade restrictions and discriminations and obstructions, had for some time been in operation that it was made possible for
the Ste veniem commission's work to result in and become a price hold-up
agency.,
Followed Dingley Tariff Law.
"Attention might also be called to the fact that the Brazilian coffee restrictions originated during the Dingley high tariff, and were placed in operation during high tariffs in this country. It is well for us to look to our own
policies and see if they are not an invitation to others to engage in practices
such as those against which we protest justly at this time. In other words,
those who seek equity must do equity."
America could have pursued free trade policies and avoided this trouble,
the minority declares. "America," it says,"never had such an opportunity
for favorable agreements of this kind, embracing each of the important
materials we do not produce, as she has since the war, when so many countries and industries therein have had occasion to invoke either her financial
orrgeneral business co-operation. These opportunities and the entire principle of fair trade agreements have been cast aside, however, and America
herself has proceeded to set the opposite example which has left to her as
her sole remedy the boycott and retalization, which in all the past have inevitably led to bitter economic war and acute unfriendliness among nations.
The entire British press, for further illustration, justified the receht rubber
price expansion upon the ground that America herself was pursuing economic
policies which embraced this precise principle and practice. Boycott can
be only temporary relief and is fatal to trade relief and international understanding."
[VOL. 122.
to the action of the British in authorizing a release on that date of 100%
of their standard rubber production.
He also said that American tire manufacturers failed to give the public
the benefit of the price reduction in crude rubber brought about by the
February release of the British rubber producers.
Says Peak Price Was Never Paid.
Asserting that American manufacturers had not paid R,nywhere near the
peak prices of $1 01 and $1 21 a pound for crude rubber in 1925, Mr. Shallenberger directed attention to a statement authorized by Secretary Hoover
to the effect that this country had imported that year rubber to the value
of $860,000,000, a much larger sum, he said, than would have been expended at anything like "fair prices." Mr. Shallenberger insists that the
amount paid for crude rubber by this country in 1925 was $479,000,000
instead of $860,000,000, and that "if it was worth $860,000,000, our importers still owe the British rubber producers a lot of money.
"What the Secretary, perhaps, meant to state,- he added, "was that it
was worth $860,000,000 to the rubber manufacturers of America because
they charged the American consumers a gross advance of $500,000,000
behind the smoke screen of foreign price controls."
Mr. Shallenberger declared that following the "widely advertised"
advance in crude rubber prices, tires that formerly sold for $27 were increased to $54.
Mr. Shallenberger asserted that Department of Commerce reports show
that the average cost of rubber to importers in 1925 was only 48 cents a
pound, and he charges that the big tire companies did not pay the average.
He said it was clearly shown that rubber did not cost them 10 cents above
the agreed fair price for crude rubber in the Far East, and added that the
increase paid by American tire manufacturers in 1925 amounted to only
$88,000,000, "whereas the manufacturers boosted the cost of their wares
to the public $500.000,000."
Declaring that Firestone, Seiberang and Unized States Rubber admitted
an advance of 50% on a million-dollar-sale volume, Mr. Shallenberger remarked: "Robber, robber, where is the rubber robber?" He avers that
the profits of the tire manufacturers in 1925, which he said ranged from
$9,000,000 in the case of Fisk to $17,000,000 in the case of United States
Rubber,clearly revealed "who got the milk In the rubber price manip
of that year.
The resolution calling for the inquiry into alleged foreign
monopolies of commodities was introduced on Dec. 18 by
Representative Tilson of Connecticut, Republican leader of
the House, and was passed by the House on Dec. 21. The
Introduction of the resolution followed a conference which
Mr. Tilson had with secretary of Commerce Hoover. The
latter had previously (Dec. 10) addressed a letter to Senator Capper, answering the Senator's inquiry "as to the
present activities of combinations and monopolies to fix
prices of our important raw material imports that have
been created or fostered by foreign Governments." In this
letter Secretary Hoover said:
This matter has become even more urgent than when two years ago you
introduced some defensive legislation in support of which I addressed you
at the time.
We are now subject to the full result of monopoly action and we have
no machinery of adequate defense. It is inherent in all unregulated
monopolies everywhere that they never can be content with reasonable
returns but must sooner or later undertake extortion. Without traversing
the developments in all the ten or twelve combinations now running against
us or in those that are in contemplation. I may use the single case of rubber
as a sufficient illustration of where these things carry.
The control of rubber production in the British East Indies was organized
under the Stevenson plan in 1922. That area produces about 70% of the
world's rubber, and we consume about 70% of the world's rubber. At
the time the plan was put into effect by Colonial legislation the claim
was made that its purpose was to assure a fair price to the growers. The
Growers Committee stated that such a fair price would be from 15 to 18
pence (30 to 36c.) per pound. We were assured that this "fair" price was
the sole objective of the combination. Exhaustive investigations of the
Department of Commerce into the industry in the East Indies showed that
at that price the capital invested in the industry would earn an annual
average profit of from 15 to 26%.
The price has been advanced during this year in the following stages,
as shown by average New York spot quotations:
MonthCents.
Month—
Cents.
Month—
Cs8en.t9i.
January
36.7
May
58.4
September __ _ _
The minority report also says:
February
36.0
June
77.3
October
March
41.0
July
103.2
November ___ 10
98
9..5
1
"The sane and liberal policy of abolishing unfair trade methods and April
43.6
August
83.0
December
practices by mutual agreement would discredit as almost suicidal the policy
The price at one time reached $1 21 per pound.
to
owners
loans
of
such
monopolies
American
of rebuffing applications for
That the situation is wholly an artificial creation is evidenced by the fact
as coffee and rubber. This policy, on the contrary, would suggest, first,
the normal world consumption of rubber for 1926 is estimated at about
that agreements be entered into to avoid price inflations, and secondly that that
tons, whereas the potential production if unrestricted would be
580,000
loans would be freely made but on the condition precedent that fair and
reasonable prices of a monopoly product should be guaranteed to American probably 625,000 tons. We are therefore not in the midst of a genuine
purchasers. The fatuous and short-sighted course of refusing loans advo- rubber famine but purely an artificial one created by restriction on produccated by some in high position not only falsely assumes that loans could tion for the purpose of advancing prices.
Our imports for 1925 will be about 860,000,000 pounds, and at normal
not be procured elsewhere, in Amsterdam or London,for example, but such
course irritates and invites price holdups later. A glance at the world growth our consumption will be 900.000,000 pounds in 1926. At the price
economic and trade situation must convince any far-seeing person that unless declared by the price fixing body as "fair" to them, our next year's supply
commercial nations are to bump along in the future under conditions of would cost us about $324,000,000, but at the present prices of Si 10 Per
frequent boycott, retaliations and war-breeding trade controversies, the pound it will cost us about $990,000,000, or $666,000,000 in excess of the
eriice
n eased
T"
esp
policy of fair trade methods and friendly trade relations must be developed "fair"
increased prices of rubber are a very real thing to every family in
through mutual agreements.
the United States. The price over and above the so-called "fair" price
In giving an account of a report filed by Representative means an increased charge of probably $20 or $30 for each sot of tires on
a
light automobile, and $50 to $70 for each set on a heavy car.
Shallenberger incident to the investigation, the New York
I may mention that if present prices are maintained against us, the
"Times" had the following to say in Washington advices excess sum of $650,000,000 or $700,000,000 which
we shall pay is equal to
more than twice the net earnings for dividends on all our electric power
March 15:
companies,
or
equal
to
30%
more
than
manufacturers
made
the
"so-called
British
the
American
tire
net
earnings for dividends of all
A charge that
control" an excuse for boosting the price of their product and a criticism our railways. It would seem, therefore, to be worth some attention.
to
our
dangers
manufacturing
American
bankers
The
that
should
withindustry
recommendation
Hoover's
that may come through a
Secretary
of
hold credit from foreign combinations curtailing supplies of raw material collapse in the price are so great that some of the smaller manufacturers
ceased
production
as
they
embodied
in
a
report
to
have
fear
the
they
could
House
not stand the loss ofsuddenly
urgently needed in this country were
to-day by Representative Shallenberger of Nebraska, Democratic member diminishing inventory values.
referred
at
length
to
the
case
have
of
Committee.
I
rubber
Commerce
merely by way of illustra-State
Inter
of the
The report was critical of the one made to the House on Saturday by the tion. Coffee could be similarly used. All of these combinations are
le
a
m
ngw
e
re
ou
h
s
.
a
ybd
plrlo
tenetia
majority of the committee by Representative Newton of Minnesota, Re- poTh
ye to confront is a most pertinent one. What can
publican, who held that publicity of the exactions of the British rubber
defend
ourselves against trade war being made upon us?
raw
to
of
rubber
do
price
in
we
the
the
American
reduce
to
control had forced it
The measures that we can take of course vary with each combination.
market. This was denied by Mr. Shallenberger, who said that rubber
wish to favor trade reprisals. Some of the following measures
prices on the New York market had dropped about 50% since Feb. 1, due I do not
MAR. 20 1926.]
THE CHRONICLE
1557
can manufacturers would be able to obtain all the rubber they required at
would ultimately afford relief if we had them:organized, and alf_arewholly
36 cents. I believe that in this view they would have been proved not far
defensive in nature:
if the consumers, instead of adopting a hand-to-mouth policy in
1. Our bankers can be discouraged from giving American credits to the wrong
purchasing, had placed their orders with sufficient foresight to enable the
support of these combinations.
rubber industry to accommodate itself to the prospective demand. . ..
2. We should initiate a strong systematic campaign for voluntary saving
In my closing sentence I should like to revert to a consideration which I
in use in every one of the commodities where these combinations become
put forward in the earlier part of this article. I agree with those who think
extortionate.
the_present high prices of rubber are a disadvantage ultimately to the rubIn an address in New York the current week (March 16) berlproducing industry itself. I should like to see them back at a more
Secretary Hoover alluded to "the increasing practice of for- healthy figure. I am confident that the ordinary operation of economic
result.
to create controls laws and market conditions will bring about that
eign Governments directly or indirectly
of raw materials for price-fixing purposes" and this address is referred to under another head in this issue of our
paper. In furtherance of its inquiry the House Inter-State
and Foreign Commerce Committee conducted hearings—its
investigation into the effects of the British rubber monopoly
on American economic life having been concluded on Jan. 22,
the last witness being Secretary of War Davis, who in
closed session told of the problem as viewed from the standpoint of national defense. The committee later directed its
attention to inquiring into alleged foreign monopoly of coffee, nitrates, sisal, etc. During the course of the investigation both Sir Robert Horne, formerly Chancellor of the
British Exchequer, and Sir Esrae Howard, British Ambassador to the United States, defended Great Britain against the
criticisms which had been directed against that country.
In copyright advices to the New York "Times" from London, Jan. 2. Sir Robert Horne said in part:
I am,perhaps,in as good a position as any unofficial person to put forward
when
Sir Esme's defense of Great Britain was contained in an
address delivered in New York on Jan. 23 before the Advertising Club of New York, and Representative Tilson, commenting on Jan. 24 on the Ambassador's remarks, was
quoted in the New York "Times" as saying:
action
"I welcome the British Ambassador's defense of his Government's
prices to
in establishing a monoply in crude rubber and thereby lifting
discussion,"
present levels, because we can only clear these matters by frank
from the Viewsaid Mr. Tilson. "Sir Estee properly discusses the matter
that when
confirmed,
also
is
difficulty
point of the consumer. Our mutual
and
Governments enter the commodity business, the prices, the conditions
nations
the conduct of such business become matters of debate between
that
agree
to
willing
Instead of between merchants, and as he says. 'I am
generally
monopolies in raw materials exercised by Government action are,
. .
speaking, a misfortune and likely to lead to international friction.' .
to the
"Sir Esme rightly states that the British consumers are treated
is
It
it.
same prices as ours and also that they are complaining about
desirable to recall that the United Kingdom consumes 12% of the world's
rubber, while we consume 75%, therefore, there is not wholly an equality
in the burden. The fact that her citizens are complaining would seem to
confirm the complaints from this side.
"The Ambassador, like many others, seems to have been misled into the
belief that the monopoly has been abandoned by the announcement that the
time
the
at
a point of view, as I was Chancellor of the Exchequer
be 100% on Feb. 1. The hearings before
known release of export restrictions will
there was formulated the scheme of restricted export—commonly
our committee proved that the real production is from 115 to 125% on the
as
condemning
are
America
in
people
many
plan—which
as the Stevenson
scale used, and that from 15% to 25% restriction is still in force after Feb. 1.
a:cause of great injury to the United States.
Restrictions Maintain Prices.
As to Need for Restrictions.
"It was shown that if the restrictions were to be entirely withdrawn the
these:
The circumstances which gave rise to the restriction of export were
the continued restrictions
was fol- prices would drop still further and, therefore,
There had been a great slump in the price of rubber in 1920, which
must be for the purposes of further upholding of price and continuing the
had
rubber
surplus
of
stocks
Enormous
depression.
lowed by a protracted
increased exports on Feb. 1
many monopoly. It is interesting to note that the
accumulated. The prices at which rubber was being sold were, in
protests, and while this has
been put were announced after the American consumers'
cases, not paying for the production. The vast capital which had
to reduce the price, yet it is still 400% over the cost of produccontributed
of
many
great
a
stared
into the rubber industry was in Jeopardy, and ruin
tion, which was shown to be about 17 cents per pound."
the planters in the face. It was commonly anticipated that the majority
"Sir Esme considers the action of his Government as having been necessary
that
and
jungle
of
condition
a
into
back
fall
would
rubber
plantations
the
of
to save the industry from disaster caused by the world slump in 1920.
the
the work of many years in building up the industry would be wiped out.
This was denied before our committee, and it is interesting to nets
In these conditions a scheme was provided that the producers should only following statement from The London Daily Telegraph of Jan. 15 1923,
whereby
arranged
was
scale
a
export 60% of their standard production, but
written before the monopoly got its prices into action and after the slump
If tho price of rubber was maintained above 30 cents for throe consecutive had passed:
months, an extra 5% should automatically be allowed to be exported in the
surpris"'Speaking generally, the cost of producing rubber has been3so
following quarter. Similarly, if the price was maintained at over 36 cents ingly
pence (30
reduced that within the present price of over 1 shilling
similar
a
was
now
There
are
companies
permitted.
an increased export of 10% was to be
cents) per pound for the commodity, practically all the
diminishing scale under which exports should be reduced by 5% if the price working at a profit.
depresworld
the
through
"'There can be few industries that have come
were reduced to under 24 cents.
rubber company _
with so little loss as the rubber industry. Not a single
OF Far too much importance has been attributed to this restriction scheme as sion
for capital and less
has disappeared and there have been fewer appeals equal
it
time
magnitude.'
the
at
that
me
to
affecting the price of rubber. It has,I think,come
numerous reconstructions than in other industries of
was Instituted it stopped a rot which would, in my view, have ended in disCompares Rubber to Cotton.
aster for the rubber trade. But it is ridiculous to say that it alone is rerubber industry
sponsible for the present high prices of the commodity.
"The evidence before our committee shows that while the
own farmers were
was coming so successfully through the world slump our
Says Demand Has Raised Prices.
Britain for less
bankrupt right and left selling their product to Great
The chief cause of the increased price is the enormous growth in the de- going
cotton is about the
than cost. It was also shown that the cost of producing
friction
mand for rubber—particularly in the United States. The advent of the
international
same as rubber, and I have no doubt of the volume of
balloon tire has been an important factor in this development. The deGovernment had fixed the price of cotton at $1 or even 72 cents.
our
if
mand suddenly outran the supply.
prices of 73
"The Ambassador's statement seems to justify the present
To prove this it is only necessary to look at what happened after the repound which
cents per pound as reasonable—or the average price of $1 per
steps to
striction scheme was put in force. It began its operation in November
taking
preceded American action in reducing consumption and
1921. and for two years thereafter the average price was over 30 cents
elsewhere. I may mention that the law creating the
from
supplies
procure
which
in only the second of throe monthly periods. So recently as July 1924—
monopoly implies that a fair price was to be 36 cents a pound—upon
a year and eight months after the institution of the Stevenson scheme—
it has been conceded that the growers receive 15 to 25% profit."
producthe average price for one quarter was actually less than 22 cents. It is,
on
"The law itself provides an increase or decrease of restrictions
therefore, obvious that the restriction scheme was not then acting in the
our comtion above and below this price. Moreover, the hearings before
Planters' Comdirection of raising prices unduly.
show amply that the representatives of the British
mittee
after
supplies
which
are being fixed for
Similarly,if one looks at the prices
and American
mittee repeatedly gave assurances, both to the British
next February, when there is to be a full release for export of the whole
consumers, that 36 cents was a fair price and was all they desired.
to the
annually
standard production, one finds that they vary very little from the prices
$300,000,000
"Every 33 cents above this price means
at which contracts were being made before it was announced that there was American consumer on our rate of imports, and when our investigation
sufis
demand
to be a resumption of 100% export. This means that the
does not seem to be
began it was twice 33 cents above the 'fair' price. This
ficient to take up the full supply, even at present prices.
reasonable.
very consistent with the notion that prices are even yet very
The truth is that the old rule of supply and demand applies to Primo in
the rubber industry just as in every other.
I am inclined, however, to press the point further. My opinion Is that
Britain May Change Rubber Releases.
without the restriction scheme many plantations would have been in difficulties during 1921 and 1922, and I doubt whether the supply of rubber • According to Associated Press cablegrams from London
would have been as good as it is to-day, and that for that reason the prices March 18, Colonial Secretary Amery stated in the House of
would probably have been higher than now.
the rubber
Asks What Is Our Disadvantage.
But whatever view the American manufacturer and consumer of rubber
takes of the British scheme of restriction, I am puzzled to understand what
disadvantage he thinks he suffers from. He is paying exactly the same price
for his rubber as his British. French or Italian competitor. The British
manufacturer gains no benefit at the expense of the American, and the
American suffers no prejudice at the hands of the British. In the world's
markets they are on absolutely an equal footing. Indeed, this understanding is the case because the United States is so much more prosperous than
any other nation that it could afford to boar the increased price for rubber
better than the manufacturers of any other country.
If it is said that the United States uses more rubber than any other nation, and therefore carries a greater total of the burden,that is because there
are 110.000,000 Americans and only 45,000,000 British people, but the total
profits which the Americans make out of the rubber which they buy are correspondingly greater. In addition, the private market of the American
manufacturer is so much more extensive than that of his competitors
that he ought to be able to produce more cheaply than they can. . . .
I see that it has been stated in America that the British Government guaranteed that the price of rubber should not rise beyond 36 cents. No such
guarantee has ever been given by any person in behalf of the British Government and no evidence of such a guarantee can be produced.
Statements, I know, were made by some rubber producers to the effect
Amerithat they believed that if the rubber industry got a fair chance the
Commons that day that he was closely watching
situation, and hopqd to be able to make a public notification,
possibly in about a fortnight, regarding the release of crude
rubber under the Stevenson restriction scheme. These advices (quoted from the New York "Journal of Commerce")
add:
This declaration was made in answer to a question regarding the intentions of the Colonial Office in the matter.
Upholds Hoover's Policy.
Eric Miller,former Chairman of the British Rubber Growers' Association,
and a member of the committee which formulated the Stevenson plan, told
the guests at an American Chamber of Commerce luncheon to-day that he
considered Secretary Hoover's efforts to arouse the interests of Americans
in the importance of the rubber industry entirely proper.
He differed with Mr. Hoover only over details, such as the attention
which the Secretary gave to the speculative phase of the industry.
"It is amazing," he said, "that the United States, which consumes twothirds of the world's rubber production, is represented by only 234% of the
capital invested in the industry. This fact alone showslwhat faith and confidence the Americans must have had in the British methods."
Mr. Miller reiterated the British contention that the Stevenson plan
benefited every user of rubber in the world as it saved the plantations from
1558
THE CHRONICLE
ruin. Many gross exaggerations had been made in the United States regarding the rubber situation, he said, denying that the members of the
British committee which visited the United States in 1923, had pledged unlimited supplies of rubber at prices ranging from 15d. to 18d. (30c. to 36c.)
a pound.
The speaker declared there was no violation of the law of supply and
demand when the power of securing the supply of a product was put into
the hands of the buyers alone.
This, he maintained, was the case with the Stevenson plan, with its system
of rising and falling releases of the product. The buyers' function under
the scheme, he said, was to maintain standard prices in order to keep the
releases in operation.
Inter-States Commerce Commission Denies Application
of Western Roads for Authority to Reduce
Freight Rates on Long Hauls.
The Inter-State Commerce Commission, for the second
time in five years, denied on March 13 the application of
Western Transcontinental railroads for authority to depart
from the long-and short-haul provision of the Inter-State
Commerce Act. The carriers had sought permission to
reduce freight rates on long hauls without applying the cuts
to intermediate movements. The roads' petition involved
reductions on 47 commodities, moving from origin territory
west of the Indiana State line to Pacific Coast terminals,
the lower rates having been sought to cope with Eastern
manufacturers who can ship through the Panama Canal.
The Commission by a 7 to 3 vote, with Commissioners Eseh,
Meyer and Aitchison dissenting, held that the reduced rates
would have diverted a substantial volume of traffic, principally iron and steel articles, from interior Eastern points
to Chicago territory, and would have deprived Eastern lines
of the revenue they now derive from the movement of such
traffic to Atlantic ports. No estimate of this loss, it is said,
appeared in the record of the case. With an all-rail movement from Chicago of 300,000 tons of iron and steel a year
and a gain of 50% because of the reduction in rail rates, the
Commission declared by way of illustration, the Eastern
lines would lose the revenue of 150,000 tons. "If this tonnage should be lost to the Pittsburgh district," it asserted,
"the Eastern lines would lose in the neighborhood of $1,000,000. At 40 cents per 100 pounds the loss to the water lines
would exceed $1,000,000." The Associated Press advices
from Washington also stated:
While the gain to the Western lines would about offset the loss to the
Eastern carriers and water lines, the commission added, the Eastern roads
would not only "suffer a loss of revenue through a reduction in the waterborne traffic, but the increase in the spread between the all-rail rates from
Chicago and from the East would tend to deprive them of a considerable
proportion of such traffic as now originates in the East and moves by rail.'
The dissenting commissioners, who set forth their views at length,
declared the majority had failed to decide the question whether the proposed
cuts, if applied on shorter hauls, would be fully compensatory, or whether
the present rates to the intermediate terrority are reasonable or unreasonable.
This, they declared, had "always been considered one of the fundamental
questions in cases of this kind."
The principal commodities on which the roads sought reductions were
iron and steel, paper and paper products, ammunition, cotton piece goods,
lard substitutes, paint, roofing, rosin, soap and soda.
Extensive hearings were held throughout the country, with Midwest
interests, excepting iron and steel industries affiliated with the United
States Steel Corporation, generally supporting the reduced rates. and
Eastern manufacturers and shippers aligned with the opposition. Except
for certain lumber, fruit, raining and flour milling interests, those in the
intermountain territory also withheld their support of the proposed
reductions.
From the New York "Times" we take the following
regarding the majority opinion:
Commissioners Lewis and Woodlock, concurring in the decision, stated
that the situation emphasized the necessity of placing the rates for transportation through the Panama Canal under regulation.
"The first and most necessary step," said Commissioner Woodlock, "to
a proper settlement of the matter is to place the canal rates under the
regulative jurisdiction of this commission, with a view to prescription of
minimum coast-to-coast rates. In my judgment the Congress should
legislate to this effect at as early a date as possible."
The decision of the Inter-State Commerce Commission came at a time
when the so-called long and short bill introduced ,by Senator Gooding of
Idaho, to bar the commission from granting reductions in long-haul rates,
such as requested by the Western carriers, was being debated in the Senate.
The Commission has been opposed to having its hands completely tied by
the adoption of such a measure, and there has been considerable opposition
to the bill among Administration Senators. It is believed that this decision,
which places the Commission on record as against the rate reductions, will
help the opponents of the bill, and that It may not be adopted in the present
session.
The chief commodities on which permission to reduce rates was asked
were iron and steel articles, paper and paper articles, ammunition, cotton
goods, lard substitutes, paint, roofing rosin, soap and soda. These new
rates would be from points specified from the Chicago district on the East,
to Denver, Colo., on the West, to the Pacific Coast terminals, the desire
being to meet competition of traffic which now goes from these points to
East or Gulf ports and thence west by way of the Panama Canal.
One of the contentions made was that the new rate arrangement would
place the manufacturers of the Middle West more nearly upon a rate
equallty with their Eastern competitors, who by reason of their location
on or near the Altantic seaboard enjoy the advantage of cheaper water
transportation to the Pacific ports.
Second Time Application Fails.
"The applicants," the Commission said, "hope that by stimulating
traffic through the proposed reductions they may be able to increase their
Vot.. 122.
net revenues, but they do not propose to apply the reduced
rates to intermediate destinations, since to do so would more than offset the gain from
increased traffic to the ports."
There have been former applications of a like nature, the last of which,
except the present application, was passed upon adversely by the Commission in the so-called transcontinental cases of 1922. The Eastern carriers
joined with the Western carriers in the former application, but did not join
In the case decided today.
"It is claimed," the Commission commented to-day. "that the reductions proposed are necessary if the Western rail carriers are to transport
to the Pacific Coast in any volume articles produced or manufactured
in
the Middle West which are also produced on or near the Atlantic seaboard,
and move therefrom through the Panama Canal at rates substantially
lower than the present all-rail rates from the origin territory covered by
this application."
Dealing with the growth of traffic through the Panama Canal, the Commission had this to say:
"From exhibits introduced by the applicants, it appears that in
1921 they
hauled 83,473 tons westbound and the water lines 91.197 tons.
In 1922 the
movement by rail was 63,790 and by water 260,949 tons, and in the
following
year 82,563 and 446,310 tons, respectively. The figures given for the
water
movement are approximate only, as the classification of vessel cargoes
is
not as accurately kept as is the case with traffic moving
by
rail.
The
United States Shipping Board reports a movement through
Canal of
iron and steel articles during June, July and August 1923 of the
386,689 long
tons, equivalent to 433,092 net tons.
"The rail carriers recognize that transportation by water is so much
cheaper than by rail that they cannot hope to divert to their lines
if
any, traffic which may originate at the Atlantic or Gulf ports much,
or close
thereto. Most of the production, however, is inland, and they
anticipate
that by reducing their rates from Chicago and related territory
so as more
nearly to equal the combination of the rail-and-water ratesfrom the
principal
Eastern originating points, more tonnage will move over their lines,
thus
increasing their net revenues."
Eastern Manufacturers Oppose Plea.
Eastern manufacturers, the Commission says, generally oppose the
application, contending that the relief sought is based on market competition
rather than water competition and that such competition is not
sufficient
ground for the granting of the relief.
The Commission did not believe that all of the benefits which the Western
carriers hoped to obtain would be realized.
"It Is unnecessary to proceed through the entire list of commodities
enumerated in the application," the Commission said. "Considered
as a
whole, it cannot' be said that the proposed terminal rates, with the exception of the rate on ammunition. are lower than would be necessary to permit
the Middle West manufacturers to compete on relatively
equal terms with
manufacturers located at some distance from the seaboard
who ship their
products through the Atlantic ports.
But before the relief from the operation of the fourth section which is here
sought may be granted we must be satisfied there would not thereby be
created infractions of other provisions of the Act, particularly those
of
Section 3 prohibiting undue or unreasonable preference
or advantage or
prejudice or disadvantage to persons or localities. We should
convinced that the adjustment proposed will result in the likewise be
substantial
benefits which its proponents anticipate."
Fear War 1Vith Water Carriers.
The Commission then took up the subject of whether the water
carriers,
which are not regulated, would lower their rates if the rate
reductions asked
by the carriers in the application were granted.
"The proposed rates on iron and steel articles, from which the
applicants
hope to obtain their greatest increase in net revenue, might be
expected to
divert some of the traffic which now originates in the Pittsburgh
district if
the rail and water rates from Pittsburgh remain the same.
There is no
assurance, however, that the Eastern rail carriers, and particularly
the
water lines, would permit any substantial diversion of their
traffic without
making an effort to retain it. They would be urged to take this
action by
Eastern manufacturers whose business would suffer through
loss of their
Pacific Coast trade, and the record shows that in one instance a
committee
already has been appointed to appeal to them for offsetting rate reductions
In the event the proposed rates are permitted to become effective.
"A slight reduction in the water rate would suffice to retain the advantage
to the rail-and-water route, and this would call for further reductions in the
rates of the Western carriers to bring about the near equalization of
the
Middle West and Eastern markets. On the other hand, if the Western
carriers were not inclined to meet reductions in the water or rail-and
water
rates the competitive situation would remain as it is at present, the revenues
of the applicants and the water lines would be unnecessarily
reduced, and
the Pacific Coast shippers would receive the only advantage.
Water Traffic Restricted.
"There is another phase of this matter which must not be
overlooked.
Section 500 of the Transportation Act, 1920, declares the policy
of Congress
to be 'to promote, encourage and develop water
transportation service and
facilities in connection with the commerce of the United
States,
and to
foster and preserve in full vigor both rail and water
transportation.'
"The field of operations of the water lines is restricted to a
narrow area along the Atlantic seaboard and to a much comparatively
narrower area
along the Pacific Coast. Since but little traffic originates
at the ports.
the water lines must reach out for it into the interior.
The inherent disadvantages of shipping by water, prohibit them from
competing with the
rail lines at points where the combined rail and water
charges equal tho allrail charges, and consequently the territory from which
they may draw
traffic is confined to an area from which the rail rates plus
the water charges
are substantially lower than the all-rail rates.
"Their destination territory is confined almost exclusively
to the Pacific
Coast cities. Unlike the rail carriers they have no
intermediate territory
from which to draw or whic , to deliver traffic. It is
strongly urged,
therefore, that to permit the Western carriers to publish
the proposed rates
from Chicago for the avowed purpose of depriving the water
lines of a substantial portion of such traffic as they are now able to obtain
would be to
disregard wholly the policy of Congress to promote,
encourage and develop
water transportation. To be of material benefit to the
rail carriers, a
substantial portion of this tonnage must be diverted to
their lines. The
declared policy of Congress is to foster and preserve in full
vigor both rail
and water transportation.
"If the hopes of the applicants should be realized, the
benefits which
they as a whole might obtain from the granting of the
application would
be greatly disproportionate to the loss which the water
lines would suffer.
The record shows that the total tonnage, both eastbound
and westbound
of all the water lines is but a very small fraction of that of
the trans-continental carriers operating west of Chicago. It is evident
therefore that the
diversion of any substantial tonnage, both eastbound and
westbound,could
have but an inappreciable effect on the net revenues of the rail
carriers.
On the other hand, it might very seriously impair the ability of
the
water lines to maintain their present standard of service.
"Upon full consideration of the record, we find that the application for
authority to depart from the long-and-short-haul provision of the fourth
section of the act should be denied."
MAR. 20 1926.]
THE CHRONTCLE
1559
Parker bill would reMr. Loree charged that enactment of the Watsonpossible increase in freight
move the protection to the public against a
demands of their
wage
the
rates and leave the railroads at the mercy of
to the association's conemployees. His fight against the bill dates back
mileage went on
vention at Chicago, when 80% of the country's railroad
will be record as favoring the passage of the act.
efforts
d
renewe
that
week
this
representing the
ced
y.
announ
It was
All of his arguments were met by General Atterbur
Disputes
of the bill would herald a new
made to have the Watson-Parker Railroad Labor
majority, who declared that the passage
interest in era in the relations between railroad employer and employee and would go
Bill "amended to adequately protect the public
railway labor situation.
charges." down in history as the "Locarno" of the opponen
rate
able
reason
and
service
d
ts attempted to adopt a
'uninterrupted railroa
on the main issue, the
defeat
Meeting
to an an- resolution placing restrictions on possible actions of the new Board of
The bill is now before the Senate. According
Association of Mediation formed under the provisions of the bill to replace the present
nouncement made this week by the National
State associa- Railroad Labor Board. Resolution Voted Down.
us
numero
ation,
Manufacturers, that organiz
majority
s
receiver and operating head
tions of manufacturers and commercial shipper in a
resolution introduced by W. G. Dierd,
a ofThis
in
joined
defeated by an adverse vote from 75% of the
have
was
Alton,
ds,
&
railroa
Chicago
en
the
fourte
the
of the States, and
amend- country's railroad mileage. It read:
statement to the Senate of the United States, urging
e,Commtssion may upon its own
"Provided that the Inter-State Commerc award, or any wage agreement,
ments to the pending bill.
motion suspend the operation of any such
requiting from the operation of
one
except
between the parties to this act, the opinion that such award or agreement
The four amendments to be urged are:
ion is of
Federation Section 10. if the commiss
Bureau
to necessitate the substantial
likely
Farm
n
salary,
or
America
the
wages
of
in
any increases
f. Adoption of the proposal
ate Commerce
and agree- involves
any carrier. The Inter-Sted,
awards
of
rates
wage
the
of
control
ment
to
readjust
power
and as soon
that
the
National Grange
and
nt so susrend
transferred to the In- Commission shall hear any award or agreeme
suspended
such
modify
or
affirm
ments now possessed by the Railroad Labor Board be
e
with due diligenc
and
ble
existing
practica
as
of
tion
preserva
the
ter-State Commerce Commission. This assures
award or agreement."
Chairformer
the
of
language
the
in
public safeguards. The alternative is,
proposal, which also bore the enarkely bill. to
Although the majority voted down this
man of the Railroad Executives, addressed to the Howell-B
n Farm Bureau,it agreed
America
the
and
Grange
agreeNational
lled
the
dorsement of
"leave the question of increases in railroad wages to the uncontro
Committee for conference awl the taking
Labor
the
be
may
to
that
matter
s
the
tribunal
refer
to
ments of the parties or to the casual arbitration
conferences and a, may be
of "such action as may seem wise after such
agreed upon by them."
to the proposed legisa clear legal consistent with agreements already made in respect
dispute
labor
railroad
a
to
parties
the
2. To place upon
the
into
tion
investiga
lation."
obligation to preserve continuity of service during an
Minotitu Records Dissent:
the President.
merits of such dispute through a committee appointed by
the minwt
us
ambigeo
are
Loree and his friends who decided at
Mr.
object
satisfy
this
not
sh
did
This
inThe provisions of the bill intended to accompli
by the hill's convention that the President of each railroad represented there should
tation
interpre
ctory
contradi
of
maIn themselves and the subject
"Such legis- form the Secretary of the association in writing of his dissent from the
proponents. They should be clarified in the public Interest.
1924. "will not jority and the reasons therefor.
lation," said the President In his message to Congress Dec.3
view were E. N. Brown.
the principle that
Prominent among those who shared Mr. Loree's
meet the requirements of the situation unless it recognizes
o Railway and the Pere Marquette:
ation.
Francisc
trasport
San
Louis.
of
St.
the
service
of
n
Chairma
upted
the public has a right to the uninterr
Airred, President of
by the President In an W. Ii. Williams. Chairman of the Wabash: Frank 0.
3. The investigating committee to be appointed
-Kansas-Texas:
to its task. The posses- the Pere Marquette: C. E. Shaft, President of the Missouri and James E.
emergency should possess the authority necessary
committee. Its absence Daniel Upthezrove. President of the St. Louts Southwestern
sion of such power cannot lessen the efficacy of the
power is given In the Gorman. President of the Rock Island.
Imperils the performance of its function. Compulsory
of the mileage, represented
to a dispute. Why
Forty-three railroads, constituting about 75%
Thirty-eight
bill to private arbitrators appointed by the parties
United States in a the majority at the meeting and nineteen roads the minority.
should a public committee representing the people of the
Fe. were not represented.
Santa
&
Topeka
.
Atchison
the
g
Includin
roads,
crisis have less authority?
a committee of InS.J.Strong,
4. The President should be empowered to appoint
Mr. Loree in a letter addressed on March 18 to
of transportation
Interrup
ial
substant
a
t.
declares
Judgmen
In
his
on
ives,
vestigati when,
Execut
y
Railwa
of
tion
ndation
Associa
the
recomme
of
ry
Secreta
tion Is threatened. Under the bill he can only do so on
the
Intoward
public
ship
the
member
ng
protecti
ty
that "the attitude of the majori
of the Board of Mediation. The responsibility of
Chief Executive.
l of the position
reversa
terest against a paralysis of transportation rests upon the
e
absolut
an
is
bill
er
n-Park
Watso
ility.
His authority and discretion should correspond with his responsib
bill and
taken by the executives against the Howell-Barkley
117 Among the bodies urging these amendments are:
,
Holden
Hale
by
t,
reques
Salt Lake the testimony offered, at their
The National Association of Manufacturers. the Denver &
s. The
ntative
Grande Western
represe
other
and
Neill
Mr.
Thom,
P.
RR. Co.. Minneapolis & St. Louis RR. Co.. Denver & Rio
Ry. Co.. Alfred
RR C`o.. Kansas City Southern Ry. Co.. St. Louis-San Francisco
bill." he further says,
Co.. Maine introduction and handling of this
St. Louis Southwestern Ry. Co.. Bangor & Aroostook RR.
Mary- "invites disaster to the railroad interests." He likewise
Western
Co..
&
Hudson
e
Delawar
Co.,
RR.
Central RR. Co.. Erie
& Alton
of the majority in referring to the Labor
land RR.. Virginian RR.. Missouri-Kansas-Texas Lines, Chicago
Adjustment of
Amendments to Watson-Parker Bill for
Manufacturers,
Railroad Labor Disputes Urged by
s.
Shippers and Farm Organization
says that the action
organizaCommittee the amendments proposed by the Earn
In an item in our issue of March 6 (page 1257), referring to tions was "a mere parliamentary method o? burying it."
the adoption of the bill by the House, we gave the views pre- Mr. Loree in part states:
supple approximately
The farm population constitutes 32.000.000. They
viously expressed by representatives of the National Assos. and if forest products
Industrie
uring
manufact
in
used
s
t
material
the
curren
of
35%
ciation of Manufacturers regarding the bill. —In the
of the total tonnage of
are ineluded, about 75%. They supply one-fifth
value of our
issue of our paper we note the diverging views of members of freight carried by the railroads. They produce one-half of the
government. contribute oneexports They pay one-fifth of the costs of
the Association of Itailway Executives anent the bill.
wealth.
national
of the
RR. Co., &c.. &c.
sixth of the national Income. and represent one fifth
for the last ten years
claim, and rightly claim, that their position has
They
contemplates a
Divided Views of Members of Association of Railway M-en steadily growing worse, and rightly fear that. this bill
by demands for inlarge increase in railroad wage expenses, to be followed
Executives on Watson-Parker Bill for Adjustment
creases in railroad freight rates.
was of sufficient imof, Railroad Labor Disputes—Opposition of
A request coming from their official representatives
ation of the policy
L. F. Loree.
portance to require a frank discussion and a determin
committee,
on upon the floor. The reference to the labor
associati
the
of
PresiLoree,
F.
L.
by
e's ability to agree with
The opposition previously voiced
where action will be dependent upon the committe
it.
burying
r
of
-Parke
method
dent of the Delaware & Hudson, to the Watson
representatives of labor. was a mere parliamentary
d
railroa
of
ment
the
for
tion
adjust
legisla
new
ing
bill, provid
Names Committee to
labor disputes, was evidenced anew this week, at the meet- Eastern Presidents Conference
Demands.
Wage
on
Confer With Trainmen
ing in this city on March 18 of the Association of Railway
ted on March
1257,
appoin
page
6,
ence
March
Confer
of
in
our
issue
Executives. In giving
The Eastern Presidents'
conan account of the adoption of the bill by the House of 18 a committee to confer with representatives of the
latter
of
the
ds
against
deman
taken
the
to
stand
the
known
made
regard
we
in
s,
en
ntative
Represe
ductors and trainm
the bill by Mr. Loree, at the same time stating that the pro- for increased wages. Mr. Loree, Chairman of the conferponents of the bill had as their leader W. W. Atterbury, ence, announced that the committee, would comprise the
President of the Pennsylvania RR. At the meeting of the following: John G. Walber, Vice-President in charge of
Railway Executives on the 17th, majority members of the personnel of the New York Central; C. E. Denney, ViceAssociation endorsed the action of its Labor Committee in President and General Manager of the New York Chicago &
supporting the bill, while a minority group of the Association, St. Louis; C. H. Ewing, Vice-President and General Manager
under the leadership of Mr. Loree, adopted a resolution of the Reading Company; C. W. Galloway, Vice-President
notifying the Secretary of the Association that under no of the Baltimore & Ohio; R. V. Massey, General Manager of
circumstances did they wish to be included among the rail- the Pennsylvania Railroad Lines in the East, and Viceroads endorsing the acts of the organization's Labor Com- President Pollock, of the Boston & Maine. The proposal to
mittee. The New York "Times," which thus records the name the committee was made known in our issue of Saturday
action of the two factions, also had the following to say in last, page 1406.
its issue of March 18:
the association, headed by General W. W. Proposal for All-American Ship Canal Connecting
The Labor Committee of
ania Railroad, formulated the proAtterbury, President of the Pennsylv
Great Lakes with Atlantic Ocean.
in conjunction with a similar committee
visions of the Watson-Parker bill
ture
unions.
labor
Supplementing his message to the New York Legisla
appointed by the railway
on March 8 in support of the proposal for the construction
Ward 1.-S. C. C. to Control.
Great Lakes to the
last-minute effort by the minority group of an all-American ship canal from the
Yesterday's action constituted a
Governor Smith
ce Commission
ate
Commer
State,
Inter-St
the
that
York
n
New
h
provisio
Atlantic Ocean throug
to insert in the bill a
agreement reached by the railroads and their
may set aside any wage
of New York on March 15 made public a letter which he
employees.
1560
THE CHRONICLE
[Voir,. 122.
addressed to the Senators and Representatives in Congress
from New York State, in which he presented arguments as
to the advantages of the all-American proposal. The
Governor expressed it as his conviction that "a ship canal
from lakes to sea has become a necessity to the commercial
needs of our country; . . . that the route of the
American canal,following the long-established line of traffic,
is the best one to build, and that an American canal is the
only one for which American capital should be spent." The
Governor's message to the New York Legislature appear
ed
in our issue of a week ago, page 1403. His letter to the
Senators and Representatives, as given in the New York
"Times" March 16, follows:
For more than a century and a half this country has talked of
connecting
the Great Lakes with the Atlantic Ocean by a ship canal.
years ago this desire was partially met by the construction One hundred
of the old Erie
Canal, and it is doubtful if any transportation project
was ever a greater
success.
Finally, the success of any line of transportation
depends upon the
.
tonnage carried, and as the American canal will serve
mile, produces more potential freight than any a region that. per square
other territory in the country, this canal should, and in all probability will,
carry more freight than
any other inland waterway.
National Defense.
To say that a ship canal to the lakes would
defense in time of war is to state a fact as obviousbe an aid to our national
as that rations are needed
for troops. In recent letters to the Chairma
n of
Committees of Congress both the Secretaries of the Rivers and Harbors
War and of the Navy so
declared themselves.
oes *eel
It is of small moment that, following the visit of
White House, the wording of their first letters wascertain politicians to the
somewh
at
modified
; the
fact remains that the Secretary of War stated:
"In the event of a great war the transportation of
the
agricultural products and raw material of the Middle West to the
Atlantic seaboard and to
the thickly populated industrial areas of the Eastern
and
New England
States would impose a great burden on the railroad
s. The probable resuiting congestion could be relieved by the further
develop
ment
of the waterways connecting the Great Lakes with the Hudson
River."
And the Secretary of the Navy said:
"I am of the opinion that the proposed all-Amer
ican deeper waterway
connecting the Hudson River with the Great Lakes,
would be a very
important addition to the transportation system of
the country and would
be, therefore, an important asset to the national
defense."
Conclusions.
In my consideration of this subject, that phrase so
convenient to the
vacillating, "an open mind," has no place.
I am convinced that a ship canal from lakes to sea has
become
a necessity
to the commercial needs of our country; that it will
some day be built is
inevitable; that the promise of both our major parties
should be kept:
that the time to fulfill that promise is now; that the
rclute
canal, following the long established line of traffic, is the of the American
best
one to build
and that an American Canal is the only one for which
American capital
should be spent.
Very truly yours,
ALFRED A. SMITH.
Up to 1883, the year that tolls were abolished, the Erie
Canal together
with its branches, chiefly the Oswego Canal, had repaid
State not only
all it had cost for construction, operation and maintenthe
ance,
but it had
turned in the handsome profit of $43,599,177 over and
above these charges.
What was of greater benefit, however, than mere dollars,
fostered the growth of that great Industrial zone which, the Erie Canal
with its chain of
cities and factories, extends from Buffalo to Troy and
on
River to end at Greater New York. When the railroads down the Hudson
appeare
d they followed this well-established trade route, so that as a traffic
it was not only the first in point of time but it has remaine line to the West
d the first in importance in this country.
Canals in War Emergency.
As the population of our Middle and Western States increase
d, lake commerce grew in proportion and the agitation for a deep waterwa
y between
our inland seas and the ocean became more pronounced.
Then, without
According to the new Washington newspaper; the
warning, came the World War and with it the necessity for
"United
hundreds of thousands of tons of supplies from our Middle transporting States Daily," a group of Senators and others
and Western
interested in
States to the Atlantic seaboard, and for the first time it was
the proposed St. Lawrence waterway project which
dispute that our railroads were not adequate to meet such proven beyond
would
an
To relieve the overburdened railroads, the Federal Govern emergency. connect the Great Lakes with the Atlantic Ocean via
the
designed and built barges to be used on the New York State ment hastily St. Lawrence River,called on President
Coolidge on March 10
and, though boat operators disagree as to whether or not theseBarge Canal,
protes
to
vessels
agains
t
t
were
a
letter
writte
n by Secretary of War Davis
of the proper type, none deny that they did carry many tons
of bulk freight to Representative Demps
and that they dui serve to relieve rail congestion.
ey of New York, in which he gave
The war, having clearly shown the necessity for a ship canal, both
political approval to the "All-American Canal." In part the paper
parties heeded the warning and have given their promise
to the American quoted said:
people that such a canal will be built.
In part the paper quoted said:
A ship canal, however, is not needed solely to meet
emergencies. Our
five Great Lakes make up the largest body of inland waters
Included in the group are Senators Willis, Ohio,
in the world;
and Lenroot, Wisthe States bordering them are large in area, population
consin;
former Governor W. L. Harding, of Iowa;; and
and production.
These Lake States with the more westerly ones, North and
of the Great Lakes-St. Lawrence Tidewater Association.Charles P. Craig,
South
Dakota,
Nebraska, Iowa, Kansas and Missouri, now produce an
Figures were presented to the President to show that
enormous tonnage
the all-American
of both agricultural and manufacturing products. And as
plan would cost over half a billion dollars more than
the St. Lawrence
this output of farm and factory will surely increase and the the years go by project.
demand
for
the
cheaper water transportation to the markets of the world
Cost Is Estimated.
will become more
Insistent.
"To build the All-American Canal would cost
$600,000,000, with another
Deals Only with Transportation.
$30,000,000 for maintenance," said Senator Lenroot
. "The St. Lawrence
In the discussion of a ship canal from lakes to ocean, I
project would cost only $270,000,000 with
$2,500,000 for maintenance,
the subject solely as a transportation proposition divorced shall deal with and the Canadia
from
n
Governm
the
question
ent would pay half."
of hydro-electric development, which is an entirely differen
The White House spokesman on Tuesday
t problem, one
which should stand by itself and not be permitted
Coolidge's attitude on the Lakes-to-the-Ocean indicated that President
to
befog
the
question
of transportation.
same as that conveyed to Congress in his annualWaterway was still the
There exist three possible routes for such a canal: One
message. In that docuof Lake Ontario through the St. Lawrence Valley to thefrom the east end ment, he called attention to the fact that the joint commission of the
rence and thence to the sea. A second route leaves the Gulf of St. Law- United States and Canada was still working on plans for the St. Lawat Lake St. Francis, runs through Canadian territory St. Lawrence River rence project and that surveys of that route would not be completed and
to Lake Champlain. ready for report before April.
thence to the Hudson River and the sea.
The third route leaves Lake Ontario at Oswego, passes
Objector? Statement.
through the Mohawk Valley to the Hudson and thence down the
Later, the delegation went to the War
Hudson to the sea. It is
Departm
this last, the so-called American route, that I believe
directly
to Secretary of War Davis, and after ent to carry its protest
should be built.
this conference the Great
Lakes-Tidewater Association, under the
American Route to American Ports.
signatur
e of Charles P. Craig,
executive director, issued a statement
It is natural and proper that every American should
reading
in
part as follows:
wish
the supremacy
Thousands of miles of peaceful
of American ports continued; to accomplish this, a ship
unguarded boundary
canal to the lakes Canada and the United States
between
through American territory is a necessity.
after more than a century line
suddenly becomes a menace to peace, accordi
ng
The Canadian-St. Lawrence Canals in 1900 carried only
to Secretary of War Dwight
Davis.
F.
1,309,06
6
tons;
in 1925 their business had increased to 6,206,9
Secretary Davis says, in response to a
88 tons.
letter from S. Wallace Dempsey,
eight years (1918-1925) the St. Lawrence Canals carried During the last chairman of the Committ
ee
on
Rivers
14,575,
180 tons of
Harbors:
freight that originated in the United States.
"From the military standpoint it is and
Every
essential that waterways connecthave been carried on an American canal to or through ton of this should ing the Great Lakes with the Atlantic
seaboard shall be entirely within
an
America
n
port.
America
territor
n
y."
The American canal will not only provide the cheaper
water rates desired
Presumably, Mr. Davis means entirely
by our Western States, but it will make Erie,
United States territory.
is vital news for in all the yearsinthat
Detroit, Chicago, Milwaukee, Superior, Duluth Pa., Cleveland, Toledo, St.This
the development of the
Lawrence River for deeper shipping
and
other
lake
cities
seahas
been
ports, having the shortest water route to every
discussed and studied,
never
has this thought of defense or danger therefr
Atlantic
port
and
to
West
om been expressed
Indies, Central and South American markets.
by an army engineer, a war
t, or a Secretary of War.
administrations have approvedstrategis
Three
I say these lake cities•will be seaports in spite of
the
develop
ment
of
the
contenti
the
on so often ocean navigation as a relief
St.
e for
heard that ocean ships will not go to nor navigat
to the freight congestion and Lawrenc
e
upon
the
high
lakes.
cost
The
transportation for the north Mississippi Valley.
of
large and ever increasing tonnage handled at
Montrea
l
proves
that
so
far
as the success of a ship canal to the lakes is concern
Many Surveys.
ed, it is not necessary
for ocean steamers to enter the lakes at all.
Time after time our best army engineers have
surveyed the St. LawWhat is necessary is to provide a junction point
rence route and never once has any one of
them reported that developwater tonnage may be exchanged, a port where where fresh and salt ment was hazardous from a national defense standpoi
nt. Many times
the
lighter-b
uilt
lake
eminent
engineers, both Army
steamers may meet and transfer cargo to the
civil, have reported on
ocean vessel.
various
and sundry, across New Yorkand
State and never once hasroutes,
one of these
engineer
s thought to make favorable report on these
Fife/ Hours from Lakes to Ocean.
projects because of
national defense.
That the American route is practical from the engineer
Congress last year made further appropriation for
has been certified by the army engineers who recently ing standpoint across
a survey of a route
New
State to connect the Great Lakes with
haustive report of the special board which surveyed and reviewed the ex- were a half York
the ocean. There
dozen reports availablebut yet in order
reported on this
to satisfy Dempsey
route in 1900. To my way of thinking, the advantages of the
another report was ordered. The Division
America
Enginee
n
rs
who
made the report—Se
cretary
route are so evident that only a few arguments are necessary to convinc
Davis' own army engineers—after
study and
any one not having some personal advantage to gain through the Canadia e research reported to their superiors that the Dempseycareful
route
n
York
across New
State
Is not feasible because of the high cost
route that the American route is the one for this country, at least, to build. report is not
of operation. This
final—o
nly
the
report
of the Divisional
The distance from the lakes to the Hudson is only 166 miles. It has must still go to the army
rs—and
engineering board for checkingEnginee
been argued that canal navigation is too slow to meet modern traffic requireand approval.
The report, however, being in harmony
with former reports means
ments, but a rate of 5 miles an hour is admitted to be practical on the canal the only feasible workable route out to the
that
sea from the Great Lakes
is
proposed; this means that the actual canal journey can be made in 33M down the St. Lawrence. Mr.
Dempse
y
hours.
Valley is entitled to get to the ocean, but has said the north Mississippi
when
the
army
engineers won't
The trip on the broad and deepened Hudson to Sandy Hook is 165 miles. make the kind of reyort he wants be appeals to
the
of War and
Here steamers can run at full speed,let us say 10 miles an hour. The entire is accommodated with a letter raising the issue of Secrtary
national defense and
danger.
ocean
trip, then, from lakes to
can be made in 50 hours.
Intensational Questiou.
The American route runs through territory seldom troubled by fogs and
r, Secretary of War Davis, with his
ends at New York Harbor,where the ocean is freefrom the menace of Icebergs anHoweve
letter to Dempsey, raises
international question of defense between
friendly neighbors. For
MAR. 20 1926.]
THE CHRONICLE
miles
more than a century, the United States and Canada have had a3,000
not suspicion,
of unguarded boundary line—not a soldier, not a gun,
not a fear—and now the Secretary of War of the United States raises
the question of defense. One hundred years of peace between Canada and
the United States, one hundred years of unguarded boundary lines between two great nations—this is a world wonder and a world example—
is now to be broken or jeopardized merely to defeat forty million landlocked people in their natural desire to use the St. Lawrence as a way
out to sea.
The letter of Secretary Davis raises an issue, for if we build a deepand
sea way across New York because we are afraid to trust Canada
9,000,000
join her in deepening the St. Lawrence, then .rightfully the
as
Lawrence
St.
the
developing
upon
well
could
insist
Canada
of
people
a means for their defense.
Canada can beat us in completing the job. They have a 30-foot channel to Montreal and a 30-foot channel on to Buffalo, except for 33 miles
and then a little more digging at Niagara Falls.
Power Facilities Compared.
Meantime, Canada can develop millions upon millions of electric power
while we can develop no electric power in our journey across New York.
Then, too Canada will have plenty of water and a channel that a gunboat can navigate--practically an ocean seaway. We will have a long
winding channel with some water when and if it rains.
Mr. H. C. Gardner, an eminent engineer of Chicago, and President of
the Great Lakes-St. Lawrence Tidewater Association, puts the matter
well in the following:
Suppose we should proceed with the construction of the "All-American" shipway from the Hudson across New York State to Oswego, what
would be the inevitable reaction in Canada and Great Britain? With
such Hudson-Oswego route completed, we would be in position to put
into Lake Ontario, without let or hindrance, battleships and cruisers,
destroyers, and submarines and what not in the way of fighting craft.
Would the people of Toronto. Hamilton and other cities of Ontario feel
secure? True, we have a treaty under which both nations are bound to
keep war craft out of the lakes, but treaties do not always save the day.
Discusses Reaction.
The reaction inevitably would be bad, there would come instantly a
demand by our neighbors for the immediate construction of their
Georgian Bay route, and the two countries would find themselves racing
for the earliest completion of the two shipways, each a potential danger
to the other country. Would this make for peace? With the Georgian
Bay route under construction, how would the people of Detroit, Milwaukee, Chicago and a hundred other places look upon the situation? One
early reaction would be a demand for the immediate fortification of the
Straits of Mackinac and the creation of modern defense works at Fort
Gratiot, Mich. Could our Government neglect such necessary precautions and resist the political and other varieties of pressure that would
demand those fortifications? They would be finished and fitted before
either shipway could be completed—and how would the peace probabilities on our North American continent look then?
Secretary's Position.
Secretary of War Davis declared Wednesday that he had made no
comparative study of the All-American waterway and the St. Lawrence
routes nor of their commercial possibilities.
In his letter to Rep. Dempsey, the Secretary answered a formal specific
question as to the military value of the All-American Canal. Such an
inquiry from the chairman of a Congressional committee requires an
answer, and the answer was confined to the question, it was pointed out.
The letter of the Secretary, it was said at the Department, did not
attempt to state whether the military value of he All-American Waterway
was sufficient to justify the construction of the canal, nor did it discuss
the commercial features.
The Secretary has formed no opinion as to the relative merits of either
of the proposed routes, it was stated.
1561
After presenting a mass of statistics as to the relative services the two
routes would render, the brief said:
"With this evidence of the vastly greater expense of building and operating a project of doubtful value across the State of New York as compared
with a thoroughly prqctical waterway by way of the St. Lawrence, what
legitimate reason can be assigned for giving serious consideration tolthe
New York route_"
The brief did not oppose the New York route as a barge development, but
as a substitution for the St. Lawrence.
Referendum Among Business Men by United States
Chamber of Commerce Shows Opposition to Legislation Permitting Maintenance of Resale Prices.
Legislation by Congress permitting maintenance of resale
prices does not have the support of the Chamber of Commerce of the United States. This is the conclusion reached
through a referendum vote among business organizations
making up the membership of the Chamber. The result
of the balloting recently announced makes clear the Chamber's position as to which there had been some controversy
since a referendum was taken on the same general subject
in 1916. The vote was close. On four of the five questions
submitted a majority voted in favor of the principle of
price-maintenance, but under the by-laws of the organization a two-thirds vote is required for commitment. The
questions submitted and the vote on each are as follows:
1. Should there be Federal legislation permitting the seller of identified
merchandise, sold under competitive conditions under a distinguishing
name, trade-mark or brand to control the re-sale price thereof?
In favor. 1,079; opposed, 911; necessary to carry, 1,327.
2. If there is to be such legislation, should it take the form of permitting
contracts for the maintenance of resale prices on identified merchandise
sold under competitive conditions under a distinguishing name, trade-mark
or brand?
In favor. 1,118: opposed, 576; necessary to carry, 1,129.
3. If there is to be such legislation, would restrictions proposed by a
special committee, and included in the referendum pamphlet, be proper
restrictions?
In favor, 1,060; opposed, 564; necessary to carry, 1,084.
4. In addition to such legislation should Congress enact legislation
bringing under the law of unfair competition the cutting of the seller's
declared price which results in misappropriating or injuring good-will
attaching to articles identified as to their origin?
In favor, 875; opposed, 765; necessary to carry, 1,094.
5. Instead of such legislation, should Congress enact legislation bringing
under the law of unfair competition the cutting of the seller's declared
price which results in misappropriating or injuring good-will attached
to articles identified as to their origin?
In favor, 223; opposed, 1.247; necessary to carry, 981.
United States Chamber of Commerce on Rapid Growth
of Installment Selling.
The rapid growth of installment selling which has now
It was stated in Associated Press dispatches from Washington March 15 that national defense considerations raised reached a peak of $5,000,000,000 annually, is reflected in a
by advocates of a New York all-American route for a ship
canal from the Great Lakes to the sea were assailed that day
before the board of army engineers by Senator Lenroot,
Republican, of Wisconsin, who declared such an issue never
should have been brought into the question. The New
York "Evening Post" in stating this added:
Such action, he said, could be justified only by those who looked for war
between the United States and Canada, and he said wherever a waterway
was built it would be subject to airplane or artillery bombardment. He
favored the St. Lawrence route.
The use by Representative Dempsey, Chairman of the House Rivers and
Harbors Committee, of letters from Secretaries Wilbur and Davis touching
national defense aspects of an all-American canal also was assailed by the
Senator, who said the Secretaries had not expressed opinions regarding
costa of such a waterway.
Representative Dempsey replied the letters spoke for themselves,although
Mr. Lenroot said they were merely for information of the House committee.
Calls Erie "White Elephant."
The Erie Canal, part of the proposed All-American, was assailed by Lenroot as a "white elephant" which New York wanted to get rid of.
Senators from Michigan, Ohio and Wisconsin and Representatives in the
House from Minnesota, North Dakota and other Lake States supported
Senator Lenroot.
The army engineers were urged to-day by the Great Lakes-St. Lawrence
Tidewater Asso ciation to support the conclusions reached by a special
engineering board which has advised against the feasibility of the proposed
All-American ship canal across New York State.
Instead, a brief filed by the association urged that the St. Lawrence
project had proved to be practicable, that it would be much less expensive
and would extend more benefits to the farmers who must ship commodities
for export.
The Great Lakes territory, the brief said, was entitled to the natural way
to the sea and the way that would serve the great grain-producing section
best. Eighty-two bridges and thirty-one locks on the All-American, it
said, would make navigation slow, tedious and impracticable, while the
maximum depth would not meet the demands for deep shipping from the
Great Lakes.
Sets Cost at $506,000,000•
Latest estimates for a ship canal of 25 feet draft between Lake Ontario
and the Hudson, the brief said, were $506.000,000.
"To provide such a canal wholly within American territory between Lakes
Erie and Ontario," it continued, "there must be added between $125,000,000 and $155,000,000, making a grand total cost for the so-called allAmerican route of between $835,000,000 and $661,000,000."
The official estimate for a 25-foot channel in the St. Lawrence River from
Montreal to Lake Ontario, with locks 25 feet deep, is $252,728.200 and for
a 30-foot channel $270,714,380. More than $100,000,000 of the cost of
the St. Lawrence development, however, is for work required solely for
water power—making the navigation improvement $152,000,000 and $170,000,000,respectively,for the two countries (the United States and Canada).
preliminary survey made by the Department of Domestic
Distribution of the Chamber of Commerce of the United
States, the results of which were announced on March 15.
The department estimates that 17% of the entire amount of
consumer goods sold at retail are disposed of in this manner and the trend is still upward. It finds, however, that
Information concerning the extent and character of the
practice is too meagre to justify a conclusion as to whether
It is an economic menace or a legitimate credit development.
The department calls attention to the survey of the Farmer's
Loan & Trust Co., which estimates that $3,293,411,878 worth
of automobiles, washing machines, vacuum cleaners, phonographs, furniture, pianos, jewelry and radio apparatus are
sold on the installment plan. This survey was the subject
of an item in our issue of Feb. 27, page 1112. The General
Motors Acceptance Corporation's operations for its seven
years of existence totaled $509,250,454, with a loss ratio for
1925 of only .12%, declares the department, which says it is
found that, outside of the trades in which it is an established practice installment selling shows an increase in the
clothing and radio trades and that in others, hardware and
paints and varnish, its introduction has been strongly resisted. "Where such large sums are involved as the credits
represented by $5,000,000,000 annually," says the report of
the Domestic Distribution Department, "it was inevitable
that some form of financial aid would be evolved, and it is
found now in the organization of large numbers of so-called
finance companies or commercial credit companies which
were organized first as an outgrowth of the immense increase in the production of automobiles. At a meeting in
December 1924 three hundred companies, representing 90%
of all automobile financing, were organized as the National
Association of Finance Companies." No accurate statistics
as to the number of such companies are available because
the increase has been too rapid. Many are purely local or
are used only in the sale of one particular device, and they
appear and disappear with great frequency. The report
continues:
1562
THE CHRONTCLE
It is asserted further, that the credit companies perform a service for
the banks in the supervision and collection of small sums which, heretofore,
there has been no means of discounting in the United States, although, for
example, in France it is possible to negotiate loans on accounts even so
small as one dollar.
A principal objection to installment sales has been based upon the added
cost to the consumer of merchandise bought in that way. This, however',
Involves the question of turnover so far as the business of the retail merchant is concerned and it is maintained by those who follow the practice
that the price is not necessarily increased if the accounts are good and this
form of selling is not overdone.
More or less prejudice has been created against the practice because of
the methods adopted by a good many of the early installment houses. Further experience with the practice has shown that when confined to articles
of considerable unit value and of more than temporary usefulness, it is not
an improper amplification of the credit idea and enables thousands of
people to benefit by the ownership of articles which if procurable only by
an immediate single payment they never could have hoped to possess. For
exaniple, the apparent family income which justifies the ownership of a
vacuum cleaner has declined until the minimum seems to be regarded as
from $2,000 to $2,500 a year.
When applied to the purchase of really useful articles, the installment
plan is almost in the nature of a savings device and not necessarily an
encouragement of improvidence, as maintained by most economists until
within the past few years.
As the least desirable form of installment selling we have the small
establishments where there is an apparent willingness that customers shall
fail in their payments in order that the merchandise may be repossessed
and resold as new by concerns conducting that kind of business. At the
other extreme is the large reputable department store in which only legitimate sales are contemplated, with a frequently manifested desire to aecommodate their patrons in every manner possible. Between these are all degrees of collection methods from weekly to monthly visits at the homes of
customers to voluntary calls or payments by mail by customers of reputable
firms.
It must be obvious that any distributer who adopts the installment plan
for the sale of selected articles of merchandise should not burden his ordinary cash customers with the prices charged under the installment plan.
There should be a material difference in price between the two classes of
merchandise since the expense attending the sale of cash merchandise is considerably less than that attending the sale of merchandise on the Installment plan.
Dr. Anderson, of Chase National Bank, on Effects of
Immigration Policy on Labor Situation—
Restrictions Tend to Higher Wages.
Before the National Metal Trades Association at the
Hotel Astor, this city, on March 9, Benjamin M. Anderson
Jr., Ph. D., Economist of the Chase National Bank of the
City of New York, spoke on the "Effects of Our Immigration Policy on the Labor Situation." He noted that with
labor supply held down by our Immigration restrictions.
wages are necessarily higher than they would otherwise
have been. This is desirable. but it involves changes of
business policy and readjustments of several kinds.
(1) We must economize labor, using land and capital with comparative
[Vol.. 122.
trial situation, in the interest of labor, no less than in the interest of
business management and capital.
The first significant change in business policy that is required is that
we must economize labor much more than we were obliged to do in the
pre-war period. With capital and land relatively abundant and labor relatively scarce, we must use land and capital with comparative lavishness and
reserve labor for the most important uses. The strength of American Industry as compared with European industry has always been in the field
of mass production where machines turn out many thousands or even millions of units from a given model. Europe. with mere abundant labor,
could surpass us in producing more specialized things where a great deal
of hand labor was required, where the machire did less and the man did
more, where goods were produced to individual order, and where only a
few units of goods were produced frcm a given pattern or model. Bicycle
factories in Europe, for example, often produce bicycles to individual order,
making special adjustments to the peculiarities. of the individual user.
With the intensified scarcity of labor in the United States, as compared
with Europe, we shall have to shift still further towards mass production
and to surrender still further to Europe those lines of industry which call
for a great deal of hand work.
In the second place, we have been observing a very considerable shifting
within the United States as between different parts of the country. It has
been the northern half of the Atlantic seaboard which has received, of
course, the great flow of immigration, and with the checking of that flow,
it has been the northern half of the Atlantic seaboard where the rise in
wages has been most rapid. Industry, consequently, has been shifting from
the Atlantic seaboard to other parts of the country. In cotton textiles,
notably, there has been a very decided shift from New England, where
wages are high, to the South, where wages are still much lower. Labor,
moreover, has been shifting from the South to the North, and from the
country to the industrial centres. A contributing factor is the higher
general level of freight rates which tends to encourage in any case the development of local manufacturing centres close to the source of raw materials in various parts of the country.
A third result of the situation has been an increased inducement to
American capital to seek foreign investment. Since European labor cannot
come to the United States to work with our relatively more abundant capital, there has been increased advantage for American capital to go outside the country to work with the cheaper labor. The improvement of
Europe's credit would have led to a very substantial outflow of American
capital to Europe in any case, but our present immigration policy has undoubtedly done a good deal to intensify this. Abundant natural resources
in the United States, however, even in combination with high-priced labor,
still offer great inducements for the employment of American capital.
American labor need not fear that the outflow of capital will leopard
its position except in those industries where restrictive labor practices impair efficiency and reduce output.
Bank Consolidations Necessary, Says Girard National
Bank of Philadelphia.
In its "Economic Review." dated March 15, the Girard
National Bank of Philadelphia refers to banks consolidations as a natural and necessary development incident to
corporate growth. The bank is itself to enter into a combination with the Philadelphia National Bank, and it points
out that the consolidation will serve to br'ng Philadelphia
lavh.hness, and using labor only for the most important uses. Our strength Into line with the other larger cities in which "powerful
will be even more than ever in mass production where machines turn out financial institutions .
. . are adding, greatly to the
many thousands or millions of units of a given pattern. Production calling
prestige and business success of the cities in witch taey are
for a great deal of hand labor we shall increasingly surrender to Europe.
(2) There has been taking place a shifting of industries from the north- located." We quote herewith what the bank has tr, say:
ern half of the Atlantic seaboard, and especially from New England, to
other parts of the country, notably the South, where wages are lower,
while there has been taking place a counter-movement of population from
areas of the United States, where wages are low, to the industrial centres,
where they are high. This will tend toward a leveling up of wages in the
interior of the country, especially in the South, with possibly a leveling
down of wages in the northern half of the Atlantic seaboard, especially in
New England.
(3) The situation creates an increased inducement to American capital
to seek foreign investment.
Dr. Anderson said in part:
One of the difficult and novel problems which confronts American business is the inelasticity and shortage in our labor supply which grows out
of our new immigration policy. In pre-war days expanding business was
usually a signal for an increased flow of labor to this country, while periods
of business inactivity usually witnessed a sharp falling off in the rate of
immigration, and even a considerable back flow to Europe of transient
labor. Our present restrictions on immigration make a very different situation. The mere shortage of labor is one thing. The inelasticity of the
labor supply is a different thing. Each aspect calls for changes in business
policy, while the shortage of labor is'requiring, and will continue to require,
readjustments among our industries, and a shifting of population and industries among different sections of the country.
In a large way, it may be said that the rate of wages depends upon the
proportion between the labor supply on the one hand and the natural resources and capital with which labor works on the other hand. When land
and capital are scarce and dear and men are abundant, men become cheap.
When men are scarce and land and capital are bundant, wages tend to be
high. Wages in the United States would have been very much higher than
they were in the ten years preceding the war if we had adopted in 1904 the
immigration policy which we now have. Even if prices should go back to
pre-war levels, wages would not go back to pre-war levels while our present
Immigration policy continues.
I think that all humane men must welcome the improvement in the position of American labor which this involves. High-priced labor, however, is
not necessarily high-cost labor. American labor is highly efficient, partly
by virtue of education, intelligence and native ability, and partly by virtue
of the fact that it is used in conjunction with a large volume of land and
capital, and so has much greater opportunity to turn out a large product
per individual. Where high wages grow out of high output per man, they
are economically desirable and may be expected to continue. High wages
accompanied by slovenly work, reduced output and progressive inefficiency
are an economic monstrosity and cannot be maintained. Wages depend on
Productivity.
High wages are to be welcomed because they mean for a very large body
of our people better conditions of life and better opportunities. But it is
necessary for us to take stock as to the significance of this for our Indus-
Bank Consolidations Necessary.
All through this country and throughout the world, consolidations of
financial institutions to create larger units are taking place. This is a
natural development. It rests upon necessity. Larger and more varied,
and expanding requirements of domestic and international business demand
of banks, not only increasing services, but also loans and credits running
often into big figures. Therefore, the real need for great banks, completely rounded out and equipped for every service.
In the evolution of things, smaller units are steadily giving way to coordinated aggregations, better fitted to perform with economy and advantage. Corporations have taken place of individuals under drive of ecoromic
laws, and partners have become stockholders with numbers vastly mere-used.
Corporate growth has proceeded with the development of the country. It
has been natural, healthy and constructive.
Every line of industrial business, transportation and other activity,
whether in production, distribution or service, has progressed enormously
through the last quarter of a century through agency of corporate ownership and direction. The end is not ya. There will be still great accomplishments in ways to promote the welfare, comfort and happiness, and
spiritual, as well as material, progress of mankind.
Financial institutions, and the vital functions and productive services
which they have come to perform, constitute now a most important constructive factor in the affairs of this country and the world. They have
grown and expanded to meet new demands upon them. Thus in banking it
has been as in other lines of activity. But as consolidation moves forward
in other directions, reaching to larger things, so must financial facilities
keep pace; otherwise there would be restriction upon industry, production,
employment, trade and consumption. Wealth of this country is now bigger at four times what it was a quarter of a century ago. Bank clearings
are five times greater. Deposits have increased sevenfold. Farm value has
expanded four times, the value of factory products in like proportion, and
exports have almost tripled. There are now nearly 30,000 chartered national and State banks and trust companies in the United States. They have
in their business approximately $7,000,000,000 of working capital, with
$60,000,000,000 total resources and above $50,000,000,000 deposits. Life
insurance assets of the country now exceed $9,000,000,000, those of building and loan associations more than half that much.
Great Banks of the World.
Philadelphia, the third city in the United States, now turns out of mills,
factories and workshops in a year products worth above $2,000,000,000.
It is a chief seaport of the country. Naturally tributary to it is a highly
developed populous territory. Much of the financial business of the rest
of the country can ,,be done here, as well, if not better, than elsewhere.
Where, to assure best results, financial transactions need to be conducted
very confidentially, as in advance preparation for large domestic and foreign settlements, there are recognized advantages in working through Phila.
MAR. 20 1926.11
THE CHRONICLE
1563
of The
and personal in- _Thursday, May.6, has been reserved for meetings
delphia. Pennsylvania pays one-eighth of the corporate
except New York.
National Safe Deposit Advisory Council and of Committees.
come taxes of the country—more than any other State
facilities are needed
These make some of the reasons why greater banking
The Convention will be held under the auspices of the
city, but to the counhere. It is important and valuable, not only to this
on, of which Louis V.
should be available here, New York State Safe Deposit Associati
try at large, that every kind of banking service
financial accommo- Ennis is President, W. J. Barrows of 25 Broad Street, New
backed by capital and resources enabling the biggest
in the country
dations for business which may be necessary. Elsewhere extent of such York, Chairman of the Committee of Arrangements.
in the
there have grown up financial institutions greater
still larger units.
capacity, and the current development of banking is for as the Chase NaITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Two chief banks of New York are about to consolidate
and about $900,tional Bank which, with $79,000,000 of working capital
the
by
New York Stock Exchange memberships were reonly
Three
exceeded
country,
000,000 of deposits, will rank second in the
reof
000
$1,300,000,
with
it,
Even
ported posted for transfer this week, that of Sylvester Post
National City Bank of New York.
banks of Great
desources, is smaller than any of the five great joint-stock
to Sidney M. Sternbach, that of Howard K. Burras,
since
and
During
Britain, the largest of which has above $2,000,000,000.
J.
to
Pell
H.
Howard
of
that
d
and
consolidate
Epstein,
been
Gustav
to
ceased,
the war, a much larger number of British banks have
to reach out
consideration in the case of the first
The
Moore.
Into a few greatly larger institutions, and the tendency now is
Carson
Bank having
last-menfor control of banks throughout the British Empire, Barclay's
two was stated to be $150,000 each and for the
just taken in the National Bank of South Africa, Ltd.
$145,000.
for
was
sale
g
instituprecedin
tioned $145,000. The last
Elsewhere than in New York, there are many powerful financial
business
tions in this country, which are adding greatly to the prestige and
developthe
of the
to
as
well
as
located,
success of the cities in which they are
The stockholders of the Chase National Bank and
banks with
18
March
ment of the country as a whole. In Chicago there are three
on
approved
Bank
National
Metals
&
from
s
ranging
Mechanic
capital funds of $33,000,000 to $47,000,000, with deposits
of
name
the
under
Buffalo
ons
Cleveland
instituti
the consolidation of both
$250,000,000 up to $425,000,000. Boston, Pittsburgh,
than
is
and San Francisco all have banks with larger capital and deposits
Chase National Bank of the City of New York. It
The
any heretofore in Philadelphia.
reprevoted,
were
which
proxies
the
of
all
To correct this dis?roportion and to give Philadelphia every advantage announced that
shares
capand opportunity which complete banking facilities, coupled with big
senting a substantially larger proportion of the total
whereby
concluded
consolida
the
favored
ital and great resources afford, arrangements have been
vote,
s
two-third
required
be con- than the
the Girard National Bank and the Philadelphia National Bank will
the
columns,
these
in
indicated
tion. As has already been
solidated as the Philadelphia-Girard National Bank.
boards of direcBoth banks have notable heritages, preserved and augmented during agreement was entered into by the respective
and
State
a
at separate
ratified
years of successful conduct. The Girard National Bank, first as
been
now
has
tors a month ago. It
then as a national institution, has been in continuous business since 1832;
ers and the plans for
stockhold
on
e
consolidati
respectiv
the
of
The
meetings
1803.
since
similarly the Philadelphia National Bank
& Metals
be
was approved by the Comptroller of the Currency Feb. 24 and will
carrying out its terms adopted. The Mechanics
passed upon by the stockholders of each bank March 25. It is anticipatedd meeting authorized a stockholders committee with full
that the merger will be put into effect about April 1. The consolidate
business power to act in effecting these plans. The physical consolibank will start with approximately $27,600,000 of capital in its
0.
$250,000,00
some
of
resources
and
00,
$200,000,0
with deposits of about
effect on April 12 1926. The consolidated
meeting dation will take
Thus there will be in Philadelphia an institution fully capable of
surplus and undivided profits amountcapital,
have
will
conbank
now
as
every banking requirement of big as well as small business
combined resources of the two
The
000.
ing to $79,000,
ducted.
28.
65,420
institutions, as of Dec. 31 1925, totaled $1,051,4
Chase National
present
the
Bankers
of
State
resources
York
New
includes
of
This
ion
Annual Convent
the Chase
Bank amounting to $638,050,230 60, resources of
Association to Be Held in Quebec,
23, and
June 21-23.
Securities Corporation amounting to $25,521,601
amountBank
National
Metals
&
s
Mechanic
ng
the
resources of
The New York State Bankers Association is completi
plans for its annual convention which is to be held at the ing to $387,893,588 45.
DirecAlbert H. Wiggin, now Chairman of the Board of
Chateau Frontenac, Quebec, Canada, on June 21, 22 and 23.
be
will
Bank,
National
Chase
the
of
At the banquet to be held on Tuesday evening, June 22, the tors and President
bank;
ted
consolida
the
of
principal speaker will be United States Senator James W. Chairman of the Board of Directors
n of the Board of Directors
Wadsworth. Through arrangements with the New York Gates W. McGarrah, Chairma
National Bank, will be ChairCentral and the Canadian Pacific Railway a special train of the Mechanics & Metals
ee, and John McHugh,
Committ
e
Executiv
the
of
June
man
will leave New York for Quebec at 4.40 p. m. Friday,
National Bank, will
Metals
&
s
Mechanic
18, arriving at Quebec at 7.30 a. m. Saturday, June 19, in President of the
on.
instituti
ted
time for breakfast at the Chateau Frontenac. The arrange- be President of the consolida
H. Wiggin
Albert
ion
Corporat
s
Securitie
Chase
In
the
E.
ments for this special train are in the hands of "Al"
, Edward
Directors
of
Board
the
of
Brainard, Assistant General Passenger Agent, New York will continue as Chairman
e Committee, and
Executiv
the
of
n
Chairma
as
R.
Tinker
Through
Central, 466 Lexington Avenue, New York City.
t.
the courtesy of the Canadian Passenger Association co- Halstead Freeman as Presiden
new and enlarged board of
the
that
ed
determin
been
has
It
Line
Trunk
operating with the Passenger Department of the
on will include banking,
instituti
.
combined
the
of
directors
Association of the United States, a fare of one and one-half
ation and mercantile
transport
al,
commerci
uring,
manufact
to Quebec and return, has been granted to the members of executives representing a wide range of business interests
the association and dependent members of their families and experience. The directors, with their corporate affiliaattending the convention on the "Identification Certificate tions, will be:
Alfred P. Sloan Jr.. President. GenPlan." A trip up the Saguenay has been arranged following Henry W.Cannon.
eral Motors Corporation.
H. Wiggin, Chairman of the
the close of the conv,ention on June 23. Edward J. Gallien, Albert
ElLsha Walker, President, Blair &
Board.
Co., Inc.
of 128 Broadway, is Secretary of the association.
John J. Mitchell, President, Illinois
Annual National Safe Deposit Convention to Be Held
in New York City, May 7-8.
The National Safe Deposit Convention will be held at the
Hotel Roosevelt, New York City, Friday and Saturd_a_z?
May 7-8, 1926. Addresses will be made at the various sessions by experienced bankers and safe deposit managers.
Mark Graves, member of the New York State Tax Commission will speak at the Friday morning session on the subject: "Reciprocity Between the States in Inheritance Tax
Legislation and Procedure"; and George V. McLaughlin,
Police Commissioner of the City of New York, and former
Superintendent of Banks, will address the Banquet; as will
another notable after dinner speaker.
At the opening session on May 7 the general topic will be
"The Safe Deposit Business and Sitme Laws Affecting It."
The Chairman will be Harry F. Pratt, Union Trust Co.,
Cleveland, Ohio; at the morning session, May 8, Ernest L.
Anderson, R. I. Hospital Trust Co., Providence, R. I. will
preside, and the general topic will be "The Public Service
Aspect of the Safe Deposit Business"; James A. Sweeney,
of the Paterson Savings Institution, Paterson, N. J., will be
the Chairman at the afternoon session, May 8, at which the
general topic will be "The Safe Deposit Business Viewed
n." AU
from Inside—Questions of Management and Operatio
Merchants Trust Co., Chicago, Ill. Malcolm G. Chace.
President,
Guy E. Tripp, Chairman Board of Thomas N. McCarter,
Public Service Corporation of N.J.
Directors, Westinghouse Electric
man
Vice-Chair
Clarkson,
Robert L.
& Mfg. Co.
of the Board.
James N. Hill.
Board of
Daniel C. Jackling, President, Utah Amos L. Beaty. Chairman
Directors, the Texas Ca.
Copper Co.
President
Charles M.Schwab,Chairman Board William H. Woodin.
of Directors, Bethlehem Steel Corp. American Car & Foundry Co.;
President, American Locomotive
Samuel H. Miller, Vice-President.
Co.
Edward R. Tinker, Chairman of the
Executive Committee, Chase Se- William P. Holly.
Gates W. McGarrah, Chairman of
curities Corporation.
Edward T. Nichols, Vice-President, the Executive Committee.
John McHugh. President.
Great Northern Railway Co.
J.
Newcomb Carlton, President. West- William E. S. Griswold, W. &
Sloane.
ern Union Telegraph Co.
President
,
Havemeyer
Frederick H. Ecker, Vice-President, Henry 0.
Brooklyn Eastern District TerMetropolitan Life Insurance Co.
minal.
Eugene V. R. Thayer, Vice-PresiWilliam A. Jamison, Arbuckle Bros.
dent, E. Atkins & Co., Inc.
Carl J. Schmidlapp, Vice-President. L. F. Loree, President, the Delaware
& Hudson Co.
Gerhard M. Dahl, Chairman Board
of Directors, Brooklyn-Manhattan Theodore Pratt, New York.
Robert C. Pruyn. President, NaTransit Corp.
tional Commercial Bank & Trust
Reeve Schley, Vice-President.
Co., Albany, N. Y.
H. Wendell Endicott.
Samuel F. Pryor, Chairman ExecuJeremiah Milbank.
Henry 011esheimer, Vice-President. tive Committee, Remington Arms
Co., Inc.
Arthur G. Hoffman, Vice-President,
The Great Atlantic & Pacific Tea Ferdinand W. Roebling Jr., Treasurer. J. A. Roebling's Sons Co.
Co.. Inc.
F. Edson White, President. Armour
& Co.
1
1564
THE CHRONICLE
The present principal offices of both banks will be retained
at 57 Broadway and 20 Nassau St. The former will be the
main office of the consolidated institution and the latter
will become the Mechanics & Metals branch of the consolidated Chase National Bank. The present branch office
service and facilities in New York City and Brooklyn of
both banks will be continued as follows:
Metropolitan Branch, Fourth Ave. at 23d St.
Shoe & Leather Branch,320 Broadway.
Maiden Lane Branch, 75 Maiden Lane.
Prince Street Branch. 565 Broadway.
Seventh Avenue Branch, Seventh Ave. at 36th St.
Forty-first Street Branch, Madison Ave. at 41st St.
Hamilton Trust Branch, 191 Montague St., Brooklyn.
Park Avenue Branch, Park Ave. at 60th St.
Produce Exchange Branch, 25 Broadway.
Columbus Avenue Branch, Columbus Ave. at 93d St.
Fifty-seventh Street Branch, 143 West 57th St.
Harlem Branch, Third Ave. at 116th St.
Harlem Market Branch, 2011 First Ave.
Eighty-sixth Street Branch, Broadway at 86th St.
Manhattanville Office, 422 West 125th St.
Stuyvesant Square Branch, Second Ave. at 14th St.
Fifth Avenue Branch, 204 Fifth Ave.
Seventy-second Street Branch, Broadway at 72d St.
Mechanics & Metals Branch, 20 Nassau St.
Worth Street Branch, Broadway at Worth St.
The present foreign branches of the Chase will be continued as follows:
Havana Branch, Havana, Cuba.
Cristobal Branch, Canal Zone.
Panama City Branch, Republic of Panama.
[VOL. 122.
Plaza, on Mar. 13, after a long illness. About two months
ago, Mr. Storrow went to North Carolina hoping to recuperate; he was on his way home to Boston several weeks ago,
when his illness took a serious turn as a result
of an injury
to his spine, and it was decided to consult New
York specialists. His body was taken to Boston on Mar. 14, and the
funeral was held there on Mar. 16. Mr. Storrow was 62
years of age. He was a native of Boston,and was prominent
in its civic and industrial life. He was active in
the Liberty
Loan and Red Cross Drives, and during the
war when the
coal shortage in New England became acute,
he pledged
his personal credit for shipments of coal
and subsequently
shipped and distributed at his personal risk more than
1,000,000 tons of coal, a gross business exceeding
$10,000,000.
He was elected to the Boston City Council and served
four
years, being President of it for the final year. He
served as
Chairman of the Boston Chamber of Commerce in
1908,
1909, 1912 and in 1913. Before he entered the
firm of
Lee, Higginson & Co., Mr. Storrow was for eleven
years a
member of the law firm of Fish, Richardson &
Storrow,
which handled many of the legal affairs of Lee, Higginson
& Company. Mr. Storrow joined the banking firm
as a
partner in 1900. Since the death of Maj.Henry L.Higginson
he had been senior member of the firm. Mr. Storrow had
also since 1916 been Chairman of the Nash Motors Company, and he was a director of the U. S. Smelting and
Refining Company, U.S. Mining Company, William Underwood Company and the Railway and Light Securities Company. From 1910 to 1915 he was Chairman of the executive
committee of the General Motors Company.
The policies of the founders of both institutions to conserve and to increase capital by rendering it useful will be
maintained and developed in the consolidated Chase National Bank with a view to serving in a larger measure than
ever before the present and future demands of. commerce
The million dollar suit against the Continental Bank of
and industry upon banking facilities here and abroad.
New
York, John F. Frederichs and F. H. Hornby, has been
The stockholders of the present Chase National Bank and
Chase Securities Corporation have authorized the increase dismissed by Justice Lewis in the Supreme Court, Kings
in the capital stock of the Bank and Corporation from County. Clarence C. Perpall sued the defendants claiming
200,000 to 400,000 shares. 100,000 of the additional shares that they had entered into a conspiracy to prevent him
of each institution will be issued to the shareholders of the from doing business and had compelled certain firms and
Mechanics & Metals National Bank in the form of Bankers persons to discharge him from their employ and to cease
Trust Company receipts representing an equal number of employing him and also that they had circulated libels and
shares in the Chase National Bank and the Chase Securities slanders of and concerning the plaintiff. He claimed he had
Corporation. The other 100,000 of the additional shares been damaged in the sum of $1,000,000. The case came
will be offered pro rata to the present holders of Bankers up before Justice Lewis last Friday and the plaintiff asked
Trust Company receipts for shares of the two Chase insti- to postpone the trial. Myron L.Lesser,the Bank's attorney,
tutions on the basis of $105 for a share of the Bank and a insisted on an immediate trial with the result that when the
share of the Securities Corporation, $100 of which will be case was reached and the plaintiff was not ready the Court
received by the Bank and $5 of which will be received by ordered the action dismissed.
the Securities Corporation. Thus Chase stockholders have
Under the name of the Int-er State Trust Company, it is
the right to subscribe for one new share of the Chase National proposed to establish a new trust institution
in this city
Bank and one new share of the Chase Securities Corporation with a capital stock of $2,000,000. The
incorporators are.
for every two shares of each of said corporation standing in Geo. S. Silzer, Isaac Alpern, Ralph Wolf,
John W. Burrows,
their name at 3 p. m. March 23 1926.
Samuel J. Bloomingdale, A. C. Fetterolf, James A. Kenny
For the purpose of carrying out the agreement in so far as and E. P. Thomas.
the stockholders of the Mechanics & Metals National Bank
The Central National Ban-k of Broadway and 40th St.,
are concerned the meeting of these stockholders on March 18
authorized the appointment of a committee with full power New York City, announces the appointment of Osmond W.
and authority to carry out,the agreement in their behalf. Cook, as an Assistant Cashier of the bank. Mr. Cook was
Under this plan stockholders in the Mechanics & Metals formerly with the Grace National Bank and with the GuarNational Bank will deposit their shares with the stockholders' anty Trust Company. Reference to the opening of the
committee which is authorized to administer the exchange of Central National Bank was made in our issue of Jan. 30,
page 567.
securities and the consolidation of assets provided for
the
terms of the consolidation agreement. Since it was founded
At a meeting on March
4, the stockholders of the Public
in 1877 the capital of the Chase National Bank has been5 National Bank of New York
ratified plans to increase the
increased from $300,000 to $20,000,000, its deposits from capital stock from $4,000,000 to
$5,000,000, in accordance
$14,738 20 to $564,608,785, its official staff from 3 to 71 with a recommendation
of the directors in January. Sharewith 28 directors, and its employees from 4 to 1,681. At holders will receive
$500,000 as a stock dividend and the
the present time the shareholders of the Chase National, right to subscribe to an
additional $500,000 par value of
Bank and Chase Securities Corporation number 4,289, the stock at $200 per
share, both of which are payable March
average holding being 47 shares.
31 1926 to stockholders of record March 10 1926.
The Mechanics & Metals National Bank, one of the oldest
The special meeting of the stockholders of the
institutions in New York City, has increased its capital since
Bank of
it was founded in 1810 from $1,500,000 to $10,000,000. America of New York City, called to act.on the question of
From one of the four banks operating when it was chartered increasing the capital stock from $6,500,000 to $8,000,000
as the Mechanics Bank of the City of New York it has has been postponed until May 25.
grown to an institution of wide service and outstanding
Two Vice-Presidents of the Manufacturers Trust
prestige with 12 branches in New York City.
Company
of this city died during the past week. On March
Previous items regarding the merger appeared in these
13 VicePresident George Irving Skinner, and formerly
New York
columns Feb. 13, page 845; Feb. 20, page 966, and March 6,
State Superintendent of Banks, died at his home
in Brooklyn
page 1265.
of heart disease following an attack of influenza.
He was
years
69
of
age. Mr. Skinner was appointed State SuperAt the Annual Meeting of the United States Mortgage
& Trust Company of New York, on Mar. 18th, the retiring intendent of Banks by Governor Whitman on July 1 1917
and he held this post until early in 1920. He had been
directors were re-elected.
identified with the State Banking Department for
22 years
James J. Storrow, a member of the banking firm of Lee, and for 15 years was Deputy Superinte
ndent. In June 1924
Higginson & Company, died in New York, at the Hotel he was appointed confidential assistant
of President Jonao
MAR.. 20 1926.]
THE CHRONICLE
1565
Hamilton McInnes, Counsel. The following are the
of the Manufacturers Trust Company with the title of Vice- and
directors:
Land
the
of
director
President. Mr. Skinner had also been
Robert Acampora, President Acampora Brothers, builders, Mamaroneck,.
Bank of the State Bank of New York. Vice-President Frank
L. Harold Bayly, President Mamaroneck Lumber & Supply Co., MamaroL. Norris of the Manufacturers Trust Company,and formerly neck.
C. Ludwig Baumann, President C. Ludwig Baumann & Co., Brooklyn.
President of the Gotham National Bank, died in this city on
Frank A. Benson, General Sales Manager, Armour & Co.
March 14. Death was ascribed to heart disease and a
William R. Bull, President.
age.
J. Castiglione, builder, Mamaroneck.
severe cold. He was 63 years of
The directors of the Morris Plan Company of New York
announce the discontinuance of the industrial banking business by the Associated Banking Corporation. Beginning
March 12 the Morris Plan Company, with the approval of
the State Banking Department, continues the service at the
same location, 463 Seventh Ave., New York, as a branch
office of the company.
Selleck E. Coles, house moving, Mamaroneck.
Charles E. Cornell, real estate; Mamaroneck.
Department,
T. F. Flandreau Jr., Vice-President and Manager Banking
Westchester Title & Trust Co., White Plains.
New York
Lawrence S. Greenbaum, Greenbaum, Wolff & Ernst, attorneys,
City.
J. B. Morris, Morris Plan Co., New York City.
formerly ProdRea A. Murdock, Vice-President and General Manager,
dent First National Bank, Port Henry, N. Y.
S. McCandless, retired, Mamaroneck.
Hamilton McInnes, attorney, New York City.
J. H. McLoughlin, real estate, Mamaroneck.
John F. O'Reilly, O'Reilly & Dahn, real estate, New York City.
William A. Palmer, retired, Mamaroneck.
New York
S. S. Prince, Asiel & Co., member New York Stock Exchange,
The AmericanjUnioniBank of New York announces the
opening of its new bankinglquarters in the American Union
Bank Building at Eighth Avenue and 37th Street, on Mar. 15.
City.
l
Mitchell Sheffer, merchant, Mamaroneck.
It was announced on Mar. 6 that the Fordham Nationa
Frank J. Sinnott, Ennis & Sinnott, real estate, New York City.
J. Crawford Stevens, President Westchester Title & Trust Co., White
Bank of New York, purchased the property in which the
bank is located, at Fordham Road and Jerome Avenues. Plains.
J. C. Stone, Asiel & Co., member New York Stock Exchange, New York
Prior to this it had held the adjoining property with a City.
Arthur L. Torrence, hay and grain, Mamaroneck.
view to making both properties its permanent quarters.
John S. Watson, real estate, Larchmont.
The purchased property will be remodeled, the plans calling
W. L. Wessels, bank advertising, New York City.
for the erection of a ten-story office building. Reference to
D. M. Williams, Vice-President First National Bank & Trust Co., Port
of
issue
our
in
made
was
Chester.
the opening of this institution
The new trust company will render complete banking and
Jan. 23, page 439. Senator Royal S. Copeland is President
trust
officers
services.
the
Copeland
Senator
to
addition
In
bank.
of the
of the institution include Joseph P. Ryan and E. Nelson
The Comptroller of the Currency announces that the
Sims, Vice-Presidents; Percy N. Moore, Cashier and Luther
Side National Bank of Buffalo, N. Y.,
Community-South
McFarland, Assistant Cashier.
has changed its name to the Community National Bank of
Plans to increaselthe capital stock from $200,000 to Buffalo.
$300,000 were approved on Mar. 11 by the stockholders of
The Exeter Banking Co. of Exeter, N. H., has been authe Bank of Washington Heights of New York. The surplus
by the State Board of Trust Co. Incorporation to
thorized
will be increased from $600,000 to $1,000,000. The new
its
capital stock from $75,000 to $100,000. On Jan.
increase
.
stock will be offered at $500 a share to the.stockholders
the
1926
.12
stockholders of the bank authorized the InReference to the plans to increase the capital was made in
will become effective April 1. Par value of
which
crease,
our issue of Mar. 6, page 1266.
the new shares will be as that of the old, 1. e. $100 per share.
will be
Plans to increasethe capital stock of the Long Beach Stockholders as of the close of business Jan. 12 1926
share on
per
$120
at
new
stock
for
to
subscribe
to
permitted
$100,000
from
Y.,
N.
Beach,
Long
of
Trust Company
stock
$300,000, have been approved by the State Department of the basis of one new share for each three shares of
Banking, and the new capital became effective Mar. 4. It then held.
was authorized by the stockholders on Feb. 9. The addiThe death was announced in New Haven on March 15 of
tional stockl(par $100)1was deposed of at $150 and bidding
James S. Hemingway, r Vice-President and a director of the
$175.
Second National Bank of that city and Secretary-Treasurer
The State Department of Banking has issued an auth- of the New Haven Savings Bank. Mr. Hemingway, who was
orization certificatelto the Erasmus State Bank of Brooklyn. in his 65th year, died of heart disease from which he had
N.Y., andlthe bank commenced business on March 8th with suffered for some time. In addition to his banking activities,
alcapital of $200,000 and a surplus of $70,000. The insti- he was a director of the New Haven Gas Light Co., the
tutionfis located:at Rogers & Church Avenues. Its organiza- Security Insurance Co. of that city and of the Central New
tion was completed March 5. Frederick B. Norris is Presi- England Railway Co.
dent, and Horace1Howe, who has been associated with the
The Comptroller of Currency approved on March 11 an
Kensington Bank and formerly Cashier of the Gotham
to organize the Port Newark National Bank of
National Banat 1819 Broadway has been elected Second application
J. The new institution plans to commence
N.
Newark,
Vice-President and ;Cashier. James A. Langdon is First
with
h capital of $200,000, and surplus of $50,000.
business
Vice-President and Joseph Perlitch is Third Vice-President.
B. McGregor will be President; Wm. D. Goldsmith
The directors are: Fred. B. Norris, Albert E. Castle, James Graham
Armitage have been named as Vice-Presidents.
and
Warren
A. Langdon, Ernest F. Distler, George V. Fink, Martin J.
that the bank will begin business in temporary
Shields, John7A. Sievers, William Sievers, Joseph Dondero, It is expected
June 1. The stock, par $100, is being
about
quarters
Abraham Ender, George D. Bancroft, Magistrate Francis
share; of the premium, $20,000 will be
per
$135
at
placed
McCloskey, and Dr. John H. E. Sand. The stock was
and reserve.
equipment
applied toward
disposedloCatI135 per 100 share.
we
It was announced on March 8 that a new bank to be known
nzed.
