Full text of Commercial and Financial Chronicle : March 24, 1928, Vol. 126, No. 3274

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The
ollittirtret31
VOL. 126.

,financial

lirtintrie

SATURDAY, MARCH 241928.

financial

brnicL

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Publishedlievery Saturday morning by WILLIAM B. DANA COMPANY.
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The Financial Situation.
Accounts regarding the steel trade have the present week again become more optimistic, and this
has had the effect of infusing somewhat greater
confidence in general trade, though the same cautious spirit as in previous weeks still prevails, with
a disposition to buy only for immediate needs. The
"Iron Age" of this city, in its weekly review, notes
that steel production, in contrast with an uneven
and not entirely reassuring general busines situation, is making further gains, and says that steel
ingot output for the first quarter of the year now
promises to exceed that of the same period of 1927,
possibly by several hundred thousand tons. This
trade authority is unable to see any signs of a probable let-up in production in April. Indeed, it says
that the way business is at present coming in, mill
operations are likely to continue at substantially
the pace of March, instead of declining as in April
last year.
Most important of all, the steel business now
seems to be quite diversified, the "Age" finding
the renewal of activity due to "expanding building
operations, increasing automobile production, large
backlogs in rails and track supplies, sustained activity among farm implement plants and prospects
of heavier tinplate consumption"—all these being
referred to as prominent market factors. A good
'operation of the automobile industry throughout
the second quarter of the year, we are told, is now
regarded as assured, though motor car builders are
showing hesitancy in placing second quarter contracts. Steel rail producers, it is averred, have had
"a good operation" and most of them have sufficient bookings to keep going at the present rate up
to the middle of June. Prospects of, a larger pack




NO. 3274.

of canned goods than in 1927, it is pointed out, are
indicated by heavier specifications for tin plate. The
price situation, however, seems still to be involved
in some uncertainty. The "Iron Age" refers to that
feature in the following words: "Buyers as a rule
are not hastening to contract for second quarter,
believing that the upward movement of prices has
reached its peak. On the other hand, the mills, not
wishing to discourage the flow of tonnage supporting the current high rate of operations, are accepting heavy specifications on expiring first quarter
contracts. In plates, shapes and bars, for instance,
shipments of material invoiced at 1.80c. will probably extend through April, deferring a real test of
the second quarter contract price of 1.85c. until
May."
The Cleveland "Iron Trade Review" sums up the
situation and outlook in much the same way, saying: "With the second quarter just around the corner, the steel industry has again taken its pulse and,
after according due weight to seasonable factors,
has discovered greater vitality than languishing sentiment in some quarters the past fortnight have
indicated." This publication declares that the
week's developments forecast at least another thirty
days of good business from the automotive and
building industries, now the market leaders. 'Production is moving directly into consumption, and
specifications have come easier as first quarter contracts approach their expiration date." The "Trade
Review" considers that sentiment on the whole is
a shade brighter concerning the immediate prospect. And yet, we are told, there is an under current of opinion which, conceding practically a record first quarter and a good second quarter from
the standpoint of production, is conservative over
the long pull. Much of this uncertainty, it is asserted, arises in the steel price situation, which, it
is added, "is plainly at the peak of the present upward movement." The statement, it will be observed, is the same as that made by the "Iron Age,"
and to emphasize the point, the Cleveland "Trade
Review" makes the further observation that "irregularity has developed in some of the lighter products, and here, as in the heavy lines, not all of the
increases sought for the second quarter will materialize," all of which would seem to indicate that while
the volume of orders for steel seems to be better
maintained than appeared likely a short time ago,
more or less doubt exists nevertheless regarding the
nearer as well as the remoter future.
And that also may be said to be the situation regarding general trade. As is always the case at
this time of the year, the progress of the new season's crops will be closely watched. On that point
of course all that can be said at the present time
is that the Spring season is in advance of the or-

1710

FINANCIAL CHRONICLE

dinary, instead of being decidedly backward as was
the case in 1927. Business interests are also scanning the political horizon at Washington with
eager eyes with the view to determining the probabilities regarding tax reduction. The tax reduction measure, as it passed the House of Representatives in December, is still being held up in the Senate. The mercantile community is badly in need of
a rallying cry of some kind, in the present state of
apathy and hesitation, and nothing would serve so
well for the purpose as knowledge that substantial
relief from the present onerous burdens of taxation
could be definitely counted upon.
Speculation for higher prices on the Stock Exchange still grows apace and the present week has
gained further intensity and momentum. Transactions have continued on an enormous scale, all previous records in that respect having been surpassed.
Prices are being boosted with a rapidity and a daring that is perfectly dazzling. Under the stimulus
of easy money and easy credit, there seems to be
no limit to the length that the upward movement
may be carried and further spectacular advances
are being made day after day. As in the immediate past, the highest grade and highest priced stocks
are being used as leaders in the upward and forward movement, more particularly stocks like General Motors, U. S. Steel, General Electric, &c., and
the upswing in these in recent weeks will always
remain as among the most remarkable phenomena
in Stock Exchange history. One wonders how much
longer the speculation is to continue and how much
further the advances are to be or can be carried
and what the end is to be. Certainly at present the
speculation appears to be proceeding without rhyme
or reason and without much regard to the intrinsic
merits of the properties.
Even though the high grade and the high priced
stocks are being used as market leaders, the speculation is nevertheless plainly being overdone and
is full of menace on that account. We may take
for illustration the case of U. S. Steel common,
which has been advancing in much more orderly
fashion than most of the other prominent specialties that have been so conspicuous in the rise. Yet
Steel common sold up to 152 the present week
against 137% as recently as March 2d. There is no
better managed industrial property in the world
to-day than the U. S. Steel Corporation, none more
strongly entrenched physically and financially—a
property, moreover, with large accumulated reserves. In a subsequent article on another page we
review the annual report of the Corporation for the
late calendar year, and all these points appear
strongly in evidence. But the Steel Corporation
early in 1927 made a 40% stock distribution to the
common shareholders and therefore is now obliged
to earn dividends on $711,623,500 of common stock
against the previous $508,302,500. The high price
of 152 recorded on the Stock Exchange the present
week is the price of the new stock after the payment
of the 40% stock dividend. As the shareholders now
have 140% in stock, where before they had only
100%, 152 for the new stock is the equivalent of
over 212 for the old stock. Moreover, as dividends
on the new shares are the same as on the old shares,
namely, 7% per annum, the shareholders are getting the equivalent of 9.8%.on the old stock—which
of course is no mean return.




[VOL. 126.

But the point we wish especially to make is that
with the new stock selling at 152 and the dividend
7% per annum, the return to the purchaser on the
investment is only about 4.60% per annum, which
is obviously a low return for a property subject to
all the vicissitudes of the steel trade, which is notorious for its sharp ups and downs, so much so
that it was said years ago that with the steel trade
it was always a case of being either a prince or
pauper. An illustration of the extremes to which
the steel industry is ever subject was furnished in
the very calendar year covered by the annual report now at hand. In the first quarter of that year
the Steel Corporation earned a large surplus in excess of the dividend requirements for that quarter.
On the other hand, in the final quarter of the year,
when the great slump in the steel trade occurred,
the Corporation fell $4,963,499 short of meeting the
4% dividend for that quarter.
13
Of course, it is not possible in all cases to show
so clearly as in the case of this Steel stock that the
speculation for higher prices is being carried to undue lengths. Often, too, the Stock Exchange discounts the future and the prices recorded may hence
reflect future values rather than present values.
But the speculation carries all the greater menace
when it is made up so largely of the higher priced
and highest grade stocks and is being carried to reckless extremes. Another point that is often overlooked is that Stock Exchange prices are per share
prices, not per cent. prices. In the ease of the Steel
stock, this makes no difference, since the par value
of the shares is $100. On the other hand, in the
case of a stock like General Motors where the par
value of the shares is $25, a price of 187% (the high
reached the present week) really means 749%. In
other words, if the shares were of a par value of
$100, the same as the Steel shares, then the market
quotation would be 749 instead of 18714.
The General Motors Corporation, like the Steel
Corporation, is a wonderfully managed property, besides being many times more prosperous. The General Motors annual report issued early the present
month showed that in the calendar year 1927 the
company had earned $12.99 per $25 share, or over
50% per annum, but when these $25 shares sell for
18714 (or 7/
2times the par value) then the earnings
1
of $12.99 per share also have to be divided by 7/
2
1
to get at the rate of return on the selling price. The
General Motors Corporation has so often astonished
the public by the magnitude of its earnings, and has
such a marvelous record behind it in that respect,
that no cautious critic would venture to sit& that
the present price may not prove fully justified, but
as this stock in January sold at 130 the advance to
187% obviously takes for granted that future
growth is to be on the same level as the past.
The speculation now, though, is spreading out.
It is no longer so largely confined to the high-priced
specialties, though these still predominate and make
up a very considerable portion of the dealings. A
vast number of other stocks have come into prominence, and many new favorites have been trotted
out. The most noteworthy characteristic of the speculation, however, is that there is very little movement in any stock until some clique or pool gets
behind it and proceeds actively to bid it up. Then
the response is immediate and a whole host of speculators jumps in to aid in making the movement a success. And these manipulators do not concern them.

MAR. 24 1928.]

FINANCIAL CHRONICLE

selves much regarding underlying conditions in trade
or business, or pay much heed to the merits of the
stocks themselves, which they may select for the purpose of manipulation. The New York "Times" in
its news columns on Thursday morning, in reviewing the previous day's doings on the Stock Exchange,
outlined this characteristic of the speculation quite
accurately in the following words:
The Street, as well as the country, appears to have
cast completely into the discard all factors which
under ordinary circumstances would bring market
unsettlement. These include a volume of general
business moderately below last year, sharper competition among corporations engaged in identical
lines, freight car loads which are running consistently below last year, increases in unemployment at
many centres and other indicators of barometric
value. Rather, closest attention is being paid only
to the state of the money market. With money in
such quantities rolling into Wall.Street every day,
the market is lashed to fresh endeavors and the
march up the ladder of fluctuations is consistent
and steady with only momentary interruptions.
4%, the
Yesterday the call money rate wa's 41/
lowest since March 9. It represented an easing of
one-fourth of 1% and was caused by a fresh influx
of funds seeking employment. Under ordinary conditions a large part of these funds would be tied up
in commerce, in inventories, in payrolls and materials in various states of manufacture. Under present conditions, both because of their own affluence,
and because of rather quiet conditions in many lines,
corporations generally are seeking less money from
banks than is usually the case. A surplus, therefore, has accumulated, and as this backs up in the
thousands of banks throughout the country it is forwarded to New York for temporary employment in
a vehicle which is safe and from which withdrawal
may be made at a moment's notice—a call loan on
Stock Exchange collateral.
There is another and more important factor in the
market's flare-up. It is the extent of public participation. It is true that in most cases, particularly in
such stocks as Steel, Radio, General Motors and
other "blue chips?' pools have started them going,
but it has been the enthusiasm of the speculative
public, that is yet unabated, which has kept them
rolling forward and forward with scarcely a reaction worthy of the name. Stock Exchange houses,
in this new rush of business, demand more seats,
and yesterday one membership sold at $335,000.
The foregoing diagnosis, it will be observed, also
undertakes to indicate the underlying causes responsible for the speculation and finds them in the superabundance of loanable funds. The writer does not
undertake to carry his analysis further than that,
but we would suggest that no such superabundance
of funds would be in existence except for the operation and conduct of the Federal Reserve system.
A committee of the United States Senate is now
engaged in the task of ascertaining whether any
connection can be traced between the operation of
the Federal Reserve Banks and the present unbridled
speculation on the Stock Exchange which has led to
brokers' loans of such unparalleled extent. The policy of the Reserve banks as regards discount rates
and as regards the buying and selling of U. S. Government bonds is being discussed and looked into.
But all this, it seems to us, does not strike at the
root of the trouble. In a time like the present, when
both money and credit are in over supply, not a dollar of Reserve credit should be in use. For the Reserve banks to add their credit to the ordinary bank
credit when the latter itself is palpably in excess of