-7,-R-77.-73-FW
h BrooklyTh
asithe CitizensfBankof
byFrederick-T-Heidenreich,
The movement is head
President °tithe Guaranteed Title & Mortgage _ Co. The
new-bank will be located at 80 farnalca=. The institutiodwill commence business with a capital and surplus of
$300,000, of Ilwhich11$200/100 will represent ciigital and
$100,000 surplus, the selling price of the stock being fixed
at $150 per $100 share.
Following the issuance of an authorization certificate by
the State Banking Department, the Mamaroneck Trust Co.
on March 1. The inof Mamaroneck, N. Y., began business
stitution has a capital of $100,000 and a surplus of $100,000—its stock (par $100) having been placed at $200 per
share. The officers of the new company are William R.
and GenBull, President; Rea A. Murdock, Vice-President
nt;
Vice-Preside
Greenbaum,
S.
Lawrence
eral Manager;
Treasurer,
Frank A. Benson, Secretary; George H. Coffin,
A certificate of organization has been issued by the New
Jersey State Banking Department to the Guardian Trust
Co. of New Jersey, which will locate in Newark. Michael
Hollander, Chairman of the Board, makes the following
announcement:
Under its original charter, the Guardian Trust Co. of New Jersey was
capitalized at $500,000 with $250,000 surplus. By unanimous vote, the
stockholders approved an amendment to the charter increasing the capital
to $5,000,000 and the surplus to $2,500,000, and providing an equipment
and reserve fund of $500,000. Original stockholders waived their subscription rights to the additional shares of capital stock, so that the Guardian
Trust Co. is now able to offer the same for public subscription at $160 per
share—$100 to capital, $50 to surplus, and $10 to the equipment and
reserve fund. Subscription books will close on Thursday, April 1 1926.
Mr. Hollander also states that the new trust company
will conduct the business of banking on the broadest scale,
and will engage in all functions which may be properly performed by a trust company. Its permanent home will be
at 828-830 Broad Street, Newark. Grover C. Trumbull,
Vice-President of the New York Trust Co., has been elected
Vice-President and member of the board of directors of the
1566
THE CHRONICLE
[Vol,. 122.
new company. James Rattray, Assistant Vice-President of
the Guaranty Co. of New York since 1920 and for several
years prior to that time associated with the Guaranty Trust
Co., has resigned to become a director and Vice-President
of the new Guardian Trust Co. of New Jersey. He has also
been elected President and a director of the Guardian Securities Co., a subsidiary investment company. Mr. Rattray
has served the Guaranty Trust Co. and Guaranty Co. in
various executive capacities. He was at one time in charge
of the Income Tax Department, later was appointed an
Assistant Manager of the Bond Department, and when the
Guaranty Co. was organized in 1920 he was made an Assistant Vice-President. In recent years he has devoted much
of his time to investment research and advisory work, in
which connection he has also given attention to questions
of taxation in relation to investment.
All assets of the Producers' tz Consumers' will be purchased by the nevi
trust company for a sum equal to 60% of the total deposits, plus all unpaid
administration expenses and other unpaid obligations of the receiver, the
total of which is not to exceed $950,000.
The depositors of the Producers' & Consumers' Bank will have theft
choice under the plan of taking either their distributive share under the
receivership or to have placed to their credit in the new trust company
a sum equal to 60% of the face amount of their deposits in the defunct
bank.
The present stockholders of the Producers' Sz Consumers' will be allowed
to subscribe to the new trust company's stock at $62 50 a share.
The depositors of the old bank who become depositors in the new trust
company will receive the first net profits earned until they aggregate
40% of the face amount of their deposits in the defunct bank. The stockholders of the bank will come next until they shall have received an
amount equal to the par value of their Producers' Sz Consumers' holdings.
Under the plan Mr. Mitten has agreed to provide a fund whereby stockholders of the Producers' Sz Consumers' may borrow at 6% interest,
amounts sufficient to enable them to subscribe and pay for the proportion
of stock to which they are entitled.
Decision as to whether depositors or stockholders will participate in
the
formation of the new trust company Will be required within 60 days after
confirmation of the plan by the court. If the plan is approved transfer
of
The Comptroller of the Currency announces, effective the assets of
the old bank will be made before May 15.
March 3, a change in the name of the Bergen National Bank
Mr. Greenfield said that Mr. Mitten yesterday (Feb. 1) gave him
as
of Jersey City, N. J., to "Journal Square National Bank of receiver a check for $100,000 as a deposit on account to show his good
faith.
Jersey City." Reference to the proposed change in the title
The new Mitten Men & Management Bank & Trust Co.
was made in our issue of Jan. 30, page 569. The proposal Is
capitalized at $800,000, consisting of 16,000 shares of the
was ratified by the stockholders on March 1.
par value of $50 a share. In the application for a charter
The Board of Directors of the Franklin Trust Co. of the purpose of the organization was given as "the insurance
Philadelphia on Mar& 17 declared a semi-annual dividend of owners of real estate, mortgages and others interested
of 7%, payable on April 1, to stockholders of reeord March In real estate from loss by reason of defective titles, liens
18. This is an increase of 1% in the semi-annual rate, and and incumbrances." The directors are: T. E. Mitten, A. A.
places the stock on a 14% basis per annum. The board also Mitten, C. J. Joyce, W. K. Myers and A. A. Chapman, all of
directed that on April 1 3250,000 be transferred to surplus Philadelphia and all high officials of Mitten Management,
account. This will then show the company to have: capital, Inc. Mr. Chapman, it is understood, has been chosen Treasurer of the new bank. Our last reference to the affairs of
$1,500,000; surplus, $2,500,000; total, $4,000,000.
C. Addison Harris, Jr., President of the Franklin Trust the Producers' & Consumers' Bank appeared in the "ChronCo., in announcing theabove increase in the dividend rate icle" of Jan. 2, page 53.
and surplus account, stated that the past six months have
Oscar H. Irwin, President o- f the First National Bank of
been the most profitable in the company's history.
Huntingdon, Pa., died on March 9. Mr. Irwin was born in
Stockholders of both the Fourth Street National Bank and Huntingdon 52 years ago. He entered the banking business
the Franklin National Bank, Philadelphia, on Thursday, shortly after his graduation from high school.
March 18, ratified the proposed consolidation of the institu-•
Announcement was made o- n March 8 of the election of
tions under the title of the Franklin-Fourth Street NaWilliam R. Webb as Secretary of the Baltimore Trust Co.,
tional Bank, according to a press dispatch from Philadelphia
Baltimore, to succeed the late William Hambleton, whose
appearing in the "Wall Street Journal" of that date. Refdeath was recorded in our pages recently. Mr. Webb enerence to the proposed union of these institutions was made
tered the employ of the National Exchange Bank 23 years
In our issues of Jan. 16, Jan. 30 and Feb. 20, pages 313, 569
ago as a runner and gradually was promoted until he beand 969, respectively.
came Cashier. Upon the merger of his institution with the
The Pennsylvania State Bureau of Corporations at Har- Atlantic Trust Co. and subsequently upon the consolidation
risburg on March 16 granted a charter to the Mitten Men of the Atlantic Trust Co. with the Baltimore Trust Co., Mr.
& Management Bank & Trust Co. of Philadelphia, an insti- Webb continued as Cashier, and now relinquishes the positution organized as a successor to the defunct Producers' & tion to become Secretary. His successor as Cashier, it is
Consumers' Bank of that city—the labor bank which failed understood, has not as yet been chosen. In addition to his
on May 4 last with liabilities of nearly $2,500,000. Appli- duties with the Baltimore Trust Co. Mr. Webb is Manager
cation for a charter for the new institution followed the of the Baltimore Clearing House.
granting of permiss:on by the Court of Common Pleas No. 2
The Indianapolis"News"of March 12 stated that a charter
to Albert M. Greenfield, the receiver for the failed bank,
granted the Knox-Harrison Bank & Trust Co. of
to sell the assets to Thomas E. Mitten, Chairman of the had been
Vincennes, Ind.—an institution representing a consolidation
Executive Committee of Mitten Management, Inc., and
of the Knox Bank & Trust Co. and the Harrison Bank &
Chairman of the board of directors of the Philadelphia
Trust Co. of Vincennes. Steps looking to plans for the
Rapid Transit Co., for $928,000. Some time ago an offer by
merger of these institutions, it was stated, had been under
Mitten Men & Management to provide $1,000,000 to reorconsideration for nearly two years. According to
the
ganize the failed bank was submitted to Mr. Greenfield.
"News" the new institution will have resources in excess of
Details of the reorganization plan (under which both de$1,000,000. Tyler L. Andrews, former head of the
Knox
positors and stockholders will participate) were agreed upon
Bank & Trust Co., will be President, with Leroy Badollett,
by Mr. Mitten and .Mr. Greenfield on Feb. 1. The plan was
former President of the Harrison Bank & Trust Co. as
set out in the Philadelphia "Ledger" of Feb. 2 as follows:
Vice-President, while James M. Jordan will be Secretary:of
Details of the plan under which Men and Management of the Philadelphia
Rapid Transit Co. will reorganize the defunct Producers' lz Consumers' the new bank.
Bank were agreed to yesterday (Feb. 1) by Thomas E. Mitten, President
of Mitten Management, Inc., and Albert M. Greenfield, receiver for the
bank. The plan will be submitted by Mr. Greenfield to Court of Common
Pleas No. 2 for approval before the end of the week.
In announcing the reorganization details Mr. Greenfield said his only
Interest is to procure as much as possible for the persons who lost theit
money in the crash of the bank, and that he is convinced the Mitten plan
offers the greatest hope of salvage that could possibly be expected. 114
said he has received a copy of the resolution of the Central Labor Union
withholding its approval of any plan of reorganization that included the
participation of Mr. Mitten, but that be could not conscientiously enter inte
any consideration of labor questions.
Mr. Greenfield announced that Mr. Mitten has agreed to put up a fund
immediately upon approval of the plan by the court for those depositors 01
the bank who wish to withdraw the proportion of the deposits to which
they would be entitled if the affairs of the bank were to be liquidated
Under the Mitten plan, Mr. Greenfield declared, these depositors will re.
ceive 60 cents on the dollar, whereas they would get not more than 55
cents if ordinary liquidation were to take place.
Upon judicial liquidation of the plan, Mr. Mitten has agreed to undei%
take the incorporation of a trust company to have a capital of $800,000,
divided into 16,000 shares of $50 par value each. These shares will be
subscribed and paid for at $62 60 per share in order to provide an initial
surplus of $200,000.
The application to organize the Halsted Exchange
National Bank of Chicago, Ill., with capital of $200,000
was
approved by the Comptroller of the Currency on
Feb. 13.
The bank will start with a surplus of $40,000, the
stock being
placed at $120 per share. Daniel M. Healy will be
President.
of the institution, which will begin business about
May 15.
Frank H. Peterson, Preside-nt of the Union State Bank
of
Minneapolis, died on March 11 after a brief illness.
Death
was due to heart disease. Mr.Peterson was born
in Marine,
Mimi., in 1857 and was one of the pioneer merchants of
Minneapolis. About fifteen years ago he became President
of the Union State Bank and held the position continuousl
y
until his death.
Failure of two other smal-l Missouri banks, namely the
Bank of Jameson at Jameson, the Farmers' Bank of Jameson, in addition to that of the Farmers' Exchange Bank of
MAR. 20 1926.]
THE CHRONICLE
1567
ted institutions), according to a press dispatch from
Gallatin (noted in the "Chronicle" of March 13, page 1412), (affilia
on March 10, which appeared in the San Francisco
place
that
were reported in the following special press dispatch from
of the following day. The deal, it was said,
cle"
"Chroni
t."
Democra
"GlobeLouis
St.
Gallatin on March 9 to the
for three years. It was stated that the
pending
been
had
The dispatch read:
to the San Francisco institution would
its
banks
the
of
closed
here,
transfer
The Bank of Jameson, at Jameson, eight miles north of
doors this afternoon, leaving Jameson with no bank and the third financial be completed shortly. Fred E. Wadsworth,President of the
be no change
institution to fail in this county in five days.
finan- affiliated banks, announced that there would
The Farmers' Bank at Jameson closed its doors last Saturday. The
Exchange in the banks' personnel. The purchase price of the stock,
cial crash comes as the aftermath of the closing of the Farmers'
Bank at Gallatin, a $1,000,000 institution, and whose banking ramifications it was said, has not been made public.
extended to all parts of the county.
The Bank of Jamem failure makes the tenth bank to fail in Bayless
Advices received this week at the New York office of
County in the last three years.
approxiand
$25,000
Barclays Bank, Ltd., stated that Barclays Bank, S. A. I.,
The Bank of Jameson had a capital and surplus of
mately $100,000 in deposits.
the Italian subsidiary of the Barclays organization, will open
branch in Genoa in the near future. The location of the
a
Thomas B. Carroll, the former Executive Vice-President
be at 1 Piazza Competto, Genoa. Present
and Cashier of the failed People's Savings Bank of Jack- new branch will
it will be ready for business in April. The
that
e
indicat
plans
frauduson, Tenn., entered a plea of "guilty" to a charge of
follows by about a year the establishbranch
this
lent breach of trust in the Circuit Court at Jackson on opening of
S. A. I., with headquarters in Rome.
Bank,
s
of
Barclay
ment
E.
John
Judge
by
ed
Jan. 4, following which he was sentenc
Richardson to serve three years in the State Penitentiary
The annual report of the National Provincial Bank, Ltd.
at Nashville, according to a press dispatch from Jackson (head office London), was submitted to the proprietors of
on that date printed in the Memphis "Appeal" of Jan. 5. the institution at their annual general meeting on Jan. 28
Another indictment against Carroll, charging embezzlement and makes a satisfactory showing. The statement covers
and larceny was nolle prossed. John M. Carroll, son of the the twelve months ended Dec. 31 1923 and as of that date
former Executive Vice-President, and the former Assistant shows advances to customers and other accounts of 1133,Cashier of the bank, was cleared of charges of aiding and 617,259; investments of £42,115,503; bills discounted of 135,abetting his father in the fraudulent breach of trust. Car- 880,917 and coin, Bank of England arid currency notes in
roll began serving his sentence, it is understood, on Jan. 6. the United Kingdom and balances with the Bank of Engof
Carroll and his son were previously tried on charges
land; balances with and cheques In course of collection on
an
of
being
and
trust
of
breach
ent
and
fraudul
other banks; etc., etc.; money at call and short notice,
embezzlement
(Oct. 2
156,547,530. On the liabilities side of the statement the
accessory, respectively, but the trial was terminated
last) when the jury failed to agree on a verdict and were bank's paid-up capital is given as 19,479,416, with a reserve
fund of like amount, and the total deposits of the institution
discharged by Judge Richardson.
also
The late Federal Judge J. W. Ross of Jackson was
at1252,737,817. During the year 16 new branches and agenthe
of
out
growing
ents
indictm
the
in
cies were opened, increasing the total number of the bank's
named as a defendant
death in
offices to 1,132. In submitting the report to the shareholdfailure of the People's Savings Bank. He met his
were
ents
indictm
the
after
day
the
t
ile
acciden
ers, Sir Felix Schuster, the Chairman, announced that the
an automob
s Bank
returned by the Grand Jury (July 9). The People'
dividend rate had been restored to the pre-war level of 18%
e of
per annum, "as had been our consistent hope once we had
was closed on June 5 1925 with an estimated shortag
in the
$381,000. Reference was made to the bank's affairs
a reserve fund equal to our capital."
and in the
"Chronicle" of July 25 last, pages 423 and 424,
a
Banque Populaire Suisse, which was founded in 1869 as
2002.
page
24,
Oct.
"Chronicle" of
spread throughout
co-operative society, has now 53 branches
mery, Ala,. on Switzerland and shows a satisfactory expansion for the last
According to a press dispatch from Montgo
amounted
erald" of the year. The capital of the bank at the end of 1925
"Age-H
ed
March 13, printed in the Birmingham
to nearly Fr. 94.8 million (swiss). The reserves mention
following day, formal announcement was made on that day in the balance totaled Fr. 25 million and the membership on
(March 13) by A. M. Baldwin, President of the First Na- Dec. 31 last was 77.570. The deposits and current accounts
197.7 miltional Bank of Montgomery, that plans had been worked out rose as follows: Creditors by Fr. 23.5 million to Fr.
to Fr. 273.6
million
30
of
Fr.
s
by
Bank
l
deposit
and
Nationa
ge
savings
Exchan
the
lion,
of
union
the
looking towards
by 31.1 million to Fr. 285.8 million. The
Montgomery with his institution and that the consolidation million,s bonds
d chiefly in the bills of exchange with
investe
were
deposit
would be consummated when stockholders of the former had Fr. 123.9 million (1924 Fr. 81.2 million), in securities with
ratified che agreement. Since those interested in the First Fr. 28 million (Fr. 21.1 million), in customers' liabilities
National had acquired a majority of the stock of the Exchange with 444.8 million (Fr. 436.7 million), in loans with Fr. 44.7
es with Fr.
National Bank, it was stated, the ratification would simply million (Fr. 48.6 million), in credits on mortgag
that the
out
pointed
is
It
.
million)
165
(Fr.
stated,
was
million
n,
it
178.3
be a formality. According to Mr. Baldwi
million,
7.2
Fr.
to
ed
e
amount
exchang
of
bills
the
of
s
the resources of the enlarged First National Bank would be proceedsecurities to 2.3 million (Fr. 1.7 million), of the loans
of the
$18,000,000. The dispatch further stated that James J. and advances to Fr. 36.8 million (Fr. 34.6 million). On the
Campbell, Cashier of the Exchange National Bank, had other hand, the expenses for the deposits and current.
25 million)
been elected a Vice-President of the Alabema Bank & Trust accounts have absorbed Fr. 30.2 million (Fr.
s and
building
bank
the
on
when
ations
duties
amortiz
new
After making
Co. of Montgomery and would assume his
after
and
,
860,000
Fr.
r
togethe
of
ons
for alterati
s
purpose
the merger of the Excnange National Bank with the First reserves an
ble
charita
for
90,000
Fr.
of
on
allocati
making
profit
net
the
National Bank became effective. Mr. Campbell had been and
s,
reserve
the
to
transfer
e
an adequat
Cashier of the Exchange National Bank since 1910, it was amounted to Fr. 6.3 million, thus allowing to pay again a
said.
dividend of 6%.
NGE.
The officers and directors of the Security State Bank and
THE WEEK ON THE NEW YORK STOCK EXCHA
ed the
Security Savings Bank of San Jose, Cal., announce the coral
depress
have
sales
ion
liquidat
Heavy realizing and
pletion of their new banking rooms at First and Fernando stock market the present week, and, in sharp contrast with
streets. These quarters were occupied March 8. Complete last week's brisk upward movement the general list with
banking and safe deposit facilities have been provided.
few exceptions has sharply declined, many new low records
n
Housto
the
to
a,
Texas,
for the year having been established. Motor shares have
Navasot
A special dispatch from
ty been almost continuously under pressure, industrial stocks
Guaran
s'
State
Farmer
the
that
d
reporte
ch"
-Dispat
"Post
John and specialties have also tumbled. The vigorous upward
Bank of Navasota had been closed on Feb. 13 and that
, swing that characterized the movements of the market for
L.
Renicke
R.
and
T. Evans, the President of the institution
of
ement
embezzl
alleged
more than a week received a sharp setback during the twofor
d
arreste
been
its Cashier, had
in
d
release
15)
(Feb.
hour session on Saturday, many prominent issues receding
ently
the bank's funds and subsequ
ow, following from 1 to 10 points on realizing and liquidation. The marFranckl
C.
C.
Justice
by
each
$7,500
bonds of
ket was weak from the start, the selling becoming more
The dispatch went on to say:
a preliminary hearing.
H. D. Wallace and J. H. emphatic as the day advanced. Motor shares were under
Affairs of the institution are in the hands of
Quota, State Bank Examiners. two men charge Evans with a shortage of pressure from the beginning and railroad issues, especially
Complaints filed against the
Plate
a shortage of between $8,000 and $10,000. Atlantic Coast Line, Chesapeake & Ohio and Nickel
about $100,000 and Renicke with
somewhat on Montwo.
off
Renicke
fell
a
rush.
Trading
with
charge,
'down
went
one
only
faces
Evans
ed considerable irregularof San Francisco completed day and price movements develop
On March 10 the Liberty Bank
ity during the forenoon. The outstanding feature of the day
u County Savings Bank and the
the purchase of the Siskiyo
was the sensational break of Atlantic Coast Line and Seau County, of Yreka, Calif.
First Savings Bank of Siskiyo
1568
THE CHRONICLE
For. 122.
board Air Line, the former declining 10 points from its for- from
663
% to 603/2 and finished to-day at 603/2. The class B
mer high, and Seaboard Line dropped to 33%, but recovere stock
d
fell from 20% to 163/2 and closed to-day at 163
4, while
to 36 in the last-hour rally. In the rebound toward the the
preferred stock lost almost four points to 933/2. Auburn
close of the day United States Steel common moved briskly Automob
ile corn. declined from 633/8 to 583%. Electric
forward and closed with a net gain of 1% points. General Refrigeration was
down from 66% to 633%, the close to-day
Petroleum was the strong feature in the oil group and being at 64.
Glen Alden Coal declined from 158 to 1513%
bounded forward nearly five points to 65, at its high for and sold to-day at 152.
Sears, Roebuck & Co. new stock
the day. The market forged steadily upward on Tuesday, weakened from 52 to 48% and
sold finally at 48%. Servel
and many standard stocks advanced from 1 to 3 points above Corporation was off from
2534 to 203%, recovering finally to
Monday's closing levels. On the other hand, a concerted 213%. Public utilities were
weak. American Gas & Elecattack was directed against the specialties and food stocks 73._
tric common sold down from 78 to 72% and closed to-day at
and several issues in these groups sold down to new low
me
Power & Light common was off from 593/2
records for the year. The announcement made after mid- to 533/2, the final figure to-day being
533%. Commonwealth
session that the stock deposited under the Nickel Plate P7wer lost two points to 32. Electric
Bond & Share Securimerger would be released had a depressing effect on the ties fell from 69% to 643
% and ends the week at 65. Electric
general list and as a result, the market closed somewhat Investors dropped from 483% to 42.
Northern States Power
lower. The weak feature was Ward Baking "B," which was sold down from 1113% to 1063% and at
finally. United
in supply on a large scale and dropped off 6 points to a new Light & Power, class A, declined from1063/2
873/2 to 78, the final
low of 49%. The trend of prices was again downward on transaction to-day being at 783%.
In the oil group, ConWednesday, many stocks showing pronounced weakness tinental Oil eased off from 223% to
203%. Humble Oil &
throughout the day. The widest movement occurred in the Refining, after early loss from
893/2 to 853/g, recovered to 89
railroad group, Atlantic Coast Line dropping nearly 11 and reacted finally to 87. Vacuum Oil
broke from 1033% to
points, to 202, though it rallied 3 points in the late trading. 97 and closed to-day at 99. Gulf Oil
lost over two points
Sharp declines were recorded by such well-known market to 83%.
leaders as General Electric, Fleischmann, Allied Chemical,
A complete record of Curb Market transactions for the
Postum Cereal and Central Leather. Heavy liquidation week will be found on page 1595.
again marked the trading on Thursday, the selling waves
DAILY TRANSACTIONS AT THE NEW YORK CURB
MARKET.
coming at frequent intervals and forcing many stocks downSTOCKS(No. Shares).
BONDS(Par Value).
ward from 1 to 10 points. One of the weakest stocks of the
Week Ended Mar. 19
Ind
Oil.
day was American Can, which slipped back nearly 16 points,
Domestic. For'n Oat.
164,340
to 287%. The increase in the Chesapeake & Ohio dividend Saturday
82,430
18,230 $483,000 $107,000
Monday
216.790
109.030
49,280 1,007,000
201,000
from $4 to $8 per share, announced after the close of busi- Tuesday
216,050
103.250
31,700 1,011.000
147,000
Wednesday
174,930
119,070
31.000 1,064.0(10
ness on Wednesday, stimulated interest in many issues dur- Thursday
196.000
184,560
138.170
52,270
910,000
165,000
188,250
110,340
ing the early hours of trading and the tone improved, but Friday
295,000 1.034,000
148.000
Total
around mid-session vast quantities of stocks were thrown
1.144,920
662.290
477.480 $5,509,000 $964,000
on the market and the trend was again downward. The
market was again weak on Friday. Motor shares were
COURSE OF BANK CLEARINGS.
again under pressure, Hudson Motors breaking badly followBank clearings the present week will again show a satising the publication of its statement for the quarter ending factory increase as compared with the
corresponding week
Feb. 28, followed by sharp declines in General Motors, Jor- last year. Preliminary figures compiled by
I 8, based upon
dan, du Pont, Nash, Studebaker and Dodge. American Can telegraphic advices from the chief cities
of the country,
was sold in large blocks and broke to new low ground for indicate that for the week ending to-day(Saturd
ay, March 20)
the present movement, at 282%. Weakness also developed bank exchanges for all the cities of the United
States from
in General Electric, which slipped back 2% points to 312%. which it is possible to obtain weekly returns will
aggregate
Chesapeake & Ohio moved against the trend and improved 7.4% more than in the corresponding week last
year. The
1% points to 132%. The final tone was weak.
total stands at $10,928,051,887, against $10,174,248,61
9
for the same week in 1925. At this centre there is
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
an
DAILY. WEEKLY AND YEARLY.
increase for the five days of 7.4%. Our
comparative
summary for the week is as follows:
Stocks.
Railroad.
State.
United
Week Ended Mar. 19.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
ctc..
Bonds.
Municipal ct
Foreign Bonds.
1,012,130
1,532,650
1,428,530
1,489,022
2,122,474
2,122,300
$3,763,000
7,389,000
5,407,500
7,251,000
6,045.000
6,064,000
$1,191,500
1,670,000
2,144,000
2,144.000
1,950,000
1,862,000
$659.6
1.225,500
1,028,600
714,500
723,800
975,000
9,707,106
$35,919,500
$10,961,500
$5,327,050
Week Ended Mar. 19
1926.
Stocks-No. shares__ _
Bonds.
Government bonds_ _ _
State et foreign bonds_
Railroad & misc. bonds
Total bonds
Number of
Shares.
1925.
States
Bonds.
Jan. 1 to Mar. 19.
1926.
1925.
9,707,106
9,824,570
107.686,952
100.978.749
$5,327,050
10.961,500
35,919,500
$9,513,900
12,466,500
52.585,500
$66,105,300
134,827,850
510,569,550
399,684,050
144.215,200
677,214,500
$711,502,700
$921,113,750
$52,208,050 $74,565,900
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA
AND
BALTIMORE EXCHANGES.
Weak Ended
Mar.19 1926..
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey.
week reyhued
Boston.
Philadelphia.
Beliimore.
Shares. BondSala. Shares. Bond Sales. Shares. Bond Saks
17,599
$10,000
21,627
$9,000
1,443
$14,200
27,265
14,000
34,607
29,200
1.510
37,700
21.393
18,000
21,365
20,200
3,206
25,000
22,207
17,000
21,188
34,300
2,530
20.500
25.715
11,000
50,967
19,000
1.475
54,900
14,827
12,000
26,659
40,000
2.029
27,000
139,006
$82,000 176.413 4151,700
12,193 $179,300
143.707
892.250
213.353
8164.100
23.290
852.000
THE CURB MARKET.
Tisding in the Curb Market this week was very quiet,
and prices under renewed selling pressure moved to lower
levels. Except for a slight upward movement in Tuesday's
market, the trend was uniformly downward. Baking shares
were most active, though changes were small. Continental
Baking, class A, after early improvement from 1093/2 to
1113%, dropped to 103. General Baking, class A, broke
Clearings-Returns by Telegraph.
• Week Ended March 20.
1926.
1925,
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
Ban Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$5.216,000.000
556,964.843
554,000.000
439,000,000
121.144,175
141,100,000
172,960,000
161,441.000
153,811,980
157,256,742
102,841.226
102,796,834
50,549,241
Thirteen cities,5 days
Dther cities, 5 days
37.929.866,041
1.176,843,865
$7,477,888,642
_1,082,439,785
+6.0
+8.7
Total all cities. 5 daYs
All cities, 1 day
$9,106,709,906
1,821,341,981
$8.560,328,427
-1.613,920,192
+6.4
+12.8
ilri i"A r•Act .....
• •. •
,T,...•I .,11 MtIsm fn..capplr
sin One nki
997
$44,895.801,010
+6.5
588,267,730
-5.3
489,000,000 +13.3
398.000,000 +10.3
123,136,696
-1.6
135,500,000
+4.1
151.482,000 +14.2
147.100,000
+9.7
150,762,230
+2.0
145,062,502
+8.4
100.482,835
+2.3
88,865.650 +167
64,427,989 -31.4
..
.
• Complete and exact detai s for the week
covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them to-day, inasmuch as the week
ends to-day
(Saturday), and the Saturday figures will not
be available
until noon to-day. Accordingly, in the above
the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however
, which we
present further below, we are able to give final
and complete
results for the previous week-the week ended
March 13. For
that week there is an increase of 5.8%, the 1926
aggregate of
the clearings being $9,941,158,609 and the 1925
aggregate
$9,396,582,491. Outside of New York City
the increase is
only 1.0%, the bank exchanges at this centre
recording a
gain of 9.5%. We group the cities now
according to the
Federal Reserve districts in which they are
located, and
from this it appears that in the Boston Reserve
district the
totals are larger by 6.5%. In the New
York Reserve
district (including this city) by 9.4% and in the Philadel
phia
Reserve district by 0.3%. The Cleveland Reserve
district
shows a gain of 2.9% and the Atlanta Reserve
district (chiefly
MAR. 20 1926.1
by reason of the increases at Florida points) of no less than
17.1%, but the Richmond Reserve district falls 1.7%
behind. The Chicago Reserve district records a falling off
of 5.1%, the St. Louis Reserve district of 2.7% and the
Minneapolis Reserve district of 8.9%. The Kansas City
Reserve district falls behind 8.1% and the Dallas Reserve
Reserve district 4.8%. The San Francisco Reserve district
enjoys a gain of 10.9%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1Vcek Ended Mareh 13.
1926.
1925.
Inc.or
Dec.
Federal'Reserve Districts.
I
$
let Boston
12 cities 479,233,925 449,966,683
5,923,973 310 5,412,352.597
2nd New York
11
568,618,154 666,997,575
3rd Philadelphia
10 "
381,839,975 371,024,897
8 "
4th Cleveland
195,928,789 199,200,229
8 "
5th Richmond
261,771,681 223,472,965
5th Atlanta
13 "
919,918,000 968,769,633
20 "
7th Chicago
221,658,554 227,846,760
8 "
8th Bt Louis
9th Minneapolis
119,629,779 131.325,688
7 ""
256,987,353 279,755,633
12 "
10th Kansas City
5 "
77,572,567 81,493,956
11th Dallas
537,026,522 454,375 875
12th Ban Franeisco
17 "
1924.
1923.
$
%
$
+6.5 464,971.351 481,696,066
+9.4 4,429,639.161 4,443,651,294
+0.3 501,311,183 500.396,582
+2.9 359,981,697 386,995,736
-1.7 181,389,899 181,093,852
+17.1 197,593,018 202,156,214
-5.1 853,899,653 882,354,361
-2.7 209,408,769 78,152,109
-8.9 118,931,179 123,961,211
-8.1 226,143,070 25.3,500,256
-4.8 65,174.261 62,693,651
+10.9 483,582,741 459,819,508
Grand total
129 Mee 9,941,158,609 9,396,582.491 +5.8 8,091,725,982 8,063,470,840
4,122,758,640 4,090,039,997 +1.0 3,771,048,104 3,719,492,640
Outside New York City
Canada
go mum IOR MI 996 965 rim ao1 .4-108 959 094.0615 251.069.140
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending March 13.
Clearings az
1926.
1925.
Inc.or
Dec.
1924.
1923.
First Federal Reserve Diet rIct-Bosto n619,454 +22.3
Maine-Bangor _
759,490
2,792,832 +0.5
Portland
2.807,025
Mass.-Boston
427,000.000 397.000,000 +7.5
2,655,134 -29.3
Fall River _ _
1,876,389
a
a
a
Holyoke
982.178 +12.4
Lowell
1,104.312
a
a
a
Lynn
1,720,794 -21.6
New Bedford_ _
1.349,865
5.812,485 -9.2
Springfield-. _
5,276,648
5.787,000 -9.5
Worcester
3,426.979
13.228,969 +23.5
16.339.593
C01111.-Hartford
7,201.560 -14.9
New Haven.._
6,129,503
13,444,800 -7.4
12,449.100
R.I.-Providence
721.477 -0.6
717,021
N.H.-Manchea'r
650,981
2.491,239
419,000.000
1,701,148
a
1,089,397
•
1,222,180
5,048,164
3,152.000
12,297,726
6,297,600
10,995,900
725.016
635.474
2,822,843
436,000.000
2,192,681
a
1,216,047
a
1.510.050
4.756.773
3,824,000
10,457,985
5,932,568
11.772.400
696,066
+6.5
464.671.351
481.696,066
Total(12 cities)
479,233,925
1569
THE CHRONICLE
449,966.683
Second Feder al Reserve D istrIct-New York5,181.439
5,228.304
5,587,220 +31.3
7.335.734
N. Y.-Albany __
946.600
1,011,300
982,700 +0.04
983,100
Binghamton_ _ _
40,973,439
43,252,482
+4.0
46,204.831
d48,037,182
Butfalo
668.130
668,478
912,319 -7.4
844,539
Elmira
971.209
1,138,435
1.283,306 -20.4
e1,021,775
Jamestown_ _
New York__ _ _ 5,811.399,969 5,306.542,494 +9.5 4,320,679,879 4,333,978,595
11.678469
10,882.981
12,037,418 -7.9
11,089,437
Rochester
4,552,744
4,462,092
4.826.973 -11.7
4,264,801
Syracuse
2,521,245
2,379,209
2,634.217 +7.3
c2,827,516
Conn.-Stamford
445.528
508.887
577,685
492,616 +17.3
N. J.-Montclair
39,971,550
41,189.420
30,848,503 +5.6
Northern N.Y. 32,591,572
Week Ending March 13.
Clearings at
1926.
1925.
Inc. or
Dec.
1924.
1923.
Seventh Feder al Reserve D istrice- Chi cage291,834
295,076 -7.0
274,352
Mich.-Adrian _
810.626
742,871 +37.9
1,024,459
Ann Arbor___ _
158,781,693 144.163,544 +10.1 142.547,698
Detroit
6,781,559
7,344.317 +30.4
9,578,456
Grand Rapids_
2,143,747
2,430,934 -8.2
2,370.000
Lansing
2.287.271
2,588,08 +8.0
2.794,470
Ind.-Ft. Wayne
19,016.000
-21.5
16.836,000
13,223,000
Indianapolis.- _
2,302,779
2,394.512 +13.5
2,717,900
South Bend_ _ _
5,277.992
5,348,415 -19.5
4,303.874
Terre Haute_
40,996.022
42,933.528 +3.3
44,344,829
Wis.-Milwaukee
2,834.770
2,872,952 -12.0
2,527,949
Iowa-Ced. Rap_
11,121.927
11.644,281
11,318,954
Des Moines...7.057,362
8,666,494 -10.3
7.741,930
Sioux City_ _
1,367,440
1,508,794 -16.4
1,261,434
Waterloo
1,710.148
1,921,939 -6.3
1,800,348
111.-Bloomington
642,897,547 70301544,950 -8.7 595,091,150
Chicago
a
a
a
a
Danville
1,399.290
1,454.581 -9.0
1,324,154
Decatur
4,692.854
5,268,311 +0.6
5,300.177
Peoria
3,268.060
2,952,023 +0.5
2.968,475
Rockford
2,901.124
3,257,993 +3.3
3.363.999
Springfield _ _
36.568,420
2,609,614
11,081.615
6,928,448
1,539,250
1,772,583
643,338,101
a
1.153,715
4.424,238
2,396.784
2.891,577
Total(20 cities) 919,918,000 968,769,633 -5.1
Eighth Feder al Reserve D lattice- St. Louis
6,223,956 -17.6
5,126,206
Ind.-Evansville.
3.7
Mo.-Bt. Louis_ _ 139,700,000 145,000,000
-7.4
38,180,819
35,349,052
_
Ky.-Louisville
520,960 -30.3
363.368
Owensboro_ _ _ _
22,587.206 +3.1
23,284,293
Tenn.-Memphis
12,637,118 +22.2
15,449,842
Ark.-Little Rock
504.093 -23.5
385,504
Ill.-Jacksonville
2,192,608 -8.8
2,000,289
Quincy
853,899,653
882,354,361
5,011,436
136.400,000
34,223,612
469,625
19.496,779
11,814,906
367,870
1,624.541
55,238,124
528,310
25,017,878
10,363,732
345,618
1.547.993
-2.7
spells
-13.4
-8.0
-11.6
-14.6
-7.0
+2.1
+10.7
209.408.769
78.152.109
6,909,329
69.017,130
36.929.406
2,231,595
1,180,000
423.270
2,240,454
5.568.531
73,704,979
37,625,753
2,692,041
1,124,759
468,059
2,777,089
Total(7 cities). 119,629,770 131.325.688
Tenth Federal Reserve Dia trice-Ka n as City
d490,119
Neb.-Fremont..
621,310
Hastings
900.995 -27.0
656.717
Lincoln
5,610,191 +3.0
5.778,787
49.736,298 -7.9
Omaha
45,798,558
Kan.-Topeka _
3,523,843 +53.8
5.419,983
7,592,000 +5.9
Wichita
8.043,499
Mo.-Kan. City_ 132,826,147 140,310,450 -5.3
5.6
St. Joseph.
d8,803,923
9,332.247
a
a
Okla.-Muskogee
a
Okla. City.-- - d27,568,357
25,619,107 +7.6
a
a
a
Tulsa
1,152,574 +6.4
1.226,616
Col.-Col. I3Pgs.
Denver
19.232,470
20,577,808 -6.5
1,142.177
1,127,406 +1.3
Pueblo
118,931,170
123,961.211
487,734
591,112
4,675,182
41,031,934
3,388,381
6,934,923
119,292.789
7.955,256
a
20,988,771
a
1,162.835
18.717.445
916,708
520,890
569.403
4.470,738
46.870.794
3,127,350
9,766,747
140,206,386
226,143,070
250.500,256
2.085,781
40.781.167
10.001.387
7,257,887
•
5,048.039
2.062.730
36,256.401
10.264,405
9,295,567
a
4,814,548
Total(8 cities)_ 221,658,554 227,846,760
Ninth Federal Reserve Dig trict-M inn
7,895,682
d6.836.245
Minn.-Duluth
83,227,957
76,603,585
Minneapolis
32,837,484
St. Paul
29,024,595
2,475,277
2,113,100
No. Dak.-Fargo
1,742,854
1,620,648
S. D.-Aberdeen
605,990
617,815
Mont.-Billings _
2,540,444
Helena
2,813,790
Total(12 cities) 256.987,353 279,755.633 -8.1
Eleventh Fede cal Reserve District-Ds ilas4,447.606 -38.5
2,736.434
Texas-Austin._ _
49,845,241 -6.6
46,583,704
Dallas
12,401.108 +16.3
Fort Worth__ _ d14,420.167
9.592,400 -12.6
Galveston
8,389,000
a
a
a
Houston
+4.5
5,207,601
5,443,262
La.-Shreveport_
301,104
738.730
133,793,470
6.704,900
2,204,413
2,030,072
19.595,000
2,282.327
5,110,454
a
22,813.527
a
1.475.380
19.852.941
826,100
62.693.651
65,174,261
81.493.956 -4.8
77.572.567
Total(5 cities).
Twelfth Feder al Reserve D istrlet-San Franci sco45,469.605
48,994,635
33,854.805 t38.1
46,771.052
Wash -Seattle..
12,634.000
12,451,000
12,346,000 -1.9
12.111,000
Spokanea
a
a
a
•
Tacoma
1,556,843
1,356,482
1.472,744 +12.4
1,656.284
Yakima
33,741,844
37,017,431
37,317,560 +6.2
39.645,810
Portland
14,231,301
14,289,831
13,433,105 +14.3
15,357,337
Utah-S.L. City.
a
a
a
a
a
Total(11 cities) 5,9210,973,310 5,412,352,597 +9.4 4,429,639,161 4,443.651,294 Nev.-Reno
a
a
a
a
a
Ariz.-Phoenix _ _
3,875,431
2,277.078
2,954,829 +21.1
Third Federal Reserve Dist rict-Philad elphia
3,579,341
Calif.-Fresno.
8.185.936
8,166,557
6.998.783 +6.8
1,335,570
_
1.261.942
1,416,304
1.405,336 +0.8
Fa.-Altoona
7,475,207
Long Beach_
3,626,795
5.455.347
Bethlehem.._
4,262.685
3.641,855 +17.0
178,873,000 158.030,000 +13.2 153.359,000 138,275,000
Los Angeles_
14,845.658
17,200,251
1.273.537
1,409,308
1.230.997
20.073,130 +1.6
1,291,089 +9.1
Chester
20,387,582
Oakland
5.400.851
6.886,818
2,422,764
7,263.093 -4.7
2,622,289
3,215,148 -24.7
3,495,358
Lancaster
6,925.170
Pasadena
6,289,703
8,356.396
7,482,401 +16.3
Philadelphia
538.000,000 538,000,000
472,000,000 474,000,000
d8,703,574
Sacramento
3,806,180
4,543,000
+33.8
3,344.415
Reading
3.760.291
5,539,937
3.179.206
3,286.091 +14.4
7,413.257
Ban Diego
5,246,744
Scranton
6,045.046
6,315,120 -4.3
5,171,963
San Francisco. 178,637,000 168,529,822 +6.0 159,100,000 165,700,000
2,206,920
1,986,894
Wilkes-Barre3,419.253
3,614.013 -5.1
2,901,858
3,429.736
2,457.554 +13.8
2.797,866
San Jose
1,208,236
1,312,876
York
1,435,328
1,642.738
1.642,131
1,844,951 -11.0
1,383,382 +26.4
1,749.426
Santa Barbara.
2,474,012
6,229,279
4,383.972 +42.1
N.J.-Trenton_ _
2,180,930 +1.1
5.179,646
3.885,386
2,204.816
Santa Monica.
2,392.000
2,810.500
a
a
a
10.4
a
Del.-Wilming'n.
a
3.054,800
2,738.800
Stockton
Total(10 cities) 568,618,154 566,997,575 +0.3 501,311.183 500,396,583
Total(17 cities) 537.026,522 484,373,875 +10.9 483.582,741 459,819.508
Grand total (129
Fourth Feder al Reserve D strict-Clev eland
9,941.158,608 9.396,582,491 ' +5.8 8.091.725.982 8,053,470.840
cities)
d5.444,000
5.289,000 +2.9
Ohio-Akron._
7,151,000
5,042,000
-9.9
Canton
5,474,151
4.491.385
4,048,978
5.912,937 Outside N. Y____ 4,129.758.540 4.090.039.097 +1.0 3.771.045.1093,719.492.245
65.610,255
69.440,527 +4.8
Cincinnati
72,754,450
79,358,811
Cleveland
106,899,096 107,219,291 -0.3 108,075,419 114,289,287
Week Ending March 11.
14,816,000 +11.8
Columbus _ _ _ _
16,564,000
14.418,000
15.650.100
Clearings ata
a
a
a
Dayton
Inc.or
a
a
a
a
a
Lima
1923.
1924.
Dec.
1925.
1925.
1,896.678
1,954,907 -3.0
Mansfield
1,605,908
1,795,654
a
a
a
a
a
Springfield. _
$
8
$
%
$
Canada•
a
a
•
a
Toledo
79,066,759
81,769,665
75,971,128 +33.9
101,760.828
4,640,769
4,489,993
4,849.976 -4.3
3,784,308 Montreal
Youngstown _
81.624.216
80,425,114
75,516,808 +18.6
89,536,087
Toronto
a
a
•
a
Pa.-Erie
30,562,884
33,375,888
49,101,227 -28.7
35,018,979
153.156.971 161.162,639 Winnipeg
Pittsburgh_ _ _ 169,592,004 162.963,811
12,700,456
13,785,598
12,888.426 +21.7
15.681,912
Vancouver
5,791,631
5,077,487
+7.8
5,380,302
Ottawa
5,810,855
Total(8 cities) _ 381.839,975 371,024,897 +2.9 359,981.697 386.995,736 Quebec
4,295,319
6,116,539
4,310,083 +6.0
4,570,842
2,482.211
2,504.615
2,700,413 +12.4
3,035,726
Halifax
Fifth Federal Reserve Dist rict-Richm ond5,109,346
4,428,541
+4.6
4,128,013
Hamilton
3,947,086
1,936,871
1,796.581 -11.5
2,123,720
1.588,875
W.Va.-Hunt'ton
4,411,820
6,360,173
+9.6
7,382,391
7,074,542
7,183.482
8.170,645 -3.7
7.675.145 Calgary
7,871.547
Va.-Norfolk _ _
2.547,505
2,387.317
3,164,029
2,474,983 +27.8
_
49,077.000
54,578,000 -8.8
51,639,000 St. John
49,763.000
Richmond
1,731,248
1,705,346
2,136,590
1,700,793 +12.6
2.300,111
3.167,718 -20.7
2.980,480 Victoria
d2,512,412
S.C.-Charleston
2,496,172
2,229,267
3,164.029
2,096,070 +5.1
99,535.435
95.828.054 London
Md.-Baltimore _ 107,127,349 103.688.363 +3.3
3,545,408
3,922.641
-2.9
4,172,220
Edmonton
4.294,287
27,798,922 -2.6
21,357,000
20,938,253
27,075,606
2,824.380
D. C.-Wash'ton
2,780.515
Regina
2,740,670 +16.4
3,191.586
455,316
414,750
Brandon
443,555 -3.0
430,243
Total (6 cities). 195,928,789 199,200,229 -1.7 181,389.899 181,093,852 Lethbridge
432,936
481.746
499.444
468,498 +5.5
1.230,709
1,414,984
1,530,613
Saskatoon
1,284,481 +19.2
Sixth Federal Reserve Dist rict-Atlant a909,300
872,175
Jaw
Moose
864,104
+9.8
949,258
6,315,889
+0.8
6.870.096
6,070.960
6,928,726
Tenn.-ChaVga
851,704
817,316
1,145,832
807,905 +41.8
3,351,000
3,465,661 -4.4
3,259.238 Brantford
3,316,099
Knoxville
632.787
741,141
680.002
528,156 +40.3
21,964.692
23,099,122 +4.6
20.731.000 Fort William
24,159,463
Nashville„
506.603
554.406
Westminster
626,654
+13.0
New
554,274
61.418.566
55,384.512
67,550,650 +6.7
72.106.712
Ga.-Atlanta ___
243,585
265,761
249,606
295,706 -15.6
2.824,649 -22.9
2.885,907 Medicine Hat
1,725,254
2,178,625
635,845
Augusta
671,786
695,734
Peterborough-.
-4.8
730,62
1,600.317
-7.7
1,364.210
1,670,273
1,541,038
Macon
718.017
854,053
Sherbrooke
671,464 +5.9
711.338
•
a
a
a
a
Savannah
926.266
751.484
898,555
+3.4
868,81
15,948,144
15.354,796 Kitchener
23,006,306 +71.1
39,368.546
Fla.-Jacks'nville
2.773,771
2,916,735
Windsor
+27.7
3.214.521
2,516,90
4,928.429
14,221,187 +29.1
18,364,274
286,940
Miami
391.677
292,37 +22.2
357,177
29,643,769 Prince Albert _ ...._
27.565,356
26,966,930 +22.0
32,898,096
Ala.-BIrm'ham _
810,401
625,904
798,881
675,554 +18.2
1,969.808 Moncton
1,781.326
1,897,772 +11.9
2.123.300
465.605
Mobile
512,570
Kingston
+29.5
716,760
553,343
1.028.86.5
1,719,335 -32.0
1,219.071
1.169,000
Miss -Jackson
370.945
367.917
440.687 -10.2
395,639
Vicksburg -..._
Total(29 cities) 296.011 995 0912 win 421 4-12.9 259.094.055 251.069.140
57.832,043
55.677,218
49,736,297 +15.0
57,212.166
La.-NewOrleans
a No longer report clearings. b Do not respond to requests for figures. c Week
202.156.214
+17.1
197,593,018
223.472.965
ended March 10. d Week ended March 11. eWeek ended March 12. *Estimated
Total(13 cities) 261.771.681
1570
THE CHRONICLE
f Vot.. 122
THE ENGLISH GOLD AND SILVER MARKETS.
ENGLISH FINANCIAL MARKETS-PER CABLE.
We reprint the following from the weekly circular of
The daily closing quotations for securities, &c., at London.
Samuel Montagu & Co. of London, written under date of as reported by cable, have been
as follows the past week:
Mar. 3 1926:
London,
Sat.
Mon.
Tues.
Wed
Thurs.
Fri.
Week Ended March 19- Mar. 13.Mar. I5.Mar. 16. Mar.17. Mar. 18 Mar.19.
GOLD.
The Bank of England gold reserve against notes
d 30 5-16 30g
30)4
305-16 303-16 30)4
on the 24th ultimo. Silver, per oz
amounted to £143,186,170 as compared with £143,344,435 on the previous Gold, per fine ounce
84.11% 84.11% 84.11% 84.11% 84.11% 84.11%
Consols, 2% per cents......
Wednesday.
5474
_
54
5455
5474
5474
About £400,000 of South African gold was available this week. Of this British,5 per cents
10134 10174
10174
10134
10134
£300.000 was almost equally shared by India and the Continent, and the British,4% per cents
____
95 X
9574
95,4
9574
9574
French Rentes (in Paris), fr_
balance (£100,000) was acquired by the Bank of England.
48.75 48.05
47.65
47.40
46.95
The steamer which left Durban for Bombay on March 1st took about French War Loan On Paris)fr.
57.80
56.97
56.55
56.00 56.35
.£898,000 in bar gold and sovereigns.
The price of silver in New York on the same days has been:
The following movements of gold to and from the Bank of England have
Sliver In N. Y., per ox. (eta.):
been announced since our last issue:
Foreign
65%
65%
6574
66
65%
65%
Feb. 25. Feb. 26. Feb. 27. Mar. 1. Mar. 2. Mar. 3.
Received
£1.800.000
£100,000
Withdrawn
778.000
62,000
The £1,800,000 received on the 26th ult. was announced to be sovereigns
released on account of Crown Agentsfor the Colonies on account of the Note
Breadstuffs figures brought from page 1658.-The
Issue of the Hongkong and Shanghai Banking Corporation in Hongkong.
The destinations of the am000 sovereigns withdrawn were announced as statements below are prepared by us from
figures collected by
follows: £750.000 'Set aside on account of the South African Reserve the New York Produce Exchange.
The receipts at Western
Bank,' £40,000 to Straits Settlements, E28.000 to Singapore and £22,000 lake and river ports
for
the week ending last Saturday and
to India. During the week under review £1.060,00(1 on balance has been
received by the Bank, increasing thenet influx since Jan. 1 to £1,174,000. since Aug. 1 for each of the last three years have been:
and reducing the net efflux since the resumption
ofan effective gold standard
Receipts at- Flour.
Wheat.
Corn.
Oats.
to £10,421,000.
Barley.
Rye.
The Southern Rhodesian gold output for Jan. 1926 amounted to 48.967
bbls.196lbs bush.e0
bush.55 lb, ush 221St bush.481bs bush.661be.
ounces, as compared with 49.307 ounces for Dec. 1925 and 48,159 ounces Chicago
236.000
181,000 1.725.000
510.000
65,000
43,000
Minneapolis
1,113,000
for Jan. 1925.
227,000
223,000 204.000
65,000
297,000
94,000
3,000
The financial and industrial conditions of the Indian Empire-assisted Duluth
52,000
M liwaukee _
27,000
17,000
106,000
164.000 185,000
5,000
by favorable monsoons-continue to be highly satisfactory.
91,000
Sir Basil Toledo
97,000
146,000
12,000
Blackett in introducing the Indian Budget at Delhi stated that State Detroit
10,000
6.000
10,000
10,000
25,000
428,000
131,000
indebtedness had been reduced, no external loan had been required for the Indianapolis.
St. Louis__ _ _
95.000
348,000
608,000
462,000
16.000
last three years, and Government securities were on the up-grade. He Peoria
60.000
25,000
650.000
142.000
43.000
added that last year the Indian Bank Rate did not exceed 7%,and held out Kansas City_
476,000
457,000
68.000
the prospect of it not exceeding 6% in the current busy season; this, except- Omaha
193,000
512,000
138,000
Joseph..
101,000
259,000
52.000
ing two war years, would ,constitute a record. He remarked that the St.
Wichita
97,000
51.000
18.000
- Government financed 30 crores (£22,500.000) of new capital expenditure Sioux City_
36.000
36,000
38,004
last
•
year without borrowing, and expect to finance 35% crores in the
current year without asking the market for more than 2 crores of new Total wk. '26 418.000 3,010,000 5,162.000 2,194.000 516,000 187,000
Same wk '25 439,000 4,521.000 8,104,000 3.571.000 886,000 179,000
money. Further he stated that the Government is in a position to devote Same
wk. '24 391,000 4.665,000, 7,294,000 4,163,000 699,000 389,000
3 crores to the reduction of taxation by the abolition of the cotton excise
.034 crores) and to grant a further remission of 134 crores in the provincial SineeAug.I1925
14,575,000262.991.000163,092,000 165,018.000 9.026,00018,767,000
contributions.
1924
15,438.000424,750,000183,522,000 205,979.00042,237,00049,788,000
We understand that the demand in Holland is so keen for gold pieces of
1923
13,856,000164,884,000212,118,000 170,335,000(31.432,00021,737,000
Fl. 10 (destined mostly for Germeny where these coins are smelted and
used for industrial purposes) that the Netherlands Bank, in order to check
Total receipts of flour and grain at the seaboard ports for
exports, has decided not to issue more than Fl. 250 in one day to each
the week ended Saturday, March 13, 1926, follow:
applicant for gold coin.
United Kingdom imports and exports of gold during the week ending the
Receipts at- Flour.
24th ult. were:
Wheat.
Corn.
Oats.
Barley.
Rye,
ImportsExportsBarrels.
Bushels,
Bushels.
Bushels. Bushell
Bushels.
British South Africa
£744,917 Germany
270,000
£282,600 New York_ __
591.000
29,000
180,000 262,000
68,000
Other countries
1,662 Netherlands
44,000
27.500 Philadelphia_
68,000
5,000
16,000
19,000
France
17.000
64,470 Baltimore
287,000
16,000
13,000 201,000
Bombay via Other Ports
48,000
168,051 New Orleans *
8,000
36,000
18,000
Straits Settlements
7,000
48,500 Galveston_
Ceylon
15.000
35,500 Montreal _
125,000
47,000
86,000
21,000
Other countries
18.000
2,000 St. John, N.B.
563,000
28,000
25,000
Boston
23.000
31,000
21.000
Total
£746,579
Total
£628.621 Total
wk. '26 435,000 1,678,000
133,600
362,000 528.000
68,00
SILVER.
Since Jan.1'26 5,119,000 30,544,000 5,398.000 6,074,000 5,687,000 1,309,000
Again the market has been inert, so much so that from the 26th ult.
until yesterday, the quotations remained unaltered. The Indian Bazaars Week 1925_ _ .. 702.000 3,498.000
92.000. 657,000 289,000 256.000
have taken but little interest. Most of the business has been on China Since Jan.I'25 6.290.000 35.184.000 1,625.000 5,673.000 5.218.000 5.407.000
account, the Continent being inactive. To-day, offerings on a dull market
• Receipts do not include grain passing through New Orleans for foreign ports
depressed prices to 30.34d. for cash and 36.7-16d. for two months' delivery. on through bills of lading.
The cash price is the lowest since Dec. 15 1922. and the forward price
since
The exports from the several seaboard ports for the week
July 30 1923.
United Kingdom imports and exports of silver during the week ending ending Saturday, March 13 1926, are shown in the annexed
statement:
the 24th ultimo were:
ImportsExportsExports fromWheat.
Corn.
Netherlands
Flour.
Oats.
Rye.
£103,169 Bombay via Other Ports- -£249,500
Barley.
Begium
10.446 Other countries
15,926
Barrels.
Bushels.
Bushels.
Bushels. Bushels. Bushels.
United States of America- 112,858
York
New
773,163
122,623 295,518
570,428
Mexico
Boston
80,148
40.000
Philadelphia
4,000
88.000
Anglo-Egyptian Soudan
50.000
Baltimore
11,000
56.000
60,000
50.000
43,000 120,000
Other countries
5,635
New Orleans
10,000
70,000
24,000
,8.000
St. John. N.B
563,000
18,000
28,000
25,000
Total
Total
£362,256
£265,426
Total week 1926_ 1,490,163 130,000 179,623 418,518
43,000 715,428
51.
rn
a
Tcroak
1095
4
028
RR4
CURRENCY
RETURNS.
INDIAN
28.000 380.821 392.510 743.266 565.383
(In lacs of rupees.)
Feb. 7, Feb. 15. Feb. 22.
Notes in circulation
The destinat'on of these exports for the week and since
19071
19045
19099
Silver coin and bullion in India
8228
8202
8256 July 1 1925 is as below:
Silver coin and bullion out of India
Gold coin and bullion in India
2232
2232
2232
Flour.
Wheat.
Corn.
Gold coin and bullion out of India
---------- Exports for Week
Securities (Indian Government)
Week
Since
Since
and Since
5711
Week
5711
Week
5711
Since
Securities (British Government)
Mar.13 July 1
Mar. 13
July 1
July 1 to-Mar. 13
2900
July 1
2900
2900
1926.
1025.
1926.
1925.
1926.
1925.
No silver coinage was reported during the week ending the 22nd ult.
The stock in Shanghai on the 27th ultimo consisted of about 52 700,000
Barrel,. Barrels.
Bushels.
Bushels. Bushels. Bushels,
ounces in sycee. 69.900.000 dollars, and 3,520 silver bars, as compared with United Kingdom. 37,463 2,545,746
668,386 71.256,444
51,000 1,916,204
Continent
109,680
3,913.690
811.777 93.838,203
about 50,700.000 ounces in sycee. 69.000,000 dollars, and 3,780 silver bars
9.000 4,831.752
So.&Cent.Amer_ 10,000
265,467
10,000
2,477,726
37,000
1,911,000
ultimo.
20th
the
on
West Indies
8,000
583,529
136,925
33,000 1,345,900
Statistics for the month of February last are appended:
Bilt.No.Am.Cols.
.
Other countries... 14.500
683,586
-Bar Silver, Per Oz. Std.- Bar Gold,
1,536,234
2,355
Cash.2 Mos.
Per Oz. Fine.
Total 1926
179,623 7.992.018 1,490.163 189,245,532 130,000 10,007,211
Highest price
mnr,o 1028
31%d.
31d.
UR 521 12n28 MI 4028 684 222 722 550
84s. 11%d.
75 nnn o olo tr.
Lowest price
309-16d.
309-168.
84s. 9%d.
Average price
30.763d.
30.796d,
84s. 10.9d.
National Banks.-The following information regarding
-Bar Silver, Per Oz. Std.- Bar Gold,
Quotations-Cash.
Per Oz. Fine. national banks is from the office of the Comptroller of
2 Mos.
the
3034d.
3034d.
Feb. 25
84s. 11%d. Currency, Treasury Department:
30 9-16d.
30 9-16d.
84s. 11%d.
26
APPLICATIONS TO ORGANIZE RECEIVED.
30 9-16d.
30 9-168.
84s. 11%d.
27
30 9-I6d.
Capital.
30 9-16d.
845. 11)4d. Mar. 9-The First National Bank
Mar. 1
of Pismo Beach, Calif
$50.000
30 9-1f3d.
30 9-16d.
84s. lid.
2
Correspondent, I. L. Mitchell, Pismo Beach, Calif.
I3
-The
Second Glasgow National Bank, Glasgow. Mont..
30 7-16d.
30%d.
84s. 10)4d. Mar.
3
25.000
Correspondent
C.
E.
,
Hoppin.
Glasgow,
30.572d.
30.562d.
Mont.
84s. 11.2d
Average
Mar. 13-The First National Bank of Riverside, N. J
100.000
The silver quotations to-day for cash and two months delivery are
Correspondent, Nathan Worth,42 Scott St., Riverside,
N. J.
respectively 5-16d. and ;id. below those fixed a week ago.
gommerciai and niiscella=ous news
MAR. 20
1926.]
1571
THE CHRONICI E
200.000
Calif
Mar. 11-The American National Bank of Glendale,
Correspondent, Roy L. Kent, Glendale, Calif
_
_
_
500,000
Calif_
,
Francisco
Mar. 11-Brotherhood National Bank of San
•
San
Correspondent W. H. Treseler, Alexander Bldg.,
,
Francisco Calif.
200.000
J
N.
,
Mar. 11-The Mechanics National Bank of Bayonne y, Bayonne.
Correspondent, H. B. Dembe,541 Broadwa
N. J.
ED.
APPLICATIONS TO ORGANIZE APPROV
$200,000
N. J.
Mar. 11-The Port Newark National Bank of Newark,
38
11.
Correspondent, Graham B. McGregor, Room
Park Place, Newark, N..1.
100,000
Ridge, Ill
Mar. 13-The Park Ridge National Bank,Park
Trust Co.,
Correspondent, W.T.Anderson,c.o Chicago
Ill.
Chicago,
100.000
, Mich
Mar. 13-The First National Bank in DearbornDearborn
. Mich.
Correspondent, Arthur W. Webber,
CHARTERS ISSUED.
$25,000
Texas
Mar. 10-12899-The First National Bank of Roscoe,
Texas.
Conversion of The Farmers State Bank of Roscoe,
Gracey.
President, P. E. Harkins: Cashier, R. E.
N.Y_ 500.000
Mar. 13-12900-The Melrose National Bang of New York.
Coe.
President, Wm.T. Keogh; Cashier, E. J. S.
.
ATIONS
VOLUNTARY LIQUID
Falls, N.Y $25,000
Mar. 8-6630-The First National Bank of Oriskany Milton W.
Effective March 8 1926. Liquidating Agent,
Davison, Oriskany Falls, N. Y.
25,000
Okla
Mar. 8-10981-The First National Bank of Butler.
L. J.
Effective Dec. 31 1925. Liquidating Agent, State
First
the
by
d
Succeede
Okla.
Barrett, Butler,
Bank of Butler. Okla.
Springs, Ark_ 100,000
Mar. 12-7531-The Citizens National Bank of Hot
e,J. G.
Effective March 10 1926. Liquidating CommitteSprings,
Higgins, C. T. Drennen and C. E. Marsh. Hot of Hot
Bank
National
Arkansas
The
by
Absorbed
Ark.
Springs, Ark., No. 2832.
e, Va- - 45.800
Mar. 12-12251-The First National Bank of Kenbridg
Agent. R. J.
Effective March 10 1926. Liquidating
Bank of
The
Barlow, Kenbridge, Va. Absorbed by
Lunenburg, Kenbridge. Va.
25,000
a,
Washtucn
of
Bank
Mar. 13-9054-The First National
Agent: Wm. A.
Effective Feb. 17 1926. Liquidating by a State Bank.
d
Succeede
Wash.
a,
Pearce. Washtucn
By R. L. Day & Co., Boston:
$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
4
37674 10 Waldorf System, Inc., pre!, par
5 First National Bank
10 I
$10
405
1 Second National Bank
3 units First Peoples Trwst_ _ _ _73:ex-dIv.
270
9 National Shaumut Bank
98
38034 50 Central Public Service. prof._
2 Merchants National Bank
4234
Glue Co.. corn
134 Atlantic National Bank_ _13 3-16 15 American
33634 18 units First Peoples'trust_ _ _73, ex-div.
9 Old Colony Trust Co
Co.,
Biscuit
Educator
Johnson
8
di
Tr_
Bank
_160)i
10 Fitchburg (Mass.)
3%
pref. A
14 Naumkeag Steam Cotton_ _17114-172
5 Batchelder & Snyder Co., pref.__ 843.4
155
5 Bates Manufacturing Co
Light
Edison
&
Gas
Bedford
New
40
5 Mine Hill & Schuylkill Haven RR.
8134
Co., par $25
5234
Mir $50
12534
Cordage Co
25 Hood Rubber Co., 754% pref_ _10434 1 Samson
right.
per
$
Rights.
No.
4234
5 American Glue Co., corn
134 Atlantic National Bank_ _ _.i3 3-18
112
5 American Glue Co., pref
3534-37
54 Beacon Trust Co
97
10 Mass. Lighting Cos., 6% pref
29
8534 1 Mass. Bonding & Insurance Co__
45 Mass. Lighting Cos.. cons
1334
National Bank
Atlantic
2
ex-dlv.
4,
Co..pref_8
Shoe
2 W.L.Douglas
:
By A. J. Wright & Co., Buffalo
$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
2434
2235 7 Buff.Nlag.& East.Pow., prof......
20 Northeastern Power
$.50 lot
J. Crawford & Co
Wm.
100
b0c.
Burnside
-Oakes
1,000 Tough
$4.25 lot
Mining
Bar
Silver
1,000
25 Buff. Mag.& Eastern Power.... 2434
40c
1,500 Barry Hollinger
DIVIDENDS.
e tables. In the
Dividends are grouped in two separat
dividends announced the
the
all
r
togethe
bring
we
first
a second table, in which
current week. Then we follow with
announced, but which
we show the dividends previously
have not yet been paid.
are:
The dividends announced this week
Name of Company.
When
Per
Cent, Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
•234 May 10 'Holders of rec. Apr. 27
RR. pref
Atlantic Coast Line ER.,
Apr. 1 Mar.21 to Mar.31
corn.(qu.) 2
Belt RR.& Stock Yds.,
11.4 Apr. 1 Mar.21 to Mar.31
Preferred (quar.)
Apr. 10 Holders of rec. Mar.316
34
corn
Ohio,
ng,
&
followi
Clinchfield
Carolina
es, the
134 Apr. 10 Holders of rec. Mar.3Ia
Auction Sales.-Among other securiti
certificates
Stamped
auction
at
Apr. 15 'Holders of rec. Apr. 1
*2
Chesapeake dr Ohio corn. (quar.)
not actually dealt in at the Stock Exchange, were sold
Apr. 15 *Holders of rec. Apr. I
*4
Corn. Special
on Wednesday of
lphia
Philade
and
Boston
in New York,
•314 July 1 'Holders of rec. June 8
Preferred
Apr. 30 'Holders of rec. Apr. 20
•2
Hocking Valley Railway
this week:
Apr. 30 *Holders of rec. Apr. 20
*4
Extra
Apr. 15 Holders of rec. Mar.31a
York:
1
Kansas City Southern, pref. (guar.)._
By Adrian H. Muller & Sons, New
Aug. 10 *Holdms of rec. July 15
'3
sh.
per
$
Nashville
&
Louisville
$ ver sh. Shares. Stocks.
15 Holders of rec. Mar.31
Apr,
$1.25
Shares. Stocks.
lot
Midland Valley
15W.L.Webster & Co.,Inc., pfd.380
Apr. 1 'Holders of rec. Mar.20
100 Palisades Realty & Amusement
Lines._ *2
lot
Leased
com.311
M.,
Inc.,
8.8,
&
Co.,
P.
&
St.
Minn.
Webster
L.
W.
1594 7
1 Holders of rec. Apr. 15a
May
Co.. no par
134
(guar.).
A
Ref.
pref.
&
Petroleum Producing
Missouri-Kansas-Texas,
•114 Apr. 1' "Helders of rec. Mar.31
214 Kanola 011 di Ref. Co., no par_358 lot $1,0007% cony. g. 7s, Jan. 1921 dr
N. Y. Chicago & St. Louis, corn. (extra)
Co.
13 "Holders of rec. Apr. 15a
100 Standard Supply & Equipment
May
•31
(quar.)
-corn.
attached_
Company,
coupons
t
Reading
ED° lot subsequen Pipe Line& Ref.Co..
Co.of Mass.,8% met
$1.50 Apr. 1 Holders of rec. Mar. 16a
West Jersey & Seashore
$2 lot 350 Producers
3 Holders of rec. Mar.23
35 U.S. Food Producers Co
Western Pacific RR.Corp., pref.(quar.) 134 Apr.
par $5
$22 lot
60 Biograph Co.. corn
$41
Co..
Products
30 Flexible Cork
390 Rock Plaster Corp., corn.,
lot
Public Utilities.
prof., par $25
12
no par
•194 Apr. 14 "Holders of rec. Mar.31
All-America Cables (quar.)
30 Flexible Cork Products CO..
2 Iroquois Sand & Gravel Co ,Ltd.,1
American & Foreign Power Co.
corn., no par
I
Apr. 1 Holders of roe. Mar.15
7% preferred
4334e.
paid
Producing & Ref.
Allot. ctfs. for corn. & prof.. 25%
Apr. 13 *Holders of rec. Mar.31
3 Iroquois Sand & Gravel Co., Ltd..($12 33.000 Petroleum
*2
American Gas (quar.)
Co.Prod.& Develop.ca.. matteI lot
common
Mar.31 Holders of rec. Mar. 15
$1.50
Amherst Gas (quar.)
ing Oct. 1 1923
I
1 Off'On Chain Corp., pref
Apr. 15 Holders of rec. Apr. 1
Brooklyn-Manhattan Transit. com.(qu.) El
500 Burknett Van Cleave 011 Co..I
1 Holders of rec. Mar. 54
10 United Zinc & Chem. Co., eons_(
Apr.
134
pref.(qu.)
I
g,
Generatin
California Electric
par El
10 United Zinc & Chem. Co., pref_ I
134 Apr. 1 Holders of rec. Mar.14
Per cent
Bowls.
Capital Traction, Wash'n, D.C.(qu.)
10 West Va. Tr. & Elec.. pref-..I $11
tor. 1 Mar.21 to Mar.31
(qu.) $1
Telep.
1st
Bell
Co.
Suburban
Motor
&
Lexington
Cincinnati
260 Atl., Birm. 4r At RR. pref.1 lot 310.000
134 Apr. 1 Holders of roe. Mar. 15
M. coll. tr. s. f. 7345. March
Coast Valleys Gas & Elec., pref. A (qu.) 134 Apr. 1 Holders of rec. Mar.15
Mts.of dep.Old Colony Trust Co.I
3310 lot
Preferred B (guar.)
1 1934
l
of Boston, par $10
May 1 Holders of rec. Apr. 15
$1.63
.((lu.)
pref
B
Co.
ger.
L.,
Petrol.
&
P.
&
Ry.,
Columbus
$6.400 Cont. Asphalt
276 2-10 Continental Asphalt &
let & ref. cony.s. f.5-yr. Ss. with
Community Pow.& Lt., cons.(stk. div.) "./25
Petroleum Co., pref., par $l0._ 49 lot
$1.25 Apr. 1 Holders of roe. Mar.15
(quar.)
coupons
(Toronto)
t
Gas
s
subsequen
Consumer
&
PetrolAug. 1823
410 Continental Asphalt &
$325 lot Continental Gas & Elec.. corn.(quar.).. '31.10 Apr. 1 'Holders of rec. Mar.13
attached
$9 lot
sum Co., corn., par $10
*134 Apr. 1 'Holders of rec. mar.is
Prior preference (quar.)
Apr. 1 *Holders of rec. Mar.13
*2
Participating preferred (quar.)
By Barnes & Lofland, Philadelphia:
•34 Apr. 1 *holders of rec. Mar. 13
(extra)
Participating preferred
sh.
per
*134 Apr. 1 *Holders of rec. Mar. 13
$ per sh. Shares. Stocks.
Sham Stocks.
Six per cent preferred ((uar.)
*134 Apr. 15 *Holders of rec. Mar.31
80 John B.Stetson Co.,com.,no par 973.4 East Bay Water, class A (guar.)
5 Olney Bank & Trust Co., par 350-220
12
$10...
par
Mfg.,
Ice
.0134 Apr. 15 *Holders of rec. Mar.31
Willow
Glen
35
20 Phila. Bourse. corn., no par_._ 18
Class B (quar.)
355
$2.25 Mar. 31 Holders of rec. Mar.15
10 Pennsylvania Sugar Co
294
ton
25 Union National Bank
Gas
(guar.)
Easthamp
59
Co
ia
Traction
134 Mar.31 Holders of rec. mom is
Philadelph
20
294
•
Bank
1st
PL(q11.)
5 Union National
Elmira Water, Light & RR.,
5 Phila. Whse. & Cold Storage--. _108
134 Mar.31 Holders of rec. Mar.18
530
10 Franklin National Bank
Second preferred (quar.)
89
10 Cudahy Packing Co., corn
134 Apr. 15 Holders of rec. Apr. 1.
A
(MO
pf.
(Del.).
Co.
3 Fourth Street National Bank__..634
El Paso Electric
Market
Farmers
Ave.
Girard
10
134 Apr. 15 Holders of rec. Apr. lit
534
Bank
3 Fourth Street Nat.
Preferred B ((uar.)
4014
Co.. par $50
325
$1.50 Apr. 1 Holders of rec. mar.so
Corp., pref.(No. 1)
16 Third National Bank
Power
Empire
18
ear
$10
Co..
Guar.
May 1 Holders of rec. Apr. 90
Aldine
Mtge.
10
800
$1.50
1)..
(No.
Bank
National
pref.
51 Girard
9294 Gen. Pub.Sem. Corp., $6 (No. 1)
50 Hare & Chase. Inc., pref
$1.75 May 1 Holders of rec. Apr. fia
975
10 Eighth Nadonal Bank
Convertible pref.(guar.)
92
Apr. 1 Holders of rec. Mar.20.
72 Hare & Chase, Inc., pref
134
(guar.)
pref.
Rys.,
&
Pow.
25 First Nat. Bank of West Chester,
Light,
of rec. Mar.18
25 Hare & Chase. Inc., corn., no jar 2694 Georgia
245
Pa
Lt. & Pow., corn. (qu.) $2.50 Mar.31 Holders of rec. Mar.16
Elec
Greenfield
261.4
par
com..no
25 Hare & Chase., Inc.,
25c. Mar.31 Holders
1 Commonwealth Title Ins. dr Tr_ _505
Employees stock (guar.)
Holders of rec. Mar.18
31
8 Hare & Chase, Inc., corn., no par_ 26
Mar.
380.
1 Commonwealth Title Ins. & Tr_ _500
Preferred (quar.)
$ per right.
No. Rights.
Mar.31 Mar.18 to Mar.31
10 Allegheny Title &'tr., par $50._ 60
Hartfosd City Gas Light. corn.& rd.(qu.) 50.s. Apr. 1 Mar. 16 to Mar.31
Rights to subscribe to the Girard
20 Jefferson Title dr Trust, par $50. 70
Jersey Central Pow.& Lt., 7% pf. (qu.) 134 Apr. 1 Holders of rec. mar is
4 at
follows
as
stock
Co.
Trust
par
Tr.,
134
350-24134
dr
Title
10 West Phila.
Kansas Gas & Electric Co.. prof. (guar.)
reis. Mar.154
1202: 1-5 at 1225; 1-5 at 1201: 2-5
1300
134 Apr. 1 Holders of
I Girard Trust Co
Kings County Lighting, pref. (quar.)
Apr, 10 Holders of rec. Mar.31.
at 1176; 2-5 at 1176; 2-5 at 1176:
2
1298,ex-rights
1 Girard Trust Co
Manufacturers Light & Heat (guar.).
at
rec. Mar.19
3-5
of
1206;
Holders
at
31
at
3-5
1206;
Mar.
3-5
75o.
10 Belmont Trust, par $50_121. ex-rights
Massachusetts Lighting Cos., corn.(qu.)
25
1206* 4-5 at 1211.
180
134 Apr. 15 Holders of rec. Mar.
4 Chelten Trust Co., par $50
Six per cent preferred (quar.)
2134
roe. Mar.25
of
Holders
Co
15
Apr.
Trust
25
Belmont
2
_150
_
par
&
$50_
Trust,
Bank
6 Oxford
per cent preferr d (quar.)
Eight
2134
31a
Mar.
of
rec.
Holders
CO
Trust
15
152- 5Belmont
Apr.
2
18 Real Estate Trustiassetned pref.260
Percent. Montreal Telegraph (quar.)
Bonds.
$1.75 Apr. 1 Holders of rec. Mar.15
250
5 Aldine Trust
Municipal Gas Co.(of Texas), p1. (qu.)..
Hy.
is
rec.
St.
of
mar.
on
Holders
Washing
1
Mt.
Apr.
31.000
-125
$50..
134
5 Metropolitan Trust, par
8674 National Pub.Serv.,7% part. pref.(qu.) $1.75 Apr. 1 Holders of rec. Mar.15
1st 5s, 1933
75
•
5 Broad Street Trust, par $50
Preferred series A (quar.)
Order of
of rec. Mar.31
Protective
t
Holders
Benevolen
15
Aim.
3500
&
134
Trust,
Bank
Tacony
Northeast
10
National Fuel Gas (guar.)
Elks, Phila. Lodge,gen. mtge.6s.
0134 May 1 *Holders of rec. Mar.30
8634
par $50
Nevada-California Elec. Co., pref. (qu.) 134 Apr. 1 Holders of rec. Mar.166
81
1942
10 Guarantee Trust & Safe Dep. Co.2063(
New England Power. pref. (quar.)
Elec&
Water
Virginia
West
$3,000
Apr. 1 Holders of re0. MeX.16
&
06%
Safe
Dep.Co.2
24 Guarantee Trust
New Orleans Pub. Serv., Inc., t. (qu.)_ $1.75
105
tric tat 634s. 1942
16
1,500 Little River RR
Newport News & Hampton Hallway.
& Electric 1st 6s,
Gas
Kansas
$500
Apr. 1 *Holders of reo. Mar.23
1
with
'134
prof.,
Colony,
Inc.,
Old
10
Gas & Electric, corn. (guar.)
10034
1952, series A
$4 lot
.1,144 Apr. 1 *Holders of rec. mar.23
share common
Preferred (quar.)
Water 434s.
Apr. 1 *Holders of reo. Mar.23
1
.134
pf.(qu.)
Dev.,
14 W.J. McCahan Sugar Ref., pref. 9034 31.000 Camden, N.J.,
&
Power
99
Northern Mexico
1939
134 Apr. 1 Holders of rec. Mar.20
50 Phila.& Camden Ferry, par 350.147
pref. (quar.)
Edison,
River
Ohio
Co.
Trac.
Peoples
&
$100 Electric
50c. Apr. 20 Holders of ree. Mu.29a
50 Bankers Bond & Mtge. Co., p1.,
6334 Oklahoma Natural Gas ((oar.)
4% stock trust, 1945
Apr. 15 Holders of reo. Mar.31
2
with 50 shares corn, as bonus (old
Pacific Gas & Electric. corn. (quar.)_
130
Apr. 30 Holders of rec. Apr. la
stock)
Philadelphia Company, corn. (guar.).- $1
May 1 Holders of ree. Apr. la
$1.50
(quar.)
preferred
Six per cent
Apr. 30 Holders of Tee. Apr. 15
Boston:
&
Arnold
$I
By Wise, Hobbs,
ia Rapid Transit,corn.(guar.)
Philadelph
$1.75 May 1 Holders of roe. Apr. 1
$ per sh.
$ per sh. Shares. Stocks.
Preferred
Shares. Stocks.
API% 15 Holders of rec. Mar.5Ia
621.40.
42
corn
(quar.)
Co..
Glue
450 American
338
Phila. & western fly.. pref.
33 Old Colony Trust Co
Apr. 1 Holders of rec. Mar. 15
$1
Baking & Ice Cream
Providence Gas (guar.)
3 Great Falls Manufacturing Co.._ _ 834 10 Ed Delorge
Apr. 15 Holders of rec. Mar. 150
1
40
(qu.)_
cons.
pret
Light,
7%
Inc..
&
Co..
Power
531
Puget Sound
7 Saco Lowell Shops. 2d pref
15 Holders of rec. Mar. 15a
Apr.
194
18534
7434 5 Ludlow Manufacturing Associates
preference (quar.)
Prior
3 Merrimack Mfg. Co., pref
134 Apr. 15 Holders of rec. Mar. 15a
I Hood Rubber Co.,735% odor pf_10334
100
Preferred ((uar.)
1 Union Cotton Mfg. Co
1 Holders of rec. Mar. 190
Apr.
2
pref.
(quar.)
Co..
3634
Mfg.
A
.4
deb.
Knight
5 Graton
190
Savannah Elec. & Power.
10 Naumkeag Steam Cotton Co_ 171
134 Apr. 1 Holders of rec. Mar.196
534
((luar.)
unlls First Peoples Trust
3
B
special
series
78
Mills
Debenture
l
Continenta
1
Apr. 1 Holders of rm. Mar.
3
6044 1 Bay State Fishing Co.,6% 2d pf_ 494
Preferred
rec. Apr. 15a
of
7 Ipswich Mills, corn
Holders
1
May
4
50o.
I)..
(No.
034 Sierra Pacific Electric Co.,corn.
594-734 25 State Street Exchange
Apr. 156
62 Hamilton Mfg. Co
111 May 1 Holders of rec. Mar.
6 Public Elec. Light Co.,6% prof.. 90
25
Preferred (guar.)
35 New Bedford Gas & Edison Lt.,
194 Apr. 15 Holders of rec. Feb. 23
8134 25 Springfield Gas Lt. Co., par $25. 60
Southern Canada Power, prof. ((uar.)._
roe
of
Holders
par $25
15
Mar.
8534
54334
10 Mass. Lighting Cos., corn
15
Gas (lc Pow.Corp.,class A(qu.)
prior
Apr.
Co.,
Southern
734%
rec.
Rubber
of
Holders
Hood
1
25
8534 United Lt.& Pow.,old com. A & (qu.) 60e. May
103% 42 Mass Lighting Cos., corn
Apr. 15
pref
97
120. May 1 Holders of rec. Apr. 15
8534 10 North Boston Ltg. Prop., corn
New class A and B, corn
of rec.
Holders
1
May
5 Mass. Lighting Cos., corn
86
(u)
1133( 55 Mass. Lighting Cos., corn
Old A & 13 com.(pay in new cl. A com.)
May 1 Holders of rec. Apr. 15
1 American Glue Co., prof
$ Per right.
No. Rights.
New A & B corn.(payin new cl.A corn) (u) Apr. 1 Holders of rec. Mar. 15
Corp., corn.
25 arat,011 & Knight
13
21.83
16 Atlantic National Bank
12
Class A preferred ((luar.)
1 Holders of rec. Mar. 15
Apr.
(w. i.)
$I
24 Maas. Bonding de Insurance Co_ 2934
Class B preferred Mum.)
Corp., pre.
20 Gmton & Knight
68
(w .1.)
1572
Name of Company.
Public Utilities (Concluded).
United Gas & Electric Corp.. Pref.(q11.)
Williamson Electric. prof. (guar.)
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
[VOL. 122.
Per
When
Cent. Payable,
Books Closed.
Days Inclusive.
Miscellaneous (Concluded)
Lowenstein (M.)& Co., pref.(guar.).- "1.44 Mar.30
*Holders of rec. Mar.30
MacAndrews & Forbes, corn. (guar.)._ _
65c. Apr. 15 Holders of rem Mar.310
Preferred (quar.)
144 Apr, 15 Holders of rec. Mar. 310
Banks.
Magma Copper (guar.)
75c, Apr. 15 Holders of rec. Mar.31
Manning,Maxwell &Moore,Inc.. pf.(qu)
American Exchange-PacificNat.(quar.)_ 4
134 Apr. 2 Holders of rec. Mar. 314
Apr. 1 Holders of rec. Mar. 230 McCahan (NV. J.) Ref.& Molasses.
corn- *7
Amer.Exchange &cur.Corp.. Cl, A (qtr.) 2
Mar. 1
Apr. 1 Holders of rec. Mar. 23
McCaskey
Register,
first pref. (guar.)-- 114 Apr, 1 Holders of rec. Mar.
Class B (guar.)
22
500. Apr. 1 Holders of rec. Mar. 23
McCord Radiator Mfg., A (quar.)
"75c. Apr. 1 'Holders of rec. Mar.28
Bowery & East River National (guar.)_ _
334 Mar.31 Mar.27 to Mar. 31
Merck
&
Co.,
pref.
(guar.)
$1
Capitol National (guar.)
Apr. 1 Holders of rec. Mar. 17
144 Apr, 1 Holders of rec. Mar.250 Mexican Investment, preferred
4
Apr. 1 Holders of rec. Mar.20
Colonial (quar.)
Apr, 1 Holders of rec. Mar.200 Missouri-Illinois Stores,
3
corn. (quar.)_
200. Apr. 1 Holders of rec. Mar.20
Eastern Exchange (guar.)
1
Mar. 30 Mar.21 to Mar. 29
Mortgage Bond Co. (quar.)
2
Mar.31 Holders Of rec. Mar.22
Federation (guar.)
Apr, 1 Holders of rec. Mar.310 Mountain & Gulf 011 Corp.(quar.)
2
"20. Apr. 15 *Holders of rec. Apr. 1
Greenwich (guar.)
3
Apr. 1 Holders of rec. Mar.20a
Extra
*lc. Apr. 15 *Holders of rec. Apr. 1
Hanover National (quar.)
8
Apr. 1 Mar. 21 to Mar.31
Murray-Ohio Co., prof. (guar.)
2
Apr. 1 Holders of rec. Mar.20
Mechanics Bank (Brooklyn)(quar.)
3
Apr, 1 Holders of rec. Mar.20a Nashua Gum.& Coat. Paper,
pf. (qu.)
134 Apr, 1 Holders of rec. Mar. 20
Mechanics dr Metals National (quar.)
5
Apr, 1 Holders of rec. Mar.206 Nashua Mfg., pref.(guar.)
114 Apr. 1 Holders of rec. Mar.246
Municipal (Brooklyn) (guar.)
2
Mar.20 Mar. 21 to Mar. 31
National Refining, pref.(guar.)
2
Apr. 1 Holders of rec. Mar.15
Mutual (quar.)
3
Apr. 1 Holders of rec. Mar.250 Newmont Mining Corp
60o. Apr. 15 Holders of rec. Mar. 31
New Netherland (guar.)
Apr, 1 Holders of rec. Mar.20a Newton Steel, corn.
2
(guar.)
.50c. Mar.31 *Holders of rec. Mar.20
Park, National (guar.)
6
Apr. 1 Holders of rec. Mar. 19a
Preferred (guar.)
•154 Mar.31 *Holders of rec. Mar.20
State (guar.)
4
Apr. I Holders of rec. Mar. 19a New Bradford Oil (guar.)
1234e. Apr, 15 Holders of rec. Apr. 1
Washington Heights, Bank of (guar.) - 134 Apr. 1 Mar. 11 to Mar.31
N. Y. Title & Mortgage (quar.)
Alw, 1 Holders of rec. Mar.24
4
Extra
1
Apr. 1 Holders of roe. Mar.24
Trust Companies.
No. Amer. Car, new no par stk (No. 1). •41.6c
Brooklyn (quar.)
Apr. 1 'Holders of rec. Mar.22
6
Apr. 1 Holders of rec. Mar.25a OgilvieFlour Mills (quar.)
Central Union (quar.)
$1.25 Apr. 1 Holders of rec. Mar.22
Apr, 1 Holders of rec. Mar.220 Onondaga Silk, pref.
7
Empire (guar.)
Apr. 1 'Holder* of rec. Mar.25
"52
3
Mar. 30 Holders of rec. Mar. 20a Otis Elevator, corn.&(guar.)
pref.(quar.)
Equitable (guar.)
134 Apr, 15 Holders of rec. Mar. 31
3
Mar.31 Holders of rec. Mar.220 Overman Cushion Tire, corn. (quar.)_ _
$1.10 Apr, 1 Holders of rec. Mar. 18
Europe (Bank of) Trust Co.(quar.)..
234 Apr. 1 Holders of rec. Mar. 26
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 18
Fidelity (quar.)
244 Mar.31 Mar. 20 to Mar. 31
Preferred (guar.)
134 filly 1 Holders of rec. June 18
Fulton (guar.)
214 Apr. 1 Holders of rec. Mar. 22a
Irving Bank-Columbia Trust (quar.) - 334 Apr. 1 Holders of rec. Mar. 19a Parke, Davis dt Co. (quar.)
50c. Mar.31 Mar.21 to Mar.31
Extra
50e. Mar. 31 Mar. 21 to Mar.31
Lawyers Trust (guar.)
144 Mar. 31 Holders of rec. Mar. 20a Pedigo-Weber Shoe (quar.)
3734c. Apr. 1 Holders of rec. Mar.24
New York (guar.)
5
Mar. 31 Holders of rec. Mar.200 Phelps-Dodge Corp.(guar.)
51
Apr, 2 Holders of rec. Mar.20a
Peoples. Brooklyn (guar.)
5
Mar.31 Holders of rec. Mar.30a Prairie Pipe Line (guar.)
Apr. 30 'Holders of rec. Mar. 31
"i2
Title Guarantee & Trust (guar.)
4
Mar. 31 Holders of rec. Mar. 20
Procter & Gamble,8% pref.(quar.) - - 2
Apr. V Hollers of roc . Mar 250
Regal
Shoe,
•154
pref.
(guar.)
Miscellaneous.
Apr. 1 *Holders of rec. Mar.20
Remington Arms, pref. (quar.)
144 4 pr. 1 Holders of rec. Mar.204
Richman Brothers (guar.)
$1.50 Apr. 1 Holders of rec. Mar.25
Abitibi Power & Paper, pref. (quar.)134 Apr, 1 Holders of rec. Mar.20
Safety
Cable (quar.)
$1
Anr. 15 Holders of rec. Mar.31
Acme Road Machinery pref.(guar.)_ _ _ _ 2
Apr. 1 Holders of rec. Mar. 10
St. Louis National Stock Yards(guar.).- *2
Apr. 3'Holders of rec. Mar.29
Aero Supply Mfg., class A (guar.)
*3734c Apr. 1 *Holders of rec. Mar.20
Sayers dr Scovill Co.. corn.(guar.)
Aetna Rubber,common (guar.)
'134 Apr. 1 *Holder, of rec. Mar.20
25c. Apr. 1 Holders of rec. Mar. 16
Common (extra)
.334 Apr. 1 'Holders of rec. Mar.20
Preferred (guar.)
144 Apr, 1 Holders of roe. Mar. 16
Preferred (guar.)
"154 Apr. 1 *Holders of rec. Mar.20
Amer.Bond & Mortgage. Pref. Man)- 134 Apr. 5 Holders of rec.
Schulte Retail Stores, pref.(guar.)
Apr. 1 *Holders of rec. Mar.15
*2
Amer.Brown Boveri El. Corp., pfd.(qu) 114 Apr. 1 Holders of rec. Mar.20
Mar. 22a Seagrave Corp.. corn.(guar.)
•30c. Apr. 30 *Holders of rec. Mar. 31
Participating stock (No. 1)
*50c. Apr. 20 'Holders of rec. Apr. 10
Securities Investment, corn. (guar.)---- 6214c Apr, 1 Holders of
American Linseed. preferred (quar.)_ _ _
rec. Mar.21
114 Apr, 1 Holders of rec. Mar.19
Preferred (guar.)
2
American Screw (quar.)
Apr. 1 Holders of rec. Mar.21
•144 Apr. 1 *Holders of rec. Mar.22
Selberling Rubber, pref.(guar.)
American Surety (guar.)
tpr. 1 Holders of ree. Mar.20
2
4
Mar. 31 Holders of rec Mar.20a Sieloff Packing,
COM
Arlington Mills (guar.)
30e. Apr. 1 *Holders of rec. Mar.20
2
Apr. 1 Holders of rec. Mar. 1.13a Silver King
Coalition Mines (guar.)
Armstrong Cork,common (quar.)
•25e. pr. 1 Holders of rem Mar.20
134 Apr. 1 Mar. 20 to Apr. 1
Smith(L.C.)&CoronaTypewn,com.(qu.) *50e. Apr, 1 *Holders of rec. Mar.20
Preferred (quar.)
144 Apr. 1 Mar. 20 to Apr. 1
7% preferred (two months' div.)
Asbestos Corp. of Can.. 7% Pf.(No. 1). •1% July 15 Holders
•1 1-f /Nor. 1 'Holders of rec. Mar.20
Sparks-Withington Co., corn. (guar.)- - 250, Mar. 31 Holders of rec. Mar. 20
Associated Dry Goods Corp.. corn. (qu.) 62e. May 1 Holders of rec. July 2
of rec. Apr. 10
Preferred (guar.)
First preferred (quar.)
114 Mar.31 Holders of rec. Mar. 20
144 une 1 Holders of rec. May 1
Steel Products, common
Second preferred (quar.)
Apr. 1 Hoirl. rs of rec. Mar. 20
3
134 June 1 Holders of rec. May 1
Stern Bros., class
Associated Industrials, first prof.(guar.) 2
Apr. 1 *Holders of reo. Mar.20
"El
Apr. 15 Holders of rec. Apr. 15a Stone(H.0.)& A (quar.)
Co.. corn,(guar.)
Austin, Nichols & Co., pref. (quar.)_.._ _ •1xi May 1 *Holders of
$1.25
Apr.
1 Holders of rec. Mar. 15
rec. Apr. 15
Preferred (guar.)
Barnet Leather, preferred (guar.)
144 Apr. 1 Holders of rec. Mar. 15
114 Apr, 1 Holders of
Mar. 30
Syracuse Washing Mach., corm (guar.). .
Baer, Sternberg & Cohen, corn.(quar.)_ 50c. Apr. 1 Holders of rec.
1 75c, Apr. 1 *Holders of rec. Mar. 20
rec.
Mar.
20
Common (stock div. 1-50th of a share)
Apr. 1 'Holders of rec. Mar.20
First preferred (guar.)
144 Apr, 1 Holders of rec. Mar.20
Preferred (guar.)
"2
Second preferred (quar.)
Apr. 1 *Holders of rec. Mar.20
2
Apr, 1 Holders of rec. Mar.20
Textile Banking (guar.)
"2
Bayuk Cigars, first preferred (guar.)- - 10144 Apr. 15 *Holders of rec. Mar. 31
Apr. 1 *Holders of rec. Mar.28
Tintic Standard Mining (guar.)
Convertible second preferred (quar.)_ _ •114 Apr. 15 *Holders of rec. Mar. 31
"20c Mar.29 "Holders of rec. Mar.17
Extra
'20c Mar.29 'Holders of rec. Mar.17
r Eight per cent second preferred (quar.) *2
Apr. 15 *Holders of rec. Mar.31
Trumbull-Cliffs Furnace, pf. (guar.).
Big Store Realty Corp
134 Apr. 1 Holders of rec. Mar.20
25c, Apr, 15 Holders of rec. Mar. 31
Tuckett Tobacco, com.(guar.)
1
Apr. 15 Holders of rec. Mar.31
Bliss(E. W.) Co., corn.(guar.)
*25c. Apr. 1 *Holders of rec. Mar.25
Preferred (guar.)
114 Apr, 15 Holders of roc. Mar. 31
First preferred Mar.,
"51
Apr. 1 *Holders of rec. Mar.25
United Alloy Steel, Ma.(guar.)
50c Apr. 10 Holders of rec. Mar.27
Second preferred A (guar.)
11373'4c Apr. -1 *Holders of rec. Mar.25
United Equities Corp
Apr. 15 Holders of rec. Apr. 1
$1
•15c. Apr. 1 *Holders of roe. Mar.25
Second preferred B (quar.)
United Profit Sharing, preferred
Apr, 30 Holders of roe. Mar.31.
5
Bowman Blitmore Hotels. 1st pfd. (qtr.) •14/ Apr. 1 *Holders of rec. Mar. 17
United Verde Extension Mining (guar.)_
75c. May 1 *Holders of rec. Apr. 6
Brandram-Henderson, Ltd., pref. (qu.)_
134 Apr. 1 Holders of rec. Mar. la U. S. Industrial
Alcohol,
prof. (guar.)-- •144 Apr. 15 *Holders of rec. Mar.31
Brantford Cordage. Ltd.. first pref
2
Apr. 15 *Holders of rec. Mar. 20
U. S. Radiator, corn. (quar.)
35e. Apr. 15 Apr. 1 to Apr. 15
Bulkley Building (Cleveland)(Wan)
1
Apr, 1 Holders of rec. Mar.20
Preferred (guar.)
114 Apr. 15 Apr. 1 to Apr. 15
Canada Cement (guar.)
144 Apr. 16 Holders of rec. Mar. 31
U.S. Rayon Corp., pref.(guar.)
31.75 Apr, 1 Holders of rec. Mar.20
Canada Salt (guar.)
2
Apr. 1 Holders of rec. Mar.25
Universal Leaf Tobacco, pref. (quar.)
Apr. 1 Holders of rec. Mar.22
2
(guar.).
Rubber,
Pref.
Canadian Consol.
144 Mar.31 Holders of rec. Mar.24
Universal Pictures, 1st prof.(guar.) -- $2
Apr. 1 Mar.21 to Apr. 3
Central Aguirre Sugar Cos.(quar.)
$1.50 Apr. 1 Holders of rec. Mar.24
Upson Company,corn. A & B (guar.)._ _
40e. Apr. 1 Holders of rec. Mar. 1
Chic. June, Rye. & U.S. Y., corn. (qu.) •244 Apr. 1 *Holders of rec. Mar.15
Common A & B (extra)
10o. Apr. 1 Holders of roe. Mar 1
Preferred (quar.)
•134 Apr. 1 'Holders of rec. Mar.15
Preferred
(guar.)
144 Apr. I Holders of rec. Mar. 15
Cities Service, Bankers' shares(mthly.) *1540 Apr. 1 *Holders of rec. Mar. 15
Westinghouse Air Brake(guar.)
$1.50 Apr, 30 Holders of rec. Mar.31
Cities Service. corn. (monthly)
• 34 May 1 *Holders of rec. Apr. 15
Extra
25e, Apr. 30 Holders of rec. Mar. 31
Common (payable in corn. stock).- _
*A May 1 "Holders of rec. Apr. 15
Westmoreland
Coal(quar.)
Apr. 1 Mar. 27 to Apr. 1
51
Preferred and preferred B (mthly.)_ _ _ •44 May 1 *Holders of rec. Apr. 15
Whitman
(Wm.)
Co.,
Inc.,
pref.
Apr, 1 Holders of rec. Mar. 16
(au.).
114
City Investing. prof.(quar.)
144 Apr. 1 *Holders of rec. Mar.270 White
Eagle Oil & Ref.(guar.)
'50c Apr. 20 *Holders of rec. Mar. 31
Craddock-Terry Co.. corn. (quar.)
3
Mar.31 Mar.21 to Mar. 31
•15.4 Apr. 1 *Holders of rec.
Willys-Overland Co., pref. (guar.)
Mar. 29
Cramp (Wm.)& Sons Ship & E. B.(qu.) 50c. Mar.31 Mar. 18 to Mar. 31
Winnsboro Mills, corn.(guar.)
"2
Apr. 1 *Holders of rec. Mar.25
Creamery Package Mfg., corn.(quar.) *50e. Apr. 10'Holders of rec. Apr. 1
Preferred (guar.)
"114 Apr. 1 *Holders of rec. Mar. 25
*134 Apr. 10 *Holders of rec. Apr. 1
Preferred (quar.)
Crucible Steel. common (quar.)
134 Apr, 30 Holders of rec. Apr. 15
Below we give the dividends announced in previous weeks
Dictograph Products, prof. (guar.)
2
Apr. 15 Holders of rec. Mar. 310
2
Dixon (Joseph) Crucible (quar.)
Mar.31 Holders of rec. Mar. 22
and not yet paid. This list does not include dividends anEdwards(Wm.) Co.. prof.(guar.)
13.4 Apr. 1 Holders of rec. Mar.20
nounced this week, these being given in the preceding table.
Eisenstadt Mfg., pref. (guar.)
134 Apr. 5 Holders of rec. Mar. 25
Electric Vacuum Cleaner. pref. (guar.). 114 Apr. 1 Mar.21 to Apr. 1
114 Mar.31 Holders of rec. Mar. 26
Elyria Iron & Steel Pref.(quan)
Per
When
Books Closed
Equitable Office Bldg. Corp., corn.(qu.) 51.25 Apr. 1 Holders of rec. Mar. 18
Name of Company.
Cent, Payable
Days Inclusive.
114 Apr, 1 Holders of rec. Mar. 18
Preferred (quar.)
First Investment Co.(Concord, N. H.)) $1.50 Apr. 1 Holders of rec. Mar. 15
Railroads (Steam).
Extra
50e. Apr. 1 Holders of rec. Mar. 15
Alabama & Vicksburg
3
Apr.
Holders of rec. Mar. 106
First National PicturesBangor & Aroostook, corn (quar)
750 Apr
Holders of rec Mar 13a
First preferred (Participating dividend) $1.44 Apr. I Holders of rec. Mar.15a
Preferred (quar)
114 Apr
Holders of roe Mar 13a
Francisco Sugar (guar.)
'51.50 Apr. I *Holders of rec. Mar. 19
Beech Creek(guar)
50e Apr
Holders of roe Mar 150
Garland Steamship, pref
Mar. 25 Mar.21 to Mar. 25
343
Boston & Albany (guar.)
2
Mar.3 Holders of rec. Feb. 270
Gilchrist Company (quar.)
75e. Apr, 30 Holders of rec. Apr. 15
Boston & Providence(quar)
234 Apr
Holders of roc Mar 20
Goodyear Textile Mills (Calif.). pf,(qu.) 114 Apr. 1 Holders of rec. Mar. 20
Boston Revere Beach & Lynn (quar.)___ '134 Apr.
Holders of rec. Mar. 15a
Grace Sec. Corp., Richmond,corn. (qu.) 2
Apr. 1 Holders of rec. Mar. 20
Canadian Pacific, corn. (guar.)
2)4 Apr.
Holders of roe. Mar. la
Preferred (guar.)
114 Apr. 1 Holders of rec. Mar. 20
Preferred
2
Apr.
Holders of rec. Mar. 1
Great Lakes Steamship (quar.)
*31.50 Apr. 1 Holders of rec. Mar.20
Cleve. CM. Chic. & St. L., corn.(qu.)
41144 Apr. 2 Holders of rec.
Great Lakes Towing, corn. (guar.)
134 Mar. 31 Holders of rec. Mar. 15
Preferred (guar.)
413I Apr. 2 Holders of rec. Mar.26a
Mar.260
144 Apr. 1 Holders of rec. Mar.15
Preferred (guar.)
Delaware & Hudson Co (guar.)
25,
4 Mar.2 Holders of roe Mar.
Hamilton-Brown Shoe(monthly)
Apr, 1 Holders of rec. Mar.23
5a
1
Gulf Mobile & Northern, pref. (guar.)._
2
14 Apr
y.
Holders of rec. Mar. 15a
Heath (D. C.)& Co.. pref.(guar.)
114 Mar. 31 Holders of rec. Mar.29
Houston & Texas Central
Holders of rec. Apr. 1
Hibbard, Spencer, Bartlett Co.(mthly.)
3.50. Apr. 30 Holders of rec. Apr. 23
Joliet & Chicago (quar)
144 Apr
Mar 26 to Apr. 5
35c. May-28 Holders of rec. May-21
Monthly
Lehigh Valley, corn (quar)
8734c Apr
Holders of roe Mar 13a
350. June 25 Holders of rec. June 18
Monthly
Pre/erred (quar)
$1 25 Apr
Holders
of roe Mar 13a
20e. June 25 Holders of ree. June 18
Extra
Mahoning Coal RR.,common (guar.)... 512 50
Holders of rec. Apr. 14a
5
Mar. 15 Holders of rec. Mar. 10
Hibernia Securities, common
Manhattan Ry. 7% (guar.) (quar.)___ - 134 Apr.
Holders of rec. Mar.22
144 Apr, 1 Holders of rec. Mar.26
Preferred (quar.)
Manhattan Railway (modified guaranty) 51
Atpary
132
t5 s
Holders of roe Mar 12a
144 Apr. 1 Mar. 25 to , Mar.31
Hovey (C. F.) Co., pref. (guar.)
New York Central RR.(quar.)
Holders of rec. Mar.26
75e. Apr. 15 Holders of rec. Apr. la N Y. Chicago & St. Louis. corn.
Howe Sound Co.(ouar.)
(qu)... 144 April
Holders
of roe. Feb. 15a
Hussmann (Harry L.) Heft. (guar.)
6234c. Apr, 1 Holders of rec. Mar. 20
Preferred (guar.)
144 Apr,
Holden of rec. Feb. 15a
3734e. Apr. 1 Holders of rec. Mar. 20
Huttig Sash & Door, corn.(guar.)
N Y Lackawanna & Western (quar)...
Apr
Holders of roe Mar 13
114 Apr. 1 Holders of rec. Mar.20
Preferred (guar.)
Northern Pacific (guar.)
Mi4
Holders of rec. Mar. 18
3
Mar. 31
Imperial Tobacco of Canada. pref
Pere Marquette, corn (goat)
1
Apr
Holders of rec Mar 15a
114 Apr, 1 Holders of rec. Mar.20
Indian Motocycle, pref. (guar.)
Common (extra)
2
May
Holders
of rem Apr. 15
Industrial Acceptance Corp., 1st pf.(qu.) 114 Apr, 1 Holders of rec. Mar.23
Corn.(extra incr. quar. rate to 134%).
34 May
Holders of rec. Apr. 15
$2
Apr. 1 Holders of rec. Mar.23
Second preferred (guar.)
Prior preferred (quar)
13.4 May
Holders of rec Apr 15a
International Harvester, cont.(guar.)._ '134 Apr. 15 *Holders of rec. Mar.29
Five per cent preferred NUM)
144 May
Holders of roe Apr 15a
Si
Apr. 1 Holders of rec. Mar. 26
Pittsb. Bessemer & Lake Erie, common. 75c. Apr.
Island Creek Coal. corn. (guar.)
Holders of rec. Mar. 15
$1.50 Apr. 1 Holders of rec. Mar. 26
Pitts Ft Wayne & Chic ,torn (Qum ). 1 134 Apr
Preferred (guar.)
Holders
of roe Mar 106
(guar.)._
Mar.
pref.
Corporation,
31
Holders
134
of
Kalbfleisch
rec. Mar.11
Preferred (quar)
134
Apr
Holders
of rec Mar 10a
134 Apr. 1 Holders of ree. Mar. 20a Reading f'ompany. 2nd prof.(guar.)
Kirshbaum (A. B.) Co., pref. (quar.)_ _ _
50c. Apr.
Holders of rec. Mar.22a
St Louis-San Francisco, torn (quar)
La Salle Extension University. corn,(qu) 134 Apr. 1 Holden, of rec. Mar. 22
134 Apr
Holders of roe Mar 15
134 Apr, 1 Holders of rec. Mar.22
Preferred (guar.)
Preferred (quar.)
144 May
Holders of reo. Apr. 100
134 Apr. 3 Holders of roe. Mar. 19
Laurentide Company (quar.)
Preferred (guar.)
134 Aug.
Holders of rec. July 150
Mar.
31
Holders
334
of
rec. Mar. 23
Preferred ((buar.)
Lawyers Mortgage (quar.)
1 14 Nov.
Holders
of rem Oct. 15a
2
May 1 Holders of roe. Apr. 17a St LOUIS Southwestern, prof (oust)
ord & Taylor, 2d pref. (guar.)
134 Mar 3 Holders of roe Mar 15
144 Apr, 1 Holders of reo. Mar.16
2
Apr. 1 Holders of rec. Mar.200
Name of Company.
Railroads (Steam)(Concluded).
[both= Pacific Co (quar.
South-ern Ry., common (guar.)
Preferred (guar.)
M.&0 stock trust certificates
Union Pacific, corn. (guar.)
Preferred
Shrev.& Pac., corn. & pref
MI--
1573
THE CHRONICLE
MAR. 20 1926.]
When
Per
Cent. Payable.
114
1.14
114
2
214
2
2)4
Apr. 1
May 1
Apr. 15
Apr 1
Apr. 1
Apr. 1
Apr. 1
Books Closed
Days Inclusive.
Holders of rec Feb. 26a
Holders of rec. Apr. 100
Holders of rec. Mar.250
Holders of rec Mar 15
Holders of rec. Feb. 27a
Holders of rec. Feb. 270
Holders of rec. Mar. 100
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclustas.
Public Utilities (Concluded).
Northern Ohlo Tract.& Lt..6% Df.(oil.) 114 Apr. 1 Holders of rec. Mar.15
194 Apr. I Holders of rec. Mar. 15
Seven per cent preferred (guar.)
May I Holders of rec. Mar.310
Northern States Pow., corn., Cl. A (oil.). 2
20n.
'slay I Holders of rec. Mar.316
(guar.)
Common,class B
pr. 20 Holders of rec. Mar.31a
154
Preferred (guar.)
North West Utilities, prior lien Pt.(nil)- $1.75 Apr. 1 Holders of rec. Mar. 15
I Holders of rec. Mar.20
Are.
134
oh.° Bell Telephone. pref. (guar.)
Ottawa Light. Heat & Pow.,corn.(oil.). 114 Mar.31 Holders of roe. Mar. 15
114 kpr. 1 Holders of rec. Mar. 15
Preferred (guar.)
km. 1 Rollers of roc Mar. 15
I
Ottawa Traction (oiler.)
1.14 Mar 31 Holden; of rec. Mar 206
Pacific Telep.& Teleg.. corn.(quar.)._.
15 Holders of rec. Mar.316
Apr.
114
Preferred (guar.)
114 Apr, 1 Holders of rec. Mar. 16
Panama Power & Lt., pref. (quar.)____
154
Penn Central Light & Power. pref.(qu.) 11.25 Apr. 1 Holders of roe. Mar.20
May I Holders of rec. Apr.
Pennsylvania-0Mo P & 1... 8% pt.(qu.) 2
114 May 1 Holders of rec. Apr. 20
Seven per cent preferred (guar.)
600. Apr. 1 Holders of rec. Mar.25
7.2% preferred (guar.)
60e
May I Holders of rec. Apr. 20
72% preferred (guar.).
Pennsylvania Power & Light. Prof•(qu.) $1.75 Apr. 1 Holders of roe. Mar. 15
01 •"s at ww.. Mar.19a
Pow"...
(hoar
Vst.,
1
k
inks ,
2
Apr. 17 *Holders of rec. Apr. 3
*2
Peoples Gas Light & Coke (guar.)
of rec. Mar.10
Holders
1
Apr.
12
Traction
Philadelphia
Portland Electric Power, first prof.(qu.) 14 Apr. 1 Holders of rec. mar. 2
114 Apr. 1 Holders of roe. Mar. 2
Prior preference(guar.)
114 Apr. 1 Mar. 16 to Mar. 31
Porto Rico Railways. pref.(guar.)
Power Corporation of N. Y.(quar.)..-. 25e. Apr. 1 Holders of rec. Mar. 15
.25 Mar. 31 Holders of rec. Mar. 60
$1
-(guar.)
common
Corp..
Service
Public
Mar. 31 Holders of rec. Ms . 54
2
Eight per cent preferred (goar.)
194 Mar 31 Holders of rec. Mar. 50
Seven per cent preferred (guar.)
Mar 31 Holders of rec. Mar. 50
14
Six per cent preferred (guar.)
Public Service Else.& Gas.7% Pt.(Wu.). 134 Mar 31 Holder. of rec. Mar. 50
14 Mar 31 Holders of rec. Mar. tgl
Six per cent preferred (guar.)
134 Apr. IS Holders of rec. Mar.31
Quebec Power, common (guar.)
1)4 kpr. IS Holders of rec. Mar.31
Preferred (guar.)
km. 10 Holders of rec. Mar.25
2
(gust.)
Power
&
Water
Shawinigan
low. IS Holler. of rec. Mar.316
Southern \few England Telen (Oiler.).- 2
Southwest Goa & Electric.7% pref.(ou.) *11.75 Apr. 1 *Holders of rec. Mar. 15
1 Holders of rec. Mar. 15
Apr.
114
prof.
(guar.)
Springfield Ry.& Light.
31
Standard Gas & Elec., common (quar.). 75e. Apr. 25 Holders of rec Mar.
194 Apr. 25 Holders of rec. Mar.31
Seven per cent preferred (guar.)
16
Mar.
rec.
of
Hoi.le.•
I
Si
sisr.
(qu
.5)
reuliessee r:lee. Pow.,0% lit. pref
11.75 k pr. 1 Holders of roe. Mar. 15
7% first preferred (guar.)
15
Mar.
rec.
of
Holders
pr.
k
1
11.811
(quart
7.2% first preferred
50e. k pr. 1 Holders of rec. Mar. 15
6% first preferred (monthly)
eee. Mar. 15
lige. lot. 1. it 'me-.
preferred ('nonthlv).
7 2%
Apr. 1 Holders of reg. Mar.25
2
Toledo Edison prior pref. (guar.)
311 Holders of rec Mar.15
M
Curners Falls Power & Elec.,corn.(go.). 2
reo Mar 15
Mar 311 5.1 0.1.-4
20e
Enitilnvees stork (guise.)
1 Holders of rec. Mar. 15a
Apr.
Twin City Rapid Transit, corn. (go.).. 194
lit Apr. 1 Holders of rec. Mar.15a
Preferred (guar.)
Apr. 15 Holders of rec. Mar.31a
$I
United Gas Improvement (guar.)
Mar.I
Utah Gas & Coke, pt.& panic. pt.(qu.). 11.75 Apr, 1 Holders of rec.
Apr. I doll.ri 434 rec. Mar.1
I
94
(gust.)
at
pref.
Power
Light.
Utah
I
pr.
Mar.
k
roe.
a50e
of
goblers
Utilities Power & Light corn.. ci. A (quo
km. I Holders of rec. Mar.
o25e
Common.class B (guar.)
Mar.
roc
of
Holders
I
km
.75
SI
Preferred (gnarl
or 1* itall^rs of tee Mar.2
Washington Water Pow., Spokane (gu.) 2
114 June 1 Holders of roe. May 2
West Chester Street Ry.. pref.(guar.)
1 It Sclera of rec. Aug. 2
114
eel..
Preferred (guar.)
ilders of rec. Nov.2
134 Dee. 1
Preferred (guar.)
30
Mar.
Holders of rec. Mar. 150
61.75
(quar.).
A
class
Co..
Electric
West Penn
if rec. Apr. 156
ii.ed,rs
I
st slay
West Penn Power Co.,7% prof.(guar.).
1 14 slay I Hoid-rs of roe. Apr. 150
Six per rent preferred (gear )._ _
rec. Mar.31
of
Holders
15
Apr.
134
(quit.).
pref.
Western Power Corp..7%
Apr. 14
t
tP
lw. it
2
Western Union Telegranh (gum'.)
rec. Mar.81
of
Holders
15
Apr.
114
(qu.).
pref.
Else..
&
Gas
States
Western
Mar. 15
•
.1
11
or
N
4
I
I
(guar.)._
(;o.. ior.f
Vloploem
114 Apr. 1 Holders of rec. Mar.18
Yadkin River Power. prof.(guar.)
Public Utilities.
1.14 Apr. 1 Holders of rec. Mar. 19
Alabama Power, pref.(guar.)
Amer. & Foreign Power, pref. (quar.)__ 11.75 Apr. 1 Holders of rec. Mar 150
Amer.Gric & Elec., no par val.com.(qu.) 25e. Apr. 1 Holders of rec. Mar. 13
Unstamped no par value pref.(guar.). $1.50 May 1 Holders of rec. Apr. 10
114 Apr. 1 Holders of rec. Mar 12
Amer. Power & Light, pref.(quar.)__
Amer. Public Service. pref.(guar.)
134 Apr. 1 Holders of roe. Mar.15
Amer. Public Utilities, prior pref.(MO - •114 Apr. 1 *Holders of rec. Mar.15
1t4 Apr. 1 *Holders of rec. Mar. 16
Participating preferred (guar.)
Amer.Superpower Corp.,cl. A & B.(gu.) 30e. Apr. 1 Holders of rec. Mar. la
11.50 Apr. 1 Holders of tee. Mar. la
First preferred (guar.)
Amer. Telep. & Teleg. (guar.)
214 Apr. 15 Holders of rec. Mar. 15a
Re. Apr. 1 Holders of rec. Mar. 100
Arkansas Natiusi Oas (guar.)
11( Apr 1 Holders of Ito Mar 13
Asheville Power & Light, Prof (qUar )-Associated Gas & Electric687 94c Apr. I Holders of rec. Mar. 10
Original series pref.(guar.)
61294c Apr. 1 Holders of rec. Mar. 10
Original series preferred (extra)
611.75 Apr. 1 Holders of rec. Mar. 10
$7 series preferred (guar.)
Bangor Hydro Elec. Co.. met (guar.)
l'4 Apr. 1 Holders of rec. Mar Ina
Bell Telep. of Pa.,64% prof.(guar.).,. '114 Apr. 15 Holders of rec. Mar. 20.
Apr. 15 Holders of rec. Mar 230
2
Bell Telephone of Canada (guar.)
Beloit Water, Gas& Elec.. 7% pt.(qu.). .11t Apr. 1 *Holders of rec. Mar.25
Binghamton Light, Heat & Power
114 Apr. 1 Holders of rec. Mar. 15
Participating preferred (guar.)
114 Apr. 1 Holders of roe. Mar. 15
Six per cent preferred (guar.)
(quar.)._.
11.75 Ave. 1 Holders of rec. Mar. 13
Birmingham Elec. Co., pref.
114 Apr. 1 Holders of rec. Mar. 10
Boston Elevated Ry..common (guar.)
34 Apr. 1 [folders of rec. Mar. 10
Second preferred
Brazilian Trao .Light & Pow pref (qu) 134'•tw. 1 Holders of roc Mar. 15
Bklyn-Manhat. Proust( pref.(Quar.)- - - $1..,1. Apr. 15 Holders of rec. Apr. pi
Apr. 1 Holders of rec. Mar 12
$1
Brooklyn Union Gas(quer I
I% Apr. 1 Holders of rec. Mar. 13
Carolina Power & Light. pref.(quar.) --I'4 Apr. 15 Holders of rec. Mar 3Ia
(qu.)- Central Illinois Pub Sere .
25e. Apr. 1 Holders of rec. Mar. 10
Central States Electric Corp.. corn
1)4 Apr. 1 Holders of rec. Mar. 10
Preferred (guar.)
1 4 Mar.30 Mar. 23 to Mar.30
icy
C
E3
Chicago
Chic. North Sh. t. M lw., prof.(quar.)_. 114 Apr, 1 Holders of rec. Mar. 150
1)4 Apr. 1 Hollers of rec Mar. 152
Prior lien stof k (qu it.)
.650. Apr. 1 *Holders of rec. Mar. 16
Chicago Rapid Transit, (mthly.)
•650. May 1 *Holders of roe. Apr. 20
Monthly
.650. June 1 'Holders of rec. May 18
Monthly
kyr. I 'Holders Cf rec. Mar. 15
City Power & Lignt. Ist pre( A (guar.)
City Water Co. of uedalia. Mo.. pf.(qu.) 11.25
Holders of rec. Mar. 12
Apr.
194
Cleveland Ry.(guar.)
Holders of rec. Mar. 156
2% Apr.
Columbus Elec. & Power, corn.(guar.) _
Holders of rec. Mar. 15a
114 Apr.
Preferred series B (guar.)
Holders of rec. Mar. 150
14 Apr.
Second preferred (guar.)
Holders of rec. Mar. 15
Consolidated Gas N. Y., pref. (quar.)_ - '1)4 May
Holders of rec. Mar. 150
(qu.)
Apr.
Bait.,
Pi.
corn.
&
L.
E.
Gas.
6234c
Cons.
Holders of rec. Mar. 15a
Apr.
2
Eight per cent preferred (guar.)
Holders of rec. Mar. 15a
1g Apr.
Seven per cent preferred (guar.)
of rec. Mar 151
Holders
Apr.
111
6)4% preferred (quay.).
Holders of reo. Mar. 15a
114 Apr.
Six Per cent preferred (guar.)
Holders of rec. Mar 15
Consumers Power (Mich.).6% Pt.(go.). 114 AM.
Holders of rec. Mar 15
1.65 Apr.
6.6% preferred (guar.)
Holders of rec. Mar. 15
7% preferred (quar)
134 Aiw.
Holders of rec. Mar. 15
Apr.
50e
6% Preferred (monthly)
Holders of rec. Mar 15
550. Apr.
6.6% preferred (monthly)
Holders of rec. Mar. 15a
Denver Tramway Corp.. pref. (quar.)-- $1.25 Apr.
Apr. 1
Holders of rec. Mar.20a
2
Detroit Edison (guar.)
Diamond State Telephone.64% Pf.(au) 111134 Apr. 1 *Holders of rec. Mar. 20
Banks.
Apr.
Holders of rec. Mar. 16
1
Duke Power Co
3
&or. 1 Holders of rec. Mar.lia
America (Bank of) (guar.)
Apr.
Holders of rec. Mar. 15
1
Duluth-Superior Tract.. pref.(owl234 Apr. 1 Mar. 21 to dhlar. 31
24 Apr.
Holders of rec. Mar. 15a Broadway Central(guar.)
Eastern Mass. St Hy. adj. stock
Apr. 1 Holders of rec. Mar. 180
Holders of rec. Mar. 100 Chase National (guar.)
Eastern Texas Elec. Co . com.(guar.)._ 11.25 Apr.
Apr. 1 Holders of roe. Mar. 130
$1
Holders of rec. Mar. 100 Chase Securities (gnarl
134 Apr.
Preferred (quar.)
ir lit to Mar. 31
km.. 1
riathrim & Phenix Nat.(guar.)
Electric Bond & Share &cur.((marl__ _ 25o. Apr. 1 Holders of roe. Mar. 16 ,
1 Holders of rec. Mar.18
Apr.
134
(guar.)
Exchange
Chelsea
12
Apr.
pref
(guar
rec.
of
May
Holders
Share.
1 14
Elec. Bond &
4
a
er Mar. Ilia
•
of
-(guar.).
Bank
idnai
. ,...r
Holders of roe. Mar. 150
El.L.&P.of Abington & Rockland (1111.) 50e. Apr.
Apr. 1 H dders of rec. Mar.31a
6
$1 75 Apr.
Holders of rec. Mar. 150 Fifth Avenue (guar.)
Eleo. Pow. & Light. prof. (guar.)
tee. Mar.Sb
1
of
Apr.
120
Holders
(guar.)
National
First
15
Mar.
(monthly)._..'
rec.
2-3e
of
66
Apr.
'Holders
Empire Gas & Fuel, pref.
Apr. 1 Holders of rec. Mar.:31a
5
First Security Co.(guar.)
Holders of roe Mar. 10
Engineers Public service Co.. prof. (gti.) 01.76 Apr.
Apr. 1 H ilders of rec. Mar.20a
11
Holders of reo. Mar 15a Franklin National (guar.)
Federal Light & Tract.. common(gm.)- 200. Apr.
4
Apr.
--Holders of reo. Mar. 196
(guar.)
the
of
Bank
Co.,
Manhattan
Holders of rec. Mar. 150
/150. Apr.
Common (Payable In corn,stock)
4
Apr.
Holders of rec. Mar. 194
National City (guar.)
154 Apr.
Holders of rec. Mar. 15
Florida Public Bervice Co.. pref.(guar.)Apr.
4
Holders of rec. Mar. 19
(guar.)
Co.
City
150
National
Mar.
_
(guar.)
Apr.
roe.
A
3734c.
al.
com.
.
of
Elec
Holders
General Gas &
Mar.81 Holders of roe. Mar. 10
4
Mr.
Holders of roc. Mar 150 Public National (guar.)
12
/8 prof. class A (guar.)
124 Mar 31 Holders of ref!, Mar410
(payable In stook)
National
Public
Ira
Mar
Apr.
rec.
$1.75
of
Holder's
prof.
A
ells88
(quar.)
$7
Holders of rec. Mar. 25
4
Apr.
$1.75 Apr
Holders of rec. Mar. 15a Seaboard National (quar.)
Preferred class B (gear.)
214 Mar.11 Holders of rec. Mar. 246
14 Apr.
Holders of rec. Mar.31a Standard (guar.)
Gold & Stock Telegraph (quar.)
Standard National Corp. mom. (guar.)-- 214 Mar.31 Holders of rec. Mar. 240
43)(c Mar.3 'Holders of rec. Mar. 16
Hackensack Water. pret A (guar.)
1)4 Mar.31 Holders of rec. Mar.244
Preferred (guar.)
560. Apr.
Holders of roe. Mar. I9a
Haverhill Gm Light (guar.)
Holders of rec. Mar.220
234 Apr.
250. Apr.
Holders of rec. Mar. 190 United States. Bank of (guar.)
Extra
300
roe
3
Mar
'1st,
.gnat..
2
holders
of
Illinois itchI Telephone
Trust Companies.
Holders of reo. Mar.20
Illinois Power & Light Corp., pref.(qu.) 1.14 Apr.
Holders of rec. Mar. 15
Apr.
Bankers (guar.)
134 Apr.
Holders of roe. Mar.20
6% preferred (guar.)
Apr.
Holders of rec. Mar. 19a
5
Bank of N.Y.& Trust Co.(gnu.)
14 Apr.
Holders of rec. Mar.20
Illinois Traction, preferred (guar.)
-• at rec. Mar. 220
i
3
Rim.
Equitable (guar.)
Holders of rec. Mar.20
Indlanap. Water Works Seenr.. pref.__ 894 Apr.
Mar.3 Holders of rec. Mar. 19
14 Apr. 1 Holders of reef. Mar.260 Guaranty (guar.)
Internat.Telep.& Teleg.(glair.)
of roe. Mar. 19a
Holders
Apr,
5
Manufacturers (guar.)
•Holders of rec. Mar. 15
*SI 76 stir
Interstate Power. pref. (gear )
of roe NIA...20
l.ur.3
o
.0‘rantee & Trust, extra
11( Apr.
Holders of rec. Mar.12
Jamaica Public Service, pref.(War.) --of rec. Mar.20a
Holders
124
Apr.
(guar.).
(guar.)
Apr.
States
150
A
11.75
United
Mar.
pref
Holders of rec.
Kansas City Pow.& L.,
114 Apr.
Holders of roe. Mar.150
Kansas Electric Power. pref.(quar.)
Insurance.
Fire
(qu.).
11.75
Apr.
A
15
pref
Mar.
1st
Holders
rec.
of
Light,
&
Power
Kansas
Holders of rec. Mar.15a
$1.50 Apr.
Etossia (guar.)
Kentucky Hydro-Elec. Co., prof. (qu.)_ 11.75 Mar.2 Feb.d28 to Feb. 28
114 Apr.
Holders of roe. Mar.220
Kentucky Securities, common (quar.)__
Miscellaneous.
114
1
Apr.
22a
Mar.
(quar.)
Holders
reo.
of
preferred
•500. May 8 *Holders of rec. Mar.20
Lone Star Gas (guar.)
500. Apr. 1 Holders of rec. Mar. 201
13( Apr.
Acme Steel (guar.)
Holders of rec. Mar.22
Long Island Lighting, pref.(guar.)
81.60 Mar. 31 Holders of rec. Mar. 1.50
Adams Express (guar.)
Louisville Gas & El.. cl. A & B csom.(qu.) 43g o. Mar.25 Holders of rec. Feb. 27o
1
Apr.
Advance-Rumely Co.. Prof (guar.).- 754. Apr. I Mar 10 to Apr. 12
Holders of rec. Mar. 6a
Mackay Companies, common (quar.)._
1% Mar.31 Holders of rec. Mar. 20
(oiler.)
Apr.
pref.
Company,
111
of
Aeolian
Holders
rec.
6a
Mar.
(guar.)
Preferred
50e. Apr.
Holders of rec. Mar.19
Aeolian Weber Piano & Pianola, pf.(gu.) lg Apr. 15 Holders of rec. Apr. 5
Manila Electric Corp. (guar.)
74e. Apr. 5 Holders Of rec. Mar. 186
Holders of rec. Mar. 15
Arolltiada Lead Co.(gnarl
Metropolitan Edison Co., 17 pref.(qu.). $1.75 Apr.
17 4c. Apr. 5 Holders of rec. Mar.180
S1.50 Apr.
Holders of rec. Mar.15
Extra
$6 preferred (guar.)
$1
Apt. 15 Holders of rec. Mar.810
_
Holders of roe. Apr. 300 Air Reduction Co.. Inc.(guar.)
Middle West Utilities, common (guar.) 11.50 May 1
13( Apr, I Holders of rec. Mar. 150
)
(qu
pref.
.
1
Corp
Apr.
Ho.ders
Dye
of
le
rec.
2a
Chemical
114
Allied
Apr.
(guar.)
Preferred
11(
Apr. 15 Holders of tee. Mar.2e6
Apr.
(qu.)
(guar.)
Holders of rec. Mar.22
114
Allis-Chalmers Mfg., pref.
Midland Utilities, prior lien stock
Holders of recs. Mar.22
11.4 Apr.
Aluminum Co. of Am., pre!.(oust.).... •111 Apr. 1 *Holders of rec. Mar.20
Preferred class A (guar.)
Apr 15 Holders of rec. Mar.31
14
114
Apr.
prof.
(guar.)
&
(Oil.).
corn.
Holders
of
prof.
Mar.
Art
rec.
15
Works.
American
Light.
Minnesota Power &
0114 Apr.
Apr. 1 Holders of rec. Mar. 180
*Holders of rec. Mar.20
American Bank Note, corn. (oust.).... 40c
Miesouri Power & Light,7% Pref. MO- 50c
75e. Apr. 1 Holders of rec. Mar. 186
Apr.
Holders
rec.
19a
of
Mar.
Preferred
(guar.)
(guar.)
Co.
Valley
Mohawk
Apr 1 Holders of roe. Mar. 13a
131
)
Apr.
Holders
rec.
15
of
431to
Mar.
oret.
(qu
(guar.)
Sugar.
American
Beet
M000n. West Penn P.S.7% pref.
14 Apr.
Holders of rec. Mar.120 Amer. Brake Shoe & Fdy.,com.(guar.)_ 11.50 Mar 81 Holders of rec. Mar.19a
Montana Power, corn. (guar.)
31 Holders of rec. Mar. 194
Mar.
114
g
Apr.
Holders
rec.
120
of
Mar.
(guar.)
Preferred
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 160
Apr. 20 Holders of roe. Mar.310 American Can, pref.(guar.)
Mountain States Power, pref. (quar.).. 134 Apr.
Apr. 1 Holders of rec. Mar. 156
11.50
of
corn.
Holders
(guar.)_
rec.
&
Car
13a
Foundry,
American
Mar.
$1
_
Lighting
(guar.).
Elec.
Narragansett
154 Apr. 1 Holders of roe. Mar. 150
Holders of rec. Mar.15
Apr.
Preferred (guar.)
National Electric Power, pref. (quar.).. 114
Holders of rec. Mar. 13
50e. Apr. 1 Mar. 21 to Mar.31
American Chain, Class A (guar.)
NationalPower & Light, pref. (quar.)._ $1.75 Apr.
rec.
6%
of
(guar.)
Chicle,
pref.
Holders
114 Apr. 1 Holders of rec. Mar. 154
10
American
Mar.
3
Mar.
2
--&
(guar.)
Telep.
Teleg.
New England
11( Apr. 1 Holders of rec. Mar.156
Holders of rec. Mar. 15
Apr.
7% Preferred (guar.)
New Jersey POW.& Lt par tic. pt.(nu.). 114 Apr.
14 Apr. I Holders of rec. Mar. 15a
American Cigar, pref. (guar.)
Holders of reo. Mar. 22
114
Pf.
-(QUO
El.
Corp.,
Central
New York
May 1 *Holders of roe. APr. 10
15
Mar.
rec.
*11
of
American
Coal
Holders
(guar.)
Apr.
114
_
_
(guar.)
prof.
Corp.,
New York Steam
Apr. 1 Holders of roe. Mar. 15
1
American Cyanamid, corn.(guar.)
114 Apr. 1 Holders of rec. Mar. 20
Telephone, pref. (guar.)
NOW York
Apr. 1 Holders of rec. Mar. 15
(extra)
Common
Mar.
150
Holders
rec.
of
3
Mar.
(quar.)__
50c.
common
Power.
Niagara Falls
New common A and B (guar.)
30e. Apr. 1 Holders of rec. Mar. 15
4314e Apr. 1 Holders of roe. Mar.3I0
Preferred (guar.)
114 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
Holders of rec. Mar.15
!snag.. Lockport & Out.Pow., corn.(qu.) 50c. Apr.
$1.50 Apr. 1 Holders of rec. Mar. 11
American Express (guar.)
150
Mar.
of
Holders
roe.
Apr.
114
Preferred (guar.)
May 15 Holders of rec. May it
France
(cm.).
Eng.,
25e.
-La
Fire
corn.
Amer.
Holders of rec. Mar. 50
0214 Apr.
corn. (quar.)
North American Co.,
194 Apr. 1 Holders of rec. Mar.22a
Preferred (guar.)
Holders of roe. Mar. 60
78e. Apr.
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 19a
lit
pref.
(guar.)
Linseed.
American
20
Mar.
rec.
of
Apr.
Holders
& Pow. Co.. pf.(Q11.) 114
North Amer. Light
12 Mar.31 Holders of rec. Mar. 120
75e. Mar.30 Holders of rec. Mar. 15a Amer. Locomotive, common (guar.)
Northern N. Y. Utilities. coin. (quar.)... 25e. Mar 30 Holders of roc Mar. 166
14 Mar 31 Holders of ree Mar 124
(guar.)
Preferred
Common (extra)
1574
THE CHRONICLE
[Vol.. BM
Per
When
Cent. Payable
Books Closed
Name of Company.
Per
When
Books Closed.
Days Inclusive.
Name of Company.
Cast. Payable.
Days Inaustre.
Miscellaneous (Continued).
Miscellaneous (Continued).
American Manufacturing. corn. (quer.). 199 Mar. 31
Holders of rec. Mar. 17
Coca Cola Co.. corn. (quar.)
Common (extra)
$1.75 Apr,
2
Mar.31 Holders of rec. Mar. 17
Commercial Investment Trust, com.(qu) Me. Apr. 1 Holders of rec. Mar. 15a
Common (quar.)
1 Holders of rec. Mar. 15a
14 July 1 Holders of rec. June 17
7% first preferred (quar.)
Common (quar.)
1% Apr. 1 Holders of rec. Mar. 150
14 Oct. 1 Holders of rec. Sept. 17
6
54
% first preferred (quar.)
Common (quar.)
14 Apr. 1 Hoidens of rec. Mar. 150
14 Dec. 31 Holders of rec. Dec. 17
Commercial Solvents, class A (quar.)
Preferred (quar.)
$I
Apr. 1 Holders of rec. Mar. 190
14 Mar 31 Holders of rec. Mar. 17
Preferred (quar,)
$2
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 19
154 July 1 Holders of rec. June 17
Cons. Lead & Zinc Co.. A.& B (No. 1).._ 624c Apr.
Preferred (quar.)
1 Holders of rec. Mar. 151
14 Oct. 1 Holders of rec. Sept. 17
Continental Baking. class A tom.(qu.). 2
Apr. 1 Holders of rec. Mar. 150
Preferred (quar.)
14 Dec. 31 Holders of rec. Dec. 17
Preferred (guar.)
American Piano, corn. (quar.)
2
Apr. 1 Holders of reo. Mar. 150
2
Apr. 1 Holders of rec. Mar. 15
Continental Can. prof.(quar.)
1% Apr. 1 Holders of rec. Mar.200
Preferred (guar.)
15f Apr. 1 Holders of rec. liar. 15
Coty. Inc.(quar.)
al
Amer.Pneumatic Service. 1st pf. WO-- • $1.75 Mar.31 Holders of rec.
Mar. 31 Holders of rec. Mar. 196
Mar. 223 Crown Finance Corp., pref. (quar.)
•61.75 Apr. 2 *Holders of rec. Mar. 15
American Radiator.corn.(quar.)
$1
Mar. 31 Holders of rec. Mar. 15a Crown-Willamette
Paper, 1st pf.(qu.)-. •$1.75 Apr. 1 *Holders of
Amer. Railway Express (quar.)
$1.50 Mar.31 Holders of rec. Mar. 155 Crucible Steel, preferred
ree. Mar. 15
14 Mar.31 Holders of rec. Mar. 150
American Safety Razor (guar.)
75e. Apr. i Holders of rec. Mar. 100 Cuban-American Sugar. (quar.)
corn.(guar.).
50c. Apr. 1 Holders of rec. Mar. 30
American Snuff, corn. (quar.)
3
Apr. 1 Holders of rec. Mar. 124
Preferred
/guar.)
154
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 30
134 Apr. 1 Holders of rec. Mar. 12a Cuneo Press (guar.)
"$1
Amer. Steel Foundries,common (quar.)_ 75e. Apr. 16 Holders of rec.
June 15 *Holders of rec. June 1
Apr. la Detroit& Cleveland
Preferred (quar.)
Apr 1 Holders of rec. Mar. 156
14 Mar. 31 Holders of rec. Mar. 15a Devoe & Raynolde, Navigation (altar). SI.
corn.
A
and
B
(quar., .60e.
American Stores Corporation (quar)- 50e. Apr. 1 Mar. 17 to Apr.
1 *Holders of rec. Mar.20
1
First and second preferred (quar.)_-- - •14 Apr.
Quarterly
Apr. 1 *Holders of rec. Mar.20
50c. July 1 June 16 to July 1
Dodge Brothers, Inc., pref.(quar.)
14 Apr. 15 Holders of rec. Mar.270
Quarterly
50c. Oct. I Sept 16 to Oct. I
Dome
Mines,
Ltd.
(guar.)
American Sugar Refining. corn. (quen). 14 Apr. 2 Holders of rec. Mar.
50c.
la
Dominion Glass, corn, and pref. (guar.). 14 Ant. 20 Holders of rec. Mar.31
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 150
199 Apr. 2 Holders of rec. Mar. la
Dominion Storm common (quar.)
American Tobacco. pref. (quar.)
60e. Apr. 1 Holders of rec. Mar. 20
199 Apr. 1 Mar. 11 to Apr. 7
Dominion
Textile.
com.(quar.)
American Type Founders, com.(quar.)_
$1.25 Apr. 1 Holders of rec. Mar. 15
2
Apr. It Holders of rec. Apr. 5a
Preferred (quar.)
14 Apr. 15 Holders of rec. Mar.
Preferred (quar.)
14 Apr. 15 Holders of rec. Apr. 50 Douglas-Pectin Co.
(quar.)
Amer. Vitrified Products,com.(quar.)_
25c. Mar.31 Holders of rec. Mar. 31
Apr. 15 Holders of rec. Apr. (a Draper Corporation
$1
la
Preferred (quar.)
2
Mar.31 Holders of rec. Feb. 27
199 May I Holders of rec. Apr. 2( a Dunham (James H polar.)
)&Co.com (quar) *154 Apr 1 'Holders
Amer. Wholesale Corp., pref.(guar.)_ _ _
199 Apr. 1 Holders of rec. Mar. 203
of rec. Mar. 9
First
preferred
(quar)
'134 Apr 1 *Holders of rec. Mar.
Amer. Window Glass Mach., corn. (qu.) 134 Apr. 1 Holders of rec.
Mar. 163
Second preferred (quar)
*154 Apr 1 'Holders of rec. Mar. 9
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar. I66 du Pont (E. I.) de Nom.
9
& CO.
American Woolen. pref. (quer.)
14 Apr. 15 Mar. 11 to Mar.23
Debenture
stock
(quar.)
Armour & Co.01 111.. el. A corn.(quar.). 50c. Apr. 1 Holders of rec.
14 Apr. 26 Holders of rec.
Mar. lOn eiu Pont (RI.) deNem.Powd.,coth.(qu.) '134 May
Apr. 100
Preferred (quar.)
1
14 Apr. 1 Holders of rec. Mar. 103
*Holders of rec. Apr.
Preferred (qilan)
Armour & Co. of Del., pref. (quar.)-'134 May 1 *Holders of rec. Apr. 20
14 Apr. 1 Holders of rec. Mar. 104
20
Eagle-Picher Lead, cOmin011 (guar.)._ .40e. June
Art Loom Corporation, corn.(quar.).._
1 'Holders of rec. May 15
75e. Apr. 1 Holders of rec. Mar. 200
Common (altar,)
Associated 011 (quar.)
.400.
Sept.
1 'Holders of ree. Aug. 15
50c. Apr. 26 Holders of rec. Mar 40
Common
(quar.)
Ault & Wiborg Co., pref.(quar.)
*400. Dee. 1 *Holders of rec. Nov.
14 Apr. 1 Holders of rec. Mar. 15
15
Eastern Rolling Mill (guar.)
374e. Apr. 1 Mar. 16 to Mar.31
Auburn Automobile (quar.)
75e. Apr. 1 Holders of rec. Mar.25
Extra
Extra
124c. Apr. 1 Mar. 16 to Mar.31
Si
Apr. 1 Holders of rec. Mar.25
Eastern
Steamship Lines, pref. (guar.).- 87 4c Apr. 15
Babcock dr 14 'ices Co.(quar.)
14 Apr. 1 Holders of rec. Mar 20
Holders of rec. Apr. 70
First preferred (quar.)
14 Apr. 1 Holders of rec. Mar.
Balaban & Katz. corn. (monthly)
25c. Apr. 1 Holders of rec. Mar.20e
260
Eastman Kodak, common (quar.)
51.25 Apr. 1 Holders of rec. Feb. 270
Barnhart Brothers & SpindlerCommon (extra)
750. Apr. 1 Holders of rec. Feb. 270
First and second preferred (quar.)
.14 May 1 *fielders
Preferred (quar.)
1 59 Apr. 1 Holders of rec. Feb. 27a
Ramsdell Corp., class A and B (guar.)._ 50c. Apr. 2 Holders of rec. Apr. 24
of rec. Mar. 150 Eisenlohr (Otto)&Bros .pref (quar)
199 Apr 1 Holders of me Mar
Beatrice CreArnery, corn. (quar.)
$1.25 Apr. 1 Mar. 21 to Mar. 31
Eleeirle Auto Lite (quar.)
$1.50 Apr. 1 Holders of rec. Mar.20a
Preferred (quar.)
14 Apr. 1 Mar. 21 to Mar. 31
15a
Electric Controller & Mfg.. corn.(qu.).- $1.25 Apr. 1 Holders
Baker (Walter) Co., Ltd. (quar.)
$1.50 Mar.20 Holders of rec. Mar. 126
of rec. Mar.20
Preferred (quar.)
Baltimore Brick, 1st pf.(acet.accum.div) 53
154 Apr. 1 Holders of rec. Mar. 20
Mar.27 Holders of rec. Mar. 18
Electric Storage Battery, corn.& pf.(q11.) $1.26 Apr. 1 Holders
Beech-Nut Packing. corn.(guar.)
600. Apr. 10 Holders of rec. Mar. 250
Electrical Research Laboratory (guar.).- *50o. Apr. 1 *Holders of rec. Mar. 19a
Preferred, class B (quar.)
14 Apr. 15 Holders of rec. Apr.
of ree. Mar.20
la (-'leln Ns(lonal Watch Muur.)
Belding-lieminway Co
.02560 May 1 *Holders of rec. ADr. 16
75e. Apr. 1 Holders of rec. Mar.200 Elliott-Fisher Co.,
corn. & corn. B (qu.). $1.50 Apr. 1 Holders of
Belgo-Canadian Paper, corn. (quar.)
134 Apr. 10 Holders of rec. Mar. 31
rec. Mar. 15a
Preferred
(quar.)
Preferred (quar.)
154 Apr. 1
14 Apr. 1 Holders of rec. Mar. 8
Emerson Electric Mfg., pref. (guar.).- 14 Apr. 1 Holders of rec. Mar. 150
Bend's Corporation. Class A (quar.)
Holders of rec. Mar. 20
50c. Apr, 1 Holders of rec hlar. 100 Empire Safe Deposit (quar.)
Berry Motor (quar.)
154 Mar. 30 Holders of rec. Mar. 230
50c. Apr. 1 Holders of rec. Mar.20
En,pot lam Corp. (No. 1)
Bethlehem Steel, 7% preferred (guar.)._
50c. Mar.24 I'Milers of rec. Mar. 4
14 Apr. 1 Mar. 7 to Apr it
Endicott Johnson Corp .corn (Quer)
Eight per cent Preferred (quar.)
$1 25 Apr 1 Holders of reo Mar 17
2
Apr. 1 Holders of rec. Mar, 65
Preferred
(quar)
Bingham Mines (quar.)
$I 75 Apr 1 Hoidens of reo Mar 17
$1
Mar.31 Holders of roe. Mar 20e
Putlid ((II (mom hly)
Borg & Beck (quar.)
1 4 Mar.25
•50o. Apr. 1 *Holders of rec. Mar. 20
Evans(E.S.) dr Co..corn. B (quar.)---- 500. Apr. 1 It oniet s of ree. Mar. 10
Extra
*25e. Apr. 1 *Holders of rec. Mar.20
Holders of rec. Mar. 22
Common
B (extra)
25c. Apr. 1 Holders of rec. Mar. 22
Borne, Scrymser Co
4
Apr. 15 Mar. 28 to Apr. 19
Fair( I he), tom.(monthly)
Extra
20e. Apr. 1 holders of reg. Mar 200
4
Apr. It Mar. 28 to Apr. 14
Common
(monthly)
Bridgeport Machine, pref. (quar.)
20e. May 1 Holders of rec. Apr. 200
$1.75 Apr. 1 }folders of rec. Mar.20
Falrbanks-Morse & Co.. corn. (quar.)_ 75e. mar. 31
Brillo Mfg., pref., class A (quar.)
Holders of rec. Mar. 150
50c. Apr. 1 Holders of rec. Mar. 15a
Common (quar.)
British-American Oil (quar.)
750. June 30 Holders of rec. June 150
624c Apr. 1 Mar. 18 to Mar.31
Common
(quar.)
British-American Tobacco. ordinal'''. - (r) Mar. 31 Holders
750.
Sept.
30
Holders
of rec. Sep. 150
Common (guar.)
British Columbia Fish & Packing (quar.) 1(4 Mar. 10 Holders of coup. No.110r
75e. Dec. 3 Holders of ree. Oct. 15a
of rec. Feb 28
Famous Players-Lasky Corp., COM.(311.) $2
Quarterly
Anr.
1% June 10 Holders of tee. May
Holders
of
rec. Mar.15a
Preferred
(gear.)
31
Quarterly
2
May
14 Sept. 10 Holders of rec. Aug. 31
Holders of rec. Apr. 154
Faultless Rubber (quar.)
Quarterly
50e. Apr.
1 4 Dee. 10 Holders of rec. Nov. 30
Holders of rec. Mar. 15
Federal
Motor
Prom(
miter
)
Brown & Williamson 'rob., cool.(qu.)_
.30e. Apr.
134 Apr. 1 *Holders of rec. Mar.20
Fifth Avenue Bus Securities (quar.)__.. lac Apr.d1 •Bulders of rec. Mar. 20
Preferred(quar.)
•1% Apr. 1
Holders of rec. Apr. 420
Financial investing Co. of N. 1 ., Ltd.- 25e.
Brunswick-Baixe-collender, pref. (qu.). 1% Apr, 1 *Holders of rec. Mar.20
Apr.
Holders of rec. mar. 5
'lel
der:,
rec.
of
203
Mar.
Extra
Buckeye Incubator(quar.)
10c. Apr.
60e. Apr. 1 Holders of rec. Mar. 20
Holders of rec. Mar.
First National Pictures, let prof. (quar.) 82
Bucyrus Co ,corn (quar)
134 Apr I Holders of rec Mar 213
Apr.
Holders of ree. Mar. 160
National
First
Stores,
Inc.,
corn.(No. 1) *3799e Apr.
Common (extra)
2
Apr 1 Holders of rec Mar 20
'Holders of rec. Mar. 13
First preferred (quar.)
Preferred (quar)
•194 Apr.
134 Apr 1 Holders of reo Mar 20
*Holders of rec. Mar. 13
Preferred (guar.)
Budd Wheel, common (quar.)
*2
Apr.
50c. Mar.31 Holders of rec. Mar. 10
'Holders
of rec. Mar. 13
Robber.
Fisk
it
pf.
.(acct. accum. dive.) 4199 May
First preferred (quar.)
199 Mar.31 Holders of ree. Mar. 10a
Holders of ree. Apr. 15a
Convertible
First preferred (extra)
*199 May
75c, Mar. 31 Holders of rec. Mar. 10e Fleischmann preferred (No. 11
*Holders of rec. Apr. 15
new
Co..
com.(No.1)
Burns Brothers, preferred (quar.)
Holders of rec. Mar. 150
154 Apr, 1 Holders of rec. Mar. 190 Foote Bros. Gear & Mach., pref. Mu./ 50e. Apr.
Burroughs Add. Mach., no par stk.(au.) 75c. Mar.31 Holders
(qu.)
194 Apr.
Mar. 20 to Mar.31
of rec. Mar. 150
Preferred (guar.)
Preferred (quar.)
•194 July
1(4 Mar.31 Holders of rec. Mar. 15
'Holders of rec. June 20
Preferred
(Oust.)
• Bush Terminal Co.. 7% deb. stock (au.) 134 Avr, 15 Holders
•134 Oct.
'Holders of rec. Sept. 20
Forhan Co., common (quar.)
Bush Terminal Buildings, pref. (quar.).... 199 Apr. 1 Holders of rec. Apr. 2
25e. Apr.
Holders of rec. Feb 4270
of rec. Mar. 170
Class A (guar.)
Butte dr Superior Mining
40c. Apr.
50e
Mar 31 Holders of reo Mar 15a Fox Film Corp
Holders of rec. Feb.8270
.class A and II (quer)
By-Products Coke, common •
SI,
Apr 1
*S1
Mar.20 *Holders of reo. Mar. 1
Holders of reo Mar 31
Gabriel Snubber Mfg. (quar.)
Calamba Sugar Estates(No. 1)
6240
Apr,
.$1.50 Apr. 1 *Holders of rec. Mar.31
Holders of rec. Mar. 160
Extra
California Packing Corp.
624c Apr.
Hinders of rec. Mar .150
Galena-signal Oil,
Stock dividend
Mar,3 Holders of rec. Mar. 1011
*100% Subject to stocklfrs meet. May 18 General American pref. & new pf (qu.). 2
Tank
Car.
pref.
(qu.)
Calumet & Arizona Mining (quar.)
•194 Apr.
51
Mar.22 Holders of rec. Mar. 50 General Baking. Class
*Holders of reo. Mar. 16
A (quar.)
Extra
$1.25 Am'.
500. Mar. 22 Holders of rec. Mar. 56
Holders of rec. Mar. IS
Preferred (quar.)
Cambria Iron
2
Mar.3 Holders of rec. Mar. 20
Apr I Holders of rec. Mar. 15a General Cigar, common
(quar.)
Canadian Canners, pref (quar)
$1
May
1
Apr 1 Holders of rec. Mar. 20
lioldenz
of rec. Apr. 200
Preferred (quar.)
Canadian Car & Foundry. pref.(quar.)
154 June
134 Apr, 10 Holders of rec. Mar. 26
Holders of tee. May 220
Debenture preferred (quar.)
Canadian Connecticut Cot. M.. rd.(qu.) 1
14 Apr.
Apr, 1 Holders of rec. Mar. 16
Holders
of
rec. Mar.240
Debenture
preferred
(quar.)
Canadian General Electric. pref. (quar.) 14 Apr. 1 Holders of rec. Mar.
14 July
Holders of rec. June 240
13
General Electric, common (quar.)
Canadian Locomotive (quar.)
2
Apr. 1
14 Apr. 1 Holders of re:: Mar. 20
Holders of reo. Mar. 90
Special
stock
(guard
Canfield Oil, common (quar.)
15e. Apr. 1
14 Mar. 31 Mar. 21 to Apr. 4
Holders of reo. Mar. (ia
General Motors Corp.
Preferred (quar.)
1% Mar.31 Mar.21 to Apr. 4
Seven per cent preferred (quar.)
Case(J. 1.) Threshing Mach.. pref.(au.) 14 Aor. 1 Holders of rec. Mar.
194 May
Holders of rec. Apr. 54
15a
per
Six
cent
debentures
(quar.)
Central Steel, common (guar.)
199 May
$1
Apr. 10 Holders of rec. Mar.25
Holders of rec. Apr. 54
Six per cent preferred (quar.)
Preferred (quar.)
14 May
14 Apr. 1 Holders of rec. Mar. 15
Holders of rec. Apr. 50
General
Railway
Signal,
corn.
(guardCentury Electric
-- $1
Apr.
134 Mar.22 Holders of roe. Mar. 15
Holders
of rec. mar. 100
Preferred (quar.)
Certain-teed Products Corp.. corn. (qu.)
194 Apr.
Apr, 1 Holders of rec. Mar. 160 General
Holders of rec. Mar. 100
Tire & Rubber. pref. (guar.)._
First and second preferred (guard14 Apr.
14 Apr. 1 Holders of rec. Mar. 18a Gimbel Brothers,
Holders of rec. Mar.20
preferred
Chand.-Cleve. Mot. Corp., pref.(No. I)
(quar.)
14 May
Apr. 1 Holders of
Holders of reo. Apr. 15a
Chesebrough Manufacturing (plain)._ 75c. Mar.31 Holders of rec. Mar. 22a Glidden Co., common (quar.)
500. Apr.
Holders of reo. Mar. 200
rec. Mar. 10a
Prior
(quar.)
Extra
14 Apr.
25e. Mar. 31 Holders of rec. Mar. 10a Goodrichpreferred
Holders of rec. Mar. 200
(B.
F.)
Co., pref. (quar.)
Chicago Fuse Manufacturing (guar.)... 624c Apr. 1 Holders of rec.
14 Apr.
Holders of rec. Mar. 15a
Mar. 16a
Preferred (quar.)
Chicago Mill & Lumber, pref.(quar.)
14 July
14 Apr. 1 Holders of rec. Mar. 230 Goodyear Tire
Holders of rec. June 151
& Rubber, prof. (quar.)Chicago Railway Equipment,corn (qu) 750
134 Apr.
Mar 31 Mar.20 to Apr. 4
Holders of reo. Mar la
Prior preferred (guar.)
Preferred (quar)
2
Apr.
194 Mar 31 Mar. 20 to Apr. 4
Holders of ree. Mar. 150
Preferred (quar.)
Chicago Yellow Cab (monthly)
15,4 Apr.
33 1-3c Apr. 1 Holders of rec. Mar. 200 Goodyear
Holders of rec. mar. 15
Tire &R.of Calif. pref.(quar.) •194 Apr.
Monthly
33 1-3e May 1 Holders of rec. Apr. 20a
'Holders of rec. Mar. 20
Preferred (account accum. dividends). .514 Apr.
Monthly
33 1-3c June 1 Holders of rec. May 20a Gosaard (H. W.)
*Holders of rec. Mar. 20
Co.,
corn.
(monthly).
- 33 1-3c Apr.
Childs CompanyHolders of rec. Mar. 20
Common (monthly)
33 1-3c May
Corn.(extra, pay. in no par corn. stk.) (j)
Apr. 1 Holders of rec. Feb. 26a
Holders of rec. Apr. 20
Common (monthly)
33 1-3c June
Corn.,(extra, Pay. in no par corn. stk.) (j) July 1 Holders of rec. May 280 Gotham
Holders of rec. May 21
Silk
Hosiery,
corn
(quar)
624c Apr
Corn. (extra, pay. In no par corn. stk.) (f) Oct. 1 Holders of rec. Aug. '270
Holders of reo Mar 150
First & Second preferred (quar.)
154 May
Com..(extra, pay. In no par corn. stk.) (j) Dec 30 Holders of rec. Nov.26a
Holders of rec. April 150
Goulds Manufacturing, corn. (quar.)
14 Apr.
Chill Copper (quar.)
624c Mar. 29 Holders of rec. Mar. 3a
Holders
of rec. Mar. 20
Preferred
(quar.)
134 Apr.
Chrysler Corporation, com. (quar.)
0750. Apr. 2 *Holders of rec. Mar. 19
Holders of roe. Mar. 20
Grant(W T)Co ,8% prat (quar)
2
Apr
Preferred (quar.)
.2
Apr. 2 *Holders of rec. Mar. 19
Holders of rec Mar 20
Gressel!' Chemical, common (quer.)_ _ _
2
Mar,3 Holders of rec. Mar. 15
Preferred (quar.)
*2
June 30 *HcIders of rec. June 15
Preferred (quar.)
14 Mar,3 Holders of rec.
Preferred (quar.)
*2
Sept.30 "Holders of rec. Sept. 15
Mar. 15
Great Western Sugar,corn (quar)
$2
Apr
.2
Preferred (quar.)
Jan.3"27 *Holders cf rec. Dec. 15
Holders of rec Mar 150
Preferred (quar)
194 Apr
•4 Apr. 1 *Holders of rec. Mar. 15
Cities Service, common (monthly)
Holders of reo Mar 150
Greenfield Tap & Die Corp..6% P1.(0u.) di
Apr.
common
34
stock).., •54 Apr. 1 *Holders of rec. Mar. 15
Common (payable in
Holders of rec. Mar. 15a
Eight per cent preferred (guar.)
•2
Apr.
•54 Apr. 1 *Holders of rec. Mar. 15
Preferred and preferred B (monthly)
Holders of roe. Mar. 150
Grennan Bakeries, common (quar.)
.25c. Apr.
624 Apr. 1 Holders of rec. Mar. 15
*Holders of rec. Mar. 15
Cleveland Builders Supply (quar.)
Preferred (quar.)
"14
Apr.
2
Apr. 1 Holders of rec. Mar. 20
'Holders of rec. Mar. 15
Cleveland Union Stock Yards (quar.)_
Grief Bros.(A) (Cleveland)(2 mos. dIv.) 53 1-3c Apr.
194 Apr 1 Holders of rec. Mar.200 Guantanamo Sugar, pref.
Holders of rec. Mar. 15
Cluett. Peabody dr Co pref (quar)
(quar.)
2
Apr.
70c. Apr. 5 Holders of rec. Apr. 5
Holders of rec. Mar. 154
Cohn-Hall-Marx Co.. corn.(guar.)
Guenther Publisher, pref. (quar.)
254 May 1 Holders of ree. Apr. 18
700. July 5 Holders of rec. July 5
Common (quar.)
Preferred (acct accumulated diva.).__ 4299
May I
Holders of rec. Apr. 16
Commercial Credit Co., corn.(quar.)--- 50c. Mar.31 Holders of rec. Mar. 20a
Preferred (quar.)
299
Aug. 1
Holders of rec. July 16
$1.084 Mar.31 Holders of rec. Mar. 200
899% first pref. (No. 1)
Preferred (acct. accumulated diva.)
5299 Aug. 1
Holders of roe. July 16
37990. Mar.31 Holders of rec. Mar. 200
7% preferred (quar.)
Preferred (quar.)
299 Nov. 1
Holders of reo. Oct. 16
50e. Mar.31 Holders of rec. Mar. 200
8% preferred (quar.)
Preferred (acct. accumulated dim)._ 5234 Nov. 1
Holders of rec. Oct. 16
,4,
Rea. 201926.]
Name of Company.
•
THE CHRONICLE
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Gulf 011 Corporation (guar.)
3791c Apr. 1 Holders of rec. Mar.20a
Gulf States Steel, corn. (guar.)
14 Apr. 1 Holders of rec. Mar. ha
Preferred (guar.)
14 Apr. 1 Holders of rec. Mar. lba
Preferred (q uar.)
14 July 1 Holders of rec. June Ita
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 15a
Preferred (quar.)
141 Jan 2'27 Holders of rec. Dec. 15a
Hanes(P. H.) Knitting Co., pref.(guar.) 14 Apr. I Holders of rec. Mar. 20
Harbauer Co. (quar.)
4.50. Apr. 1 Holders of rec. Mar.20
Harbison-Walker itefrac., pref. (quar.)_
14 Apr. 20 Holden of rec. Apr. 10a
Helms(Geo W)Co ,corn (quar)
Apr 1 Holders of rec Mar 15a
75e
Preferred (quar)
141 Apr 1 Holders of roe Mar 15a
Hercules Powder, corn (quar)
14 Mar 25 Mar 16 to Mar 24
Hibbard,Spencer. Bartlett& Co.(m'thly) 35c. Mar. 26 Holders of rec. Mar. 19
Extra
20e. Mar. 26 Holders of rec. Mar. 19
'Merest Collieries, common (quar.)_--14 Apr. 15 Holders of rec. Mar. 31
Preferred (quar.)
194 Apr. 15 Holders of rec. N1 ar. 31
Hollinger Consolidated Gold Mines.-Mar 25 Holders of reo Mar 9
flo
Holly Oil
25e. Mar. 31 Holders of rec. Mar. 15
Holt, Renfrew & Co., pref. (guar.)
391 Apr. 1 Holders of rec. Mar.29
Homeatake Mining (monthly)
Mar 25 Holders of ma Mar 20a
50c
Hood Rubber, continuo (guar.)
Mar.31 Mar.20 to Mar. 31
$1
Hudson Metor Car (rear.)
75e. Cnril 1 Holders of rec. Mar. 15
Humble Oil & Refining (guar.)
30e. Apr. 1 Mar. 18 to Mar. 31
Preferred (guar.)
*14 Apr. 1 *Holders of rec. Mar. 20
Illinois Brick (guar.)
2.4 Apr. 15 Apr. d4 to Apr. 15
Quarterly
.2.4 July 15 *Holders of rec. July b
Quarterly
*2.4 Oct. 15 'Holders of rec. Oct. 5
Imperial Tobacco of Canada ordinarY-14 Mar.30
Independent 011 & Gas (guar.)
25e. Apr. 12 Holders of rec. Mar. 310
Independent Pneumatic Tool (quar.)__ _ *$I Apr. 1 *Holders of rec. Mar. 20
India Tire & Rubber, corn. (guar.)
"2
Apr. 1 'Holders of rec. Mar. 20
Preferred (guar.)
*14 Apr. 1 'Holders of rec. Mar. 20
Indiana Pipe Line (quar)
$1
May 15 Holders of rec Apr 16
Extra
$1
May 15 Holders of rec Apr 16
Inland Steel, preferred (quar.)
191 Apr. 1 *Holders of rec. Nlar. 15a
Inspiration Consolidated Copper (qu.)._ 50c. Apr. 5 Holders of rec. Mar. lea
Interlake Steamship (guar.)
51.25 Apr, 1 Holders of rec. Mar. 20
Internat. Ilusiness NfachltieS uar.1_ _ _ 75c. Apr. 10 Holders of rec. Mar 23a
Internat. Buttonhole Sew. Mach. (qu.) _ 15c, Apr. I Holders of rec. Mar. 15
International Cement, common (quar.)_ $1
at ar. 31 Holders of rec. Mar. 150
Preferred (guar.)
14 Mar. 31 Holders of rec. Mar. 156
Internal. Match. panic. pref. (quar.)
80c. mir. 15 Holders of rec. Mar. 25a
International Nickel, corn (quar)
50c
Mar 31 Holders of roe Mar ha
International Paper,6% pref ((Mar)- -14 Apr 15 Holders of rec Apr to
Seven per cent preferred (guar )
14 Apr 15 Holders of rec Apr la
Internat. Projector Corp.. corn.(guar.). 25e. Apr. 1 Holders of rec. Mar. 15
$7 dividend preferred (guar.)
$1.75 Apr, 1 Holders of rec. Mar. 15
International Salt (guar.)
134 Apr. 1 Holders of rec. Mar. 15a
International Shoe, corn.(quar)
$1.50 Apr. 1 Holders of rec. Mar. 15e
Common (guar.)
$1.50 July 1 Holders of rec. June 150
Common (quar)
$1.54, Oct. 1 Holders of rec. June 15.i
Internat. Silver, common (Ng. 1)
134 Apr. I Holders of rec. Mar. 17a
Preferred (guar.)
14 Apr. 1 Hol ers of rec. Mar. 170
Intertype Corporation,first pref (quad. 2
Apr 1 Holders of roe Mar 19
Jewel Tea, preferred (quad.)
14 Apr. 1 *Holders of rec. Mar. lea
Preferred (account accurn. dividends) _ 521.1 Apr. 1 Hinders of rec. Mar. lea
Jones dr Laughlin Steel. pref (ri riar.)_ _ _
pr 1 Holder+ of rec. Mar 150
134
Jordan Motor Car, corn. (guar.)
75e. Mar. 31 Holders of rec. Mar. 16
Preferred (quar.)
191 Mar. 31 Holders of rec. Mar. 16
Kaufman Dept. Stores, corn. (quar.)_ _ _ "r2 May 1 "Holders of rec. Apr. 20
Preferred (guar.)
14 Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
•131 July 1 *Holders of rec. June 21
Preferred (quar.)
.141 Oct. 1 'Holders of rec. Sept 20
Preferred (quar.)
•191 .lan2 27 *Holders of rec. Dec 20
Kaynee Co., pref. (guar.)
14 Apr. 1 Holders of rec. Mar. 20
Kayser (Julius) & Co.. prof. (guar.).82
Apr. 1 Holders of rec. Mar. 180
Kelsey Wheel, corn (quar)
SI 50 Apr 1 Holders of rec Mar 196
Kennecott copper Corp. (guar.)
$1
A pr. 1 Holders of rm. Mar. ba
Kerr Lake Mines
12.4c. Apr. 15 Holders of rec. Apr. la
Keystone Watch Case (quar)
1
Apr 1 Holders of rise Mar 20a
King Phillip Mills (quad)
I
Apr 1 Holders of me Mar 20a
Kinney (_1. It.) Co., couunon
81
Ayr. I Holders of_rec. Mar. 220
Kirby Lumber (quar.)
•131 June 10 'Holders of roe. May 31
Quarterly
•131 Sept. 10 'Holders of rec. Aug. 31
Quarterly
•191 Dec. 10 *Holders of rec. Nov 30
Knox Hat, prior preferred (quar)
14 Apr
Holders of roe Mar 15
Kraft Cheese. counnon (guar.)
5791e Apr.
Holders of rec. Mar. 180
Common (payanle in common stock).. Jl34 Apr.
Holders of rec. Mar. lSa
Kresge Department Stores. pref. (guar.) 2
Apr.
Holders of rec. Mar. 156
Kresge (S. S.) Co., new common (guar.) 30e. Mar.3 Holders of rec. Mar. 15a
Preferred (quad)
14 Mar.3 Holders of rec. Mar. 15a
Kress(S. If.) & Co., pref.(quar.)
14 Apr.
Holders of rec. Mar 200
Lamson dr Hubbard Corp., pref
5$4
Apr. 1
Holders of rec. Apr. 1
Lawton Mills (guar.)
24 Mar.3 Holders of rec. Mar. 16a
Lawyers Title & Guaranty (quar.)
24 Apr.
Holders of rec. Mar.200
Lehigh Valley Coal Sales (guar.)
$2
Apr.
Holders of rec. Mar. 18
Life Savers, Inc (quar)
40c
Apr
Holders of res Mar 150
Liggett & Myers Tobacco, pref.(guar.).
191 Apr.
flolders of rec. Mar. 150
Loew's. Inc (quar)
50o
Mar 3 Holders of rea Mar 135
Long Bell Lumber cl. A corn. (guar.)._ $1
Mar. 3 Holders of rec. Mar Its
Loose-Wiles Biscuit, first pref. (quar.)
14 Apr.
Holders of rec. Mar. 18s
Second preferred (quar.)
14 May
Holders of rec. Apr. 173
Lord & Taylor, common (guar.)
291 Apr.
Holders of rec. Mar. 17s
Lorillard(P)Co ,com (quar)
75e
Apr
Holders of reo Mar 150
Preferred (quar)
14 Apr
Holders of roe Mar 15.
Ludlum Steel (quad)
50o
Apr
Holders of rim Mar 22a
Mack Trucks. inc., corn. (quar.)
$1.50 Mar.3 liolders of rec. Mar. 15a
First and second preferred (quar.)__
14 Mar.3 Holders of rec. Mar. 15a
Macy (R. H.) & Co., pref. (guar.)
14 May
Holders of rec. Apr. 17a
51agor Car Corporation. common (qu.)_ 25
afar.3 Holders of rec. Mar.24
Preferred (guar.)
141 Mar.3 Holders of rec. Mar. 24
MallInson (H. It.) as Co., Inc., pf. (qu.) 14 Apr.
Holders of rec. Mar. 22a
Nlanatl Sugar, pref. (guar.)
141 Apr.
Holders of rec. Mar. 15a
Manhattan Electrical Supply (guar )_
$1124 Apr
Holders of rec Mar 20a
Manhattan shirt, pref. (guar.)
14 Apr,
Holders of rec. Mar. 16
Marland 011 (guar.)
$I
Morn
Holders of rec. Mar. 200
Marlin-Rockwell Corp., corn. (guar.).
50e. Apr.
Holders of rec. Mar.25a
Preferred (guar.)
141 Apr.
Holders of rec. Mar. 25a
Matineson Alkali Works, corn.(quar.)_ _ 81
Apr.
Holders of rm. Mar. 19a
Preferred (guar.)
154 Apr.
Holders of reo. Mar. 19a
May Department Stores, pref. (quar.)_
14 Apr.
Holders of rec. Mar. 15a
Maytag Co.(guar.)
•50e. June
'Holders of rec. May 15
Quarterly
*500. Sept.
*Holders of rec. Aug. 15
Quarterly
•50c. Dec.
'Holders of rec. Nov. 15
McCrory Stores, pref. (guar.)
14 May
Holders of rec. Apr. 20.
Preferred (guar.)
14 Aug.
Holders of rec. July 20a
Preferred (guar.)
151 Nov.
Holders of rec. Oct. 2rts
Merchants & Miners Transport'n (guar.) .1324c Mar.3 *Holders of rec.
Mar. 6
Mergenthaler Linotype (guar.)
291 NI air. 3 Holders of rec. Mar. fla
Merrimac Chemical (quar.)
d14 Mar.3 Holders of rec. Mar. 13a
Metropolitan Paving Brick, pref. (qu.). 14 Apr.
Holders of rec. Mar. 16
Mexican Petroleum, corn. (guar.)
33
Apr. 20 Holders of rec. Mar.31a
Preferred (attar.)
$2
Apr. 20 Holders of rec. Mar. 31a
Midland Steel Products, corn.(guar.) -- $1
Apr. 1 'Holders of rec. Mar. 19
Common (extra)
48c. Apr. 1 *Holders of rec. Mar. 19
Preferred (guar.)
*V
Apr. 1 *Holders of rec. Mar. 19
Preferred (extra)
Apr. 1 *Holders of rec. Mar. 19
*$1
500. Apr. 25 Holders of rec. Apr. 5a
Miller Rubber, common
14 Apr. 1 Holders of rec. Mar. 20
Mill Factors Corp. (guar.)
4 Apr. 1 Holders of rec. Mar.20
Extra
Montgomery Ward dr Co., Clare A Wu.) .$1.75 Apr. 1 'Holders of rec. Mar. 20
14 Apr. 1 Holders of rec. Mar.20a
Preferred (guar.)
$1 25 Apr 1 Holders of roe Mar 20a
Morgan Lithograph Co , corn (guar)
14 Apr 1 Holders of rec Mar 20a
Seven per Cent preferred (quar)
2
Apr. 15 Holders of rec. Apr. 1
Motion Picture Capital Corp., prf.(qu.)
nOc. Apr. 1 Holders of rec. Slay. 15a
Nieto Meter, Inc.. class A (guar.)
,Motor Prod. Corp., corn.(qu.()No. 1)_ •500. May 1 "Holders of rec. Apr. 20
$1.25 May 1 *Holders of rec. Apr. 20
°Preferred (quar.)
50e. Mar 20 Holders of rec. Mar. 10a
Motor NVImel Corporation (guar.)
20o Apr 1 Holders of refs Mar 15a
Mountain Producers Corp (quar)
400 Apr 1 Holders of ma Mar 156
Extra
Name of Company.
1575
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
National Biscuit. corn.(guar.)
75e. Apr. 15 Holders of rec. Mar. 31a
National Breweries, corn
Apr 1 Holders of roe Mar 15
$I
Preferred (quar)
14 Apr 1 Holders of roe Mar 15
National Dairy Products, corn.(guar.)
756. Apr. 1 Holders of rec. Mar.20a
Nat. Enameling & Stamping, pref. (qu.) 141 Mar. 31 Holders of rec. Mar i ta
•3
National Grocer, preferred
July 1 'Holders of ree.
•3
Preferred
Jan1'27 *Holders of roe. Dec 20
National Lead common (quar.)
2
Mar. 31 Holders of rec. 55 r 12a
National Licorice, pref. (quar.)
14 Mar. 31 Holders of rec. Mar.24
N aclonal -Standard Co.(quar.)
*62345. Apr. I •liolders of rec. atm% 22
National Sugar Refining (guar.)
141 Apr. 2 fielders of rec *Om 8
National Supply, pref. (guar.)
$1.75 Mar. 31 Holders of rec. Mar.20
National Surety (guar.)
24 Apr. I Holden,of roe Mar 100
National Tea, new corn. (guar.) (No. 1) $I
Apr. 1 Holders of rec. Mar. 22
Naumkeag Steam Cotton (quar.)
$3 Apr. 1 Holders of rec. Mar. 18a
Nelson (Herman) Corporation
30e
Apr 1 Holders of me Mar 20
Nevada Consol. Copper (quar,)
250. Mar.31 Holders of rec. Mar. 18
New England Fuel 011 (guar.)
250. Apr. 1 Holders of rec. Mar. 20a
New 1 ork Air Brake, Class A (quar.)..- SI
Apr. I Hoidens or rec. Mar lber
New York Transit
$1
Apr. IS 110110-s of rec.. Mar 19
New York Transportation (quar.)
50e. Apr. 15 Holders of rec. Apr. la
Nichols Copper, pref (quad)
141 Apr
1 Holders of ree Mar 26
NipissIng Mines, Ltd. (guar.)
150. Apr. 20 Holders of rec. Mar.310
is or,S Allo-riraii Provision. pref. (Oil
•Iy, Apr. I •100,1,-, of rec. Mar 10
Norwalk Tire dr Rubber. Cora,(guar.)
400. Apr. 1 Holders of rec. Mar. 15a
Preferred (guar.)
14 Apr. 1 Holders of rec. Mar. 15a
Ohio Brass Class B (guar.)
$1 Apr. 15 Holders of rec. Mar. 31
Class B (extra)
St Apr. 15 Holders of rec. Mar. 31
Preferred (Ouar.)
14 Apr. 15 Holders of rec. NIar. 31
Ohio Fuel Corporation (guar.)
50c. Apr. 15 Holders of rec. Mar. 31a
Ohio 011 (guar.)
50e. Mar. 31 Feb. 28 to Mar. 21
Extra
25c. Mar. 31 Feb. 28 to Mar.21
011 Well Supply. corn. (guar.)
•50e. Apr. I Holder, of rec. Mar. 15
Preferred ((mar
'134 May I *Holders of rec Apr 15
Omnibus Corporation, pref. (quar.)_ _ n
Apr. 15 'Holders of rec. Apr. 1
Open Stair Dwellings(quad)
141 Mar 31
Orptieum Circuit, corn.(monthly)
16 2-3c Apr. 1 Holders of rec. Mar. 20a
Preferred (guar.)
2
Apr. I Holders of rec. Mar. 15a
Owens Bottle, corn.(extra)
750. Apr. I Holders of rec. Mar. 160
Preferred (guar.)
14 Apr. 1 Holders of rec. Mar. 160
Palge-Detrolt Motor, corn. (guar.)
45e, Apr. 1 Holders of rec. Mar. lba
Preferred (guar.)
141 Apr. 1 Holders of rec. Mar. lba
Pan AuLPeLer rransp..com.dr com.B (qu) $1.50 Apr 20 Holders of rec. Mar 310
Pan American Petroleum of California_ _
24 Apr. 1 Holders of rec. Dec. 200
Paraffine Companies, corn. (guar.)
n1.50 Mar.27 *Holders of rec. Mar. 17
Preferred (quar.)
.14 arena: •Holiters of rec. Mar. 17
Park Utah Consolidated Mines (quar.)._ •15c. Apr. 1 *Holders of rec. Mar. 15
Peabody Coal. met.(monthly)
'58c. Apr. I •Hoofers of rec. Mar 20
Penman& Ltd ,cons (quar)
2
May 15 Holders of res May 5
Preferred (quar)
14 May 1 Holders of rec Apr 21
Penick & Ford, Ltd., pref.(guar.) •
14 Mar. 31 Holders of rec. NIar. 20
Preferred (account accum. dividends). 514 Mar. 31 Holders of rec. Mar. 20
Penney (J. C.) Co., first pref. (quar.)
151 Mar. 31 Holders of rec. Mar. 20
Peunuk Oil (guar.)
50c. Mar. 25 Holders of roe. Misr lba
Pet Milk Co., common (quar.)
75c. Apr. 1 Holders of rec. Mar. 11
Preferred (quar.)
131 Apr. 1 Holders of me. Mar. 11
Pettibone-Milliken. let & 2d pref.(qu.)_
14 Apr, 1 Holders of rec. Mar.20a
Phillips Petroleum (guar 1_
75, Apr, I Helder, of rec. Sian. 154
Pick (Albert) & Co., pref. (quar.)
14 Apr. 1 Mar. 21 to Mar. 31
Pie Bakeries of America. Class A (guar.) $1
Apr
1 Holders of rm. Mar. 15
Preferred (guar.)
14 Apr. 1 Holders of rec. Mar. 15
Pittsburgh Plate Glass (quar.)
2
Apr. 1 Holders of rec. Mar. las
Pittsburgh Steel Foundry, pref.(guar.). *14 Apr. 1 *Holders of res. Mar. IS
Plymouth Oil
•50e. Mar.20 •Iloiders 01 roe. Mar. 20
Extra
25e. Mar 20 .11nMers of rec. Mar. 20
Pratt & Lambert Co., common (guar.). 75e. Apr. 1 Holders of rec. Mar. 18.
Price Brothers, corn. (quar.)
34 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
1% Apr. I Holders of rec. Star. 15
Provincial Paper Mills, common (quar.). 191 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
14 Apr. 1 Holders of rec. Mar. 11
Pure Oil Co., 591% pref.(guar.)
14 Apr. 1 Holders of rec. Mar. 10
Six per cent preferred (guar.)
14 Apr. 1 Holders of rec. Mar. 10
Eight per cent preferred (guar.)
2
Apr. 1 Holders of rec. Mar.100
Quaker Oats, common (guar.)
75c. Apr. 15 Holders of rec. Apr. la
Common (extra)
$2.50 Apr, 15 Holders of rm. Apr. la
Preferred (guar.)
14 May 29 Holders of rec. May la
Radio Corporation, Original pref (quar.) 14 Apr. 1 Holders of rec. Mar. 1
Preferred A (quar.)
141 Apr. 1 Holden of res. Mar. la
Railway Steel Spr.,new com.(qu.)(No.1)
Mar.31 Holders of rec. Mar.154
Preferred (guar.)
141 Mar.20 Holders of rec. Mar. 5a
Rand Kardex Bureau, Inc.
Common (payable in common stock)_ f1.6
Apr, I Holders of rec. Mar.20
Preferred (guar.)
51.75 Apr. 1 Holders of rec. Mar.20
Real Silk Hosiery Mills, corn.(quar.)_
Apr. 1 Holders of rec. Mar.19e
$1
Preferred (guar.)
141 Apr. 1 Holders of rec. Mar.194
Reece Buttonhole Mach.(guar.)
350. Apr. 1 Holders of rec. Mar. 15
Reece Folding Mach.(guar.)
Sc. Apr. 1 Holders of rec. Mar. 15
Reid Ice Cream Corp., corn,(quar.)_,. 75c. Apr. 1 Holders of rec. Mar.204
Reis(Robert) & Co., first preferred
141 Apr. 1 Holders of rec. Mar. 10a
Remington-Noiseless Typew.. pref.(qu.) 141 Apr, 15 Holders of ma. Apr. 1
Remington Typewriter Co.
First pref.and Series5 1st prof.(guar.) I% Apr. 1 Mar. 16 to Apr. 1
Second preferred (guar.)
2
Apr. 1 Mar. 16 to Apr. 1
Reo Motor Car (guar.)
20c. Apr. 1 Holders of rec. Mar. 15a
Extra
10c. Apr. 1 Holders of rec. Mar.156
Republic Iron & Steel, prof. (guar.)._ _ _
14 Apr. 1 Mar. 16 to
Apr. 14
Reynolds Spring. pref. A & B (quar.)
1% Apr. 1 Holders of roe. Mar.lba
Reynolds(lt.J.)Tob..com.& corn. B(qu.) $1
Apr. 1 Holders of rec. Mar 180
RicesStix Dry Goods, corn.(guar.)
374e Apr. 1 Holders of rec. Mar. 15
First and second pref.(guar.)
14 Apr. 1 Holders of rec. Mar. 15
Richardson & Boyn. Co., part. Pf. (g11.) 75c. Apr. 1 Holders of roe. Mar. 15
Royal Baking Powder, corn, (guar.)._
2
Mar. 31 Holders of rec. Mar. 15a
Preferred (guar.)
14 afar. 31 Holders of rec. Mar. 15a
Safety Car Heat & Ltg.(guar.)
2
Apr. 1 Holders of rec. Mar. 15a
St. Joseph Lead Co.(quar.)
50c. Alan 20 Mar. 1U to Mar.21
Extra
250. Mar.20 Mar. 10 to Mar.21
Quarterly
50c. June 21 June 10 to June 21
Extra
25c. June 21 June 10 to June 21
Quarterly
50c. Sept.20 Sept.10 to Sept 20
Extra
25e. Sept.20 Sept.10 to Sept.20
Quarterly
500. Dee. 20 Dec. 10 to Dec. 20
Extra
25e. Dec. 20 Dec. 10 to Dee. 20
St. L. Rocky Mt.& Pac. Co., corn.(qu.)
34 Mar.31 Holders of rec. Mar.156
Preferred (guar.)
141 Mar. 31 Holders of rec. Mar.15a
St. Maurice Valley Corp.. pref. (quar.)_
14 Apr. 1 Holders of rec. Mar.15a
St. Regis Paper, corn. (guar.)
50e. Apr, 1 Holders of rec. Mar. 15
Preferred (guar.)
14 Apr. 1 Holders of rec. Mar. 15
Salt Creek Consol Oil (quar.)
•15e. Apr. 1 'Holders of rec. Mar.15
Savage Arms Corp., first pref. (quar.)
*141 Apr. 1 "Holders of rec. Mar. 15
Second preferred (guar.)
•14 May 15 *Holders of rec. May 1
Sefton Manufacturing, pref. (quar.)
14 Apr, 1 Holders of rec. Mar. 22a
Shattuck (Frank G.) Co.(quar.)
50e, Apr. 10 Holders of rec. Mar.204
Shell Union Oil, common (guar.)
350
Mar. 31 Holders of rec. Mar. la
Sherwin Williams Co.(Can.), corn.(qu.) 134 Mar.31 Holders of rec. Mar.15
Preferred (guar.)
141 Mar. 31 Holders of rec. Mar. 15
Shredded Wheat Co.(guar.)
'24 Mar. 31 *Holders of roc. Mar. 21
Simmons Co.. common (guar.)
50c. Apr. 1 Holders of rec. Star. 150
Singer Manufacturing (guar.)
244 Mar.31 Mar. 11 to Mar.31
Special
334 afar. 31 Mar. 11 to Mar. 31
Sloss-Sheffield Steel & Iron, corn.(guar.) 14 afar. 20 Holders of rec. Mar. 100
Preferrd (guar.)
14 Apr. 1 Holders of rec. afar. 206
South Penn Oil (Outer.)
81.50 Mar.31 Mar. 16 to Mar. 31
South Porto Rico Sugar, cons. (quar.)-14 Apr. 1 Holders of rec. Mar. 104
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 10a
2
South West Penna, Pipe Lines
I
Apr, 1 Holders of rec. Mar. 15
Southern Baking. pref. (guar.)(quar.)-- 2
Apr. 1 Holders of rec. Mar.186
Spalding(A.G.)& Bros., corn.(quar.)_ _
2
Apr. 15 Holders of rec. Apr. 3
First preferred (guar.)
14 June 1 Holders of rec. May 15a
Second preferred (guar.)
2
June 1 Holders of rec. May 15
Spicer Manufacturing. Prof. (quar.)_ _ _ _
2
Apr, 1 Holders of rec.
20.
Standard Commercial Tob., corn. (qu.)- 250. Apr. 1 Holders of rec. Mar.
Mar. 23
THE CHRONICLE
1576
Name of Company.
When
Per
Cont. Payable.
Books Closed
Days Inclusive.
(Vol. 122.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Mar. 13. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
Miscellaneous (Concluded).
Standard Milling, corn (quar.)
II' Mar.31 Holders of rec. Mar. I96
1% Mar. 31 Holders of rec. Mar. 190
Preferred (q Ian)
Mar.31 *Mar. 16 to Mar. 31
Standard 011 (Kentucky)(guar.)
52.50 Apr. 1 Holders of rec. Feb. 26
Standard 011(Ohio), eons.(guar.)
Standard Plate Glass. 71 pref (guar.). •11.4 kpr. 1 'Holders of rec. Mar 20
Stanley Co. of Amer.(guar.)(No.1)-- 750. Apr. 1 Holders of rec. Mar. 20
Apr. 5'Holders of rec. Mar.25
•10c
Sterling Oil & Development
*10c. Apr. 5 "Holders of rec. Mar.25
Extra
51.50 Apr. 1 Holders of rec. Mar. 150
Stromberg Carburetor (quar.)
Apr. 15 Apr. 1 to Apr. 13
$1
Sullivan Machinery (guar.)
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Swedish Amer.Inv. Corp., part. pf.(qu.) 1% Apr. 1 Holders of rec. Mar. 1511
(Stated in thousands of dollars-that Is, three (000) ciphers omitted)
Apr, 1 Holders of rec. Mar. 100
2
Swift az Co. (guar.)
50c. Apr. 1 Holders of rec. Mar 15a
Symington Co , Class A (guar.)
131 Apr. 10 Holders of rec. Mar. 3Ia
TelautograPh Co., pref.(6116r.)
New
75e. Mar.31 Holders of rec. Mar. 5
Texas Company(guar.)
Reserve
CapitaliProlits Loans,
Thompson (J.R.) Co., corn. (monthly). 30c, Apr. 1 Holders of rec. Mar.230
with
Discount Cash
Net
Time Bask
Endin
Week
30c, May 1 Holders of rec. Apr. 236
Common (monthly)
Legal Demand
In
De- MenMar. 13 1925. Nat'l, Dee. 31 Invest30c, June 1 Holders of rec. Maydna
Common (monthly)
malts, Vault. Delve- Deposits 90015
taNov.14
State,
1
Apr.
414
20
Mar.
roe.
of
*Holders
Thompson-Starrett Co.. pref. (gust.).
tortes
ttoo.
lTr.Cos
Nov.14
omitted.)
(000
373.3c Mar.31 Holders of rec. Mar. 186
Tide Water Oil (guar.)
-131 Apr. 1 Mar. 21 to Apr. 1
Timken-Detroit Axle, corn (quar.)
131 Apr. 15 Holders of rec. Apr. la Members of Fed. Res. Bans Average. Average Averag Average. Average Av'se
Tobacco Products Corp., corn.(quar.)._
5
5
$
Mar.20 Holders of rec. Mar. la Bank of N.Y.& 4,111
- Si
.
Todd Shipyards Corporation (guar.)
535 7,66
72,952
57,825 7.769
12.807
Trust Co __
The. Apr, 1 Holders of rec. Mar. 19a
Torrington Company, corn. (quar.)._
17,93
3,090
162,534
131,754 25,625 _ _5
14,732
10,000
Manhat'n
of
Bk
3733c Apr. 1 Holders of rec. Mar. 15
Tower Manufacturing (quar.)
172.741 11,133 543
Mach& MetNat 10,000 16,134 185,292 3,427 22,8
Underwood Computing Mach., pt. (qu.) •131 Apr. 1 'Holders of rec. Mar. 6
1,92 11,61
78.77
86.291 4.84!
Apr. 1 Holders of rec. Mar. 60 Bank of America 6.500 5.223
$1
Underwood Typewriter. corn.(guar.)
5,381 66,2
*644.000 71,24
80
'644.000
National City 50,000 65,032 599,37
154 Apr. 1 Holders of rec. Mar. 6a
Preferred (guar.)
1,342 15.144
116,433 3,34.
346
4,500 18,050 130.88
$1.25 Apr. 1 Holders of rec. Mar. 50 Chemical Nat
Union Carbide & Carbon (guar.)
18,09
2,054
150,77
136,906
10,26'
12.547
4,946
7.500
Nat
Ex-Pac
Am
Mar.31 Holders of rec. Mar. 100
2
United Cigar Stores, corn. (guar.)
944 38.14
290,289 11.974
_
114 Mar.31 Holders of rec. Mar. 10a Nat Bk of Com_ 25,000 40.935 342,69
Common (payable in common stock)
2,502 23,816
167,08 40.681 5:927
Chat Ph NB&T 13,500 12,571 216,66
June 1 *Holders of rec. May 15
.$2
United Drug, common (guar.)
556
122,042
14.014
45.505
107,873
_
5,00
Nat__
el%
Hanover
May 1 'Holders of rec. Apr. 15
First preferred (guar.)
177.522 31,354
10,000 14,558 103,144 8,648 24.771
United Dyewood Corp., pref.(quar.)- $1.75 Apr. 1 Holders of rec. Mar. 150 Corn Exchange. 10,000
944 17,042
129,236 9,156 3:E02
23.843 169,782
233 Apr. 1 Holders of rec. Mar. 5a National Park
United Fruit guar.)
1,37
49,24
4.88
33.854 15,321
3,071
993
3.000
Apr. 1 Holders of rec. Mar. 5a BoveYdrEastRiv
2
Extra
594 25,181
190,61 13,408 4.881
10,000 73,804 288,
United Paperboard. common (qww.)--- 500. Apr. 15 Holders of rec. Apr. la First National 17,
2,66
34,959
261.8
281.33
29,354
13.732
IrviratBk-ColTt
Apr. 1 Holders of rec. Mar 156
Preferred (guar.)
131 1,106
1.111 1,161
7,95
431 _
6,87
United Profit Sharing, no par corn.(au.) 300. Apr. 1 Holders of reo. Mar. 100 Continental.... 20,000 27.184 398,154 4,48 48,476 *382.189 18,454
98
15c. Apr. 1 Holders of rec. Mar. 100 Chase National.
Common Si par (guar.)
3,33
79
27,273
2,905
24,953
500
Avenue.
Fifth
United Shoe Machinery. corn. (guar.)._ 6233c Apr. 5 Holders of rec. Mar. 16
481 1.57
611 1.089
10.825 5.11
15,08
Commonwealth
3735c Apr. 5 Holders of rec. Mar t)i
Preferred (guar.)
442 2.632
1,731
17.239
17.28
402
1.
U.8. Bobbin dt Shuttle, pref. (qu.)---- 131 Mar.31 Holders of rec. Mar. 10a Garfield Nat'l_
1,223 14,661
112,478 2,886
6.000 9.764 115,89
40
U.S. Cast don Pipe & Fat.. cont.(111.). 233 June 15 Holders of rec. June la Seaboard Nat'l 20,000 30.391 339,93
843 35,54 .
1292.923 48,74
231 Sept 15 Holders of rec. Sept. la Bankers Trust
Common (guar.)
7,18
782
55.536
62,63
6,43
4.750
3,000
Tr
dr
2% Dec. 15 Holders of rec. Doe. la US Mtge
Common (guar.)
131 Mar 15 Holders of rec. Mar. la Guaranty True 25,000 21,538 421,327 1,521 45,390 .399,396 53.287
Preferred (guar.)
759 5.033
37.854 2,949
42,39
11/ June 15 Eloidets of rec. June la Fidelity-InterT. 2.000 2,209
Preferred (guar.)
561 20,27
152,400 15.594
New York True 10,000 20.018 174,36
131 Sept. 15 Holders of rec. Sept. la
Preferred (guar.)
512 13,882 •105,77 25,112
144,19
Farmers L & T 10.000 18.52
134 Dec. 15 Holders of rec. Dec. la
Preferred (guar.)
12,852 259,25
1.570 30,78 .291.278 28,907 ---Equitable Trus 23
400. Mar.31 Mar 16 to Mar. 31
U. S. Gypsum. common (guar.)
1st Mar.31 Mar. 16 to Mar.31
Preferred (guar.)
110,100508,21 5,079,257 48,079572,241 c4,255,886 493,871 22,245
average,
of
rotai
(guar.).
200
1
Mar
Apr.
rec.
corn.
of
151
Lithos's,
Holders
&
U.S Printing
Preferred (guar.)
IS' Apr. 1 Holders of rm. Mar. 206
adltion Mar.135,106,347 48,341 595,777 c4,259.557504.085 22,290
rotate, actual
.35c. Apr. 15'Holders of rec. API% 1
U. S. Radiator, new cons.(No. 1)
•14 Apr. is *Holders of roe. Apr
totals. adual co ndition Mar. 5.105,858 48,888 586.015 c4,286,450 490.93922,324
1
Preferred (quar.)
Feb. 275,174.967 48.138 580.557 c4,320,701 489.401 22,313
condition
Totals. actual
U. B. Steel Corp.. common (guar.)
154 Mar. 30 Feb. 27 to Mar. 2
State Banks Not Me mbers of Fed'i Res've BankCommon (extra)
54 Mar. 30 Feb. 27 to Mar. 2
1.89
2.594
1.000
23.28
2,113
22,268 1.947
Bank
Greenwich
75e. Apr. 1 Holders of rec. Mar. 150
United States Tobacco, corn. (quar.)
2,449
38.733 64,32
3.500 5,867 107.443 4,64
184 Apr. I Holders of rec. Mar. 150 State Bank...
Preferred (quar
31
Mar.
$1.25
18
Mar.
Holders of rec.
Utah Copper Co.(guar.)
6.54
4,562
61.001 66,267
total of average* 4,500 8,462 130.72
60e. Mar. 20 Holders of me Feb 27
Vacuum Oil guar )
500. Mar. 20 Holders of rec. Feb. 27
Extra
ndltIon
6.57
4,677
Mar.13
62.092
131.722
68,303
actual
totals,
$1 . Apr. 1 Holders of rec. Mar.22
Van Dom Iron Works. pref.(guar.)
60.758 66,168
Totals, actual co ndition •t ar. I. 129.972 6,557 4,911
$1.95 May 1 Holders of rec. Apr. 15
Vivaudou (V.), Inc., pref.(guar.)
Feb. 27 131.26
condition
6,794
4,552
actual
62,203
66,067
totals,
15
2
July
Aug.
rec.
of
$1.75
Holders
(guar.)
Preferred
rs of Fed'Ike, e Ban Trust Compan ies Not Hem
S1.75 Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
63.83
1,604 4,34
39,646 2,19
14 Apr. 20 Holders of rec. Apr. I50 Title Guar & Tr 10,004 17.233
Vulcan Detinning pref & pref. A (qtr.).
95
2,349
21,798 1,032
25,916
Apr. 20 Holders of rm. API' 150 Lawyers Trust. 3,000 3.201
Preferred (account accum. dividends). A2
Apr. 1 Holders of rec. Mar. 15a
Wabasso Cotton (guar.)