1711

needs, is only making the malady worse. From
this week's returns of the Federal Reserve Board
it appears that the bill and security holdings of
the twelve Reserve banks, after some decrease the
past.week, still aggregate $1,195,467,000. Only $191,607,000 of this represented discounts of mercantile
paper, the sole way in which it was originally intended that Federal Reserve credit should be employed. Suppose the $1,003,860,000 of Reserve credit out in excess of the mercantile discounts were
not thus employed, could brokers'loans on the Stock
Exchange ever have attained their present proportions or any such Stock Exchange speculation as
now exists have developed? It seems to us that
the question carries its own answer, as we stated
on a previous occasion.
In its probing, the Senate Committee, it seems to
us, should address itself to this single question. EVerything else appears of little consequence. To us
the connection between the Federal Reserve System
and the present era of speculation is not only very
close, but direct and intimate. We understand full
well that if the Reserve banks did not have this
$1,000,000,000 of Reserve credit out in excess of mercantile needs, then they would have no means of
meeting the heavy expenses required in the running
and operation of the Reserve institutions. But that
does not make the connection any the less intimate
or the less real, or eliminate responsibility for the
result.
This week's dealings on the Stock Exchange as
already stated were of,enormous extent, the sales
on Saturday last (a half holiday) having been
2,065,810 shares, and on Monday having been 3,068,160 shares, on Tuesday 3,322,460 shares, on Wednesday 3,817,900 shares, on Thursday 3,873,890 shares,
and on Friday 3,594,600 shares. The rise during
the week has extended to all classes and groups of
share properties, though the gains have been most
pronounced in the case of the high priced specialties, to which reference has already been made. General Motors stock closed yesterday at 18714, the top
figure, though the general market was reactionary
at the time, against 169 at the close on Friday of last
week. Radio Corporation stock closed yesterday
at 151 against 1483
/
8 on Friday of last week. General Electric closed yesterday at 147% against 140
the previous Friday. U. S. Steel common shows
comparatively little net change for the week, having
closed yesterday at 147%, against 146/
1
4 the previous Friday. Some of the independent steel stocks
are actually lower for the week. Bethlehem Steel
closed yesterday at 59% against 60% the previous
Friday, while Republic Iron & Steel closed at 60
against 61%.
In the copper group, Greene-Cananea was less
prominent than in most other recent weeks and yet
fluctuated widely from day to day; it closed yesterday at 126% against 129 the previous Friday. The
copper stocks generally, however, have participated
in the week's rise. Kennecott Copper closed yesterday at 84 against 811/
8 the previous Friday; Calumet
& Arizona closed at 1025
/
8 against 93/
1
2 and Anaconda Copper closed at 56% against 55%. The
Rubber stocks have been weak at times. U. S. Rubber, pref., closed at 89 yesterday against 91 the previous Friday and the common closed at 45% against
44/
1
4; Goodyear Tire & Rubber closed at 55% against
52/
1
4, and B. F. Goodrich at 83 against 80.

1712

FINANCIAL CHRONICLE

[VOL. 126.

In the broadening and extension of the speculation stock was increased from 7% per annum to 8% per
the latter part of the week, the railroad stocks were ' annum by the declaration of a quarterly dividend
taken in hand and a few of them sharply advanced. of 2% payable Fob. 1 1928.
St. Louis-San Francisco was perhaps the most conWith speculation so active on the Stock Exchange
spicuous • in that respect, it closing yesterday at
and
with prices so rapidly rising, it was a foregone
2 against 115% the previous Friday. Texas
1201/
that the present week's statement of the
conclusion
yester& Pacific also enjoyed a sharp rise, closing
member
banks
of the Federal Reserve Bank of New
Friday;
previous
2 the
4 against 1201/
day at 1263
York
a further increase in brokers'
would
show
74
against
71
at
yesterday
Wabash dommon closed
the previous Friday; N. Y. Central closed at 172 loans. It therefore remains merely to record the
2 against 195; fact. Last week's return, it will be recalled, showed
4; Union Pacific at 1941/
against 1731/
2; Chesa. & an increase of $50,355,000, the total of these loans
Canadian Pacific at 213 against 2141/
4 against 194½; Atchison at 188% to'brokers and dealers (secured by stocks and bonds)
Ohio at 1948
/8 and Delaware & Hudson at 166% by the 47 member banks in New York City having
against 1897
risen from $3,695,709,000 March 7 to $3,746,064,000
against 169.
March 14. Now the total is up to $3,778,714,000,
being
a further addition of $32,650,000. For this
prea
issued
Company
has
Railway
The Southern
liminary annual report for the late calendar year, latest week the loans made by these 40 member banks
and a feature of the report is that in presenting on their own account show a decrease from $1,090,the results conventional forms have been aban- 173,000 to $1,027,394,000, but the loans made for acdoned both in the tabular statements and in the count of out-of-town banks increased from $1,446,remarks. The endeavor has been to show the oper- 270,000 to $1,466,586,000 and the loans made for the
ating and fiscal results in a non-technical way and account of others increased from $1,209,621,000 to
so that no elaborate study will be required on the $1,284,734,000. At $3,778,714,000 March 12 1928,
part of those having occasion to examine them. the grand total of these brokers'loans compares with
Small charts or graphs are distributed liberally only $2,802,187,000 on March 23, 1927, showing an
through the report and will be quickly recognized expansion for the twelve months only a little short
of a billion dollars, the exact amount of the addias being very serviceable.
We are not very partial to charts ourselves since tion being $976,527,000.
As to the returns of the Federal Reserve Banks
these are often more complicated than tables of stathe changes from a week ago do not apthemselves,
tistics, but the diagrams which appear in the Southpear
to
have
any special significance. There is no
well
very
are
simple and serve
ern Railway report
the
in
reflection
figures of the vast operations of the
are
they
are
which
They
for
intended.
the purpose
very easy to read and illustrate in a graphic way United States Treasury in connection with the Fedand at a mere glance the story which it is intended eral income tax payments on March 15 (pending
to tell, aiding the management in bringing out all the collection of which the Treasury is usually
the points which it is intended to make. The course obliged to do some extensive borrowing at the Fedof the freight revenue, the course of the passenger eral Reserve Banks) nor are the Treasury operarevenue, the ton miles, the passenger miles, the tions in connection with the paying off of a large
growth crt.the taxes per dollar of revenue, and a issue of Treasury certificates and the putting out
variety of other things are thus revealed to the eye of a new issue on the same date reflected in the figures, the reason of course being that last week's reon mere inspection.
The chart which perhaps will attract most at- turn was for March 14, the date preceding the operatention is that showing the downward course of the tions referred to, and this week's return is for March
ratio of operating expenses to gross revenues. This 21 or several days after these operations. Nor are
tells the operating achievements, as a result of which the changes between March 14 and March 21 themthe Southern Railway has been raised to its present selves very large. Discount holdings increased from
plane of prosperity. What a factor this has been in $472,296,000 to $476,978,000, while holdings of acthe company's Success, is well illustrated by the re- ceptances fell from $343,326,000 to $332,728,000, and
sults for the calendar year under review. During holdings of United States Government Securities
1927, as is Well known, the South had to contend from $400,887,000 to $385,261,000. Deposits of the
with business depression of a very pronounced sort, twelve Reserve Banks declined from $2,402,926,000
and the 'traffic and revenues of the Southern Rail- to $2,359,704,000, and the amount of Federal Reway were as a consequence heavily reduced. But serve notes in circulation fell off from $1,574,114,through the operating economies which have be- 000 to $1,565,286,000, but gold holdings also decome an enduring feature of the operations of the clined from $2,788,417,000 to $2,775,771,000.
system, the management were able to offset this
The New York Clearing House banks and trust
losS to a great extent by a lowering of the expenses.
in their returns last Saturday got their
companies
the
in
revenue,
gross
$7,828,913
With a decrease of
reserves
back
on the right side of the account at one
report)
the
language
of
the
expense account was (in
As
bound.
against
a deficit of $5,021,830 in the rewas
net
loss
comparative
in
the
so controlled that
limited to $2,763,720. In other words,expenses were quired legal reserves the previous Saturday,they now
showed an excess above legal requirements in the
heavily reduced.
It thus happened that in a year of business depres- large sum of $45,308,160. The explanation of the
• sion the company was able to earn nearly as much change is very simple: U. S. Government deposits
per share on the common stock as in the very pros- as a result, no doubt, of the heavy income tax colperous year preceding; $14.40 per share was earned lections, increased from $2,738,000 to $74,235,000.
on the common stock in 1927 against $15.87 per Against these Government deposits no reserves are
share in 1926. The reader will perhaps recall that required and hence they are available to increase
Ih December last the dividend rate on the common the ordinary reserves. These Clearing House insti-

•




MAR. 24 1928.]