20,437
6,69
81,444 3,231
89,746 2.55
31340 Apr. 1 Holders of roe. Mar 200 rotal of averages 13
Waldorf System, coin. (guar.)
20e. Apr. 1 Holders of rec. Mar 10
First preferred (guar.)
2.51
61,792 3,32
6.872
89,97
Totals, actual condition Mar.13
20c. Apr, 1 Holders of rec. Mar. 20
Preferred (guar.)
61,607 3,332
89.633 2.58
6.951
Totals, actual condition Ninr. 4
750. Mar.31 Holders of rec. Mar.20a
Walworth Co., preferred (guar.)
7.7
2,39
65,374 3.307
92.35
154 Apr. 1 Holders of rec. Mar. 150 Totals, actual condition Feb. 27
Ward Baking, pref. (guar.)
50e. Mar.31 Holders of rec. Mar. 15
Warner-Quinlan Corp.. corn. (No. 1)
$1 Apr. 1 Holders of rec. Mar.22a Geo aggr..user. 328.100536.472 5,299,72 57,1811583.49 4,378.331 563,36922,245
Warren Bros. Co., common (gust,)
Comparison with prey. week.. -79.23
+7161-12,18!-62,14: +4,08 -10
dl 54 Apr. 1 Holders of rec. Mar.22
First preferred (guar.)
dl
Second preferred (guar.)
51 Apr. 1 Holders of rec. Mar.22
Mar.80 Holders of roe. Mar.18a (leg aggr., act!cond'n Mar.13 5,328.03 67,4211607,326 4,383,441 573,71 22,290
Weber & Helibroner. common (guar.)._ $1
.51 .50 Apr. 5 Holders of rec. Mar.22 Comparison wi h prey. week.. +2,57 -6091+9.44!-25,374 +1327 -34
West Coast oil (guar.)
Apr. 5 Holders of rec. Mar.22
•$.5
Extra
°led asgr., delcond'n Mar. 65,325,46 58,03(597.87 4,408.815 560.43922,324
Apr. 1 Holders of rec. Mar.15
$2
West Point Manufacturing (guar.)
ned sea., act' cond'n Feb. 27 5,388,59 57,22915(12.85 4,448.278 558,77532,313
Western Auto Supply. Pardo. Pref.(qui .50c. Apr. 1 Holders of rec. Mar.20
Gr'd aggr.. act' cond'n Feb. 21 5,365,164 57,8441305.24 4,408.03 367.24723.071
Participating prof.(9-day dividend)._ *531c. Apr. 1 Holders of rec. Mar.20
Gr'd agrr., act' • nd'n Feb. 135.336,41 61,10 594,40 4,403,800 588.656 22,984
*S2.50 Mar.31 Holders of rec. Mar.26
Western Electric Co., corn.(guar.)
310
30
Mar.
corn.
Apr.
rec.
of
St
Holders
Ged aggr., act' cond'n Feb. 81.383.272 57.5841528.232 4,453,177 572,14423,063
(guar.)
Westinghouse Elec.& Mfg.,
51
579,20623,299
Apr. 15 Holders of rec. Mar. 3I6 mod aggr.. ad' cond'n Jan. 31 5.364.081 57.0591592.821 4.436,
Preferred (guar.)...
Weston Electrical Instrument, CI.A(qu.) 50c. Apr. 1 Holders of rec. Mar.206
Apr. 1 Holders of rec. Mar. 12a
$2
Note.-U. S. deposits deducted from net demand deposits in the general totals
Wheeling Steel Corp., pref. A (guar.)
231 Apr. 1 Holders of rec. Mar.120 above were as follows: Average total Mar. 13, 844,537.000. Actual totals Mar. 13,
Preferred B (guar.)
Si • Mar.31 Holders of reo. Mar. toe 544,537,000; Mar. 6, 844,537,000: Feb. 27. 843.785,000; Feb. 20. 543,786,000
White Motor (quar.)
820
Apr. 10 Holders of rec. Mar.25
White Motor (payable In stock)
Feb. 13, 543.786.000. Bills payable. reddcounts, acceptances and other liabilities,
White Rock Mineral Springs, cons. (go.) .50c. Apr. • 1 Holders of rec. Mar.150 average for week Mar. 13, 8634.677,000; Mar. 6, 8878,377,000; Feb. 27, $881,657,131 Apr. 1 Holders of rec. Mar.150 000; Feb. 20, 8686,672,000; Feb. 13, 5871,156.000. Actual totals Mar. 13, 5656.First preferred (quar.)
2% Apr. 1 Holders of roe. Mar.15
Second preferred (guar.)
899.000: Mar. 6, $659,777,000; Feb. 27, 5689,477,000; Feb. 20, 8697,008,000; Feb.
Apr. 1 Holders of roe. Mar.18
2
Will & 13aumer Candle. pref.(quar.)
15o. Mar.31 Holders of rec. Mar.15
Woodley Petroleum (guar.)
dep0. sits in foreign branches not Included in total footings as follows
5"°
91t1d7es
8n7c
$I
;
13
Holders of roe. Mar.20
Woods Manufacturing, pref.(guar.).- 1% Apr.
National City Bank, 8160.218.000: Chase National Bank, 513,216,000; Bankers
Mar. 6 to Mar.23
Worthinren Pump dr Mach.,cLA pf.(qu.) 131 Apr.
$31,730,000; Guaranty Trust Co., $62,132,000; Farmers' Loan & Trust
Co.,
Trust
Mar. 6 to Mar.23
1% Apr.
Class B preferred (guar)
$4,873.000; Equitable Trust Co., 865,938,000. Balances carried in banks In
Holders of rec. Mar.150 Co., countries as reserve for such deposits were: National City Bank, $18,548.000
Wright-Hargreaves Mines, Ltd.(guar-)- 2340. Apr.
Holders of rec. Mar.150 foreignNational Bank. 81,673.000; Bankers Trust Co.. 52.223.000; Guaranty Trust
5c. Apr.
Extra
Chase
Holders of rec. Mar.20a
Wrigley(Wm.)Jr. & Co.(monthly).... 25s. Apr.
Farmers' Loan & Trust Co., 84.873,000; Equitable Trust CO,
Holders of recs. Apr. 200 Co., 52.412,000:
250. May
Monthly
Holders of roe. May 202 57,494.000.
260. June
Monthly
a As of March I 1926. c Deposits in foreign branches not included.
Holders of rec. June 190
250. July
Monthly
Holders of rec. Mar. 20
Wuriltser (Rudolph) Co.,7% prof.(gL) 131 Apr.
Apr.
Feb. 24 to Mar. II
$1
The reserve position of the different groups of institutions
Yale dr Towne mfg.(guar.)
Yates American Mach., prior pref. (cm.) 650. Apr. 1 Holders of rec. Mar. 190
the basis of both the averages for the week and the
on
Yellow Truck & Coach, Class B (quar.). 18c. Apr. 1 Holders of rec. Mar.206
151 Apr, 1 Holders of rec. Mar. 200 actual condition at the end of the week is shown in the
Preferred (quar.)
150
31
Mar.
rec.
of
Holders
Mar.
SI
(qtr.)._
Youngstown Sheet & Tube, corn.
13( Mar.31 Holders of rec. Mar. 15
following two tables:
Preferred (guar.)
•From unofficial sources. I The New York Stock Exchange has ruled that stook STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
will not be quoted ex-dividend on this date and not until further notice. I The
AND TRUST COMPANIES.
ex
New York Curb Market Association has ruled that stock will not be quoted
dividend on this date and not until further notice.
in
Averages.
Payable
e
stock.
Correction.
ri
dividend.
this
for
a Transfer books not closed
/Payable in common stock. g Payable In scrip. h On account of accumulated
Reserve
Canadian
In
funds
Cash
Payable
n
stock.
preferred
In
Payable
dividends. m
In
Total
Reserve
Surplus
Reserve
'Childs Co. stock dividends are one share of no par value common stock for
Reserve.
In Vault. Depositaries Reserve.
Required.
each 100 shares held.
stock as follows: At rate of 4-100ths
Iv Stockholders have option of taking cash ororiginal
Federal
$
Members
a
of
75-100
6
peferred:
series
of
share
572,241,000 572,241,000 568,081,310 4,159,690
Reserve Bank_ _
of a share of Class A stock for each of 57 dividend series preferred.
129,820
6,548,000 4,562,000 11.110.000 10,980,180
share of Class A stock for each share
State banks•
of one-fortieth of a share for each share held. Trust companies..._ 2.554,000 6,695,000 9,249.000 9,216,600
32,400
o Payable in common stock at the rate
or
A.
cash
class
on
stock;
in
In
dividend
the
taking
of
is Stockholders have option
9.102,000 583,498.000 592,600,000 588,278,090 4,321,910
Total Mar. 13._
stock and on class B, one-fortieth of a share of
A
class
of
share
a
of
-fortieth
One
9,220,000 595,687,000 804,907,000 596,274,400 8,632.600
Total Mar. 6
class B stock.
Total Feb 27..... 9.397.000 586,089.000 595.486.000 592,462,290 3,023,710
share. All transfers received In London on or before
9.490.000 586.782.000 596.272.000 589,421,480 6.850,520
r Dividend Ls 10 pence perpayment of dividend to transferees.
20_
Feb.
Total
March 3 will be in time for
stock may be taken at the rate of one share for each forty
•Not members of Federal Reserve Bank.
s In lieu of cash class A
shares held.
b This is the reserve required on the net demand deposits in the case of State banks
of a share of new class A common for old class A & B
tt Dividends are five-fortieth share for new class A dr 13 common.
and trust companies, but In the ease of members of the Federal Reserve Bank
common and one-fortieth of a from paying more than 4% on pref. stock, and no Includes also amount in reserve required on net time deposits, which was as follows:
v Company has been enjoined pref. stock has been retired.
Mar. 13, $14,816,130; Mar.6,$14,895,110; Feb. 27, $14,899,740; Feb.20, $14,947,dividends on common stock until
950; Feb. 13, 814,972,460.
stockholders' meeting on March 19.
Stock dividend subject to approval at
0
MAR. 20 1926.]
THE CHRONICLE
Actual Figures.
Members Federal
Reserve Bank.._
State banks•
Trust companies._ _ _
Cash
Reserve
On Veldt
Reserve
On
Depostaries
6,570,000
2,510,000
595,777.000 595,777,000 568,864.960 26,912.040
4.677,000 11.247.000 11,176,560
70,440
6.872.003 9,382,000 9,268,800
113,200
Total
Reared.
a
Reserve
Required.
Surplus
Reserve.
Total Mar. 13_ _ _ _
Total Mar. 6_ _
Total Feb. 27__ _ _
Total Feb. 20_ _ _ _
9.080,000 607,326,000 616.406,000 589,310,320 27,095,680
9,142,000 597,877,000 607,019,000 592,144,160 14.874,840
9.191,000 592.859,000 602.050,000 597.375,800 4,674,200
9.117,000 605.249.000 614.366.000 592.407.490 21.958.510
•Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits In the case
of State banks
and trust companies, but in the case of members of the Federal Reserve
Bank includes also amount of reserve required on net time deposits, which
was
follows:
Mar. 13, $15,122,550; Mar.6, 514.728,170; Feb. 27, 514,682,030; Feb. 20,as514,938,470; Feb. 13, $14,080,800.
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 New York City not in the Clearing House as follows:
1577
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 17
1928.
Changes from
previous week.
Week Ended—
Nov. 14
Nov.21
Nov.28
Des. 5
Deo. 12
Dec. 19
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 80
Feb. 6
Feb. 18
Feb. 20
Feb. 27
Mar. 9
Mar. 13
Demand
Deposits.
*Mal Cash
in Vaults.
Reserve in
Depositaries.
$
6,531.007,500
6.520.077.500
6.522.283.800
6.504,882.200
6.498,683.600
6,539,445.800
6.584,447.000
6,888.745,000
6.713.047,300
6,614,199.500
6,557.007,300
6.538.928,200
6.583.387.000
8,551.072.500
6.539,198.100
6.538,928,200
6,574,532.600
6,501,882.000
$
5,682.852.100
5,865,239,800
5,625.087.400
5,615,024,900
5,802,113,700
5,838.893.200
5,619.923,800
5.740.772,300
5.770,909,300
5,711,092.600
5,657.830.000
5.628.105,200
5,669,834.300
5.817.024,100
5,572.396.500
5,628,105,200
5,621.468.900
5.562.180.300
$
88,814,300
84.741,300
88.401.000
88,462,800
91,125.200
98,884,300
105,692,300
99,811,300
95,988.600
90.893,800
87.033,900
87,174.800
84.220,500
89.198.200
85.608,600
87,174,800
84,322,400
85 376 win
$
743,772.000
746.115.600
734.901.500
738,833.300
732,709.200
748,673,400
734,118.200
764.938.500
784,899.001
762.604.501
746.110.70(
732,989.600
740,775.800
732,243.100
732.631.001
732.989.600
744,749,501
726 7115201
New York City Non-Member Banks and Trust Companies.—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:
swum OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
ROUSE
(Hated is aoudads of ddlars—thai is. three ciphers
f0001 orskis4.)
CLEARING
igoN-MEMBERS.
Week Ending
Mar. 13 1926.
Members of
red'I Res've Bank.
Grace Nat Bank.._,
Loans,
Digcounts.
Net
InvestCapital. Profits. menu.
ctc.
Philadelphia Banks.—The Philadelphia Clearing House
return for the week ending Mar.13, 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."
Reserve
with
Net
Net
Legal Demand Time
Dowd- Deposits.DepOstts.
tortes.
Average. Average Average. Average Average
$
$
$
s
$
12.719
29
1,046
6.633
3,918
1.• 1 ,
$
1.858
1.000
1.856
12,719
29
1,046
6,633
3,918
200
1,200
804
2.787
8.769
31.700
758
3.313
347
1,818
6.329
27.300
2,942
4,969
1,400
3,392
40.469
4,071
2,165
33,629
7,911
589
9,290
402
135
3,377
6,032
500
Total
aggregate___
2.900
(Rand
Comparison with pr ev. week
589
9,290
402
135
3,377
6,032
5.838
62,478
+923
4,502
+95
3,346 a43,639
+221
+519
17,861
+394
2,900
4,407
5,838 61,555
3,125 a43,120
Or'd aggr.. Mar. 6
5,838 61,663
2,900
4,539
3,002 a42,730
4.654
5,838 62,225
2,900
3,056 a43,447
Gr'd APO.,
2.900
4.506
5.838 62.252
3,206 243,431
(lied aggr., Feb. 13
States deposits deducted, $47,000.
United
•
13010 paYable, rediscounts. aoceptauere and other liabilities; 52,538.000.
Excess reserve, 5228,030 increase.
17,487
17,361
17,317
17.216
Total
State Banks.
wog Members of the
Federal Reserve Bank
Bank of Wash. Ms_
Colonial Bank
Total
Trust Company
sot Member of the
Moral Reserve Bank
web Tr. Bayonne_
27
(we aggr.. Feb.
Feb. 20
Mar. 6
1926.
Feb. 27
1928.
$47.275.0
146.573 0
891.319.0
45,107.0
113.041.0
148,711.0
620.075.0
122.472.0
891.258.0
$47,275,0
146,573,0
91.864,0
37.244,0
111,768.0
143,179,0
612,482.0
127.168.0
882,809.0
4,568.0
63.710.0
11.348.0
79.626.0
68.976.0
10.8500
3.345,0
83,080,0
11.575,0
78.008,0
68.212.0
9.798.0
members.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Mar. 17 1926 in
comparison with the previous week and the corresponding
date last year:
Mar.171926. Mar.10 1926 Mar. 18 1925.
Resources-Gold with Federal Reserve Agent
379.220,000 329.315.000 361.829,000
Gold redemp. fund with U. S. Treasury.
9,206.000
12,131.000
10.435,000
Gold held exclusively eget. F.R.notes_ 388,426.000
Gold settlement fund with F. R. Board_ 189.259 000
Gold and gold certificate(' held by bank._ 352,910.000
339.750.000
225.385.000
366.457.000
373,960,000
186,832.000
311,600,000
Total gold reserves
Reserves other than gold.
930,595.000
43.034,000
931,592.000
42,427,000
872,392,000
30.300,000
Total reserves
Non-reserve cash
Bills discounted—
Secured by U. B. Govt. obligations
Other bilis discounted
973.629.000
24,580,000
974.019,000
27,074,000
902,692,000
16,171,000
76,332.000
27,858,000
115.039.000
40,979.000
71,810,080
31,354,000
Total bMe discounted
Bills bought in open market
U.S. Government securities—
Bonds
Treaeury notes
Certificates of indebtedness
104,190,000
57,410.000
156,018.000
69.140,000
183,164,000
52.620,000
1,934,000
15,459.000
116,744,000
1,934.000
41,202,000
18,161.000
12,461,000
72,101,000
85,091,000
Total U.S. Governmen t Neuritis,— 134,137,000
Foreign loans on gold
2,110,000
61,297,000
2,411.000
169,653,000
3,055,000
297,847.000
288,866,000
328,492,000
Due from foreign banks (See Note).—
712,000
Uncollected items
197,767,000
Bank premtees
16,668,000
All other resources
2,495,000
737.000
140,105.000
16,686,000
5,521,000
796,000
178,658,000
16,450,000
4.397,000
Total bills and securities (See Note)
(Ault
fa
Vault.
Mar. 3
1926.
$
$
$
$
Capital
68.000,000
Unchanged
68.000.000 68,000,000
Surplus and profits
89,058,000
Unchanged
89,058.000 89.058.000
Loans. disc'te es Investments_ 1029116000 Inc. 22,682.000 1006434000 1009273000
Individual depoeits
676.994,000 Inc. 5,805,000 671,189,000 678,834,000
Due to banks
143,781,000 Inc. 6,691,000 137,090,000 134.926.000
Time deposits
216,583,000 Dec.
13,000 216,596.000 217,451,000
United States deposits
36,955,000 Inc. 17,287,000 19.668.000 19,668.000
Exchanges for Clearing Houee 30,971,000 Inc. 2,139,000 28.832,000 34.741,000
Due from other banks
81,804,000 Inc. 7,595.000 74,209,000 84,201.000
Reserve in legal depositaries- 80,359.000 Inc. 1,225.000 79,134.000 79,085,000
Cash In bank
10,180.000 Dec.
21.000 10,201.000 10.245,000
Reserve excess In F.R. Bk
1.015.000 Inn_
745.000
268.000
384.000
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK: NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished bg State Banking Department.)
Differences from
March 13
Previous Week.
Loans and investments
$1,202,156,000 Inc. 56.584.400
Gold
4,449.600 Inc.
89.200
Currency notes
23,745,700 Inc.
248,700
Deposits with Federal Reserve Bank of New York
101,118,400 Inc.
124.300
Time deposits
1.257,371.200 Dec. 3,319.400
Deposits eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchange & U.S. deposits
-1,183.849200 The, 2.859.400
Reserve on deposits
Week Ended March 13 1926.
171,490,500 Dec. 5,429,400
Percentage of reserve, 20.2%.
Two Ciphers (00)
Membersof
omitted.
RESERVE.
Trust
1925
P.R.System Companies
Total.
—State Banks-—Trust CompaniesCash In vault
*S37.434.200 16.51%
591.879.500 14.78%
Deposits in banks and trust cos_.,_ 12,517,600 5.52%
$442,275,0 55.00(1.0 847.275.0
29,659.200 4.77% Capital
Surplus and profits
129,436,0 17,137,0 146,573.0
disc'ts
Loans,
&
investm'ts
Total
839,657.0
50,971,0 890,628.0
$49,951,800 22.03%
5121,538.700 19.55%
• Includes deposits with the Federal Reserve Bank of New York, which for the Exchanges for Clear.House 32,221,0
530,0 32.751.0
Due from banks
State banks and trust companies combined on Mar. 13 was $101,118,400.
107.540,0
16 0 107,655.0
Bank deposits
140,942,0
807,0 141,749.0
Individual deposits
678,704.0 31.861.0 610,165.0
Time deposits
119,120.0
2.150.0 121,270.0
deposits
838,766,0 34,818.0 873,584.0
Banks and Trust Companies in New York City.—The Total
U.S. deposits(not incl.).
averages of the New York City Clearing House banks and Reeve with legal depos_
3,999,0
3,999,0
Reserve with F.R.Bank
62,880.0
62,880.0
trust companies combined with those for the State banks and Cash
in vault •
10.116.0
1,495.0 11,611,0
trust companies in Greater New York City outside of the Total reserve & cash held_ _ 72.996,0 5,494,0 78.490,0
Reserve required
63,356,0
4,925,0 68,281.0
Clearing House are as follows:
EXCPS9 res. & cash in vault.
0.6400
510 0 10.2011.0
• Cash In vault not counted as reserve for Federal Reserve
COMBINED RESULTS OF BANKS AND TRUST COMPANIES
IN •
GREATER NEW YORK
Loans and
Investments.
Mar. 10
1928.
Total resources
1,513,696,000 1,452,988,000 1,447,656,000
Ltabtlittes—
Fed'I Reserve notes In actual circulation_ 371,788,000
Deposita —Member bank, reserve Beet._ 867,825.000
Government
428,000
Foreign bank (See Note)
1,376,000
Other deposits
9,991,000
371,325,000
852,587,000
3.044.000
891,000
7,942.000
362,608,000
832,092,000
563,000
7.171,000
8,536.000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
864.484,000
120,675.000
33,812,000
59,964.000
2,748,000
484,362,000
143,825,000
31,275,000
58,749,000
2,837,000
879,620,000
165,742,000
33.871,000
59,964,000
2,711,000
Total liabilities
1.513,696,000 1,452,988,000 1.447.656,000
Ratio of total reserves to deposit and
Fed'I Ree've note liabilities combined_
77.8%
74.5%
78.8%
Contingent liability on bills purchased
for foreign correspondents
16,462,000
22,773,000
23,393,000
NOTE.—Beginning with the statement
were added In
order to show separately the amount of of Oct. 7 two new Itemsamounts
due to
held abroad and
foreign correspondents. In addition, thebalances
assets,"
caption.
earning
"All
other
made up of Federal intermediate credit bank debentures, has been changednow
to
"Other securities," and the caption, "Total earning assets" to "Total bills and securities." The latter term has been adopted as a more accurate description of the
total of the discounts, acceptances and securities acquired under the provision,of
Sections 13 and 14 of the Federal Reserve Act, which are the only items
Included
herein
[Vot., 122.
THE CHRONICLE
1578
Weekly Return of the Federal Reserve Board.
Mar. 18, and showing the condition
The following is the return issued by the Federal Reserve Board Thursday afternoon,
table we present the results for the system
of the twelve Reserve banks at the close of business on Wednesday. In the first
and with those of the corresponding week last year.
as a whole in comparison with the figures for the seven preceding weeks of
the twelve banks. The Federal Reserve Agents'
each
The second table shows the resources and liabilities separately for ns
Reserve notes between the Comptroller and
Accounts (third table following) gives details regarding transactio in Federal
Reserve Board's comment upon the returns for the
Reserve Agents and between the latter and Federal Reserve banks. ofThe
Events and Discussions."
latest week appears on page 1542, being the first item in our department "Current
FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAR. 17, 1926.
COMBINED RESOURCES AND LIABILITIES OF THE
Feb. 10 1926 Feb. 3 1926. Jan. 27 1926 Mar. 181925,
.1Iar. 171926. Mar. 101926. Mar, 3 1926. Feb. 24 1926 Feb. 17 1926.
5
2
2
2
5
2
$
8
2
RESOURCES.
1,433,149.000 1,450.287.000 1.511,514,000 1,623,978,000
1,432.402,000 1,404.708,000 1.383.170.000 1.406.149,000 1.397,967,000
48.005,000
46,135,000
Gold with Federal Reserve agents
49.604,000
51,702,0001
45.009,000
46,334.000
50.723.000
50,406,000
58.431.000
Tress_
Gold redemption fund with U.S.
1,671,983,000
1.433.893.000 1,452.483,000 1,442,976.000 1.484,851,0041 1,496.422.0001.561.118,000
Gold held exclusively west. F R. notes 1,490.833.000 1.459.114.000 688.567,000 671.072,000 638,126.000 650.384.000 633.596,000 578.327.004) 624,265,000
648.599.000 692.997.000
577,598,000
661.709.090
Gold settlement fund with F. R. Board
661.914,000
659.638.000
658.194.000
840,048,000
642.324,000
—
Gold and gold certificates held by banks_ 631,833,000 647,047.000
2,794.873.000 2,791.032.000 2.801.154,000 2,873,846,000
2,789.296.000
2,768,603.000
2,764,784,000
2,811,285,000 2,799,158.000
136,748,000
Total gold reserves
152.053,000
147,328.000
144,422,000
150.860,000
149.907.000
153,392,000 151,682,000 148,754.000
Reserves other than gold
2,940.156,000 2,939,295,000 2,939.260.000 2.951207.000 3,010,594,000
2,964,657,000 2,950.840.000 2,913.538.000 2,916.510,000
56,031,000
Total reserves
81,250,000
71.056,000
64,425,000
89,032,000
66,298,000
65,296,000
68,993,000
66,736,000
Non-reserve cash
181,615,000
Bills discounted:
298.089,000
310,096,000
253,227.000
315.972.000
311.570.000
319.423,000
Secured by U.S. Govt. obligations... 260.479,000 263,904,000 263,791.000 228.513.000 222,386.000 223.276.000 189.707.000 190.330.000 157,869,000
220.136,000 238.521.000
Other bills discounted
538,358,000 533,372,000 487,796.008 448.557.000 339,484,000
480,615,000 502,425,000 583,214.000 540,083,000 301.641,000 300,519.000 302,264.000 295,417.000 276,711,000
Total bills discounted
257,138,000 284.520,000 286,607.000 304,128,000
Bills bought in open market
79,260,000
59.738.000
59,639.000
59,733.000
U. S. Government securities:
59.978,000
60.213.000
60,285,000
60,437,000
83,831,000
Bonds
169.863.000 168.673,000 184,435.000 182.873.000 222,171,000
75.418,000 187,335.000 171,432,000 174.954,000 104,605.000 104.842.000 105.590,000 122,457.000 126,819,000
Treasury notes
95,418,000
94.641,000
213,328.000 111,894,000
Certificates of indebtedness
330,585.000 334.446,000 333,154.000 349,763,000 365.063.000 428.250,000
1,902,000
3,150.000
Total U. S. Government securities... 352.577,000 359,066,000 325,758,000
3.150.000
3.150,000
3,150,000
3,150.000
3,150.000
3,150.000
3,610.000
10,500,000
6.500,000
8.399.000
7.299.000
Other securities (see note)
7.000.000
7,100,000
8,700,000
8,798.000
7,700,000
Foreign loans on gold
1.149,372.000 1,118.687,000 1,056,847,000
1,207,429.000 1.185,046.000 1,184,595.000 1.177.494.000
796,000
660.000
642.000
660.000
Total bills and securities (see note) _ _ _.1.101,640,000 1,158,559,000
725,000
780,000
749.000
737.000
712.000
628,838.000 635.749,000 756.592,000
613,554,000
Due from foreign banks (see note)
759,089,000
711,125,000 *697,420,000
628.454.000
831.669,000
58.775,000
59,323.000
59.322.000
Items
59.366.000
Uncollected
59.368,000
59,368.000
59.368.000
59,406,000
59,406,000
19,695,000
17,071,000
16,995,000
16,893.000
Bank premises
16.786,000
17.008,000
16,918,000
17.775,000
14,134,000
All other resources
4.871,687,000 4,865.503.000 4,885.929,000 4,959.330,000
5,029,751,000
*4942439.000
4.974.423,000
5,039,004,000 4,884,769,000
Total resources
LIABILITIES.
1,661,143,000 1,667,844,000 1,662,520.000 1.687,266,000 1,720,369.000
1,659,210,000 1.671.754.000 1.675,354,000 1,879,362,000
F. R.notes in actual circulation
2,239,050,000 2,215.193.000 2.216,882.000 2,175,515,000
Deposits—
2.262,258,000
2.202.879.000
2,230,282,000 2,209.698.000 2,224,329,000
6,126,000
28.935.000
29,151.000
Member banks—reserve account
43.356.000
39.929.000
36,670,000
52,472,000
48,554,000
7,089,000
8,365,000
8,796,000
4.991,000
Government
9.252.000
6,851,000
5.450.000
6.160,000
4,784,000
5,971,000
20,999,000
17.623,000
18,952,000
18.648,000
Foreign bank (see note)
17.480.000
17.232,000
19,322,000
18,253,000
21,305,000
Other deposits
2,326.518,000 2,296.101.000 2,282,492.000 2,272.236,000 2,211,005,000
2,264,647,000 2,281.289,000 2,302,283,000 2,262,231,000 690,866,000 556.961.000 570.721,000 576,385.000 634,375.000
Total deposits
761.108,000 577.943,000 644,103,000 648.557.000 118.934,000 118.411,000 118.121,000 118.251.000 114,450.000
Deferred availability Items
•I19.316.000
119,721,000
120.394,000 119,993,000
Capital paid in
220.310,000 220,310,000 220.310.000 220.310.000 217,837,000
220,310.000 220,310,000 220,310,000 220,310.000
11,294,000
11,481.000
11,339.000
Surplus
12,060,000
11,980,000
12,652,000 *12,663.000
13,480,000
13,335,000
—
A . other liabilities
4.959,330,010
4.865.929.000
4.865,503.000
4.871,687.000
5.029.751,000
5,039,004,000 4.884.769.000 4.974.423.000 *4942439,000
Iota! liabilities
73.1%
71.1%
70.5%
it dio of gold reserves to deposits and
70.7%
69.9%
70.1%
69.5%
70.8%
71.8%
F. R. note liabilities combined
76.6%
75.0%
74.2%
Ratio of total reserves to deposit and
74.5%
73.7%
74.0%
73.2%
74.6%
75.6%
F. R. note liabilities combined
51.353,000
83.647.000
83,543.000
84.656.000
Contingent liability on bills purehased
82.668.000
82.168.000
82.408,000
83.009.000
78.975.000
—
for foreign correspondents
se---.
73,193.000
88,940,000
96,785.000
Distrieution by Maturities—
104.685,000
113,254,000
122,574.000
111E558,000
111,474,000
96.085,000
1-15 days bills bought In open market.
430,065.000 424,195,000 373.8.58,000 332.309,000 249,721.000
364,185,000 390.088,000 465,043.000 440.813.000
100,500,000
21,000
1-15 days bills discounted
80,000
74,000
18.000
48.000
99,013,000
2,000
1-15 days U. S. certif. of Indebtedness.
55,777,000
15.640.000
55,073.000
72.459,000
1-15 days municipal warrants
88,537,000
59,878,000
55,568,000
86,139,000
70,533,000
22,587,0110
market_
open
in
bought
10-30 days bills
31.428,000
32,329.000
32,047,000
29,362,000
25,324.000
28,917,000
29.551.000
30,957.000
16-30 days bills discounted
1,505,000
16-30 days U. S. certif. of indebtedness
85,048,000
90.439,000
88,264.000
81,930,000
16-30 days municipal warrants
83.832,000
87,880,000
84,340,000
72.552,000
57,847.000
37,440,000
48.595,000
46.564.000
31-60 days bills bought in open market
42,821,000
42,991.000
42.022.000
47.586.000
43,601.000
43,340,000
discounted
31-60 days bills
31 80 days U. S. certif. of indebtedness
55,970,000
52.939,000
57,182.000
36,847,000
81-80 days municipal warrants
32,343.000
29,952,000
31.508,000
29,571,000
28,574,000
18,180,000
26.772,000
28.308.000
25,469,000
61-90 days bills bought in open market
28.849.000
22.463,000
30,700,000
27.087.000
29,589.000
61-90 days bills discounted
24,988,000
indebtedness_
of
certif.
S.
U.
61 90 days
6,723.000
9.459.000
6,690,000
.1,598,000
3.675,000
61-90 days municipal warrants
3.844,000
4.633.000
4.784,000
4,099,000
11,556,000
9.453,000
8.739.000
8.840.000
9,291.000
Over 90 days bills bought In open market
9,461.000
10.068.000
11,098,000
12,544,000
26,319,000
104.525.000 104.821,000 105,590.000 122,457.000
Over 90 days bills discounted
93,839,000
94,023,000
111,846,000
89,327,000
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
2,850,750,000 2,860.336.000 2.884.453.000 2.898,753.000 3,016,434,000
2,819,409,000 2,826,107,000 2.839,487.000 2,845,899,000 846,950,000 851,949,000 863.051.000 850,030.000 984,596,000
F. R. notes received from Comptroller
833.374.000 834,530,000
825.142,000
829,901,000
F. R.notes held by F.R.Agent
2,003.800,000 2.008,387,000 2.021.402.000 2,048,723,000 2,031,838,000
1,989,508,000 2.000,985,000 2,006,093,000 2,011,369,000
Issued to Federal Reserve Banks
311,245,000 310,000.000 309,961,000 309.121,000 275,416,000
How Secured—
310,748,000 310.846,000 310,846,000 311,246,000 102,647,000 114,853,000 108,916,000
95,989,000 110,794,000
By gold and gold certificates
102,162,000 107.962.000 104.140.000 100,489,000 984,075,000 1,008,296.000 1.033.410,000 1,108,404,000 1,237,768,000
994.414,000
Gold redemption fund
968,184,000
584,762,000
1,019,492,000 989.900.000
692,387,000
740,300,000
Board
Reserve
791,025,000
797.417.000
fund—Federal
Gold
704.667,000 754.218,000 835,592.0130 802,364,000
By eligible paper
2.i90.587,0002,203,901,000 2.208.740.000
2.224.174.000
2.195.384.000
000
513
9nst
9
ono
759
91R
9
am
09R
1R9
a
a 1'27 nen non
....-..-.
the amount of balances held abroad and amounts due
two new items were added In order to show separately
to
NOTE.—Beginning with the statement of Oct. 7 1925
of Federal Intermediate Credit Bank debentures, has been changed
the caption,"All other earning assets", now made upThe latter term has been adopted as a more accurate description of the total
to foreign correspondents. In addition,
bills and securities."
"Total
to
assets"
earning
therein.
items
"Total
only
Included
the
are
which
caption.
Act,
the
Reserve
Federal
'Other securities," and
acquired under the provLsIons of Sections 13 and 1.4 of the
of the discounts, acceptances and securities
BANKS AT CLOSE OF BUSINESS MAR. 17,1926.
S OF EACH OF THE 12 FEDERAL RESERVE
LIABILITIE
AND
RESOURCES
OF
WEEKLY STATEMENT
Total.
Atlanta. Chicago. St. Louie. MInrseap. Kan. City Dallas. San Fran.
Two ciphers (00) omitted.
Batton. New York. Phila. Cleveland. Richmond
Federal Reserve Bank Or-$
$
$
S
S
$
S
$
$
$
$
$
$
15,061,0 62,006,0 45,775,0 26,466,0 171,936,0 1,432,402.0
RESOURCES.
117,940,0 190.089.0 50,162,0 125,032.0 129,420,0
379,220,0
119,295,0
2,088,0
1,489,0
1.080,0
58,431,0
3,876,0
870,0
Agents
6,563,0
Dold with Fedeml Reserve
9.206,0 12,776,0 4,761,0 1,609,0 3,062.0
11,051,0
Gold red'n fund with U.S.Treas.
63,086,0 47,863,0 27.955,0
1,490,833,0
194,850,0 51,771,0 128,094,0 135,983,0 15,931,0 19,945.0 41,450,0 21,813,0 175,812,0
130,716,0
388,426.0
130.346,0
notes
37,928,0 688,599,0
32,665,0 153,208,0 16,067,0
Gold held excl. agst. YR.
48,264,0 189,259,0 51,541,0 46,179,0 30,280,0 3,777,0 72,257,0 17,921,0 7,269,0 5,812,0 10,260,0 38.830,0 631,833,0
F.R.Board
with
fund
4,586,0
settle't
Gold
43.265.0 352,910,0 25.901,0 49.105.0
-Gold and gold certificates
164.536,0 361,448,0 49,919,0 90,300,0 95,125.0 59,968,0 252,570.0 2,811,265.0
221,875,0 930,595.0 208,158.0 290,134,0 86,637,0 8,820.0 20,598,0 18,923,0 2,808.0 4,722,0 5,89103 7,385,0 153,392,0
reserves
gold
Total
43,034,0 4,572,0 9,168,0 8,867,0
18,604.0
Reserves other than gold
382,046,0 68,842,0 93,108.0 99,847,0 65,859,0 259,955,0 2.964,657,0
973,629,0 212,730,0 299,302,0 95,504.0 173,356,0 8,936,0 3.629,0 1,119,0 2,457,0 2,831,0 3,401,0
240,479,0
66.786,0
Total reserves
24.580,0 2,052,0 4,247,0 4,392,0 3,897,0
5,245,0
gon-reserve cash
260,479.0
3,591,0
6,865,0
12,341,0
888,0
33,406,0
20,462,0
13,059,0
15,721,0
discounted:
MIN
76,332,0 33,565,0 29,008,0
obligations 15.241,0
21,645,0 13,271,0 3,143,0 8,849,0 5,683,0 29,352,0 220,136,0
Sec. by U.S. Govt.
27,858,0 23,074,0 19,224,0 29,302,0 30,242,0
8,493,0
Other bills discounted
45,023,0 43,301.0 55,051,0 25,612,0 6,734,0 15,714,0 6.571,0 49,814,0 480,815,0
23,734,0 104,190.0 56,639,0 48,232,0 10.223,0 14,851,0 28,587,0 13,363,0 7,430,0 12,731,0 12,082,0 22,646,0 257,138,0
Total bills discounted
57.410,0 16,426,0 20,883,0
40,506,0
market
open
11115 bought In
63,831.0
476,0
Securities:
990,0 22,890,0 2,035.0 7,665,0 8.687,0 8,836,0
604.0 8,103,0 1,240,0
1,934,0
I. S. Government
75,418,0
571,0
5,673,0 2,711,0 7,163,0 6,658,0 11,805,0
470,0 11,796,0 1,382,0 3,887,0 7,817,0
Bonds_
15,459,0
597,0
213,328,0
19,926,0
3,113,0
9,546.0
7,840,0
9,737.0
1,416,0 7,013,0 10,299,0
Treasury notes
5,386,0 116,744,0 16,913,0 5,595,0
—
s—
indebtednes
of
Certificates
577 0
4,0384 11,890.0 41,006,0 17,445.0 13.489.0 25.396.0 22,934.0 32 207 0 352
6,554,0 134,137.0 17.987.0 25,494,0
Total U.S. Govt. securities
s
$
5
5
$
s
$
$
$
MAR. 20 1926.]
THE CHRONICLE
RESOURCES (Concluded)Two Ciphers (00) omitted.
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
Boston.
New York,
$
$
2,110,0
585,0
71,379,0
Nam,
1579
Cleveland, Richmond Atlanta. Chicago. Si. Louis Mtnneap. Kan. City Dallas. San Fran.
$
3,050,0
732,0
$
S
824,0
408,0
$
560,0
308.0
$
1,055,0
$
$
3
$
$
331,0
246,0
300.0
270,0
531.0
Total.
$
3,610,0
7,700,0
297,847,0 94.834,0 95,433,0 59,692,0 70,910,0 125,699,0 56,751,0 27,899,0 54,141,0 41,857,0 105,198,0 1,101,640,0
721,0
712,0
197,767,0 80,691,0 75,990,0 67,453,0 45,642,0 114.731,0 38,733,0 15,071,0 44,818,0 31.597,0 45.719.0 831.669,0
16,666.0 1,505.0 7,409,0 2,364,0 2,761.0 7,933,0 4,111,0 2,943,0 4,636,0 1,793,0 3,217.0
59.406,0
2,495,0
364,0 1,076,0 1,967,0
846,0
294,0
14,134,0
376,0 3,381.0
480,0
409,0 2,352,0
73,657,0
.4,068,0
94,0
Total resources
394,922,0 1,513,696,0 392,106,0 483,227,0 229,769,0 297,642,0 641,312,0 172,475,0 142,492,0 206,179,0 144,313,0 420,871.0 5.039.004.0
LIABILITIES.
F. R. notes In actual circulation_ 153,518,0 371.788,0 145,861,0 199,058,0 77,331,0 160,309,0 163,632,0 37,118,0 64,109,0 64,194,0 37,649,0 184,643,0 1.659,210,0
Deposits:
Member bank-reserve acc't 141,489,0 867,825,0 137,427,0 174,542,0 68,358,0 81,086,0 327,301,0 80,127,0 51.920,0 85,405,0 58,582,0 156,220,0 2,230,282,0
Government
351,0
951,0
260,0
428,0
7.089.0
146,0
132,0
721,0
827.0
439.0 1,231,0
817,0
786,0
Foreign bank
481,0
5,971,0
437,0
1.376,0
253.0
335,0
677,0
601,0
222,0
272.0
867.0
247,0
203,0
Other deposits
9,991,0
322,0
21,305.0
648,0 1,075,0
81,0
93,0 1,255,0 1,056,0
207,0
33,0 6.384,0
160,0
Total deposits
142,643,0 879,620,0 138,936,0 177,245,0 68,920.0 82,259,0 330,144,0 81,587,0 53,116,0 86,629,0 59,276,0 164,272,0 2,264.647,0
Deferred availability items
72,332.0 165,742,0 74,411,0 69,357,0 64.645,0 40,849,0 98,415,0 38,328,0 13,681,0 41,508,0 34,989,0 48.851,0 761.108,0
Capital paid in
8,772,0
33.871,0 11.929,0 13,460,0 6.096,0 4,919.0 16,292.0 5,150,0 3,152.0 4,236,0 4,260.0 8.237,0 120,394.0
Surplus
17,020,0
59,964,0 20.464,0 22,894.0 11,919,0 8,700.0 30,613,0 9,570,0 7,501.0 8,979,0 7.615,0 15.071,0 220,310,0
All other liabilities
637,0
2,711.0
505,0 1,213.0
13.335.0
606,0 2,216,0
858,0
722,0
504.0 1,797,0
633.0
933,0
Total liabilities
394.922,0 1,513,696,0 392.106,0 483,227,0 229,769,0 297,042,0 641,312,0 172,475,0 142,492,0 206,179,0 144,313,0 420,8710 5,039,004,0
Memoranda.
Reserve.ratio (per cent)
81.2
79.5
74.7
77.8
71.5
65.3
79.4
77.4
75.6
74.5
67.9
66.2
58.0
Contingent liability on bills purchased for foreign correepondls 5.883.0
78,975,0
22.773,0 7,354,0 8,283,0 4,103,0 3,097,0 10,606,0 3.329,0 2,477,0 3,019,0 2.709,0 5,342,0
F. R. notes on hand (notes ree'd
horn F. R. Agent less notes in
emulation) _
in 944 n 1.1n nnA n 92 956 0 91 4,11 n 1A 504 n 10 251 n 19 648 0 5.103.0 2.720.0 6.168.0 4.929.0 48.377.0 330,298.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS :MARCH 17 1926.
Federal Reserve Agent at-
New York.
Boston.
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis Mfnneap Kan. City Dallas
San Frees
Total.
(Two Ciphers (00) Omitted.)
$
F.R.00tes reed from Comptroller 219,982,0
V.R.notes held by F. R. Agent__ 48,200,0
S
$
$
$
$
$
$
S
$
$
$
$
738,212.0 209,767,0 276.702,0 119,365.0 223,994,0 413,517,0 65,801,0 86,532,0 119,352,0 57,865.0 288,520,0 2.819,409,0
226,360,0 35.520,0 59,150,0 26.140,0 44,434,0 230.237,0 23,580,0 19.703,0 48,990,0 15.087.0 55,500,0 829.901,0
F.R.notee issued to F.R. Bank 171,782 0
Collateral held as security for
.
F.R. notes Issued to F. B,. Bk.:
Gold and gold certificates__ 35,300.0
Gold redemption fund
9.995,0
Gold fund-F.R. Board
74.000.0
Eligible paper
64,240,0
pnrst Anlleten9.1
I o9 enc n
511,852,0 174,247,0 220,552,0 93,225,0 179,560,0 183,280,0 42.221,0 66,829,0 70,362.0 42,578,0 233,020,0 1.989,508.0
10,045,0 12,867,0
310,748.0
17,226.0
186.698.0 1.200,0 8,780.0 25,655.0 12.977,0
26.522,0 12,351,0 11,309.0 4,007.0 7,055.0 3,775,0 1,816,0 1,139.0 2,915.0 3,240.0 18.038.0 102.162.0
166,000.0 104,389.0 170,000,0 20.500.0 105.000,0 125,645,0 3,200.0 48,000.0 42,860.0 6.000.0 153.898,0 1.019,492.0
148,308,0 60,432,0 68.714,0 52.005,0 56.966,0 83,442,0 38,407,0 13.908,0 28.237,0 17.938,0 72.070,0 704,667.0
env eon n Ivo 9,9 n OnCt 409 11 109 III7
n
151 ORR
n
212 RR2 0 53.4418.0
75.914.0 74.012.0 44.404.0 244.006.0 2.137.069.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 716 member 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 Doc. 29 1917, page 2323. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 1542
I. Data for all reporting member banks in each Federal Reserve District at close of business Mar. 10 1926. (Three
ciphers (000) omitted )
Federal Reserve District,
Number of reporting banks
Loans and discounts, gross:
Secured by U.&Gov't obligations
Secured by stocks and bondsAll other loans and discounts
Total loans and discounts
Investments:
U.S. pre-war bonds
U.S. Liberty bonds
11.8. Treasury bonds
U.S. Treasury notes_
U. B. Treasury certificates
Other bonds, stocks and securities
Boston. New York
40
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis Minneap. Kan. Ctty Dallas. San Fran
98
54
75
68
$
$
9,120
57,300
332.836 2.235.002
648,024 2.688.850
$
10,751
398,347
365,298
$
21.342
527.777
757,951
989,980 4,981.152
9.762
39,845
87,496 591,610
17,800 221,427
4,302 140,272
16,563
39.689
220,056 1,182,128
9,486
49,453
16,206
7,235
5.300
250,342
-.
338,022
36
Total.
100
33
24
69
49
$
4,749
147,554
368,580
$
$
23,722
7.787
98,668 830,097
418,287 1,236,832
$
13,016
202,255
315.284
$
2.491
70,402
179.270
$
4.066
112,247
320,303
6
3,138
83.238
231.445
774,396 1,307,070
520,883
524,742 2,090,651
530,555
252,163
436,616
317,821 1,188,573 13,914,802
33,272
162.765
35,731
25,520
12,321
316,353
25,194
31,944
5,291
1,765
2.023
80,764
21,452
186,075
51,242
55,865
9.426
440,280
13,157
23,103
13,169
6.872
3,565
108.250
7,071
27,281
14.654
13,716
4,977
42.925
8.853
59.795
17,901
14,405
3,384
76,832
14.837
15.326
5.771
2.036
2.690
52,645
17.439
21,900
4,690
4.273
4,458
22,624
66
712
$
$
166,190
8,658
274.852 5.313,275
905,063 8,435.187
225,120
24,752
139,033 1,395,781
455,534
51,652
295,864
19.603
19,332
123.728
207.178 3,010,377
Total investments
•355.979 2,214,971
93,305 764,340 168,116 110,624 181,170
815,962 126,981
75,384 461.550 5,506,404
Total loans and investments
1,345,959 7,196.123 1,112,418 1,923,032 647,864 618,047 2,854,991 698,671 362,787 617.786 393,205 1,650.123 19,421,006
Reserve balances with F. R. Bank _ 96.028 757,067
41,423
48,663 238,915
49.871
78,896 123,684
23,591
50,111
29.707 106.173 1,844,129
Cash In vault
20,476
81.666
13,969
16,025
11.361
30,208
48,516
7,583
5,754
12.900
281.171
12,029
20.684
Net demand deposits
837,910 5,584,291 748,953 1,007,869 370.718 367.018 1,769,654 419,561 228,184 481,342 276,777 752,142 12.894.419
Time deposits
398,150 1,208,561 215,200 767,631 206,604 216,525 1,035,882 219,074 112.370 149.168
99.206 826.205 5,454,576
Government deposits
19,598
56,627
3,087
10,006
18,896
25,659
19,765
5,864
198,201
1,804
3,065
7,565
26,265
Bills Pay. & redise. with F. R Bk.:
Secured by U.S.Gov't obligations
1,765
96,834
5.452
13,768
3.714
8,241
32.957
4,256
183,504
1,500
464
11.186
3.367
All other
3,121
29,886
16,102
18,649
10,329
20,703
10,884
7,406
140.817
18,994
3,647
3,096
Bankers' balances of reporting member banks in F. R. Bank cities:
Due to banks
127.182 1,088,802 169,951
35,132
21,752 385,271
45,185
54,996
89,594
90.873 2,239,485
96,948
27.777
Due from banks
30,389
88.802
16.322
60.974
14.636 147.637
28.906
23.171
20.20:3
549,213
50,538
22,879
40.306
2. Data of reporting member banks in New York City. Chicago, and for the whole country.
All Reporting Member Banks.
Reporting Member Banks in N. Y. City.
Reporting Member Banks in Chicago.
Mar. 10 1926. Mar. 3 1926. Mar. 11 1925. Var, 101926. Mar. 3 1926 Mar.11
1925 Mar. 101926. Mar. 3 1926. Mar.111925.
Number of reporting banks
712
712
738
60
60
46
07
46
46
LOaDEI and discounts, gross:
$
$
$
S
$
S
$
$
S
Secured by U. B. Gov't obligations
166,140,000
170,506,000
194,758,000
52,574.000
15.712,000
53,548.000
72.187,000
14,466.000
22,696,000
Secured by stocks and bonds
5,313.275,000 5.434.559,000 4,785.495,000 1,959,165.000 2,060.926,000
All other loans and discounts
8,435,187.000 8,404,391,000 8.265,379,000 2,368,070,000 2,333.091,000 1,932,836,000 623.303.000 627.689.000 542,490.000
2,267,768,000 678,587.000 677.058.000 690,242.000
Total loans and discounts
13,914,602,000 14,009,456,000 13,245,632,000 4,379,809,000
4,447,565,000
4,272.791,000
1,317,602,000 1,319,211,000 1,255,428,000
Investments:
U.S. pre-war bonds
225,120,000
225,068.000
218,482.000
30.205.000
30.153,000
27,147.000
5.808,000
5,808,000
1.937,000
Liberty
bonds
(3. B.
1,395,781.000 1.383,205,000 1,358,320,000 509.015,000
516,537,000 527,397,000 114,750,000 108.038.000
82,149,000
455,534,000
U. S. Treasury bonds
449,537.000
353,964,000 204,676,000 200,192,000 133,978,000
16,392.000
17,297,000
26.953.000
295,864,600
U. B. Treasury notes
319,087,000
513,801,000 134,175,000 150,299,000 217,530,000
43,118,000
45,766,000
69,187,000
123,728,000
U. S. Treasury certificates
141,976,000
112,287,000
39,002,000
44,(76,000
54,031.000
1,224,000
1,501,000
7,006,000
Other bonds, stocks and securities 3,010.377,000 2,984,158.000 2,817,073,000 881,709,000
862,478,000 807,841,000 202,705,000 204,093.000 198,817,000
Total investments
5,506,404.000 5,503,031,000 5,373,927.000 1,798,782,000
1.803,735,000 1,767.924,000 383.997,000 382,503,000 386,029.000
19,421,006,000 19,512,487,000 18.619,559,000 6,178,591,000
Total loans and investments
Reserve balances with F. IL Banks_ 1,644,129,000 1,650,520,000 1,666,317,000 699,488,000 6,251,300,000 6,040,715,000 1,701,599,000 1,701.714,000 1.641.457.000
692,303,000 737,116,000 167,055,000 170,316.000 155.447,000
281,171,000
Cash In vault
278.250.000
289,451,000
65,967,000
65,206,000
66,338,000
21,186.000
21,694,000
26,970,000
12,894,419,000 13,007,657,000 13.057,942,000 5,026,017,000
Net demand deposits
5,454,576,000 5,446,235,000 4,954,192,000 804,450,000 5,124,217,000 5.125,828,000 1,169,398,000 1,152.200,000 1,161.534.000
Time deposits
796,210,000
781,061,000
514,177,000 516,592,000 459.647,000
198,201,000
Government deposits
200,982,000
113.118,000
49,995,000
49,995,000
16,279,000
12.947.000
12,947,000
14,343,000
Bins payable and rediscounts with
Federal Reserve Banks:
183,504.000
237.278.000
Secured by U. S. Govt. obligations
184,071,000
77,287.000
93,332,000
112.500,000
16.307,000
29,610,000
1,618,000
140,817,000
166.437,000
84,539,000
All other
26.252.000
26,004,000
36,141,000
349.000
710.000
10.405.000
324,321,000
403,715,000
Total borrowings from F. R. bite
268,610,000 103,539,000 119,336,000 148,641,000
40,015,000
2.328,000
16.656,000
Loans to brokers and dealers (secured by stocks and bonds) made by 61 reporting
member banks in New York City:
1,01.191.000 1.125,071,000
For own account
1,205,957,000 1,321,265,000
For account of out-of-town banks
598,461,000 602,056,000
For account of others
Total
2.885.609,000 3.048.392,000
-
[VOL. 122.
THE CHRONICLE
1580
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Alan-hers' GazetteD
Ira.
Rate.
DU.
Maturity.
Bale.
Bid.
Asked.
Maturity.
Bid.
Asked.
Sc Pt. 15 1926._ 434% 100no 100iiiss June 15 1926_ 334% 99"n 100,ss
Dec. 151927... 455% 10191. 1011%1
ne 15 1926.._
99"13 100
3%
Sc. 15 1926- 354% 100,11 10034 Mar. 151927... 454% 10134 101•Is
TVall Street, Friday Night, March 19 1926.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 1567.
The following are sales made at the Stock Exchange this
United States Liberty Loan Bonds and Treasury
week of shares not represented in our detailed list on the Certificates on the New York Stock Exchange.-Below
pages which follow:
we furnish a daily record of the transactions in Liberty Loan
Range for Week.
Range Since Jan. 1.
bonds and Treasury certificates on the New York Stock
STOCKS.
Sales
for
Week Ended Mar. 19.
Exchange. The transactions in registered bonds are given
Highest.
Lowest.
Week.
Lowest.
I Highest.
end of the tabulation.
Par.Shares $ per share. 1$ per share. 6 per share $ per share. in a footnote at the
Railroads.
100 108
Alabama & Vicksburg100
50 92
Buff Roc& & Pitts 14100
500 130
Chas & Ohio ctfs __i00
1001313.4
Preferred ctfs
100
200125
C C C & St Louis pref 100
Detroit& Mackinac p1100
50 5434
Morris & Essex
50
69 80
Northern Central_ _ _ _50
20 79%
Pac Coast 1st pref __ _100
100 50
Pitts Ft W & Chi_ _ _100
150 135
Reading Rights
3.200 1734
Seaboard Air Line Rts_ _ 37.700
34
Vick Shrev & Pac pf _100
100 91
Virginia Ry AC Power.100
100 150
Mar 19 108
Mar 15 92
Mar 16 119%
Mar 16 125
Mar 13 118%
Mar 17 5454
Mar 19 7934
Mar 17 79
Mar 15 50
Mar 17 13455
Mar 13 1734
Mar 13 1-64
Mar 18 91
Mar 16 150
Mar 108
Mar 953.4
Jan 131
Mar 131%
Mar 125
Marl 5434
Jan! 80%
Mal 79%
Mar 57%
Feb 136
Mar
Marl 22%
Mar 335
91
Mar MO
Mar
Feb
Mar
Mar
Mar
Mar
Feb
Jan
Feb
Mar
Feb
Feb
Mar
Industrial & Miscall
Abraham & Straus
• 1,000 45 Mar 191 48 Mar 15 45
Preferred
30010415 Mar 19 107 Mar 19 10454
100
100 50 Mar 15 50 Mar 15 50
Alliance Realty. new.....*
Mar 18 26 Mar 15 25
Amerada Corp
* 4,400 25
American Can Co_ _ _100 27,400281% Mar 19 312 Mar 16 2753.4
Am-La Fr F E 7% 91_100
200 97 Mar 13 97 Mar 13 9554
American Piano pref_100
100 9334 Mar 15 9334 Mar 16 9334
Barnett Leather
*
500 49 Mar 17, 53 Mar 18 49
Chandler-Cleve Motor_* 2,100 1734 Mar IV 2034 Mar 13 173.4
Preferred
• 7.400 38 Mar 191 413.4 Mar 13 38
Con Cr 1st pf(6 35)_ _100
100 97 Mar 13, 97 Mar 13 96
Corn Inv Tr pf (655)_100
500 93% Mar 191 95 Mar 13 9335
100 101 Mar 18 101 Mar 18 9974
Cush Sons pf 7% __100
100 99 Mar 19 99 Mar 19 99
Devoe & Ray 1st pref 100
Eisenlohr & Bros
25 1,700 1434 Mar 18 1574 Mar 13 13
• 4.200 6854 Mar 19 74 Mar 13 6834
Elec Auto-Lite
Elec Boat
• 1.400 5 Mar 19 534 Mar 13 5
Elk Horn Coal Corp- _• 200 934 Mar 16 10 Mar 16 9
First Nat Pie 1st pf-100
100 102 Mar 19 102 Mar 19 102
400 100 Mar 19 105 Mar 1 100
FM Rub 1st pf cony_100
1st prof stamped _100W 2,200 82 Mar 19 843.1 Mar 16 80
Gen Cigar, new
• 1,200 53 Mar 18 54 Mar 15 63
Intercontinental Rub_ _• 13,900 1635 Mar 19 19 Mar 13 1635
Jones & L Steel pref__100
200 114 Mar 15 11434 Mar 19 114
Kinney Co pref
100
200 9374 Mar 19 94 Mar 1 9375
Life Savers
2,200 1854 Mar 18 1954 Mar 13 173.4
McCrory Stores
• 200 90 Mar 19 95 Mar 15 90
100
Preferred
100 110 Mar 16 110 Mar 16 108
100
Manati Sugar
500 39 Mar 1 40 Mar 15 39
Manhattan Shirt pf _ _100
100 116% Mar 1611634 Mar 16 11634
• 1,700 39 Mar 181 4055 Mar 13 36
Miller Rubber ctfs
•12,411 1654 Mar 181 19 Mar 13 1654
Omnibus Corp
100
Preferred
400 96 Mar 18j 98 Mar 13 94
234 Mar 13 174
Pacific Gas &Elec Rights 9,200 234 Mar 1
10
5
100 10 Mar 17
Pacific MAD
200 70 Mar 19 70 Mar 19 51
Panhandle P & it pf_100
200 41% Mar 19 4155 Mar 19 4134
Pressed Steel Car new.-.
%
% Mar 13
;4 Mar 18
Public Service of NJ Rts 31,127
100 98 Mar 18 98 Mar 18 97
6% preferred......100
7254
Mar
16
76
2,100
Mar
16
Stores
Rt.
72%
Schulte Retail
100 107 Mar 18 107 Mar 18 107
Sher-Will 1st pref. _ _100
Southern Dairies cl B *24,400 31 Mar 18 3445 Mar 13 31
300 4535 Mar 19 46 Mar 16 453.4
Thompson (J R) Co. 25
Mar 16 121
Mar 16 121
100 121
Underwood Type p1_100
Un Carbide dr Carbon_ _ 9'29,700 80% Mar 19 8535 Mar 13 78
Vicksburg Chemical_ * 1,000 45% Mar 18 47% Mar 13 4554
100 1% Mar 15 1% Mar 15 134
Virginia Carolina 11 ctfs*
Mar 15 9454
Vivaudou pref
100
300 100 Mar 17 101
100 4 Mar 15 4 Mar 15 33.5
1
Wells Fargo & Co
200 823.5 Mar 19 823.5 Mar 19 80
Westinghouse El 1st p150
100 97 Mar 17 97 Mar 17 95
Wen Penn Pw 6% p1100
8,800 33.4 Mar 19 4% Mar 18 35-4
White Motor Rts
400
4 Mar 17 4% Mar 17 4
ctn.
25
Wilson & Co
100
200 16 Mar 17 16 Mar 17 16
Preferred ctfs
Mar 50
Mar 10734
Marl 50
Marl 26
Jan 344%
Mar 101
Mar 98
Mar 5734
Mar 26
Mar 4534
Mar 9935
Mar 100
Feb 101
Mar 109
Mar 2034
Mar 8234
Feb 854
Feb 1234
Jan 107
Mar 107
Mar 8434
Mar 6934
Mar 2154
Jan 117
Mar 9934
Mar 2154
Mar 117
Jan 110
Ma 5034
Ma 11634
M
4454
Ma 2234
Jan 983.4
Ma
274
Ma 10
Jan 85
Ma 4155
Ma
1
Feb 0034
Ma 81
Mar 107
Mar 3554
Mar 4734
Mar123
Mar 863.4
Mar 5154
Mar 13-4
Jan 10334
Jan 4
Jan 875-4
Mar 97
Mar 655
Mar 534
Mar 1835
Feb
Mar
Mar
Mar
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Mar
Mar
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Mar
Feb
Feb
Feb
Feb
Mar
Feb
Mar
Jan
Jan
Jan
Mar
Mar
Feb
Jan
Mar
Feb
Jan
Feb
Mar
Feb
Mar
Feb
Feb
Jan
Mar 19 108
Mar 15 9235
Mar 16 131
Mar 1613134
Mar 13 125
Mar 17 5434
Mar 18 8035
Mar 17 79%
Mar 15 50
Mar 19 136
Mar 19 1935
34
Mar 13
Mar 18 91
Mar 16 150
mar
•No par value.
New York City Banks and Trust Companies.
All prices dollars per share.
Banks-N.Y Bid.
America'.... 315
Amer Ex Pac 450
AmerUnion•- 217
390
BoweryEast
Broadway Ce' 350
Bronx Boro•- 1375
Bronx Nat__ 450
Bryant Park* 225
Butch & Drov 180
Capitol Nat__ 230
Cent Mercan. 305
615
Chase
Chath Papal
Nat Bk AT 360
Chelsea Exch. 230
Chemical_ _ _ 410
Colonials ___ 550
Commerce... 365
Com'nwealth• 310
Continental_ 275
Corn Exch. _ 590
Cosmop'tan• 225
Fifth Avenue 2300
2550
First
180
Franklin__
375
Garfield
270
Grace
Greenwich'. _ 510
Ask.
330
460
225
400
380
1425
500
240
185
240
315
620
367
235
825
iio
320
655
2625
200
385
Bid.
Banks.
Hamilton_
185
1100
Hanover
550
Harriman_
Manhattan'. 230
Mach & Met_ 435
500
Mutual*
Nat American 190
National City 630
New Neth•__ 280
515
Park
124
Penn Exch
Port Morris_ 215
570
Public
Seaboard_ _ _ _ 665
175
Seventh
Standard__
600
575
State*
157
Trade*
215
United
United States. 325
Wash'n Hts.. 725
Brooklyn
Coney Island. 280
550
First
Mechanica'*- 310
1305
Montauk._
Nassau
People's
580
r.nahnro• 17N
•Banks marked (•) are State banks
y Ex-rights
rust Co.. Bid.
Ask.
New York.
200
1125 American _
_- Bank of N Y
& Trust Co 625
240
445 Bankers Trust 615
Bronx Co Tr_ 300
210 Central Union 865
365
640 Empire
300 Equitable Tr_ 280
525 Farm Lb Tr. 525
134 Fidelity Trust 290
400
Fulton
600 Guaranty Tr_ 370
685 Irving BankColumbia Tr 325
185
650 Lawyers Tr__
695 Manufacturer 620
162 Mutual(West
230
cheater).- 220
335 N Y Trust___ 520
Title Cu & Tr 650
U S Mtg & Tr 400
310 United Stater 1800
Westcbes Tr_
iio . Brooklyn.
Brooklyn Tr 900
400 Kings Count.) 1800
r2R0
Mtelwood._
810
Pen nip'.
(I) New stock.
Ask
635
625
880
375
285
540
300
425
375
230
530
660
410
1830
All prices dollars per share.
-.._
____
.___
___
____
100no
1009..,
10047n
99
101.32
101431
101..,
80
1021.3:
102",,
102,433
276
1072lss
107",,
107nss
101432 101433 1014:t 101433 101433
1011,2 101,:, 101,
" 101141 101,ss
1011,2 10141 101,11 1012o 101to
30
195
36
s
59
10116ss
101Iso
101liss
10293, 10-2-.:, 101.., 102... 102,n
102433 102433 10243, 102433 10243t
102.32 10243, 10243: 102433 102433
58
14
17
17
13
___
____
____
____
____
____
_ _ __
____
____
_ ....
---100.00
100.00
100.00
1
100•812
100...,
100"33
178
101.31
101433
101432
286
102,,st
102",,
102"1:
308
107no
1071‘ss
107nss
s
49
104iss 1044.1
1044,1 104.00
10411,1 104.00
45
31
___. 100‘,12
-_-_ 100,433
---- 1001433
206
____
--__
---- _ _.
__-_
____
100ioss
100..,,
100443
210
1016n
101433
101433
163
1021,,
102ns
102443
143
107ns
107ns
107ns
40
104431
104las
104,ss
6
100,4
100443
100443
332
____
11111,32
100131
100432
s
100nss
100...,
100"33
61
101433
101133
101433
349
1021..,
102",,
102"33
206
1072%,
107uss
107no
29
--__
---____
____
100"st
1004431
1004433
4
____
____
----
--
10080ss
100.9.1
1004433
105
101413
101433
10143t
76
10213ss
102",,
10244,3
109
107n,,
107nn
107nss
18
104433
1034133
104.00
117
100"n
1004433
1001433
100uss
1004433
100"n
SS
10143,
1014ss
10143t
82
1021•11
102nss
10214,1
548
1071511
107"11
1072%,
27
104414
104.00
104.00
IS
---.
----
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
8 lot 355s
30 2d 434,
100.0.. to 1011.1 1124 3d 4348
1004433 to 10017311151 4th 4448
10029.1 to 100...
1021433 to 102191.
Foreign Exchange.-Sterling exchange was dull but
steady on a light volume of trading. In the Continental
exchanges the feature of the week was a break in Belgian
francs of 50 points as a result of the withdrawal of Government support and a hitch in the Belgian loan negotiations.
The remainder of the market was irregular but quiet.
To-day's (Friday's) actual rates for sterling exchange were 4 82340
482 9-16 for sixty days, 4 85%04 85 13-16 for cheques, and 48654
4 86 3-16 for cables. Commercial on banks, sight 4 853404 85 11-16.
sixty days 4 8204 82 1-16, ninety days 4 81% CA 81 5-16, and documents
for payment (sixty days) 4 823.404 82 5-16. Cotton for payment,4 85%0
4 85 11-16, and grain for payment, 4 855314 85 11-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.463.-40
3.5034 for long and 3.5103.55 for short. German bankers* marks are not
yet quoted for long and short bills. Amsterdam bankers' guilders were
39.613I @39.6234 for long and 39.97%039.9835 for short.
Exchange at Paris on London, 136.63 francs; week's range, 133.95 francs
high and 136.63 francs low.
The range for foreign exchange for the week follows:
Sterling ActualSixty Days. Cheques.
Cables.
High for the week
4 82 19-32 4 85 27-32 4 86 7-32
Low for the week
4 82 7-16
4 85 11-16 4 86 1-16
Paris Bankers' FrancsHigh for the week
3.5654
3.62
3.63
Low for the week
3.46
3.52
3.53
Germany Bankers' Marks23.81
23.81
High for the week
23.81
Low for the week
23.81
Amsterdam Bankers' Guilders39.6234
40.0654
40.083.4
High for the week
39.59
40.03
40.05
Low for the week
Domestic Exchange.-Chicago, par. St. Louis, 155525c. per $1,000
discount. Boston, par. San Francisco. par. Montreal, $7.1875 per
$1,000 discount. Cincinnati, par.
The Curb Market.-The review of the Curb Market is
given this week on page 1568.
A complete record of Curb Market transactions for the
week will be found on page 1595.
8
CURRENT
920
100
275
825
si.s.-divideo.,
Ask.
Bid.
140 Realty Assoc
(Bklyn)com (122
228
1st pref____ 90
480
2d pre__ 88
400 Westchester
Title & Tr 450
320
101'33
101,31
101in
6
-___
____
__
_-_
102..I
1024:3
102',,
8
' ____
__ _ _
330
155
New York City Realty and Surety Companies.
Bid.
Bid. Ask,
Alliance R'lty 148 152 Mtge Bond__ ;:130
Amer SuretY- 178 183 Nat Surety__ 224
Bond & M G_ 318 323 N Y Title &
Mortgage._ 470
Lawyers Mtge 205 270
US Casualty_ 375
Lawyers Title
S Title Guar aln
& Guarantor 1290 300
Daily Record of U. C. Bond Prices. Mar.13 Mar.15 Mar.16 Mar.17 Mar.18 Mar.10
(High
First Liberty Loan
344% bonds of 1932-47...( Low_
(Close
(First 334s)
Total sales in 81.000 units___
Converted 4% bonds of (High
1932-47 (First 4s)____4Low_
(Close
Total sales in ELMO units_ _.
Converted 434% bonds (High
of 1932-47 (First 4348)3 Low
(Close
Total sales in 81,000 units__ _
Second Converted 4%%(High
bonds of 1932-47(First4Low_
Second 434s
Total sales in 81.000 units-(High
Second Liberty Loan
4% bonds of 1927-42_ _ _ _4 Low_
(Close
(Second 48)
Total sale,, in 81,000 units...
Converted 434% bonds (High
of 1927-42 (Second (Low.
444e)
(Close
Total tales in 81,000 units-(High
Third Liberty Loan
(Low.
444% bonds of 1928
(Third 45(s)
(Close
Total sales in $1,000 units_ _ _
(High
Fourth Liberty Loan
434% bonds of 1933-38..4 Low.
(Fourth 41(s)
(Close
Total sales In $1,000 units__
(High
Treasury
434s, 1947-52
(Low _
(Close
Total sales in $1.000 units__
46. 1944-1954
(High
(Low(Close
Total tales its $1,000 wins...
(High
354e, 1946-1956
(Low_
(Close
Total sales in $1,000 units_ _ _
4,1
130
15
93
NOTICES.
-A./3. Leach & Co., Inc., have opened a San Francisco office under the
direction of Ross Thompson, formerly associated with the bond department of the Bank of Italy.
-The White-Phillips Co., Davenport, Iowa, announce the opening of
a Chicago office under the management of H. C. Mulch at 137 S. La
Salle St.
-Eastman, Dillon & Co. announce that they are opening a Chicago
office under the charge of Mr. Harry Kleist at 105 South La Salle Street.
-Eastman, Dillon & Co. now have branches at Philadelphia, Pittsburgh, Chicago, Washington, Reading, Albany and other towns.
-The Equitable Trust Co. has been appointed Transfer Agent for stock
of the E. W. Bliss Co. (Delaware).
-Farr & Co. have Issued an analysis of Continental Can Co. common
stock.
•
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
1581
OCCUPYING SIX PAGES
For sales during the week of stocks usually inactive, seo preceding page.
HIGH AND LOW SALE PRICES-PER SHARE,
PER SHARE
PER SHARE
NOT PER CENT.
Sala
STOCKS
Range Since Jan. 1 1926.
Rang.for Print.=
for
NEW YORK STOCK
On bast, of 100-share lots
Monday,
Year 1925.
Tuesday,
Wednesday, Thursday,
Friday,
the
EXCHANGE
March 15. March 16. March 17. March 18. March
19. Week.
Lowest
Highest
Lowest
Highest
$ per share 2 Per share $ per share $
per share $ per share $ per share Shares.
6 per share $ per share $ per share $ per share
Railroads.
Par
*4412 --__ .'4412 _-__ *4412 ____
*4412 ____ *4412 ---- *4412 Ann Arbor
100 44 Jan 19 45 Jan 8
*6912_
22 Feb 48 Dee
*6912
. *6912
__ *6912 -_ _ *6912
*6912
__ _
Do pref
100 6414 Jan 21 6934 Jan 27
12718 12984 12612 1-2-d
40 Mar
127
125% 1-274 124 126-7-- _- 19,600 Atch Topeka dr Santa Fe_100 12234 Mar 3 139 Jan 5 11614 Jan 67 Dee
8 12412 12578
9514 9512 9538 9512 951 128
1401
:Dec
9518
95
9514
9518
9518
.95
Do
pref
9512
100 9418 Mar 5 96 Jan 27
238 212
9212 Feb 98 Dee
214 212
214 23
214 238
214 238
218 28 6,500 Atlanta Birm dr Atlantic_ 100
22114 228
134 Feb 25 10 Jan 2
208 21814 208 21512 202
Jan
3
1134 Dee
7
213
18.800
Atlantic
19714
207
19614
201
Coast
Line
RR-100 19614 Mar 19 26212 Jan 2 14714 Jan 268 Dec
9018 923
897s 9139 9039 9239 8914 9112 8734 9012 8718
8939 75,700 Baltimore dr Ohio
100 8312 Mar 3 9534 Jan 11
6834 69
71 Mar 9412 Dee
685 6839 *6834 69
*6834 69
6834 69
6858 69
900 Do pre'
4112 4178 40
100 6712 Jan 6 6934 Feb 10
6278 Apr 67% Nov
41
*40
41
7 40
.3912 41
39
*3912
40
1,100
Bangor
&
Aroostook
50 33 Mar 2 46 Feb 1
*100100 100
Mar 561
3514
:Nov
*99
*99
_ *99 100 *_-__ 100
100 Do pro!
100 977 Feb 8 10018 Jan 20
614 23-34 6039 6212 62 -89 June
Oct
62-7; 61
-di
60
6114 60
6012 16,500 Bkin Manh Tr v t o___No par 5512 Jan 21 6912 Feb 5 3618 Jan 100
*81
83
82
64 Nov
82
*8112 8212 8234 8234 82
82
8114 8178
700 Do pref v to
No par 81 Jan 5 8614 Jan 29
72%
Jan
Dee
83
5
4
*10
1014 1014 1012 11
11
1178 1218 1214 1439 1234 1312 6,100 Brunswick Term & Ry See_100
*74
79
812 Mar 4 1438 Mar 18
3 Feb
*74
1718 Nov
79
*74
79
*74
79
75
75
*74
79
5 Buffalo Rochester dc Pitta_100 75 Mar 18 84 Jan 4
*5812 63
*5812 63
48 Apr 9258 May
*5812
83
*5812
63
*5812 63
*5812 63
Canada Southern
154 156
100 58 Jan 15 5814 Jan 21
15378 155
56
Jan 59 May
15512 15612 15412 15514 15234 15518 1534 154
4,700 Canadian Pacific
*270 285 *271 285 *270
100 14612 Jan 9 162 Feb 3 13612 Mar 1525g Jan
Central RR of New Jersey_100 270 Mar 2 305 Jan 11 265 Mar 321
1307s 13412 12912 13439 12912 285 *270 285 *265 280 *260 285
Jan
134
12814 1334 13012 13414 131 13314 281,600 Chesapeake dr Ohio
132 133
100 112 Mar 2 13614 Mar 12
131 133
8914 Mar 13012 Del
131 13214 130 13112 13138 13214 13112 132% 4,700 Do
pref
814 833
100 119 Jan 20 136 Mar 12 10514 Apr 130 Dee
832 8%
8
814
8
8
*73
4
8
7
5.800
3
Chicago
3
4
74
dr Alton
1214 1214 11
100
6 Feb 24
1112 Feb 13
339 Apr 1058 Feb
1218 1112 1218
1139 12
1139 1138 1138 1112 6.300 Do pref
•175 200 *175 200 *175
93 Feb 25 1814 Feb 13
100
518 Apr
1912 Feb
C C C & St Louis
*3234 3312 *3254 3312 323 200 *175 200 *175 185 .175 185
100 185 Mar 5 200 Jan 12 140 May 200 Des
4
32
3
4
323
4
323
4
3284
4
*323
35
3284
400 Chic dr East Illinois RR
*4314 45
100 3234 Mar 16 37 Feb 10
*4314 45
Mar
293
4
3814
Aug
*4314 45
4238 4314 42
42
39
417
1,800 Do prat
100 39 Mar 19 5134 Feb 10
912 934 10
40 Mar 5714 Jan
1018 *934 10
958 952
878 912
834 87
3,900 Chicago Great Western__ _100
2018 2112 20
818 Mar 4 12 Feb 20
Jan
Feb
9
15
207s 21
21
1972
2058 1914 2034 19
1978 11.200 Do pref
1212 1258 1112 114
100 1812 Mar 3 28 Jan 2
1914 Mar 32% Feb
1112 1134 11
1139 1039 1034 104 1012 6,800 Chicago Milw dr St Paul_100 104 Mar 19
*1114 117
1412 Jan 6
1014 1114 10
314 Apr 1638 Jan
10%
10
93
10
4
912
10
934
5,800 Certificates
1712 1814 16
100
912 Mar 18 14 Jan 8
7 Sept11 Noy
17% 1638 17
16
1612 1534 1814 16
1614 7,500 Do pref
100 1534 Mar 18 2214 Jan 9
•1614 17
15
7 Apr 2811 Jan
17
1512 1612 *1538 1612 1514 1558
1538 1594 4,700 Preferred certificates
70
100 15 Mar 3 217s Jan 5
7114 69
127
8 Oct 22 Nov
7012 6912 7014 6839 69
6712 6812 6712 68
8,900 Chicago dr North Western_100 6513Mar 3 8178 Jan 2
0119 121
120 120 *119 120
47 Apr 80% Dee
120 120
12012 12012 *120 124
300 Do pref
4612 4812 45
100 11811 Jan 4 12112 Feb 19 10134 Apr 120 Deo
47
4512 47
4434 455
43
45
4212
433
18,600
Chicago
4
Rock Is! dr Pacific_100 401:Mar 3 6034 Jan 15
4418 Ma
971
: 984 *96
587 Dee
9712 9834 9834 978 9814 9618 9618 *96
98
700 Do 7% preferred
100 96 Mar 4 100 Jan 2
*85
87
92
Jan 100 Dee
8512 8512 *85
87
8512 8514 85
85
85
85
600 Do 6% preferred
100 84 Mar 3 90 Jan 29
82 Mar 8912 Mar
*49
53
*49
5212 49
49
*49
53
*49
*48
53
50
100 Chic St Paul Minn dr Om _100 49 Mar 16 53 Jan 26
*102 110 *100 110 *100
3318 Apr5912 Jan
100 *10014 100
10014 1001 *100 110
400 Do pref
100 100 Mar 16 114 Jan 9
65
56
7314 Apr 12018 Dee
5434 57 .55
58
*55
58
55
55
5434 55
1,900 Colorado & Southern
100 52 Mar 3 65 Jan 13
*6512 66
4418 Jan 7012 Sept
*65
66
65
66
*65
66
*6512 66
65
300 Do let pref
6539
100 62 Mar 2 87 Jan 11
*50
60
80 Mar 6534 Dee
*50
60
*50
60
*50
60
*541
*50
60
60
Do 20 pref
100 59 Jan 11 59 Jan 11
168 17139 16714 171
54 Jan 6212 Aug
169 17384 16614 168
165
19,900
Delaware
16212
1671
16314
&
Hudson
100 153 Mar 3 17414 Mar 12 13312 Mar 155
142 14614 14134 14334 143 143
Apr
13912 1411 13618 1391 13614 139
9,800 Delaware Lack dr Weetern_ 50 135 Mar 2 15311 Jan 12 125 Mar 14734Juni
4612 461 *43
45
*43
45
*44
46
4412 45
42
42
400 Deny Rio Gr ex West pref_ _100 40 Mar 3 47 Jan 2
*414 4'±
34% Oct•60
Jan
414 414
4
4
414 *44 41
400 Duiutb Sou Shore & AU..._100
*414 44
*418 41
44 Mar 1
61a Jan 23
612 61±
21 Apr
612 61
512 Des
*612 7
672 67
*612 7
612 612
100
612 Mar 10
700 Preferred
2878 297
814 Jan 18
818 Dec
2814 29
339 Apr
2852 2939 2754 287s 2754 281
2652
Erie
28
58,900
100 2434 Mar 3 40 Jan 2
40
4139 393
2634 May 3938 Dec
O'2 3984 4034 375 395: 373 39
3818 3872 33,800 Do lit pref
100 36 Mar 3 45% Jan 4
*37
38
35 June 467 Jan
*36
37
*3612 37'2 36
371
3534 3534 34
34
900 Do 20 pref
100 34 Mar 19 43 Jan 2
73
74
34 June 4334 Jan
7238 '7284 724 73
7384 7112 72
7218
Northern
71
7112
5,100
Great
prof
100 6918 Mar 3 7852 Jan 4
2512 251 *2518 2538 2518
60 Apr 8238 Del
25% 2338 25% 254 25% 25
2518 4,600 Iron Ore Propertlee_No par 2458 Mar 4 2714 Feb 15
•2914 3134 *2918 30
25 Dec 40% Jan
*2918 3034 29% 291s 28
284 28
2814 1,300 Gulf Mobile ilk Northern_100 26 Mar 4 3514 Jan 7
10012 102
*99 100
23 Mar 3638 Sept
9834 9834 9834 983
98
98
*97 100
500 Do pref
100 98 Mar VC 10239 Jan 2$
*37
3739 37
8912 Mar 10914 Sept
3718 *3714 3712 37
371
3614 36% 3612 3612 2,300 Hudson & Manhattan
100 345* Jan 22 3912 Feb 9
*72
74
7314 7314 *73
2139 Mar 3838 Aug
74
*72
74
*72
74
*72
74
200 Do prof
100 7014 Jan 4 7512 Feb 20
117 11839 11639 11638 11658 117
6412 Feb72 July
11612 117
1154 11612 116 11612 4,100 Mina's Central
100 11312 Mar 3 124 Jan 2 111 Mar 12512 Dee
*116 120 *117 119 *117
119
11712 1171 11718 1174 *115 117
900 Do pref
100 11718 Mar 9 12312 Jan 2 11212 Apr 12514 Des
*70
73
*8814 72
72
72
724 7239 73
73
110 Railroad Sec Series A-1000 7114 Jan 6 75 Feb 15
7218 7218
27
27
6814 Aug 7414 Da
*2634 283 *2634 2858 *2634 2839
26% 26% *2658 2839
200 Int Rye of Cent America...100 2639 Mar 18 31 Feb 13
Jan 33% Sept
18
*6134 66
*6124 66
*6134 66
*6184 66
*6134 66
pref
Do
*613
4
66
100
64
27
Jan
64
Jan
3839
27
594 Jan 664 July
3834
354 37
35% 3714 3334 36
337
Interboro
26.300
Rap
Tran
3312 3434
•t 48_100 2412 Jan 15 417 Mar 4
8
*114 214 *114 212
131: Mar 3412 Feb
114
212 *1% 212 *114 212 *114 34
Iowa Central
100
212
4018 411
24 Feb 25
34 Jan 15
112 Jan
34 Mat
381s 40
3984 4034 3712 39
374 3878 3614 3739 16,500 Kansas City Southern
100 3414 Mar 3 4938 Jan 13
63
63 •62
2839 Mar 51 Del
63
*6258 64
*63
644
63
63
300 Do pref
63
63
100 6158 Jan 22 64 Mar 11
81% 82
57
Jan
8112 811 *81
6314
Del
82
81
82
79
8074 80
8012 6.200 Lehigh Valle/
50 7512 Mar 3 87 Feb 13
127 129
130 131
69 Mar 8812 Dec
12612 12812 12218 12612 123 12412 7,400 Louisville& Nashville
12639 129
100 120 Mar 3 143 Jan 4 106
*85
881 *____
Jan 148 Dec
_ .85
8812 *85
8812
*85
Manhattan Elevated guar..100 84 Mar 3 8914 Feb 5
8812 *85
8812
4838 49
4734 -4858 *48
64 May 11912 Sept
4812 47
48
49
49
4612 4739 4,100 Do modified guar
*712 9
100 3818 Jan 26 5338 Feb 15
*6
3218 Mar 5114 Feb
9
*712 9
*7
9
*7
8
Market Street Ry
*7
8
100
7 Feb 1
•27
10 Feb 9
34
*27
6 Nov
35
12 Sept
*27
35
*27
35
*27
34
•26
Do pref
30
100 254 Jan 6 40 Feb 9
*44
46
*44
20
Jan 4614 Sept
46
*43
4512 *43
46
43
43
prior
Do
*43
100
pref
46
100
Mar
*16
4112
4 5114 Feb 10
19
*15 '18
424 Nov 6514 Sept
*17
19
*17
19
•16
300 Do 20 pref
18
16
17
100 1312 Jan 18 2212 Feb 10
*212 23
15 Dec 354 Sept
*212 23
212 212
212 258
24 238
232 24 1,000 1581dded9 d: 8t L°1118
37 Jan 11
100
*43
2 Mar 3
44 *____ 44
24 Oct
*41
4 Mat
4412 *41
44
37
1,700 Minn St Paul & 55 Marie_100 367s Mar 19 521
41
3678 37
69 69
:Feb 3
69
69
Apr 57 Nov
3039
*6812
72
66
6812 62
600 Do pref
62
*55
664 661 *6612 671 *664
63
100
Mar
62
18
79
Feb
3
Mar 8614 No/
40
6712 *6612 6712 *6612 674 *64
Leased
100
6618
lines
100
381
: 393
64
13
Jan
6678 Feb 24
3712 3812 3878 39% 37
5712 June 63 Feb
38
3518 3714 3418 3512 16.000 Mo-Kan-Texas RR____No par 32 Mar 3 4718 Feb
904 9139 90
9
913
2814 Jan 458j Sept
9114 9214 90
92
, 90
885
10,300 Do pref
88
89
100 82 Mar 2 95 Jan 4
32
334 3112 3339 32
743 Jan 9212 Dec
335
3112 32
2939
315
Missouri
15.300
2918
30
Pacific
100 27 Mar 3 404 Jan 14
7812 81
78
3058 Jan 4184 Dec
79'2 7814 797
78
7834 76
785
76
7873 16,000 Do pref
100 7112Mar 3 894 Jan 4
•165 183 *165 183 *161 185 *161
71
Mar 914 Dec
180
162 182 *150 180
100 Nashv Chatt & at Loula_100 16234 Mar 18 188 Jan 14 143
*24 258
212 21
Apr 192 Dec
*24 2,2
214 24
600 Nat Rya of Met 2d pref--100
2
24 *24 212
41 Jan 7
2 Mar 18
112 June
314 Del
12112 1251 *12112 125 •12112 125 *121
New Oil Tex & Mexico -.._100 12012 Mar 5 1321* Jan 9 11314 June 1374
1261
:128's 12518 12658 12512 12714 12418 125 *121 125 .121 125
Dec
12614 123 12539 12258 12234 63,700 New York Central
167% 1635i 158 15814 160 161
100 12012Mar 2 13639 Jan 2 1134 June 13712 Dec
155 157
158 161
152 15612 3,900 N Y Chic dr St Louis Co
9784 973
9612 963
100130 Mar 3 18134 Jan 11 118 June 183 De4
9612 9812 9614 97
9612
96
*96
96%
1.100 Do pref
100 93 Mar 11 9978 Feb 11
37% 39
37
8812 Jan 9878 No/
3758 3712 3812 37
3714 3512 374 354 3612 27,000 N T N H & Hartford
100 3312 Mar 3 451 Jan 2
24
251s 23% 237
28 Mar 47 Dec
2312 24
2258 2314 22
223
4,900 N Y Ontario & Western, 100 2112 Mar 3 2872 Feb 13
2112 22
345 349 *341 355
2058 Apr 3434
341 342 *342 347
340 340 *330 345
100 NY Railways part etta_No par 296 Jan 4 359 Feb 17 262 Aug 31.1 Aug
•1212 14
1212 13
16
Oct
18
*13
15
*13
131,
13%
1,300
Preferred
14
eertificates
_No par
•22
28
25
25
6 Jan 25 2014 Feb 5
5 Dec 12 Juni
*25
28
*22
26
*22
25
100 New York State Rallways_100 2412 Jan 17 2812 Jan 14
*22
25
*29
34
*29
34
21 Dec 36 July
30
31
337
*29
2812 2812 *29
300 Norfolk Southern
31
148 15012 1494 151
100
149 151
Mat
2812
18 37 Jan 13
217 Apr 45 Sept
14812 14934 147 14918 14658 14712 19.400 Norfolk & Western
86
*83
100 14058Mar 3 1574 Jan 19 12312 Mar 151 Dee
•83
86
*83
85
85 .84
85
100 Do pref
85
85
717s 705 7139 7012 714 *83
10084 Jan 7 85 Jan 7
71
751
: Jan 86 Dec
7039 71
x697
8
10,400
707
Northern
6914
8
68
Pacific
7
100 68 Mar 3 7612 Jan 2
*32
38
*30
38
5814 Apr 7814 Dei
*25
35
26
26
36
100 Pacific Coast
•25
36
5212 5338 5134 52% 5239 5214 5112 524 •26
100 26 Mar 17 48 Jan 6
20
Aug 4012 Dee
51
52
511g 51$4 15,800 Pennsylvania
21
21
50 50 Mar 3 664 Jan 2
•22
24
4212 Apr 5552 Dec
*21
25
20
20 .19
25
*19
600 Peoria & Eastern
25
28434 8638 844 8614 8314
100 19 Mar 4 2652 Jan 14
8534 87
133
4
Apr 2153 Dec
85
811 8418 82
833 23,700 Pere Marquette
*79
82
__
100 67 Mar 3 8812 Mar 11
81
6134 June 8512 Dec
8134 79
80
80
80
*80
1,100 Do prior pref
_
76
76 *80*75 -77
100 79 Mar 3 8712 Feb 24
78 July 8934 Dec
754 754 7212 7412 73
73
73 /3 - 1.800 Do prof
*1404 145 *141 145 *141 145
100 711215.1ar 3 8039 Jan 13
6812
Pitts Ft Woith ds Chic pf_ _100 14212 Jan 2 14312 Mar 9 139 Apr 7958 Dec
103 10312 103 10338 •141 146 *141 145 .141 145
•10312 105
Jan 144 No/
9914 10214 92
99
9,800 Pittsburgh & West Va
9312 99
Ws 831 844 84
84
100 92 Mar 18 11932 Jan 11
63 Mar 123 Dec
85% 8234 8334 81% 84
81
8214 17,200 Reading
4039 4039 407s •40
•40
50 7912 Mar 3 9014 Jan 11
6934 Mar 9114 Juni
41
*40
41
4012 4012 *40
200 Do 1st pref
4012
50 40 Jan 6 4132 Feb 17
3578 Mar 41 .71.1121
*4014 41% 4052 41
4.013 41
41
41
4114 4114 *4084 4112
.45
800 Do 2d pref
63
*45
53
40 4018 Jan 8 4112 Jan 11
*45
3614 Mar 4438Juni
55
*45
*45
52
45
100 Rutland RR prat
45
9539 39118 924 9112 9254 907 55
100
45
94
Mar
57
Jan
3
42 Apr 6278 Jaz
7
4 9154 9014 9112 9014 91
14,500 St LouW-San Francisco-AO° 8712 Mar 3 1014 Jan 21
87
87
87
87
*8534 8712 *86
5712 Jan 10214 Aug
87
86
86
*86
87
1,100
Do pref A
63 66
6212 634 *64
100 85 Jan 27 88:
65
1 Jan 22
76
Jan 9214 Jul,
6214 6312 60
6258 5712 61
8.70081 Louis Southwestern--100 5712 Mar 19 74 Feb 9
*74
77
*7212 76
*7212 75
4334 June 6914 Dec
*7212 75
*72
77
72
73
200 Do pref
100 72 Mar 19 7713 Feb 5
3334 374 35
39
40
38
337 35
704
June
7839 Dec
311
338
2934 3l7e 46,200 Seaboard Air Line
40
40
3734 3918 378 3812 36
100 2934 Mar 19 51 Jan 2
2039 Jan 544 Noi
3612 3458 3634 3312
100 3312 Mar 19 48% Feb 18
99% 10014 075 99
99% 9934 9918 9912 9834 9912 9838 34's 8,800 Do prof
35 Mar 5112 Ang
20,700
Southern
99'z
11412
1134
11134 1131g 11212 11314 11118 11214
Pacific
100 9718 Mar 3 10414 Jan 2
96
Oct10838 Jas
10938 11118 110 1107s 33,000 Southern RailwayCo
100 109% Mar 3 11939 Jan 4
90
8914 8914 8912 90
90
7752 Jan 1204 Dec
893., 898
8814 89
8812 881
1,900 Do prof
5:
53
4978 5314 5214 537
100 8814 Mar 18 924 Jan 2
83
Jan
954 &pi
52
49
52
48
50's 2,000 Texas & Pacific
38% 3934 374 39
38
100 43 Mar 3 8158 Jan 13
38
4314 Jan 59 Dec
36
3734 35% 3612 368g 38
13,000 Third Avenue
75
*7214 7354 *7178 74
100 1312 Jan 8 4112 Feb 5
*754 7618 *73
712 Apr 1538 SeD1
*72
74
*70
73
Twin
14434
City
Rapid 'Transit_ _100 7412 Feb 21, 7839 Jan 4
14534 146 147
14512 14578
14539 146
58 Jan 7814 Dec
14434 14512
6,300 Union Pacific
100 14212Mar 2 160 Jan 2 13314 Apr 1634 Jar
774 774 7734 *7612 7734 •761: 7712 7634 763 14418 1447
*76
4 *767g 77'2
400 Do pref
100 7439 Jan 6 7812 Feb 23
2112 2112 2114 21% *2112 23
72 Jan 774 July
2112 2112 *20
23
20
600
20
United
Railways Invest_ _100 1934 Mar 3 3458 Jan 4
*68
*66
73
71
*68
71
18 Aug 334 Ma:
68
68
*66
75
66
66
200 Do pret
, _WO 65 Mar 2 8112 Jan 4
4184 45
4139 4234 404 417
4812 Mar 83% Dee
4012 411
3854 4112 3814 3951 52.200 Wabash
100 37 Mar 3 52 Jan 12
72
73
7112 7214 7212 7312 72
Mar 4714 Aug
1912
7234 7114 72
70
71'z 6,700 Do pref A
100 6814 Mar 3 784 Jan 13
*60
70
*61
70
*61
70
5534 Jan 7378 Del
*61
70 .61
70
*61
69
Do pref B
100 60 Jan 4 72 Jan 29
3812 Jan 6012 Alla
1254 1234 12
1234 1313 1214 1278 1252 13
1212
12
12
5,600
Western
Maryland
100 11 Mar 3 1658 Jan 4
19% 2078 1914 1914 *1912 21034 1834 1914 18
11 Mar 181 Aug
19
18
18
2.700 Do 2d pref
100 18 Mar 4 24 Jan 4
16 Mar 2614 Jan
• Bid and asked prices. 2 Es-dividend. 8 Es rights.
Saturday,
March 13.
507
1582
New York Stock Record-Continued-Page 2
page preceding.
For dales during the week of stocks usually Inactive, see second
PER SHARE
PER SHARE
Range for Previous
Range Since Jan. 1 1928
STOCKS
Saks
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Year 1925.
On baits of 100 share lots
for
NEW YORK STOCK
EXCHANGE
the
Friday.
Wednesday Thursday,
Tuesday,
Saturday,
Monday.
Highest
Lowest
Highest
Lowest
March 13. March 15. March 1f3. March 17. March 18. March 19. Week.
$
per
$
$
share
share
$
Per
Per
Par
share
per sham
(Con.)
Rallroxds
$ per share $ Per share $ per share $ per share $ Per share 3 per share Shares.