FINANCIAL CHRONICLE

1713

ment during the period proposed by us? Second, is
it prepared to carry out disarmament so as to make
the conduct of war if not an absolute impossibility
at least of extreme difficulty in a year's time?"
Although he did not refer to the United States
by name, M. Litvinof was understood to. have made
a special appeal to this country for support of his
proposals. "The Soviet delegation," he said, "considers itself entitled to count upon special support
from the delegation of that government which is now
A persuasive mixture of politics and disarma- publicly making a proposal for the prohibition of
ment was enunciated early this week by M. Litvinof, war. The sincerity of this proposal could not be
the Soviet observer in the Preparatory Disarmament more convincingly affirmed than by the adherence of
Commission which met at Geneva March 15. His its authors to the Soviet draft convention for comarguments were based upon the sweeping world dis- plete disarmament, pursuing the aim of not merely
armament proposals submitted to the same Commis- moral prohibition, but also of the abolition of the
sion last December, and as they were generously sup- possibility of war. Since armed forces have no other
ported by the German delegation and the Turkish raison d'etre but to conduct war and since the proobserver, it looked at one time as if they might prove hibition of war would make them quite superfluous,
a poser to the remaining delegations. Some anxiety it would appear that consistency and logic must dicon the subject was already apparent in Geneva late tate to the government concerned support of our
last week, according to a dispatch of March 18 to proposal."
The Soviet Envoy was immediately followed by
the New York Herald-Tribune. The delegates conferred actively all last Sunday,this report said, with- Count von Bernstorff and then by Tewfik Rushdi,
out reaching a solution for discarding the program revealing both a German and Turkigh determinaof M. Litvinof which would at the same time avert tion to support the Soviet demand for prompt action
probable Soviet charges that the whole disarmament on disarmament. The project should be discussed
procedure is farcical. The need of some plan for at once, Count Bernstorff declared, together with
combating or side-tracking the Russian proposals the reading of the second draft of the French and
was considered the more urgent in view of the prob- British disarmament proposals made at the previable alignment of the German and Turkish repre- ous session. The Turkish observer championed the
sentatives with the Soviet. The Conference marked Soviet proposals and asked for action in the prestime in its four meetings last week while awaiting ent session. The Chairman of the Commission,Jonkthe arrival from Constantinople of the Turkish Min- heer J. Loudon,thereafter asked several times whethister, Tewfik Rushdi Bey. And in the meantime, er other delegates had anything to say, but no reply
there was careful scanning of the Russian project, was made. "The British, French, Japanese and
which proposed that all arms and war materials of other delegates," a dispatch to the New York "Herall nations be destroyed in four years, half during ald Tribune" said, "breathed vast clouds of silence.
the first year and the rest in three installments, the All seemed to be waiting for somebody else to cross
whole personnel to be disbanded meanwhile. Naval verbal swords with these naughty boys from Eastern
vessels and airplanes for military purposes were in- Europe." In a report to the New York "Times" it
cluded in the proposal, while the security of the seas was similarly observed that "the silence of the elder
was to be confided to the countries bordering on six- statesmen, representing the former allied powers,
was both long and painful." Hugh S. Gibson, Chairteen different sea zones.
Chief Soviet Envoy Litvinof discussed these pro- man of the American delegation, also sat mute
posals and the work of the Disarmament Commis- throughout the meeting, but later expressed the opinsion before the full conference Monday in an open- ion, the "Times" dispatch said, that in his case alone
ing speech which caused more than a little embar- silence was golden. The United States, he was rerassment to the statesmen of the former Allied pow- ported to have explained, as a non-league power and
ers. "It seems to me there has been more than also a power not recognizing the Soviet, certainly
enough discussion of disarmament," he said. He is not called upon to take part in the present controthen outlined the attempts of the League bodies to versy, especially as Secretary Kellogg has just prereach some agreement on this matter, asserting that sented the world with concrete American proposals.
thirty-eight sessions of the Assembly and Council
A complete and crushing rejoinder to the Soviet
had occupied themselves with the problem in addiof
sessions
fourteen different commis- disarmament proposals was made in Geneva Tuestion to 120
the
to
of this vast quantity day by Lord Cushendun, chief British delegate to
results
"Turning
sions.
are
"we
to the conclusion the Preparatory Disarmament Commission. Some
forced
said,
he
of work,"
step
real
has
been
single
taken toward expostulation against the Commission taking up
a
that not
realization of disarmament." The Soviet Govern- the Russian draft convention was first voiced by the
ment had not sent its delegation to Geneva for this French and Italian delegates, and then Lord Cushsort of work, he continued, adding the declaration endun asked for a hearing. There followed, a New
that the Soviet "is ready to abolish all military York "Times" dispatch said, "what every old
forces in accordance with its draft convention as Leaguer present declared to be the greatest speech
soon as a similar decision is passed and simultane- ever delivered at a League meeting. With the ponously carried out by other states." Demanding con- derousness of a superdreadnought Lord Cushenclun
sideration of his proposals by the Commission, M. attacked the Russian scheme fore and aft, deliverLitvinof repeated his two main questions. "First," ing salvo after salvo." In a manner that was icy in
he said, "does this commission agree to base its fur- its lofty detachment, the British statesman openly
ther labors on the principle of complete disarma- questioned the good faith of the Soviet Government

tutions increased their loans and discounts to their
customers in amount of $58,428,000 and this was attended by an increase of $78,852,000 in the net demand deposits and of $4,611,000 in time deposits.
But there was also at the same time an increase of
$60,494,000 in the reserve with the Federal Reserve
Bank of New York. There was likewise a reduction
of $3,144,000 in cash in own vaults, but this latter
does not count as legal reserve.