3912 Dec
1934 July
100 35 Mar 3 394 Jan 2
36
3312 3512 2,900 Western Pacific new
37
3718 3514 3512 35
3734 37% 3634 37
7712 Jan 15 81 Mar 12
72 July 81 Dee
100
Do
new
pref
1,000
81
.8012 81
8012 8012 8012 8012 8012 8012 8018 8012 *80
1034 Mar 32 Dee
12,700 Wheeling & Lake Erie Ry _ _100 1832 Mar 3 32 Jan 2
23
2134 234 2214 2312 2134 2278 2112 2212 2118 22
25
22 Apr 534 Dec
100 3712 Mar 4 5012 Jan 4
39
394 1,900 Do pref
42
*40
414 42
43
42
43
42
4312 41
02
Indust,fat & tliscellanc,
Jan 7614 Dee
62
2,003 Abitibi Power dr Paper_No par 7114 Jan 12 8412 Feb 1
76
7612 76
7712 7734 75
4 "7738 78
1
77/
79
Jan 13334 Oct
77
78
109 131 Jan 6 14112 Feb 18 119
All American Cables
11714 Oct
•135 140 *13312 140 *135 140 "135 140 '135 140 .135 140
Apr
6
Jan
90
109
18
Mar
100 9978
9978 100 "10012 10112 1,000 Adams Express
Oct
13 Apr 20
•102 105 •100 104 '100 103 '100 102
10 Mar 19 1834 Jan 29
100
Rumely
Advance
1414
2,700
1218
10
12
•1414 25
14
1412 14
Feb
28
6214 Oct
Jan
47
*1412 151* 14
634
18
Mar
51
100
4 1,100 Do pref
/
521
52
53
51
*5214 58
53
*51
55
57
255
718 Oct 1258 May
*56
918 Jan 4
758 Jan 23
1
Lead
Ahumada
4,200
8
8
8
x718
814
818
83*
814
818 818
86% Jan 11738 Dec
84 814
114 115/
4 8,800 Air Reduction, Inc___ _No par 10778 Jan 16 11914 Mar 11
1
11418 117
11514 11778 11434 115
114 118
11512 117
4 Dec 1578 Jun
1
9/
934 Jan 20 16 Feb10
No par
1078 11,8 8,809 Ajax Rubber. Inc
113
11
1114 1114
1138 111
212 Oct
1112 1138 113* 12
2 Jan 4
Jan
1
112 Feb 1
10
Min__
Gold
Juneau
Alaska
200
8
13
138
4
13
8
13
*112
4 138 •112
/
11
*112 13
6
Jan
Mar 11658 Dec
142
13
*112 13
Feb
80
112
par
Dye_No
&
11834 12112 133,100 Allied Chemical
122 12334 12212 1257 12438 12778 123 1261 118 12312 *11814
Jan 12114 Nov
100 11014 Mar 15 121% Feb 15 117
pref
Da
1,003
4
1133
11912
*11814
120
*11814
120
•120 122 211934 120's 120
4 Jan 9714 Dee
/
711
100 8212 M tr 2 94% Jan 14
1,803 Allis-Chalmers Mfg
83
3414 8234 83/
84
4 83
1
83
85
8234 84
86
86
100 10712 Mar 15 110 Jan 4 10314 Jan 109 De
209 Do pref
107 110 *107 10912
10712 10712 10712 10712 .107 110
*10712 110
Ma
14
4 Oct
1
29/
Jan
34%
15
1312
Mar
22
247g 22,200 Amer Agricutturai chem._10
2238 2334 23
2478 234 2514 2238 21
22
8212 Dec
2332 26
3612 Ma
7014 Mar 15 9612 Jan 14
10
Do pref
4 29,200
1
7334 75/
74
7034 7534 7478 781 2 7338 7518 72
8 Dee
443
7334 77
3912
43%
8
Dec
19
Jan
Mar
4
353
10
new
Note,
Bank
3
Amer
36,4 2,700
3712 3714 3714 x3812 3634 35
4 3714 *37
1
5312 Jan 5812 Sept
*3714 3734 36/
55 Jan 15 57 Jan 9
5
700 Preferred
53
25614 5812 •57
57
57
53
53 '56
53 "56
*56
Jan
29/
4 Oct 43
1
31 Mar 0 38% Feb 5
10
Sugar
Beet
American
2,603
31
3142
31
304
3
314 3214 313* 31
313* 3134 3112 32
78 Dec 8778 June
100 76 Feb 2 83 Feb 24
200 Do pref
7712 78
78
"75
79
"76
544 Jan
*7534 82 .7534 82 "7534 82
2618 Ma
20 Mar 3 34% Jan 4
Bosch Magneto._No pa
Amer
7.100
2212
2138
2212
8
213
2312
2312
4 244
1
23/
4 21
1
2314 2418 23/
9014 Ma 156 Dec
Brake Shoe & F. Ns pa 11914 Mar 3 180 Feb 2
124 12611 12718 1274 124 12614 123 1234 x121 12114 4,200 Am
123 127
100 111 Mar 2 12814 Feb 18 10713 Jan 11458 Dec
100 Do pref
4 115 *112 115
/
114 114 *1131
*114 115 "114 115 "114 115
47% Dec 5378 Oct
pa
31 Mar 19 4878 Jan 9
El_No
Boveri
Brown
Amer
j
5
10,700
3612
34
37
33,2 374 334 3612
3914 374 3312 38
38
001a Nov 98 Dec
100 88 Mar 17 9718 Jan 16
900 Preferred
89
8812 8334 8334 89
8812 88% 83
8912 8834 89 .
"89
4714 Dec 4934 Dec
25 434 Mir 18 58 Feb 20
4 4818 261.100 American Can w 1
1
46/
464 50
5014 5114 5932 5218 4918 51
1
3
4 125/
4 Feb 20 115
1
Jat 1214 Sept
Jan
121
100
pref
Do
500
"121
125
12334
4 127 "123
/
12514 12514 *12514 127 212312 12334 *1231
Jan
4
1
/
114
12
2
9712 Apr 11534 Sept
Mar
par
9512
Fdy__No
9712 9912 5,800 American Car &
4 10138 29914 10014 10018 10114 100 10312 99 100
/
1011
100 124 Jan 7 1284 Mar 9 120% Apr 128 July
pref
Do
100
128
"12534
128
4
*1253
4 *1253* 12312 "12534 12312 '12534 123
1
1283* 128/
27 Feb
2213 Or
25 24 Mar 3 25 Jan 2
600 American Chain, class A
21
2434 2134 z21
*243 25 '2434 25
25
25
25
25
Jan 62 APT
37
No par 38 Mar 1 51 Jan 4
400 American Chicle
"33
41
40,4
43 •33
4313 "33
*39
44
•40
45
Jan 5812 Apr
45
37
par 354 Mar 4 4714 Jan 7
_No
___
certificates
Do
300
43
*40
40
*3618
40
4014 *37
40
41
40 .40
678 Mar 12
414 Jan 5
634 Jan
40
44 Der
64 6,3 14,503 Amer Druggists Syndicate_ 10 12012 Mar 3 140 Jan 6 125 Apr 166
618 6,4
64 6,4
Jan
6,4 64
6,4 634
'614 612
100
1,500 American Express
4 128,2 12614 12612 125 12512 123 123
/
1261
2714 Apr 5138 Sept
4232 Jan 2
2
12512 1263* 127 127
Mar
22
par
new_No
Pow
For'n
&
Amer
15,603
2118 2412 2338 2414 2353 24
2414 25
Feb
2414 25
Jan
13
2
94
2518 26
Feb
87
Jan
98
9114
par
No
603 Do pref
924 9278 "92
92,2
93 "9214 93
93
*9112 93
94
*93
4 Jan 22 131 Jan 2 11438 Apr 142 Sept
1
127/
Do 25% paid
4 Mar 144 Dee
1
8/
American Hide dr Leather.100 1012 Mar 3 1712 Feb 9
2,200
11
121
11
1038 11
5812 Sept 7578 Jan
*1212 1314 1132
Mar 18 6714 Feb 9
13 I *1238 13
13
45
100
Do pref
4812 3,300
47
48
45
52
56 '50
*54
83 Mar 139 Dee
58
*54
56
56
100 115 Mar 4 13534 Jan 7
Ice
American
3
10,500
11812
122
119
119
123
12214
123 124
741: Mar 86 July
12318 12414 122 123
100 8212 Jan 13 85 Feb 5
500 Do pref
7 8314 *825 841 "8278 8412
4 8312 82,
1
3218 Mar 48% Nov
3 4534 Feb le
8312 8312 .8234 8312 83/
8,500 Amer International Corp 100 3714 Mar
4112 3934 4134 393* 403* 3812 3914 3818 39
1114 Jan 20 Nov
4034 4212 40
134 Feb 1 157s Jan 4
10
E
F
France
La
American
800
14
1
133
135* 135*
1414 '14
14 4
Jan 4
20 Mar 594 Nov
8
7
52
1414 1414 1334 1334 '14
26
Feb
354
100
Linseed
1,300 American
4 36
1
4038 3814 39's 35/
Oct
4012 4034 40
Jon 89
4
Jan
87
53
3
*4014 4104 4012 41
Mar
78
100
400 Do pref
8018 8018
"8112 821
4 Mar
1
83 .8112 834 '8112 8312 8112 82
83
par 9914 Mar 24 1194 Jan 4 10411 Jan 144/
9914 10114 9938 10038 36,900 American Locom new NO 100
10118 1021
Feb
101 10214 10178 103
124
10112 103
115
Aug
11
Feb
12014
7
Jan
11813
400 Do pref
11812 11812
11812 11812 11812 11812 "11812 119 *11812 119
4534 Mar 5738 Oct
•117 119
No par 49.14 Mar 3 57% Feb 10
1,700 American Metals
4 51
1
*5214 5212 *513* 5212 5034 5138 50/
52
52
UI Mar 119 Nov
5134 52
100 114 Mar 16 120 Feb
Preferred
200
114 114 .113 11534
114 114 *113 114
13
4 Jan 1224 Nov
1
/
Feb
89
4
1203
•112 114 '113 114
Mar
109
25
2,200 American Radiator
110 111
11012 112
11214 11214 112 143
Jan
Mar 10 t76 Sept 84
113% 11434 112 112
Amer Railway Express__ __100 7712 Jan 21 7812
7812
Jan 7954 Dee
5
Jan
48
74
13
*7812 79 •7712 7812 .7712 7812 *7712 7812 *7712 781 *78
Mar
par
63
_No
400 American Republics__
65
65
651
69
*65
*65
6478 65
65
Nov
*60
Jan
8
Mae
Jan
36%
63
63
17
63
Mar
4812
4934 5112 23,900 American Safety Razor__ _100
4812 528 4912 51
4812 53
1412 Feb
53
52
518 Dec
54
54
512 Jan 2 1178 Mar 12
832 834 18,400 Amer Ship Sr Comm_._No par 120 Mar 2 14434 Jan 7
812 9
10
9
9,2 1038
934 113*
9038 Mar 14413 Deo
1178
11
12412 48,300 Amer Smelting de Refining-100
12112
12514
8
1207
125
129
12712
127
4
,
1277
12512
1274 12912
113 Jan 4 11712 Feb 30 10512 Jan 11514 Oct
100
pref
Do
200
8
1147
8
*1137
11412
4 11412 *11312
/
114 114 .1131
114 114
•113 114
100 13818 Mar 19 165 Feb 9 13814 Apr 154 Nov
1,000 American Snuff
13818 139
139 13978 *138 140 •139 140
14078 141
37% June 4712 Dec
•140 141
404 Mar 3 464 Feb I
4318 4234 43,8 4,300 Amer Steel Foundries_ _No par 11114
434 4312 *43
43,2 43
Jan 1134 Oct
433
4338 43
43
Mar 15 115 Feb 23 108
100
pref
Do
200
11114 11114
*11114 __
____ x11114 11 1 14 "1104 115 *1114
77% Dee
47% Jan
5
Feb
*113
82%
19
Mar
7012
104)
7238 7012 7212 19,900 American Sugar Relining
7212 7312 715 7312 718 7353 7114 721* 71
Jan 10414 Nov
91I4
20
Feb
105
6
Jan
102
100
900 Do pref
103
103
104
•103
10412
10312
•103
104
10412
4
May
1033
244 Feb
6
*103 104
100 1012 Mar 2 1432 Jan 11
5,100 Amer Sumatra Tobacco
1118 114 1134 123
1112 1134 1112 1112 1114 11%
28 Apr 12018 Oct
4 12
/
•111
100
Do pref
•____ 120
Feb
47
June
10
4
Feb
373
4118
10
*____ 120 .____ 120 •____ 120 •_ _ _ 120 •___ 120
300 Amer Telegraph dr Cable 100 40 Jan
4012
4018 4018 .40
41
4012 *40
*40
40
40
4 Mar 2 151 34 Feb 11 130% Jan 145 Dee
1
100 142/
1454 1453 14412 14512 9,100 Amer Telep dr Teleg
14714 146% 14714 146 147
Oct
12112
Feb
85
6
Feb
121%
14838 149
11238
Mar
3
50
4 11434 11514 1143, 11478 11412 11578 2,500 American Tobacco
1
11538 115% 115% 115/
11512 116
100 10618 Jan 4 10978 Feb 25 10412 Jan 110 Nov
900 Do pref
109 109
109 109
4 *108 10834 108 109
1
841: Feb 11912 Oct
Feb
f
12012
2
10812 10812 10812 108/
Mar
11218
50
B.
class
common
Do
6,200
11418 114% 11312 11438 11318 115
Apr 1354 Nov
114 11512 11414 11478 115 115
300 American Type Founders _100 114 Jan 22 135 Feb 13 103
11734 118
12014 12014 *118 120
34% Jan 7614 Dee
4
*11811 125 •11812 125 *11914 127
13,700 Am Water Works & Ewe_ 20 48 Mar 3 74 Jan 27
53
5238 51
51
5214 54
54
54
103 Feb
Aug
974
Jan
4 55% 52% 54
1
10814
3
53/
Mar
10112
100
(7%)
pref
Is)
200 Do
103 103
103 103
34% May 6434 Jan
*10218 103 '10218 103 *1024 103 *10218 103
4 Feb 23 4278 Jan 13
1
100 29/
3312 10,400 American Woolen
32% 32% 3218 3212 323* 327g •3238 8112
694 May 9618 Jan
Jan 4
4
893
1.3
3218 3232 31% 33
7412,Feb
100
pref
2,100
Do
8014 8012 8014
81
81
81
81
112 Dec
82
74 Jan
558 Jan 13
8378 81
1% Jan 4
83
200 Amer Writing Paper pref 100
212 212
.212 3
Jan
4
*112 2,2
4 3
1
*2/
Is Dec
3
412 Jan 13
1 Jan 4
3
Preferred certificates__ -100
•14 28
"112 3
1213 Jan
7 May
4
4 212
/
•11
Feb
124
19
3
Mar
"1
7%
25
Smelt__
&
Lead
Zinc.
Amer
1,300
734 812
818 812
Dec
9
Ma)
8
447
9
•812 9
24
4
Feb
4812
3
Mar
3018
.812 9
25
800 Do pref
3214 *314 3134
3218 3218 31
33
33
354 Apr 5314 Nov
35
35 •33
*33
Mining. 50 42 Mar 2 51 Feb 9
4534 4518 4538 4412 4512 14,500 Anaconda Copper
Jan 4612 Dec
26
4534 4618 45
37 Mar 2 4434 Jan 2
45% 4612 45% 46
3912 3812 3912 1,600 Archer, Dan'is Micll'd_No par 100
39
39%
3918
Jan 105 Oct
39%
9012
8
4
397
Jan
3914
105
394
4
Mar
40
40
100
100 Do pref
10434 "100 10434
9018 Ma 100 Oct
Mar 10 9778 Jan 13
9612
100
101 101 •100 10434 *100 10434 •100 10434 *100
pref
(Del)
Co
&
Armour
3,900
4
4 965g •9612 963
/
Ma
2712 Ott
20
13
2511
19
Feb
Mar
23
25
A
9612 9612 9638 96% 9612 9812 9612 9612 961
23,2 22,700 Armour of Illinois class
2314 2334 23
16 Dec 2034 Oot
25 1233 Mar 19 17 Jan 4
2414 2414 2378 2418 23% 2418 2334 2378
_Mass B
1238 1238 21,800
1212 13
1314 13% 1343 1314 124 1314
1378 14
Nov
9314
Dec
II
90
Feb
100 8912 Mar 11 93
600 Preferred
9012
9012 *90
Jan
1758 Oct
9012 *90
8
9012 9034 *90
4 Mar 3 30 Jan 11
91
89% 9012 *90
2218 1,500 Arnold.Conale&Co new No par 203
8
213
24
30
22
Dee
Dec
26
27
•24
6
Jan
15%
4
243
4
243
5
Jan
14
No par
28 .2218 25
"24
Certificates
Jan 2038 Nov
15
231: Jan 2,
100 Art Metal Construction____10 1918 Jan 2
2112 2112
•2112 22
4 Dec
3
80
Jun
22
*2112
Jan
39
6312
21
22
1
*2112
Mar
12
5312
par
.112
2
;
1
:
No
'21l 22
55% z5312 5312 1,000 Artloom
55% 55% *54
5512 5514 56
100 108 Mar 18 11134 Feb 1 10112 Aug 110 Dec
5512 '54
*54
100 Do pref
108 108 "108 10812
110
4612 Aug 8138 Nov
4 Jan 9
1
100 41 Mar 18 54/
•107 110 .107 110 "108 109 •108
8,300 Associated Dry Goode
4134 42
43
41
Jan 102
Oot
94
43
8
7
43
44
4
433
100 992 Mar 2 10212 Jan 6
4412 4578 43% 44%
Do 1st pref
9712
*95
98
"94
Jan 10814 Feb
98
"94
Jan 4 108 Jan 28 101
*95 100
10712
100
pref
99 .95 100
24
*94
Do
300
"108 109 *108 109
Dec
4
Ma
474
32
109
Mar
60
'108
6
Jan
4
10812
443
*108
25
109
.108
Oil
108 108
Jan 77 Sept
20
58% 5812 583* 5812 5838 63,400 Associated W 1 SS Line_ _ _100 3938 Mar 4 68% Jan 6
5812 584 5812 584 5812 58% 5812 43% 423* 43
7.100 At Gulf dr
4218 433
Jan 80 Sept
31
44
4512 4312
100 43 Mar 3 5614 Jan 13
4 44
/
4412 411
43
300 Do prof
48
4418 *44
4418
Jai 1174 Feb
30
4
1
/
Jan
95
47
*44
110
3
Mar
4512
4512
97
46
109
4612 46
Refining
*45
98 1004 9135 9853 3,100 Atlantic
100 100
4 Jan 18 1174 Mar 3 113 Sep 11754 June
/
1161
10112 102
100
10012 101
101 102
pref
Do
*117 118,4
June 65 Dee
45
6
Jan
59
4
Mar
64
par
No
4 118 "11612 11712 •116 117 "117 11814 .55
/
•11612 11712 "11.61
Atlas Powder
5618
5618
Jan
5618 "55
901/4 Oct 94
100 94 Jan 8 944 Jan 9
564 "55
•5312 5612 '55
58,2 "55
Preferred
9618
964 '95
918 Feb 21 Dee
11 Mar 3 174 Jan 30
*94
964 .94% 9618 "95
No par
•9312 9618 •94l2 96
1112 1.100 Atlas Tack
1112 11
Jan
July
29
Jan
22
1112
3212
*1112
28
1214
3
Mar
1212
par
*1114
20
No
1212
.124
1214
12
1,200 Austin.Nichols&Co vto
21
21
21
8738 Jan 95 Aug
2212 2112 2138 21
4 *22
1
100 87 Mar 17 93 Jan 6
2112 21/
22
22
300 Do pref
90
*84
90
44 May
Feb 11
De
88 "84
218
12
2
Jan
87
54
88
par
88
92
HosierY..No
*89
92
*88
Knitter
Auto
118
118 *1
118 *1
14 •1
114 *1
Wks_100 103% Feb 24 1364 Jan 4 107 Ma 146 Feb
118 .1
*1
10518 10612 34,800 Baldwin Locomotive
10538 107
11658 Jan
108 10934 10512 108
100 106 Feb 23 114 Feb 6 107 Au
1064 10838 10512 108
200 Do pref
4 107
10614,•1043
106
1077
3312 Dee
1834 Au
8
•10614
8
1077
.10814
10712
25 26 Mar 3 3312 Jan 2
•10614
A
108
*10614
class
27121 2612 2714 11,100 Barnsdall Corp
27
28
2812 2878 22734 2814 284 2838 27
2
Au
30 Dee
Jan
16
294
4
Mar
25
25
class B
Do
800
26
"255
8
257
4
253
5314 Feb
384 Sep
No par 3912 Mar 4 494 Jan 4
2612 2634 •253 263* •2534 2634 253 2534 4134 418 •41
1,100 Bayuk Cigars, Inc
42
4
4
7734 Aug
Feb
Ma
423
19
60
8
414
717
42
Mar
"39
5512
41
20
*39
42
Packing
*39
9,700 Beech Nut
4 59
1
55/
5712 61
62
4168 Dec
61
37 Sep
62
62
, 63
N. par 35 Mar 3 3934 Jan 4
4 615
1
6212 62/
353* 1,200 Belding Bros
5312 Jan
3512 3512 235
37 Jun
404 Mar 3 504 Jan 7
3534 3534 3534 353
*3572 36
100
355 353
Corp
steel
Bethlehem
4112 424 5,500
433
413* 43
4378 43
Mar 8 120 Jan 26 109 Ma 1164 Feb
43
4112 44
4218 43
300 Do cum conv 8% pref_ 100 114
*1145 11518 *11434 11518 *11412 116
Jan
9314 Jun 102
100 100 Mar 5 105 Feb 2
7%
•1148* 11518 11412 11434 11412 11412
pref
Do
12
100
2,000
934 Jan11
872 Oct
418 May
10012 10012 100 10018 10018 10014 1005
538 Mar 3
No par
•10012 101 •10012 101
13, oth FLsherles
2,300
4
5
Oct
5
6
6
4
3
5
8
"53
June
52
7
6
23
Jan
25
6
5112
6
100 454 Feb
6
4 578
1
5/
First preferred
39
•32
46
45 "32
•34
4068 Aug 48 July
4118 Jan 4
36
"32
46
44 •32
"32
200 Botany Cons Mills class A. 50 35 Mar 10
37
37
3612
8
'357
37
May
944
*35
37
4
Oct
Jan
27
4
1
/
37
*35
3
nar
37
28
par
_No
.35
3512
*35
2912 3018 10,700 Briggs Manufacturing.
Oct
3014 31
31
5
13a May
3112 31
3 Jan 18
31
112 Mar 19
32
100
3138 3178 31
200 British Empire Steel
112 13
Oct
238 '134 232 "134 2%
22 July 38
100 2614 Mar 17 27 Jan 28
238 *134 238 "13
*2
100 First preferred
30
"26
30
*2512
Oct
2614
14
2614
30
July
1018
11
*2614
6%
Jan
30
814 Feb 13
100
2d preferred
*2412 2712 *26
9
*714 838 *7
9
*7
4 Jan 1564 Nov
1
/
9
*74
1464
8
Feb
120
Jan
I
1334
9
100
Inc
'614
Edison,
Brooklyn
712
*614
1,000
13614 137
137
Nov
137
13912
*137
4
Dec
139
11
e8t8
1001
Jan
7318
4
Mar
783
138
3
138
par
No
138
138 138
4 4,100 Bkiyn Union Gas
/
7118 711
46 Dec 464 Dec
7234 7312 7214 7214 7112 72
100 39 Mar 3 4814 Jan 9
4 7314 74
1
I
73/
73
Oot
4 1,300 Brown Shoe Inc w
1
3978 4073 3978 39/
41
40
"41
423
98 Mar 109
100 109 Jan 18 111 Mar 10
Do prof
4212 "4134 42
*41
115
"109
115
'109
115
*110
24 June 494 Jan
116
8
307
4
Jan
No par 2512Mar 5
•109 115 *109 116 *110
261s 2,300 Brunswick-Balke-Coll'r No
26
26
2618 26
4 Feb 138 Dec
1
2612 26
92/
14114 Feb 13
11
Mar
2614
127
par
26
26
Brothers
Burns
2614
900
•26
131 13114 13012 13012
4 13018 131
/
17 Mar 39 Deo
4 Mar 4 44 Feb 13
1
B corn NO Par 32/
130 130 "130 1311
•130 131
Oet
344 3412 1,700 Do new class
3512 36
36
35
9113 My 99
35
35
100 974 Mar 19 10013 Jan II
600 Preferred
3412 3412 *3412 35
9912 £9714 9714
99
99
Jan 103 Sept
99
65
4
Jan
994
93
17
Feb
9914
85
par
_No
100
Mach_
*99
500 Burroughs Add
*99 100
87
4
*853
87
87
88
*87
*8534 88
*8554 88
*864 88
On ass day a Ex rights s Es dividend
•Bid and asked pilots, so sales
New York Stock Record-Continued-Page 3
1583
For sales during the week of stocks usually inactive, see third page preceding.
111011 AND LOW SALE PRICES-PER MIA 4E, NOT PSR CENT.
Monday,
Tuesday,
Wednesday Thursday,
Friday.
March 16. M.trch id. March 17. March 18. March 19.
Saturday,
March 13.
8 Per share
i per share 8 per share
184 18
18
*1712 20
90
*87
90
*87
90
--___ *101 . ._ •100 103
14 *514 -512
51
: 54
2312 2388 2388 221: 23
1378 21318 1312 13
1318
35
*30
3412 *30
3334
$ per share
1712 19
*87
90
*99 103
*514 512
2212 23
13
13
*30
333
-
Sates
/or
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan: 1 1928
On basis of 100-share lots
.Lowest
Highest
PER SHARE
Rases for Prestos.
Year 1925.
Lowest
Highest
$ per share $ per share Shares. Indus. & Miscall.(Con.) Par $ per share $ per share $ per share 8 Per share
181:
1684 1712 17
1714 1,200 Bush Terminal new_ ..._No par 1834 Mar 18 2278 Jan 4
1488 June 28 Dec
•87
*87
90
*87
90
Do debenture
100 8734 Jan 22 90 Feb 10
80 May 894 June
•101
*99 103 *101 103
Bush Term Bldg, pref____100 9912 Jan 20 1011: Jan 30
Jan 103 Dee
9612
514
54 514 *514 512 1,300 Butte Copper & Zino
5
5 Mar 3
824 Jan
814 Feb 10
414 Mar
2214
22
22
2114 2134 3,300 Butterlek Co
100 173i Mar 3 234 Jan 4
17 May 2824 Jan
1334
13
1234 13
13
2,000 Butte & Superior Mining
10 1234 Mar 3 1614 Jan 11
611 May 2414 Jan
*32
3312 31
*30
Byers & Co
3334
No par 33 Feb 24 3818 Feb 2
23 Oct 4478 Oct
Preferred
100 9912 Jan 12 9938 Feb 18
Oct
9512 Oct 100
14 Jan 2
14 Dec
78 Jan 8
238 Jan
iii- 111- lio- ficisi iii." flit; 156 fii" iiiiit 13iO3; iisiTs fif- - -9:000 Caddo Cent Oil& Ref_No par
California Packing_No par 128 Mar 3 1791
:Feb 4 10012 Jan 3612 Nov
3434 3614 344 3614 3534 3612 3434 36
34
353g 3438 347 83,000 California Petroleum
25 3088 Jan 20 384 Feb 10
237 Jan 3438 Deo
2
2
2
2
2
2
1%
178
2
*17a 2
2
1,300 Callahan Zinc-Lead
178 Mar 1
10
288 Jan 15
114 Oct
434 Feb
59
5935 59
59
5638 59
5714
57
5872 57
57
2,300 Calumet Arizona Mining
10 5638 Mar 18 . 6414 Jan 8
45 Apr 6118 Dec
1414 1412 1418 1418 1414 147 •1138 5712
1434 1438 143
1414 143
1,800 Calumet & Hecla
25 14 Mar 3 151
:Jan 6
1214 May
1888 Jan
8034 8212 79
8014 8034 81
8114
77
79
80
10,600 Case Thresh Machine
8034 78
1110 624 Jan 4 9034 Feb 13
24 Mar 884 Dee
13100 104 2103 103 *100 103
*9912 10212 *9912 102
100 100
903 Do pref
100 98 Jan 5 10514 Feb 23
80 Mar 1074 Dea
181
: 167
1558 1614 164 1614 1178 1634 1214 1334 134 1318 28.100 Central Leather
100 117s Mar 17 2012 Jan 5
1434 Mar 2384 Oct
57
5984 58
57
56
57
50
5134 4714 5118 48
4934 32,703 Do pref
100 4714 Max 18 8834 Jan 5
Oct
4914 Mar 71
2012 201: *2018 213
4 204 2018 1812 2018 1718 1758 18
18
3.700 Century Ribbon Mills_No par
1718 Mar 18 32% Jan 8
3034 Sept 474 Mar
4180
8934 *87
8934 437
8934 87
87
*87
8934 871g 8718
200
Do
pref
100
Mar
21
90
8514
2
Jan
94 Dec 983 Jan
62% 6388 8158 63
8218 6338 62
6234 821: 8314 11.900 Cerro de Pasco Copper_No par 571: Jan 22 8914 Feb 11
6212 82
4318 Mar 8438 Nov
47
474 46
47
24538 4512 45
4438 1,600 Certain-Teed Products_No par 44 Mar 19 4912 Jan 5
44
4412 45
45
4034 Mar 583 Sept
*98 105
*98 105
*9714 105 .974 105
*9714 105
1st preferred
*9714 105
100 10218 Jan 2 10512 Jan 21
891: Jan 110 Sept
---- ---- ---- ---- --__ __ ____ __ __ ____ ____ _-__ ____
Chandler Motor Car__ _No par 4334 Feb 18 4914 Feb 10
2712
Aug 52 Oct
___ ____
__ ___
_ ____
___
Certificates
No par 45 Feb 6 4878 Jan 7_10334 104
10212 104
104 1-0
104 10812 104 108
103 10412 4,800 Chicago Pneumatic Tool-100 9612 Mar 3 120 Jan 2
8014
Mar
128 Dee
55
554 5438 5512 55
5518 534 5318 5318 55
5112 541: 3.800 Childs Co
No par 5218 Mar 3 8838 Jan 4
497 Mar 7478 Oct
331: 337
3318 333
3312 3334 3314 3334 3314 3312 3388 331
: 12,400 Chile Copper
25 30 Mar 3 3838 Jan 6
301: Mar 37% Jan
13
18
*17
19
*1812 19
*1611 19
181612 19
103 Chino Copper
*1812 19
5 16 Mar 3 2112 Feb 17
19 Apr 2838 Feb
*4812 50
471: 4812 4712 473
46
900 Christie-Brown certifs_No par 4014 Mar 19 8334 Jan 4
4014 4014
4634 471g *40
8234 Dec 841: Des
401s 417s 3018 40% 40
4132 3912 4078 36
4012 23514 37 226,300 Chrysler Corp new__No par 354 Mar 19 547g Jan 9-I'.
1010514 10534 105 105 *10434 105
*1044 105
Do pref
800
105 105 210112 10212
No par 10112 Mar 19 108 Jan 2 1-0018 July 1117& Nov
*86
67 .65
87
*84
83
84
84
500 Cmett, Peabody & Co____100 6384 Mar 18 6812 Jan 7
8334 83% •131
5812 Mar 7138 Jan
63
*110 120 "110 120 .110 120
110 110 *110 120 •1084 120
100 Preferred
100 10314 Jan 13 110 Feb25 10312 Jan 109 Sept
13612 14038 213314 137
136 138
136
27,800
Cola
13214
Coca
13412
Co
137
1357
1323
8
4
13218
No
par
Mar
Feb
10112
4
1
80
Jan 17734 Nov
"100
_- '100-_ __ •100
_ *100
Preferred
100 99 Jan 14 100 Mar 6
*1004
99
Jan 10112 Mar
- "10112
31 124 3078 32
324 -i:112 321g -3-11-8 3118 -32
9.000 Coiorado Fuel & Iron
3114 -32
-100
Mar
2738
Feb
3
3814
11
3214
4814 Jan
Apr
05
8718 65
86
85
66
8412 66
8178 6418 6184 6212 8,900 •:"olumblan Carbon v t °No par 555* Jan 26 69% Feb 23
45 Mar 8234 Dea
7858 797
7818 7914 79
80
784 22,70) Col Gas & Elea
7738 7338 784 78% 72
No par 72 Mar 19 90 Jan 9
453 Jan 88
Oct
"113 11414 1141g 1144 11418 114'8
500 Preferred
114 114 *111 11314 *112 114
100 113 Feb 4 115 Jan 12 10414 Jan 11412 Dec
3218 324 3138 32
32
3,900 Commercial Credit____No par 2914 Mar 3 4712 Jan 14
3214 317 3218 301 311: 23078 307
3812 Sept 5518 Deo
25
25
*25
2584 •25
26
100 Preferred
*25
26
*25
26
26
*25
25 25 Jan 20 2614 Jan 13
2514 Sept 2712 Oct
26
26
*26
28 .2614 2714 *2814 274 *2612 28
200 Preferred B
22512 2512
25 25': Mar 19 275 Jan 11
2814 Sept 2734 Dee
*64
67
28312 64
64
Comm In vest Trust___No par 62 Mar 18 72 Jan 11
64
*62
900
624
64
8214
62
62
50
Jan 841
:Nov
*99 101
*98 101
*93 101
*98 100 .98 100
7% preferred
*99 101
100 9918 Jan 18 104 Jan 28 100 Nov 10712 Nov
140 140 18138 139
1377 l3778 1324 13212 12912 13112 2129 129
Commercial Solvents A No par 12038 Jan 4 15212 Feb 13
1,400
Jan
83
190
May
140 140
136 136
1331g 1351s 128 13318 125 13014 125$g 12614 2,700
B
Do
No par 11814 Jan 4 148 Feb 13
Jan
78 May 189
18
183
184 1838 184 1814 1712 13
No par 161g Jan 6 21% Feb 4
1714 1712 171g 1712 11,800 Congoleum Co new
157 Nov 4312 Jan
500 Conley Tin Follstpd
72
*34
78
%
No par
*34
34
"4 6278
511
34
34
%
1 Mar 12
58 Mar 18
1: May
17 Feb
61
5834 6078 5934 8078 5834 60
5618 57'I 14,700 Consolidated Cigar__ No par 55 Mar 2 87 Feb 20
5812 59
2612 Jan 8334 Dee
*9934 10012 *9934 100
*9934 100
*9034 100
300 Do Prof
991
9934 9934 *92
100 9412 Jan 11 1021
:
Feb
11
793
4
Jan
Dec
96
*34 34
34 3.2
314 34 .314 342
314 341
3
314 1,500 Consolidated Distrib're No par
234 Mar 3
812 Jan 7
318 Jan
938 Feb
9314 95
924 94
9338 9434 934 9414 9214 934 9034 9314 35,503 Consdldated Gas(NY) No par 9034 Mar 3 10112 Feb 23
7418 Mar 97 Dec
'234 278
24 27
234 234
23
234 6.000 Cons3lldated Textile...No par
2% 284
234 234
234 Mar 4
334 Jan 18
234 June
514 Jam
8034 8212 7858 81
7912 8012 7824 80
734 79
78
7914 10.000 Continental Can, Inc_ _No par 76 Mar 3 9212 Jan 2
8012 Mar 931
: Dec
*133 138
13812 13612 .133 135 •133 135
1.200 Continental Insurance
130 13134
131 133
25 130 Mar 3 14434 Jan 9 103
Jan
140
Dec
• 12
123
12
1238 12
114 1178 22,200 ont'l Motors tern etfs_No par
1214 1178 1218 1134 12
1018 Mar 3 13 Jan 5
814 Jan
151
: Oel
3814 3834 3712 38% 38
3334 3714 38
3714 3712 3738 3818 18,600 Corn Products Refin w 1 -.25 3614 Mar 3 43% Jan 13
323a May 4238 Del
18123 127
_ .•123
___ •123
_ _ ... _,_
Do pref
___ *126
_ _ •1p
100 12212 Jan 6 125 Mar 2 1184 Jan 127 July
51
51 *12450
51
50 lo
5314 -51114 50 -5-0 .50 -5-1 t,4u0 COM'. Inc
No par 4812 Mar 3 8034 Jan 4
48 Aug 6012 Dec
•33
42 •35
42
*33
42
•33
*33
42
•33
42
42
Crex Carpet
100 34 Mar 12 63 Jan 2
36 Mar 8418 Dm
71
727s 70
7012 71% 72
6712 6712 4,500 Crucible Steel of Amerlea_10
6934 70
7014 71
67 Feb26 811: Jan 4
6412 Mar 8458 Nov
*_ _ 100
*91
9918 *90
99
•98
•99 . 9912 99
99
100 Do pre!
99
100
99 Jan 2 10034 Feb 20
92 May 102
Dec
;i5
4612 *4514 46
453 4614 4512 4534 45
441: 4518 3,500 Cuba Co
46
No pa
43 Mar 4 53 Feb 4
4414 Dec 548 OM
914 912 *93
934
912 934 *914 912 *914 934
94 914 2.700 Cuba Cane Sugar
No par
878 Mar 11 111
:Jan 29
734 Oct 14% Feb
*4112 4238 418g 425,, 427 4278 42
4218 4184 42
4158 42
2,300 Do pref
100 4114 Mar 10 4988 Feb 4
3718 Oct6288 Feb
2512 2512 25
2514 254 2534 25
4,200Cuban-American Sugar____10 2414 Jan 2 303 Jan 28
25
2518 247g 25
25
Oct3312 Mai
20
*99 103
*99 103
*99 103
*99 103
•99 103
*99 103
Do pref
100 9724 Jan 5 104 Feb 5
937 Nov 101 Mai
*Mg 234 *252 238
238 238
25* 24
284 234
212 2% 1,300 Cuban Dominican Sug_No par
37
212 Mar 8
Feb 8
21: Oct
6% Feb
: *1614 17
1714 171
18
1818 18
18
1812 1812 •17
700 Do pref
18
100 1618 Mar 8 2238 Feb 6
18 Dec 4412 Jar
0899 91
*91
9114 *91
9114 901: 9012 90
90
8934 8934
700 Cudahy Packing
100 8612 Mar 4 97 Jan 4
934 Dec 107
OM
94
95
914 93
89
804 92
90
88
88
89
8934 2.200 Cushman's Sons
No par 7712 Mar 1 100 Mar 4
82 Mar 104
Ocl
4812 481 *4612 47
*4814 47
461g 4614 4638 47
4612 46% 2,200 Cuyatnel Fruit
No par 4514 Feb23 51 Jan 14
44 Nov 59 Ma,
1
1
*34 1
*34 1
*72 1
*72 1
Daniel
200
Boone
7
4
4
Woolen
Mills.25
34 Feb 16
1 Jan 4
% Dec
77a Jaz
3538 3418 347
34
3414 354 33
337g
34
3214
3118 3212 12,500 Davison Chemical v t c_No par 314 Mar 19 464 Feb 17
277 Apr 4934 Jar
*2758 2814 •2878 2814 2814 2414 *28
30
*2814 30
28% 285*
300 De Beers Cons Minee_No par 28 Jan 9 29 Jan 8
2014 Mar 29 Doi
12714 1281 127 1273 1271: 128
12818 12812 12714 12812 21254 127
3,400 Detroit Edison
100 12434 Mar 8 1411g Feb 1 110
Jan 1594 Seta
3714 38
40
4014 4014 4014 *39
3912 3714 3714 23712 38
1,300
Devoe
&
Raynolds
A_No
par
35
Mar
3
104%
Feb
10
53
Oct 9014 Da
3424 37
3414 357g 3514 361
35
350
34
3514 324 34 136,900 Dodge Bros Class A___No par 3012 Mar 2 474 Jan 2
2134 June 4838 Nol
86
8614 86
88
86
881
86
86% 86
86
855s 8818 4.000 Preferred certifs___No par 83 Mar 3 8818 Jan 8
7313 May 9112 00
1958 20
19
197
1938 1911 19
1972 187 1918 1834 1878 13,300 Dome Mines, Ltd
No par 18 Jan 8 20 Mar 13
128 Apr 1818 Noi
•2014 21
2014 2014 2034 2034 20
2034 20
20
1914 1912 1,200 Douglas Pectin
No par
1914 Mar 19 251: Jan 30
231: Aui
14 Feb
11278 113
•112 113
11234 1123 11234 11278 1123 11224 1128 11234 1,100 Duquesne Light
1st
prof-100
:Mar
1111
3
114
Jan 11314 Da
Feb
105
11
110
10914
4
10938 *10912 110
1093
10834 10978 10814 1081
: 108 10338 2,300 Eastman Kodak Co_ ._ _No par 10712 Mar 2 112% Jan 5 10434 July 118
Jar
2814 281
2818 2814 2814 2838 277 2812 2718 2712 2658 2712
7,600 Eaton Axle & Spring_ _No pa
2612 Jan 11 32% Feb 13
:Div
1012 Feb 301
217 22114 22114 225
220 222
220 22314 217 22112 21338 220
20,400 E I du Pont de Nem -Co--100 211 Mar 2 238% Jan 4 1344 Jan 27114 Noi
10212 10314 103 103
103 103
103 103
1027s 10338 10212 1024 1,500 Do pre! 6%
100 101 Feb25 1044 Jan 18
Jan 10412 Not
94
2212 23's 22
2234 22
2234 2134 2212 201
: 2134 2084 2112 26.900 Elm Pow & Lt etfs----No par
18 Mar 2 3412 Feb 10
17% Apr 404 Jub
*10312 107 *10214 106
10212 1021: *10212 105 *10212 10312 10214 10214
300
40%
pr
pd
102
Feb
3
115
Mar
11
Mar
100
110 Juni
*102 108 *100 110 *MO 110 .100 110 *100 105 •100 105
Pref full paid
107 Jan 14 11012 Feb 26 1004 Mar 11034 Juno
941s 941 29218 9238 9212 93
917 93
9134 917
9114 9114
1,500 Do pref Ws
Mar
11
903
Feb
4
897
4
9434 Da
8
974
Aug
7734 785s 771
: 78
78
795, 774 79
7634 78
27418 757 14,500 Else Storage BatteryNo par 7118 Mar 3 7958 Mar 12
6034 Mar 80 1301
212 218
2
.178 2
2
*178 2
.17
2
*II: 2
200 Emerson-Brantingham Co_100
4 Feb I
2 Feb 20
118 May
533 Ju13
*14
15
15
14
14
14
14
14
134 1338 •12
13
1,100
Preferred
100 10 Feb 20 2434 Jan 29
8 May 2634 Am
694 684 89
69
69
69
26714 68
6718 874 67
1,800 Endicott-Johnson Corp
67
50 6812 Mar 3 7288 Feb 8
6334 Apr 747g Sept
•116 117 *118 117 *116 117 *11414 11534 *114
_ 11578 11572
100 Do pref
100 114 Jan 7 118 Feb 2 111 May 11834 Oct
474 48
48
47
•47
471:. .47
48
47 --47
47
47
700 Eureka Vacuum Clean_No par 47 Feb 15 535 Jan 8
4812 Nov 5712 Del
*15118 164 "154 1612 *157 161: •1512 1812 *1534 1812 1534 1534
100 Exchange Buffet Corp_No par
1512Mar 1
134 July 1978 Jai
1612 Jan 2
*238 3
*Vs 3
•232 3
•24 3
.238 3
*23s 3
Fairbanks Co
25
Feb25
23
214 Mar
4
Feb
34
10
424 Am
5118 5118 25214 5214 *5112 52 .514 52
50
5158 504 5014 2,800 Fairbanks Morse
No par 49 Mar 4 5934 Feb 10
3214 Jan 54% CM
11114 11114 1'11114 118 *11114 116 *111 118
•111 113 *110 113
100 Preferred
121 12312 211814 12254 12218 12438 12014 1225g 11814 12034 1181: 1207g 78.400 Famous Players-Lasky_No 100 1081: Jan 6 115 Feb 9 1081: June 11018 Not
par 10318 Jan 19 12624 Mar 12
9014 Feb 1141 Jull
122 123 *121 123 *121 122
•121 123
120 12012 *120 121
300 Do pref (8%)
100 1164 Jan 7 124 Mar II 1037 Feb 120 Juli
334 3378 233
334 321: 334 33
33
3112 32
314 324 5,600 Federal Light & Trao
15
283
8Mar
2
393
8
Feb
28
3
Oct 374 Do
4.864 89
*8612 89
"8612 89
*8612 89
*861
: 89
*8812 89
Preferred
No par 87 Feb 11 89 Jan 4
8212 Sept 89 De
8214 8214 84
85
•79
85
*80
82
35
824 *791
: 824
400 Federal Mining & SmelVg.100 75 Mar 3 11134 Jan 5
Mar
1514
9512 De
7478 7614 754 7514
74
77
75
72
73
7512
7038 714 2.700 Do Prof
100 81 Mar 3 105 Jan 6
4913 Mar 9478 De
187 187 *185 190 •183 135
183 183
*183 190
180 180
700 Fidel Phen Fire Ins of N Y__25 176 Jan 2 20014 Jan 23 1471: Jan 179
De
*le
19
19
*17
20
19
.16
19
*1814 19
*1714 19
100 Filth Ave Bus tern ctts_No par 1478 Jan 2 21%
Feb 9
12
Jan
17% Jul:
37
3878 3878 3758 3834 3338 384 364 3818 38
35
3634 5,700 First Nat'l Stores
No par 34 Mar 3 491 Feb 5
3812 Dec 40 De
9318 93
91
984 94
94
95
92
9312 91
93
9212 13,900 Fisher Body Corp
25 8918 Mar 3 10534 Jan 4
6014 Feb 125 No,
1812 194 18
184 1712 1812 17
184 1938 1814 19
18
42,400 Fisk Rubber
No par
1434 Mar 3 2614 Jan 13
1012 Mar 2834 Oa
*9912 10512 *994 10312 *9934 10312 107 1134 *107 11311
*105 106
Do 1st pref
100
10514
Mar
2
115
Jan
2
7512 Jan 11612 No,
4312 4211 4358 159,200 Fleischman Co new____No per 42
4638 4838 24534 4678 433 4634 4214 4412 42
Mat 18 5812 Feb 1
1014 10634 10238 10514 55.400 Foundation Co
10512 10812 9912 1071: 10018 103% 10034 103
No par 9912 Mar 15 17934 Jan 29
-90
Jan 18324 No,
65ii 6814 66
66
68
6778 66
6634 6314 65
61
835 12,600 Fox Film Class A
No par 61 Mar 3 85 Jan 2
681
:Sept 85 Do
2558 234 2478 221: 24
25
2314 24
35,700 Freeport Texas Co
24% 2618 2418 25
No par
1958 Jan 13 2834 Feb 9
8 Mar 2478 Oc
382, 3678 236
37
3718 3578 3678 3518 354 5,700 Gabriel Snubber A
3714 3712 37
No par 3518 Mar 19 42 Feb 11
2974 Aug 3974 No1
8
814 •814
8
8
812 838 "814 812
8
812 84
1,300 Gardner Motor
No par
7 Feb17
934 Jan 4
418 Jan
1614 Mel
47
48
464 48
4618 3,800 Gen Amer Tank Car
4624 4714 4684 4712 4712 4838 47
100 4434 Mar 3 55% Jan 2
4412
Aug 80
Oe
*100
102
102
*100 102 *100 102
200 Do pref
•10I 104 210112 10138 •100
100 101 Feb 10 104 Jan 15
9334 Feb 104 Not
6812 7118 8714 7014 6912 7212 8834 7134 857s 6912 6534 6812 181,600 General Asphalt
100 50 Mar 3 73 Jan 11
4212
Mar
70
De
112
10912
111
11
107
112
112
106
108
108
338
4,400 Do met
110 110
100 9478 Mar 3 11334 Jan 11
8812 Mar 109 De
1074 10712
800 General Cigar, Inc
109 10912 109 109 *10712 109 *10712 109
109 109
100 10512Mar 3 116% Jan 4
8412 May 1154 De
preferred (7)
•11114 115 *11114 115 .11114 115 *11114 115 •11114 115 •1114 1154
100 109 Jan 11 11512 Feb 18 105
Jan 11114 Mai
.
111 11712 •111 11712 •111 11712 11114 1114 '111 11712 •111 1174
100 Debenture Preferred (7)-100 11114 Mar 17 11812 Feb 10 104 July 116 Dell
3121: 320
31618 32212 312 320
85,400 General Electric
100 302 Mar 3 3894 Feb 19 22714 Feb 33714 Am
318 32534 31618 3254 319 327
Hu 114 11% 1112 11% 1112 nag 1112 1114 1112 114 1112 5,200 Do special
10 11 Jan
1378 Oct 114 J1113
4414 5,800 General Gas & Elm A-No par 42 Mar 5 1112 Feb 27
49 - 014 24738 4838 4734 4784 4614 4712 4414 4634 42
19 59 Jan 2
5878 Dec 81% Del
*96
98
98
9614 9614 *98
9612 .96
100 Preferred A (7)
984
974 My *98
No par 9614 Mar 17 9914 Jan 4
99
Dec 100 Dm
*1081:
10912 .107 10912 *10612 108 *1081
:108
Preferred A (8)
No par 10812 Jan 29 11014 Jan 15 110 Dec 110 Del
•10811 110 *10612 110
_-__ •94
__ _ _
_ _ *94
Preferred B (2)
4,6514 .... *934 - - "9312 _ _ *94
No par 9512 Feb 3 96 Jan 4
__.......- ---- ---.
531
*531:
5414
54
54
54
3,000
5384
53
Oen
4
5358
Outdoor
54
Adv A___No par 5218 Jan 16 557s Feb 4
6412 -544
4518 Aug 5434 BOO
31 14 307 3078 304 304 1.800 'Trust certificates. __No par 294 Jan 20 33 Jan 6
"It %it. 3114 3134 3014 31s 31
2618 Aug 3454 Del
Ex-dividend. a Kg-rights.
•BM and asked prices; DO I.On this day.
New York Stock Record-Continued-Page 4
1584
For sales during the week of stocks usually Inactive, see fourth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Sattaday,
8March 13.
Monday,
March 15.
Tuesday,
March 18.
Wednesday.. Thursday,
March 17. March 18.
Prldalt.
March 19.
Sales
for
the
Week.
STOOKS
NEW YORK STOOK
EXCHANGE
PER SHARE
Rance Slue Jan. 1 1928.
On basis of 100-share lots
Lowest
$ Per share i per share $ per share $ per share $ per Ogre $ per share Shares. Indus.& Miscall.(Con.) Par 8 per share
12418 12714 12414 1264 12718 13018 12712 12912 1254 12938 12218 12678 458,900 General Motors Corp__No par 11514 Mar 2
100 11378 Feb 3
115 11514 11412 11434 1,800 Do 7% pref
115 115
11434 11434 11434 115
11434 115
100 984 Jan 28
Deb6% prof
__ ___
*99
-__ *99
*99
*99
*99
_ _ *98
25 4912 Mar 2
General
Petroleum
435:900
643
4
__6218
6034 -&358
6014 Wife 6078 -65
634 6-538 5934 -84
5,900 GenRy Signal new____No par 65 Mar 4
69
68
6834 6814 70
68
69 '6918 70
6812 6912 69
100 10312 Mar 2
Do met
•10112 105 •10112 105 *10112 105 *10112 105 *10112 105 *10112 105
700 General Refractoriee___No par 44 Mar 5
4612 *4412 4612 *4412 46
*4412 46
46
46 '45
*4412 50
No par 54 Mar 17
21,000 Gimbel Bros
55
5518 56
54
57
5978 62
5714 604 54
63 63
100 105 Mar 17
Do pref
400
*10412
110
105
104
105
104
•105 109 *107 10853 10858 10858
Ginter Co temp offs___No par 40 Jan 2
No par 21 Mar 2
i)","ioo Glidden co
-i318 -ii3;5 -iiis -ii- -iiis -21" "224 -21- -ilia -211-z iiire -h.
6,700 Gold Dust Corp v t c._No par 4434 Jan 22
4734 4912 4834 49
49
49
49
4958 49
48
4914 50
No par 6014 Feb 26
6158 6234 26,200 Goodrich Co(B F)
6134 63
64
62
6338 6434 6234 8438 6312 65
100 964 Jan 22
400 Do pref
99
"95
99
9912
*95
*98
9912
299
99
9912
100 100
T
&
Rub
pf
v
t
0_100 101 Mar 3
1,800
Goodyear
1035
8
10358
10558 1054 1044 10512 105 10534 105 10512 10378 105
100 10538 Jan 22
1,600 Do prior pref
106 106 *10512 107 *106 107
"108 10912 z106 106 *106 107
3534 364 4,300 Gotham Silk Hosiery_No par 3534 Mar 19
3612 37
3812 3612 37
38
38
38
3814 x38
100 9934 Jan 29
300 Preferred
•___ 10038 "99 10014 *100 10014 10014 10014 *100 10034 *100 10034
No par 1812 Mar 3
900 Gould Coupler A
1958 1958 194 1912 *1914 2014
2012 1958 20
*20
2012 20
1,500 Graeby Cons M Bm & Pr_100 1812 Jan 21
1912 1912 19
1938 1834 19
20
20
1912 1934 *1912 20
3,900 Great Weatem Sugar tem etf25 95 Jan 2
98
98
97
9834 97
101 103
29912 1004 9912 9934 98
100 11114 Mar 19
200 Preferred
1114 11114
•114 11538 211234 11234 *11114 11534 *11114 113 *11114 112
100 10 Mar 3
600 Greene Cananea Copper
lilt 1118 11
11
*11
1114 11
*1012 1113
11
1034 11
518 Jan 5
712 71
900 Guantanamo Sugar___No par
814 84
758 758 *74 814 *712 814
8
8
100 734 Mar 19
76
734 7558 8,400 Gulf States Steel
75
x7812 7712 7758 7912 7614 78
79
77
Mar 5
5318
A_-_100
Hanna
1st
prat
class
58
"50
*50
60
58
58
*50
*50
58
*50
56 .50
3014 3014 2918 2978 2912 2912 2912 2912 294 2938 2834 29*8 2,200 Hartman Corporation_No par 2812 Mar 3
No par 40 Mar 19
5,200 Hayes Wheel
414 4114 464 411
42
4258 4312 4178 4214 4212 4212 42
25 6878 Jan 23
500 Helms(G W)
72
70
*69
70
72
*6918 72
884 6878 *69
69
69
27
27
800 Hoe(R)& Co tern ctfs_No par 27 Mar 18
27
2718 28'2 27
30
30 '294 30
30
*29
100
4713 Jan 4
Homestake
Mining
700
551
*5312
*52
54
5512
53
55
*5352 55
5512 55
*55
42
424 1.300 HousehProd,Inc.tem MIN° par 40 Mar 3
4234 4278 4212 427
*4214 43
424 4238 '4234 43
60
63
63
634 61
62
60*4 1,900 Houaton Oil of Tex tem ctfs100 59 Mar 3
62
62
62
63
*61
No par 27 Jan 8
14,300 Howe Sound
334 34
3314 3414 334 34
351
3418 351
3438 3558 34
No par 9614 Mar 19
109 112 x10718 11078 10834 11212 10838 1104 10558 11038 9614 107 435,500 Hudson Motor Car
2214
Corp__,_
10 17 Mar 2
Motor
Car
Hupp
213
4
223
8
214
22,300
227
2218
233
8
23
2234 2338 2212 23
2658 2512 261s 2412 2594 2458 2514 20,500 Independent 011 & Gas No par 204 Mar 3
254 264 244 2838 26
No par 18 Jan 6
700 Indian Motocycle
214 '2034 221 *2034 2214
*2012 214 2078 2114 2138 22 "21
912 Jan 20
10
1114 1012 1138 11
5,700 Indian Refining
11
12
124 11
1118 1112 1158 12
94 Jan 20
10
•10
200 Certificates
1011
1034 1034 1034 1034 *834 1034'
11
"10
106 95 Mar 11
Preferred
*90 101
'90 101
*90 101
"93 101
"90 101 '95 101
88
89
88
1.400 Ingersoll Rand new____No par 87 Mar 4
8914 9012 88
91
91
91
91
91
91
No par 3714 Mar 3
39
39
1,200 Inland Steel
3978 40
*3812 4012 '38
40
40 '3812 40
40
100 10834 Mar 16
100 Do pref
*11012 111 *11012 111 2108554 10834 '109 111 •109 111 *109 111
20 23 Mar 3
Cons
Copper
Inspiration
2312
2,700
8
2312
22314
237
24
24
2412 235s 244 234 24
24
17 Mar 17
No par
7.100 Internal Agricul
19
19
17
1814 1718 1778 174 18
1938 204 1814 191
100 8312 Jan 12
700 Prior preferred
*88
89
89
8912 8812 89
*8914 8912 8912 90
"8912 90
Mar 19
Machines_No
par
4112
Business
7,400
Int
4378 434 4158 4314 414 4214
434 4234 4378 4378 44
43
6414 8414 644 644 63
8312 6278 6314 1,800 International Cement _No par 8012 Mar 2
6838 28414 651
66
Mar
17
102
100
Preferred
100
*102
107
102
102
*102
106
"10214
106
*102
106
*104 106
3338 4714 4378 464 4578 4734 4412 4834 4312 4514 4318 4484 89,900 Inter Combus Engine-No par 40 Mar 3
100 117 Mar 19
11914 12112 11718 1201 117 1187 24,800 International Harvester
12012 1224 11814 12158 121 122
100 118 Jan 5
300 Do prof
12114 12114 *12112 12214 122 122 *12114 122 *12112 122 *12114 122
834 Mar 3
100
834 83
*84 9
500 Int Mercantile Marine
94
9
9
9
9
*9
9
91
100 32 Mar 3
3412 3514 3334 34's 3278 33'2 324 33
7,700 Do pref
34
3558 3414 35
5934 4,300 International Match pref_35 5312Mar 3
611
61
61
58
603
59
8138 6014 6038 61
61
3714 381
3638 3718 37
3734 3534 3878 35
364 354 36
98,000 International Niekel (The)_25 35 Mar 18
100 .10118 Jan 29
Do pref
•102 105 '102 105 "102 105 "102 105 *102 104 *102 105
100 48 Mar 3
511
531 *51
5212 49
4912 5014 7,000 International Paper
514 5212 52
53
53
100 85 Jan 14
87
*78
87 '78
87
*78
87
Do stamped prat
87 '78
*78
87
78
100 9012 Mar 3
95
500 Do pref (7)
*9512 9534 *9512 9534 *954 9534 9512 95's 95
95
95
165 165
165 165
165 165
400 International Shoe__ _No par 155 Mar 3
*166 172 *15512 172 *165 172
100 111 Mar 3
11,900 Internal Telep & Teleg
119 12014 11958 12152 11712 12012 11534 118*3 116 119
119 123
247 *2412 25
*2412 25
244 2412
100 Intertype Corp
No par 24 Mar 2
25 '24
25 '24
*24
331
3258 334 4,600 Jewel Tea. Ins
100 25 Jan 4
334 3312 32
3212 321
3334 3112 33
33
Highest
PER SHARE
Ranee for Pre110111
Year 1925.
Lowest
Highest
$ per share $ Pm *hare $ Per share
8458 Jan 14934 Nov
13114 Feb 4
11512 Jan 11 102
Jan 115 Deo
100 Jan 11
884 Apr 9912 Nov
6538 Mar 16
42 Jan 594 Deo
8438 Jan 7
68 Nov 8034 Oct
101 Jan 18
9012 July 10578 Nov
49 Jan 4
42
Oct 5812 Jan
7878 Jan 4
47 Mar 83 Deo
11138 Jan 19 10214 Mar 11412 Nov
4434 Jan 4
2234 Feb 53 Dec
2534 Jan 7
1212 Mar 2612 Dee
Oct
5678 Feb 4
37 Mar 51
7034 Feb 3
3634 Jan 7434 Nov
100 Feb 9
92
Jan 102 Nov
10934 Feb 4
8618 Jan 11458 Oct
108 Mar 9 103 Apr 109 Deo
4178 Jan 11
39 Dec 42 Dec
1034 Jan 11
994 Dec 1024 Dee
2112 Jan 23
1878 Dee 23 Sept
2312 Feb 5
13 Mar 2178 Dee
10614 Feb 2
91
Jan 11318111ns
116 Jan 14 107 Apr 11512 Dee
1414 Feb 10
114 Mar 1914 Jan
1078 Feb 1
378 Sept
612 Jan
9338 Jan 4
6718 Mar 9534 Nov
57 Feb 28
4212 July 89 Feb
35 Jan 6
2534 Apr 3712 Jan
46 Jan 14
30 Mar 4912 Nov
744 Feb 11
66 May 7734 Jan
35 Jan 6
27 Dec 4878 Jan
Jan
62 Feb 23
43
Jan 50
4838 Jan 8
3412 Jan 4718 Nov
71 Jan 5
Jan
59 Apr 85
3534 Mar 10
1612 June 3118 Nov
12314 Jan 4
3334 Jan 13912 Nov
2838 Jan 4
144 Mar 31 Nov
34 Jan 2
1312 Jan 4134 June
2414 Feb 4
13 Mar 24 Aug
1314 Feb 13
512 Jan
144 Dee
1212 Feb 13
6 Sept1258 Dee
104 Jan 7
77 Mar 110 Dee
104 Jan 5
77 Nov 1074 Dee
4312 Jan 7
3834 May 50 Feb
115 Feb 9 19412 Apr 112 Sept
2214 Apr 3234 Jan
2678 Feb 10
2418 Nov
2614 Jan 22
718 Jan
95 Jan 27
Apr 85 Nov
40
417 Mar 2 110 Mar 17614 Nov
7178 Jan 21
52
Jan 8112 Sept
106 Jan 26 10213 Nov 107 Aug
6412 Jan 5
3134 Jan 6912 Dec
9614 Mar 13814 Sept
13412 Feb 10
12218 Feb 20 114 Mar 121 Nov
1238 Feb 17
74 June 1478 Feb
4833 Feb 16
27 Aug 5234 Feb
6838 Feb 23
5658 Dec 8078 Dee
464 Jan 5
2414 Mar 484 Nov
10312 Jan 28
Jan 102 Nov
94
Oct
6338 Jan 9
4814 Mar 76
86 Jan 6
71 Mar 88 Dee
9812 Jan 2
88 July 994 Oet
175 Jan 11 108 Feb 19934 July
$712 Apr 144 AU/1
133 Jan 25
29 Jan 7
18 July 2938 Ost
2618 Des
364 Feb 10
164 July
100 Do pref
100 1164 Jan 29 12.5 Feb 9 16212 Jan 11512 Dee
122 12334 124 124 "122 125 *122 125 '118 121 *116 121
2178 Feb
1912
Feb
5
111
4
Dec
145
2
Jan
22
600 Jones Bros Tea,Ino,stfx1_100
16
16
16
•I612 1678 1612 1612 '1614 1634 1618 161s 16
504 4312 4734 69,100 Jordan Motor Car
No Far 4312 Mar 19 66 Feb 19
3518 Aug 65 Nov
5278 46
5412 50
z52
5212 5512 5114 54
112 June
May
Kansas
Gulf
14
100
Mar
4
3
4
Jan
8
10
14
12
*14
12
14
14
*14
*14
12
12
*14
72
*74
99
Jan 10952 Sept
Kan City Lt & P 1st pf_No par 10712 Jan 8 11058 Feb 23
"10914 10978 *10712 110 *10712 10858 *10712 10814 *10712 10814 *10712 10814
1834 Mar 424 Deo
39
7,600 Kayser (J) Co v t o_ __ _No par 3412 Mar 3 4758 Jan 14
4018 4112 3818 40
41
42
4114 41
40
4214 40
100 Do lat pref
No par 103 Mar 3 105 Jan 15
83 Mar 10312 Dee
103 103 *10012 106 *102 10312
•103 105 *104 105 "104 105
9,200 Kelly-Springfield Tires
25 154 Mar 4 2112 Feb 6
1214 Mar 2158 July
1718 17114 1718 1778 1758 1814 1714 1734 1658 174 1534 17
64
84
200
pref
64
Mar
19
743
4
Feb
5
41 Mar 74 July
.65
70
Do
8%
100
72
*65
*65
72
71
*65
71
71
100
*67
72
Do
pref
6814
Mar
18
734
Feb
5
6814 6814
6%
100
43 Mar 72 July
'6814 71
*6814 71
*6814 71
*684 71
100 10538 Mar 19 128 Feb 4
110 111 x10538 10538 1,000 Kelsey Wheel, me
87 Aug124 Dea
111 111
11014 11014 '1104 112
•110 113
21,400
No
par
511
4
Mar
3
5312
4234
533
8
Copper
587
8
Feb
10
525
8
Kennecott
464 Mar 51374 NOV
4
534
53
3
54
5314 5414 534 534 534
218 Jan 2
118 Mar 13
134 Sept312 July
114 114
118 114 3,600 Keystone Tire & Rubb-No par
114 *114 138
114
114
118
118
138
OM
800 Kinney Co
69
NO par 6518 Mar 4 824 Jan 7
78 Mar 100
69
*67
67
*69
72
*694 73 '6912 77 "6912 73
2954
132,100
10
50
Mar
3
82
Jan
52
Kresge
Co
new
5112
54
(SS)
5034 53
8712 5912 x5518 5714 5334 57
Oat
Preferred
10 113 Feb 18 1144 Feb 28 11014 Mar 116
0110 11434 *10814 11434 *___ 11434 *___. 110 *--__ 105 *110 116
2234 23
2,400 Kresge Dept Stores_ _No par 20 Mar 18 334 Jan 14
23
2812 Dec 4534 Jan
2312 20
23
24
2412 23
244 2412 '24
93
Preferred
100 914 Feb 11 934 Feb 1
*86
88
Jan 974 June
93
*86
93
93 '86
*88
93
*80
93
"88
15334 154
500 Laclede Gas L (8t Louie). i00 152 Mar 2 161 Jan 14 11014 Jan 178 Mar
15414 15414 154 154
*15414 159 *15414 159 *15412 158
1012 Mar 19 14 Jan 4
1012 1078 3,300 Lee Rubber & Tire___No par
1118 Feb19 Oct
11
1112 11
5518 5112 1138 1158 1178 1178 11
No par 3214 Mar 18 414 Jan 2
374 Dec 444 Oct
3512 324 3412 334 3378 6.100 Lehn & Fink
3518 3458 3518 35
3518 3512 35
947
774
7938
74
Mar
3
8
Jan
80
&
new__25
25
7978
2,300
Liggett
Myers
Tob
57
Mar 92 Dee
81
*80
804
8012
80
81
80
*80
100 11914 Jan 18 121 Mar 18
300 Do pref
123 123 '120 124
1612 Jan 124 1300
124 124 *123 124
*123 124 '123 124
Mar
3
new
•
25
754
94
Feb iii 5512 Mar 8978 Dee
7758 784 7612 7712 4,200 Do "B"
8038 7814 80
8018 8018 8018 80
*80
No par 58 Mar 4 6934 Jan 4
1,500 Lima Loe Wks
60 June 7438 Jan
6012 6012 5912 60
61
61
62
6114 *81
61
82 82
Incorporated_
No
par
3114
Mar
2
1,oew's
41
Mar
44,100
387
8
38
8
1611 22 Feb 4434 Nov
3878 4014 3712 393
3858 41
4 4012
38 383
381439
No par
7 Jan 28 114 Feb 10
938 983
878 93*
8
6
772 812 15,600 Loft Incorporated
834
9,8
838 938
94 API
6
Jan
500 Long Bell Lumber A__ _No par 47 Jan 20 504 Feb 3
4878
14 Mar 43 Sept
4812 4712 4712 *48
494 494 494 48
494 •48
*48
Dee
100
100
Mar
19
14334
Loose-WIles
Biscuit
14012
1.300
Jan
100 1074
109 109
110 110
4ii 77 Feb 148 DSO
*110 114 *110 115 *110 115
100 130 Feb 15 14314 Jan 611
2d preferred
104 Feb
*123 135 "123 135 *123 135 "123 135 '120 135 *120 135
Jan
2
25
3514
4214
Lorillard
Feb
3
15,100
3014
Jan
393
4
3812
3914
Sant
39is
3858
3932 404 394 40
4018 4034 z3914 40
100 11212 Jan 14 11614 Feb 811 10818 Feb 116 Aug
100 Do pref
•114 115 z114 114 *110 115 *110 114 *11012 114 "11012 114
par 12 Mar 3 194 Jan 4
1358 Oug 2314 Feb
154 154 1538 1414 1538 144 l47s 7,500 Louisiana Oil temp otts_No
1538 15
1512 1578 15
par 2272 Jan 2 264 Feb 10
__No
El
A
Louisville
G
&
3,300
23 Dec Ws.
711137
2312 237
2418 2378 24
241 2414 24
24
2414 24
21
No par 4034 Mar 3 5814 Feb 4
3114 Feb 60 Dao
10,300 LudiUrn Steel
4412 4212 44
4512 41318 45 4534 45:
3 464 4434 4512 44
Sept
Mar
11
132
Companies
140
138
Feb
141
Mackay
Mar
114
*132
1334
13312
*13112
9ii
*1314 13312 *1.3112 1334 *13212 13312 *13212 13312
100 68 Mar 19 7318 Feb 9
66 Mar 7834 Feb
400 Preferred
68
68
69
694 6912 69
•68
72
*85
72 '85
72
No par 11518 Mar 11 159 Jan 4 117
Jan 242 No,
1154 12034 77,200 Mack Trucks, Ina
12112 12512 119 125
12258 12634 212014 12412 1244 127
4
100
1091
4
Jan
prat
112
let
Mar
4
Jan 113 Aug
Do
104
100
112 112 *110 125 *115 125 *115 125 *11014 1104 *11014 1104
100 10412 Jan 2 107 Mar 13
200 Do 2d pref
99 Jan 1064 Aug
107 107 *105 107 '105 10612 *105 1064 *105 10534 "105 10534
954 9,600 Macy(R H)dc Co,Ino_No par 914 Mar 17 106 Feb 1011 6912 Jan 112 04
98
9812 974 9712 98
9614 914 9512 9212 944 . 94
100 11512 Mar 1 11884 Jan 14 11434 Jan 118 AIM
100 Preferred
11712 11712 •118 11734 *116 11734 "118 118
•116 11734 *116 118
No par Sass Mar 2 444 Feb 10
34 Mar 46 Nov
4018 4014 4014 4014 2,000 Magma Copper
4034 41
4012 4058 4038 41
*4018 41
par 1838 Mar 4 2818 Jan 5
C9-No
Mallinson
(H
RI
&
2114 Dec 374 Jan
3,100
22
227e
23
22
2434 25
2414 244 *24
2414 2358 24
56 Jan 4 764 Feb 11
32 Mar 59 Mar
z6618 6358 18,200 ManhElecSupptem ctisNo pa
7078 6634 70
684 664 6838 6712 694 68
67
25
2614
Mar
3
327
8
Jan
Shirt
4
Manhattan
204
Mar
341 Nov
700
I
265
8
264
265
8
27 "27 '2712 264
*27
274 "27
274 27
Manila Electric Corp __No par 2912 Mar 3 35 Feb 23
2812 Mar 494 Apr
*2912 34
*2912 34
*2912 34
*2912 34
*2912 34
•2912 34
par
4
Mar
3
203
28
Expl___No
Maracaibo
Oil
Feb
2
2038 Sept354 Jan
24'z 17,800
24
2878 2358 26
2558 2778 2534 2678 2612 2734 26
No par 5158 Mar 2 604 Jan 29
3258 Mar 604 Dee
544 84,100 Marland On
5518 5634 x54
57
5558 5634 5512 4134 5658 5718 58
NO par 28 Jan 4 33 Mar 11
103g Mar 3278 Oct
1,700 Mari1n-Rockwell
*3014 3134 3038 3058 2938 3058 *2918 31
3178 3012 31
31
par
1812 Mar 2 214 Mar 12
19 Dec 374 Jan
700 Martin-Parry Corp.__ _No
20
20
20
2114 20
*2038 21
2014 2014 2018 2058 *20
MathiesonAlkaliWkstemett50
73
Mar
1
1064
Jan
2
51
Jan 10714 Doo
500
787
e
277
80
84
8014 8014 80
*82
84
84
*81
"81
Deo
115 11614 11414 118's 14,300 May Department Stores-50 11414 Mar 19 13712 Jan 2 101 Mar 1394 June
11614 119
120 121
120 120
•12118 123
100 12236 Feb 2 12413 Jan 18 11612 Mar 124
Preferred
130
*120
130
130
*120
*120
130
*120
4
130
*1183
130
•120
Oct
par
19
Mar
3
8
No
234
263
Nov
Maytag
Co
8
Feb
13
217
3,200
2158
224
2238
2238 2218 2238 22
2218 224 2158 2218 22
79 Mar 13934 Oct
1,500 McCroryStoresClassBNopar 80 Mar 4 121 Jan 11
90
86
89
8712 91
*86
8912 8912 "8814 89
901
90
Oct
Mines__5
225
8
Jan
2
4
Porcupine
30
223
Jan
McIntyre
Feb
15
16
1,100
25
2412
25
*25
253
8
254
25's
25
254 2518 2518 254
18 Jan 244 Nov
500 Metro-Goldwyn Pictures pL27 224 Jan 8 2334 Feb 13
231 "2234 231 *2212 23'z 2212 224
2312 2312 2258 2258 *23
6 Feb 25 124 Jan 4
9 Dec 224 Jan
Mexican Seaboard 011_No par
5,200
812
84
94
8a
83
4
9
9
9
834 878
844 9
5 11 Mar 3 1318 Feb 11
8 May 2434 Jan
5,800 Miami Copper
12*4 1134 12
1214 121g 124 1218 12*4 12
1214 124 12
2514 Aug38 Nov
3238 3012 3134 3012 304 18,200 Mid-Continent Petro_No par 2858Mar 3 37 Jan 2
3212 3234 31
33
31
3114 32
Apr 9414 Oct
100 94 Jan 8 97% Feb 27
Preferred
8314
95
*88
951
*88
951
*88
9514
*88
9514
9514 *88
•88
314 June
114 Jan 2
212 Jan 8
58 Apr
138 3,200 Middle States Oil Corp_-1
114
138 158
138
112
14 112
138 112
11
•188
112 Feb
78 Jan 7
10
14 Jan 8
14 Feb
1,200 Certificates
118
*78
118
*7
8
11
*7
8
7
8
7
7
8
78
14
*1
147 Aug
Mar
3
Jan
114
13312
pref...100
Feb
23
96
Steel
Prod
Midland
300
121
125
125
*117
'120
124
125 125 *122 124 *120 124
Aug
994
Mar
3
Apr
71
100
8312
Jan
64
Power
14
7214 74
7278 734 5,700 Montana
7218 724 7212 7234 7212 731
73
73
41 Mar 844 Nov
6918 7084 674 6978 674 6878 93,200 Montg Ward & Co Ill corp-10 67 Mar 3 82 Jan 2
Dec
42
7118 734 6918 7134 701e 7134 324. 327
Mar
3012
Mar
19
4
par
373
223
No
8
Feb
10
Motors
12,900
Moon
32
s 3112 324 3012
3212 3258 3214 324 3258 3234
91s Jan
6 May
858 Mar 4
712 Feb 8
67g 6e 1.900 Mother Lode Coalition_No par
67g 618
64 7 -- 678 678 *834 67
68 6
stock.
old
share
of
on
basis
of
3
shares
each
stock
Issued
for
urnsm 'W.. A Ma nar. d New
,
•Bid and a
New York Stock Record-Continued-Page 5
For sales during the week of stocks usually Inactive, see
fifth Dade preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Sattirdag.
March 13.
Monday,
March 15.
Tuesday,
March 16.
Wednesday, Thursday.
March 17. March 18.
Pridall.
March 19.
Sates
for
the
Week.
STOCKS
NEW YORK STOOK
EXCHANGE
Runge Since Jan. 11926.
On basis of 100-share lots
Lowest
1585
Range for Preoloct
Year 1925.
Highest
Lowest
Highest
g per share $ per share $ per share $ per share $ per share
$ Per share Week. Indus. & Miscall. (Con.) Par
$ per share
227s 2238 2234 2212 2234 *22
22
8 Per share $ Per Mare $ per Oar
2214 2214 2214 2112 2218 2,1.00 Motion Picture
No
par
19 Jan 26 2314 Feb 25
4334 44
4214 4234 4214 4278 4212 4212 41
195 Dec 2013 Dec
4214 4018 41
15,000 Motor Meter A
No par 401a Mar 19 5338 Feb 10
2928 3018 293 298 291 2928 29
40 Nov 4478 Oct
2914 28
29
2812 2918 6,300 Motor Wheel
No par 28 Mar 18 1137s Feb 15
•16
1678 17
17
*1612 18
18 Apr 35 June
1612 1612 516
17
*16
17
1,700
Mullins
Body
4,357, 36
Corp
No par 1418 Mar 4 1934 Feb 1
*36
3712 536
13 Aug 2115 Tot
3712 *38
3712 *36
3712 *36
3712
Munsingwear
No par 3478 Jan 25 38 Jan 2
1218 1234 1112 1212 1238 127
3018 Apr 39 Dec
12% 1278 1212 1228 1218 1228 3,800 Murray Body Co
5918 60% 5712 5958 5918 60
No par 1058 Jan 2 1578 Feb20
514 Dec 4212 Mal
58
59
5518 5342 5214 5658 94,200 Nash Motors Co
No par 524 Mar 19 66 Feb 23 1931
---- ---- ---- ---- --.- ---- ---- ---- ---- ---- ---: Jan 488
Oal
---Do pref
100 10818 Jan 4 10813 Jan 4 10334 Jan 107 Jul:
•10
1012 1013 1018 *10
1014 10
10
*10
1012 10
10
National
700
Acme
stamped
100
978 Mar 3 127s Jan 9
8212 8028 8214 82% 8218 78
81
414 Mar 1228 Dec
8118 7814 7934 7814 8012 21,000 National Biscuit
01274 130 5127 130 5129 130 •129 130 •129 130
25 74 Jan 8 934 Jan 29
65 Apr 79 Dec
129 129
100 Do pref
100
45
4512 4434 45
4434 4518 4412 45
4412 447
4414 447 11,100 Nat Cash Register A w 1 No par 126 Jan 27 129 Mar 19 12312 Mar 12812 Ma,
3214 33
43 Mar 3 54 Jan 5
3234 33
33
35
29
32
30
32
3258 323s 7,200 National Cloak & Sult
100 29 Mar 17 57 Jan 2 1912 -Dec -847
*81
78
89
7912 *8318 88
*83
84
8634 89
.0
*83
.
01
88
500 Do prof
6414 8512 6234 64
82
64
8412 66
8733 Dec 104
6212 64
Jaz
26112 62$4 23,900 Nat Dairy Prod tem ottsNo 100 78 Mar 15 9213 Jan 8
par 8034
37
37
3624 3634 53628 37
36
42 Jan 8175 Nog
3628 3512 36
34
35
2,000 Nat Department Stores No par 34 Mar 8 80 Jan 2
*96
9812 594
9812 *94
Mar
19 423, Jan 7
9612 9534 951 *95
3813 Jan 45 Ma]
9812 594
981
:
100 Do prof
2414 2213 24
23
100 95 Feb 26 97 Jan 19
23% 2418 2114 22
96 Apr 102
21
2114 2118 2112 5,000 Nat Distill Produot
Jai
s__No par 18 Mar
64
8518 66
84
65
65
560
65
*59
2958 Dec 4318 Oa
65
*60
65
500 NatDntilProdpftemottNo par 57 Mar 4 34 Jan 4
5 7318 Jan 4
5213
Jan
3112 *30
81
Oa
•30
31
29
29
29
29
28
2812 528
2912
700 Nat Enam & Stamping-100 28 Mar 18
86
584
584
86 .84
4012 Jan 2
86 .1.841: 88
5841/ 86
25 Apr 415 De
*85
86
"
Do pre!
154 154 *153 157 5154 15712 15214 15214 15218 15314
100 8.528 Feb 27 8934 Jan 4
75 June 8958 Jai
152 152'1 1,100 National Lead
•116 11612 5116 1161 5116 1181 116 116
100 152 Mar 19 17434 Jan 5 1381
116 116 •116 11614
: Apr 17434 Not
300
Do
pref
23
22
2112 2258 2158 2278 2158 22
100 116 Jan 16 11712 Feb 10 11412 Sept119
2012 2158 2014 207 63,100 National Pr ar Lt
Bel:
otfs__No par
8318 6312 83
1634 Mar 2 38% Jan21-844 64
8578 84
6428 6234 837/4 63
83
4,900 National Supply
•106 112 5107 112 *107 112 *107 112 .108 112
50 5512 Jan 4 8578 Mar 16
3 Dec 71
54
5108 112
Jai
Preferre
d
100 106 Jan 13 110 Jan 28 10438 Jan 110 Ap
223 223
------------------------100
National Surety
Hiss 1.-eii3
;*Iii fic; 165 185
100 215 Jan 8 227 Jan 20 208
21
*
1
4.
Jan 222
1
Go
700
National
Tea
Co
1314 134 13
No par 149 Mar 4 238 Jan 4 201 Dec 250
1314 1234 13
13
13
51214 1234 1258 127s 4.000 Nevada Consol
De
4312 44
Copper__
4212 43
5 124 Mar 3 14 Feb 15
43
43
*41
4212 4114 4114 41
1134 Apr 1833 Jw
41's 2,000 NY Air Brake torn otfa-No__par
584 *5814 5824 *5814 583 55814 5812 5814 584 •58
*58
3613 Jan 2 4434 Mar 11
311:
Oct561
Jai
/
6814
200
Do
Class
4114 4212 414 4212 4114 417
No par 554 Jan 6 ..0 Feb 3
41
42
4018 4013 395 40's 7,900 NY Canners A
50 Sept67 Jai
temp
38
38
3613 3612 3612 361
3612 36% 36
38
3512 3512 2,500 New York Dock otts_No par 39 Feb 27 8454 Jan 29
3134 Mar 8111 De
*70
75
100 34 Jan 19 457 Feb 5
*70
73
*70
73
*70
73
*70
71
*70
18 Mar 4514 No
72
Do pref
___ *100
.•100
__ •100
__ •100
__ .100
5213 Jan 78 De
__ -. _ _ N Y Steam 1st pref.-No 100 70 Mar 4 74 Feb 5
*101•28
2814 2818 -2214 2814 /814 2814
pa 101 Jan 12 101 Jan 12
2814 2814 -2814
97
28 -Jan 102 Jun
2814
2.600
Niagara
Falls
Power
pf new_25 27% Feb 25 28% Jan 22
533* 55
52
54
5234 5412 5213 5312 5112 5314 5058 52
27% Oct29 Ja
72,700 North American CO
54978 5013 *4934 5014 55912 5014 4084. 5018 50
10 4712 Mar 2 67 Jan 14
504 4928 4934 1.300 Do pref
4113 Jan 75
Oc
59212 9313 9234 93
50
93 93
*9234 9313 *9212 94
4628 Jan 504 Sep
593
9313
300 No Amer Edison pref-No par 49 Jan 2 501 Jan 11
51273 13
512
9213 Jan 22 9514 Jan 2
13
1314 1314 *12
1234 1112 12
1128 1134 1,000 Norwalk Tire & Rubber
9413 Dec 9813 De
514
16
10
1114
141* 143* •1533 161 *1412 16
Mar
*1413 16
51412 1434
1212 Sept 1814 Au
100 Nunnally Co (The)___No par 1338Mar 8 1518 Jan 14
*3214 337 *32
321* 33
35
34
1 1712 Jan 7
34
33
33
33
8
Jan
3318 4,800 Oil Well Supply
1812 No
25 31 Jan 16 36 Feb 5
338 Dec 38 No
..- ____ ____ __
-- ____ ____ -__. -__ ____ ___
Ontario Buyer Mln new No par 10 Jan
3512 3512 *354 3534 3514 35/
8
1
4 35
1012
35
53412 35
Jan 14
3412 3412
511 Jan
400 Onyx Hosiery
11 0<
*97
No par 3114 Feb 2 35 Jan 12
9754 *9712 9734 9712 9712 *97
9734 59714 9734 *97
97/
185s Jan 39 De
1
4
100 Preferred
5912 5934 578 59
5812 5812 5534 58
54
56
7814 Mar 97 No
5512 5512 7,100 Oppenheim Collins & CoNo 100 98 Feb 5 99 Jan 12
52834 29
2834 2834 52814 29
par
47
Jan
12
•28% 28% 2814 .2838 228
6012 Mar 11
4114 Sept 53 De
2818 1,900 Orpheum Circuit, Inc
•I92%
*10112__ *10113
1 28 Mar 3 3012 Jan 14
__*10112 _ __ *10112 -•10112
253.4 Jan 3278 Jul
__
100 Preferred
11934 1164 118'4 119 118 c1-812 117 1183
100 101 Jan 13 10214 Feb 19
4 115 1-16
98
115 1-1-8
Jan 107 set
3,400 Ong Elevator (k)
*103 109
50
1
4 103% 104 104
103/
1142
8
Mar 3 12934 Feb 5
104 104 510334 109 *10334 109
8728 Feb 14013 Au
300
Preferre
d
1112 1112 1118 1118 1118 114 11
100 10234 Jan 13 107 Feb 8 101 Feb
1114 1058 11
1012 1058 2,800 Otis Steel
112 Jul
par
•981
No
9812 9812 9812 9812 595
:100
1012
Mar
19
1412
Jan 19
9812 595
9712 *95
8 Mar 1514 Au
98
200 Do pre
6218 63
65
100 90 Jan 7 10778 Feb 17
*64
182
6212 62
63
61
611*
5014
Mar
81
9711 Au
61
3,900
Owens
Bottle
54812 4912 54512 4912 54812 4912 4812 4812 48
25 4714 Mar 4 8814 Feb 8
48
4234 Mar 89% No
4818 49
800 Outlet Co
No par 4712 Feb 25 5134 Jan 29
99
*99
99
9934 *99
993 *99
993 *99
8
4914 Nov 57 No
9934 *99
99
Preferred
500
127
5125
125 125
100 99 Mar 13 1014 Jan 16
12512 12511 512528 126
12512 1284 12514 12514 1.100 Pacific Gas & Electrio
98 Nov 100% De
5514 58
100 122 Mar 2 13214 Jan 29
5414 56
5534 5628 5512 564 55
Jan 13718 No
5534 5515 5512 33,800 Pacific Oil
361g 3715 35/
No par 5338 Mar 8 831s Feb 13 10212
1
4 36
36
37
3512 36
513* Aug 7812 De
35
36
3418
3514
40.400
Packard
Motor
Car
2212 3
10
.2112 2178 22
22
2228 2124 2258 2112 22
15
2034 2128 6,800 Paige Det Motor Car__No par 3318 Mar 3 4358 Jan 4
Jan 4812 No
6414 65
65 85
65
20
5712 66% 67
Mar
3
2813
Jan 4
644 67
173 MAY 32 04
6414 841z 6.200 Pan-Amer Petr & Trans.-50
654 6834 641* 6614 66
6014 Mar 2 7612 Jan 2
8812 67
6813 6428 8712 85
591/ Sept837s MI
66
65,500 Do Class B
40
4018 397 4138 .4012 4114 40
50 62
40
6018 Aug 8412 Me
38
39
38
3818 3,400 Pan-Am West Petrol B-No par 34 Mar 2 783* Jan 4
922 1014
968 10
95
Mar
Ps
1 46 Jan 2
934 978
3714 Oct 4934 De
83, 912
878 9
4,200 Panhandle Prod & Ref_No par
*2334 2412 52334 2412 2412 24% 2413 2412 523
412 Jan
24
214 Aug
23
2318
900 Park & Tilford tern otts_No par 2214 Mar 21 11% Feb 23
84 /:34
7
714 27
7
7
4 284 Jan 4
7
•678 7
25 Sept8513 Js
834 678
618 81s 4,800 Park Utah C M
1
6% Mar 19
812 Feb 5
6712 69
_
- ---- ---- -6858 71
6712 7082 67
8812 64/
1
4 8712 835* 6612 10,500 Pathe Exchange
A
191
/
4 19
19
No par 58 Mar 4 83 Jan 7
1915 19
19
19
19
1814 1918
70 NovI 9088 04
*1212 144 *1234 1434 *1234 1458 51234 1434 113* 1234 1812 181: 2.300 Penick er Ford
No par 167s Jan 28 2038 Jan 30
17 Del 28 Al
*1112 12
400 Penn Coal dr Coke
138
134
112 128
50 1134 Mar 18 17 Feb 8
Ilz 15s
112 13*
112
13
1258 AprI 263s Ja
8
112
128
12,300
Penn-Se
aboard
Bt'l vtc No par
120 12112 120 12018 120 12012 119 11912 11828 1197
11
17
214 Jan 4
1 AugI
118% 119
3 Ji
3,700 People's 0 L & C (Cl/10_100 117 Feb
62
6235 6278 8312 621: 63
8273 64
Jan
4
130
Feb 11 112
62
JanI 123 01
6234 613, 6214 4,600 Philadelphia Co (Pittab
1P50
5012 550
5012 5018 5018 550
)-5
594 Mar 2 704 Jan 2
511
5018
5012
5012
674
*50
Marl
DI
51
200
6% preferred
41'2 4254 4012 4114 4058 4112 404 4114
50 4734 Jan 4 5012Mar 18
4512 Jan 49 Jul
3912 4014 3914 3958 14.400 Phlla & Read C
43
*38
& I-No par 375i Mar 2 483* Feb 13
*40
42
538
42
*38
42
*37
43
37sgMay
537
I
41
5218
Ji
Certifica
tes
of int__-No par 33/
*5312 6412 5312 531: .51
1
4 Mar 8
5312 •5212 5312 *5212 5312 55212
38 Jul)
, 5012 Ji
200 Phillips-Jones Corp____No par 51 Mar 3 4612 Jan II
53'I
2014 *19
20
20
*19
20
519
5534 Jan 29
20
*19
51 NovI 904 Js
20
19
19
800 Phillip Morris & Co.. Ltd_._1
4512 4612 4414 4512 45 46
184 Mar 3 2078 Feb 23
4412 451: 44
4434 44
1234 Marl 2514 Bei
4438 54,100 Phillips Petroleum
•35
40
*35
40
No pa
535
4228 Mar 3 4958 Feb 13
40
*35
40
*35
3614 Marl 4718 Jul
40
535
40
Phoenix Hosiery
dim
97
9814 961
5 3612 Jan 4 447 Jan 9
/
4 584
97
*93
98
594
18 AprI 4214 Jul
97
593
97,
100
Preferre
d
3118
3278
343*
3218 33% 3134 33
100 9614 Mar 12 991 Jan 21
32
2934 323* 2814 3034 57,300 Pierce-Arrow
84 Apr 99 a
9412 9734 98
Mot Car No par 27 Mar 3 4318 Jan 9
9812 1001
99% 96
97
93
9558 9018 9312 12.000 Do pref
107 Marl 47/
1
40
133 138
138 112 *128 1%
100 8618 Mar 2 10878 Jan 11
13
1118
14
18
158
43 Marl 100 Ne
158
3,400
Pierce
011
Corporation
*23
25
25
•23
*24
25
14 Mar 18
25
522
17 Jan30
25
*22
31 F1
25
522
114 NovI
25
Do met
312 558
518 514
100
24
54 558
Jan
5
54 518
2718 Jan 30
5
54
5
204 Del 40 Ft
54 5,400 Pierce Petroi'm tern ctfallo par
36
37
36
47 Mar 3
*38
535
37
*3512 38
7 Jan 30
35
36
412 Dee! 504 F1
33
3424 1.400 Pittsburgh Coal of Pa...._l00
7634 7634 7614 7614 76
76
33 Mar 19 4213 Jan 5
*755 76
757 7578 757 7578
3714 Mail 5411 Je
900
Do
pref
7
ei9558 9S1 59512 9812 *9512 98
100
75
59512 9712 •9512 9812 *9515 9812
Mar 18 85 Jan 5
80
Mayl 99 Ji
Pittsbur
*50
gh
53
*48
Steel pref
53
*50
100 96 Jan 8 98 Feb 1
63
548
53
•45
94 Marl 10213 Ja
50
45
45
100 Pitts Term Coal
100 45 Mar 19 6378 Jan 9
4,85
88
30 AprI 6388 J3
*85
87
85
85
8312 8312 *84
90
584
90
200 Preferred
1512 1512 1512 1512 1514 1514
100 8312 Mar 17
1512 1512 1512 1511 1512 1512
79 July 8814 Ne
700 Pittsburgh Utilities pref____10 1412 Mar 3 9214 Feb 5
•13
15
*134 15
51314 15
.31314 15
1618 Jan 7
*1314 15
12% Mar 1778 Jul
*1314 15
Do pref certificates
151 514
151 .14
•14
151: 514
10 151k Jan 7 1513 Jan 7
1512
•14
1258 Mar 16 Jul
151 *14
1512
8814 91
Preferred
8718 90
eels
new
8838 9018 83
10
15 Jan 22 1512 Feb 6
8814 81
128 Nov 1513 Ja
84'2
8212
8412
45,300
Post'm
Cer Co Inc new-No par 81 Mar 18 12473 Feb 3
6134 613
8224 6358 6012 01
591 4 6058 5918 601± 5634 59
Nov 121 Di
845*
4,800 Pressed steel car
88
88
88
88
88
100 5612 Mar 3 795 Jan 7 45 June 7804 Di
88
88
88
: 89
5871
•8712 89
400
Do pref
144 14
15
1514 16
100 82 Mar 4 9534 Jan 7
14
15
15
141p 1312 143* 4,200
14
761:
July
92% Is
Producers & Refiners COrp.50 1228Mar 3 171
*3112 34
33
34
33 .3n2 34
*32
:Jan 2
33
1213 Aug 325* Ti
33
*31
34
784 79'I 7734 7934 7812 79% 7812
200
50 3214 Jan 15 35 Feb 11
794 77
7824 7514 7758 14,800 Preferred
27 Sept 4710 Fl
'1051
2
PubServ
10712
*10812 1073, 10612 106'p 10612 108%1.3106
COrp of NJ newNo par 72 Mar 2 92% Jan 19
*1061
/
4 1071
6228 Mar 8773 Ai
200 Do 7% pref
•1151: 116'z 11614 11612 117 117 *11714 118 *11714 118 511714 10735
100 10318 Jan 12 110 Feb 25
99
Jan 106 N4
118
500 Do 8% pref
98
•gg
*9712 981 *98
9878 98
100 115 Mar 2 119 Jan 28 10828 Apr 119 0
981± 98
98
9712
98
800
Pub
Serv Elec dr Gas pfd_100 97 Jan 22 9934 Mar 3
510713 110 *1081z 110 *10811 110 *10812 110
10612 10812
99
Jan 106 N4
110
200 Pub Service Eleo Pr prer_100 106 Jan
13584 158% 156 158
1561: 1571p 155 15612 15114 155 *10712
18
109
Feb 16
9212 May 10018 D
15132 154
8,650 Pullman Company
3912 3814 3812 38
.38
38
3612 37
100 148 Mar 3 174 Jan 14 129 Mar 17312 Be
3518 3812 3512 38
2,200 Punta Alegre Sugar
275, 28
2734 2814 28
2833 2712 2814 27
50 354 Mar 18 47 Feb 4
27% 27
33 July 4714 Ji
2712 12,900 Pure 011 (The)
10812 1081 *108 III 5107 110 *108 111
25 26% Mar 3 31 Jan 4
107 107 *107 110
25/
1
4 Aug 3334 Ti
140 Do 8% pref
37
37
37/
1
4 3635 3714 3518 3612 36
35
374 36
100 107 Jan 5 11114 Feb27 1021: Jan 10812
3614
17,800 Radio Corp of Amer.._No par 3212
Be
4612 .4512 463* 54512 46
Mar 3 4653 Jan 12
4612 4612 54512 4658 546
4614 4838
3914 Nov 777 J.
400
Do
6618
pref
26434
66
663
56
4
6518 64
50 4478 Mar 4 478 Feb 1
65
68 674
45 Dec 54 F
635* 6414 32.700 Railway Steel Spring
new---50 5314 Mar 1 68% Mar 10
11714 11714 *11714 119
11838 *11714 120 511714 120 511714 119
1183*
- _-- 200 Preferred
.
3284 3714 *3318 374 •3318 3714 53318 3714 *3328 3714
100 11714 Mar 18 123 Feb 20 11414 Mar
53313 3714
122 -121
Rand Mines, Ltd
No par 3312 Jan 18 345s Feb 5
3334 Nov 39% Al
111 1178 1112 11% 1112 114 1112 1134 1114 1112 114 113* 7,100 Ray Consolid
ated Copper__10 1012 Mar 3 1278 Feb
53
5134 5134 55118 53
5234 5234 *5038 5114
52182 52% 53
9
113*
Apr
500 Reid Ice Cream
178 F.
2
147 •I3
1318 1318 *13
No par 50 Mar 2 56 Jan 4
14
*1212 1313 13
•14
143
13
Octi 6014 D
200 Reis(Robt)& Co
10218 103% 10414 1071 10312 105
10214 10345 103 105
No par 1128 Mar 3 181 Feb 23
104 105
12,355 Remington Typewrit
10 May 2814 Ju
110
510612
*4(
.
er----10
14
612
110
510812
0
110
953
8
*10514
Mar
127
2
109
Feb
3
1061
:10812
•1084 1191.
464 Jan
100 Do let pref
10
.,
9 *108 109 *108 109 *106 109 *108 109
100 10612 Mar 19 10812 Mar 10 100 Jan 1178 D
•15612 109'
2
,....
i iv, 104 ..34 11% 113
113* 1134
100 105% Jan 20 Ill Jan 5 103 Sept 10913 0
1112 1168 •1112 1112 3,500 Do 2d pref
11312 A
Replogle Steel
5714 545 5658 53% 5512 533
° 555* 55
5614 58
No
par
10
Mar
3
1578 Jan 4
55
1228June 234 Ji
16,200 Republic Iron & Steel
*93
9478 *92
94
100 4918 Mar 3 6328 Jan 7
*92
945* 9412 94% *93
9434
4218 Apr 648 Ji
95
400 Do prat
95
612 8%
100
634 63
*658 634
9234
Jan
612 638
2
95
Feb
612
3
68
8414July, 95
1,400 Reynolds Spring
J.
A34 5234 945 9518 941
No par
: 9428 9312 94% 29212 93
513 Feb 24 1028 Jan 5
9218 9228 15,300 Reynolds (RJ)
8 July
18
..11
'Fob Class B 25 921g Mar 19 9812
06% 29412 9412 92% 921
9212 9212 *89
93
*8612 89
Jan 5
724 Mar 9524 Ni
800 Rossia Insurance Co
.
55
4 1; 51 3 51% 51% 52% 523
25
86
5214 523* 517 523s 52
Mar
2
100
Jan 20
5214 5,200 Royal Dutch Co(NY
85 Jun
9712 F
..- 4‘.
- 5
4012
4112 411± 4112 42
shares)_ 50 Mar 3 5758 Jan 9
4114 4112 41
41
4814 Mar 573* J1
4,100 StJoseph I.ead
414 .-4 47% 4214
4712 475* 4758 54714 4758 47
10 4012 Mar 15 4818 Feb 10
47h
4714 47
47
3534 July 5213 MI
600 Safety Cable
*474 n,7
85
85
No
84
par
89
45
8112
Mar
867
8 8212 85
4 54 Jan 14
82
8334 22,900 Savage Arms Corporat
48 Dec 5012 D
8i
71 '
v s .
ion_100 75 Mar 2 10212 Feb 10
4812July 10858 MI
654 571:
64 V
634 5712
No par
7
546
334 413
1
6 Mar I9 1014 Jan 4
5814 5111', 5214 5114 5.