1714

FINANCIAL CHRONICLE

in bringing forth its proposals. He pilloried that
government for its "studied insults" to the League
and then demanded that it explain whether by sending delegates to the present meeting it has now
changed its "avowed methods" of provoking civil
disorder in other states. "The Russian thesis in the
mind of every listener was completely riddled," the
"Times" dispatch added, "and the feeling quite restored that the Commission will continue its work
upon the lines previously laid down and not upon the
new terms which the Soviet sought to dictate." Lord
Cushendun, according to a dispatch to the New York
"Herald Tribune," did not radically denounce the
Soviet scheme, but with greater vision and effectiveness revealed its weaknesses, questioned its motives
and finally demanded that it be treated only with
the most painstaking examination.
Two questions were presented by the British delegate as the basis of his entire argument. First, he
said, "do these Russian proposals embodied in this
paper offer a prima facie practical scheme which
makes it desirable for us to give them detailed examination? Second, if we are to examine them,
how are we going to do it?" Lord Cushendun then
bowed to M. Litvinof and said that the Russian
must not take as personal the remarks he was about
to make, for from then on he intended to speak
frankly. "We must speak our minds," he added,
"otherwise there is no use coming here at all. Therefore, I may be permitted to ask: In what spirit has
the Soviet Government sent representatives to take
part in our proceedings?" The League of nations,
he pointed out, came into existence as a result of the
war to establish peace. "For seven years the League
has pursued its labors to that end," he continued.
"For seven years no aid or encouragement has come
from Russia. Not only no aid, but Russia has lost
no opportunity for reviling the League and overwhelming it with scorn and derision. Under these
circumstances, it seems remarkable that only a few
weeks ago, suddenly and to the surprise of the whole
world, the Soviet Government sent an intimation
to Geneva that it would like to take part in the
Preparatory Commission."
Lord Cushendun next referred to an article which,
appearing just previously in an official organ of the
Soviet Government,"expresses all the old scorn and
contempt of the League and remarks upon the absolute futility of the discussions at Geneva. . . .
This article goes on to say that this scorn is shared
by the Soviet delegates and that their purpose in
coming here is to unmask the capitalist states—
which evidently means the whole civilized world outside of their own frontiers—and to disclose the sabotage of the Soviet proposals for disarmament which,
of course, is to be expected." The article amounts,
Lord Cushendun asserted, to "the clearest possible
intimation that the Soviets' purpose here is not
really to give us genuine assistance in the work in
which we are engaged, but that there is an ulterior
motive. We are entitled to know what that ulterior
motive is. If there is any sabotage at all, it is sabotage of the league by the Soviet government and I
intend to show to the commission that it appears
in the articles of the Soviet draft itself."
In considering the articles of the Russian draft
point by point, Lord Cushendun brought out what
he declared to be implied insults to the League and
means of giving Russia a greater army than any
other nation. Article 63, he said, declares that a




[Vot,. 126.

copy of the draft shall be deposited on each of the
five continents, in selected capitals. This, he added,
"shows imagination, but it is unnecessary to insult
the League in this way and has no bearing on general disarmament. Copies can be sent to Geneva as
well as to Timbuctoo." Article 58 was explained
as setting forth that within a year of the entry into
force of the draft convention all acts of national or
international importance contrary to the preceding
clauses shall be amended or repealed. Since military sanctions are covered by the Covenant of the
League of Nations, Lord Cushendun pointed out
that that instrument is contrary to the Russian draft
convention and would therefore have to be repealed.
"I would observe," he added,"that repeal of the Covenant is beyond the competence of this committee.
But because this and other clauses are manifestly unacceptable is no reason to cast all aside. Part of the
proposals are worthy of discussion. Yesterday M.
Litvinof indicated that he desired this commission
to accept or reject his proposition as a whole, and
intimated that something like that must take place
now. If that is the position he takes it is contradictory to his own words, for on the first page
above his own signature he says that the document
is intended to serve as 'a basis for discussion'."
The spirit in which the proposals were made was
sharply questioned by the British delegate. For
years past, he said, the Soviet policy expressed by its
leaders has been to produce armed insurrections in
every nation where they can exercise influence."Has
the Soviet Government decided no longer to interfere in the affairs of other nations? Unless they are
prepared to make such an assertion we are faced
with the unpleasant fact that they are the largest
obstacles toward the carrying out of their own proposals." Lord Cushendun also wished to know the
reason why local police were apportioned in the
Russian plan in accordance with the length of a nation's communications. This, he pointed out, would
give Russia a powerful army and her neighbors only
small forces. Concerning the naval clauses, he said
some good suggestions appeared therein, some that
even the British Empire might accept, such as the
abolition of submarines. In conclusion, Lord Cushendun said that his remarks were intended merely
to demonstrate that the Russian proposals must be
given intense study and perhaps should go to a subcommittee.
A retort to M. Litvinof's appeal for American
support of his proposals was made Wednesday by
Hugh S. Gibson, head of the United States delegation. This took the form of an emphatic refusal to
consider the Russian draft convention, topped with
the declaration that the American delegation regarded Moscow's plan as so impractical that it did
not merit further study by the commission. "We
feel," Mr. Gibson said, "that we have only one problem—to find and follow the path best calculated to
lead us to a conclusion of our labors. We are not
justified in unduly delaying our efforts to embark
upon another task which we honestly believe cannot facilitate the reduction or limitation of armaments. For our present purposes it would seem
sufficient to point out that the proposals are not
only a radical departure from the work we have been
engaged upon so far, but are totally irreconcilable
with the draft which is the basis of our discussions." A number of other delegates, notably the

MAR. 24 1928.]

FINANCIAL CHRONICLE

Dutch, Swedish and Belgian, also criticized the Russian proposals Wednesday, declaring them to be
Utopian and visionary. Count Bernstorff, of Germany,on the other hand,deplored Lord Cushendun's
speech and remarked that he was in agreement with
the Russian delegate, although only "in principle."
M. Litvinof made public reply to the attacks on
the Russian disarmament proposals, and on the sincerity of his Government, in Thursday's session of
the Preparatory Commission. He voiced resentment against the charge that the Russians had appeared at Geneva to commit sabotage against the
League and against disarmament. The fact that the
Soviets, having no obligations whatever to the
League, had consented to come to Geneva to co-operate with the Commission was, he contended, evidence
of good faith. He admitted that the Soviets took
no account of the Covenant of the League in drawing up their project, because they were in no way
bound by it. Soviet Russia, he went on, would never
have thought of "raising the question of revolutionary propaganda in dealing with a country which
found its origin in one of the greatest revolutions
of history and which continues to exist only to hold
the benefits from that revolution." Dealing with the
question of the compatibility of the Soviet project
with the League Covenant, M. Litvinof remarked
that "if nothing is attempted excepting in conformity with the pact and on the orders of the Government, nothing will ever be done."

1715

diplomatic circles the action of the Russian officials was regarded with increasing seriousness early
this week, dispatches said. The arrests, according
to a Berlin report of March 19 to the New York
"Times," are a "direct violation of the Russo-German treaty of Oct. 12, 1925. That treaty provides,
first, that when Germans are arrested in Russia the
fact must be reported to a German Consul within
one week, giving the names of the persons held;
secondly, the German Consul or other representative
must be allowed to see the prisoners; third, the reason for the arrest must be furnished to the German
authorities. Seemingly all three provisions have
been violated, according to information on hand
here." Accordingly, it was said, Germany may be
compelled to follow Britain's example and break
off relations with Soviet Russia unless some explxnation of the arrest of the German mechanical experts is given promptly. Doubt was expressed that
a complete diplomatic break will be made, but "a
state of affairs amounting to virtually the same
thing is believed likely to grow out of the present
controversy." Even if the matter is cleared up shortly, it was suggested that the trade negotiations will
not be resumed for a long period, possibly five or
six months.
A new demand by the British Labor Party for an
inquiry into the circumstances whereby the notorious Zinovieff letter became a public sensation in
1924, and a principal cause of the success of the
Conservatives at the polls, was made in the House
of Commons Monday. The Zinovieff letter, alleged
to have been written by that Soviet functionary, was
made public on the eve of the general election in
Britain in 1924. In it the Communists of Great Britain were urged to revolt against their established regime and make common cause with the Soviets.
Owing to the recognition of the Soviets by the Labor Government it was considered that the letter
reflected sufficiently upon Mr. MacDonald's regime
to cause many adverse votes. The authenticity of
the letter was questioned and a Labor inquiry held,
but this was unable to come to a decision. A subsequent Conservative inquiry was said to have satisfied itself that the letter was genuine. In recent
months pressure for an official inquiry on the subject was declared to have increased in Britain, and
the demand by former Premier MacDonald, Monday,
was understood to reflect this. The demand was disposed of by Prime Minister Baldwin without much
ado. "The Government," he said, "refuses to lend
itself to an inquiry which can serve no national
end and which is foredoomed by its very nature to
futility." He also supplied a few additional details
of the publication of the letter, saying that it was
given out through the efforts of a London business
man, Conrad Donald Thurn, whose father was Governor of several crown colonies years ago and who
is "a man of unblemished reputation." In a division, the House of Commons rejected the Labor
Party demand for an inquiry by 320 votes to 132.
The vote was practically according to party lines.
The Soviet Government, a Moscow dispatch of March
20 said, again on that date officially denied the authenticity of the Zinovieff letter.

Increased friction between Germany and Russia
was reported from Berlin the present week as a
result of the arrest by Soviet authorities of six German engineers on a charge of participation in an alleged "technician's plot." The arrests became known
in Berlin March 10 and a prompt demand was made
by the German Government for an explanation. No
satisfactory answer was received from the Soviet,
Georges Tchitcherin, the Commissar for Foreign
Affairs, stating simply that the arrests had taken
place in the Donetz coal basin on charges of sabotage and treason, which seemed to be substantiated
by creditable witnesses. The German Cabinet, in
consequence, broke off negotiations in Berlin for a
revision of the Russo-German trade treaty. The German decision to suspend the trade negotiations gave
Moscow an unpleasant shock, according to a dispatch of March 16 to the New York "Times." The
affair, the dispatch added, comes at an awkward
moment, when the Soviet Union's internal policy is
such that the question of foreign credits and satisfactory commercial relations with foreign countries
has particular importance. On that point mention
was made of the great Soviet "five-years' plan" for
industrial development, which was said to require
enormous purchases abroad. Moreover, "while the
Soviet is building new factories, it cannot satisfy the
peasant demand for goods, which also means a certain amount of purchases abroad." Moscow, nevertheless, was said to resent the German demands and
to see in them further evidence of hostile combinations against the Soviet Union.
Two of the six Germans arrested for complicity
in the "technician's plot" were released by the Soviet authorities last Saturday. They were said to
be the chief of the German General Electric ComA conference to consider the Tangier agreement
pany development in the Don area and his assistrecently
engineers
four
were
remaining
reached between Paris and Madrid was bereported
The
ant.
the
in
trial.
awaiting
In
gun
French capital Tuesday by representaRostov,
German
at
detained
still




1716

FINANCIAL CHRONICLE

tives of England, France, Italy and Spain. The
discussions, according to a Paris dispatch of March
20 to the New York "Times," will be strictly confined to the consideration of two principal problems. The first of these was said to be a plan for
the revision of administrative control in the international zone recently elaborated in the FrancoSpanish agreement. The second, it was indicated,
concerns a proposal which Italian delegates have
prepared regarding Italian participation in such
administrative control. The French Foreign Minister, M. Briand, was said to have assured the British and Italian representatives that there was no
question of radically disturbing the existing regime
at Tangier. "You will see," he was reported to have
said, "that the modifications which the French and
Spanish Governments have made to the 1923 accord respect in every way the interests of all the
powers. We are only asking your collaboration in
the work of perfecting and improving an administrative organization which has shown itself to be
incomplete and lacking in collaboration." In order
to insure the observance of American rights and interests in Morocco, Secretary of State Frank B. Kellogg, on March 16, addressed a note of reminder to
the four conferring powers. The United States, the
note said, has a "fundamental interest in the maintenance of the open door and in the protection of the
life, liberty and property of its citizens in Morocco."
Accordingly, this Government advised the powers
about to confer "that it makes full reservation of its
position on any decisions taken by the conference
which may in any way affect or touch upon its
rights or interests in Morocco or Tangier." A reply was promptly made by M. Briand, who was said
to have assured the State Department that the
conference would in no way affect the existing situation in so far as international trade rights are involved.
In mass meetings and street demonstrations in the
Rumanian capital, some 60,000 members of the National Peasants' Party last Sunday demanded the
resignation of Premier Vintila Bratianu, in favor of
their leader, Juliu Maniu. Peasants from all parts
of the country assembled in Bucharest in a demonstration of their power, according to a Vienna dispatch of March 18 to the New York "Times." They
filled ten large halls to overflowing and in streets
and squares adjoining them they expressed their
discontent with the present regime and declared
their intention of compelling the Regency to comply
with their wishes. Other opposition parties, particularly the Socialists, were declared to have made
common cause with the Peasants. The huge meetings, the dispatch said, simultaneously adopted a
resolution demanding that Dr. Maniu be made Premier, and declaring the intention of the peasants
to remain in Bucharest until this was done. The
demonstration was said to have been quiet, yet effective. The Government, however, refused to accede to the demands, Administration circles describing the demonstrations as the "last despairing attempt of the opposition." The Regency Council, it
was said, will refuse to yield to "street intimidation."
As a protest 'against the refusal of the Regency
Council to accede to their demands, the Peasants'
Party on March 18 withdrew their Deputies and
Senators from the Rumanian Parliament. This ac-




[VoL. 126.