6
4
52's 1,7
11. Ni
9 Nov
1071 gtnuteeartcVale cotp57
514 51% 5138 52
par
62
50
5014 48
Mar 4 8012 Jan 28
51
50
5078 8,100 Schulte Retail Stores_
5113 Dec 5515 D
a .5212
.
.
4 113 11975 *113 1197 5113 114% .113 119% *113
_No par 48 Mar 18 13812 Jan 23 1014
Sept 13478 D
1197
8
200
Do
pref
11612 1.,`,...:*"14
14
100 11211 Jan 6 118 Jan 12 1141
14
1414 137$ 1378 137 1378 *135 14
Jan 118 Al
900 Beagrave Corp
No par
1212 Mar 3 1434 Mar 12
195 202
*134 On
.i
. 7
; 20012 204'2 20234 205
195 19812 193 19712 28,300 Sears, Roebuck &
134 Nov
164 Jul
2044.`" RKI• sal• 56
Co
100 193 Mar I9 2417s Jan 4 1471
5814 5513 5518 53
55
:Mar 23613 D
.5212 54
2.800 Shattuck (F (1)
56
No par 51 Mar 4 6988 Jan 4
404 Marl 92 Al
sales
°does;
this
no
on
day.
asked
s
Ex-dividend
a Ex-rights
•Kid and
Ex-50% stock dividend
b After payment of 900% stook dIvldend
1586
New York Stock Record-Continued-Page 6
For sales during the week of stocks usually Inactive, see sixth page preceding.
Pali ail An.
YISIC WIAICN
Range for Previous
Range Since Jan 1 1925
STOCKS
Sales
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Year 1925.
On basis of 10(3 share lots
NEW YORK STOCK
for
EXCHANGE
She
Wednesday. Thursday.
Friday.
Tuesday,
Saturday,
Monday,
MOWS
Lowest
Highest
Lowest
Week.
19.
March
18.
(arch 13. March 15. March 16. March 17. March
...
Per i per share I per share 2 Per Share $ per OM
Miscall.
&
Indus.
(Con.)
Shares.
share
per
5
share
per
share
$
per
$
share
per
share
$
I Per share $ per
3912 Sept 49 Deb
4 Jan 4
1
200 Shell Transport & Trading_r2 4314 Mar 16 48/
4334 4334
*43% 437g .4234 44
4314 4314 •4333 44 '4333 44
2158 Aug 284 Dec
No par 24 Mar 3 2818 Jan 4
2533 254 14,200 Shell Union Oil
2638 2512 26
4 26
1
2613 2634 2614 264 264 26/
9912 Jan 10614 Nov
100 103 Mar 3 10613 Jan 25
200 Do pref
10334 10334 "103 104
*10314 104 *103 104
10314 10314 *103 104
1734 Sept 2634 Jan
2
Jan
2853
3
Mar
2
1
/
20
10
Simms
Petroleum
221s 2314 15,300
2253 2332 2214 23
4 2334 2234 2333 2312 231
1
22/
3114 Mar 5453 Nov
4 Mar 17 5413 Jan 4
/
No par 441
40,500 Simmons Co
47
46
49
4 4814 4834 4433 4814 4433 47
1
4 x4814 48/
1
49/
109 Jan 14 1004 Jan 10613 DOG
29
Jan
10714
100
Preferred
110
*10812
•10812 110 "10812 110 *10312 110 *10312 1037 "10812 110
Jan 2474 Feb
17
2212 49,700 Sinclair Cons 011 Corp_No par 2013 Jan 20 2473 Feb 23
2218 2234 22
2234 2314 225 23
2253 234 2214 23
7834 Jan 9418 Feb
100 91 Jan 5 95 Jan 29
1,100 Do pref
94
92
94
93
9412 9334 94
*94
93
93
94
94
Mar 324 Nov
25
4
213
Jan
32
3
Mar
27
25
Co
011
Skelly
16,503
2378 2938
Ma 2914 2942 3012 2952 3014 2912 30
2914 30
8014 Mar 14312 Dee
12,000 Sloss-Sheffield Steel & Iron 100 10534 Mar 19 13612 Jan 4
116 11714 11412 11534 11714 11912 115 11612 111 11478 10624 111
62
Jan 1091s Dec
700 South Porto Rico Sugar---100 1084 Jan 2 14713 Feb 2
116 116
119% 11918 119 119 *116 119
11712 119
•11812 122
Feb 8
9934 Jan 11314 Dec
11713
8
Jan
113
100
Preferred
24 May
"115 11814 "115 119 *115 11814 "115 119 *115 11814 *115 11814
Dec
1318
19
Feb
4
173
5
No par 15 Jan
100 Spear & Co
1512 1512 "1512 1612
*1513 184 *1512 161 .1513 1612 "1512 16
784 Dec 92 May
100 78 Mar 4 824 Jan 13
Do pref
"7614 80 •7614 80
*7614 80
4 Sept
1
36/
"7612 80 '7612 82 '7614 80
Feb
5
Feb
154
4
/
311
3
Mar
21
par
No
Co
Spicer
Mfg
12,300
2634 2714 2514 2612 2414 2512 2314 25
2734 2512 27
27
92 Apr 108 July
100 101 Jan 12 105 Mar 11
100 Do pref
Oot
*101 1063 *103 10634 '102 10534 "104 10834 104 104 '99 102
Jan 61
4014
69
8
2
Feb
Mar
51
par
&
Gas
Co_No
El
Standard
13,800
553
5632 54
5518 5832 55
587
5518 5812 56
561
56
60 6412 Jan 5 5753 Feb 9
5012 Mar 564 Nov
100 Preferred
*5134 5514 *5134 55134
5314 *5112 56
'5514 561z 5614 5614 *55
62 May 88 Dee
100 7113 Mar 19 9213 Feb 4
Milling
Standard
1,800
72
x7113
74
4
723
7314 734 7312 731
7214 73
76
"74
Jan 8634 Dee
81
100 80 Mar 2 90 Feb 5
Do prof
89
*8312 92 '82
*8312 92
48313 90
*8312 90
"8312 92
5112 Aug 8714 Feb.
4 Mar 3 6214 Jan 2
1
5612 25,900 Standard 01108 California_ 25 54/
56'2 56
56
5612 57
4712 Feb
Mar
•5658 5713 5812 571s 565e 571
2
3
Jan
383
8
463
3
Standard 01101 New Jersey 25 4012 Mar
4 4213 4213 4278 4234 448 423 438 4278 4312 83,100 Do prefnon-votlng
/
4 411
1
4178 42/
100 11614 Feb 25 1181g Feb 23 11614 July 119 Feb
3 2,000
Jan
16
11713 11712 11712 11734 11734 11734 11734 1177 118 11814 118 1183
Aug
4
1
/
5
10
Feb
3
107
2
Jan
par
4
3
8
Co__No
Glass
1,500 Stand Plate
74 8
84 813
"84 9
*812 912 .812 94 "812 91
6214 Mar 82 Dee
No par 76 Mar 3 8812 Jan 7
4 4,200 Sterling Products
1
79/
78
8134 794 80
8134 80
81
81
81
81
964 Dee
81
Mar
55
2
72
2
Jan
3
7
Mar
par
92
p_No
Stewart-WarnSpCor
6,200
8153 8312
85
8014 8434 8312 86'4 8312 8514 82
4 84
/
811
61 Mar 8953 Oot
3.900 Strornberg Carburetor_No par 66 Mar 3 7714 Jan 4
70
"69
88,4 72
7313 74
731
71
z704 71
7212 73
4114 Jan 6853 Nov
55,200 Studeb'rCorp(The) newNo par 55 Mar 3 6133 Feb 23
4 5512 57
1
5753 5314 5612 57/
59
58
Mar 125 Sept
2 5733 58
1
1
5712 58/
Feb
112
121
23
Feb
11412
106
pref
Do
*118 119 *118 119 *118 119 *118 119 "118 119 '118 119
3 Oct12 Mar
1
Feb
4
33
2
2 Mar
No par
234 273 2,300 Submarine Boat
4
1
273 2/
3
3
3
3
4 3
1
2/
234 273
4 Jan 4
/
411
384 Nov 4378 Nov
2
3112Mar
par
No
011
Sun
2,500
3414
34
3412 35
36
*35
36
613 Feb
2 Dec
414 Jan 8
213 Feb 27
3534 3534 354 3512 "35
No par
800 Superior Oil
4
1
234 2/
4 *278 3
1
273 2/
275 3
4
1
273 2/
3
3
20 May 4133 Jan
100 23 Mar 2 2534 Jan 12
Superior Steel
24
"21
24
*21
24
*21
24
*21
24
*21
57$ Mar 1512 Oct
24
13
7
Jan
"21
3
Mar
10
50
America
of
Co
Sweets
*1018 13 "10% 13
"1018 1212 *10% 13
*1018 13
12
1012 Jan 2073 Sept
*10
75s Mar 3 1412 Jan 4
3.300 Symington temp etfs_No par
9
9
814 1014
1034 1034 1014 1034
1034 1034 *1034 11
1934 Dec 2818 Sept
4Mar 2 2078 Feb 4
1
2,100 Class A temp etfs____No par 16/
1918 1812 19
1614 Nov
4 1912 1913 1914 1914 19
1
x1938 19/
11 Aug
19
Jan
144
4 20
1
2
19/
Mar
12
par
Corp___No
Telautograph
14
*12
14
*12
1212
"12
14
*12
14
"12
753 Apr 16 Dee
14
5
Feb
16
"12
No par 1212 Mar 3
4,800 Tenn Copp & C
4 13
1
1313 12/
4234 Jan 55 Dea
5473 Jan 2
4 1334 1318 1333 1334 1334 1313 1333 13
1
13/
3
Mar
50
25
(The)____
Company
Texas
504 38.500
5134 5032 514 504 5078 50
4 Dec
/
4 5112 51
1
974 Feb 1211
11913 Jan 12 14234 Feb 19
5073 5114 50/
1
13018 13134 25,300 Texas Gulf Sulphur
4 Feb
1
4 13473 13353 13534 13212 13412 13013 133
1
4 Aug 23/
132/
1
10/
13253 136
10 124 Mar 2 194 Jan 7
4 1412 15,000 Texas Pacific Coal & 011
1
1343 1413 13/
1413 15
4 15
1
1473 14/
Dee
657
Apr
13
Jan
255
785
1412 1518 14
19
Mar
510
Trust_100
Land
147 Texas Pacific
510 525
535 550
555 555
580 580
600 600 *580 650
3214 Sept 3914 Oct
No par 29 Mar 3 34 Jan 14
The Fair
3.200
3013
x3012
4
303
304
3034
30
31
Dee
31
31
3
367
Sept
31
304
25
Jan
3114
3914
19
31
100 3334 Mar
4 3414 3434 3418 3412 3334 3414 19,100 Tidewater 011
1
Om
3413 34/
99 Nov 101
3453 35
3434 35
100 93 Mar 8 103 Jan 25
900 Preferred
*9412 96
96
9612 96
Oct
9612 96
*96
Mar
4
1
/
97
3
593
37
10
Feb
5812
3
Mar
9634 9634 97
8
447
par
4 5012 13,200 Timken Roller BearIng_No
1
4933 5112 49/
52
5233 52
Jan 10134 Nov
70
5134 52
5234 51
52
9534 Feb 16 11032 Feb 23
100
Corp
Products
Tobacco
8
91,700
1033
4
3
108
4
10612
10512 10713 10634 10312 10712 1094 1053
9313 Jan 11033 Nov
20
Feb
10613 108
113
3
Mar
103
J00
A
Class
2,500 Do
109 110
10933 110
4 May
1
5/
11012 11012 11018 111
313 Sept
454 Jan 4
11012 1101, 109 110
3 Mar 4
4 16,100 Transe'VIOnteractInew No par
1
312 3/
312 334
Jan
358 334
4 334
1
3/
334 334
2413 Sept 35
4 334
1
3/
Transue & Williams SVI No par 26 Feb 19 27 Jan 28
257s
*2413 2573 4.2412 2578 *24
Nov
*2434 26
8514
Mar
3813
•2412 2573 "2414 25
7
Jan
4
3
63
3
Mar
5412
25
Typewriter
5512
5412
Underwood
55
5512
5512
554
3.400
57
"56
5612
Oct
5514
86
Apr
53
57
36
5
57
Mar 18 7114 Jan
4914 4934 10,800 Union Bag & Paper Corp_..100 4812
4812 51
4934 53
55
4 Feb
1
Oet 43/
5312 52
33
5212 52
52
25 3714 Jan 20 46 Feb 5
61,300 Union Oil, California
June
4212 4434 4334 4458 4318 4453 4214 4312 4284 44
134
Dec
15
4214 43
Jan
94
94
25
Feb
85
100
500 Union Tan_ Car
91
4 91
1
*904 91/
93
*89
92
"89
88 . 89
91
"90
2 Feb 24 11612 Feb 3 11314 June 1171s May
1
100 113/
Do pref
100
11512 11512 *1154 117
4 Mar
1
•115 117 *115 116 *115 117 *11512 116
24 May 36/
No par 254 Jan 21 3112 Mar 17
14,300 United Alloy Steel
3078 3012 3112 304 3114 3012 31
30
30
3053 30
SO
6014 Jan 11512 Nov
25 834 Feb 4 9914 Mar 12
Stores
Cigar
United
34,700
9512
934
974
4
3
93
96
8
5
93
8
983
4 9314 9612 9434
1
4 121 Jan 21 114 Dec 13314 1:100
9414 98/
Mar
4
1
/
114
100
Preferred
1,000
11734 11818 11734 118 *11712 122 *117 120
•116"116 118
4 Feb 16212 Oct
1
4 Mar 3 167 Feb 4 110/
1
100 136/
4 14,700 United Drug
1
14834 14812 14334 14613 14112 14412 14012 142/
52
Jan 584 Nov
14412 14114 14514 147
4 Feb 25
1
50 5512 Mar 5 57/
5712 1,700 Do Lot pref
"574 5712 5712 5712 5712 5712 57
57
57
Dec 20 Mar
9
57
11
Jan
12
57
17
Mar
10
100
United
Dyewood
100
10 I.__ 12 .____ 12
10
12
12 .10
"10
246 Sept
Mar
16
Feb
2047
12
•10
297
&
7
100 238 Jan
1,300 United Fruit
26912 27412 265 265
271 271
273 273
1814 Apr 3313 Dee
272 27312 270 271
100 3112 Jan 6 3812 Mar 2
600 United Paperboard
"3212 33
33
33
34
34 .33
34
3312 34
344 35
1031a Oct
Dec
3
947
6
Jan
95
8
Mar
90
let
pfd_100
500 Universal Pictures
94
94 '91
*91
94
"91
94
9114 *91
90
26 Dec 5073 Feb
"9133 92
13,300 Universal Pipe & Rad__No par 184 Mar 2 2834 Jan 5
2134 2334 2112 2233 2058 2213 2034 21
2014 22
211
21
65 July 94 Feb
100 • 70 Jan 26 7813 Jan 5
500 Do pref
70
7013 7012 7014 7014 70
mos 71
*7114 74
Feb
70
70
8,200 U El Cast Iron Pipe ds Fdy_100 164 Mar 3 21014 Jan 4 1314 Apr 250
171 174
172 177
176 18234 17512 178
172 178
91 July 113 Aug
172 172
2
Feb
100 10014 Mar 8 104
800 Do pref
10114 10114
4 10134 102 "101 105 '101 105
/
4 1011
/
1011
3012 Feb 6314 Del
13
Feb
*101 102
6112
3
Mar
41
par
No
ett
tem
Corp
Distill)
US
16,100
45
4518 4712 4414 4634 4314
4717 4934 4653 4833 474 49
130 Mar 250 Dee
.
100
Do pref
_ *15012 _ _ "15012 __ '15012 - •15012 -- •15012 5213
*15012
Jan 494 Oct
23
4 Feb 4
1
2,600 U S Hoff Mach Corp v te No par 4573 Jan 2 59/
5114
534 -314 5012 -53
Oct
-% "5312 -54
5378 -54-5
7014 Dec 98
13
Jan
7512
•54 -ii
8
Mar
_100
49
Alcohol.
Industrial
14
U
11,900
52
5233
5414 5532 5312 5414 5212 54
115 June
Dec
102
13
5214 5414 5212 54
Jan
4
100 10114 Mar - 1043
200 Do pref
10114 10114 '101 102
102 102 *10114 102 .1004 102
•10113 102
Jan 4
3
717
1
Mar
53
par
USRealty&lanprov't
newno
15,800
55
53
54
53
54
5434 53
5633 5714 5414 5633 54
3313 Mar 9713 No,
100 67 Mar 2 8814 Jan 23
7238 6812 71 126,700 United States Rubber
4 7258 754 7114 7334 70
1
724 7533 7134 73/
9234 Mar 10873 Nov
100 104 Mar 4 109 Jan 19
10534 10534 10534 10534 2,000 Do 1st pref
10614 10613 106 10633 106 10614 106 106
30
2
Feb 51 Dee
3
Jan
4
1
/
49
Mar
40
50
Min
&
Ref
Smelting,
US
1,400
4258 43
433
4433 *43
44 '43
44
4 434 44
1
4438 44/
Apr 494 Dee
44
50 4814 Jan 12 50 Jan 4
100 Do prat
4834
"4812 4378 '4812 4878 *484 4834 "4812 4834 4813 12512
49
49
4 Mar 13014 Nov
1
States Steel Corp 100 120 Mar 2 13812 Jan 4 112/
United
307,300
12614
1234
12513 1284 12473 1264 124
138 Noe
1244 12634 12353 126
Jan
12718
May
2g
3
1224
Mar
10(1
12413
pref
Do
12514 126 "12513 1257a 12534 12534 1,300
5112 mar 594 NoV
12512 12512 12512 12578 12512 126
No Par 5612 Jan 4 63 Feb 19
1,100 US Tobacco
60
60
63 'CO's 63 "60% 61
60 "60
2g 10558 Apr 114 Sept
19
Feb
11413
614 614 60
Mar
112
100
Preferred
200
112
112
11212 1121
"114 115 *11214 115 *11214 115 "11212 115
82 Mar 111 Nov
10 96 Jan 28 105 Feb II
100 Utah Copper
99
99 '95
99 '95
*95
96
96
99
99 '96
33 Aug 38 Ana
•96
2,300 Utilities Pow & Lt A___No par 3112 Mar 19 37 Feb 15
321i 3112 317
324 3234 3214 3233 3212 32'3 32
33
327
16
29
3
33
Mar
2553 May 3434 Jul,
8
Mar
par
No
Corp
Vanadium
5,650
3014 3014
4 3114 3114 3014 31
1
3134 32/
4 NOV
1
1512
1514 Aug 26/
Mar
par
22
8
3
3134 3134 3112 32
Feb
No
100 Van Raalte
•1634 19
1(34 1634 "1634 20
Apr 80 Nov
60
4'1634 20 '1634 20 '1634 20
100 6814 Mar 4 75 Feb 11
pref
let
Do
74
"68
74
•68
74
*68
74
*88
74
34 July
Sept8
26
3
17
Feb
3
3
1
Jan
"684 74 '68
par
15
Chem___No
la
Virginia-Caro
200
4.1
114
114
114
*D4 114
11
114 "1
114
114
*Ds
4 Dee
1
No par 1632 Mar 18 2513 Feb 3
4 Dec 21/
1
17/
New
19,100
18
1712
19%
8
163
204
194
8
2033 2073 207
5 July
20
4 Feb IN
/
11
21
114 Jan 4
No par
78 Dec
20
300 Certlfle.ates
114
114
114 114 *1
114
•114
112 .114 14 "14 112
812 Jan 2312 July
100 10 Jan 30 11 Feb 3
Do pref
9
'7
"712 9
'9
12
12
*8
4 mar 20 Nov
10
*9
834 Mar 16 1113 Jan 7
12
No par
'9
°Os
Fret
700
9
'7
834 9
94 918
4 Jul?
1
4/
10
114 Jan 8
834 834
138 Jan 15
*9
No par
74 Aug
12
•9
Do "B"
114 '1
114
112 *I
*1
11
112 *1
4 Dee
1
5614 Nov 63/
112 "I
100 5514 Mar 2 69 Jan 4
•1
5514 5634 5,000 6% prof w 1
57
584 56
58
59
59
Mar 18 984 Jan 6
5872 597
9512 Del
Nov
9213
9214
100
60
60
prof
1
W
7%
4,100
93
94% 9414 9212 9414 93
Dee
9414 95
46
94
12
Jan
45
11
June
41
Mar
30
Coke
95 '92
100
Coal
&
94
iron
300 Virginia
45
45
46
45 .40
45
46
*45
46
*45
46
No par 2614 Mar 4 3253 Feb 10
74 Jan 2834 Dee
•45
2912 1,600 Vivaudou Or) new
2 2978 2914 291 "29
/
291
Jan
Aug
s
197
12
1413
4
1
/
Jan
19
2934 293
11
Feb
2934 30
17
par
No
System
2933 30
Waldorf
2,200
18
1812 1858 1812 1838 183* 1832 218
214 Dec 2414 Dee
No par 2014 Feb 211 23 Jan 4
1811 1873 1814 1814
1.700 Walworth & Co
2038 21
21
2034 213* 21
21
Apr 198 Dee
145 Mar 18 195 Jan 2 116
par
No
A
Class
_ing
Ha
Ward
$2011 2034 2034 2034 21
200
150
'140
4
145
145
150 150 •135 155
3714 Mar 954 001
No par 3912 Mar 18 8.53 Feb 1
"160 165 *160 165
403* 43 298,200 Class B
3912 431
4112 51
53
5954 4912 557
5912 63
9412 Feb 112 Da
No pay 101 Mar 19 110% Jan 15
1,400 Preferred (100)
101 102
10314 10314 103 103
27s Oct
1813 Jan 6
21
Jan
4
1
/
12
174 Dec
•105 110 *105 110 '105 110
10
A__
Picture/
Bros
Warner
400
15
141 '14
1475 147 "14
15
04 July
1412 15 "14
3
Mar
par
5013
3
443
Feb
•1412 1514
18
No
43 June
80(3 Warren Bros
46
4634 46
4634 4634 46
47
47
Apr10012 Dee
"4634 49
47
51
•46
Hellbr,•new.c No par 55 Mar 3 8512 Jan 13
&
Weber
1,800
61
6012
6112
60
60
614 6134 6173 x(012 60'l 60
61
Union Telegraph_100 13434 Jan 11 14733 Feb 4 11814 Jan 14478 Sept
140 14112 13913 14514 13634 1384 3,400 Western
140 140
3 121114 Feb 9
Apr 144 A1111
97
140 141 '139 140
114 11534 10,500 Westinghouse Air Brake__ 50 11113 Mar
114 115
1144 115
Jan
115 11513 116 116
116 117
Elea & Mfg- 50 66 Mar 2 794 Feb 10
6614 Mar 84
Westinghouse
12,300
1
70
7112 69 5
70
72
71
7112 7134 72
21
Jan
19
Apr 2013 AIM
le
154
914
Feb
7214 71
71
Instrument
1714 1653 1673 3,600 West Else
174 1733 '174 1733 1713 1713 17
17
2714 Jan 4 1112 Feb 24
1953 Mar 2873 Dee
17
A
Class
500
293g
2
s293
2912
'29
4 2934 2934
1
9714
2934 2934 '2858 28/
*2913 30
No par 118 Mar 2 130 Jan 27
____ ______ West Penn Co
____ •125
•125 ___. *125 ____ '125 ____ '125 ____ *125
a
el
Da
553 M
25
et 14
12212 Jan 13 12414 Jan 5 107 SO
ep
Certificates
3
Mar
3
957
101 Mar 11
94 Apr 100 J1117
Do 7% pf tem ctf new_100
16312
"oir iii-2 ioe" iiiii"2 ;6512 •
0i--4- f12 '9
Jan 6 97 Feb II
---- 1iii"
---- *99
8812
par
---- 103
A__No
*99
Electric
Penn
West
500
92
9312 *90
92
94
95 '9114 94 .91
*93
_
_
96
100 9613 Jan 8 10013 Feb 114
*93
100 Preferred
*974 9934
"9712 99
J lyi
u
9912 .9712 99
9912 '97
*97
99
99
100 West Penn Power pref-100 10814 Feb 10 112 Jan 16 1-04 - -Ja fil"
*110 112 *110 112
3134 Fen
22
Jan
29
Aug
ID
Feb
2513
4
3
2614
par
No
011
"109 112 "109 11012 11012 1104 *110 112
Eagle
White
4,600
2712
27
2712
274
28
4
273
AIM
3
3
23
10413
8
277
19
4
1
/
28
Mar
90
Mar
2712
724
Feb
II
574
50
2712 2734
2 7614 721g 7432 34,600 White Motor & S etts_No par 3113 Mar 4 3833 Feb 3
1
73/
4 754 77
1
3312 Dec 4933 AIM
4 7434 7614 7614 77/
1
764 77/
500 White RR, M
33
33
33
*3314 3312 33
3312
MaY
'33
34
4
1
/
3
4
1
/
5
15
Jan
Mar
4
6
Dec
2Ig
*323
2
etf-Steel
Spencer
34
334
213 233 3,600 Wickwire
214 214 '24 214
214 214
913 Jan 3473 Nov
5 23 Mar 10 34 Jan 4
24 233
212 24
2533 175,800 Willys-Overland (The)
264 23
4 2738 2534 265s 25
1
100
26/
724 Jan 12373 Dee
353 Jan 10 99 Feb 4
2 264 27
1
Do pref
2634 27/
9718 9714 9774 2,300
9712
98
k
7
9712
9772
977k
97
4
18
512
Mar
par
4
1
/
No
97
453 Dec 1334 Mal
Feb
10
98
98
5
300 Wilson & CO.Inc
412 *3
4
*412 5
"412 5
•413 5
17 Sept 60 Mal
100 17 Jan 7 174 Feb 2
*412 5
Do pref
20
*16
20
*16
Oct
20
*16
20
*16
222
19
Jan
20
Mar
Jan 220
4
16513
11214
25
"16
W)
(F
20
Co
Woolworth
•16
1711 17614 16512 1748 69,100
176 18212 17311 176
4 Jan 6
1
100 2634 Mar 8 44/
3514 Aug 793e J142
177 182
181 185
274 3,500 Worthington P & M
27
2712 28
28
4 28
1
2812 29/
76 Nov 88 Jan
29
100 7412 Mar 15 80 Feb 2
28
A
pref
30
Do
•29
200
77
"75
77
75 '75
75
58 Aug 764 Feb
100 5312 Mar 15 05 Feb 24
7412 7412 "7312 76
800 Do pref B
•7412 77
58
5614 "55
56
60
*55
54
2.71117
1
54
16 Mar 32/
534 54
55
-No par 2614 Feb 4 33 Feb18
55
2834 7,000 Wright Aeronautical
284 2934 28
31
29%
k
307
4
3
5934
28
1
Feb
4512 Mar 5714 001
Mar
11
51
par
No
Jr)
28%
2812
(Wm
800 Wrigley
2812 2812
5214 524 24134 5214
53
52
62 Sept 7014 July
"5213 53
25 6012 Mar 4 6414 Jan 5
53
,k Towne
Yale
200
1'5212 5412 '52
64
4
"633
64
s
"633
6312 6312
2278 Oct 4034 Oct
2Mar 3 3273 Feb 9
1
27/
6334 634 •6314 64
64
•62
2814 12,300 Yellow Truck & Coach--100 9314 Jan 2 9612 Feb 26
Ool
2912 2818 2912 728
Oct 100
110
100
2953 2912 3032 29
Preferred
800
2934 3012 29
96
"9214
96%
95
mar 9213 Nov
03
9612
4
8973 Jan
9614 9612
Nig 9512 9512 *96
95
9.900 Youngstown Sheet & T No per 75 Mar 3
7758 754 7612 7512 76
7614
79
7712
764
76
78
27614
_ ..
Shit day. S EIdlVl000'3. a Ex-rlgn
•B141 and asked prices 0000110 00
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan, 1 1909
Ulf ICZel011/(10 M40104 of.vtt1ne
BONDS
N.Y.STOCK EXCHANGE
Week ended March 19
vl
Week's
Range or
Last Sale
Price
Friday.
March 112.
U. S. G
ment.
lid
Ask
!
First Liberty Loan3W % of 1932-1947
1 D 101114, Sale
Cony 4% of 1932-47
J D 101 101 141
Cony 4l% of 1032-47
J 13 102342 Sale
2d cone 4i.(% of 1932-47
J Di 101142102
Second Liberty Loan48 of 1927-1942
M N 100 10042
Cony 414% of 1927-1942
NI t4110(1150 Sale
Third Liberty Loan434% of 1928
M 5,10140 Sale
Fourth Liberty LoanI
412% of 1933-1938
A 01102110 Sale
Treasury 4348
1947-1952 A 01107242 Sale
Treasury 412
1944-1954 J 13 104
Sale
Treasury 3)4s
1946-1956 hi s mous:tools:
Low
int
4,R
High No.' Leta
101124 101342
976
1
10215010213n 1552
1071142107130 169
10311,410441 205
10014u1,000. 550
10174
98/
1
4
9834
100
987s
874
974
10158
10914 Sale
10714 Sale
9234 Sale
8512 Sale
95 Sale
11332 Sale
99 Sale
8712 Sale
10714 Sale
9812 Sale
9912 Sale
84 Sale
10212 Sale
92 Sale
1065a 107
9412 Bale
994 Sale
10918
10714
9234
8518
944
11338
9812
8714
1074
9812
9918
84
10218
9158
107
9418
994
56
110
1074 18
941a 87
218
87
9612 295
1144 22
10
9914
8734 80
50
10712 2
994 21
100
85
17
10278 73
024 152
107
6
95
34
100
291
9934 100
9934
10134 Sale 10I3
10238 Sale 102
10278 Sale 10278
9834 984 984
10212 Sale 10212
10838 Sale 10814
10158 10134 10112
10014 Sale 10014
108 10812 108
9612 Sale 9538
4414 4534 45
110 11012 110
9914 9934 10012
100 Sale 9934
9834 Sale 9811
97 Sale 97
10038 102 100
96
987e 9812
904 Sale 8934
10234 Sale 10218
10134 Sale 1014
101 Sale 101
984 Sale 9838
2
9934
10214 21
10238 174
10312 6
89
7
984
15
9
10234 3
10834 21
10158
10114 70
2
10812 3
20
9714
4514 14
110
4
2
10012
10014
5
091e 39
9714 10
10012 16
9812 14
9034 15
10234 75
102
30
1014 40
9914 1861
78
177
125
247
112
23
178
136
Canada (Dominion of) g 58__1926 A C
5s
1931 A (
10-year 514.
1929 F A
Os
1952 M N
4345
1936. I
Carlsbad (City) a f 88
1954.3 J
Chile (Republic) extl s f 85_1941 F A
External 5-years 1 88_ .1926A C
20-year extl 78
1942 M Is
25-year f 89
1946 M h
Chile Mtge Bk 614, June 30'1957 J D
Chinese (Ilukuang RY) 58_1951 J
Chrletianla (Oslo) 8188
1945 A 0
30-year f (38
1954 M 5
Colombia (Republic )6545
1927 A 0
Copenhagen 25-year er 5148_1944 J J
Cordoba (Proy) Argen 78_1942 J J
Cuba 59 01 1904
1944M S
External 58 or 1914 Ser A_I949 F A
External loan 4!4s
1949 F A
Sinking fund 514a
19532 J
Caechnsloyak (Repub of) 88.1951 A 0
Sink fund 86 Ser 13 int ethi_1952 A 0
Ext'l a f 71413 Ser A
1945 A 0
1
Danish Con Municip 89 A 1946 F A
Series 13 af 88
1946F A
Denmark 20-year Os
1942 J J
Dominican Rep eon Adm s f 5858 F A
Custom Administr 5)4s
1942 M
Butch East Indies ext113a___1947
J
40-year 68
1962 M S
30-year extl 5149
1953 M S
go-year exti 5144
1953 M N
El Salvador (Rep) 8s
1948.3 J
Finland (Rep) extl 68
1945 M
External s f 78
1950 M
Finnish Mun Lit 63.4s A._ 1954 A 0
External 8 Ws Series B..,1954
2:4
French Repub 25-Yr exti s-1945 M
20-yr external loan 7128_1941 J D
External 79 01 1924
1949,J D
111 Sale 11034 III
22!
11034 Sale 11014
111
24
10234 Sale 10234
10314 41
10134 _ _ _ _ 103 Feb'26
__
98 Sale 98
9834 43
1044 Sale 10378
1044 58
134 Sale 10334
52
10214 Bale 1024
10234 42 '
10214 10234 10214
10214
21
10614 1061 10614
10612 69
8734 8812 8734
47
88
964 Sale 964
9718 183
9034 9112 9012
9114 13
90
9012 9012
904 11
1024 Sale 10218 103
230
9812 Sale 98
9834 278
89 Sale 8834
8934 305
German Republic eat] 78.-19491 A 0
German Cent Agric Bk 78___1950 M S
OA Brit & Irel (UK of) 514_81937,F A
10-year cony 63-44
192F'
A
Greater Prague (City) 7146_1952 M N
Greek Govt 7e
1964 M N
(Republic)
s f Os
Haiti
1952 A 0
gungarian Muffle Loan 7348 1945 J J
Hungary Wined of) 51 7140_1944 F A
Ind Bank of Japan 6% notes1927 F A
Italy (Kingd of) ext'l 78
1951 J D
10214 Sale
9634 Sale
105 Sale
11812 Sale
974 Sale
8534 Sale
98 Sale
8712 Sale
9534 Sale
10014 Sale
9412 Sale
Due July. 3Duo Aug
High
99,,A 0010,1
10042
100
1001421001542 698 100uss 101
1015s Sale 10112
9834 Sale 9818
984 Sale 984
9012 Sale 994
984 Sale 9814
864 Sale 85
9758 Sale 974
10112 Sale 10012
Japanese Govt £ loan 44
1931 J J 854 Sale
ears11310
1954 F A 94 Sale
Oriental Development 63_1953 M
887e Sale
Lyons (City of) 15-year 6s 1934
8414
mu/sales(City of) I5-yr 68_1934 MN 84 Sale
Sale
Mexican Irrigation 4Si a
1943 MN 3014 314
Ameenting at 4145
1943
extl
bee 1899 £245 Q J -5Ei4 -42-1-2
Mexico(U
Assenting 5s 01 1899
1945
3714 Bale
Assenting 5s large
Asaenting 58 small
Range
Since
Jan.
101 10 10150 334 9(Ptil
2 11)11
1010ol(11 1522
01 1m1
1021n 10230 125 101
.
n 021324
101142 01"
1011142Mar'26
State and City Socurities.
1
NY City-4 Ws Corp stock.1960 M 8 10012 Sale 10014 10012
3
4145 Corporate stock
1964 M S 10138 Sale 10058 10138
5
Corporate stock
1968 A 0
10158 Feb'26
4145 Corporate stock
1972 A 0
10114 Jan'26
434ii Corporate stock
1971 J D
10512 Jan'26
4145 Corporate stock _July 1967 J J
2
105
105
4146 Corporate stock
10
105
105
4348 Corporate stock
1963 M 8
10458 Mar'26
4% Corporate stock
1959 M N
9778
9778
2
4% Corporate stock
1958 M N
98 Feb'26
4% Corporate stock
1957 M N
9778 Mar'26
4% Corporate stock
1956 M N
9714 Mar'26 _
4% Corporate stock
1955 M N
Oct'25
96
4Si% Corporate stock_ _I957 MN
10514
105
6
454% Corporate stock . .1957 M N
10414 Mar'26 _ 3)4% Corporate stit.May 1954 M N
3
884
8814
334% Corporate stk_Nov 1954,MN
8834 Jan'26
New York State Canal im_491961'J J
10158 Jan'26
48 Canal
1942J J
10118 Mar'25
4143 Canal Impt
1964
J
11014 Mar'26
46 Highway Inapt register'd19581._
10278 July'25
Highway Improv't 4 Wa_ _1963 M
10512 Oct'25
Virginia 2-3a
1991.3 J
Feb'25
644
ForeIgn.Govornment.
Argentine (Nat Govt of) 76.1927 F A
S f fla of June 1925 ternp_1959 1 13
Exti s f Os of Oct 1925
1959 A 0
Sinking fund 68 Ser A._ _ _1957 M
External 6s Series 11. Dec 1958.3
Argentine Treasury 58 L..l945 M S
Australia 30-yr 541._ July 15 1955.3 J
Austrian (Govt) sf78
1943,J D
Belgium 25-yr ext sf754a g 19451.1
20-years(86
1911 F A
25-year ext 614s
1949 M
Extl a f (is Inter Ma
19551 J
Exti 5 f 76 inter ate
1955 .1 D
Bergen (Norway)8 f 88
1915 MN
25-year sinking fund 68_1949 A 0
Berlin (Germany) 6148
1950 A 0
Berne (City of) 8 1 88
1945 M N
Bogota (City) ext'l 5 f 88_ _1945 A 0
Bolivia (Republic of) 88.,..l947 M
Bordeaux (City of) 15-yr 68_1934 M
Brasil U S. external 88
1941 J D
78 (Central RY)
1952.3
7145(coffee serur) C (flat) 1952 A 0
Bremen (State of) 001
M h
Buenos Aires (City) ext.!6)4sI955 J J
1587
Wade few changed and ort-es or. now -and Interest" -accept far Inches, and defaulted honds
10112
96
1044
11838
9712
8534
9714
8714
96
100
94
10258
9634
10514
11834
9834
86
98
88
9612
10014
944
438
54
103
152
35
7
28
53
67
388
403
8573
8614 76
94
9412 201
8812
89
30
84
8514 21
84
86
63
30 Mar'26
301
30
2
4212 Feb'26
36lit
3711 13
4014 Jan'26
3Ve MaY'25
p Due Nov. a Option sale,
10034,0144
1)1,*44 021122
ite1141 083.4
0 04110
102.
101..1342 001724
100
101
loots 1014
191112 101158
1004 101 14
10512 10512
40
01538
10458 10512
10412 10538
9734 Mt
98
£.8
974 98
9714 9714
10412 10514
10114 10512
8734 8834
81334 8834
10158 1014
BONDS
N.Y STOCK EXCHANGE
Week ended March 19.
Price
Friday.
March 19.
Week's
Range or
Last Sale
;
1 ti3
Bid
Ask Late
High No.
Mexico (Concluded)1
thdd deb 40 of 1904
195411 D ____ ____ 274 Jan'26.---Assenting 46 of 1904
224 2312 224
23
7
Assenting 48 of 1904 small__
Assenting 48 of 1919
1--i .
i5i2 -211-2 P14
04 Aug."
Oct'25 .___
---Assent.ng 45 of 1910 large.- ____I -__. - - - - '
•
Asse ting 48 01 1910 small_ _ _ ____
24 Sale 2312
2412 23
1 reas 6,01'31 assent (large)'33 J J, 41
4512 43 Feb'26 .--Small
1 4 2 Sale 4112
41 12
9
NontevIdeo 75
1952 .1 13 9812 Sale 9812
9914 30
Net herlauds 623 (fiat prices) _.197'J M 4 1116-8 Sale 10012 107 , 41
30-year external fls(110_1954 A 0 103/8 Sale 10334
10414 59
Niorway 20-year extl 65
1943 F A 1014 Sale 101
101 12 36
241-year external (is
1944 F a 10114 Sale 101
1015a 60
30-year external Os.
1952 A 0 101 Sale 101
1004 46
441-year a f 512s temp......1965 J D 90 Sale 96
954 87
Oslo (City) 30-year a 1138_1955 M N IOU Sale 1011
1094 49
1
Panama (Rep) extl 5348_ _1953 J 13 102 103 10234 10234I 54
Peru (Rep of) external 89_1944 A 0 10258 Sale 10214
103 , 11
Esti sink fd 714s temp_1940 NI N 973a Sale 97
9718 1,..8
Poland 'Rep of) gold 6s
1940 A 0 6734 6814 68
6814
9
Eat) sink Id g 88
1950.3 .1 8912 Sale 8914
89-e 159
Porto Alegre (City of) 8s
1961 J D 10014 Sale 1004
101/14
1
Queensland (State) ext 2 f 73.1941 A 0 11034 III 11034
111 I 29
25 year external 68
1947 F A 104.1 Sale 10414
10514 28
Rio Grande do Sul extl s f 88_1946 A 0 10712 Sale 19012
102 1 42
lUo de Janeiro 25-yr s f 88..1946 A 0 101 Sale 1004
10112 40
25-yr extl 88
1947 A 0 10018 Sale 10012 101
49
Rotterdam (City) extl 08
1964 1W N 10438 105 111412 105
16
I
Sao Paulo (City) s f 88
1952 M N 103 10312 10212 103 I 13
San Paulo (State) ext 81 88_ -1930 J J 105 Sale 105
10512 14
• External s f 89 lot rects 1950
J 10414 Sale 103
10412 110
Seine (France) extl 75
1942 J J 8718 Sale 8718
8812 78
Serbs. Croats & Slovenes 88_1962 M N 9214 Sale 92
92-8 108
1-1111-4 Soissons (City) extl 68
1936 M N 8374 8474 84
6
84 1
Sweden 20-year 6s
l0514
1939.3 13 1042 Sale 1944
37
1924 M N 19234 Sale 10212
External loan 53413
10234 120
Swiss Confed'n '20-yr•f 88_1940 J J 11612 Sale 1164
11634 67
Switzerland Govt ext 510_19413 A 0 195 Sale 1044 105 1 116
Tokyo City 56 loan of 1912_ _1952 M S 6912 Sale 69
70
5
10012 10215 Trondhlem (City) exti 6146.1944 J J lt1014 Sale 100
1004
8
96
911
Upper Austria (Prov)
J D 9234 Sale 90
9234 89
9578 99
Uruguay (Republic) ext. 88_1940 F A 109 Sale 10878
1094 14
9614 100
Zurich (City of) a f 88
A 0 111712 108 108
10814 16
9534 101
88
85
Railroad
1
I
964 98
Ala CR Sou 1st cons A 55-1943 J DI 101% 102121017s Mar'26 ----I
loots 10234 Ala mid 1st guar gold 5s____192,8 M N 111018 102 101
Feb'26 --Alb dt Sum Mlle 3148
1946 A 0 85 Sale 85
I
8.1 I
1091a 111 14 Alleg & West hit g 49 gu
1998 A 0 8214 ____ 84
Oct'25 --107 1085a Alleg Val gen guar g 411
1942 M 8 92.5) 94 1 94
Feb'26 -9234 95
7674 79
Ann Arbor 1st it 48.......July 1995 Q J
774 Mar'26 854 874 Atch Top & S Fe-Gen it 48_1995 A 0 904 Sale 90-18
9,12 185
944 9734
Registered
A 0 ---- --__ 8814 Mar'26 --11314 115
Adjustment gold 4s__July 1995 Nov 8514 854 8514 Mar'26
98 10012
Stant ped
854 14
July 1995 M N 8512 Sale , 8514
8634 88
Registered
MN 8212 ____, 8314 Jan'26 -74
10
36
Cony gold 45 1909
19552 13 844 ____ 1 87 Feb'26 ..._
9634 100
Cony 48 1905
____ 88
88 I
1
1955 J D 85
1108
0 14
Cony g 4s Issue of 1910_1960 2 13 84
884 804
884
3
8212 864
East Okla Div 1st g 48_192• M 8 100 Sale 994
25
1110
10138 104
Rocky Mtn Div let 48_ _..1965 J J 8734 884 8712 Feb'26 __894 94
Trans-Con Short L 1st 48_1958 J J 895, 90 1 89 Mar'26
10512 1074
Cal-Arts lst & ref 4146 A-1962 M S 954 9618 9514 Mar'26 ---94 9618 AU Knoxv & Nor 1st g 58_ -1946 J 13 10312 ____ 103 Irec'25 -974 101
97
9834 9634 Mar'26 --AU & Churl A 1.1st A 4149_1944 J J
ist 30-year 58 Series B
1944 J J 11)3 19314 193 5iar'26!-- __
9934 10014 Atlantic City let cone 48
1951 J 11 85 ---- 854 July'251.___
10138 10212 AU Coast Line let cons 48...51952 M S 934 95
934
944
10112 111-118
1052 21
10-year secured 78
1930 al NI 0/5541 Sale 10538
478
4,
106
063
258
19
I
95
General unified 4145
1964 J 13 -- ____ 95
L & N coil gold 4a____Oct 1952 MN 924 Sale 92
Ms
7
101:2
2
Ati & Dane let g 48
78
17
1948 J J 78 Sale 78
10712 10934
68
68
68
2d 4s
1
1948 2 J 67
11)23, All & Vail ist g guar 4s
78 Mar'261949 A 0 7712 78
10018 10212 Austin & N W 1st go g 5s
1941 J J 100 11.11 10018 Mar'26 _9
108
0834 ,
194
Balt & Ohio lag 4a____July 19481 A 0 9034 Sale 9034
91 14 65
4874
45
Registered
July 1948 Q 3 89
'
7 ---- 911 Mar28 - - - 1,3
2
111:18112
9939,933338.1444 1:11070
110
10-year cony 4148
9618 239
1933 M 8 9574 Sale 954
Refund & gen 58 Series A-1995 J D 9512 Sale 0412
94.0 129
1st g 5s
19312 78
1948 A 0 1024 Sale 10234
11)-year 133
19292 J 10238 Sale 1024
013
118
Ref & gen 68 Ser C
1955 J D 106 Sale 10534
110312 59
91 Sale 9034
P L E & W Va Sys ref 42_19411M N
9114 26
19
9
08
5014
4
24 110
°
00
9
34
Southw Div let 58
19803 .1 99Ie Sale 99
994 166
8834 9034
Tol & Cln Div 1st ref 46 A_I959 J J
77 Sale 77
774 18
Battle Cr & Slur let go 38..1989 J D 004 ___ 624 Feb'26
334
4 Beech Creek let go g 411
534
4 1023
10
30
95
1936J J 9374 -95
95
1
10012 10212
Registered
J D 924 95
9034 Nov'25
Beech Cr Ext bet g 334a____1951 A 0 80.. 774
77' Dee'25
Big Sandy lat 48
1944 .1 13 9034 -904 INN Mar'26
11018 112
Bost & N Y Air Line 1st 43_1955 F A 7312 Sale 7312
7312
4
19
238 Bruns & W 1st gu gold 4s
13
078 19
19
1938 .1/ J 934 94
9313 Jan'26
10234 10334 Buffalo R & P gen gold 58_1937 M 5 1008 10178 1014
101,
2
3
10112 103
Consol 4148
89
1957 151 N 8834 Sale 8812
16
Registered
M N88 8714 Feb'26 _10378 10514 Burl C R & Nor bat 58
1934 A 0 IOU, ____ 10114 Feb'26 --___34 105
lo3
10112 1034 Canada Sou cons go A 56.-1962 A 0 10312 Sale 10312 103514 28
102 10314 Canadian Nat 434s_Sept 15 1954 M
9312 Sale 9312
934
10
103 11.1634
5-year gold 434e .Feb 15 1930 F A
9818 9918 984
99141 72
87
90
Canadian North deb B I 78_1940 J D 11518 11534 1154
11538 24
9.512 98
20-year f deb 634s
53
1946 J J 11758 Sale 11758 118
90 924
10-yr gold 4 Ws_
9718 9714
Feb 15 1935 F A 97
9714
4
90 924 Canadian Pac Ry 4% deb stock_IJ J 8258 Sale 814
8238 84
1005, 10312 Carb & Shaw bet gold 48_
1932 M S 9534
934 Oct'25
9718 994 Caro Cent 1st con g 46
8178 Mar'26
19382 13 8218
Caro Clinch & 0 1s1 3-yr 88.1938.3
884 91
101 14 10212 10218 Mar'26
1st & con g 68 Ser A
19522 D 1074 19812 10712
1117341
6
10138 1024 Cart & Ad In gu g 4s
1981J D 804 ____ 8134 Mar'26
97
94
Cent Branch U P 1st g 4a
81
1948 J D 80
8018 Mar'26
10414 10612 Central of Ga 1st gold 58_4,1945 F A 10418 __ 10412
10412,
6
1174 119
Consol gold 5s
1945 M N 103 Sale 10238
103141
5
934 99
Registered
974 ____ 10138 Feb'26
M N
10-year secur 66____June 19292 D 103 Sale 10212 103 I 23
854 874
9534 984
Ref & gen 534sSer 13
1959 A 0 10334 1944 10312 104
9
87 8858
Chatt Div pur money g 48_1951 J D 8618 ____ 8712 Feb'26
9438 98
Mac dr Nor Div lat g 5s 1946 J J 994 __ 100 Dec'25
9934 10078
Mobile Division 58
1946.3 J 101
____ 99 Dec'25
94
944 Cent New Eng 1st Cu 4s
1961 J J 70 Bale 70
71 I
6
Central Ohio Reorg 414s..„1930 M
9812 ____ 9834
984
5
8358 87
Cent RR & Hof Ga colt g 53_1937 M N 9878 9918 984
9238 9412 Central of N J gen gold 58_1987 J J 10914 Ill 110 Feb'26
110
5
8914
85
Registered
1987 Q J 10813 ____ 1084 10858 31
8234 8014 Cent Pac 1st ref go g 4s
1949 F A 9014 Sale 90
9014 12
8234 864
Mtge guar gold 3348
k1929 J D 9714 ---- 9034
974
31
30
Through St L 1st gu 4a1954 A 0 8814 Sale 8814
8934 291
284 344
Guaranteed g 5,
1960 F A 9918 Sale 984
9914 55
4212 453e
3412 43
3734 404
Raw.
Since
Jas, I
Low
Iltob
2714 274
2213 2912
---- ---.
13;
5 -3i7e
n
2344 294
43
47
4112 47
96 100
1064 1094
1034 1044
10014 102
1004 10214
01 1024
95
974
984 101
1004 10234
10112 105
97
9834
6712 6834
88
91
9858 101/
1
4
11012 114
1044 106
984 102
9714 1024
97 1014
104 1034
101 10474
1024 1064
10112 1044
854 904
91
94
83 85
10412 10544
10112 1035s
Ile% 117'4
103 10414
67
704
993,101
90 924
1084 111
1074 1104
1 17a 1917
,
101 1014
844 85
925g 94
757s 7872
694 914
884 90
81514 Be
8412 861s
834 834
8434 87
8413 88
8312 8614
9834 100
864 8712
8390
947s 957a
9614 97%
10274 1031s
(
4
. 14 -94-3-4
10514 107
944 964
9152 9414
7712 781s
08 695s
7712 784
10018 10018
894 92/
1
4
8836 90
94
964
934 97
1024 104
1025s 1034
104 107
8914 911
/
2
98 9944
7414 78
6214
61
93 95
-9
-114
734 7612
934 934
10112 1024
8712 90
874 874
1004 1014
10271 104
934 944
98/
1
4 99%
1147a 1174
117 11814
984 974
804 834
-lit; -Rai
102 10372
1071,1084
814 884
794 83
10311 10412
10212 10334
10158 1014
10212 1034
1014 1041
,
864 874
9834 9834
984 984
10858 110
10838 10834
884 9112
9634 974
874 894
974 995s
New York Bond Record-Continued-Page 2
1588
BONDS
N.Y.STOCK EXCHANGE
Week ended March 19.
Price
Friday.
^se. March 19.
Range
Since
Jan, 1
Week's
Range or
Lau Sale
High
Nigh No. Low
Ask Low
Bid
i .7 11814
11212 Feb'25 _ _
Charleston & Savannah 7s1938.3
8 1-06
- 51-2 101
101
Chez;& Ohio fund & kept 58_1929 .1 .7 101 10114 101
1939 M N 103% Sale 1034 10312 28 10238 104
1st consol gold be
1014 Nov'25
1939 M N
Registered
9412 80 92 9412
1992 M S 94 Sale 9354
432s
gold
General
_
9018 July'25
1992 M 13
Regeletered
09
9834 96
4
1930 F A 9834 Sale
20-year cony 4%a
971
124 15014
14814
14212
14518
Sale
0
30-year cony secured 548_19461A
130 14312
_ 14312 Mar'26 A0
Registered
_
9812 Dec'25
1940 3 1 9734
Craig Valley let g 58
Potts Creek Branch let 4s_19481.7 J 80 85 83 Oct'25
1 -155-4 8712
8712
8712
R & A Div 1st con g 4s_1989,J J 87% _
1
84
827s 8411
19891 J 83% 87 84
2d consol gold 48
Warm Springs V 1st g 515-1251 M 13 934 100 9854 Oct'25 - _ _ _
- fin
68 Mar'28 ---Chic & Alton RR ref a 38_ _19494 0
84 6754
6678 68 67% Mar'26
CU dep stpd Oct 1925 lilt
51% 5818
5714 220
Railway first lien 330_ _ _1950,1 .7 5534 Sale 5558
5612
51
5334 10
5334
Ctfe dep Jan '23 & sub-coup_l___ _
5 43314 88
85
Chic Burl & Q-Ill Div 3348-1949 J .1 84% Sale 84%
8412 8434
13 .1 8118
8412 Feb'26
Registered
3
91% 934
92%
1949J .1 9212 93 9212
Illinois Division 414
9634 10014
Nebraska Extension 48-1927 M N 100 Sale 99% 10014 14
5
9912
M N 9812 99% 9912
Registered
5
11 Oa
,
16
8
927
923
8
92%
923
4
M
S
1958
General 48
10412 32 1024 10412
197I 1 F A 10414 Sale 104
1st & ref be
014 614
22
52
4
513
Sale
4
0
513
544-1927,A
Rye
Conn
&
Chic City
10618 10618
Chicago & Eas4 Ill Is 6e_ _19341A 0 108 10714 0612 Jan'26 -7315 7812
- 1951 MN 75 Sale 757634 177
C & E III Ry (new co) gen be.
10158 102%
-0234
Mar'28
1025
4
N
M
1982
be
-ChM & Erie let gold
8714 105 644 6812
Chicago Great West let 4s 1959 M S 8618 Sale 6618
Chic Ind & Loulay-Ref 6s19473 .1
1947 .7 J
Refunding gold be
1947 J .1
Refunding 48 Series C
1966 M N
General be A
May 19663 .7
General 68 B
Chic Ind & Sou 50-year 48_ _1956 J J
Chic LB & East let 43414._ _1969 .1 D
C M & Puget Sd let gu 4e__.19491 J J
Certificates of deposit
ChM & St P gen g 4eSer A_e1989!J 1
General gold 3348 Ser 13._e1989 J .7
Gen 435e Series C___May 19893 .3
Gen & ref Series A 4348.-a20141.4 0
Certificates of deposit
Gen ref cony Sec B 5e---02014 V A
Certificates of deposit
19353 .1
let sec (341
D
1932•
Debenture 4 Ms
Certificates of depogit---I__
ititi5 .1 -1.•
Debenture 48
Certificates of deposit
193413 J
25-year deben ure 4e
Cerlficates of deposit
IJ J
5e_1928
Div
fly
Chic & Mo
Chic & N'weet Ext4e___ I 886-1926 F
1886-1926 F
Registered
N
1987
General gold 33414
IQ F
Registered
N
1987,M
4s
General
1987,M N
Stamped 4e
19871M N
General be stamped
1879-1929 A 0
Sinking fund 68
IA 0
Registered
1879-1929 A 0
Sinking fund be
1879-1929 A 0
Registered
1933 M N
Sinking fund deb be
'MN
Registered
1930 J D
10-year secured 78 g
M S
-1938
63414
secured
15-year
May 2037,J D
let & ref g be
Chic RI & P-Rofltosy gen 401988,1 .7
Registered
1934
Refunding gold 4s
Registered
3
112
112 ___ 112
3
101
10012 ____ 101
8512 90 80 Jan'26
33
96
96 Sale 98
7
10814 Sale 1077* 10814
1
90
8918 ____ 90
947s 96 9414 Nov'25
4713 49 51 Feb'26
4712 48 517 Feb'26
b
8212
8218 Sale 8218
_
7112 724 7112 Mar'26
22
92
9112 9178 915
10
50
4834 50 50
5038 32
4838 497 49
4912 66
4858 Sale 4812
494 48
4814 4818 4814
104 10412 10412 10412 46
8
50
4815 4918 4834
4814 11
4814 4878 4814
18
49
4838 Sale 4812
4812 122
4812 Sale 4814
7
50
4812 4914 49
4812
4814 4878 4812
993 Sale 993
993 ---8
9958
9958 100 995
9912 100 9938 Jan'26
2
7612
78
7612 76
7212 July'25 - 8
87
8778 87
3
87
85
87 87
105
6
334 Sale 105
105
104 1043 1057* Feb'26
1033 Feb'26
- 102 Feb'26
10114 10134
_ 10012 Jan'26
1
il-)435.8 Sale 1005s 10058
10014 Dec'25
49
108 We" 10734 108
1
1128 1125s 11234 11234
10112 29
101 10112101
8818 20
8512 Sale 8512
5
8412
8412
8914 268
8918 gale- 89
8814 Jan'26
ChS L & N 0 Mem Div 48_195111 D
0 St L & P let cons g 58- _1932114 0
Chic St P M & 0 cons OIL-1930,J D
Cons 61 reduced tO 33417-1930 Li 0
1930 M S
Debenture 58
Stamped
J I)
_1960
be_
let
East
So
&
Chic T H
Dee I 1980 M 8
5s
Inc
Chic Un Sta'n let in 4351 A1963.3 .1
19633 J
let be Series B
1944 J D
Guaranteed g be
J
19633
C
Series
634.
18t
Chic & West Ind gen g 6s_ _D1932 Q M
1952 .7 .1
Consol 50-year 43
1982 M S
let ref 534i ger A
Choc Okla & Gulf eons 5e.....1952 MN
J .7
_1937
_
43214_
gold
2d
D
&
Cln H
F
0 I St L & C let g 44-Aug 1938 Q
Aug 1936 Q F
Regkrtered
N
M
1942
g
414
Chi Leb & Nor gu
Chs S & CI cone let g 48-.1928 J J
8634 Sale 8634
102
10138
10314 Sale 102%
-- 93%
934
8934 Sale 99%
9912 100 00
8712 Sale 8712
78 Sale 78
95 Sale 94%
10234 Sale 0234
10014 Sale 0014
11734 Sale 1714
10512 10612 054
8418 Sale 83
104 Sale 0334
_ 0238
10258
9618 98
96
9414
9314-..
9258 9312 92%
91
90
90
10014 101 10012
Cleve Chi Ch & St L gen 44_1993 J D
1931 J J
20-year deb 43.28
1993.3 D
General 58 Series B
Ref & impt tle Seek& A-1929 J J
19413 J
fie Series C
1963
5e Series D
Cairo Div let gold 4i_,...1939.3 J
1991 J J
4s
g
Ist
Div
M
&
Cin W
N
St L Div let coil tr g g 44_1990 M
MN
Registered
S
M
4e.___1940
g
let
Div
Spr & Col
W W Val Div let g 42-.1940 J J
J
0C C & I gen cons g 6e____1934 .1 0
Clay Lor & W con 1st g 541-1933 A
Cleve & Mahon Val g 58___1938
1935M N
CIA Mar let gu g 4SO
.1
CI & P gen gu 4/4e Ser A-1942 J
1948 M N
Series C 330
A
F
1950
Series D 3%8
Cleve Shor Line let n 4341_1961 A 0
1972 A 0
Cleve Union Term 534._
1973 A 0
1st s f be Ser B
D
Coal River fly lit gu 414.-1945 J
F A
4e1929
g
lot
South
Colorado &
Refunding & exten 4348..1935 MN
1948 A 0
Col & II V let ext g 48
1955 F A
Col & Tol lett est 48
0
Conn & Passum fly let 48_1943 A
1930 F 14
Consol IV deb 45
1954 .1 1
Non-cony 45
Non-conv debenture 48_1955 J J
Non-cony debenture 444-1958 J JJ
I
Cuba RR let 50-year 58 4-1952
1938 D
let ref 73411
88_ _1966 3 .1
Cuba Northern fly let
i J
Day & Mich let cons 434e-1931
8512
8538 8512 8512
4
99
9812 99 9834
1023s Feb'26
10314
103 10318 10278 10314 54
1
10514 10578 10514 10514
71
101
101 Sale 100
___ 91 Feb'26
903
2
8234
4-8414 8234
825s
8434 -___ 8512 Feb'26
8314 Feb'26
8212
Feb'26
8934
88 ____ 8734 Jan'26
1067a ____ 1067* Mar'26
7
10138 ____ 10178 102
_ 9858 Dec'25
- -4 9638 Mar'28
9914-993
9814
1
10112 10112
10118
8158 -85 8512 Sept'2'
817s 8534 8334 Nov'25
9812 9914 9812 Mar'26
33
10634 Sale 10634 1071
21
1021
102 Sale 102
8738 10
87% Sale 87
OWL
987s 13
9834 99
30
971
9614 Sale 9614
8718 Jan'26
87
8814 90 8414 Apr'25
8212 Jan'26
8111 -___ 8014 Feb'26
6718 -___ 88 Mar'26
8718 71 67% Mar'26
6718 70 138 Mar'26
5
93
9234 Sale 9218
4
10814 Sale 10614 10612
31
9554
9512
Sale
9534
9814 -___ 98% Feb'26
A
MA
0
IAA 0
a Due Jan.
8634
102
10314
Oct'25
9934
Mar'26
8812
7912
95
10234
100%
118
Jan'26
8434
10414
Mar'28
Mar'28
Feb'26
Dec'25
Jan'26
Mar'26
504 -IA
5114 5218
8138 8318
7014 7118
goss 924
49% 53%
4812 5318
48 5314
4712 53
10212 108
48% 53%
4734 5314
4778 534
4712 53
49 5333
4812 53
984 99%
99% 99%
99% 9912
74% 7812
15-4 -gW-L
8558 80
104 107
104 1057s
10334 10334
low:102
10013 10012
100 10114
107 1-11g11114 113
9950 102
85 87
8412 8411
8713 894
8814 8814
2 8634 87
1 10134 102
7 10278 10412
4 Isi; 1169818 100
30 87 90
43
78 8134
9418 954
7
5 10258 10314
27 100 1023s
.52 11578 11812
10514 10514
85
81
10
59 7004 10414
10238 1034
96 96%
93% 9414
t) Due Feb. e DIII) May. •Due Oct. p DUG Dec
111% 11218
101 10112
79% 80
92 96
10314 10814
89% 9012'
8918 90
7004 10012
85 8534
974 99
10238 10234
1004 10313
105 107
99% 102%
9118
91
8134 8314
awl 8611
8314 834
89 b9
874 5734
um% unh
lima 102
WI; lif4
1014 10112
Price
Friday.
March 19.
BONDS
N. Y.STOCK EXCHANGE
Week ended March 19.
Ranee
Mee
Jan. 1
.1
WearsRange or
Last Sale
Hill
Low
9058 93
10812 11614
10278 10518
107 110
9414 9414
8538 8834
89 91%
98 98%
6414 7014
4718
44
42 47
Del &Hudson let & ref 4e___1943 MN
1935 A 0
y be
n4
year 8
-y
co34
.
0
18
3
1937 M N
D
19303
78
secured
10-year
0 RR & Bdge 1st gu 4s g_1936 F A
Den & R G-let cone g 4s-1936
19363 J
Congo! gold 430
1928 J D
Improvement gold 5e
Deo & ItO West gen 58_Aug 1955 MN
i)esM&FtDi,tgu4s.1935J J
Temporary Ws of deposit
Dys Plaines Val let 432e_ _ _ _1947 M N
rzet & Mack-let lien g 444_1995 J D
1995 .1 D
Gold 48
Detroit River Tunnel 4315_ _1961 M N
J
1549 Miseabe & Nor gen 58_1941
& Iron Range let 5s._,,1037 A 0
0111 Sou Shore & All g 58.-1937 J J
Ask Low
Bid
92
9238 92
11112 Sale 111
10438 Sale 10334
10712 108 108
9414
8712 Sale 8714
91
9178 914
98% Sale 9812
6518 Sale 65
44
49 44
42
43 43
93% -- -- 9312
71
72 72
65
70 65
95% Sale 95%
103
102%
10118 102% 10118
8712 Sale 8714
High Na.
9212 11
115% 395
10518 14
4
108
Feb'26
8758 128
5
9178
9858 81
6712 182
Feb'28
5
43
Feb'25
Mar'28
Mar'28
9514 38
Oct'25
Mar'26
2
8718
Mut fly Minn Nor Div let 4s_'48 A 0
Dew T Va & Ga Div g 58_1930 J J
Cons lot gold 55
M N
66 MN
941
gist° Joliet Eaet let g bs_ _19
1985 A 0
rti Paso & W let bs
S
M
1930
ext..
7e
gold
let
e
coneol
Air
19963
1st eons g 4e prior
19973 J
J
1996
i gen lien g 48_
letRegeonerred
19963 J
Registered
1951 F A
Penn erA: trust gold 4e
1953 A 0
54' year eonv 48 Ber A
1953 A 0
do Series 14
Den cony 44, Series D....1953 A 0
.1
Erie &Jersey 1st f 88_ _ _ _1956
J
Genesee River let 8 f 58_1957
J
1940
g 3%a B
Erie & Pitts
19401 J
Series C 3328
91
92 904
100% 10078 10
0044
103% Sale
10214 105 0258
10318
0278
108 Sale 0713
7678 Sale 7813
118
86 Sale
65
5144
968 1/4 96%
6958 Sale 69%
6978 Sale
714
76%
6
7714 Sale 108
106 Sale
10814 Sale 106
88
84%
Dec'25 _100
4
78
3
8
33
Fla Cent& Penn let eat g bs_1930 J J
1943.3 J
Consol gold 58
Florida East Coast 1st 434,..1959J D
1974M S
1st & ref be Series A
Fonda Johns dc Gloy 435e.....1952 M N
Fort St U D Co let g 4358.__1941 1 J
W & Den C let g 53444.--1961 J
Ft Worth & Rio Gr 1st g 4e1928 J .1
Frem Elk & Mo Val lot Oa__ _1933 A 0
1931 MN
GH&SAM&Pletbe
1931 J J
2d extens be guar
Galv Hone & Bend 1st 5s_ _ _1933 A 0
J J
_01945
5s__
cone
1st
Ry
Ala
GA&
GaCaro&NorlstgugSe.1929J J
1946 A 0
Georgia Midland let 3e
Or R & I eat let gu g 432e__ _1941 J J
Grand Trunk of Can deb 713-1940 A 0
1936 M S
15-year of fie
Great Nor gen 78 Series A-1936 J J
J .1
Registered
let & ref 437s Series A---1981 J
19523 J
General 5.34s Series B
1973 .1 J
General be Series C
Green Bay & West deb ctfe A_ _ __ Feb
Feb
Debentures ate B
1940 M N
Greenbrier Ry 1st gu 48
Gulf Mob & Nor let 5348_1950 A 0
Gulf & S I lot ref dct g 56-141952 J J
9934 -- - 98
10038 102 1008
---- 9612 97
9734 Sale 97
60 61 62
60
ioLi4
054
9614 9712 98
10814 -- 081*
1004 10112 0034
10014 10012 003*
94% 9512 95
9714 9712 97%
1004 Sale 0018
7018
9558 9612 9534
11518 116 11518
107 Sale 10678
11214 Sale 112
11214
6814 lid" 95
103% Sale 10312
10018 Sale 9934
7912 .7914
75
1514
15
16
8812 -- - 8838
1034 1001 104
10413 10512 104
30
98
2
1003*
1
97
98 371
Mar'26 -- 17
61
Jan'26
Mar'26 Mar'26 _
Feb'213
Feb'26 - 3
9712
9
9712
8
10018
5
704
1
95%
115% 10
18
107
11250 153
Feb'26 -- -20
95
10411 62
1003* 89
Feb'26
1
1514
Jan'26
Mar'26
1
104
98 100
9814 10014
9588 9784
97 997s
591e 1142e
60 61
103 1054
9612 98
107 10814
10013 10034
10018 101
93% 9712
98 9718
100% 10018
83 724
95% 97
11434 116
108% 107%
10934 113
11214 11214
93 95
10250 105
9714100',
78141 794
1514 1031
885088¼
101 10414
104 105
Hocking Val let cone g 4348_1999 J .1
1999 J 1
Registered
Housatonle Ry cone g 55.-1937 MN
1937.7 .3
H&TC letgintguar
1930 M N
Wad° & N W let 138
Houston Belt & Term let 58.1937 J J
Houston E & W Tex 1st g 58_1933 M N
1933 MN
let guar be red
Bud & Manttat 5s Series A 1957 F A
F A
Registered
Adjustment income 5e___ _1957 A 0
Illinois Central let gold 48-1951 J J
1951 J .7
Registered
1951 J J
lot gold 335s
J .7
RegLstered
Extended lot gold 330.. _ _1951 A 0
1951 M S
let gold 38 'sterling
Collateral trust gold 4s 1952 A 0
A 0
Registered
1955 M N
let refunding 48
1952.7 J
Purchased lines 3348
J 1
Registered
Collateral trust gold 444.._ _1953 M N
M N
Registered
1955 M N
Refinicling be
1934
5348
15-year secured
15-year eecured 6328 g____1936 J 1
1950 J D
Cairo Bridge gold 48
Litchfield Div let gold 38_1951 1 J
Conley Div & Term g 33481953 J 1
J J
Registered
Omaha ply Is gold 3e._ _ _1951 F A
13 Louis Div & Term g 36_1951 J -4
1951 J 1
Gold 33411
Springfield Div le g 3345_1951 .1 J
1951 F A
Western Linea let g 4e
1951 F A
Registered
Ill Central & Chic St L & N0
.1 D
1963
A
Series
be
Joint let ref
1951 .1 D
Gold 55
1 D
Registered
1951 1 D
Gold 3/58
Ind 13Ioom & West let ext 46_1940 A 4
19503 J
Ind III & Iowa 1st g 48
Ind & Louisville 1st go 48_1956 1 .1
Ind Union fly gen 5a Ser A__79615 .1 j
1985 1 .7
Gen & ref be Series B
Int & Grt Nor 1st Os See A_ _1952 J J
1952 Aprl
A
Series
8s.
Adjustment
Aprl
Stamped
Int Rys Cent Amer lot 5s___1972 M N
Iowa Central 1st gold Es____1938 1 D
Certs of Deposit
1951 M S
Refunding gold 4s
James Frank & Clear let 441_1959 J D
9334 43
93% 9414 938
9012 Mar'28 _ 1
9834
943* 97l 9834
I
102
102 10214 102
10134 Feb'26
97
98 9712 Mar'26 -1004 Oct'25 -.1
100
100 101 100
948 148
94% Sale 944
_
94% June'25
78* 87
78 Sale 78
9312 Feb'26 ---9618
93 Mar'26
84* Mar'26
8018 .___ 8234 Jan'25 -824
8312 Jan'26
71 Feb'25
894 Mar'28
88%
84
8734 8834 Nov'25
4
9212
9112 9214 9158
8218 89 83 Feb'26 _ _
8414 July'25 _ _ _
96% 17
86 Sale 85%
_
_ 83% Dec'25
8258
10512 ---- 10512 10614 24
10314 Sale 10258 10314 10
11
113
113 Sale 113
9038 Jan'26 _ _
9118
7358 ____ 74 Jan'26 _ _ _
811
8134 25
7838 Jan'26
7918
7358 _
734 Mar'26 _
_ _ 74% Feb'26
734
84 82
1
82
81
8114 _
8212 Feb'26
8912 ____ 89% Feb'26 _ _ _
84 Aug'25
91% 9434
Feb'26
Mar'26
-10814 -19
77 198
Dec'25
444
Feb
4
76213
'
5
96%
71% 92
79
l08
84 18
5
6
13
14
2
9
10678
Mar'26 -Aug'25 -
10078 Sale 1003* 10114 45
104 10712 104
104
4
10118 -- 10214 June'25
7811 Feb'26
90%
8814 Aug'25
91% -93 915 Feb'26 -7958 81
5
7958
79%
10212
4
10212 10218
_ 10218 10218
10218
1
105 Sale 104
11
105
7258 73 723
7314 67
741 Dec'25 -7612 Sale 7612
6
7612
62 Sale 82
18
83
8018 8312 604
32
61
2018 Sale 2018
4
22
8514 9114 9114
5
91%
9714 -183-4
10518 108
10034 103%
86% 8734
9814 99%
954 9712
19383 .1 100%
100 Nov'24
8718 8718 KaA&GRIegugos
1990 A 0 83
83 Jan'26
Kan&M Istgug 48
1927 .1 J 10012 Sale 10012 10012
81 1212
2d 20-year 58
7512 8012 K C Ft ES & M C01:18 g 66_1928 M N 91% 9112 10238 10278
91i2
654 70 K C Ft 73 & M Ry ref g 44 1938 A 0 9114 Sale 9114
6518 7014 KC&MR&B letgu ba_1929 A 0 9978
9934
9914
8518 70 Kansas City Sou let gold 38_1950 A 0 7512 Sale 7514
7512
Apr 19503 J 9553 Sale 9512
88% 93
Ref&lmptsa
9578
105 107
9214 9658
9775 9835
a Option sale.
5
56
24
5
4
64
1/(1.- 72
65 65
94% 9614
3
I-0-1-144 1102:;
85 8712
1114 fir
10214 10313
10118 1023,
10258 1033*
10712 10812
7412 78
YIN
65 881g
9858 9812
6714 7378
671,4 7414
76 85
104 107
10414 10678
88 88
9518 98%
100 102
9813
- - 166"
1-06
9218 9514
75¼
92%
93
8314
82
934
93
8434
13-18
71
71
8814 89se
907k 93
8158 8334
85
87
fccisi 1-0-61;
10214.194
11112 11312
90% 90%
74 74
8034 8134
78311 783a
7312 733s
744 74%
8254
82
8212 824
8952 8914
994 101%
,
104 1051
Via;
"nil;
4
-1(1579% 79%
100% 10212
100% 10218
103 105%
7378
71
7815
WI; 65%
6214
ars 65
2614 234
mos 9114
10018 10114
1001e 10305
894 9184
98% 9954
74 78
93% 9718
New York Bond Record-Continued-Page 3
BONDS
N.Y.STOCK EXCHANGE
Week ended March 19.
Price
, Friday,
...a.; March 19.
Week's
Range or
Last Sala
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week ended March 19.
1589
Price
Friday,
March 19.
Week's
Range or
Last Sale
Range
Since
Jn.1
IBM
Ask Low
High No Low
High
Kansas City Term 1Ert, 4a__1960 j ji 85
Bid
Ask Low
3s Sale 851
High No, Low
86
65
Kentucky Central gold 48_1987 J j
85
High
8612 I Y Central & Hudson River854 ---- 87 Feb'26 -86
Kentucky & Ind Term 4345_1961 2
87
Mortgage 35113
29973
j
7914
2
Sale
8914
---79
8952
7912 21
89%
5
8212 8938
7611 80 .
Stamped
Register
ed
1961 j .3 87
1997
3
j
77
84
874 87
76% Jan'26
87
2
7658 774
8534 87
Lake Erie & West 1st g 53_1937 1 .1 10118 102
Debenture gold 4e
1934 m N 95 Bale 95
10114
9514 26
10114
9414 95%
24 gold 55
Registered
1941 J j 100 10012 101 Mar'26 _ 4 1004 101%
MN
9418 Jan'26
9838 101
941a
941s
Lake Shore gold 3118
30-year debenture 4s
1997 3 D 79 Sale 79
1942
.1 3 93 Sale 93
9312 22
7912 14
93 931
7808 811:
Registered
:
Registered
1997 3 D -- -_. 78% Mar'26 _-__
77
Debenture gold 48
80
Lake Shore coil gold 3%8.1998 11-i 771 Sale 93 Feb'25
1928 M S 99 Sale 9834
77
7734
757 VI"
9
99
97
9838 99
25-year gold 4s
Registered
1931 pg N 97 Sale 9678
1998 F A
76
80
76 Mar'26
97
76
7
76
964 9734
Registered
Mich Cent coil gold 3As 1998 F A
1931 m N9
788 Sale 7878
7918 11
77
7912
Leh Val Harbor Term 58_1954 F A 103% 10356 Dec'25 _
Registered
1998 F A
77
80
77 Feb'26
8 10334 10334
77
1 102 104
Les Val NY 1st go g 434s.1940
77
N
Y
Chic
&
St
L
1st g 43
3 j 8734 8812 9838 Mar'26 --__
1937 A 0 9358 9412 9312
94
15
92% 94
951
: 9808
Lehigh Val (Pa) cons B 93-2003
Registered
1937
A
N
M
84
0
Sale
9212
9218
Mar'26
84
8414 14
92
924
Registered
8208 8414
25 year debenture 48
1931 m N 9534 9614 951 Mar'26
M N
80 Feb'26 _
9312 97%
80
General cons 4398
800
.
2d 6s Series A B C
2003
1931
N
10314 Sale 103
- 9312
1031: 114 102% 105
9312 18
Lehigh Val RR gen 58 Series_2003 m
92
944
Refunding 539s Series A.1974 MN
m N il5ii8 1-0g 10208 103
1005
A
0
8
Sale
10012
es% 10154
81
4 10034 103
Leh V Term Ry let go g 58..1941 A
Refunding 5398 Ser B_ _ _ _1975 3 j 10012 Sale 10012 101
0 1031
___
10034 75
984 101%
N Y Connect 1st gu 4398 A 1953
Leh & NY 105 guar Bold 413-194 M S 89 4-90 104 Feb'26 - -__ 10212 104
9338 Sale 9314
9334 15
90
90
92
6
94
Lax & East 1st 50-yr be gu_1985
8808 9008 1 Y & Erie 1st ext gold 413_194 F A
5 A 0 10714 Sale 10714
7
MN 8914 --- 8912 Feb'25 -10712 11 1061
8911 891
Little Miami 48
:
:10758
3d ext gold 4%8
1952 m N
1933 m 5 9518 ---- 94 Nov'213
857 Sale 857
_
85s
2
8458 8711
Long Dock con.sel g 68
4th ext gold 58
1935 a 0 10914
1930
10018
A
____
0
1005
8
10912
Mar'26
Feb'26 -- 1661", 1814
Long Isld 1st con gold 53_81931 Q :
109 10911
5tb
ext
gold
48
19283
1007
9712 Sept'25
_ 10013 Feb'26 --__ 100%
D
1st cense! gold 4a
1004 N Y & Greenw L gu g 5a
81931 Q J 0412
1946 m N
9512 100
9512
8-6714 9412 Feb'2 ____
9512
cm% gg
94
1
97
General gold 42
N Y & Harlem gold 3Ha_
2000 MN
7912 81
1938 1 D 9078 ---- 91 Mar'26 --79 Nov'25
Gold 45
905
8
91
1932 3 D 9234
9312 Aug'25 __
Unified gold 4s
NY Lack & W let & ref 01_1973
1949 m S 8434
9918
9718
MN
80
137
July'241 ---9
883
44 Jan'26
Debenture gold 5a
-8744 -Iii%
1st & ref 4%s
1934 3 D 9834
9914 1001 9938 Jan'26
1973 M N
995 998$
20-year p m deb fa
N y L E & W 1st 7s ext
1937 m N 9412
1930 M 5 105 _
107 Dec'25
9412
9412 10
Guar refunding gold 484_ _Igo
94
N
Y
&
98
Jersey
12
let
86
58
1932
1005
gg
8634
8
F
100%
13 854
Mar'26 _
A
---14 8514
8614
7
Nor Sh B 1st con g gu 58_01932 M
101',
lOOls
N
Y
&
Long
Branch
gen
g 43_1941 M S 8918 93
9112 June'25
10014
3 100 10014 NYNITdc Hart n-e deb 48_1947
Louisiana & Ark 1st g 58_1927 Q J 10014 10014 10014
M 21 100 1004 10012 Mar'26 _-__ 100
m S
7012 Jan'26
Lou & Jeff Bdge Co gu g 98_1946 gi
101
1612
Registered
g 8708 Sale 8708
60 June'25 _13
8712
Louisville & Nashville be_ _1937
6
8608 8914
Non-cony debenture 3395_1947 M
m N 10312 _ _ _110212 Mar'26 _-__
m s -13:1- 19
'
.- 664 Feb'26
Unified gold 4s
10212 104
III; lira
Non-cony debenture 3398_1954 A
1940
0 6334 Sale 63
6314 18
95
11
Collateral trust gold 58_193 J 3 9414 Sale 943
am 64
934
95
Non-con
debentu
y
re
48_195
1 MN 10014 10214 102 Mar'26
68
53
70
68
69
11
68
10-year secured 75
71
Non-cony debenture 4.8._1956 M J 69% Sale 69
1930 m N 10534 Sale 10512 106 -- __ 101 104
N
70
15
40 1054 107
6812 71
1st refund 531a Series A-.2003
Cony
debentu
re
3398
614
1956
A
Sale
J J
0 10712 Sale 10712 109
6114
6212
3 6114 64
27 107 11014
1s1 & ref ba Series B
Cony
debentu
re
63
1948 3 .1 98 Sale 98
2003
991
106
: 64
10614
5 10412 10814
9734 9978
1st & ref 4398 Series C_ _2003 A 0 106 Sale
Registered
A 0 9712 9724 9712
96 Mar'26
J J
9734 11
96
96 9834
97
N 0& M lat gold 6s
Collateral trust 138
1930 2 3 10512 107 10478 1047
1940 A o "9814 Elide 9712
9812 19
1
9613
104
7
8
24 gold tla
107
9912
Debentu
re 4e
1930 .8 3 104 105 1035g Feb'26
1957 m N
6018 613 6112
6112 22
--_- 10318 10352
601s 6234
Paducah & Mem Div 43_1946 F
Harlem R & Pt Chee 1st 481954 M
87
9l7
A
8712
8612
N
..
881
9108 Feb'26
: 1
St Louis Div 24 gold 38_198
843
91%
4
8612
911
VA
N
s
Norther
n
lat
g
58
6512 ga% N Y 0& W ref ist g 4s_June 1927 A 0 100 10014 100 Mar'26 -- 100 1004
Mob dr Monte lat g 4%8..1940 m S 6512 8(fl 6512 Feb'26 ____
1992M s 69% Sale 6934
703e 20
98% 99
677s 70%
South Ry Joint Mono,,41.1952 84 s 99_ 99 Feb'26 -__
General 4s
1955 3 D 634 64% 64
J j 86 -8612 8618
64
5
861
5
8518 87
6338 6512
ALI Knoxv & Cin Div 421._
NW Providence & Boston 43.1942
1955 M N 9108 918 9114
A
8612
0
Feb'25
-913g
3
Loulay CM & Lox gold 4j.4e.19
9014 02
N Y & Putnam Mt con gu 43-1993 a 0
32
8814
"1/4
99%
MN
Mar'26
Sale
9912
992
2
"WI;86
Mahon Coal RR 1st 58
9914 9934 N Y & R B 1st gold 58
1927,m g
8934 _ _ _ 1001: 10012 1- 100
193 j 3 10210134 Jan'26 ____ 1013
Manila RR (South L nee)
4 101% NY Susq & West 1st ref 56..193
10012
79 Sale 78%
4a-193 MN 62 -ei 634 Mar'26 .___
713 J
79
26
6012 64
77% 84%
1st 48
24 gold 4398
1937 F A
68
1959 m N 8412 67 644 Mar'26 70
68
Mar'26
_
64
Manitoba Colonization Si.. 1934
8212 6634
7012
General
gold
Se
69% 72
1940 F A
3 D 100 Sale 100
7014 Mar'26
100
7 100 100%
63
Man GB dr NW 1st 8 14s.. 1941 .1
7412
Terminal let gold Rs
97%
1943 M N
9812 Mar'26 _
9734 99
Mich Cent Det & Bay City 58-'31 m 2 8152 -- 81 Nov'25 ------------ N Y W'ches dr B let Bar I 4393'46 3
724
3
Sale
724
10008 _ 1007 Mar'26 _-__ 1 17s
734 37
6938 76
Registered
711
M
10014 Dec'25 _
Mich Air Line 48
Nord Ry esti 8 f 639s
1940 3 j --------9208
_ 8014
1950A 0
81
53
78% 8214
9221
1
925
95
J LAS let gold 330
Norfolk
South
1st
&
ref
53_1961
A
F
81%
A
1951 M g 80-- - 79
Sale 8112
72
12
79
77% 8234
3
1st gold 314*
79
8008 Norfolk & South let gold 5s.1941118 N
98% 9912 98%
1952 NI N 8312 -8512 83 Jan'26 ____
9858
4
98
83 83
20-year debenture 45
Nonf & West gen gold 68
9834
1931 m N 10612 107 1063i Mar'26 -1929 A 0 9734 Sale 9734
9814 113
10634 10634
Mid of N J 1st ext ba
97% 9814
Improvement & ext 64_1934 F
1940 A 0 94
_ 10838 Apr'25
A 10912
_
9214 Mar'26 _
Mllw LB & West imp g 58_192
New River 1st gold
10712
1932
9
F
10712
A
A
10012
Mar'26
0
____
_
_
10034
Mar'26 __ 100
Mil & Nor 1st ext 4398(blue)1934
107 1071i
9%
N & W Ry 1st cons g 4e
2 1004
85
1996'A 0 90% Eis-Je 9034
92
54
Cons ext 43914 (brown)_1934 1 D 9412 _ _ - 9412 Dec'25 ____
84:82 93
___
Registered
1996 A 0
89
Feb'26
__
9412 10 -93% -89
Mil Spar & NW 1st gu 48_ 1947 2 13 944 Sale 9412
89
DIVI let lien & gen g 43_1944 .7 j Ol's 93
98-3
4
9112
m
s
913
4
893
12
4 Sale 8934
8954
90%
8
Mllw & State L 1st gu 3195-1941
9134
89 9034
10
-year
cony
135
1929 M S
14758 14812 12 14412 15614
J .1 82
87
8108 Dec'25 ____
---- --__
Pocall C & C joint 48_194113 D
9134 Sale 9134
91%
b
92%
91
Minn & St Louis 1st 78
Nor Cent gen & ref 5s A__ _1974 m
103- _
1927 3D
10334 Feb'26
103 Nov'25
103% 10334
1st consol gold ba
_
North Ohio 1st guar g 58.- 1945 A 0 92
1934 MN 62 Sale 62
92-14 9212
924
3
62
Temp etts of deposit
88
62 64
6
9012
Nor Pacific prior lien 48
8712 Sale 8714
1997
Q
MN
8814
57%
Sale
39
6834
58%
864 8878
dc refunding gold 4s___1990
1
58% 6334
Registered
1997 Q J 8612 874 87 Mar'26
21 Bale 21
22
86
Ref & ext 50-yr 68 a& A..-1962 M
10
87
21
23
General lien gold 3s
a2047 Q F 6314 Sale 6314
Q
F
15
631
:
16
22
16
Mar'26
613
4 65%
let guar 7a
15
1614
Registered
a2047 Q F
1927 JD
60
Jan'26 _ _ _
102 102 Sept'25
60
__
60
M St P & 55 M cons 4a mat gu'38
Ref & impt 439e ser A__ _2047 .1 j -45r4 1612 8734
j 8918 8912 8914
9014 28
8934 16 "8"ii 90
1st cons 58
87 91
Regletered
1938
3
3
853
.1
4
Feb'25
99%
9918
lot cons Is gu as to Int...1938
3
975
a
993
Ref
4
&
impt
60
ser
B
11012
Sale
2047J
11012
9818 9814 9818
111% 41 108h4 lllIi
J
985 20
.0-year coil trust 6348
9818 9914
Registered
1931 MS 10312 1037s 10314
11014 Mar'26
3 .1
104
1104 11014
47 10234 104
1st & ref 68 Series A
Ref & bent bs ser C
1946 33 101% Sale ica58
2047 3 j 10014
100
10014
2
101%
25-year 539a
984 10014
7
1003
8
103%
Ref
&
impt
1949 M
bs
ser
18814
D
Sale 10014
2047j
91
9113 91%
10038 32
92
14
Let Chicago Term s f 48_ _ _1941 MN 9212
9814 10011
8912 92% Nor Pao Term Co 1st g 6a-1933 j 3
10934 Mar'26
3 10934
93 Mar'26
Mississippi Central 1st 5s. _ _1949
10954 10954
93 93
No of Cal guar g be
10214
10513
33 9312 ---- 9334 Feb'26 _ __ __ _
1938
10112
A
Jan'26
0
_
10118 1011,
Mo Kan & Tex-Iet gold 0_1990 3D 8512
9314 93% North Wisconsin 1st 6s.... 1930
102% Jan'26
J .1 10258
8534 8518
8614 15
Mo-K-T RR-Pr 1 ba Sec A.1962
102081028*
8438 8812
33 99 Sale 9834
9918 56
40-year 41. Series 13
9614 99% Og & L Cham Mt gu 93 g
1962
3
3 81% Sale 8134
75
1948
75
j
76
3
76
2
8218 40
10-year Bs Serlea C
73
76
8011 8512 Ohio River RR 1st g be
1932
3 103
1936 J D 10118 ____ 1011: Feb'26
10314
Cum adjust 5s Ser A Jan 1067 AO 9112 Sale 103
8 10212 10414
1001/ 102
General gold Ss
1937 A 0 10052 10154 100 Dec'25
Sale 9118
93% 1288
Missouri Pacific (reorg Co)
9112 9534 Ore & Cr I lst guar g fe
1003
1927 3 j
8 Sale 10038
10058 20 1664 Rini
let & refunding 58 sot. A..1065 FA
Ore RR Sr Nav con g 4a
1946 3 D 9118 9114 9118
93%
9118 17
94
55
894 95
181 & refunding 68 Ser D_ _1949 FA 10418 Sale 93%
8914 9111
Ore Short Line-1st cones 58246 3 j 10512 106 10514
Sale 1038
10534
7 104% 107
10412 131 101% 105
& refund 68 Ser E int.1
Guar cons 5s
19
95
75
3 MN 10334 Sale 1035
10512 10614 10534 hlar'213
1946
1044
General 4a
57
101% 105
1054 1064
Guar refund 4s
B 67 Sale 67
9712
1929
9718
9714
J
D
9
708 406
6734 140
651
98% 9734
:68% Oregon-Wash 1st & ref 48_1981 3 3
Mo Pao 3d 7s ext at 4%
1938 MN 8834 92
847s 8512 8478
8834 Feb'26 _ _
8534 39
831486
88
884 Pacific Coast Co 1st g bs
1946 J D 93 Sale 9158
93
11
Mob & Bir prior lien g be---1945 33
91% 96
Pac
RR
of
Mo
1st
ext
g
9218
43-193
____
9212
8
F A
Mar'26 -99 Sept'25 _ _ _
Mortgage gold 41
924 92%
24 extended gold Is
1945 3' 79% 81
1001 Sale
1938
10038
81% Jan'26
1 100 10032
Mobile & Ohio new gold 821_ _1927 3D 102
-801s 81% Paducab & Ills 181 s f 43.4e..1955 .1 .1 964 97 1003
103 102
9538 Nov'25
J 3
let extended gold Be
81927 Q J 100% 10112 1014 10212 12 10158 10312 Paris-Lyons-Med RR 13a..- A958 F
7612
Sale 76I
77%
A
7718 45 "i(i"
10112
General gold 413
1 10118 10212
S 1 external 713
1938 M
1958 M S 8614 Sale 86
9038 Feb'26
: 61
861
Montgomery Div 1st g 58-1947 FA 9018 92
90
8234 8751
90% Paris-Orleans RR 8175
100
1954 M S 857 Sale 85%
86
10018
5
7
9914 1001s Paulista Sly 78
84
87
Si Louts Divlaton Si
1927 JO 100 10012 100
1942 m El 10112 Sale 10118
102
Mar'26
9 10034 102
&mar
let
gu
99%
gold
4a_
10012 Pennsylvania RR-cons g41 1943
1991 MS 87% 8834 87
Mob
93
9414
Feb'26
9412
111
Jan'26
N
94%
94
87
MontC lstgug6a
87
1937
Consol gold 43
J 10912 11212 10912 Oct'25
923
Sale
4
9234
1948 M N
93
7
let guar gold ba
911: 9934
1937 33 101%
sterl stpd dol___May 1 1948
1017 Feb'26
_
MN 9112 9258 9312 Mar'26
ftili 16'- 4s
9114 9312
Morris & Essex 1st gu 33913_ _2000 3D 79
Consol 4398
8112 791:
1960 F A 1004 Sale 10018
79%
101%
8
9
7872
98%
10114
Nashv Chatt & St L 1st 58.-1928 AO 101 101% 10114
81%
General 4398 Ser A
1965 3 D 9878 Sale 9612
97
41
9414 9714
1937 FA 100% 103 1014 1013a 27 10014 101%
General 58 Ser B
N Fla & S lilt gu g 58
10514 54
1958 J D 10478 Sale 10478
Feb'26 _
10144 101%
102% Wahl
10
Nat KY of Mel pr den 439e-1957 3'
-year
secured
1075
75
30
8
Sale
10712 108
Sept'24.1930 A
89 107 108%
July 1914 coupon on _______
15-year secured 6343_1936 F 0
19 Apr'25
11234 29 111% 112%
A 11278 Sale 11238
A13828t cash war rct No 3 on.
Registered
161: Sale 16
_ 10912 June'25
1612 11
_
F A
1513 191:
1977 AO
Guar 70-year a f 48
40
-year
gold
Si
10E4 gale 997
8712 June'24 _ _ _
10014
1964
Assent cash War rot No 3 on.
Pa Co--Ou 3%8 coil tr A reg 1937 M N 8612 ____ 8612 Oct'25 140 114 fOcifi
19
20
1812
1812
MS
1
18i 22
Guar 3396 coil trust Ser B11941 F
Nit glt Mel prior lien 4%8_1928'3
3812
July'24
8314 Feb'26
A
_
juir 1914 coupon on
J J
"Ili" "lid
Guar 3393 trust ctfe C._ 1942 J D
24 Sept'25
83%
82 Dec'25
Assent cash war rot No Sen
- 29 Sale 29
Guar 3%8 trust etts D
29
1944 J D 82 ___ 82
82
10
3
29
1951 40
33'2
1st consol 48
Guar
15
28
-year
-25
gold 48_1931 A 0 9638 Bale 0638
Apr'25
9612
6
Assent cash war rdt No 3 on.
964
Guar 48 Sec E
1612 ___ 15 Mar'26
1952 M N 8612 8712 88%
8621 18
"a'
861.1 88
1945 J .1
New England COM fa
Peoria & East let eons 4s...._1940
94 Dec'25 _
A 0 84 Sale 8312
84
31
Congo' 48
1945 33 82% _ _ _ 82%
79% 84
424
37 Sale 3612
82%
1990
2
81
3814 76
8221 PeeIncome
35
414
& Pekin Un let 5Sgt._ _ _1974 Apr.
NJ June RR guar let 48._ 1988 FA 8514
8412 Mar'26
A 0 101 103 10012
101
8412
4 10014 102
8412
NO&NE lisr refdrimp 4393A '52'3 0518 _ _ _ 95
Pere
Marquet
te 1s1 Ser A 59_1956 J J 10314 Sale 10218
9512
g
8222
10314
53
9512
10112 10314
lat 41 Ser B
New Orleans Term 1st 46-- _1953 J J 854 _ _ _ _ 85
8612 19
10563
87 Mar'26
J
84
8612 Phlla Balt & W 1st
8538 87
NO Texas & Mel n-c Inc 58_1935 AO 9834 9918 9918
g 48
99% 16
9338
1943 MN
9312
9614 9918
931
1
1959 AO 9812 Sale 98%
Gen 5.9 Series B
931
: 93%
let ba Series B
9834 118
1974 F A 10714 108% 10634
10614
98
9914 Philippine Ry 1st
5 10818 10818
1959 AO 103 1031: 1034 104
1st 5398 Series A
30-ys
a
f
48
43%
1937
31 10218 104
Sale 4358
J J
44
3
Pine Creek regstd 138
9514 96
401
: 441s
C Bdge gen guar 4398.-1995
9434 Feb'26
N&
105%
1932
.1
D
10512
941
:
Mar'2
yB&MB
944
Istco
_
_
ngbe_
PCC dr StLgu439sA
193.
5 AO 10012 102 1004 Mar'25
N
1940A 0
97
Jan'26 _ _ _
Series 13 439s guar
IfT78 97"
Y Cent RR cony deb 68...1935 MN 107 Sale 107
10715 20 1-06-1;1-61;
1942 A 0
97 Feb'26
7
Series C 4%a guar
MN
Registered
96% 97
1061
: Jan'26
1942 MN
_
_
1081
:
9212
1061
Dec'25
2
Series 3)48 guar
1998 FA 8718 Bale 87%
Consol 48 Series A
8314 127
1945
M
N
9312
85% 8814
9218 Dec'25 _ _
Series E 3398 guar gold
2013 AO 9414 Sale 9334
Ref 44 !rapt 439t."A'
954 22
1949 F A
9214 Feb'26
924 9518
_
Series F 4s guar gold
0i14
Ref & inlet 53 Series C-2013 A0 10234 Sale 10212 103
19533 D 9312
144 10118 103%
927 Feb'26
_
Series G 44 guar
AO
9278 93
Registered
10034 Aug'25
1957 M N
9312 --- 9312
1
93'2
93
9312
..-_
--
g Dug ,7110. Arms July. a DUO Oct. a Oyclou Dile
New York Bond Record-Continued-Page 4
1590
Range
Eeek's
I
Price
BONDS
Ranee
Since
Week's
Range or
Price
•A
Friday.
N.Y.STOCK EXCHANGE
Since
Jars. 1
Range or
Friday.
Sale
Last
19,
March
E
19.
1
Week ended March
Jan.
Sale
4
Last
19.
•-• a. March
HO
Mph No Dm
Rid
Ask LCV
High
High V o. Low
Ask Low
9213 Dec'25 ---,Bid
I
1.1 NJ RR & Can gen 4/1-1944 M S 90 --- 99/
2
fat;
10012
Ili
1926 3 3 10013 Sale
- Pitts CM Chic & St L (Concluded)'
'Rah & Nor gold be
9334 Sept'25
____ 13338 Sept'25 ---1933 3 3 94
1960 F Al 94
/Series B 48
1st extended 48
9514 961.
1955 F Al 8812 ___- 881 1 Mar'26 -- -871 883*
1963 F A 96,4 --- 9618 Feb'26
48 Ser A
a
Series I cons guar 4A25
cons
4andalla
s
9t3
96
Mar'26
---864
1964 m N 96% 9634 9638
873* ilec'25 -MN
1957
B
Series .1 4186
Series
4s
Como!
10111
9 100
101
1970 3 0 10034 101 10012
1934 3 .1 --------70 Sept'25 ---General M 56 Series A
9913 1017, "era Cruz A P 1st gu 434e
28
101)34 34
23
2314 257 Jan'26 --19341__1 20
1976 A 0 1904 Sale 10038
As..
1
.
4
1st
A
Gen mtge bei Series B
espy:tine
Dec'25
____ 100 Dee'25 --1931 3 3 100
o1928 j, 0 ____ 101 101
Pitts & I. 17rie 2d g be
Virginia Mid 58 Series F
-162
Aug'25
fin
106
---Mar'26
1112
103
10218
N
m
1936
-Pitts TAME A Y 1st gu 68-1932 J J ---General 55
61•• lolla
1•
_ 1014 Mar'26
- 9912 loo
1940 A 0 10118
Pitts Sh & I. E Mt g 58
Ja & Southw'n let gu 56_2003 3 3 10018 103 100 Mar'26 ---9214
9934
10018 00'25
Mar'26
1
102
911
13
3
91
3
91
1943
0
A
1959
58
58
lot coma)! gold
Mt cons 50-year
9114 May'25
9934 102
1004 76
1962 m N 1005* Sale IGO%
19438.1 N 8918
Pitts Va A char 1st 48
virginian 1st 58 Series A
10114 Dec'25
102341 21 10114 10234
1939 m N 10238 10234 1024
Pius 'V A Ash let eons 60_1927 M N 9934 ---- 9114 Mar'26
91 411, webaeh let gold be
I
9812 10013
15
BM
91134
4
1004
A
993
9114
D
F
1948j
1939
A
102% 1027.
lst gen 48 series
2d gold be
984 1024
101 1 120
1975 62 s 10034 101 100
1962 F A 1004
- 10278 Jan'26
Betel 516s ser A
lat gen 58 aeries 11
-__ -- 6038 Dec'25
Feb'25
63
4
933
Nj
---m
--7
m
S
d.1939
deb
48___.195
registere
6s
II
e
Secur
e
Debentur
Providenc
Dec'25
4
6138318
- ••
---81
•
•
Mar'26
4
843
------44
4
8
3
J
843
El
1954
M
1956
Mt lien 50-yr g term 4s
Providence 'term let Do
_.-- 10314 Mar'26-..- 101 10214
9512 971
.
Det & Chi ext 1st g 58-.194113 3 102
E00•26 __ __
844 85
9614 Mar'26
8
85
967
.___
9614
843*
j
3
199)
.1
48..1939
4.3
g
let
gold
Co
gen
Div
Reading
Des Moines
9478 May'25
7712 83
804 894
801,t 42
1941 A 0 80
Registered_
Om Div ist g 3%8
90 413,
91
9038
91
87 89
1941 m 5 8734 ..-- 88 Mar'26 -Tol & Ch Div a 4:1
Jersey Central coll g 48_1951 A a 90%
964
9412
42
96
9538
Sale
4
3
95
-Jj
77
_
OcC25
7713
.1
A
1997
F
A
2000
%8
Sec
3
Warren let ref gu g
Gen & ref 4%s
9934 100
9934 Mar'26
85 1 8312 Dec'25
9934 100
1948 Q m 82
Wash Cent let gold 48
Maui & Dane deb fa Med_ 1927 A 0 751 80
4 •
84 1
75 Dec'25
8338 881
82% 8312 84
9
1945 F A
Rich A Meek let a 46
2 10138 len' Wash Term 1st gu 3)45
4
1013
1
9112
10134
9114
10212
83
4
1013
3
9. 14
Sale
9114
A
.1952
be__
1945,F
Riches Term By let gu
let 40-year guar 48
95% 98
3
97
97
98
Rio Grande June let gu be. 1939 3 D 97
I
7 I 54 Dec'25
4
8%
9
-96%
8
Mar'26
limo
983
---97
45
aol4
A
1s1
F
gu
be-19301
sou
let
W
N
Grande
&
W
W Min
Rio
674 7038
4 ----, 6 May'25
69'i 45
1952,A 0 6814 Sale 6814
West Maryland it g 48
Guaranteed (Jan 11'22 coup on),) j'
11
•
9
•
35
90
10078 1014
8 Sale 8938
19078 Mar'28
1001
J
193711
58
is'
g
Pa
VA
N
West
Rio Grande West 181 gum 45.19393 J 893
80
7418
48
80
1
Sale 7913
854
83% 8578
51
1943 A 0 851 8813 8,
Mtge & coil trust 4a A,, 1949 A 0 7912 Sale 9138
93
Gen gold 45
89
9218 28
9134
Apr 1 1943 Nov 4478 -_ 45 Feb'25 29
R I Ark A Louis tat 4%8_1934 m
Income g 58
75% 77
Feb'26
98
77
65-i3 99
•
9712
Sale
9712
IN
56_1946
A
Ser
let
Par
Rut-Canada 1st gu 548,..., 1949 J .11 76 Sale 8938
89% Western
87
2 10034 1044
8938
10334
10312
1035
1941 j 3 8938
194659
Rutland let eon g 4%a
let gold 6s Series B
7618 7912
794
7912 16
83% 85
8412 16
8414 8413 8418
3 791 80
2361 3
guar
4a
1st
grew
Stade
97%
St Jos & Grand lat 1st g 46_1947
4
973
6
85
9778 Mar'26
8.3
8338 Sale 83)8
835*
2381 3
1996 3 .1 9734
St Lawr Adlr let g fie
Registered
2
99% 100
1111)
1926 A 0
1996 A 0 10118 10312 101 Sept'25
2d gold fle
954 961: Wheeling & L E lot g 513
_
Feb'26
96
1 10%)11
111.4:
3 11)
1.18
1004 10212
98
9119
11
2
68.115288
gold
let
Div
Wheeling
St Lb Cairo guar it 4s___. 1931 j j 97 8 Sale 10014
,
1007
10012 25 10014
1003
193(1 F A 9838 ---- 9513 Dec'25 -Ext'n & Impt gold 58
St L It M & S gt n con g be-1931 A 0 9612 Sale 9612
9534 97
22
968 44
"lis;
8534 871 86
J
1929
Unified A ref gold 4e
Rebinding 4344 Series A-1966 M S 8614 Sale 884
86%
93 Sept'25
81
--863* 27
J
1949
.1
M S
45
Registered
RR let consol
914 144
Ai- II%
8
914
6812
7318
Sale
644
I
Sale
683*
9118
68
N.
m
1933
Riv G Div let g 4,
190 10012 Wilk & Emit 1st gu g 5e...1042• D 102 -_- 10212 Jan'20
102% 10212
0. 10012 10114 10012 10012
A
_1930
1938
I)
ba__
1
g
gu
Ter
5e
Bridge
gold
1st
F
M
S
A
L
Will
St
77% 8013
394
7
8114
79
Sale
87%
8,514
86
791
8,512
79
854
,
.1
.1
19203
42
42...1080
co)
.1
Ist
(remit
St L & San Fran
9634 Winston-Salem S 11
93
35
8334 26
96
8018 84
8212 Sale 8211
1950 3 .11' 9534 Sale 95%
Prior nen Per 11 be
gen 4e•:-1949 * J
W18 cent ,54).y3'let
54).y3'
10238 Sale 10238 10213 32 1024 1113
864 89%
8914 Mar'26
894
894
1
J
1928
48'36
N
let
be
term
C
Set
&
lien
div
Dul
Prior
91)1 101%
Sup &
7614
7614 764
1942 3 3, 10138 Sale 10138 10134 92
.• 1 754 ---- 7614
1943
Pr'or lien bpas Per
Wor & Con East 1st 4%s
924 96
9413 149
9334 Sale 9334
Cum adjust Ser A 6:3„..211955 A 0 88 Sale 8534
8914
8.5
184
8814
Oct
211960
68
A
IALS
Sertea
INDUSTR
Income
2
8.514
_
3 MI 1054
101
85 86
101 Sale 101
Ira 4a__194/1 MS 854 Sale 85
StLouis A Sub Fran By gen 6e '31 j j 10078 ____ 10034
3 10214 106
10034
1 10018 101 14 Adams Express coil
103%
10312 1034
J .1
General gold 58.. _
1024 1024 Ajax Rubber let 15-yr 51 86_1936 Jo
5
Jan'26
10212
418 4%
44
Feb'26
____
418
4
1023
3
.1
1948
1925
be__
gu
1st
NW
St 1 Peo &
9413 944 Aiaeka Gold M deb 6e A
412
4
418 6
412 Feb'26
1931 M S 934 9512 9412 Feb'26
St Louis gou let gii g 4a_
844 8538
t'onv deb es Series 11____1926 M▪ S 91
9112
91
8514
15
9144 91
9118 52
8514 Sale 854
N
M
9
6
19
MS
5
ettio
bond
4e
78-19.5.
1st
W
Steel
LB
St
Alpine-Montan
76
3 10234 10314
75
Sale
103
Feb'26
10314
773
4
103
76
76
.1
192s
3
40
2d g 45 Income bond etfe../ 1989
40 10334 105
Am Aerie Chem 181 58
91% 93
9238 33
105
1932 3 D 9218 Sale 9218
1941 FA 104% Sale 10416
(one& gold 413
1st ref s f 7%a g
20
894 9234
9812 10113
3
U9I
99
.1
1st terminal A unifying 56 1952
Beet Pug cony deb 66_1935 FA 11919
Amer
90
41
86
984 101
Sale
21
73
:
1
8
1
8
•
8
9
1
17
8
1093
101
9
9
8
8
9
8
1
7a
8
12
3
9
7
9
8
s 643_1933 * 0
deb
St. Paul A K ('Ph 1. let 434 1941 F A
Chain
American
9714
Mar'24
95
193i
MN
be___
debenture
St. Paul A Duluth let 56..„ 1931 Q F 10078 ___-I 9914 Feb'26
Am Cot Oil
87 •21•9
11r.
10534 106%
16258
6.1
9
_78 10
3 M8
4 10
64
96
'
6
1968.1 D 8718 __-- 89
1936 ii 95
let Immo) gold 48
l•
68
Am Dock &
994 91
118 13412
Jan'26
____ 1 91
112% 137 125 Mar'20
1939
IS
7s__Ju.y
St Paid F Or 1 runk 4%8_1947 .1 .1 91
deb
lee
97
Amer
8 1004 103
96
102 Sale 102
111212
97 Feb'26
1939
611
St Paul Minn A Man colt 46.1933 .1 D 98 ___-1 9214 July'25
,
ten Maul: Ai Ed)
9934
98
9918 9912 99
1)91.4 11
'J D
Regiptered
Am Republic Corp deb 66_11/37 A C 10918 Sum 100
167% 109
10934 128
99 10114
Feb'26
0
1933 J 11) 10838 ....-- 109
*
A11147
eer
let eousol g 48
be
30-yr
1st
R
&
43 106 10834
Am Sul
Sale
Oct'25
10812
106
-j
j
1947
0
d
*
Registere
ist M fle Serf.% B
•32 •9134
9
.
103 10413
9:
9934
1 104
:
5 -13
73
93
9934
J 1044 rime 10
85 redueed to gold 434e....1933 j j 9934 ---- 9812
95
9812 9812 Amer Sugar Ref I5-Yr 68- 1937 1 J
9673 98
Feb'26
97-8 Sale 974
98
1933.1 .1 ___--Registered
1334, 954 Ale Telep & Teleg coil tr 48.1921
9412
Mar'26
4,2 93
9312
9213
j
1937
1936 M
Mont ext let gold 4s____
Convertible 45
9212 9218
D
9212
__ 9212
981: Mar'26
974 9814
987a
1933
b
M
Registered .
413s
cony
884
-year
20
8914
1
2%2 81 111078 1024
9
11
:
1119
1
1
1
0,
0
,s
2Se::
8914
8914
,
0
19
Sale
8914
.1
.1
io
I)
(sterling)
414
guar
194C
ext
Pacific
30-year coil tr Ss
412
Sale
2 1011s 1434
103
97% 99%
10212 ___ 1021
1964
J
St Paul L Won Detut ob._ .1972 .1
35-yr s f deb 58
10412 133 103 104%
1943 A1 N 104'4 bale 1031
8512
'29-years f 6)4s
6 10314 10434
84
21
10412
8618
1043
4
J
4
8612
10414
Sale
1933
3/3
8614
4819t
g
gu
C
t
t3 A & A Palm 1st
_ 1004 10012 Am Type Found deb 68____194
9534 9712
8 ____ 1004 Jan'26
116-8 Sate 9612
96% 34
58...A934 •(
Santa Fe Prta & Ellen 53_1942 M S 1003 ____
Wks &
•o.
16
110 110
Jan'26
48
454 56
4518
49
45
& West let g 68_1934 A 0 107
.1
Aar
Am Writ Paper s I 7-6a_ ._.1933
3U
Dec'25
5413
1014
_
47
444
444
Sale
45
102
0
A
1934
1st g 514
Temp interchangeable We del,
•617•8 89
N F: 1st gu g 48._1989 M N 88 -93-38 8838 Mar'26
82
Below V
79
180 10114 10412
Mar'26
8112
10312
Sale
103
813*
10314
0
4
783
A
1950
48
g
Seaboard Air Line
Anaconda Cop Min 1s1 68_1953 F A 105 bale 10434
7834 82
80
68
10538 112 103 107%
1950 A 0 7834 Sale 7834
193, FA
Gold 4e stamped
15-year cony deb 75
79 8778
8234 299
1181.8 109
98% 102
Mu Sate 99.8
79 Sale 79
Oct 1949 F A
Adjustment 56
:Mee t op Min deb 7s 50% 9,1'474
7014
50
261
7014
7212
Sale
99
bale
9713
97 1004
9713
7014
0
A
1959
is. _1945 Si
Refunding 48
Nitrate
Angier-Chilean
8
963
9212
4
95
297
9212
Sale
9112
8612 0214
9113 baie 9113
1
48..1933
7
91
..zur)
1st A eons fis Series) A__ 1945 M S 9212 Sale 8934
((
8812
omp
161.111a
7
9014
14
bale
4
9634
0613
963
9418 9714
£3
898
M
d11933
4s
g
1st
3o-yt
5a_1964
Birm
M
Ati
9n34 J.rk A Me,, Bridge & Ter
94
963 126
Sale 94
9113 43
9.34 sale 9J34
9013 924
8
eat 41281938 • la
Seaboard-All Fla 1st gu 68 A_1935 F A 94
93
10014
3'100 1003 Armour & Co 1st real 5
95 bale 9434
__-- 10014
9513
100
93%
9514
3
4s....194
J
Del
Coot
A
beuboard & Roan let 5e.......1926 .1
101 14 10134 Armour
24 1122 1031a
Mar'26
Sale
10138
8
,
10213
10218
102
111213
10114
N
M
29
So Car & Ga 1st ext 510_19
10312 11'34 Asaociated 0118% gold notes 1935 Ml 994
99% May'25
1936 F A 10312 14418 10312 Feb'26
11
1
1947
be
1st
L
Gas
▪ N Ala cons gu g 5s
10714
Atlanta
10514
10714
5
Jan'26
28
"2028""
10634 1074 10714
1934 ID 264
87% Atlantic Print 78 etfe dep
86
Gen cone guar 50-yr 58.-1963 A 0
87
5
234 39, 21115 249.'20
201 2012
J D 8634 Sale 8512
Stamped et fio of deposit
So Pac Col 4s(Cent Pac coOk1949IJ D
85 Sept'25
19012 33
10014 Sale 101/14
99% 101
1937 j•
3
7
I/
be
deb
2
967
Refg
Registered
Atlantic
9 385
977
9713
Sale
4
973
S
M
1929
June
8
20-year cony 4e,,,.
3 10214 10534
9 100 10238
19343 D 10212 Sale 10212 1023*
M
JA 1034 Sale 1024 10318
JI IL
5e_.
743
np 3) tat
Works
aa,a
9934 1017 Barel
20-year cony 58
RalwLn
997
4
4 11J5105 Mar'24
100
105 10618
9934 Sale 9934
1944 M N
90
87
20-year g 58
302 100 101
Sale
8
883
98
100
WW1
8814
Sale
8814
0
,A
Barnsciall Corp deb 63
85
San Fran Termi 1st 414_1950
R5
41
Jan'26
1004
10018 Sate BM
85
9912 10078
IA 0
88
104
y
Hemingwa
Belding
Registered_
10314
2
10312
10038 10312
_ 10314 Mar'26
1937 M N 10378
1 6(
3 10214 10312 103
369 IA 0
4
23 100 10314
944 9414 Yell Telephone of Pa 58
So Pac of Cal-CM g 58
Jan'26
Sale
_
10214
102
1025*
9414
---944
J
921
90
1st & ref ris Ser C
Bo Pac Coast 1st gu g 48--1937 J
92
17
9912 90
t185/1 Sale 984
95% 100%
913 Sale 9114
N
19553
Beth Steel 1st & ref 5a guar A-'42
17
So Pac RR let ref 48
96
954 Sale 95
9834
93
1936 1 .1
105%
P M & IM1)8 f be
30-yr
104
9
Sale
9814 60
10514
40
98
105
951e 994
73*
Sale
105
A 1943 F A
Seriee
68
30-year
Cons
SOUthern-Ist cons g 58.-1994 J
4
103
10111
924 155
103
9113 Sale 914
3
874 9314
103
J
s
A
53
F
9
19
1
B
Settee
548
Cons 30-year
62
Registered
8112 84
94
1% 93
s3
8314 216
93 Sa
924 93
0 8234 Sale 82
5059
Bing & Bing deb 6J48
8
80
Develop & gen 48 See A1958 A
85
8212
10812 28 10718 109%
97
80
1926
1956 A 0 10838 Sale 108
114% Booth Fisheries deb f 68
13
Develop & gen 68
91
91
9514
114 Sale 113% 11438 93 112 4 103% Botany Cone Mills 6%5-1934 A C 9114 914 91
0
1958A
1013
18
DeveloP d,gen 6 48
102
10134
sale
2
10134
103
101
1037a
10378
Sale
.1 J 10378
1942 A I.
8772 8514 Brier Hill Steel 181 5)45
13
Mem Div let g 4%8-56... 1996
70%
72
71
71 Sale 71
4
8818
Sale 87%
87%
1943
58
g
c
J
1st
1951
Av
.
7th
48
g
B'way &
99% 109
St Louis Div let
71 Mar'26 ---74
71
7013 71
9934 10212 100 Feb'26
1
8712 92
Ctrs of dep etmpd June '25 lot
Fast Tenn remit lien g 55.1938 M S 91 Sale 9034
94
94
Sale
9314
91
94
96
2
19413 J
10378 20 103 10534
Mob 64 Ohio cell tr 46_ _1933 M .1 8213 8334 8334
81 88334 Brooklyn City RR be
1
834
.1 10312 Sale 1033*
9
30
94
Bklyn Edison Inc gen 58 A 19
8 10378 10613
Spokane Internet lot g 58-1955 J 0 974
105
9672
9713 Mar'26
105 10512 105
B
Series
68
6
106
General
944 413
64
44
3
3
2
9
6
e
l
4
3
Term Assn of St L, let g 4%8_1939 A A
3
3
sa
sal
9
6
101
924 964
103
10214 Sale 10214
1968 J .1
1944 F
Bklyn-Man It Tr Sec 68
let cons gold 58
8434 87
12
64
61
863a
85%
Sale
J
N
88
M
J
1
1
4
4
9
'
1
58
19533
99
& Sub con gtd
Co
Qu
Bklyn
Gen refund a f g 48
1
72
98%
72
743*
2
7512
72
98%
774
9814
I
98%
1943,J .1
181 58
Tex A N 0 con gold be
103 10412
88 ____ 92 June'25 ---4
8
1033
10314
Sale
4
1033
J
D
J
20001.1
48_2002
it
cony
let
Tr
Brooklyn Ft
Texas A Pac 1st gold 58
9934 101
---13612
Nov'25
7
10018
9978
Sale
.1
99%
1921 J
19311.1 J
3-yr 7% secured notes
La Div B L 1st g 58
9914 101%
12314 May'25 -_ __
Sale 10034 10112 23
_
CUS of deposit stamped
Tea Pac-Mo Pac Ter 53,66_1964 M S 10112 Sale
5
1 1001e 1014
9141
9134 Sale 9113
10114
11110114
_1950 FA
10012 Bklyn Un El let g 4-58
Tol A Ohio Cent 1st gu 58 1935I J 0 101144
4
10012
92
9113
Jan'26
Sale
9112
10012
8819 92
1003
1950 F A
Stamped guar 4-58
Western Div let g 68-1935 A
97% 99
Mar'26
Sale 10213 10318 17 10213 1034
10212
99
8
987
D
N
98
M
1945
1935.1
5e
55
conga
1st
37% Bklyn Un Gas
General gold
34
3612 37% Jan'26
.1
J 11112 ---- 112 Mara ---- 110 1124
J N
7M
36
1st den & ref (is Series A 194
Toledo Peoria & West 441_1917 J 0
87% 8812
0 m6
32
13
9 Sale 10
22
19
3,2210
8838 Mar'26
4 _4_2
. 126 135
Cony deb 5348
Tot St L & W 50-yr g 48-.1950 A .1 87% 8812
97% 98
Jan'26
92
97%
92
9914
98
J
D
19323
1931
Tol W V & 0 gu 4%a A
BuH dr Sum Iron f ba
8734 Mar'26 ---96% Dec'25
874 8812
.1 9812 1952A 13 8714 91
1933
46
let
Termina.
Series B 4%s
Bush
5
93
92
92
92
90 Nov'25
91
S
9112
91
M
J
1942
'
19553
4
3W
Como! 58
Series C 48
8718
14
2
98
874
9734 Sale 9734
95% 100
1946 J D 8734 88 8734
Bush Term Bldg))bro gu tax ex'SO,A 0
Tor Ham & Buff let g 48
76 80
4
2 10038 10118
80
7914
10012 1003 1003*
3D 784 81
4414 48
Cal G & E Corp unif & ref be_1937,M N 104 Sale 1031 10012 39 10312 105%
1Jleter & Del 1st cone g be__1929 AO 4513 47% 47 Mar'26
10414
1952
1933A 0
9318 9413 Cal Petroleum s f g 6468
let refunding g 48
62
93% 36
Sale 93
.1
Sale
9914
.1
99
93
9912
90% 99%
0
A
1947
78_1942
48
g
f
g
1st
924
1st
9314
Bug
Camaguey
Union Pacific
9314 Feb'26
.1,
10313 __ 10334 1031 10 101% 104
994 100
Registered
Canada SS Lines 1st coll 8 f 7s '42 M N
9913 78
1 10152 102%
1027
.1 J 9913 Sale 99%
D 103 10314 1027k
J
1927
58_1943
4s
30-yr
891
1st
86
Tel
cotv
Dist
Cent
-year
20
7
8834
8734
98% 99%
8734 88
97 Mar'26
e2008 M
1931 F A 934 96
1064 40812 Cent Foundry Islet 68
let & refl.-Luling 41
10812 10714 10714 10734 10
10034 89 100 10152
e2008 M
f 68.-1915 J J 100 Sale 100
let lien 1: ref 58
10314 17 102% 1034 Cent Leather 1st lien s
.1 .1 10314 Bale 103
66-1928
secured
10-year perm
BONDS
N. Y.STOCK EXCHANGE
Week ended March 19.
1
May
a Due Jan. 4 Due
11
e 132
y.ti
sale
June. 6 Due July. 4 Due Aug. p Due Nov. s Option
11
New York Bond Record-Continued-Page 5
BONDS
N. Y.STOCK EXCHANGE
Week ended March 19.
113
1H.
Central Steel 1st g 5 f 85_
MN
Ch G L & Coke ist gu g 5s_ _1937 J J
Chicago Rye 1st 58
1927 F A
Chile Copper Os Ser A
1932 A 0
Mein Gas & Elec 1st & ref 5.9'56 A 0
5348 Ser B due Jan 1
1961A 0
Clearfield Bit Coal 1st 48.. _1940 J J
Cob F & I Co gen s f 58_1943 F A
Col Indus 1st & Coll 58 gu_ _ _1934 F A
Columbia G & E 1st 58
1927 J J
Stamped
1927 J J
Co!& 9th Av let gu g Ss__ _1993 M S
•
Price
Friday,
March 19.
Week's
Range or
Lag Sale
1
gn
101
100 Sale 100
100
1
7458 75
75 Mar'26
99 Sale 99
99
2
94
9534 9512 Mar'26 _ _ _
10234 10378 10234
104
36
10158 10578 105
10512 28
9012 Sale 904
9012
1
90 Sale 90
90
3
8414 Sale 8414
24
85
10512 Sale 10514
10512 81
1044
10478
2
7714 80
80
80
6
10118 __ _- 10034
101
26
9934 Sale 9934 10112 16
100 Sale 10012 10012
1
_
9058 July'24
10114 10212 10134 Feb'26 _
8312 Sale 8314
8378
6
95
9514
7
9512
9458 Sale 94
9558 21
9918 Sale 991g
9934 221
10814 Sale 10814
109
32i
9514 Sale 9514
96
48
102 Sale 10134
102
4
944 9578 94
9412 11
Deny City Tramw 1st eon 58 1933 AO
Den Gas & EL 1st & ref S f g 5551 MN
Stamped
MN
Dery Corp(D G) 1st s f 78__1942 MS
Detroit Edison 1st colt tr 58.1933 J J
1st & ref 58 Series A.July 1940 MS
Gen & ref 55 Series A
1949 AO
1st & ref 6s Series B._July 1940 M
Gen & ref 55 ser 13
1955 J D
Det United 1st cons g 4%8..1932 J J
Dodge Bros deb Os
1941 MN
Dold (Jacob) Pack 1st 68_1942 MN
Dominion Iron & Steel 5a
1939 2121
Donner Steel 1st ref 78
1942 J
du Pont(El) Powder 4348_ _1936 J D
Duquesne Lt 1st & coll 138_ _1949 .1 J
1st coil trust 5345 Series 13_1949 J J
Aug'25
9534 Sale 1 95,4
9534 21
9438 9534 96 Mar'26
87 Sale 87
7
8818
10112 10134 10158 Mar'26
102 10212 10112
8
10214
10012 Salo 10012 10114
3
10712 Sale 10712 10818
6
10034 10078 10034
7
10034
97
91 Sale 91
381
96
9512 Sale 9538
234
79
2
79 Sale 79
2
6012 61
6014
6012
94
944 95
94
2
105
105 Sale 105
10
106 Sale 10534 10614 68
10512 25
10512 Sale 10518
East Cuba Sue 15-yr s f g 73413'37 MS
Ed El Ill Bkn 1st con g 4s_ _1939 1 J
Ed Elec III 1st cons g 5s
1995 2121
Elec Pow Corp (Germany)630'50 MS
Elkhorn Coal 6% notes
1925 J O
Empire Gas & Fuel 734e_ _1937 MN
Equit Gas Light 1st con 58_1932 MS
Federal Light & Tr 1st 55_1942 MS
1st lien Os stamped
1942 MS
30-year deb Os Ser 13
1954 J O
Federated Metals e f 7s
1939 3D
Fisk Rubber 1st s f 8s
1941 MS
Ft Smith Lt & Tr 1st 5e_ _1936 MS
FramerIc Ind di Dev 20-yr 7348'42 J J
Francisco Sugar 1st af 7303_1942 MN
47
10612 Sale 10612 107
9314 94 I 9314 Mar'26
_
10418 ____ 105 Mar'26
33
89
8858 Sale 8814
9912 20
9912 Sale 9938
10312 194
10312 Sale ,102
10038 ____'10338 Feb'26
9418 9458 944
944
5
104
103 Sale .103
9
944 Sale I 94
8
944
94
9434 9412
2
9434
11618 Sale 111534
116,4 23
77
7941 7812
80
13
91
9014 Sale 9014
16
105 Sale 105
9
10534
Gas & El of Berg Co cons e 581949 3D
Gen Asphalt cony 6:3
1939 AO
Gen Electric deb g 3348
1942 FA
Gen Refr 1st s f g 6s Ser A.1952 FA
German Gen Elec 75_2an 15 1945 J J
Goodrich (B F) Co 1st 6348_1947 J J
Goodyear Tire & Rub 1st sf 1941 MN
10-year 5 f deb g 8s
d1931 F A
Gould Coupler let s f 6s_ _ _1940 FA
Granby Cons Al S & P con Os A'28 MN
Stamped
1928 MN
Cony deb 7s
1930 MN
Gray it Davis 1st cony s f 78_1932 JIB
Gt Cons El Power(Japan)7s.1944 FA
Great Falls Power lat sf 58_ _1940 MN
10078 Sale 1004
1•
10078
106 Sale 108
106
3'
8718 90
8718
88
2
10238 Sale 102
10212
5
9712 Sale 9712
9812 81
10512 Sale 10538
106
41
12112 Sale 121
12112 34
11018 Sale 11018
111
35
9134 Sale 9112
92
20
100 10012 100 Mar'26 _ _ _
100
10012 Jan'26
10418 Sale 10438
105
24
103 Sale 10234
103
3
9138 Sale 9114
9112 40
10412 Sale 104
10412
5
Hackensack Water lot 45...
9
30
3
52 33
Hartford St Ry 15t 48
MS
Havana El Ry L & P gen 55 A'54 M
Havana Elec comsat g 58_ __ _1952 FA
Hershey Choc 1st & coll 534E11940 21J
Hoe(10 & Co let 634 e temp.1934 A 0
Holland-Amer Line Os (flat).1947 M N
Hudson Co Gas let g 58
1940 M N
Bumble 0111. Refining 53.48.193221 .1
Illinois Boll Telephone 58_1956 21 D
Illbaois Steel deb 435s
1940 A 0
1936 M N
Ind Nat Gas & Oil 543
Indiana Steel 1st 58
1952 M N
Ingersoll-Rand let 58
1935 J .1
Interbor0 Metrop coll 440_1956A 0
Guaranty Tr Co ctfs deP
_
Ctf deg stpd asstd 16% sub_ _
Interboro Rap Traci 1st 56-19661.1 J
stamped
19321A 0
10-year Os
10-year cony 7% notes_ „19321M S
Int Aerie Corp 1st 20-yr Eci _ _1932 M N
Stamped extended to 1942_ __IM N
Inter blercan Marine f 68 1941 A 0
International Paper 55
.1
1947
1055M 13
Ref s f 6s Ser A
[St Telep & Teleg cony 5345 19451M S
8712 88
8612
_
9412 Sale
9618 _ -101 Sale
97 Sale
8212 Sale
10058 102
10214 Sale
10234 Sale
95 Sale
9312 ____
104 Sale
100
8712 Mar'26
8512 Aug'25
9413
7
94
9518 Mar'26
__
10012 101
77
9678
98
12
8212
8234
6
10038
10038
1
102
10212 51
10214
10234 77
944
9678 23
9312
9312
2
104
104
5
9934 Dec'25 _ _ _ _
11
Apr'25
_
412 Aug'25
1012 Mar'25
-6714 Sale 6712
694 115
67 Sale 67
6834 206
704 Sale 7014
72
9
91 Sale 904
9134 80
9312 Sale 0312
94
16
87
8758 8712
89
95
85 Sale 85
8614 102
9312 Sale 9312
9412 52
984 Sale 9812
99
44
111 Sale 11018
11314 193
J
(fiat Price)
Jurgens Works 68(I
Hanna City Pow & Lt 5s__ _1952,M S
Kansas Gas & Electie (35_.1982 M S
Kayser (Julius) & Co 1st s f 713'42 F A
Kelly-SPringf Tire 8% notes_1932 M N
Keystone Telep Co 1st 55_1936 J J
Kings County El & P g te1937 A
1997 A 0
Purchase money 68
Kings County El 1st g 48_ _ _1949 F A
1949 F A
Stamped guar 48
108 Sale 108
10114 Sale 10114
1034 Sale 10334
10614 1074 10634
10512 106 10534
9112-- 914
103
103 -l217 __-- 123
79
7714 79
7712 7912 774
BONDS
N.Y.STOCK EXCHANGE
Week ended March 19,
1591
Price
Friday,
March 19.
Week's
Range or
Last Sale
Range
Stoics
Jan. 1
Bid
AskILozo
High
Hight No. Low
11713 Sale 11713 11712 ___ _ 11514 11712
10112 _110112 101781
6 10112 10214
58 Sale72
7458 143
7134
7112 81
10638 Sale 110638
107381 162 1054 1091:
102 Sale 1102
102 I 11 102 10312
10414 10434 10414
10458 11 10212 10453
8218 Fela'261_ _ _ _
8218 824
90
93
92 i 39
91
9314
91
8418 8414 8412
85
311 8334 85
10014 10038 100
10014 22 100 1011,
10012 Sale 100
10012 65 100 101
Columbus Gas 1st gold 58_ _1932 2121
Commercial Cable 1st g 4e_ _2397• J
Commercial Credits I 6s_,._1934 51 N
Col tr s f 534% notes_ _ _ _1935 .1 .1
Commonwealth Power 65_ _ _1947 MN
Computing-Tab-lice s f 68_1941 J J
Conn Ry & L 1st & ref g 4301951 2121
Stamped guar 430
1951 .121
Cons Coal of Md 1st & ref 58_1950 J O
Consol Gas(NY)deb 55(s.1945 FA
Cons'd Pr & Ltg 1st 634s_ _ _1943 MS
Coot Pap & Bag Mills 634e_ _1944 FA
Consumers Gas of Chic gu 581936 J J
Consumers Power 1st 58_ _ _ _1952 MN
Copenhagen Telep ext 6s _1950 AO
Corn Prod Refg 5 f g 5e
1931 MN
1st 25-year 5 f 58
1934 MN
Crown Cork & Seal 1st 5 f 68_1943 J A
Cuba Co cony s f Os
1935 321
Cuba Cane Sugar cony 7s_ _1930 ii
Cony deben stamped 8%.1930 J J
Cuban Am Sugar 1st coll 815_1931 MS
Cuban Dom Sue 1st 7348_ _ _1944 MN
Curnb T & T 1st & gen 613_ _ _1937 JJ
Cuyamel Fruit 1st 68 Int etre '40 AO
4 Due May. 8 Option sale.
Range
Since
Jan. 1
109
10158
104
10718
106
Mar'26
Feb'26
Feb'26
Feb'26
78
7
40
16
28
6
_
_
13
Bid
Ask Low
High No. LOW
H1011
nags County Lighting 59_1954 J .1 9834 99
99 Mar'26 _
0873 100,
3
1st & ref 6355
1954 J J 10814 112 10818 Feb'26
106 10812
Kinney(0 R)& Co 73.4% notes'36 J D 10518 106 10512
10512
104 107
Lackawanna Steel 1st 55 A_ _1950 MS 98
99
98
98
4
9814 98
Lac Gas L of St L ref&ext 55_1934 A 0 10118 Sale 101
10114 13 1004 10134
Coll & ref 5Sis Series C_ _ _1953 F A 1044 Sale 10418
10412 86 10258 10478
Lehigh C & Nay 5 f 434s A_ _1954 • J
98
Jan'26
98
98
Lehigh Valley Coal 1st g 58_1933 J J 10014 Sale 10014
1004
1004 101
Lex Ave & P F 1st gu g 55_ _1993 M S 38__
4012 Feb'26
3978 4012
Liggett & Myers Tobacco 78_1944 A 0 11912 1201 119
11913 16 118 12612
Registered
A 0 117... 122
Jan'26
122 122
55
1951 F A 101 18 102 101
10112 17
9934 103
Registered
F A 9818 ____ 98
Oct'25
994 100
Lorillard CO(P)75
1944 A 0 11758 Sale 11758 11758
11938
11513
78
75
Registered
A 0 115.... 11534 Oct'25
99 1004
58
1951 F A 100 10034 99
100
14
1-0-111-2
95
9612
Registered
F A 9414 ___ 9614 Oct'25
10234 105
Louisville Gas & Electric 5:3-1952 M N 9914 Sale 994
977k 995
9958 41
10458 106
Loulsv Ry 1st con ta
1930
90 Sale 90
9112 11
90
9412
9012 92
Lower Austrian Ilydro-Elec Coso
921;
istef 6346
1944 F A 8612 8634 8612
8613
8612 8734
8
3118 86
10414 106
Mane ti Sugar 734s
1942 AO 10178 Sale 101713
10238
8 100 103
104 1054 Manhat Ry(NY)cons g 43.1990 A0 63 Sale 6312
64
594 65
27
7378 82
2d 45
2013 J D 5714 5812 5912
53 60
1
5912
92314 101
Manila Electric 75
1942 MN 10758 Sale 10712 109
58 102 111
9713 10112 Manila Elec Ry & Lt sf 55-.1953 MS 9012 92
9112
8913 91
6
9113
99 10034 Market St Ry 75 Series A..,1940 Q J 9814 Sale 9818
9812 12
98 991y,
Wetr Ed lst & ref g 6s Ser B_1952 FA 10712 Sale 107
104
1071
19
10712
2
2-6612 101-14
let & ref 58 Series C
1953 .121 9912 Sale 9912
91334 9978
994 27
8254 851: Metropolitan Power Os
1953 3D 10334 1044 10414
10412
10212 10412
94
963
: Wet West Side El (Chic) 45_1938 F A 73
7414 7414 Mar'26
7112 7414
934 96
MM-Cont Pete let6 Me
1940 MS 103 Sale 10234
10338 48 10114 10414
9718 100
Midvale Steel &0 cony e f 56 1936 51 5 9412 Sale 94
95
923
4 9513
49
10912
108
5111w Elec Ry& Ltref &ext4346'31 J J 98
9812 9712
9734
97
99
1
914 9858
General & ref 55 A
1951 S D 9938 Sale 9914
9938
9838 100
4
10014 102
1st & ref 58 B
1951 3D 94 Sale 94
9458 18
9012 944
9373 954
1st & ref g 68 Series C_ _ _ _1953 MS 10234 1034 10278 104
30 10034 10412
Milwaukee Gas Lt 1st 4s...1927 MN 9938 100
994
99 9958
9912 16
Montana Power 1st 55 A_ _ _1943 S i 10118 10112 10078
9978 10134
1013
4
9553 Montreal Tram 1st & ref 58_1941 33 9718 9712 974 9738 18 9612
94
9734
934 96
Gen & ref s f 58 Ser A__ ..1955 A0 9238
93 Feb'243
9212 93
8512 91
Morris & Ce 1st s f 4 Ms_ _ 1939 J J 8612 Sale 86
87
8478 88
22
101 10238 Mortgage-Bond Co 48 Ser 2_1966 A0 80 Sale 80
80
80
8b
10
10058 10254
10-25
1932 J J 9634 97 , 9634
-year 58 Series 3
9634
9614 98
2
100 10234 Murray
Body 1st 634s
1934 J O 884 Sale 1 8812
9012 22
84
9312
1074 108,4 Mu Fuel Gas let gu g 58_ _ _ _1947
N 9934 100 I 9914 Feb'26
9834 9912
10018 10112 Mut Un gtd bonds ext 4% _ _1941 M N 10138 10212 10158 Feb'26
1014 1024
go
97
95313 974 Nassau Elec guar gold 45_ _ _1951 .1 5 61 Sale 61
6134 16
684 6434
72
83
National Acme 7345
1931 J D: 99 Sale 9838
99
9814 100,4
22
60 6234 Nat Dairy Prod 6% notes_ _1940 M N 9678 Sale 9612
97
9512 984
25
9278 971; Vet Enam & Stamm let 56-1929 J D 101 10514 101
Feb'26
101 103
9914 105
Nat Starch 20-year deb 56..1930 J J 9914 101 101 Mar'26
994 101
10514 107
National Tube 15t 58
1952
N 10318 10354 103
10318 16 10134 1034
105 1064 Newark Coneol Gas 58
1948 J D 101 10112 10012 10012
10012 10034
New England Tel & Tel 5e. _1952 J D 10238 103 103
103
17 30078 10318
10438 10853
Y Air Brake 1st cony 68....1928 M N 101 10214
101 10238
Feb'26 _
9978 "few Orl Pub Serv 1st 55 A 1952 A 0 '9318 Sale 101
93
93
9312 33
904 9412
103 105
let & ref 58 ser B
1955
J
D
9212
9312 93
9358 10
904 9414
8573 8934 N V Dock 50-year 1st g 45_ _1951
F A 8218 83
8212
Mar'26
8112
83,4
4
99 993 NY Edison let & ref 634s A.1941 A 0 116 Sale
116 ' 11614 46 115 11658
102 10312
ist lien & ref 5813
1944 A 0 10234 Sale 10234
103
34 ! 102 10352
9978 1003
: N Y Gas El Lt & Pow g 58_1948 .1 D 104 Sale
104
1044 15 104 105
93 974
Purchase moneY g 49
FA
90 Sale 90
9038 24
894 904
1014 10438 N Y L EA West C &RR 534s 1949
1942 MN
10012
Apr'25
96
93
NYLE&WDock&Imp 58_1943 J
10214 Mar'26
_ 10l'a 1021.
97
93
N Y Q El L & P let g 5s
F
A
1930
1014
10334
9
11312 11612 N Y Rya 1st R E & ref 4s. _ _1942 J J 10138 Sale 10114
6118 60 Feb'26
52 60 !
7514 86
Certificates of deposit
48
594 53 Mar'26 _ _ _ _
46 60
8814 93
30-year full Inc 58._ _Jan 1942 A 0
5
9
812 Mar'213
54 104
104 1074
Certificates of deposit
sale
lO
34 1014
7
7
1
NY Rye Corp Inc(is__ _ _Jdn 1965
28
513
28
22
344
3012 57
10038 10078 N Y & Rich Gas 1st 63
I9S1MN 10118 102 102
102
101
1023,4
10418 10612 N Y State Rye lst cons 4348_1962 MN 57 Sale
57
58
56
I
5934
87
8814
15t con 6345 series B
1962 MN 77 Sale 7814 Mar'26
7814 82
__
10013 1025, NY Steam 1st 25-yr
6s Ser A 1947 MN 10234 Sale 10212 1024 13 10214 10334
95
981:
Y Telep 1st & gen 51 4348_1939 M N
9734
97
984 34
984
1(14 10618
30-year debens f 1313_ _ _Feb 1949 F A 19
10
814
8 Sl
a e 11018
11034 10 • 1094 11034
121 122
20-year refunding gold 68.1041!A 0 108 Sale 108
10834 31 10712 10912
10934 11134 Niagara Fall Power 1st 5s...1932,J
J 102
102
10218
3 10034 10238
9113 9318
Ref & gen 65
Jan 19321A 0 10514 1061 10534
106
17 10434 10612
100 101
Mae Lock &0 pr lst 58 A_ _1955 A 0 10034 Sale 10034
101
99 101
19
10015 101
No Amer Cement deb 6345 A 1940 M S 98
981 98
9814 10 1 98 100
103 10912 Nor Amer Edison (is
1952 M S 103 Sale 103
10354 23 1014 10412
96,4 10312
Secured s f g 63413 Ser B 1948 M 8 10514 Safe 105
10534 37 10378 106
9338 Nor Ohio Trac & Ltglas 65_ _ -1947 M S 94
91
Sale 94
9234 9558
9412 39
10134 10412 Nor Ettrtee Pow 25-yr
A 1941 A 0 9938 Sale 9918
9754 100
9958 34
Registered
A 0
1
934
Jan'25
8658 88
1st & ref 25-yr 68 Ser 13_ _ _1941 A 0 10514 Sale 10514
10-514 1-064
106
North W T Ist fd g 4348gtd_19341J J 9634 - - -- 9712 Mar'26 18 I 9612 9712
-6273 9438
94
,
4 964 Ohlo Public Service 7345 A__19461A 0 11214
Sale 11214
11212
4 11215 1134
9918 102
1st & ref 75 series B
1947,F A 11138 11134 111
11118
4 11035111¼
9678 9914 Ohio River Edison 1st (35
1948 J 1 10312 Sale 10278
1044
4 102 10412
79 8534 Old Ben Coal 1st 68
3464 9714
9612 9634 9612
9612
3
1004 1011: Ontario Power N F 1st 551
_ 1941
0 F
F A 9934 10018 9934
10018
6 ' 9938 101
10112 103
Ontario Transmission 5$___ _1945 M N 9938 _ _ 993,3
9912 10
994 994
10034 1034 ?tie Steel 8s
1941 F A 1084 Sale 1084
10833 39 1054 10834
9434 9678
let 25-yr f g 7345 Fier B 1947 F A 10338 Sale 10318
10338 64 10034 1034
9118 9358 Pacific G & El gen & ref 5s_ _1942 J J 9918
9918
9958 102
9712 100
10258 10418 Sac Pow & Lt Ist&ref 20-yr 58'30 F A 100 Sale
10018 994 100
994 10012
3
Pacific Tel & Tel 1st 58
1937 J J 10112 10158 1014
10112 26 1011s 10212
Ref M SsserlesA
10012 Sale 10038
10034 48
9878 10214
Pan-Amer P & T cony f 68_1
N 10534 Sale 10512 10614 75 10434 11232
095
32M
4M N
_
1st 10-year
3
F
106 Sale 106,8
10714 142 10412 10778
6212 7312 Park-Lea st leasehold
7s30
6348_ _11953
9414 Sale 9412
9534 17
8512 96
7214 Pat'.03 Paasalc G & El cons 5s 1949
62
M S
____ 10012 Feb'26
_
100 10052
64
7678 Peop Gas & C 19t C003 g 6s_.19431A 0 100513
11014 Sale 11014
11014
11014
111
6
854 94
Refunding gold 55
100 Sale 994 100
11
9812 101
8814 9513 Philadelphia Co coll tr Os A _1194415
;
A
S 10434 Sale 1044 105
29 10312 105
8218 90
I5-year cony deb 534s_ _1938 M S 9978 Sale
9912 100
17
9858 10012.
85
894 Phlla & Reading C & I ref 58.197311 J
100 Sale 100
10034 10
9912103
9312 9514
97 100
Pierce-Arrow Mot Car deb 851943 M S 105 Sale
105
10634 15 103 10814
10813 11614 °term 011s f 88_ _ _Dec
15..193112 D 10558 10634 10558 Mar'26
10312 10778
Pillsbury Fl Mills 20-yr
10314
100 11138 Pleasant Val Coal let g 5168..1943 A 0 10318 104 10214
9 10134 10314
.54_19281.1 J 9858 9912 9812 Feb'26
10014 10233 Pocah Con Collieries let
9812 9812
s
f
904 92
10138 10514 Port Arthur Can & Dk Oa 5819574 J 9112 Sale 9112 Mar'26
A..1953!F A 103 104 103 Mar'26
10612 10712
102 103
1st M 6s Series B
19531F
A
10258 10334 103 Feb'26
10318 108
10112 103
Portland Elec Pow 1st Os
90
99 10214
9113 Portland Gen Elec let 58_B_1947 M N 10112 10214 10112 10214
8
_1935 J
10034 Sale 1004
10034
102 103
3
9932 10034
Portland Ry 1st & ref 58_ _ _1930 M N 9458
95
9434 Mar'26
12078 123
9258 9511
Portland RY Lt & P 1st ref 581942 F A 9058 91
9058
91
11
7714 79
8834 93
1st 1 & ref 6s SerB
1947 M N
Sale 10112 10214
gg 102,4
5
7734 80
1st & refund 7348 Ser A_ _1946 M N 10112
10812
Sale
1064
108
1085s
24
10858
Porto Rican Am Tob 88
1931 M N 10534 Sale 10534
5 10584 10514
.
10534
I
Iowa
THE CHRONICLE
1592
New York Bond Record-Concluded-Page 6
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 19.
t2
Price
Friday,
Mar. 19.
Week's
Range or
Last Sale.
[VOL.122.
Quotations of Sundry Securities
Il bond prices are -and interest" except where marked •.f
Range
Year
1925.
Ask 1
Railroad Equipments Pere:. Baste
Standard Olt Stocks Par 884
5.15 5.00
Anglo-Amer Oil Cot st -£1 *1814 1812 Atlantic Coast Line 65
4.95 4.75
*1858 1854
Equipment6sis
Bonus stock
High
5.20 5.00
100 9812 9914 Baltimore & Ohio es
igh No Lou
Atlantic Refining
Ask Lou
Bid
4.90 4.70
9438 984
Equipment 4145 dr 55
100 117 11814
964 48
Preferred
19333 J 954 Sale 9512
Pressed Steel Car 58
_ 11012 11234 Borne Scrymser Co
11114 Feb'26
100 245 255 Buff Roch dr Pitts equip 6a- 5.15 540
D 11114
Prod & Ref s f 85(with warnts)'31
1104
4
55
esA
4.95 4.70
1093
4148
*5414
Pacific
9
Plpe
50
Canadian
eye
11012
Co.__
Line
_
110
no
B
Sale
110
Without warrants attached__ J D
68 Central RR of N 36,
5.16 5.00
10 1044 106
Chesebrough Mfg new.. 25 *66
Pub Serv Corp of N J gen 58_1959 A 0 10434 _ _ _ 10434 105
10314
6s
100
Ohio
&
5.20 5.00
Chesapeake
10112
*
21
100
102
Preferred
Sale
8
A
F
1017
1944
Secured g es
5.00 4.80
37 10378 105% Continental Oil new
Equipment 614,1
10 •2054 21
Pub Sere Elec & Gaa 1st 51401959 A 0 105 Sale 10478 10514
•85c 850.
4.90 4.70
Equipment 52
Rights
1964 A 0 105 Sale 10478 10518 25 10378 10533
lst & ref 5s
1512
5.00
108
es5.15
Quincy
*1412
&
50
Chicago
106
Burl
54
8
1077
Co__
Pipe
Line
Crescent
Sale
10612
0
A
10714
6s..1948
Pub Serv El Pow & Ltg
1054 111
5.15 5.00
Cumberland Pipe Line_ _100 122 125 Chicago & North West 68
Punta Alegre Sugar deb 75_ _1937 J J 10612 Sale 10618 10734 20
824 88
584
5.00 4.75
15
Equipment 634s
87
Eureka Pipe Line Co_ _100 56
85 Sale 85
1937 M N
Remington Arms 68
4.90 4.70
9714 100
3
9934
Galena Signal Oil corn.._100 *2512 27 Chic R I & Pac 414s dt 5s
Repub I dr S 10-30-yr 588 1.-1940 A 0 9934 10014 9934
:
93
924 941
5.30 5.05
9414 15
Equipment es
100 88
Preferred old
1953 J J 9334 Sale 9334
Ref & gen 5445 Ser A
84
1
907
ea.-5.15 5.00
Southern
80
8914
&
Colorado
90
54
100
new
Sale
Preferred
A
8914
F
8912
1955
Rime Steel lat 75
60 6812 Humble Oil& Ref
5.15 5.00
2
25 *8612 8712 Delaware & Hudson 65
6812
19523 D 6712 6812 6712
Robbins dv /Myers f 75
*6354 6412 Erie 41-1s & 5s
5.00 4.80
9 11238114
New
11238 11378 11238 11238
Rochester Gas & El 78 Ser B.1946 M
2478 254
5.30 5.10
5 10514 106
Equipment es
Rights
Gen Mtge 514s Series C__ _1948 M S 106 Sale 10514 106
5.25 5.00
2
68 7334 Illinois Pipe Line
100 140 142 Great Northern es
7334
1942 M N 7012 7312 71
Rogers-Brown Iron Co 78
4.90 4.75
Equipment 5s
25 *13412 135
Imperial 011
4.90 4.70
9114 97
344 Hocking Valley 55
5
t 34
94
9412 94
New when issued
St Jos Ry Lt Ht & Pr Ea_ _ 1937 MN 94
68
5.20 5.00
Equipment 68
Jan'26
Indiana Pipe Line Co.__ 50 *67
954 96
St Joseph Stk Yds 1st 4148_1930 J .1 974 _ _ _ 96
31
55
4.80
&
4.65
4345
78
8
Illinois
Central
817
4
4
*303
8
Petroleum
807
International
..f
.1
Sale
80
J
80
_1955
stmpd
5s
P
St L Rock Mt &
5.15 5.00
Equipment es
7012 7012 National Transit Co__12.50 *1754 18
- 7012 Feb'26
St Louis Transit gen imp 58_1924 A 0 7614
51
Equipment 78 dr 6545...- 4.95 4.75
9514 9551 New York Transit Co_ _100 *48
9514 Feb'26
St Paul City Cable cons 58_.1937.7 .1 9534 Ivo
5.25 5.00
78 Kansa ha dt Michigan 68
10912 41 1071s 110
Northern Pipe Line Co__100 76
1942 F A 10912 Sale 109
Saks Co f 78
5.00 4.80
Equipment4M s
9254 9678 Ohio 011 new
25 6258 634
954 10
Saxon Pub Wks(Germany) 75'45 M 13 9534 Sale 9412
5.35 5.00
Southern
.
,
554
City
*17
Kansas
10312
13
1014
25
10312
6
10312
Fuel
_
Penn
Co
J
Mex
J
103_
68_1952
lst
Serv
Pub
San Antonio
109
2 1074 109
Prairie Oil & Gas new... 25 *545s 55 Louisville & Nashville 68.-- 5.15 5.00
10712 110 109
Sharon Steel Hoop lot Ss Ser A'41 M
4.95 4.75
5 10678 1084 Prairie Pipe Line new.._100 12612 12611
Equipment6%8
Sheffield Farms 1st & ref 6Ms.'42 A 0 108 Sale 10734 108
5.15 4.75
100 191 195 Michigan Central 55 & 68
911s
95
7
8
943
Sale
Refining
9312
944
Solar
A
F
13,erra & San Fran Power 58_1949
9354 9714 Southern Pipe Line Co...1007112 721s Minn St P & SEIM Oils& 55 5.10 4.85
9614 99
Sinclair Cons Oil 15-year 78_1937 M S 954 Sale 9512
5.20 4.90
63
Equipment 6345 & Th..
100 158
istlncoitr6qCwlthwarr 1927.7 D 10812 Sale 108(2 111334 313 107 1134 South Penn 011
87 9054 Southwest Pa Pipe Lines.100 *54
57 Missouri Kansas & Texas 65. 5.35 5.10
9014 102
1938 J D 89 Sale 89
1st lien 6345 Ser B
564 Missouri Pacific 65 ,k 654s.. 5.25 5.00
Standard 011 (California) 25 *56
Sinclair Crude Oil 3-yr 65 A.1928 F A 10054 Sale 10012 10034 32 10014 101
Standard 011 (Indiana)._ 25 46312 634 Mobile & Ohio 4145 & 58.--- 5.00 4.70
3-yr 6% nobs B Feb 15_1926 F A 8938 8978 10012 10034 10 1004 101
87 91
Standard 011 (Kansas)._ 25 *2918 2912 New York Central 414s & 58 4.80 4.65
9014 69
_ A942 A 0 8912 Sale 89
Sinclair Pipe Lines f
5.15 5.00
131
Equipment es
11613
122
55
Standard 011 (Kentucky) 25 *12012 21
Sale
1612
11612
0
A
1927
notes
684%
Oil
Skelly
4.95 4.75
34 I
Equipment 78
10114
1024
9
4
Standard 011(Nebraska).100 232
Smith (A 0) Corp 1st 6548.1933 M N 10112 Sale 0112 1013
4.75 4.62
4314 Norfolk & Western 4148
Standard 011 of New Jer_ 25 43
1814
5.00 4.80
78
118
100
Pacific
8
7
108
107
Northern
118
23
074
Preferred
Sale
4
1073
D
.19413
78_
South Porto Rico Sugar
784.95 4.80
Express
Fruit
3312
Pacific
10314
10118
*334
42
Standard 011of New York 25
South Bell Tel & Tel 1st 81 581941 .1 .1 10212 Sale 0212 10234
2212 Pennsylvania RR eq 5s & 00 5.10 4.70
974 991, Standard 011 (Ohio)
100 320
9814 98
Southern Colo Power 68_..19473 J 9814 Sale 98
OM
Erie
5.00 4.80
Lake
dr
Pitts
117
10314
174
100
1004
4
Preferred
16
1023
Sale
024
1024
A
F
13'west Bell Tel let dr ref 5s._1954
5.30 5.05
Equipment63
100 18's 0
Swan & Finch
_. 9978 Dec'25
1948 M N
Spring Val Water g Ss
5.80 4.60
101
ii5;
5
Co_
Tan_
38
_100
3
Car
0
0
1
Union
100
_9954
984
3
99
N
M
1930
1st
58
Milling
Standard
lsco
58a
c
5
4.95 4.75
artn
nF
4
Sa
C°
&
is
ng
u
cil
Lo
es
t
R
S
7
8
1813
977
2
14
0
0
10012
3
181514
10
10
4
4
100
:
5
7
Preferred
194588 S 100
1st dr ref 045
25 100 101 Seaboard Alr Line 5 As dr 611- 5.40 5.15
37 10734 109
Vacuum Oil new
Steel & Tube gen s f 75 Ser C 1951 J J 10818 Sale 0778
8918 100
Southern Pacific Co 4 M8-- - 4.85 4.70
10
011
Washington
25
Sale
4
983
1942
75
(Oriente)
Sugar Estates
4.95 4.80
Equipment 75
95 974
95
Other 011 Stocks
7
- 95
1929 FA4
Superior Oil lot s f 7s
*173 2 Southern Ry 4 Ms & 55
4.95 4.70
Atlantic Lobos 011
6 100 10034
10112 004 10014
95Syracuse Lighting 1st g 58-1951 .1 D 10014
*4
412
5.15 5.00
65
1034
8
Equipment
50
1037
Preferred
Feb'26
1034
104
1034
.1
J
58_1951
Tenn Coal Iron AL RR gen
13412
*8312
68
Central
5.30 5.05
&
Ohio
Toledo
8
25
1023
10512
63
new
Oil
Gulf
10514
Tennessee Else Power 1st 65_1947 1 D 10518 Sale 05
2418 Union Pacific 78
4.95 4.80
10 4.24
5512 651
: Mountain Producers_
82
4
5
60
Sale
58
J
5814
.1
1960
48
ref
1st
Ave
Third
6
414 657: Mexican Eagle 011
245
61
Ad)Inc 55 tax-ex N Ya1960 A 0 5712 Sale 57
Tobacco Stocks
9378 96
100
National Fuel Gas
9558 29
1937J .1 9512 Sale 954
Third Ave Ry 1st g 5s
*814 81a American cigar common 100 114 118
8
927
10
9012
011
Cons
Creek
9112
46
Salt
Sale
9114
9112
S
M
1955
75
1st
Toho Elm Pow
304
100 96 100
31
Preferred
8
983
9712
10
Salt
145
Creek
9814
Producers
98
Tokyo Else Light 6% notes_1928 F A 9814 Sale
Amer Machine & FdY-100 200 215
38 10814 10934
1941 M S 109 Sale 0858 109
Toledo Edison 1st 75
L1 *2612 274
ord. £
Tobae
British-Amer
Wilkie'
99
98
Public
8
983
1
9838
985s
984
.1
19303
Toledo Tr L & P 514% noise
*7241 7312
Bearer
*2612 274
10015 101
(over Gas dr Else
Trenton G & El 1st g 58._-1949 M S 10038 _ _ 10018 Jan'26
95 Imperial Tob of0B & Irel'd *2334 2454
*92
new
97
8
pref
953
964
6%
75
8
953
Sale
954
A
F
_1940
_
_
65_
51
1st
Trumbull Steel
100
.99
4
-100
Machinery-Cigar
95 105
Int
MeN
2014
65
61
701s
Deb
Mar'26
_
8
6718
683
Twenty-third St Ry ref 58_1962 J J 65
75
97 9712 Amer Light & Tram cow _100 208 212 Johnson Tin Foil & Met-100 60
9718 11
Tirol Hydro-El Pow 754s_1955 111 N 97 Sale 97 Feb'26
105 110 MacAndrews & Forbes..100 41
45
100
95le
94
Preferred
95
_--9414
J
3
4148_1933
Underged of London
54
104
102
,
Preferred
63
common.
Lt
&
kmer
4
921
Power
924
Feb'26
- 9254
1948 J J 8918
Income 68
100 43
45
100 93
,..6 Mengel Co
9
1054
10514
104%
Preferred
105
3
05
105
MN
68_1942
M
18t
Paper
dr
Union Bag
50.. 0
8„..
4, PoprretotHerrie:n-Amer Tob 100 70
11
75
Marf3 97
1004 10214
Deb 68 2016
Lt & Pr lat g 55_1932 MS 101 Sale 0054 Mar'26
Union
5 .15
00
51 Universal Leaf Tob com_12
65
62
101
5 10015 10154 Amer Public Util corn_ _100 re
1933 M N 101 10134 01
Ref & ext 55
100 100 101
_100
prior
preferred_
7%
10212
_
1004
Mar'26
10138
014
1014
J
19543
-1st g 5 Ms Series A
100 128 132
100
Young (J S) Co
704_
4% partic pref
7718 80
8
7914
7912
Union Elev Ri (Chic) 53-1945 A 0
51
100 105 110
Preferred
Associated Gas & El pf_t
1 10011 10111
J 10012 4iile 0012 10012
1931
Union Oil 1st lien I 5s
5888
10
*
112
92
.10
111
_J&J
g
1954_
614s
Secured
8
1005
10512
2
05
10514
10512
A
F
May 1942
30-yr ea Ser A
.90
4
(Cleveland)
_-_50
Stocks
Val
corn
G&E
Rubber
98
Blackstone
9514
95
97 Sale 97
1935 F A
1st lien f 58 Ser C
10
20 *4175 -4-241 Falls Rubber corn
1
1 21 10312 10614 Cities Service common
19571
United Drug 20-yr 68_0ct 15 1944 A 0 12578 Sale 0514 1025
184
Preferred
100 83 8512
Preferred
4 12 10112 104
United Fuel Gas lat a f 68_1938 1 .1 10234 Sale 0212
00
1 •1:
10
01)54 1004
Preferred B
08
10
Firestone 'I ire & Rub com:
054 117
2
14
997a
9978
9978 100
United Rys Inv 58 Pitta issue 1926 MN
103
_100
Preferred B-B_
9918 100
994 Mar'26
9978 100
Stamped
2g58 ...-_ I 8
% preferred
7%
Cities Service Bankers Shares 4.7
100 9512 9814
7412 78
3
7712
United Rye St L 1st g 45_ _ _1934 J .1 7612 7734 7712
27a .
34
_ 175
32;44 Gep
0
felrT
era
nre
ire &Rub cam- 25•
red
Com'w'ith Pow Corp new-1 *0
95
7
941s
9412
9412
9414
9413
MN
1937
Co
15-Yr 68
United SS
100
112
0 1.
00
Preferred
10
10412 15 103 10412
United Stores Realty 20-yr 65'42 A 0 10312 10454 04
16
3
914 94% Klee Bond & Share pref _100 104 106 Goodyear Tire & R com.1
9412 178
9334 Sale 9358
U B Rubber lat & ref 55 Sur A1947 J J
65 6
612 In
13
cucalyT
an_p_f_ 100 fii.
Goo
Cr
obtbe
TtR
re
i
'r
u
R
Secur
Sh
&
10684
Bond
Else
1085
39
s
8
1075
8
Sale
067
10714
A
F
1930
10-Yr 7M% eee notes
iiE
13
Power
Securities_
Lehigh
4
105
1065
106
139
U El Steel Corp coupon__ _d1963 MN 106 Sale_ 0558 Mar'26
98
Mississippi Riv Pow coin 100 60
10552 10558
10558
8 f 10-60-yr 581reglatered 41963 MN
551411
90
0
,maso
rren
:
11000
(
100 893 18
) 10
Te
t0
rr
1terre5
irde & Rub com1 : 154
1
5
82
;
Preferred
8812 31
8615 11914
Utah Lt dv Trac 1st & ref 58._1944 A 0 8818 Sale 88
13
First mtge 55 1951._.1&J 9954
95
97
97
964
75
Utah Power & Lt 1st 58_1944 F A 9634 Sale 1015
102
- miller Rubber corn new_1
0 38
1.0
00
S F g deb 7e 1935__M&N
1 1005s 10154
511 40
8 1015$
Utica Else L & P 1st 58_ _ _1950 J .1 1014 Sale
•100
pref
103
Lt
dv
Pow
Nat
10018
1014
10212
6
10154
1.1tics Gas & Else ref A ext 58 1957.7 J 10154 ---J&I 102 101110C-147121IMPPhreareffweerrrkreitidubber
45
Income 7s 1972
904 994
83
99
D 99 Sale 9858
Yertientes Sugar 1st ref 78..1942
80
North States Pow corn 100 106
70
5314 62
62 Feb'26
55
62
1953.7 J
Victor Fuel ist f 59
100 100 10112 Selberling Tire & Rubber (t) 4.24
2454
Preferred
4
106
1075
106
1947 J D 106 Sale 106
Vr-Caro Chem let 75
---40
100 93
9551,
Nor Texas Elea Co com.100
Preferred
prin
of
40%
58
Stpd as to payt
100
Preferred
10514
10e
6
10614
10434
106
10412
1947
1st 78
100
Sugar Stocks
60 10412 1094 Pacific Gas & El 1s1 pref_100 99
105 Sale 1044 106
4.8
CU of deposit
12 Caracas Sugar
1
50 *112 34
10618 10811 Power Securities corn
10712 Jan'26
Ctf of deposit stpd......
•18
Aguirre
preferred
Sugar corn. 20 79
81
,Cent
Second
11112
107
Feb'26
110
.17148 with & without war_ _1937 6
89 Fajardo Sugar
100 140 145
Coll trust 138 1949.__J&D *86
11378
10014 28
4
4
Ella
943
9414
90
ware.....
without
Certds of dep
80 Federal Sugar Ref corn.-100 50
*75
55
1949__F&A
June
Incomes
107
107
Jan'26
107
Certifs of dep with warrants_
5412
100 60
75
Preferred
9114 925s Puget Sound Pow & Lt-_100 52
2
92%
9238
9234_
Va Iron Coal & Coke lat g 5a 1049
•3
86 Godachaux Sugar, Inc...
100 84
6
9712 99
9812 18
6% preferred
9734
Sale
9814
J
J
1994
(f)109
Va Ry Pow 1st & ref 55
107
100
preferred
100
25
Preferred
15
94
7%
100
65
8
967
Sale
94
94
Warner Sugar Refit) 1st 7s_ _1941 J D 81 Sale 81
38
let ,k ref 5148 1949_ _J&D 10012 102 Holly Sugar Corp corn..(t) *35
Ws
81
8234 14
J
78_1939
let
Warner Sugar Corp
90
100 83
87
Preferred
10218 23 lolls 10214 Republic Ry & Light.....100 80
1024
10118
1939 J
Wash Wat Power f 5s
100 1044 105(3 Juncos Central Sugar _100
Preferred
10218 10358
- 103 Mar'26
Westches Ltit g 58 stmpd gtd 1950 J D 10112
South Calif Edison com_100 123 124 National Sugar Refining-100 108 110
100 101
Mar'26
101
11
1
101
N
M
1944
West Ky Coal 1st 75
100 135 140 New Nlquero Sugar_ _ -100 55
75
8% preferred
9978 102
10034 Sale 10072 10034 13
West Penn Power Ser A 58_1946 al
4
1
6 10518 1034 Standard G&EI 7% pr p1100 101 102 Santa Cecilia Sug Corp 10100
10578 Sale 10518 10612
194688
1st 75 Series D
1st pf 7% 10012 102 Savannah Sugar corn..-(t) •140 150
Power
4
Elm
1002
102
4
Tenn
4
5
99
1014
Sale
4
1003
1963M
1st 5s Series E
96
•
120
100
01_100
99
Corp
Pow
Preferred
112
106
11
Western
8
1043
4
5
105
1953 A 0 10514 -- 10514
ist 5148 Serlea F
94
97 Sugar Estates Oriente pf.
70
-100 65
91
81
West Missouri Pr 7% pref
8554 11
1950 1 .1 8514 Sale 85
West Va C & C 1st 65
Tern
Indus. & Miscellaneous
Securities
Short
10112
Sale 10084 10112 84 10015
Western Electric deb 58.-1944 A 0 10114
25 *86
88
3 102 1034 Anaconda Cop Min 6929J&J 10212 103 American Hardware
1024
Western Union coil tr cur 55_1938 J J 1024 _-- 10234
9954 100 Babcock & Wilcox
100 140 144
2
9614 974 Chic RI & Pee 55 1929_,T&J
97
97
97 Sale
Fund & real estate ig 4548_1950 MN
96
Bliss(E W)Co new
26
(I) *29
24 111 113
Federal Slur Ref es'33_111,4N 92
1936 F A 113 Bale 11214 113
15-year(”i0 g
58
50 *53
Preferred
10554 113 105 1064 Missouri Pacific 58 '27.J&J 100 10014
Westinghouse E & M 7s...1931 M N 10538 Sale 105 Mar'26
93
6715 704 Sloss-Shelf S&1 65 '29_Fees 1024 1034 Borden Company corn- (t) *95
6612 6812
J 65
Wickwire Spelt Steel 1st 78_1935
8
4
21
100 18
5448 Apr 15 '27._ 1003 1005 Celluloid Company
Cent
Wis
Oct'25
8
5
_
75
7412
deposit
Certificates of
61
100 57
Preferred
Ili, Wiz
7012 Jan'26
71
Certificates of deposit stamped MN _
Childs Company pref-100
6112 681s Joint Stk Land Bk Bonds
6112
634 24
aira 62
Wickwire Sp Steel Co 75 Jan 1935 MN
._
7 1_1.8
10
100 15
10234 15 102 10314 Chic Jt St Ld B 55_ ___1951 101 10212 Hercules Powder
10212 Sale 102
Willys-Overland s f 634s_ _ _ _1933 M
1011s 10214
Preferred
58 1952 opt 1932
100 114
101
984 101
49
Sale 100
Wilson & Co Mt 25-yr a f 65_194i AO 100
10114 10314 International Silver pref _100
58 1963 opt 1933
Feb'25
93
Registered
10212 10312 Lehigh Valley Coal Sales 50
5145 1951 opt 1931
6212
6
621k 71
1925 in 50 -7-612 6212
10-year cone s f 65
10012 10112 Phelps Dodge Corp
1
7
30
8
16
5 1285
41is 1952 opt 1932
100 189
4
6134 72
62
6134 614
59
Certificates of deposit......
9912 10034 Royal Baking Pow com_100 180 190
4348 1952 opt 1932
674 83
Mar'26
75
6712
53
FA
p1931
10-yr cones f 714s
4
993
4
1003
103
1934
opt
1964
10112
Preferred
72
434s
100
4
61
6112
614
4
603
60
Certificates of deposit......
10012 102 Singer Manufacturing_ _100 328 333
43:9 1963 opt 1933
2 10155 1024
102
102 10214 102
1941 V1Winchester Arms 7
100 110034
52 10114 103
414. 1965 opt 1935
103
103 Sale 102
I
Young'n Sheet dr T 20-yr 68_1943
Pau Coast of Portland, Ore55 1955 opt 1935___M&N
5s 1954 opt 1934___M&N
a 1)1) Jan. 4 Due April.
p Daa Dec. t 9ption sale.
• Per share. t No par value. S Beek a Purchaser also pays accrued divl lend.
I New stock. 1 Flat price. k Last sale. II Nominal x Ex-dividend. y Ex-r 61118.
0 Ex-stock dividend. e Sale price r Canadian quotation
1593
BOSTON STOCK EXCHANGE-Stock Record...T.TPage
HIGH AND LOW SALE PRICES-PER SHARE,f'NOT PER CENT.
Saturday,
March 13.
Monday,
March 15.
Tuesday,
March 16.
Wednesday, Thursday,
March 17. March 18.
Friday,
March 19.
Sales
for
the
Week
166 166
166 168 *516618-- - 16614 16614 166 16614 166 166
81
8012 81
81
so 81 7912 80 80 80 7912 80
100 100
100 100 +100 102
100 100
100 100
118 118
*118 120
117 118 *11812 ---- 125- 123
118 118
108 110
107 109
107 107
108 107 *.x106 107
-3912 -3-9-1-3
42
4212 4014 4112 4014 4138 3958 4014
*33
3512 3512
*35
*35 _
37
3412 *35
*6234 6312 6234 6234 63
.56234 64
62
6234-------63
*90
_ _ *90 ____ *90
90 • *88
_ _ _ _ 90
*80 _ _ _ _ *8014
8014 -So" 1680
_ *8014
__
*112
*112
+112
.'112 115 112 112
9712 -65- 98
9634 9634 9638 9658 9658 9658 *97
9713 +97
____ 17513 17512
*179 ___ 179 179
*179
179 179 *179
5512 5512 55
50
5112 5512 5512
55
54
55
54
51
*63
*63
65
*63
65
65
65
*63
*63
65
61
61
61 *__ __ 61 *---- 61
51_ _
62
61
46
-4114 -41-1-4
46 *54112
*54213 - - - - 4434 4434 *54112 43
5712
5613 5612 *55
*55
56
55
55
*55
56
*38
3812 *3714 3734 *3734 3814 *3634 3714 36
36
86
'46 ____ *84
*86
•z120 125 *512013125 *.r122
124 124
- *512113124
*X1151211612 115 11512 51z116 118
11512 11512 11512 116
116 116
*z9934 100 *59934 __ *z9934 101
9934 9934 100 100
412 412
*414 412
418 418
414 414
414 414
412 412
*2312 24
2312 2312 *23
2314
2334 2313 2312 2314 2314 23
14858 149 z146 14612 14658 14714 14618 14634 145 j4513 14478 14514
613
63
63
6218 63
6212 61
6212 621
62
6258 61
*7513 77
75
75
*75 ____ *75
75
75
1520
22
22
*20
*20
*20
22
*20
22
22
58 -5
58
58
59
558
58
558
60
60
60
*58
*12
12
13
12
12
*1112 121 51 1.1124t 1212 *11
17
17
51658 1712 16
1512 1553--- -1638 *1.571) 16
8913 -8913
91
89
89
91
91
91
913
9112 91
89
*108
10712 108 5108
*108 ..._'108
64 -64
6413 6413 64
65
64
*64
64
64
*112 114 *112 114 •112 114 51112 114 *112 114
*212 3
*214 234 *212 3
*24 3
*212 3
312 312
412 413 *412
312 412 *322 44 *312 412
757s
75
78
77
7512 76
78
76
*77
78
*764 78
414234 43
4234 4234 4234 4234 4234 43
*4234 43
*97
99
99
99
*97
*97
99
99
ir5
254 2512 *24
4
2512 2412 2413 :!7
22714 229
227 229
•226
_ _ 228 228
227 229
226 227
____ _114
114 *1
1
212
2434
2434 4124
*24
1524
24
2514 '524
2434 24
1412
1512
1413
*1412 1512 *1412 1512 *1412 1512 *1412
37
331-4 -51 37371 37
38
9812 loo 9914 loo
101 10214 9934 10114 10034 10134 9834 loo
1113 12
*1112 12
*1112 12
*1113 12
511112 12
63
63
63
6212 6212 63
64
64
*62
61
65 •z64
65 *56212 6312
*68
67 +04
65 15z64
5.25 .50 ____
•.25 .50 5..25 .50 *.25 .50 •.25 .50 '
1
51.50
'
51.50 1
.50 1
•.50 1
•.50 1
"ST ii" -.ail -Sit; "aii,
9514 9514 9514 9514 *9514 _--- *9514 _ _
*9514 ___
8
8
814
734 734 *734 8
734 8
1112 1112 1114 1112 1112 1112 1114 1112 •1114 1112
85
85
8538 8514 8512
85
8538 85
8533 85
68
68
68
68
63
68
68
68
68
68
*z____ 212 *z_ ___ 212 'x.__ 212 ...v.__ 214 'r__ 212
47
9
*7
9
*7
*512 8
*513 8
*512 8
*512 8
*512 8
96
*94
96
96
*94
91
95
*94
94
95
4
4
4
4
4
4
4
4
4
418
2534
26
2612 25
27
27
2512 261z *2512 27
.55 .55 15.30 .50
.30 .30 *.30 .55
'
.30 .55
58
101
518
101
*8
*8
101
8
8
1012
9612 98
97
96
96
96
97
9714
4
4
4
*4
5
*20
;:iii 25 *20 25 *20 25
25
*20
25
113 1137 113 1131
114 11412 113 11414 13114 114
5127
29
*27
29
30
*27
30
*27
29
*27
45
46
454 451
46
464 47
47
47
46
50
*45
*45
50
*45
50
*45
*45
50
50
*1513 1614 •3154 1614 *z1518 1614 +51512 161
1512 1512
*112 134 *31.12 18* *3112 134 *z112 13 153112
134
+1114 11434 114 11414 114 11434 114 11458 114 11418
6512 *65
651r *65
+65
05
6512 *65
65
651
1118 12
*1113 12
11
11
1012 1012
1114 11
50
504 5012 50
54938 504 4913 50
4912 50
2818 2818 28
28
284 x28
28
28
28
28
1812 1834 1814 1858 1818 1834 1812 1812 18
1858
38
38
*3712 3812 *3712 3812 *37
3813 *37
38
58
58
+56
*57
*56
57
5512 5512
56
56
•106
_ *107
_
_ 107 107 *106
*106
21 -21.- 2034 103-4 *2012 If
21
21
2034 IA
4634 4634 47
*4512 47
4638 4638 4612 4612
47
41
*41
42
41
41
41
41
41
*41
42
•4512 47 •4512 47
4512 46
+46
47
*4512 47
•1434 1512 *1434 1512 *1434 1512 1434 1434 •1413 1514
8
8
11
1114
8514 8512
6712 68
210 210
94
94
334 4
2434 25
.50 .55
-OT
96
113
11314
-48
45
11412 1-114
26414 6414
11
11
4913 497s
*28
2812
318
18
-2012
4512
41
4534
21
4612
41
47
STOCKS
BOSTON STOOK
EXCHANGE
PER SHARE
Range for Fretless
Year 1925.
Range Since Jan. 1 1926.
Highest
Ltmesi
Railroads
100 159 Jan, 9
112 Boston & Albany
100 78 Jan 26
784 Boston Elevated
100 89 Feb 27
163 Do pret
100 11518 Jan 16
57 Do 1st pret
100 9813 Jan 9
315 Do 2d preferred
100 38 Mar 3
621 Boston & Maine
100 35 Mar 4
10 Do pref
251 Do series A 1st pret_100 594 Jan 2
20 Do series B 1st pret_100 85 Jan 29
403 Do series C lst pret_100 75 Jan 4
100 105 Jan 29
200 Do series D 1st pret
95 Jan 23
117 Prior preferred
100 517512 Mar 19
31 Boston & Providence
710 Ean Mass Street Ry Co. 100 50 Mar 4
100 6412 Feb 10
Do 1st prig
100 6078 Mar 11
15 Do wet B
100 4114 Mar 19
90 Do adjustment ... _
100 50 Feb 10
225 Maine Central
100 35 Mar 18
20 N Y N 11 & Hartford
Northern New Hampshire_100 84 Mar 10
1
Lowest
156 Feb
7514 Mar
Jan
92
109 Mar
94 Mar
10 Apr
1112 Apr
17 Apr
29 Apr
25 Apr
3512 Apr
98 Deo
167 Feb
26 Sept
60 July
51 Aug
25 Sept
23 May
28 Mar
71) Feb
Jan
100
Mar
18
Jan
7
124
121
pret_100
20 Norwich & Worcester
Jan
96
100 111 Jan 6 120 Jan 29
104 Old Colony
87 Feb
49 Vermont & Massachusetts..100 9934 Mar 12 10314 Feb 4
Miscellaneous
211 Mar
5 Jan 7
378 Mar 4
445 Amer Pneumatic Service-25
1612 Mar
50 2112 Mar 3 24 Jan 29
320 Do pref
1,067 Amer Telephone & Teleg 100 14214 Mar 3 15034 Feb15 13038 Jan
6112 May
No par 61 Mar 18 71 Jan 2
882 Amoniteag Mfg
7014 May
No par 2312 Jan 27 78 Feb 23
55 Do pre(
14
Jan
Art Metal Construe, Inc__ 10 20 Jan 16 2112 Jan 23
4413 Aug
65 Ai lae Plywood t o
I 58 Mar 3 6334 Jan 19
912 Aug
No par, 12 Mar 5 1714 Jan 2
100 JUBA, Tack Corp
1 1512 Mar 18 2013 Jan 14 ____ ____
610 Ber.con 011 Co com TO
9713 Nov
583 Bigelow-Hartt Carpet-No par. 89 Mar 17 9812 Jan 2
Jan
25 Boston Cons Gas pret 6)4%100 10512 Jan 25 10818 Feb 18 103
2814 Jan
130 Dominion Stores, Ltd_.No par 64 Mar 15 684 Feb 1
99 June
100 104 Jan 5 112 Jan 26
Do pre A
112 Apr
214 Mar 12
34 Jan 21
10
East Boston Land
3 July
412 Jan 19
5
312 Mar 8
395 Eastern Manufacturing
42 Mar
25 744 Mar 3 8812 Jan 22
650 Eastern SS Lines, Ins
35
Jan
No par. 42 Mar 3 45 Jan 6
325 Do pref
Jan
89
100 97 Mar 3 9912 Jan 9
10 1st pre
18 Aug
204 Jan 2 26 Feb 5
625 Economy Grocery Stores
Jan
100 z207 Jan 15 250 Feb 11 200
428 Edison Electric Ilium
2 Dee
1 Mar 16
213 Jan 8
10
50 Elder Mfg Co (v t c)
17
Oct
5 Galveston-Houston Elea_ _100 22 Jan 7 2512 Feb 25
..1. Jan 26 17 Jan 22
10 General Pub Ser Corp WM--AP-t•
Georgia Ry & Eleo 5% pref 100
3234 Aug
No par .56 Mar 3 4058 Jan 12
_ I;OOS Glicbrist Co
574 Jan
5,695 Ghlette Safety Razor No par 9634 Mar 3 11312 Feb 6
11 May
25 1012 Jan 12 1278 Feb 11
40 Greenfield Tap & Die
52 May
No par 60 Feb 9 6834 Feb 4
175 Hood Rubber
524 Jan
internat Cement Corp_No par 6613 Jan 7 6814 Feb 9
International Products-No pa .10 Jan 2 .15 Feb 19 .05 Dec
100 .50 Mar 3 .55 Jan 5 .11) Dee
Do prat
Kidder, Peabody Acceptance
8213 Jan
100 9414 Jan 5 9514 Jan 9
120 Corp Class A pret
64 Apr
714 Feb 18
934 Feb A
190 Libby. McNeill & Libby._ 10
1114 Aug
2
11 Mar 19 1218 Jan 18
355 Loew's Theatres
68 Feb
588 Massachusetts Gas Con.. 10 28312 Jan 5 8813 Feb 26
6312 Jan
100 65 Jan 6 7018 Feb 20
581 Do pref
Jan
70 Mergenthaler Linotype_100 19312 Jan 6 218 Jan 26 167
8 Mar 11 1034 Jan 7
74 Sent
Mexican Investment, Inc__ 10
Jan
36
Mississippi River Power...100 85 Jan 8 85 Jan 6
874 Jan
100 9312 Mar 3 96 Jan 4
63 Do stamped prat
334 Mar 19
412 Jan 5
521 National Leather
10
334 Dec
5
1,795 Nelson (Herman) Corp
400 New Eng Oil Ref Co tr ate_10 Do pref (tr Ws)
100
210 New England Pub Serv prior pt
10 New Eng South Mills_ _No par
Do pret
100
'
907 New Engi'd Telep & Teleg_100
1
Orpheum Circuit, Inc
100
696 Pacific Mills
Plant (Thos G), 1st pret-100
10
30 Reece Button Hole
Reece Folding Machine
101
iii Swift & Co
100
25
67 Torrington Co
5
285 Union Twist Drill
1,761 United Shoe Mach Corp.._ 25
25
288 Do pret
2,975 Waldorf Sys,Inc,new shNo par,
110 Walth Watch Cl B com_No par
100
210 Do pref trust Ws
40 Do prior pret
100
725 Walworth Company
20
50
370 Warren Bros
175 Feb 13
8214 Jan 11
100 Jan 5
122 Jan 7
112 Jan 2
4814 Jan 7
4712 Jan 6
66 Feb 4
95 Feb 20
85 Feb 20
120 Feb 20
9812 Jan 4
182 Jan 29
61 Jan 8
71 Jan 2
69 Jan 13
494 Jan 29
60 Feb 3
4212 Jan 4
88 Jan 6
Highen
16434 Jan
86
Jan
10414 Dee
130 Dee
116 Dee
4913 Dec
46 Dec
65 Dee
874 Dee
7912 Deo
116 Dec
99 Nov
180 May
6212 Nov
73 Dee
70 D030
60 Dee
56 Dee
4634 Dee
90 Dee
122
Oot
Oct
113
101 Dee
5 Dec
2413 Dee
145 Dec
87 Aug
8634 Aug
16 Aug
6712 Dee
21 Dec
____ ___
10913 Oct
10814 Aug
Oct
74
100 Dee
613 Sept
634 Jan
8973 Dee
4614 Oct
100 JUI7
2312 Sept
213 May
541 Oct
38
Jan
/31T4 Sept
43 July
11512 Dec
1512 June
72 00
Oct
80
2
Jail
1012 Jan
9513 Nov
938 Jan
1378 Jan
85 Dee
Oct
70
Oct
197
1634 Jan
124
Oct
9614 Nov
034 Jan
1513 Jan 9
.20 Jan 2
8 Feb 25
96 Mar 2
4 Mar 15
25 Jan 16
113 Mar 15
2934 Jan 9
42 Jan 26
50 Mar 3
15 Feb 8
14 Jan 19
11212 Jan 2
z6414 Mar 19
7 Jan 5.
48 Jan 5
28 Jan 2
17 Jan 6
29 Jan 18
52 Jan 23
102 Jan 29
2014 Mar 1
45 Jan 21
2814 Feb 19
1119 Dec 17 Dee
2 June
.65 Mar 6 .10 Dee
534 Apr 12 Sept
1012 Jan 8
100 Jan 6
27 Dec -11- Feb
8 Feb 18,
Jan
28 Jan 29. 20 Dec 55
11834 Feb 17. 99 Apr 12212 Nov
30 Jan 14' 2112 Oct 3234 July
55 Jan 2, 50 Dee 8113 Jan
Oct
6814 Jan 12, 32 Aug 75
Apr
17 Jan 12! 1514 Aug 18
234 Jan
14 Nov
112 Jan 19
117 Feb 20 10914 Apr 120 Feb
4512 Apr 7312 Dee
70 Jan 4
714 Jan
1513 Feb 11
3 Oct
5234 Feb 201 4034 July 50 Nov
Oct
2812 Jan 25, 2612 Jan 29
20 Feb 111 1413 Aug 1284 Jan
Jan 34 Dec
40 Feb 5,
5
59 Feb 10' 1714 Jan 57 Dee
108 Jan 4: 65 Jan 105 Dee
1634 June 2714 July
23 Jan 271
Jan 5012 July
37
5018 Feb 18
40 Feb 25 4214 Mar 111 3758 Jan 4312 July
4012 Jan 48 Dee
4512 Mar 16 47 Feb 10
11 Mar 2178 Den
1434 Mar 17 1712 Jan 2
194 Do 1st pret
50
30 Do 2d prat
50
100 Will & Baumer Candle corn..
Mining
+.08 .25
.05 .08 *.04 .20 •.06 .20 •.06 .15 5.06 .20
Jan
115 Adventure Consolidated- 25 .05 Mar 15 .20 Feb 1 .05 Dec .25
*AO .25 '.10 .25 *.10 .25 *AO .20 *AO .25 •.10 .25
Jan
Algomah Mining
25 .10 Feb 2 .10 Feb 2 .10 Mar .25
.40 .40
.40 .40 '.40 .45
3 Jan
425 Arcadian Consolidated
.45 .45
.45 .45
25 .35 Mar 3 .90 Jan 4 .50 Dec
.45 .45
*11
1112 11
912 Mar 1533 Feb
1118 1058 103s 1012 11
1012 1012 10
1012 1,405 Arizona Commercial
5 10 Mar 19 1234 Jan 2
51
5212 51
5112 5112 5314 52
2814 July 6014 Oct
54822 4812 2,475 Bingham Mines
5150
52
52
10 44 Mar 4 5534 Jan 4
1411 1434 1414 1412 51414 1434 1438 1433 1438 1438 1418 1414
1238 June 1878 Jan
702 Calumet & Hecla
25 1373 Jan 4, 1513 Jan 7
51.30 .45 *.30 .45 .5.30 .45 51.30 .45 *.30 .45 *.30 .45
Carson Hill Gold
1 .30 Mar 1' .50 Jan 2 .20 May .90 Aug
1712 1712 17
*1712 18
18 Dec 33
Jan
1612 17
1714
2,115 Capper Range Co
1512 1612 1534 16
25 1513 Mar 18 20 Jan 4
*314 334 *314 334 *314 334
322 334
3 June
614 Jan
4 Feb 3
380 East Butte Copper Mining_ 10
313 312
314 Jan 27
314 312
41(1.50 .80 *a.60 .80
14 Jan 20 .04
.50 .50 *a.50 .75 *a.50
Jan
138 Jan
75 Franklin
.75
.75 51(1.50
25 .50 Jan 4
•
so
•.80 1
15.80 1
•.80 1
1
+.80
1
134 Feb
Hancock Consolidated.... 25 .50 Feb 25 .80 Feb 13 .50 June
•.80
1
17
*1712 19
17
•1712 19
95 Hardy Coal Co
1612 161
17
17
*1712 19
1
1512 July 23
Jan
1612 Mar 19 2114 Jan 4
•114 134 •114
138 *1
134 *1
11
138 *1
138 *1
Helvetia
1 Dec
34 Feb
1 Feb 25
2 Jan 11
25
16512 1651 164 16512 16412 166,2 16512 16612 163 16413 160 1621
498 Island Creek Coal
1 150 Jan 15 175 Feb 8 121 Mar 165 Dec
*101
•101
101 101 *101 103
101 101 •10114
42 Do wet
1 9912 Jan 4 10212 Jan 26
9414 May 10012 Dee
1112 1012 11
*11
11
11
665 Isle Royale Copper
1012 1012 1012 11
1078 11
25 1012 Mar 15 134 Feb 10
973 Apr' 2012 Jan
*.70 1
.75 .75
750 Keweenaw Copper
.80 .90
.60 .75 '.60 1
.75 .75
25 .50 Jan 2 .90 Mar 19 .50 June
113 June
•1
112
112 •1
•1
118
118 .51.
112
70 Lake Copper Co
1
1
112
25 .90 Mar 10
3 Jan
114 Jan 4
1 Apr
el
•1.5,
138
212 212 *Po 112 Ii,. 1,h
265 La Salle Copper
138 511
1
133
1 Feb 1
212 Mar 15
25
1 Dee
34 Jan
21
+2
212 +2
Mason Valley Mine
238
+2
212 *2
212 *24 222 *2
5
134 Jan 26
234 Jan
238 Feb 20 .95 Sept
.40 .40
•AO .60
Mass
.25 .25 +.26 .50 +.25 .50 •.25 .50
Consolidated
160
14 Jan
25 .25 Mar 16 .70 Feb 13 .40 may
11
*a138 112 •a138
11
138 *133
138
138
190 Mayflower-Old Colony
138 *a138 112
25
114 Jan 4
3 Jan
112 Jan 5 .50 Nov
3218 3212 33
3212 3212 32
255 Mohawk
3112 313
32
3212 5112 311
25 31 Mar 3 37 Feb 10
Jan
2513 June 41
+20
2012 *1912 2012 2014 2012 2014 2014 1912 20
1978 20
740 New Cornelia Copper
6 19 Mar 3 214 Feb 13
18 Mar 25 Jan
•.05 .10 •.08 .10 51.08 .10 15.08 .10 15.05 .10
150 New Dominion Copper
.08 .08
.05 Jan 30 .10 Jan 7 .10 July .85 Feb
25
___ 25
25
25
New River Company
25 *___ _ 25
100 25 Feb 4 25 Feb 4
25 Apr 31 Aug
6212 6212 6212 63
63
61
61
61
220 Do pref
61
6114 61
100 50 Jan 4 72 Feb 11
40 June 65 Aug
818 84 *6
614
6
*6
6323
618
614
295 Nipissing Mines
6
618 618
5
634 Jan
534 Mar 5
438 July
778 Jan 27
278 278 *258 273
500 North Butte Mining
234 234 *258 234
278 278
234 234
15
212 Mar 3
373 Nov
334 Jan 9 .89 June
'
a.50 .75
.80 .80
*a.50 .75
265 Ojibway Mining
.75 .75
.51 .51 'a.50 .75
25 .50 Jan 4 .60 Jan 6 .15 Nov
14 Jan
*17
172 Old Dominion Co
18
18
*1712 1812 1718 1718 *174 1812 17
1712 *17
25 1612 Jan 20 1912 Feb 10
Jan
1634 Dec 27
*1214
12
1278 1214 1214 +1214 13
12
1278 1278
570 Pd Cr'k Pocahontas CoNo par 12 Mar 18 15 Jan 2
124 12
1012 June 1878 Sept
2012 201
2114 21
2114 21
665 Quincy
2112 2058 2053 2058 21
21
25 1834 Jan 22 2378 Feb 25
19 Apr 3912 Jan
33
495
St
32
3112
32
Mary's
3212
3212
3312 32
3212
33
Mineral Land _ __ 25 31 • Mar 19 3812 Feb 10
3312 3312
Jan
2812 Apr 48
Seneca Mining
*614 634 .614 7
*6
64
*612 7
*612 7
*614 7
714 Nov 11 Nov
958 Jan 4
614 Mar 4
.55 .55 1,247 Shannon
.65 .6.,
.5.60 .75
.
.60 •.55 .70 '.55 .70
10 .50 Jan 13 .80 Jan 5 .50 May
112 Jan
325
•.60
.75
.80
•.(10
.80
.80
Superior ds Boston Copper..10.50 Mar 16
+.60
.50 .70 •___ _
.60 '.50
Jan
2
Ihs Mar 1 .70 May
912 958
918 912 8,090 Utah-Apex Mining
914
9
37 Jan
958 10
WA 912
Pis Jan
914 958
5
6 Jan 6 1134 Feb 5
134
178 25,155 Utah Metal & Tunnel
134 2%
134 1%
IV, 178
134 178
VA's 134
Jan
1 .50 Jan 8 21314 Mar 13 .40 July .98
45 Victoria
.75 .75 51.60 .95
5..50 .70 +.50 .75 51.50 .75 '
5.50 .95
114 Jan
25 .43 Mar 2 .75 Feb 23 .22 Nov
.17 .17
650 Winona
.18 .18 51.17 .25 51.18 .25
.17 .17 *.17 .25
Jan
25 .15 Jan 23 .25 Feb 9, .10 Dec .48
.
/
1
4
.40
Wyandot
.50
*
a_
_
_
.50
_ .50 a_ - - - .50
.50
Fen
25 .40 Feb 1 .40 Feb 1! .05 Apr .21
• Ma and asked prime: n attics on this day. s Ex-r1ght,. 9 Ex-dividend and rights. s Ex-dividend. S Ex-stook dividend a Assessment paid. Price on ne basis.
1594
THE CHRONICLE
sates
:stagy
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High Shares.
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Mar. 13 to Mar. 19, both inclusive:
Friday
West's Range Sales
ofPrices.
for
Price. Low. High. Week.
LAM
Sae
Bonds-
Atl G & W I SS L 58_ _1959
Chic Jet Ry & U S Y 58'40 101
E Mass St RR ser 4%8'48 62
Series B 58
1948 66
Good Hope St & I 75.1945
Hood Rubber 7s
1937
Jut Power Sec Corp 6555'55
KCM&Binc58 _ _1934
Mass Gas 4%s
1929
4.15s
1931
Miss River Power 58_1951
New Eng Tel & Tel 53_1932
PC Pocali Co 78 deb_ _1935
South Ice Util 65
97
1944
Swift & Co 5s
Western Tel & Tel 58__1932
Range Since Jan. 1.
Low.
High.
71
Jan
71
Mar 74
81,000 70
Mar
10055 100
Jan 101
8,000 99
62. 4,000 62
Jan
62
Mar 65
Jan
66
Mar 70
66
1,000 65
91
91
Feb
1.000 90% Jan 92
10454 105
8,000 10454 Jan 105
Feb
9134 9134 5.000 9154 Mar 9354 Jan
9754 98
2,000 97% Mar 9844 Mar
99
4,000 98% Jan 99% Feb
99
9654 97
Jan 97
13,000 96
Feb
99% 100
7,000 9934 Jan 10044 Jan
10034 10154
5.000 100% Feb 10154 Feb
Feb
105 105
Mar 111
1,000 105
97
Mar
5.000 97
97
Mar 97
100 10055 4,500 9934 Jan 101
Mar
99% 100% 11,500 9954 Mar 10155 Jan
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Mar. 13 to Mar. 19, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Abbotts Al Dairy pref_100
10
Alliance Insurance
Amer Elec Pow Co pf_ _100
•
American Stores
Bell Tel Co of Penn pref__
50
Cambria Iron
•
Congoleum Co Inc
Fire Association, new_-10
100
General Asphalt
Giant Portland Cement_50
50
Preferred
Insurance Co of N A_ _ _ _ 10
Keystone Watch Case
Lake Superior Corp_ _ _ _100
50
Lehigh Navigation
10
Lit Brothers
Man Rubber
Music Master Corp
Penn Cent L & P cum pf_ •
io
Pennsylvania RR
Pennsylvania Salt Mfg_150
Phi's Co (Pit(s) p1(5%) 50
Preferred (cumul6%)-50
25
Phila Electric of Pa
Warrants
•
Phila Insulated Wire
Phila Rapid Transit_ __ _50
Philadelphia'rractIon. _50
50
Phila & Western
50
Preferred
1
Tono-Belmont Dave!.