tion was taken by Dr. Maniu after a conference with
the Regency Council in which, he told newspaper correspondents afterward, the Regency had declared it
could not grant his request until it had made a
thorough examination of the situation. The Council, according to Dr. Maniu, agreed to remain neutral toward all parties, and to make political changes
in Rumania when it considered the time opportune.
M. Maniu, a Bucharest dispatch to the New York
"Times" said, apparently agreed to accept this condition for the time being, because he immediately reported the results of the conversation to the party
leaders, with the suggestion that the peasants return to their homes. The withdrawal of the Deputies and Senators was, however, decided upon. At
the meeting of Parliament Monday afternoon, the
Peasant Deputy, Stephen Pop, notified the gathering of the decision. He read a statement saying:
"A mass meeting of the Peasant Party to-day learned
the results of an audience of their leader with the
Regency and declared the answer was not satisfactory. The Party decided to convoke a congress
at Alba Julia on March 22."
By withdrawing from Parliament the Peasants"
Party was said to be signifying its intention to begin active intrigues against the Bratianu regime
before the latter can carry out its promise to call
national elections. The Government, however, expressed no great anxiety over the departure of the
Peasant representatives. Addressing his Liberal colleagues after their withdrawal, M. Duca, Minister
of the Interior, said: "This action is more comic
than others of the Peasants'Party during the last ten
years. It is foolish to suppose the Regency would
give power to Maniu, who had a meeting of a few
thousand people in Bucharest. Their withdrawal
will have no consequences whatever. We will continue in power. If the Opposition respects the laws
it will be treated accordingly, but if it begins unlawful action we know how to answer." The Government nevertheless found it necessary, Wednesday, to clamp a tight censorship on all press dispatches of an unfavorable nature. "If this most useful Balkan political weather vane is not playing
pranks," a Vienna dispatch to the New York "Times"
said, "then the Rumanian Government is in water
the temperature of which is getting uncomfortably
warm."
Efforts to regularize United States supervision of
the Nicaraguan presidential election of next October and to insure the fairness of that election occupied the Governments at Washington and Managua
the past week. The position of the 2,700 American
marines in the Central American republic became
questionable under Nicaraguan law when, on March
13, the Managua Chamber of Deputies rejected a bill
providing for supervision of the election. This had
been agreed to by the Conservative Diaz Government
last May as a result of the efforts of Colonel Henry
L. Stimson, who went to Nicaragua at that time as
President Coolidge's personal representative. Bills
were accordingly drafted to make such proceedings
legal under the Nicaraguan constitution, but a second Conservative bloc, headed by General Chamorro,
defeated the project. Some perturbation was evinced
in Washington and Managua as a consequence, but
it was suggested that the desired result would be
achieved by President Diaz through the issuance of
a decree. In Washington, according to a special

MAR. 24 1928.]

dispatch of March 16 to the New York "Times," unmistakable assurances were given in White House
circles "of a determination to see that the pledge
for free elections given in the name of President
Coolidge is carried out in spirit and in letter." At
the Navy Department it was announced at the same
time that Marine reinforcements of 1,000 officers
and men are to be sent to Nicaragua at once to assure the complete fulfillment of President Coolidge's
promise. These additions will bring the total of
American forces in Nicaragua to 3,700 officers and
men, although the elections are still more than six
months off. The movement of the reinforcements
was ordered, Washington reports said, upon request
of Rear Admiral D. F. Sellers, commanding the
naval forces in Nicaraguan waters, after he had conferred with Brig. Gen. Logan Feland, the marble
commander there, and after discussions with Nicaraguan officials by Charles C. Eberhardt, the American Minister in Managua.
An Executive decree, investing the United States
with full authority to supervise the election of next
October, was signed by President Diaz at noon, Tuesday. The decree was proclaimed throughout the important centers of the country without further delay
and immediately became law. In a Managua dispatch of the same day to the New York "Times,"
President Diaz was said to have explained that he
was moved to sign the decree by the need of assuring peace and harmony in Nicaragua and keeping
the nation's honor by carrying out the pledge made
with the United States at the time of the Stimson
agreement. In Washington, Secretary of State Kellogg explained Thursday, according to a dispatch
to the New York "Herald Tribune," that the decree
puts into effect part of the old law and provides for
the details of the election. The old law, the dispatch said, "is the Dodd law, which was drawn up
four years ago. Asked to-day whether the old law
went far enough in giving General McCoy supervision over the elections, Secretary Kellogg indicated
that it went far enough to elect him chairman of the
board of elections, and that this board had supervision over the sub-boards in the various electoral
precincts. Those points in the Dodd law not stringent enough for the United States have, it is believed, been supplemented in the Diaz decree."
It was made plain at the same time that there appears to be no authority under the Nicaraguan Constitution for the issuance, without the consent of the
Congress, of such a Presidential decree as that
signed by Senor Diaz. In consequence, some doubt
was expressed as to whether the position is entirely
legal. "Nevertheless, it has been often indicated
here," the dispatch said, "that the United States is
not going to stop at this question of law, and to-day
Secretary Kellogg indicated that in his mind the
Nicaraguan Constitution does give authority for the
President to issue decrees putting laws into effect.
He did not, however, say that the constitution gave
this same power with regard to elections."
There have been no changes this week in discount
rates by any of the central banks of Europe. Rates
continue at 7% in Germany; 6% in Italy, Norway
and Austria; 5% in Denmark and Madrid; 43% in
London, Belgium and Holland, and 332% in Prance,
Switzerland and Sweden. In London open market
discounts are 4@4 1-16% for both short and long
bills, against 4/@4 3-16% for both on Friday of




1717

FINANCIAL CHRONICLE

last week. Money on call in London was quoted at
3%% on Wednesday, but was down to 33i%
yesterday, against 3%% on Friday of last week. At
Paris open market discounts remain at 33,4% but
in Switzerland there was an advance from 3%
to 3 3-16%.
A loss in gold was reported by the Bank of England
in its statement for the week ending Mar. 31. This
loss, which amounted to £199,429, together with a
reduction of £11,000 in notes in circulation, accounted
for the loss in the reserve of gold and notes in the
banking department of £189,000. The ratio of
reserve to liabilities again dropped; this time from
38.10% last week to 37.17%. now. This ratio,
however, is still near its highest figure since the war,
which was 39.79% reached on Feb. 22 this year.
This time last year the ratio stood at 28.19%. Public
deposits increased £4,371,000, while "other" deposits decreased £2,059,000. Loans on Government
securities expanded £1,373,000 and loans on other
securities, £1,148,000. The total of gold and
bullion is now £157,653,289 which compares with
£150,725,003 in 1927 and £146,842,803 two years
ago. Notes in circulation now aggregate £134,392,000 against £136,254,260 last year. The Bank's
official discount rate remains at 432%. Below we
furnish comparisons of the various items of the Bank
of England returns for five years.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1924.
1925.
1926.
1927.
1928.
Mar. 25. Mar. 26.
Mar. 24.
/War. 23.
Mar. 21.
£'
134,392,000_136,254,260 141,617,310 124,378,215 125,402,700
Circulation b
26,983.488
15,488,418
14,405,513
14,141,000 17,396.554
Public deposits
101,573,000 104,031,366 108,372.702 105.916,488 100,507,133
Other deposits
32,880,000 30,797,560 43,585,328 38.798.303 48,167,455
Gov't securities
58,131,000 74,733,078 72,520,510 76,899,649 75,145,213
Other securities
Reserve notes dr coin 43,011.000 34,220,743 24,975,493 23.991,581 22,453,123
Coin and bullion a_157,653.289 150,725,003 146,842.803 128,619,796 128.105,823
Proportion of res've
17.61%
194%
20.34%
28.19%
37.17%
to llabilltles
4%
4%
4%
4%
4 %
Bank rate