1
Tonopah Mining
50
Union Traction
50
United Gas Impt
Warwick Iron & Steel__ _10
West Jersey & Sea Shore_50
50
Westmoreland Coal
50
York Railways pref
101
101 102
5154 52
10634 10945
7034 8334
10934 111
39
40
18
18
58
5935
5954 5955
41
45
47
4734
5454 5755
65
65
3
315
102 109
2634 2755
4
534
2
2
7154 73
51
5354
7454 76
37
37
4935 50
47
52%
4
434
52
52
5344 54
58
58
12
12
35
35
355 354
654 654
3934 4034
95 102
354 344
47
z45
52
54
3755 38
[VOL. 122.
Range Since Jan. 1.
Low.
High.
Mt V-Woodb'y MillsPreferred v t r
100
New Amsterd Cas Co_ _ _10 5134
Penna Water & Power_100
*
Silica Gel Corp
Standard Gas Equip_ _100 100
Preferred
United Ry & Elec
50 18
US Fidelity & Guar__ _ _50 200
Wash Bait & Annap.. _50
Preferred
50
West Md Dairy Inc com__• 118
Preferred
50
7835 78
5134 53
150 152
15
15
100 10054
98
98
18
19
200 203
10
10
23
23
110 118
5241 5334
Range Since Jan. 1.
Low.
21 7834
98 5134
25 150
25 12
170 100
5 98
668 17
279 19734
65
8
54 23
1,110 94
104 5254
BondsBalt Elec stpd 58
102 102
1947
1.000
Bern.helmer-Leader 73.1943 10055 10054 10034 1,000
City & Suburban 1st 58'22
8654 8634 1,000
Consolidated Gas 5s_ _1939
102 1023' 8,000
General 4558
1954
1,000
0574 0534
Consol G E L & P 4556 1935
9734 9755 4,000
5s
10055 10044 12,000
1965
10534105% 2,000
555% notes ser E.. _1952
6% notes ser A
1949
10634 10634 10.000
Elkhorn Corp 6158-1932 9934 9934 9955 16,000
Fair & Clarks Trac 58_1938
9134 9155 2,000
Ga Car & Nor 1st 5s_ _1929
100 100
4.000
Ga & Florida 58
1956
10034 10054 2,000
Houston 011 6548_ _ _ _1935
100 100
1,000
Macon Dub & Say 58..1947
8474 8474 6,000
Md Electric Ry 1st 5.5_1931
95
9735 6.000
Maryland Elec 6348_1952 9735 97 55 9734 2,000
Maryland mate 3558 1928 9834 9134 9854 1.000
Monon Valley Trac 58_1942
9234 9234 2,000
7s
2154 22
1923
35
10054 10015 1.000
Petersburg 01 B 6s.1926
Roland Park El & Wat 58._
9854 9835 9855 1,000
Seattle Elec 1st 58_ _1930
10034 10054 2,000
Stand Gas Equip 1st 65'29 10034 10055 10034 2,000
United Ry & Elec 4s_ _ 1949 70% 7034 7154 18,000
1949
Income 45
50
5054 21,000
70
71
10,100
1936 70
Funding 55
9854 9834 1,000
6% notes
1927
95
96
10,000
68 when issued
1949 95
UM oh Rolf .6. A
An 1041
110
70
200(5
10134
10055
8634
101
9474
9534
10054
10444
10534
99
9015
994.4
100
100
8414
94%
9134
9854
8734
2155
10034
9834
10055
10034
69
48
6755
9734
9134
High,
Mar
Mar
Mar
Jan
Mar
Mar
Jan
Feb
Mar
Mar
Jan
Mar
83
5614
171
22
10054
98
1934
21934
153.4
2555
118
5444
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Jan
10234
10214
8654
10234
9534
98
10044
105%
107
99%
9134
100
10034
100
85
9734
9755
9844
9255
22
10034
9854
10055
10055
7114
5034
7155
9844
96
Mar
Feb
Mar
Mar
Mar
Feb
Mar
Mar
Feb
Feb
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
rso,
Mar
Jan
Mar
Jan
Jan
Mar
Feb
Jan
Mar
MI
Mar
72t€
Feb
Feb
• No par value.
5434
Jan
Feb
Chicago Stock Exchange.-Record of transactions at
3
Jan
104
Feb Chicago Stock Exchange Mar. 13 to Mar. 19, both inclusive,
2634
Jan compiled from official sales lists:
Jan
Mar
Sales
Friday
7154
Jan
Range Since Jan. I.
Last Week's Range for
Jan
Week.
Sale
of Prices.
7444
Feb
Stocks-Par.Price. Low. High. Shares.
Low.
High.
Jan
Mar Adams Royalty Co, corn_* 31
2955 31
2,560 2755 Jan 3754 Feb
48
Jan
Rights
3,225
255 Mar
235 3
454 Mar
4
Mar All America Radio cl A__ _5
585 11
13
Feb 1955 Jan
1334
Feb Amer Pub Serv, prat__ _100 94
94
60 94
94
Mar 97% Jan
53%
Feb Am Pub UM Co par pfd 100
75 82
8855 89
Jan 91
Feb
Feb American Shipbuilding_100 72
15 72
72
72
Jan 7535 Jan
12
Jan Amer States &cur Corp A•
235 3;4 37,170
2% Mar
2%
854 Feb
Mar
Class B
•
1
Mar
1
155 15,600
554 Feb
Jan
Warrants
Si
314 Feb
53 17,550
34
Si Mar
Feb Armour Si Co (Del), pf_100
95% 9655
315 95% Mar 98
Mar
3974
Jan Armour & Co, prat__ _ _100 90
90
Jan 92% Mar
90% 2.000 90
95
Jan
Common el A v t c_ _ _ _25 23
2255 24% 9,270 2234 Mar 25% Feb
Mar
12%
Common el B vt c___ _25
1255 1454 6,441 1255 Mar 17
Feb
Jan Armour Leather
5
15
4
5
15
Jan
655 Feb
Jan Assoc Invest Co,com____* 373' 3754 3754
100 37
Mar 3734 Mar
Feb Auburn Auto Co. corn_ _20 5834 5855 64
25,000 4855 Jan 72% Mar
Balaban & Katz v t c_ _ _25 69
69
72% 2.365 64
Mar 73
Mar
Preferred
Bonds100 100%
100
125 100
Jan 103
Feb
91
9454 4,900 8934 Feb 9434 Mar Beaver Board v t c B_
*
354 4
Amer Gas& Elec 58_ _2007
55
3% Jan
4% Jan
Mar 92
92
Mar
500 92
92
2007
Preferred certificates_100
34
Small
34
455 34
Mar 40
Feb
Feb
3,000
58
6035
Jan
6954
6034
Bendix Corp class A._ _10 275( 2734 28% 1,245 2635 Jan 31% Jan
Consol Trae NJ 1st 581932
14,100 5834 Jan 6514 Feb Borg & Beck, corn
61
63
10 3134 3155 3235 1,875 28
Elec & Peoples tr ctfs 43'45
Jan 34;4 Feb
2,700 91
Jan 9254 Feb Brach dr Sons(E J), Com_• 3755 3754 3754
Keystone Telep. st. 5s'35 9134 9114 92
820 37;5 Mar 37% Feb
7,000 9734 Mar 9855 Feb Bunte Bros
Lehigh C&Nav gen 435s'24 9834 97% 9834
15
15
10
10 15
Mar 16;5 Jan
Jan Cent Ill Pub Serv, prat_ •
Jan 103
1960 10255 10255 10274 26,000 102
99
99
Phila Elec 5s
10 8754 Jan 99
Mar
10334 10334 31,000 10214 Jan 10454 Feb Cent Ind Power, pref.. _100 oog
1966
laths
90
91%
110 89
Jan 93
Jan
1,000 10234 Mar 10334 Mar Central SW,7% pref____* 92
10244 10254
1966
91
92%
443 89% Jan 94
Small
Jan
1947 10754 10334 10734 37,000 103% Mar 10754 Jan
Prior lien preferred_
96
96
•
5558
40 954 Mar 100
Feb
Jan
106
Jan
32,000
107.15 10755
10734
1953
17
Warrants
17
5348
1834 7.875 10% Jan 22% Feb
5,000 10755 Mar 10834 Feb Chic City & Con Ry pt sh •
10734 108
1941
500
68
55
%
% Mar
54 Jan
Jan
2,000 5934 Jan 65
61
61
Preferred
5%
555 535
United Rys gold tr ctf 45 49
50 5 Jan 7 Jan
or r.z ox tz a Ann
ARIA
Inn
CIII
Ian Chicago Fuse Mfg Co_
3055 30%
*
25 30% Mar 35
Feb
Chic N S & Milw, com_100 52% 52
55
1,500 47
Mar 61% Feb
• No par value. z Ex-d vidend
99% 100
Prior lien pref
100 100
210 9955 Jan 101
Mar
78
100
Preferred
78
26 76
Mar 83
Jan
Baltimore Stock Exchange.-Record of transactions at Commonwealth
131 14154
Edison 100 141
482 131
Mar 144
Jan
8% 954
5
Baltimore Stock Exchange Mar. 13 to Mar. 19, both in- Consumers Co new
1,750
5% Jan
1054 Feb
Preferred
100 7834 78;5 80
705 73
Mar 93
Feb
clusive, compiled from official lists:
12
12% 3,310 10% Mar 1354 Jan
•
Continental Motors
56
5634
57
25
121
Co
Crane
52
Mar
Jan
60
Sales
Friday
115
115
115
Preferred
100
110
113% Mar 11755 Jan
Range Since Jan. i.
Last Week's Range for
100 100
Crown(Wm)Pap 1st prat *
200 100
Jan 100% Jan
Week.
ofPrices.
Sale
89
90%
Cudahy Packing Co_ _ _100 90
100 88
Mar 9534 Jan
High.
Low.
Par. Price. Low. High. Shares.
Stocks48
4835
Cuneo Press A
ao 48
570 47
Jan 50
Feb
120
120 125
Match
100
140
Diamond
120
Mar
129% Feb
Jan
Mar
53
65
40
40
40
Armstrong-Cator 8%Pf 100
21
2155
250 20
Mar 25
Feb El Household Mil Corp_ 10
Jan
Jan 101
10 100
100 100
Amer Wholesale pref _ -100
• 1934 19;5 22
400 19
Mar 32% Jan
Jan Elec Research Lab
2,000 2854 Mar 36
Arundel Corp new stock_.* 3234 3255 33
28
28%
176 26% Jan 3014 Feb
Mar 26235 Jan Evans Jr Co, Inc, class A_5
340 213
213 232
50
Atl Coast L(Conn)
3054
3155
160 29% Mar 3315 Jan
• 30%
Feb Fair Co(The)
Jan 154
48 147
14854 149
50
Baltimore Trust Co
Mar Fitz Simons & Connell
Mar 61
100 61
61
61
Boston Sand & Gravel_100
2734 28
180 26
Dock Jr Dredge Co
Jan 3055 Feb
Feb
40 15534 Jan 182
170 170
Century Trust
12;5 12%
235 1254 Mar 15% Jan
20 11055 Jan 11344 Mar Foote Bros(0 & M) Co_ _*
Ches & P Tel of Balt Pt _100 11334 1133,4 11354
920 34% Mar 39
• 3434 34% 36
Jan
50 5754 Feb 6134 Mar Gossard Co (II W)
6154 6134
100
Commerce Trust
142
142
147
275 140
Jan
Mar 41331 Jan Great Lakes D & D._ _100
Mar 171
35 30
3155 3234
•
Commercial Credit
4054 3954 4034
Coop'ge
A
corn
_*
230
Greif
Bros
3954
Jan
Mar
Feb
Mar
2634
405-4
140
2534
2554
2534
25
Preferred
22
23
10
645 19
Mar 2854 Jan
Jan 2734 Jan Hupp Motor
125 26
2634 27
25
Preferred B
4155 44
25 43
1,735 37
Jan 4434 Feb
Feb Illinois Brick
Mar 99
20 97
97
97
Preferred A 635%
92
92
92
Utilities-pt.
100
10 9054 Feb 92
Nor
Illinois
Feb
Mar
Jan
45
5734
316
49
5034
Consol Gas E L Jr Pow__ _•
58
59
Pneumatic
Tool_
_ _•
160 58
Mar Indep
Jan 61
Jan
Jan 105
75 102
103 10355
100
6% preferred
38
38
50 38
Inland Steel common__ _ _•
Jan
Mar
110
Mar
Jan
3854
161
10834
110
109
100
10934
preferred
834%
33
35
422 25
Jan 38
Jan
10 11034 Jan 11555 Feb Kellogg Switchboard.... _25 33
11254 11355
100
7% preferred
103 92
Jan 12844 Feb Ky Hydro-Elec pfd_..100 94% 9355 9454
Jan 95
Jan
15 124
12554 12534
100
8% preferred
25 7044 6535 z74% 12,000 65
Jan Kraft Cheese Co
Mar 53
Mar 9054 Jan
243 36
49
40
Consolidation Coal-._ -100 49
100 100
10 100
Mar 100
Mar
5 9351 Mar 9314 Mar Laclede0& E pr lien _ _100 100
9354 9354 9334
Preferred
1035 10% 1,200 10
Feb La Salle Ext linty (Ill) _ _10 10%
Jan 14% Jan
470 3134 Mar 48
• 3631 3555 39
Eastern Rolling MIII
Libby,McN&Libby,new.10
7%
744 834 1,265
7% Mar 10
Feb
Empire 38th St.COrp. allot
7
7
10
10
Mar Lindsay Light, pref
Feb
7
Mar 102
Mar
8
10 102
102 102
•
et!
18
19
•
Mfg
450
McQuay-Norris
Feb
124
1(1%
Mar
19%
Feb
117%
Jan
118
12355
120
•
120
50
Fidelity & Deposit
• 2155 21% 22%
55 20
Jan Maytag Co
Mar 23
Feb
190 IOU Mar 12
1054 1134
Finance Co of Am "A" _25
11551 115% 11834 3,105 109
Mar 2134 Feb Middle West Utilities..Mar 13454 Jan
387 20
Finance Service cl "A"_ _10 2034 2054 2055
107
10754
10834
924
Preferred
m)
9755 Jan 111% Feb
Mar
Mar
2634
49
26
2614
26
• 26
Hare & Chase
116%
116%
118
404
Prior lien preferred_ _100
10635 Jan 123% Feb
Mar
Mar 92
40 92
92
92
92
Preferred
875 4454 Mar 49% Feb
Jan Midland Steel Products...* 4454 4454 48
Mar 89
25 84
84
84
Houston Oil pf tr ctfs_ _100
295 99
Jan
Jan 100
1,800 40c Feb 500 Mar Midland UM prior lien_100 99" 9944 100
40c 50c
Loraine Pet Co_ _lc shares
97
so 96 Jan 98 Mar
9735
100
Preferred A
Mar 6855 Feb
64
75 62
62
Manufacturers Finance_25 62
61
5934
840
59%
Lithograph
Co_
Feb
_
•
Morgan
5654
Jan
65
Jan
Mar
23
125
21
22
2134
25 22
1st preferred
Jan
570 20
Mar 28
276 2234 Jan 2434 Feb Natl Elec Pow A w I_ • 2034 2044 21%
25 2334 2354 24
94
2d preferred
94
ioo
10 93
Preferred
Jan 96% Feb
Jan
5 2015 Jan 23
25 2034 2035 2034
Trust preferred
335 435 4.400
4
434 Jan
10
3% Mar
Jan National Leather
210 9855 Feb 102
101
Maryland Casualty Co._25 9935 9974 48
29
2955
135 2754 Mar 32
Jan
265 4434 Jan 5334 Feb North American Car el A.• 29
46
Merch dr Min Tr Co--100 46
95
97
Jan
69 93
Jan 99
273 4435 Jan 5334 Feb Nor West UM pr In pref 100 97
49
46
95
95
Mar
100 9334 Feb 96
SIerch & Miners new- - • 1434 1434 15
100 95
7% preferred
110 1455 Mar 2354 Jan
..•
corn_
Acceptance
Htge &
635 15
1534 193.4
Jan 21% Feb
Feb Omnibus vot tr °Us w I a_•
118 4234 Jan 46
nn 4214 4234 4334
- • --
10955
71
10955
90 10034
120 36
1,244 10134
19,131 70
197 10934
108 3814
100 1735
80 58
10 5935
95 37
45 3455
1,838 54
35 62
1,285
3
2,215 9735
2,000 2534
315
234
100
2
326 7154
21,338 50
496 71
5 37
170 49
76,600 4334
23,507
354
70 50
476 51
132 5634
115 12
50 3434
5,631 29-16
1,5494 15-16
620 38
13.913 91
335
120
244 43
326 50
209 3634
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Jan
10234
59
109%
9455
112
40
21
68
5934
50
4854
6434
70
434
12055
3355
8
2
7335
5534
91
38
50
6734
754
55
5734
65
1434
35155
455
754
4334
14434
334
47
56
3834
1595
THE CHRONICLE
MAR. 20 1926.]
sates
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares
*
Penn Gas & Elea w I
10
Pick (Albert) & Co
Pick, Barth & Co, pref A_*
5
Pines Winterfront A
Pub Serv of Nor Illinois. *
Pub fiery of Nor IlUnols.100
Preferred
100
7% preferred
100
Quaker Oats Co
•
Preferred
100
Real Silk Hosiery Mills_ _10
Reo Motor
10
Ryan Car Co(The)
25
So Colo Pr Elec A com_25
Stewart-Warner Speedom •
Swift dr Co
100
Swift International
15
Tenn Prod Corp com_
5
Thompson (J R)
25
Union Carbide & Carbon.*
United Biscuit class A._*
United Lt dr Pow A w!new*
Common cl A w I a_ •
Common cl B WI a__5
Preferred CIA WI a_ _ _ _ 5
Preferred cl B WI a_ _ _ _5
United Paper Board_ _ _100
11 S Gypsum
20
Utilities Pow & Lt cl A_ *
Vesta Battery'Corp
10
Wahl Co
•
Wanner Mall'le Cast pf_50
Ward(Montgomery)&Co10
Class A
5
Williams 0110 Mat com__•
Wrigley Jr
•
*
Yates Machines part pfd_'
YellowTr& Coach Mfg B10
Preferred
100
Yellow Cab Co Inc (Chic)*
21
36
132
10634
5231
1434
8234
11535
18
81
80
84
4634
33
138
Bonds—
Chicago City Ry 513_1927
Chic City & Con Rys 58'27
Chicago Railways 58_ A927
48, Series B
1927
Adjust income 48_1927
Swift de Cln 1st s f a ss 1944
1234
12
2054
5251
30
2835
Friday
Sales
Last Week's Range for
ofPrices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Feb
160 21
21
2134
Mar
160 21
21
2134
100 2135 mar
2134 2135
Feb
900 35
3535 3654
Jan
160 130
130 13254
Jan
40 130
13034 131
21 10035 Jan
102 102
Jan
10 112
11611 11634
Jan
276 128
131 132
Feb
50 105
106 10635
5435 3,220 5134 Mar
52
280 2131 mar
2234 2234
225 1435 Mar
1434 15
Mar
11 24
25
25
81
8534 37,000 7234 Mar
Jan
1,940 113
11334 11434
Mar
18
1934 13,970 18
Mar
85
15
15
1534
285 4454 Jan
4535 46
8051 8634 17,100 7235 Jan
1,385
4234 Mar
48
4534
Mar
320 15
16
17
Mar
109 77
80
80
115 7435 Mar
80
80
Mar
430 82
8334 8635
Mar
210 45
46
4755
1,915 3154 Jan
35
33
Jan
915 138
138 145
30 3335 Mar
3354 3334
795 1235 Mar
1234 1454
Jan
845
9
12
1254
Mar
60 10
10
10
Mar
10 69
6934 6951
Jan
285 109
111 11234
3,880 1634 Jan
2034 22
970 513.4 Mar
5335
52
2931 3055 2,710 .,2835 Mar
1,380 2735 Mar
2834 3034
Jan
130 93
9535 96
Mar
4634 4735 1.570 46
7234 73% 825,200
5134 5234 7,000
7251 7434 42,000
9.000
3555 36
1,000
16
16
1.000
100 100
No par value. SEX dividend and ex stock.
7234
5134
7231
3574
16
7234
4935
7231
35
16
9974
24
23
225(
5954
137
135
10235
11654
134
107
5834
2554
16
2531
93
117
2235
1534
48
8634
5934
26
144
155
92
51
38
16134
3634
25
1434
10
5134
11234
2334
5536
32
33
96
5034
Feb
Jar
Feb
Jar
Jar
Jar
Jar
Mar
Feb
Pet
Jar
Jar
Jar
Jar
Jar
Fel
Jar
Ma
Feb
Ma
Jai
Fel
Jai
Jar
Ma
Fel
Ma
Jai
Fel
Sat
Fel
Ma
Jill
Ma
Fel
Sal
Fe'
Fe'
Ja
Fe'
Low.
Jan
Mar 41
Feb
Mar 40
Mar
634 Feb
Feb 29
Feb
Mar 17554 Jan
Mar 11134 Jan
Jan
Feb 45
Feb 9835 Jan
Mar
Mar 85
1935 Feb
Jan
75
10635
104
3354
3534
22
108
27
10634
44
2554
2035
4634
11235
52
3134
2531
4034
10435
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Feb
Jan
Mar
Mar
Mar
Feb
Jan
35
115
315
225
580
80
25
15
25
100
340
120
105
1
50
110
136
10
280
2
35
420
20
230
63
10
82
251
295
90
Mining—
Cons Lead & Zinc Co__ _20
2654 2735
1,407
Street Railway Bonds —
East St Louts & Sub 551932
United Railways 413._ _1934
Miscellaneous Bonds—
85
32.000
85
7735 7734 14,000
8335
75
27
27
Te,ti.e. St ne.craaviaa
An
10.1.3
3734
2634
165
36
74
58
80
3335
2335
108
2735
49
31
41
37
High.
3734
35
534
26
154
10935
35
60
85
1655
3734 373.4
38
35
53-4 534
2634 27
165 168
10934 11034
36
36
74
74
85
85
19
19
60
58
80
80
10634 109
104 104
3335 3454
3534 3534
24
23
108 108
27
27
107 107
45
44
2635 28
2034 2035
52
48
114 11434
52
52
31
3234
2531 2635
41
4134
106 106
Hussman Refr., corn
•
Huttig El & D,corn
•
Hydr Press Brick, com_100
Indep Packing, corn
*
International Shoe, Corn....'
Preferred
110
Johansen Shoe
*
Johnson-S & S Shoe
*
Laclede Gas Light, pref.100
McQuay-Norris
*
Missouri Portl Cement_ _25
National Candy, corn.. _100
First preferred
100
Second preferred_ _100
Pedigo-Weber Shoe
*
Polar Wave I & F "A"....'
Rice-Stix D G,corn
5
First preferred
100
Scruggs-V-B D G,com_100
Scullin Steel, pref
100
Securities Inv., corn
*
Sheffield Steel, corn
5
•
Sieloff Packing, corn
•
Skouras Bros, "A"
Southw Bell Tel, pref _ _100
St Louts Amusement"A" *
Stlx-Baer & Fuller, com__*
Wagner Electric, corn....e
*
Waltke Co,corn
100
Preferred
Mar 7935 Ja
18
Jan 5831 Ja0
is
Mar 80
Ja
Mar 40
Fe
Jan 18
Jan 10051 is
Range Since Jan. 1.
3.000
92
110
104
39
3734
2554
109
30
107
45
2734
22
59
11435
5934
3534
3435
4434
106
Feb
Jan
Mar
Jan
Feb
Feb
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Mar
2634 Mar
28
Jar
Jan
Jan
85
78
Mai
Feb
Mar
37
Mat
•No par value.
Cincinnati Stock Exchange.—Record of transactions at
Cincinnati Stock Exchange Mar. 13 to Mar. 19, both inclusive, compiled from official lists:
Stocks—
Sales
Friday
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
High.
Pittsburgh Stock Exchange.—Record of transactions
at Pittsburgh Stock Exchange Mar. 13 to Mar. 19, both
inclusive, compiled from officials sales lists:
Jan 14534 Jan
736 115
11735 122
Am Laund Mach, corn.. 25 119
Feb
Jan 59
746 51
Amer Rolling Mill, com_25 53% 5334 5434
Mar
109% 112%
Preferred
100 112
53 10834 Jan 111
Mar
Mar 27
25
25
American Products
393 25
25%
American Thermos, com_ _
210 1934 Mar 19% Mar
19% 1934 1934
Sales
Friday
44
44%
44
Preferred
665 4251 Mar 43% Mar
'Range Since Jan. 1.
Last Week's Range for
Feb 106 Si Mar
Baldwin, new, pref _ _100 108% 10635 106%
6 105
Week.
ofPrices.
Sale
Jan 33% Feb
203 30
Buckeye Incubator__ __100 32% 32% 3234
High.
Low.
Par. Price. Low. High Shares.
Stocks—
Mar
Feb 115
114 114
2 110
Carey(Philip), pref.. _ _100 114
10535 Mar
Feb
100
103
104%
104%
Fibre,
pref
25
10534
Champ
Jan
333.4
Jan
31
60
3251 3274
Am Vitrified Prod, com_50
Feb
Mar 70
183 62
62
6434
Mar 9454 Jan Churngold Corporation__* 62
60 91
92
91
Preferred
100
Jan City Ice & Fuel
/
2 Mar 25;5 Jan
234 241
24% 2434 2454
119 7335 Mar 80
7354 76
Am Wind Glass Mach_ _100
Jan
108
Feb
_100
104
10434
new
pref
Feb
117
105
105
Cooper Corp,
10 10651 Jan 112
Am Wind Glass Co, p1.100 10835 10835 10835
Mar
Mar 54
Jan Dixie Ice Cream
54
100 54
7
54
50 54
534 Feb
574 635 6,996
634
Arkansas Nat Gas, com_10
Feb
3335
Feb
Jan
1,559
30
3034
Lead,
com_20
100
31%
30%
Eagle-Picher
Jan
99
20
993.4
9935
Byers(AM)Co, pref__100
Jan 4134 Mar
Feb Early & Daniel, corn
* 41% 40% 4131
380 38
Jan 21
765 16
20
19
10 19
Carnegie Metals
Mar
Mar 100
Mar
100 100
100 100
10
2 100
Mar 275
Preferred
50 275
275 275
Commonw•th Trust Co_100
Mar
80
Mar
Mar
63
10135
63
63
pref
100
63
10 10174 Mar
Fay & Egan,
10134 10135
Conley Tank Car, pref____
Feb
Feb 27
235 Feb Formica Insulation
21
21;4
53 21
21
Mar
2
701
2
2
Consolidated Ice, corn_ _50
Jan
Feb 16
Feb French Bros-Bauer.com * 15% 1535 1534
Mar 24
200
20 15
20 22
2235 2235
50
Preferred
Feb
Jan Giant Tire
23% Jan 39
• 3534 35% 35%
163 1436 Mar 17
1454 1431
10
Devonian Oil
Feb
Feb 40
35
3835 39% 1,21
Mar 114 34 Feb Gibson Art, COM
1
60 112
113 11335
Duquesne Light. pref__100
Mar
Feb 117
Feb
116
117 117
100
Mar 10
7
830
Preferred
736 8
776
Houston Gulf Gas
Mar
36% Jan 41
634 Mar Gruen Watch, corn
2
235 Jan
• 3935 3935 41
745
6
5
5
Indep Brewing, com_ _ _50
105
Feb
Feb
36
1043.4
10334
Feb
1043,4
8
100
Feb
535
100
Preferred
10434
8
8
50
Preferred
Feb 10235 Jan
Feb Johnston Paint, pref __ A00 100
20 99
100 10255
Jan 116
20 114
Jones & Laughlin, pre!.100 11434 11434 11454
2134 Feb
Mar NA Jan Kodel Radio, pref
20 2135 21% 2135
1 1210534
5335 2.325 5
850
25 5234 52
Lone Star Gas
Mar 13534 Jan
Feb1854 Feb Kroger, con;
100 14
10 11434 114% 117
1574 1535
Nat Fireproofing, com_ _50
2035 Feb
Feb McLaren Consol A
Ma
Feb39
435 19
1,245 34
1934 20
•
50 37
3534 37
Preferred
Feb
8
7Feb
ja,
% F
154 139
589
734 8
734
3474 3435 3534 2,517 3434 Mar 3634 Jan Paragon Refining,com--25
Ohio Fuel Corporation.._ _ _
Jan
160
Jan Procter & Gamble, com_20 150 .149 152
Mar 34
332 31
3151 32
Oklahoma Natural Gas_ _25
Feb
Mar
Jan 163
7
Jan
16034 16235
3
1.285
70 160
635 7
100 162
Pittsburgh Brew, com _50
8% preferred
Feb
96%
Feb
Jan
15
Jan
11
282
8554
94
285
15
9435
9435
1434
15
Preferred
50
Pure 011.6% Preferred_100
Feb
Mar 63
Mar 8354 Jan U 8 Can,com
110 76
57
59
7634
76
Pittsburgh Coal, pref _ _100
5 57
Mar
a 103% Feb
159
9 101
57
136 Feb
134 Feb
101 101
134 14 1,200
100 101
Pitts & Mt Shasta Corp_ _ _
Preferred
Jan 144% Feb
Jan
6
4% Mar
270
141 143
435 435
58 139
20 141
Pittsburgh 011 & Gas_ _ _ _5
U S Playing Card
Jan II8Print & Litho,com_100 85
Mar 310
145 290
290 300
41 81 • Jan 9434 Feb
85
92
Pittsburgh Plate Glass_100 290
Feb
Feb
834 Mar 10
38
834 935
37 9134 Jan 100
10
100 100
Salt Creek Con Oil
100 100
Preferred
Feb
7
Feb U S Shoe, com
6% Mar
Jan 50
193 32
35
40
40
6% 6%
Stand Plate Glass, pre _100
*
631
Mar 58% Feb
Mar 11834 Jan' Preferred
310 106
108 112
29 50
50
Stand 'Unit Mfg,com_ _ _25 109
50
100 50
Max
116
Mar
11511
10
118 116
100
Preferred
Jar
Feb 10
9
100
934 934
10
Tidal Osage Oil
Banks—
Mar
Jan 331
180 1735 Mar 1934 Jar
1751 18
25 18
Si 325
100 33034 330 331
U S Glass
First National
142 11234 Mar 12731 Feb
115 11734
West'house Air Brake_ _ _50 115
9134 9154
25 9035 Jan 9134 Mai
West Penn Rys, pref_ _ _ WO
Public Utilities—
95 82% Mar - 84% Feb
Cincinnati & Sub Tel_ _ _50 81% 8134 82%
Mar
Jan 95
220 89
Bonds—
Cincinnati Gas & Elec_100 9234 9235 9334
Mai
Mar 98
81,000 98
98
98
8 121% Feb 114% Mar
Pittsburgh Coal deb 5s 1931
11435
11434
114%
Cinc Gas TransporCn_ _100
50 81% Jan 8811 Mar
8635 8634
com_100
C
N
&
C
Lb
dr
Tr,
86%
value.
•No par
45 6435 Jan 6611 Feb
6634
100 66% 66
Preferred
Note.—Sold last week and not reported: 100 Houston Gulf Gas at 778; 10 Pitts60 109% Jan 110% Feb
Ohio Bell Tel, pref _ _100 11135 11154 1114
burgh Trust Co. at 220: 87,000 Pittsburgh Brewing 6s, 1949, at 96.
Tractions—
Feb
50
45% Ma
2
4535 4511 45%
& Ham Trac, pref _AO
St. Louis Stock Exchange.—Record of transactions
32 34 Feb 33% Feb
46
35
33
Cincinnati Street Ry___ .50 33
Jan 8434 Jan
20 78
at St. Louis Stock Exchange Mar. 13 to Mar. 19, both Ohio Traction. met_ _ _ _100 7835 78% 78%
154
inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares
Banks—
First National Bank_ _100
Nat'l Bank of Comm- _100
100
Franklin Bank
•No par value.
Range Since Jan. 1.
Low.
High.
232
162
155
232
162
155
20 228
10 155
50 155
Jan 235
Jan 171
Mar 155
Feb
Feb
Mar
425
425
50 410
Jan 425
Mar
Feb
Mar
Trust Company—
Mercantile Trust
100
Street Railway—
United Railways, pref_ _100
Friday
Sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price, Low. High. Shares
Week Ended Mar. 19.
974 10
Miscellaneous—
14
Amer Investment "B" *
Baer, Sternberg & Cohen— .
98
100
preferred
First
63
.
Best Clymer Co
39
*
Boyd-Welsh Shoe
40
40
100
com
Brown Shoe,
110
100
Preferred
101
Elder Mfg, 1st pref —100
Ely & Walker DO.com_25 3054 3034
2734
Fulton Iron Works,com_ •
97
100
Preferred
112
met--100
Globe-Democrat,
a,
— -- -,...-- __,+
ton11a
New York Curb Market.—Below is a record of the
transactions in the New York Curb Market from Mar.13 to
Mar. 19, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
440
8
10
Stocks—
14
98
5635
39
4231
110
101
31
2835
97
112
47
25
14
Mar
14
Mar
90 98
Mar 98
Mar
195 60
Jan 6654 Mar
10 39
Mar 4454 Feb
Mar 4435 Mar
342 39
45 10774 Jan 111
Feb
50 100
Feb 101
Mar
275 3035 Mar 3335 • Jan
125 2635 Mar 3654 Feb
5 96
Jan 9934 Feb
1 112
Mar 11334 Feb
sn 411
Mar 57
inn
Indus. & Miscellaneous.
Aero Supply Mfg class B.*
10
Ala Gt Southern,com_ _50
98
50
Preferred
98%
Allied Packers corn
2%
Alpha Portland Cement 100
133
Aluminum Co corn new.._• 6435 84%
Preferred (6%)
100 59934 x99%
Amalgam Leather, pref.100 8235 82%
Amer Cyanamid class A w
44
44
Class B w I
4014 4035
Amer Else Corp v t
10
10%
Class A
2254
25
1034
98%
99
3
138
67%
10035
8235
4455
43%
1054
2334
Range Since Jan. 1.
Lao.
mar
ar
M
15
0
200 9
200
200
2% Mar
300 95
Jan
310 115
900
54
81 jan
400 9Jan
3356 45 JanJJain
100 74
300
600
Mar
1,100
Mar
r
9
300 2234
High.
14
1085(
110
3%
138
76
101
86
4634
47
11%
24%
Jan
Feb
Jan
Feb
Feb
Feb
Mar
Mar
Feb
Feb
Feb
Feb
1596
THE CHRONICLE
Friday
Sales
Last Week's Range Ior
Sale
OfPrices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares
Range Since Jan. 1.
Low.
High.
[you 122.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
American Gas& Elec corn • 73
7234 7834 4.700 64
Mar 99% las
Hazeltine Corporation _
13
14
1335
1334
Mar 1754 Feb
1,200
1334
Preferred
9234 92%
300 923.4 Jan 9535 Jan
Elelirnan (Rich), Inc, com•
15
15%
Feb
500 14% Jan 19
Amer Hawaiian SS
10
934
9% 9%
9% Mar 11% Jan
Pref with warrants_
500
•
3234 33
Mar 36% Feb
600 32
American Home Products% 25% 25% 26h
Hayden Chemical
8,700 2534 Mar 27% Feb
•
1% 1%
114 Mar
2% Jan
600
Amer Lt& Trac cons..A00 209
206 219
Mar 269
Vireo,(Chas E)
Jan
2,375 197
Preferred
100
• 24% 24
106 108
Mar 115% Jan
Class A common
275 106
24% 1,100 23% Mar 26
Jan
Amer Multigraph,corn.
•
21% 21%
Horn & Hardart Co
Mar 2354 Feb
100 21
Mar 62% Jan
500 41
Amer Pow & Lt com
• 53% 53% 59% 18.500 50
Mar 7934 Jan Hunt Bros Pack, class A.. 60
2
65
0
2
65
234
Feb 26% Feb
100 25
Preferred_
93
9234 93%
Jan
610 9231 Jan 96
lndustrial Rayon Class A.. --1434 14
15% 4.600 13% Mar 19% Jan
Amer Public UHL 7% Pref89
89
Int Concrete Ind Fre sh-10
Mar
Mar 89
10 89
7%
6
6
Mar
6%
1.400
8% Jan
Amer Rayon Products__ -• 31% 31
31% 2,300 2954 Feb 85% Jan
mat Projection Corp
•
10%
11
1,000 10% Mar 15% Jan
Amer Rolling Mill corn._25
53
54
110 51% Jan 59% Feb Internat Rye v t c
100
3054 31%
Mar 32
Feb
300 30
Preferred
100
10734 107%
106
Internat
Mar
Utilities class A-* 33
10
107% Mar
Jan
33
33
Mar 39
200 33
American Seating Co..100 251
251 251
Mar 335
Feb
Class 13
10 251
•
53i
574 3,500
534
5
Mar
9% Jan
Am Superpow Corp Cl A.
24
X 25% 1,200 22
Johns-Manville, Inc
Mar 37% Jan
•
13954 13935 144
Mar 159
Jan
350 136
Class B
• 23% 2335 27% 10,400 2214 Mar 39
Jan
Kraft Cheese
25 7034 68
72
Mar 8854 Jan
2.000 66
Prior preferred
25 2535 24% 2534
900 24% Mar 26% Feb Kruskal & Kruskal, Inc_ •
1734 18
500 1734 Mar 20% Feb
Amer Thread pref
5
334 3%
Jan Lambert Co, w
334 Feb
374
4
500
41% 4131 4151 2,400 41% Mar 4151 Mar
Arundel Corp A
32% 32
32%
Mar 3514 Jan 1,anti Co of Florida
200 32
•
22
27% 4,400 22
Mar 47% Jan
Msoc Gas & Elec Claas A.• 28%
2834 30% 3.300 25% Mar 8534 Jtut Landay Bros. Inc, clam A.• 35
35
35
Mar 37
Feb
100 33
Atlanta Birm & AtlanticLandover Hold'g CorpCIA
3054
3034 33
Feb
1.400 2834 Jan 35
New company, pref
88
86
88
Mar 88
Mar Lehigh Coal dr Nay
50 86
60
105% 10914
Mar 12034 Feb
300 103
Atlantic Fruit & Sugar- --•
1
1
1% 13,100 89e
Lehigh Power Securities..
Jan
23( Feb
Atlas Portland Cement..
51
51
53%
New Cons Corp
1,400 49% Feb 55% Mar
Mar 22
1214
Jan
1234 1434 63,600 10
Auburn Automobile. com25 58% 5835 64% 4,100 5051 Jan 73
Mar
Lehigh Valley Coal Salee.50 z8351 z8374 8674
350 8054 Jan 88% Feb
Beaver Board Cos, pref.100
34
34
Mar 39% Feb Lehigh Vail Coal etts new
100 34
39
3874 4035 5,500 8734 Jan 4534 Jan
Blackstone Val G&E,com50
95% 95%
200 95% Mar 11834 Jan Libby, MeN & Libby.._10
Mar
8
8
8
9% Feb
100
Bloomingdale, Inc, corn..
3234
3234 32%
70 3234 Mar 3254 Mar Libby Owens ShsetGlass 25
' 149 161%
Mar 219
Jan
690 146
Preferred (7%)
100 104% 10434 104% 1.300 104% Mar 104% Mar Llberty Radio Ch Stores..' 149
250
Mar
25c
25c
45c
4,000
3% Jan
Bolasonnault (G) Co
•
20e 20c
Feb Lowell Elec Light Corp_ _25
1.000 20c Mar 25c
Jan 6234 Mar
6235 62%
25 58
Borden Co new
50 96% 96% 103
92
Mar
110
Jan
MacAndrews&Forbes,com• 4234 4234 4234
1,600
100 423.4 Mar 4634 Feb
Bradley Fireproof Prod_ _1
78e
78e 92c
Jan 134
Jan
1,200 63e
Marconi Wireless of Can_l
1
96e
1
1,400 95c Mar
1% Jan
Bridgeport Mach corn .__• 1034
1034 11% 1.300 1014 Mar 15% Jam
Marconi Wird Tel.Lond.11
6% Jan
554 Mar
53( 534
1,200
Brill Corp (new) Class A.
39%
3935 41
1,800 3834 Mar 5754 Jan
McCall Corporation
• 3935 3934 40
Mar
Feb
39%
43
200
Class B
• 20
20
22%
Mar 33
Jan McCord Had & Mfg v t c.• 2134 2134 2135
600 20
100 21% Mar 25% Jan
Brit-Amer Tob ord bear_11 2734 2635 27% 2,600 2634 Feb 2754 Jim
Melville Shoe CoBrockway Mot Trk new..
2934 2934
Jan 29% Mar
100 25
Fret with warrants
Feb
Feb 126
:
1
23%H
51 % 12
19
1
4:
100 120
Brooklyn City RR
le ---734
735 8% 5,300
7% Jan
100
9% Feb Mengel Co
Jan
42
43%
200 37% Mar 52
Bucyrus Co,corn
100 z20134 z20174 225
•
Feb ?Magid Iron
Jan 335
100 179
1% Feb
2,800
274 Jan
Buff Niag E Pow corn_.• 27
26% 2934 6,200 2634 Mar 38)4 Feb
Metrupos. Chain Stores • 34
Mar 49% Jan
34
39
900 34
Preferred
25
2435 24%
Feb 24% Feb 541ddle West Utilities,com• 11535
100 24
Mar 135
Jan
2,900 109
Burdines, Inc.. coin
•
17
Mar 21% Jan
17%
Prior lien stock 200 17
100
Jan 122% Feb
117% 118
50 98
Can Dry Ginger Ale
• 4634 4535 47
_ ..100 10834 108 10835
3,400 40% Jan 4934 Feb
Preferred_
Jan 111% Feb
260 97
Car Ltg dc Power.corn..26
234
2% 234 5.700
134 Jan
2% Mar Midland Steel Products..'
Jan 48% Feb
47
200 44
Celluloid Co, corn
100
• 2434 47
19
19
Feb 23
Jan Midvale Co
10 15
2414 2534
900 2334 Jan 25% Mar
Preferred
100
60
62
Feb 68
20 51
Jan
Miller Rubber pre% _ -100
Jan 103
102 102%
Feb
30 100
Central Aguirre Sugar-50 79
79
80
Mar
:et, Mohawk & Bud Pow com-• 24
95
320 79
23% 25% 4,100 2135 Mar 28% Feb
Cent States Elec, new..._• 28% 28% 30%
Mar 34% Feb
Second preferred
•
700 26
Mar 95
92% 9234
Mar
25 90
Central Steel corn
100
66% 68
Mar 7434 Jan
•
Mohawk Valley Co
300 60
3334 3334
100 3034 Mar 87% Jan
Centrifugal Pipe Corp__• 21
21
22% 4,200 1834 Mar 27
Jan
Moore Drop&Forge. CIA.' 63
6234 63
Jan
300 62% Mar 67
Chic Nipple Mfg Cl A _ .50 42% 42% 4274
Feb 4334 Jao
Municipal den,Corn
1,300 42
• 1334
Jan
1.800 13
1331 Mar
Class B
50 26% 26% 26%
Ian
Mueic Master Corp
• 900
600 26% Feb 27
8
10
3%
e 12
20.200 80c Mar
3
314 Jan
25 42
Cities Service corn
41% 42
48,700 37% Feb 42% Mar Narragansett Elec Ltg_ _50
80
80
Feb
8654 Feb
100 75
Preferred
100 8334 83% 83% 2,400 83
Mar 84
Jae
Nat Elea Power. Clam A_• 2034 2034 2114 1,900 15)4 Mar 2854 Jan
Preferred B
10
7%
734 7%
250
7% Feb
7% Jan
Preferred
100
100 10074
Mar 10074 Mar
100
125
Bankers shares
20% 20%
Jan 20% Mar National Leather
200 19
10 97
4
94
7
4
9974
Jan
4
700
434 Jan
Cleveland Autombile.corn. 24
•
24
Mar 30
24
Jan
100 24
Vat Pow & Lt pref
Mar 10214 Jan
160 97
• 28% 2834 2935
Cohn-Hall-Marx Co
vat Pub Ser.,Cl Acorn' 1834
300 28% Mar 33% • Jan
18
1554
1974
Mar
2,100
24
Jan
•
Alkman
Co
corn
Collins &
38% 3834
Mar 39% Mar
1,000 38
Class B common
12% 1334
Mar 171( Jan
200 10
•
Preferred
10134 10134
Neptune Meter Class A :
200 101 34 Mar 10134 Mar
24
2434
23% Mar 2534 Jan
800
Colombian Syndicate
234
2% 234 11,300
Mar
3% Jan
2
Ney-Calif Elec earn_ ..100
23
23%
200 1854 Mar 44% Jan
Commonw'ith Ed Co--100 143
140 143
Mar 143
260 137
Feb New Eng Pow Assn, pf_100 87% 8731 87%
Jan 88
100 86
Feb
Com'wealth Power CornNew Eng Pow Corp new.. 21
21
21
2254
Mar 27% Feb
5,800
• 32
Common
32
34
Mar 42% Jan
ew Mex & Ariz Land. _1
13,200 29
12
12
14
3,500 11% Mar 17
Jan
Warrants
40% 40% 43
675 30% Mar 76
Feb N Y Merchandise Co__ •
21
21
100 21
Mar 26
Feb
• 39% 3934 41
Congress Cigar Co w
2,400 3934 Mar 44
Feb
V V Telep 6 % tref _100
112 11231
150 11131 Jan 11834 Jan
Conaol Dairy Products...•
4
4
1,000
354 Mar
474
5% Jae N Y Transportation_ _ _10
54%
55
Jan 55
300 50
Feb
Con Gas, E L&P Balt come 49
48% 5034 3,800 4411 Jan 58
Feb Northeast Power, w I
21
21
25
15,700 20% Mar 36% Jan
Consol Laundries. w I_ _-• 22% 22% 24% 4,100 2234 Mar 2854 Feb
Northern Ohio Power Co_• 16
16
17% 8.300 15
Mar 2654 Jan
ContinentalBaking,oomA• 103
103 111% 3,100 100
Mar 1213‘ Feb
Nor Ont Lt & Pr corn..100 52
52
5311
Mar 6754 Jan
600 45
• 1634
Common B
1634 20% 63,200 15
Mar 8034 Jan
Preferred
100
Feb 8454 Jan
70 78
100
8% preferred
94% 98% 2.100 9234 Mar 101
Feb 'Joe States P Corp com.100 10111 10
841
0
8
10
131 3,600 101% Mar 136% Jan
•
Continental Tobacco
1334 1334
100 12% Mar 1654 Jan
Preferred
100 101
101 101
Jan 101% Jan
125 100
Copeland Products. IncOhio Traction, corn
_100
100
814 Jay
10% Jan
22
Class A with warrants.21
24
1,800 2034 Mar 27% Jan Pacific Steel Boiler
• --12%
. 12
631 13
6'
900 1231 Max 16% Feb
4
1
LI
Courtaulds Ltd
31% 33
Feb 34% Jan Pender(David)Grocery B.*
500 31
27
Mar
300
28342954
36%
Feb
___•
v
t
cTobacco.
Cuban
60
60
Feb 64
60
100 57
Jan Penna.Pow & Light, pref.'
10634
100 104% Jan 106% Mar
Cuneo Press corn
• 28% 28% 3034
Feb 31% Feb Penns Water & Power 100 z14834 z146 10634
1,400 26
160
780
146
Mar
Jan
174
50
Clam A
49
Jan
49
43
100
50% Feb Peoples Drug Stores, Inc.' 30
30
3254
700 30
Mar 3411 Mar
Curtiss Aeropl & M,com.•
Mar 2314 Jan Phelps-Dodge Corp...-100
19% 21%
3,300 17
130 130
Jan 135
20 120
Feb
De Forest Radio Corp__.•
5
5
6%
Mar 1034 Jan
5
1,400
Philadelphia Elea corn..26
50
52
200 40
39
2
Mar 67
Jan
Devoe & Rayn, cl B new.•
Feb 10115 Feb Pillsbury Flour Mills
40% 41
1,100 40
_50
3834
200 36
Feb 48
Feb
Dinkier Hotels CoPitney Bowes Postage '
Clam A with purch warr• 23
23
23
Mar 25% Jan
200 23
•
Meter Co
-734 731
100
7% Mar
8% Feb
Dixon (Jos) Crucible_.-100
160 150
Mar 159
20 148
Jan Pitts & L E
_50
com
149 150
90 130
Mar 162% Jan
• 15
Doehler Die Casting
15
15
Jan Pittsb Plate Glass, com.100 ------ 294 294
700 1351 Jan 18
10
294
Mar
310
Jan
Dominion Stores, Ltd__ •
6334 65
150 6314 Mar 6734 Jan Pratt & Lambert,Inc._ _
------ 5934 5954
100 53
Jan 60% Feb
Dubiner Condenser & Rad*
6%
635 7
Mar 11
6
2,400
Jan
Procter & Gamble com _ _20
147 150
330 142% Jan 163
Jan
21
Dunhill International__
21
21%
400 2014 Mar 26% Jan Puget Sound P & L corn 100 51% 51% 5334
900 45
Mar 6634 Jan
Duplex Cond & Had v t c_* 67c
67e 67c
1% Jan
100 67c Mar
Purity Bakeries Class A.25 40
40
41
500 3951 Mar 42
Jan
•
834
Durant Motors. Inc
834 1034 11,400
8% Mar 13% Jan
• 3334 3334 37
Class 13
2,000
333i
Mar
3934 Jan
•
Dus Co, Class A
16
17
Jan 21
100
400 14
Feb
Preferred
94% Mar 9534 Jan
•
Class A v t
1634 1935
Jan 22
600 14
Feb Rand-Kardez Su new w1.' x42
9
41
431 4945
39
Mar 48
Jan
Eastern Rolling Mill. con%
3834 38%
100 3351 Mar 46% Feb Rem Noiseless Typew A _ _• 38
38
39% 3'64
500
1
30% Mar 52% Jan
Elm Bond & Share. pf 100* 10634 105% 10634
240 104% Jan 10834 Jan
hie° Motor Car _ ----- 10 2234 22
2234 4.300 21% Mar 2534 Jan
Elec Bond & Share Sec..• 65
6454 6954 15.500 6431 Mar 88
Jan
Senubile Mot Truck v t •
634 Mar 16% Jan
Elec Investorswithout war. 42
42
48% 16,300 4134 Mar 7434 Jan Richmond Radiator
•
391009 15
Jan 23
Feb
5
Electric Railway Secure-•
5%
300
5
4% Jan 10
100 3
Jan
Preferred
16
93i 3
19
6731 3196831
3,41000
30
0 3654 Feb 41% Mar
.•
Electric Refrigeration_ ---• 64
63% 66% 30,700 5934 Mar 9014 Jan
Rickenbaeker Motor
5%
Mar
934
Jan
Empire Power Corp
•
28% 29%
400 27% Mar 32
Feb Royal Baking Powd,14.100 106
231 106
231 102
631
102
Jan 103
Feb
•
Emporium Corp w i
500 36% Mar 39% Jan Safety Car Htg & Ltg_ _100
3654 37
127 12831
110 123
Jan 12831 Feb
Engineers Public Sery com• 25
24% 26
Jan 29% Jan St Regis Paper corn
• 63
3,400 24
63
66
300 58
Mar 90
Jan
Preferred (60% paid). •
100% 101
200 981( Mar 10934 Feb Savannah Sugar. corn...
141 141
141
Mar 141
Mar
F.stey-Welte Corp class A'
26
Jan 28
100 24
26
Jan Sears. Roebuck, new coin.% 4831 4854 52
8,100
10 48% Mar 5714 Jan
Fageol Motors Co. com_10
5% 631
4% Mar 103( Jan Serve' Corporation A....
3,200
2134 2054 2534 7,000 2031 Mar 3034 Jan
Fajardo Sugar
100 142
142 149
Jan 169
60 139
Feb Sherwin Wins Co corn...25
100 42
423,4 4254
Feb 43
Feb
Fedi Fin Corp class A_ *
32
200 31% Mar 35% Jan Sierra Pee Elec Co com_100 2654 2554 28
327-4
3,500 23
Mar 2814 Jan
Federal Finance Corp cl B• 1314
14%
13
Mar 17% Jan Silica Gel Corp corn v t
800 13
16
3
17
51
3 3
17
634
4
100
00 11% Mar 2234 Jan
Federal Motor Truck_ __10 3734 37% 40% 1,800 36
Mar 45% Feb Silver (Isaac)& Bros
34
Feb 42
Feb
Federated Metals
*•
18
Mar 22
18
100 17
Jan Singer Manufacturing._100
369% 370
350
Mar 385
Jan
Film Inspection Mach...*
5
5
Jan
5
5
•
200
731 Jan Sleeper Radio v t c
25c 250
2,00
20 24e Feb
2% Jan
Firestone T & R 7% PI-100 99
98% 99
320 9834 Feb 100
Jan Slits Viacom. ord_(200 lire) 13
1254 14
2,000
11%
Mar
16
Jan
Cool
Motor
Can_100 635
Ford
635 655
Mar 655
110 600
Mar Sou Calif Edison cum_ _100 12334 12254 125
2.950 115% Mar 142
Jan
Forhan Co, clam A
• 1734
1734 18% 2,200 1354 Mar 20
25 31
Jan
New common
29
3134 2.300 29
Mar 35
Feb
Foundation Co-Original pref(8%) _100
123
124
600 123
Mar 125
Mar
2134
Foreign shares Class A.
2134 2434 18,900 16% Mar 55
Jan
7% pre( series A-. %00
11
05-4 1103.4
50 10934 Feb 112
Jan
Fox Theatres Cl A. cm.• 2214
2134 2534 7,000 2134 Mar 34% Jan
100
6% pref series B
97% 97%
110 97
Mar 9934 Feb
Franklin(H H)Mfg,corn.*
25% 27
400 24% Mar 33
Jan Southern Cities Utillties100
31% 32
400 31% Mar 49
Jan
Freed-Eisemann Radio
*
534
534 6%
600
534 Mar
8% Jan
Voting trust certifs. 100
26
26%
300 25
Mar 33% Jan
Freshman (Chas) Co
- -• 2034 2034 22% 6,700 17% Jan 25% Feb South Dairies Clam A._ _ _• 48% 48% 50
44
Feb
Mar 57
Galv-Hous Klee Co,pref100 ------ 59% 59%
20 59% Mar 62
Mar Southern 0& P Class A._• 24
24
25
1,9
700 22
Mar 27% Fob
3
Garland Steamship
92e 98c
Jan
A• 30
2,800
90c
Utilities
1
Ice
&
Jan
Southern
2834 32
2,500 2434 Jan 32
•
3
Mar
GarGarnetCorporation
3
1,500
Jan d'eastern Pr & Lt. Corn.' 27%
2% Feb
7
33-4
14 27% 3
3,1,
01 12
3:6
10 00
0 24
Mar 46% Jan
General Baking class A_ • -7
8. ----- 60% 66% 21,600 58% Mar 7914 Jan
Common new w 1
23
Mar 4114 Feb
•
Class B
8% 1034 46,700
8% Mar 17% Jan
Preferred
61
6334
2.000
61
Feb 6554 Feb
4434 44%
Gen Firepmn ring corn.....
100 4431 Mar 57
Jan
Warrants
9
.105
135 6,000
7
Mar 1531 Feb
Mar 49
Gen Gas & Elm of Del, 13.• 34
36
34
300 34
Jan Southwest Bell Tel pref 100
114 121124;710060 11134 Jan 114
Mar
5134 5235
Gen'l lee Cream Corp. •
500 4714 Mar 56% Jan Southw P& L,7% p16_100
9 104
10 99% Feb 104
Mar
200 101% Mar 106% Feb snuta-WIthington Co.. •
Gen Pub Ferv, 7% pref..' 10134 101% 102
16% Mar 28% Jan
58
400 58
60%
Mar 7374 Jan SpIltdorf Beth Elec Co_ _ _• 35
Georgia L Pr & Rya com100 58
35
37
35
Mar
Jan
4334
German General Electric_ _
2234 2234 2234
100 227-4 Mar 24
Jan Standard MotorConstr.100
2% 2%
2
600
00
2% Feb
27-4 Mar
47
47
Mar 47
100 47
Mar Stand Publishing CI A..25 1734 1651 1734 3,400
Giant Portland Cement _
Mar
19
Feb
15
103%
Mar
-Razor....
99
10,000 9534
9934
114
Feb Stand Tank Car cora. •
Gillette Safety
93-4 11
500
9% Mar 14% Jan
151% 158
152
1,300 13834 Jan 166
Jan Stanley Co of Amer, new.*
Glen Alden Coal
49
49
100 40
Jan
Mar 52
Mar Steel Co of Canada.com100 102
Goodyear Tire R.com100 3554 35% 3734 8,100 31% Mar 50
13
02 m 10
32%
2
20
50
0 101
Feb 102% Mar
Mar 85
600 58
Jan StrOmberg-Canton
25
Grand(FW)5-10-25c St_ _• 6334 6134 66
28
Mar
Mar 33
3
2% 354 6,700
234 Mar
7
Jan amok (S.) & Co. Inc. •
Grimes Ra & Cam Rec...•
44
43
400 4034 Jan 4551 Feb
7
6% Feb
7% 1.300
• 27
834 Jan Stutz Motor Car
Happiness Candy St cl A.•
2634 2934 5,500 23% Mar 3754 Jan
•
6
6
13% 2,500
Jan
6
734 Jan Superheater Co
Foundersshares
•
13935 140
100 138
Mar
Mar 140
200
43%
43
4335
Feb
Swift
&
44%
Co
Jan
100 115
Havana Elea Util•t a...'
114 115
650 118
Jan 116% Feb
500 67
7034
Mar 71% Feb Swift International_
70
•
IS 18
1734 1954 5,800 17% Mar 2234 Jan
Preferred
•
;
1
MAR. 20 1926.]
Friday
Sales
Last Week's Range for
Sale
Week.
01Prices.
Stocks (Concluded) Par. Price. Low, High. Shares.
Tampa Electric Co
100
Thermindyne Radio
•
Thompson(RE)Ratilo vto•
Timken-Detroit Axle___10
Tobacco Prod Exp Corp_
Tower Mfg Corp
5
Trans-Lux Day Pict Screen
•
Class A corn
Trumbull Steel, corn. __25
Truscon Steel
10
'rubles Artlf Silk Ci B __•
Tung Sol Lamp Works__ _•
Class A,
•
United Elec Coal Cos v t C.
United Fruit Cow I
United (Jan Improveml-50
United Lt & Pow corn A *
Common A new
•
United Shoe Mach.,com.25
U S Dairy Prod class B *
US Gypsum corn
20
US Light & Heat corn_ _ _10
Preferred
10
US Rubber Reclaiming_ _•
US Storm Corp class A_
Universal Pictures
Utilities Power & Lt B. •*
Utility Share Corp
Option warrants
Van Camp Packing, pref.50
Vesta flattery Corp
Victor Talk Machine...100
Ware Radio Corp
•
Warner Bros Pictures_
•
Warner Quinlan Cow I__ -•
West'n Auto Supply partic
Prof with warrants_ _
Western Power. pref...100
Westmoreland Coal
50
White Sewing Mach, pref_*
Wilson & Co (new) WI...
Class A
•
Preferred
Winnipeg Electric
100
Yellow Taxi Corp, N Y -.•
295 307
50c 750
1% 2%
5844 58,74 9%
4%
441 4%
11
11
914
2314
29
108%
94%
78%
15%
18%
9
10%
12% 12%
2314 2344
191 210
8)4 8%
18% 18%
29
32%
10314 110%
94% 10134
78
87%
15% 1714
50
50
1814 1914
145 145
21
Range Since Jan. 1.
110 292
500
3,500
114
3.300
841
2,200
414
300
7
200
Mining Stocks.
High.
Low.
Feb
Jan 330
2% Jan
Mar
Mar
511 Jan
Mar 11% Jan
4% Jan
Jan
Jan 13% Feb
8
12,100
8%
200
200 2314
2,800 191
744
300
100 18
1.100 25
500 107%
22,500 85
17,100 70%
40,500 15%
100 48
300 18%
20 145
300 16
5%
1,600
1,300 1314
100 23%
800 30
700 15
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Mar
14
1344
3014
240
1014
2014
4441
117%
144%
14344
28
50
22%
158
23%
71-1
21%
27
41
18
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Mar
Feb
Feb
Jan
Feb
Feb
611
17%
23%
30
16
634
19%
23%
30%
17
81
314
24%
12
81 •
500
10%
26%
3%
27
12
83
50c
10%
26%
1,800
82
5
60
300
100
40
234
24
12
77%
500
914
24%
Jan
Feb
Mar
Mar
Feb
Jan
Mar
8
25
1674
96%
114
14%
29
Feb
Feb
Mar
Jan
Jan
Jan
Feb
53
45%
10%
22%
61%
144
2614
97%
53
4511
10)4
22
6114
50%
12%
10
2611
5
97%
100
53
4714 4.600
10% 1,100
600
26%
300
6114
100
50%
14)4 27,400
26
96
53
38
914
22
61
49%
9
Jan
Jan
Ma
Ma
Ma
Ma
Ma
Ma
Mar
28
99
53
5044
1414
80%
7314
5134
14%
Jan
JAI)
Mar
Feb
Feb
Jan
Jan
Mar
Mar
25
25
25%
18
16
3%
27
RightsHumble Oil & Refining.
200
24% Ma
27% Feb
Former Standard 011
Subsidiaries.
Angio-Amer Oil (v0t sit).£1
Non-voting shares -£1
Non-vot Sb MI dep_.£1
Borne Scrymeer & Co 100
Buckeye Pipe Line
50
Chesebrough Mfg
25
Continental 011 v t . 10
Cumberland Pipe Line_100
Galena-Signal 011, com 100
New preferred
100
100
Old preferred
Humble 011 & Refining...25
New
Illinois Pipe Line
100
Imperial 011 (Can)
•
National Transit....12.50
New York Transit
100
Northern Pipe Line_._..100
Ohio Oil
26
Penn Mex Fuel
25
Prairie Oil & Gas
25
Prairie Pipe Line
100
100
Solar Refining
South Penn Oil
100
25
New wl
Southern Pipe Line..._100
So West Pa Pipe Linee_100
Standard 011 Calif new co__
Standard 011(Indiana)_ .25
Standard Oil (Kansas)-25
Standard 011(Ky)
25
Standard Oil(Neb)
100
Standard Oil of N Y.
Standard Oil(0)corn..100
Preferred
100
100
Swan & Finch
25
Vacuum 011
18)4
1814
18%
55
66%
20%
26
87
63%
3434
6244
54%
126
191
404
72
5514
634
29%
121
232
3314
322
117%
99
17
16%
16%
226
54%
65
20%
125
25%
78
90%
82)4
63
13434
3214
17%
39
70%
5941
1614
5314
122%
191
157
39
61%
52%
5244
61%
2911
108
211
31%
320
11614
15%
94%
Mar
Ma
Fe
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Jan
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Jan
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Mar
17% 18%
17% 1814
18% 1814
250 255
54% 55
66% 68
2034 22%
125 129
25% 26
78
8015
90% 95
85% 8914
65%
63
140% 143%
34% 3514
1734 1834
5114 5114
77% 7711
6214 63%
17
17%
5414 56%
12514 127
191 199
160 168
4014 42
72
73
55% 56
54% 5611
63% 65%
29% 31
121 122%
230 232
32% 3444
320 332
11744 11714
20
20
97 103%
8,200
4,800
100
20
930
200
27,500
40
175
120
30
5,900
2,200
200
5,800
1,000
50
100
3,500
200
12,800
950
120
240
700
350
200
12,100
24,600
1,500
2,000
9
17,000
12
50
100
7,700
25% 25%
6
6%
7% 914
6
614
2
2
15
17
134 131
16% 18%
9% 911
11
11%
2% 3%
1
1%
4
544
72o 890
8314 85%
30% 32%
2% 2%
1914 21%
944 1045
944 1014
24% 25
52% 52%
1% 211
244 2%
4% 4%
9c
90
144 114
2514
24
143 148%
61£ 636
12% 13
914 10
3511 35%
114 1%
20% 21%
14% 21%
16
18%
350 380
634 6%
8% 8%
3034 3134
9
9
8% 811
26
26%
9815 9914
13% 715
25%
25
6
634
100 2514 Mar
Jan
5
1,000
7,000
711 Mar
5% Ma
2,200
Jan
2
100
Mar
7,300 15
1
Jan
6,300
Jan
68,800 10
841 Jan
100
Mar
9,400 11
241 Mar
5.100
1
Ma
3,000
4
Ma
58,600
Jar
1,000 480
7,000 82% Mar
25,500 2844 Ma
2% Jan
1,100
41,600 17% Ma
9
Ma
3,200
Ma
9
17,000
1,500 2214 Mar
Jan
100 52
1% Jan
7,300
214 Ma
100
3% Ma
15,400
9c Mar
1,000
1% Ma
100
3,800 23% Jan
Jan
80 136
6
Jan
4,900
500 11% Jan
9
Ma
300
100 34m Jan
1% Mar
1,800
300 19)4 Ma
6% Feb
5,000
4.700 1411 Jan
2,000 300 Ma
534 Fe
200
8% Ma
900
Mar
1,500 29
9
Jan
100
811 Ma
100
59.500 25% Ma
11,500 9711 Ma
414 Jan
39,500
Mar
1,000 22
534 Jan
500
Other 011 Stocks.
•
Amerada Corp
Amer Contr 011 Fields_ 5
•
Amer Maracaibo Co
Arkansas Natural Gas--10
Atlantic Lobos Oil com_ •
*
Beacon 011 Co corn
Cardinal Petroleum Corp10
Carib Syndicate
1
Consol Royalties
Creole Syndicate
5
Crown Cent Petrol Corn-•
1
Euclid 011
1
Gibson 011CorD
10
Grenada 011 Corp
25
Gulf MCorp of Pa
International Petroleum. _•
•
Kirby Petroleum
Lago Oil& Tr Corp al A •
Lago Petroleum Corp..._
Leonard Oil Developmq.25
•
Lion Oil & Refining
25
Lone Star Gas
*
Maras.)
,Oil Corp
Marland 011 of Mexico_ _ _1
Mexican Panne° Oil_ ...in
10
Mexico Oil Corn
1
Mountain& Gulf Oil
Mountain Producers - 10
100
National Fuel Gas
_5
New Bradford 011
25
New York 011
North Central Tex 011_ _*
Ohio Fuel Corporation _25
•
Peer Oil Corp
•
Pennock Oil Corp
25
Red Bank Oil
Reiter-Foeter 011 Corp._•
Royal-Can Oil Syndicate..
Ryan Consol Petroleum •
Salt Creek Consol Oil- _ _10
Salt Creek Producers-- _10
.
Tidal Osage 011
*
Non-voting stock
Tide Water Associated 011_
Preferred
Venezuelan Petroleum-5
•
Wilcox Oil& Gas new.
Woodley Petroleum Co_ _*
1597
THE CHRONICLE
6%
7%
6%
15%
134
15%
1114
2%
1%
4%
83%
31
214
19%
9%
10
24%
2%
414
Pc
24
614
1214
9%
144
1434
17
8%
30%
26%
99
6%
634
Friday
Sales
Last Week's Range for
Week.
Sole
ofPrices.
Par. Price. Low. High. Shares.
14c
14c
Arizona Globe Copper...1
I
7013 70c
Beaver Consolidated
10
Bingham Mines Co
50% 51%
Calaveras Copper
234 244
10c 100
Calumet & Jerome CoPP-1
10 1814 1814 1911
Carnegie Metals
1% 2
1%
Consol Copper Mines
208 209
Cons M & Sm of Can..__25
6c
6c
Consol Nevada-Utah Cop.3
70
7c
70
Cortez Silver Mines Co_l
244 2%
Cresson ConsGold M & M-1
Sc
1
Divide Extension
60c 600
Dolores Esperanza Corp_ _2 60c
1414
14
Engineer Gold Mines,Ltd.5 14
50
6c
1
Eureka Croesus
8c
6c
8c
First Thought Gold Min_ _1
8c
8c
Forty-nine Mining Co---1
1% 1%
Golden Centre Mines_ _ _ 5
5e
Sc
Goldfield Consol
lie
Sc
1 10c
Goldfield Florence
20c 240
Hawthorne Mines. Inc_ _1
18%
18
25c
Hecht Mining
Hollinger Consol G M___b 18% 18% 18%
111,
800
ferome Verde Develop-500
1% 2
1
Ph(
Kay Copper Co
5
111 1%
1%
Kerr Lake
211
5
2
2
Mason Valley Mines
5c
6c
60
50c
National Tin Corp
1914 20%
"ea Cornelia Copper_
.reW Jersey Zinc
109
198% 200
52
52
Newmont Mining Corp_10 52
614 6%
64£
fplosing Miner;
13
13%
• 13
Voranda Mines Ltd
1
50c 59c
59c
01do Copper _
25c 300
Parmac-Porcupine Min_ _1 28c
170 25c
Plymouth Lead Mines-1 25c
2% 2%
Premier Gold Min. Ltd_ _ I
22c 23c
I 22c
Red Warrior Mining
4% 4%
4%
South Amer Gold & Plat._1
4c
4c
*pearbead Gold Mining._1
12e 12c
'Standard Silver-Lead... I 12c
1
214,4 24tr
3
reek Hughes
3% 344
Tonopah Belmont DevelA
750 sue
75c
Tonopah Extension
6
1
6
Tonopah Mining
634
5c
5c
Tr -Bullion Smelt&Dev.10c
2714 30
United Verde Extens___50c 27%
%
914
5
87
4 97
Utah Apex
2
13.4
Utah Metal & Tunnel__ _1
214 2%
2%
wooden Copper Mining _1
4c
4c
West End Extension MM 1
RondaAllied Pack, deb Pa---1939
1939
Debenture 68
1814 Mar Aluminum Cool Am 781933
Amer G & E deb 6s _ _2014
Mar34
59
5
25
American Power & LightJan
65 old without warr_2016
73% Feb
Amer Rolling M1116s.1938
25% Jan
13
32
7 x Jan American Thread 60_ _1928
Amer W Wks & El 60_1975
9094 Jan Anaconda Cop Min68_1929
97% Jan Andlan Nat Corp (is 1940
without warrants
9954 Jan
Assoc Gas & Elec 68_4955
65% Mar
Mar essoc'd Sim Hardw 048'33
144
1949
Atlantic Fruit Ss
3854 Jan
IIIG&WISBL55..1959
20% Jan
4111 Mar Bait & Ohio RR 5a-2000
Heaver Board Co 8s....1933
8044 Feb
67% Jan Belgo Canadian Pap 651943
sell Telep of Can 5s _1955
23
Jan
804£ Feb Berlin City Elec 630_1928
1929
611e
Jan
127
Jan Beth Steel equip 75._ -1935
212
Boston & Maine RR 651933
J an
150
97
Buffalo Gen Elec 5s_ __1956
aneaMar Canadian Nat ars 78-1935
30
Mar Carolina Pow & Lt 58_1956
1966
(Sties Service 68
New w 1
Cities Serv 7s, Ser C _ _1966
Jan "ittesServ7s,BerD..1966
13
37574
248 4: MFjj
:
Feb Cities Serv 8s eer E._ _1986
18m F
2
154
47% Jan Cities Sexy Pr & Lt654944
.Jan Cone G,E L & P 6s A.1949
362
1952
514s Series E
1965
Jan
5s series F
1941
10
2934 Jan Consol Textile 8s
Cosg-Meeh Coal 610_1954
1945
6145
Crown Will Paper 754e '51
2651 Feb .Cuban Telep 77.48. -1941
64 Feb 04Mahy Pack deb 5348.1937
1940
55
1454 Jan
6% Jan Detroit city Gas 6e-1947
2% Jan Detroit Edison deb 68.1932
19% Jan Eitingon-Schild Co 68-1935
314 Feb Elec Refrigeration 68-1936
Est RR of France 7e_ _1954
22% Feb
1014 Feb Europ'n Mtg & Inv 7348'50
1933
15% Jan
Federal Sugar 138
1931
7% Jan Flak Rubber 51441
314 Feb Florida Pow & Lt 58_1954
Galcna-Signal 011 7s1930
64 Jan
Jan General Petroleum 69_1928
1
9344 Jan
1st 5s
Aug 15 1940
3744 Jan German Gen Elea 648.1940
344 Feb Goodyear T & R be. -1928
25)4 Feb Grand Trunk Ry 63684938
Feb Great Cons Elm 614e-1950
13
12% Feb Gulf Oil or Pa 54
1937
25% Feb Hamburg Eicc Co 7s 1935
Jan Hood Rubber 78
56
1936
236 Mar Indep OU & Gas641e.._1931
334 Jan Inland Steel deb 51434945
5% Feb Inspir Con Ccp 614s_ _1931
12c
Jan Krupp (Fried), Ltd, 7s1929
1% Jan Laclede Gas L 540._ _1935
26
Jan Lehigh Pow Scour 6s._2026
159
Feb Leonard Tietz Inc 75-48'46
6% Jan
with stock porch warets
17
Jan Libby, MeN & Lib 78_1931
12% Feb Liggett Winchester 75_1942
Jan Long Island Lig Co68_1945
36
244 Feb Manitoba Power 7s_ _ 4941
2214 Feb
514e
1951
21% Mar Mass Gas Coe 644s---1940
24% Feb Missouri Pat RR 5s.1927
660 Jan
Morris & Co 7'4s...1930
7% Jan Nat Mitt Prod 634s..1945
Nor States Pow 64e._1933
10
Feb
Jan. • 814s gold notes_ _
36
Jan Ohio Power 5s Ben B _ _1952
10
Jan Otis Steel 5s
9
1941
26% Mar Pan Amer Petrnl6e w 11940
9911 Mar Paramount Bdway 514s'51
714 Mar Penn-Ohio Edison 6e...1950
2754 Jan Penn Pow & Light6s_ _1952
631 Mar
5e Series D
1953
1951
18%
Jan
Jan
5,000
400
200
400
4,000
1,400
2,400
70
1,000
200
700
5,000
400
3.700
4,000
18,000
1,000
1,800
1.000
12,000
13,000
1,700
400
3,000
9,100
700
1,100
14,000
200
41
10
1,800
1,20
6,100
3,00
23.000
1,000
4,000
1,000
4.500
1,00
10,700
300
15,600
600
1,000
4,400
7,000
1.200
600
1,000
Range since Jan. 1.
Low.
High. -
110
Jan 210
45c
Jan 90c
Mar 5311
49
4
2% Mar
160
Jan
10c
18% Mar 21%
2%
144 Jan
Mar 222
180
6c
6c Mar
8c
Jan
6c
2%
2% Mar
5c
Feb
3c
Jan 84c
55c
Jan 1844
12
70
Jan
So
Jan 100
60
Se
5e Feb
294
14 Mar
7e
4c Feb
Jan 180
90
160 Feb 320
15% Mar 19%
194
1744 Jan
144
800 Mar
2%
1% Jan
Jan
1
134
244
154 Jan
7c
50 Feb
1915 Mar 2134
Mar 210
194
46% Jan 5754
74
5% Mar
12% Mar 1814
750
47c Ma
350
Jan
25c
Jan 250
Sc
241
24 Jan
Jan 35c
200
514
3% Feb
50
20 Feb
70 Jan 12e
34
2111. Jan
4,4
254 Jan
14
52c Feb
714
Jan
5
9c
Jan
5c
33
Ma
27
641 Feb 11%
2%
114 Feb
34
254 Mar
3o Nov 17o
Feb
Feb
Mar
Jan
Feb
Feb
Jan
Mar
Mar
Mar
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Mar
Feb
Feb
Mar
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Mar
Mar
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Mar
Jan
Jan
82%
81
7114 72%
106% 107
9934 99% 99%
Jan
Mar 89
$12,000 75
Jan
Mar 80
19,000 70
15,000 10654 Jan 107% Feb
Feb
Jan 100
154,000 98
9794
202,00(1 96
9,000 101
16.000 102m
42,000 93
32,000 102%
81
9741
102
102%
9334 93%
102%
98
93
9514
23
69
9576
9434
9714
1033.4
10134
9744
93
9234
13034
10334
10911
9514
10034
87
93%
9514
1023.4
82
9336
9894
9314
9674
97
10736
8511
10034
9514
9814
9834
10094
9944
95
98
103
102%
94
102%
98
9914 39,000
93% 35,000
93
9514 954£ 45,000
55,000
22
26
22.000
68
71
9514 95% 79,000
9444 95
9,000
10034 loom
5,000
7.000
99% 100%
97% 97% 8.000
97% 97% 10,000
103% 104
22.000
7,000
95
95,
101 101% 68,000
110% 111
11,000
97% 9814 60.000
92% 9344 49,000
92% 9344 196,00
3,00
13044 131
91,00
103% 104
10914 109%
1,000
9414 95% 157.000
11,000
106% 107
7,000
10514 105%
100% 100% 12,000
2,000
87
87
15,000
91
92
94
1,000
94
7.000
99
99
10944 11114 9,000
93% 9334 59,000
9511 95% 1.000
108% 106% 18,000
1,000
125 125
9814 98% 21,000
10214 103% 72,000
82% 62,000
82
2,500
96
9636
9354 9311 11,000
9814 9814 31,000
9314 93% 407,000
102% 102% 16,000
101% 101% 27,000
94% 9744 529,000
97
97% 40,000
98
9894 63,000
15,000
10711 108
81,000
85% 86
991% 10034 -22,000
95
9544 55,000
4,000
104% 105
98
9844 16,000
9a% 93% 81,000
100% 100% 55,000
93
9314 46,000
99
99% 5,000
95
9514 41,000
95)4 94% 96
% 104% 101%
1045
107% 108
1U34 10014 100%
105% 10514
96
96
9614
101% 101%
100% 100%
105 105
98
97
98
11334 112% 115%
1034 104
0534 95
95%
98% 98%
10136 101% 102
964i
9634 96
10134 10114 102
93
984
98%
9834 98
45,000
7,000
9,000
4.000
15,000
76,000
64,000
1,000
2.000
119,000
158,000
16,000
62,000
27,000
52,000
112,000
48,000
38,000
15,000
Jan 98
Jan 103
Mar 10354
Mar 9454
Mar 103%
98
924
95
20
68
95%
93%
100
995(
9714
97!,i
10314
94%
99%
110
9714
9244
92%
125%
10154
109
934
105%
105
100
85
91
94
99
10811
92%
9454
1045(
125'
9854
10054
8154
924
90%
984
934
102
1014
93
9344
9714
107%
8514
98%
94
1041£
97%
98
100%
9054
98
93
Mar
Mar
Jan
Jan
Mar
Feb
Feb
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Ma
Jan
Jan
Mar
Mar
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Feb
Mar
Jan
Ma
Ma
Jan
Ma
Mar
Jan
Feb
Jan
Jan
Mar
Mar
Mar
Jan
Jan
Mar
9441
104)4
1074
100
10334
96
99%
10054
10454
96%
108
102%
94
9754
101
96
9844
9751
97%
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Mar
Mar
Jan
-Mar
Mar
Mar
Jan
Mar
Mar
Jan
Mar
Jan
Jan
Jan
1005( Jan
9534 Jan
964 Feb
3354 Jan
Feb
75
95% Jan
Feb
98
10044 Mar
100% Jan
9954 Mar
9844 Mar
10434 Jan
Jan
96
10134 Feb
111% Feb
98% Mar
93% Mar
Mar
94
Mar
131
Mar
104
10954 Jan
954 Mar
Jan
107
105% Jan
Feb
101
Feb
92
9674 Jan
Mar
94
99% Feb
1114 Mar
954 Jan
95% Feb
1064 Feb
Jan
135
984 Jan
Jan
107
8454 Feb
9654 Mar
9854 Feb
984 Jan
94
Feb
Jan
103
10254 Jan
97% Mar
99% Feb
994 Jan
1094 Feb
88
Jan
Feb
101
96% Feb
Feb
105
10044 Feb
99% Feb
Mar
101
93% Feb
100% Feb
954 Feb
974
105
108%
10154
10544
9654
10254
1004
105
99
181
10454
96
95%
10431
9851
106
99
99
Feb
Jan
Feb
Jan
Mar
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
1598
BondsPhila.Electric 83414....1947
530
1953
6s
1941
Phila Elee Pow 534s-1972
Phila Rapid Transit tis 1962
Pure 011 Co 634s
1933
Rand-Kardex Bur 5348 '31
Rhine-Main-Danube Corp
7s Series "A"
1950
Rhine-Westphal El P 7s'50
Saud& Falls Co 5s_ _ _.1955
Schulte RE Co _ .1935
68 without comstock1935
65Shawsheen Mills 7.._,.1931
Siemans St Halske 7s_ _1928
7s
1935
Sloss-sheff Steel & 1 Os 1929
Solvay & Cie 6s
1934
Southeast P & L 68_2026
Without warrants
Sou Calif Edison 5s___1944
Southern Gas Co 6%s-1935
Stand OU of N Y 6%6_1933
Stub: Motor of Am 730'37
Sun 011 5348
1939
Swift & Co 5a__Oct 15 1932
Texark & Ft Smith 5348'50
Thyssen (Aug) I&S 78 1930
Tida1-1Dsage 011 7.__A931
Trans-Continental 01178'30
United Else Westph Power
Corp (Germany) 63411'50
United Rys of Hay 734e'36
U S Rub ser 634% notes'27
Berta 634% notes 1928
Sella 634% notes_ _1929
Berta 634% notes_1930
Berta 634% notes_ _1931
Sella 634% notee__1932
Sorts 634% notes_ _1934
Serie 634% notes_ _1935
Serie. 834% notes.._1936
Berta 6%% notes_ _1937
Beds 634% notes1938
Berta 634% notes_ _1939
Serial 634% notes_ _1940
U S Smelt & Ref 530_1935
1936
Vacuum 011 7s
Walworth Co 634e_._.1935
1945
138
Webster MO,6%a__.1933
White Sewing Nisch 13s 1936
THE CHRONICLE
mart,
Last Week's Range Saks
Bale
ofPrices.
for
Prlce. Low. High. Week.
10034
9936
103%
108%
107
107
10734
100%
99
103%
10734
97
9734
9434 9594
9434 9434
9634 9534 97
85
85
85
10034 101
98% 99
97
9634 9734
103 103%
10334 10334
10534
110%
9936
9734
9634
9434
8634
110
10134
10134
10134
10134
10131
104
9534
9434
9734
9634
9134
9834
95
10534
11034
9934
97%
10034
9634
10434
94
Low.
4,000 106% Jan
10734
107
6,000 106% Mar
10796
2,000 106
Jan
101 321,000 100% Mar
9954 25,000 9734 Jan
10334 75,000 10234 Jan
110
16,000 101% Mar
9734
9434
9134
9834
Range Since Jan. 1.
47,000 94
44,000 93%
4,000 9431
70,000 93
13,000 84
10,000 99%
44,000 963.4
67.000 94
11.000 102
18.000 102
High.
107%
mg
107%
1003(
99%
10334
115
Feb
Mar
Jan
Mar
Fel,
Feb
Jan
Jan 98
Feb
Jan 96
Feb
Jan 96
Feb
Mar 9834 Jan
Mar 8634 Jan
Feb 10234 Jan
Jan 9934 Jan
Jan 9731 Feb
Jan 10331. Mar
Jan 10334 Mar
9234
9934
9834
106
113
9934
98
10034
9634
10434
95
215,000
24,000
3,000
81,000
21,000
30,000
102,000
15,000
57,000
2,000
17,000
89
96%
95
10594
11094
9734
96%
100%
93
10334
9294
Mar
Jan
Mar
Mar
mar
Jan
Jan
Mar
Jan
Jan
Mar
93
90%
9934
10734
Igo
99%
98
10034
97
10534
98
Feb
Mar
Jan
Jan
Jan
Feb
Jan
Mar
Feb
Mar
Jan
86% 87
110 110
101 10194
102 102%
102 102%
101% 102
10134 10134
10134 10134
10134 102
101% 101%
10134 101%
101% 101%
101% 101%
10134 10134
10134 10134
10131 101%
104 10434
95% 9634
94% 9474
9736 9734
95
9634
42,000
2,000
19,000
11,000
8,000
6,000
25,000
10.000
9,000
2.000
2,000
2,000
4,000
5,000
6,000
17,000
27,000
14,000
3,000
10,000
175.000
85
10934
100%
102
102
101%
101
10034
10134
10034
101
10034
10034
10034
10034
100
104
95
9434
97
95
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Jan
Jan
Feb
Mar
8734
110
102%
10234
10234
10294
102%
10234
102%
102%
10234
10234
1024
102%
102%
102
10434
98
97
101
99
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Max
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Foreign Government
and Municipalities.
93
Baden (Germany)7a_1951
93
31,000 23
Feb 9354
Buenos Aires(Prov)7%s'47 10034 100% 10034 146,000 9934 Jan 1014
Caldas(Deptof)Col 730'46
2,000 9534 Mar 9534
9534 9534
Cologne (City) 6348_1950 87
8634 87% 237,000 85
Jan 8834
Columbia (Rep of) Dept of
Antioquia 7s
1945 9134 9134 92
35,000 90
Jan 92%
Danish Cons Muni':530'55 98
9734 98
55.000 9734 Mar 99%
Denmark(Kg)5345 _A955 9934 9894 9931 56,000 98
Mar 99%
1970 10134 100% 10134 9,000 9934 Jan 10134
6s
Dresden (City) 7a. _1945 9234 9234 92% 35,000 92
Jan 94
French Nat Mr:4817s 1949 8034 8034 8034 25,000 7834 Jan 8234
94% 9531 114,000 9431 Mar 9534
German Cons Munie 7s '47 95
Grata (City) Austria 88'54 9734 9694 9834 32,000 96
Tan 9834
Heidelberg(City) 7345 1950 9835 9834 9834 18,000 9834 Jan 98%
Indust Mtge 13k ot klciand
_1944 98)4 98
let M coil a f
9834 13,000 9634 Jan 99
93
Inst 7s'52
Italian Pub Util7s._..
93
32,000 93
Mar 93
LowerAustria(Prov)7345'50
9834 9834 3,000 9834 Mar 9834
9934 99% 6,000 98
Medellin (Colom) 88.1948
Jan 100
10634 107
Nether'ds (Kingd) 6s B '72
9,000 106% Mar 10934
1946 97
97
Oslo(City)534.
97
5,000 97
Mar 9734
94
94
76,000 94
Rhinelbe Union 7a_ __ _1946 94
Jan 94%
Russian Govt6%s____1919 1434
2,000 1434 Mar 1734
1434 1494
14
14
1919 14
14,000 14
634. centre
Mar 17
14
14
1921 14
30,000 14
530
Mar 17%
534% certificates_ _ _1921
3,000 1334 Mar 17
1334 1335
ElantaFe(Argentina)78 1942 93% 93% 9431 47,000 9236 Jan 9474
Barre Basin con 7a__1935
96
96
1,000 94
Jan 9874
Saxon State Mtge Inv 78'45 9334 9334 9334 19,000 9334 Jan Si%
Switzerland Govt 5 SA91920
10154 101 ti 10 000 101W Mar 102%
Feb
Feb
Mar
Feb
[Vot.. 122.
-Lyon, Walcott & Co. announce that Lowndes Walthour, formerly
Assistant to the President of the United States Mortgage & Title Guaranty
Co. of New Jersey, has become associated with them in the retail sales
department of their New York office.
--W. W. Townsend, formerly with J. G. White & Co., has formed an
investment firm under the name of W. W. Townsend & Co., Inc., with
offices at 7 Wall Street, New York. The new firm will transact a general
Investment business.
-National Bank of Commerce in New York, Trustee of American Type
Founders Company 15-Year 6% Sinking Fund Gold Debentures dated
Oct. 1 1925, is prepared to deliver definitive bonds in exchange for the
temporary bonds, at its office, 31 Nassau Street, New York, N. Y.
-David K. Kling, formerly with Martin & Co. of Philadelphia, trading
as Kling & Co., announces the opening of offices, in the Packard Building,
Philadelphia, for the purpose of transacting a general investment business.
-R. E. Prochnow & Co., Inc., Chicago, announce the opening of a
Bond Trading Department under the direction of W. Y. Coe and E. A•
Stephan, with a direct private wire to Newborg & Co., New York City.
-Lilley, Blizzard 8: Co., Philadelphia, have issued for free distribution a
booklet containing the most recent quotations on more than 2,000 various
issues of public utility and industrial bonds.
Deposits in February.
Preliminary reports from postmasters show an increase of
approximately $905,800 in postal savings deposits for February, it was announced by Postmaster General New on March
17. Many postmasters who have recently reported losses
in deposits from month to month, especially in some of the
larger commercial centres, show moderate gains for February, indicating profitable employment of wage-earners as
well as a reaction from liberal expenditures of the preceding
holiday months. The principal cities in Florida report substantial increases in deposits, Miami notably having almost
one million dollars to the credit of depositors. Tabulated
figures follow:
Increases in Postal Savings
STATEMENT OF POSTAL SAYINGS BUSINESS FOR THE MONTH OF
FEBRUARY 1926 AS COMPARED WITH THE MONTH OF JANUARY 1926.
Balance on deposit Jan. 31
Increase during February
3134.090.887
905,800
Balance on deposit Feb.28
$134,996,667
Depositors' Incr.(-1-)
Depositors' Incr.(4-)
Balance. Deer.(-)
Post OfficePost OfficeBalance. Deer.(-)
Max
Feb New York, N. Y__$35,668.784 +$3.935 Staten Island, N.Y.
188,995 +1,350
Jan Brooklyn. N. Y_-- 9,065,885 -77,715 Pawtuckey, R. I186,554 +1,056
Jan Boston, Mass
6,253,970 +10,209 Memphis, Tenn__ 182,766 -1.959
Jan Chicago, Ill
5,036,796 -59.771 Duluth, Minn
180,932
-572
Feb Philadelphia,Pa.-- 2,911,257 +2.214 New Haven, Conn179,891 -5,016
Feb Seattle, Wash
2,728,132 -38,785 Hurley, Wis
174,309 +6,790
Mar Pittsburgh, Pa..-- - 1,906,928 -10,878 Erie. Pa
174,252 -2,536
Jan Kansas City. Mo.- 1.846,018 -19,366 Louisville, Ky
173,778 +2,279
Portland, Ore
1.416,108 -1,032 Missoula, Mont.-171,878 -4,564
Jan Tacoma, Wash.-- 1,370,580 -23,792 Atlantic City, N.J.
171.738 +4,650
Mar Denver, Colo
1,328,853 +18,832 Christopher, Ill170,460 +11,465
Mar Detroit, Mich
1,259,099 +4.738 Nampa, Idaho..
._
169,655 -3,967
Feb St. Paul, Minn1,246,236 +14.237 Dallas, Texas
166,623 +3.998
Feb Newark. N.J
1,096,677 -2,354 Ffenryetta, Okla__
165,673 +6,750
Mar Butte. Mont
1,039.552 +16.308 Boise, Idaho
184,841
+425
Jan Miami, Fla
999,224 +53,393 Baltimore, Md.--162,179 +2,035
Feb St. LouLs, Mo
962.983
+834 Prescott, Ariz
Feb Uniontown.Pa. 888,857 +15,674 Okmulgee, Okla
18
60
1
0:
.
9
8
09
06
44
7+
+
25
3
7
.8
..8
813
17
82
Jan Los Angeles, Cal798,075
-548 Perry,Iowa
Feb Great Falls. Mont663,583 +10,625 Birmingham. Ala
160,235 +5,631
Feb Sioux Falls, S. D._
594,774 +17,608 San Antonio,Tex
158,060 +5.695
Feb San Francisco, Cat592.987 -7.878 Helena, Mont
157.713 +9.288
Feb Des Moines, Iowa_
552,041 +8,743 Gallup, N. M
+11,725
156,999
Jan Milwaukee. Wig_
527,199 -1,071 Burley, Idaho
Minneapolis,Minn.
513,056 +7.659 Anchorage, Alaska.. y118
3.2
29
83
9
5°
517
1°
8 ++
473.835 -7,688 Flushing, N.Y__-154,675 -5,610
•No par value. 8 Correction. !Listed on the Stock Exchange this week, where Jersey City, N. J.Cincinnati, Ohio461,547 -4.510 Lawton, Okla
154,659 +2.693
additional transactions will be found. o New stock. s rption sale. e Ex-cash and Roundup, Mont442,113 +12.024 Long Island City,
stock dividends. te When issued
Pocatello. Idaho_ ....
434.748 +6,567
sEx-dividend. to Ex-rights. s Ex-stock div.
N. Y N. J....
14
50:7
934
55 +1,521
Ironwood, Mich.-419,768 +6,340 Bayonne,
+881
Columbus. Ohio.411.845
-585 Augusta, Ga
397.141 +8,927 Norwood, Mass
Sioux City, Iowa__
2:82
07 °
5
147
47:0
72
84
8 ±4
Washington, D. C361,833 +5.029 Oklahoma City,
CURRENT NOTICES.
•
Buffalo, N.Y
360,903 -3.379
Okla
Leadville, Col
356,553 +9,733 Charleston. S. C.5:3
88
58
+2
145
8..5
87
18
6 +
I.
351,448 +1.153 Camden,N.J
143.946 +2,067
-George B. Robinson & Co., 67 Wall St., New York, are distributing a Providence. R.
343.641 +14.6 1 P
Mason City, Iowa.
Walte
chiso
itan
,,KAnJ....
81
71
4
415
15
14
30
0:092
24
0:
circular containing an analysis of the securities of Montgomery, Ward & Lewistown, Mont343,187 +8,489
Co. The company's achievements during the past year, its financial Havre, Mont
342.723 +66,276 Spokane, Wash--,
-116
338,218 +29.812 San Diego, Calif.-133,496 +5,188
structure and statistical data on such similar enterprises as: Sears Roebuck, Jacksonville, Fla
321,811 +5,548 Wilmington. DelKansas City, Kan132,051
+307
Woolworth and Kresge are some of the more important features which are McKees Rocks.Pa.
299.018 +7,646 Weiser, Idaho
considered in detail. A circular on this subject was prepared and distrib- Billings. Mont....292,247 +1.915 Woodlawn, Penn13
30
31.
:02
4
119
73
7
0 +8
7
3.8
..:
0:
894
85
Cleveland, Ohio_ -.
287,900 -3,257 Nokomis, Ill
buted by Mr. Robinson a year ago.
Red Lodge, Mont285,250 +15,102 Albuquerque,N.M_
129,597 +9.2115
282,876 -3,501 Payette, Idaho....
-Announcement has been made of the incorporation of John S. Mitchell Cheyenne, Wyo.
129,112 +8,934
279,920 -1.570 New Orleans,
+934
, La128,994
& Co. to underwrite and deal in investment bonds with offices in the Astoria, Ore
Aberdeen. Wash.-277.581 -8,345 Benld Ille
l
128.991 +5.900
Security Building, 510 South Spring Street, Los Angeles. John S. Mitchell Bridgeport,Conn__
276.602
-822 A1
Carnegie,Pa
18
52
11122633:0
2 ,3
300
634
8 +
18
President of the company, was secretary and sales manager of the California Passaic, N..1
286.468
-86 nacortes .
W1a
-4,701
e.
8..
h__
.
263,091 +2,210 Jamaica, N.
Securities Co. from the time of its organization until his recent resignation. McKeesport,Pa
259,864 -7,399 S. L.City, Utah_ _ _
122.818
+738
The other officers are Norman Chandler, W. W. Woods, Jr., David R. Omaha,Neb
256,204
Lowell, Mass
+812 Breckenridge, Tex.
+75
122,437
Furies and Reese H. Taylor.
254,708 +2,540 Madrid, Iowa
Casper. Wyo
122,105 +2.585
Mont
254,481
City,
+5.288 Dayton, Ohio
Miles
-The First National Co. of Detroit. Chicago. announce that Ralph D. Roslyn. Wash
251,518 -2.655 St. Cloud, Minn.-83°
9.9
82
11
21
9,12
90
7 +
245,028 -1.208 Idaho Falls,Idaho_
Hollowell, formerly of the General Nrotors Acceptance Corp., has become Mitchell, S. D..-119.204 +10,280
243,985 +4.434 Pittsburg, Kan_._.
118,993+1.125
associated with them in their bond sales department. He will represent El Paso, Tex
233,526 +25.771 Springfield, MO...
Tampa.Fla
them in the State of Wisconsin. Also Paul E. Barry and Leonard C. Pint Sheridan, Wyo.._ 229.716 +3.838 Everett, Wash._ __
8
113:+703 +21°
have come associated with them in their sales organization.
Huron. S. D
228,536 +2,000 Raymond, Wash__
112,942
t250
Fairbanks, Alaska- .227.567 +7,750 Indianapolis, Ind__
400
110,622
225,057 -3,070 Tonopah, Nev_.--Chatham Phenix National Bank & Trust Co. has been appointed Toledo, Ohio
110,058 +4.078
222,158 +3.689 Monongahela.Pa..
108,215
+55.
Fiscal Agent for the payment of principal and interest of $1,420,000 First Sterling, Colo
Pensacola. Fla_
222.155 +3,247 Ft. Worth, Tex__
106.583
-65
Mortgage 7% Sinking Fund Gold bonds due Jan. 1 1951; and 21,280,000 Hartford, Conn
217.416 +2.035 Hartshorne, Okla-105,889 +2,025
Second Mortgage 7% Sinking Fund Gol
@FedFRASER