;4

gold coin and bullion
•Includes, beginning with April 29 1925, £27,000,000
transferred to the
Previously held as security for currency notes issued and which was
to return to the gold standard.
Bank of England on the British Government's decision
£27,000,000 of Bank
includes
1925
29
April
for
statement
the
with
Beginning
b
amount of gold coin and bullion
of England notes issued in return for the same
currency note issue.
held up to that time in redemption account of

The Bank of France in its statement as of Mar. 21
showed a decrease in note circulation of 343,204,000
francs, reducing the total of that item to 58,555,577,870 francs, as against 51,911,606,460 francs last year
and 51,491,819,490 francs the year before. Gold
holdings in Prance rose 11,675 francs, while holdings
abroad available and non-available remained unchanged. Bills discounted decreased 200,102,000
francs, Treasury deposits 18,808,000 francs, general
deposits 99,861,000 francs and divers assets 139,028,000 francs. Advances to the State remained unchanged. Silver increased 30,000 francs and trade
advances rose 7,864,000 francs. Below we give a
comparison of the various items of the Bank's return
for three years past.
BANK OF FRANCE'S
Changes
for Week.
Francs.
Gold Holdings—
11,675
Inc.
In France
Abroad—available
Unchanged
Abroad—non-avail.
Unchanged

COMPARATIVE STATEMENT.
Salta as of
Mar.21 1928. Mar. 23 1927. Mar.241926.
Francs.
Francs.
Francs.
3,679,527,568 3,653,507.443 3.651,639,154
462.771,4781 1,864,320,907 1.864.370.907
1,401.540.4291

11,675
Total
Inc.
30.000
Inc.
Silver
Blue discounted_ _ _Dec. 200,102,000
Trade advances_ Inc. 7,864,000
Note circulation_ _Dec. 343,204,000
Treasury deposits_Dec. 18,808,000
General depoalts—Dec. 99,861.000
Advances to State.
Unchanged
Dec 139.028,000
Divers assets

5.543,848.475
342,969,679
1,449,330.495
1,746,965,084
58,555,577,870
9,585,477
7.703,963,630
23,100,000,000
26,087,110,748

5,547.828.350 5,648.307,061
331,150,301
342,155.947
2,895,275,773 3,310,284.477
1,897.278,355 2,449,571.291
51,911,606,460 51.491.819.490
31.558,029
66,976,437
4,456,444.525 2,802,263,162
28,100,000,000 35.000,000,000
10,732,546.156 3,501,607.628

1718

The Bank of Germany, in its statement as of
March 14, showed a decrease in note circulation of
181,873,000 marks reducing the total of that item to
3,885,783,000 marks against 3,143,778,000 marks last
year and 2,604,506,000 marks the year before.
Other daily maturing obligations diminished 34,466,000 marks and other liabilities 45,133,000 marks.
On the asset side gold and bullion decreased 150,000
marks, reserve in foreign currency 35,274,000 marks
and bills of exchange and checks 260,257,000 marks.
Deposits abroad and investments remained unchanged. Silver and other coin increased 6,519,000
marks, notes on other German banks 3,652,000
marks, advances 40,410,000 marks and other assets
24,446,000 marks. Below we furnish a comparison
of the various items of the Bank's return for (3)
years past:
RE/CHSBANK'S COMPARATIVE STATEMENT.
Changesfor
Mar. 151928. Mar. 151927. Mar. 15 1926.
•
Week.
Reichamarks. Retchsmarks. Retchsmarks.
Assets—
Reichsmarks.
Gold and bullion.....Dec.
150,000 1,888,103,000 1,844,002,000 1,427,936,000
85,628,000
Of which depos.abed__ Unchanged
93,007,000 220,453,000
Reserve in foreign curr_Dec. 35,274,000 262.070,000 224,134,000 475,97E000
Bills of exch. & checks_Dec.260,257.000 2,000,685.000 1,508,990.000 1,167,32-0,000
69,578,000 138,028,000
Silver and other coin_ _Inc. 6,519,000
93,969,000
22.428,000
Notes on 0th. Ger. bks_Ino. 3,652,000
28,040,000
19,955.000
91,040,000
Advances
19,532,000
8,230,000
Inc. 40 410,000
94,239,000
Investments
Unchanged
92,730,000 235,391,000
Other assets
Inc. 24,446,000 534,433,000 476,702.000 908,441,000
Liabilities—
Notes in circulation_Dec.181.873,000 3,885,783,000 3,143,778,000 2,604,506,000
0th.daily matur.oblig.Deo. 34,466.000 492,057,000 628,720,000 874,544,000
Other liabilities
Dec. 45,133,000 177,737,000 191,711,000 557,650.000

An even levellhas again been maintained in the
New York money market the past week, with rates
for demand funds deviating only in the slightest
degree. The demand for call money was light in
the early part of the week, while the large surplus
reserve in last Saturday's Clearing House statemer t
obviated the need for withdrawals. The call money
rate opened at 43/2% Monday and was continued
at this figure until Wednesday, when a drop to
43.% took place. In the outside or "street" market,
funds were available on these days at h% concession, bringing the figure down to 4% Wednesday.
A firmer tone was apparent Thursday, on withdrawals of about $15,000,000. The official call
money rate was again fixed at 4
and remained
at this figure yesterday, no concessions being made
in the outside market. Further calling of loans
yesterday amounted to approximately $10,000,000.
Expansion in brokers' loans against stock and bond
collateral is again under way as a result of the
feverish speculative activity in the securities markets.
In the week ended Wednesday a further increase of
$32,650,000 was shown in the statement of the
Federal Reserve Bank of New York, for the 47
reporting member banks. The continued heavy
gold export movement also attracted much attention.
Dealing in detail with the rates from day to day,
the call loan rate at the Stock Exchange on Monday
and Tuesday ruled at 432%, this including renewals. On Wednesday all business was at 43 1.%,
including renewals. On Thursday and Friday, all
transactions were again at 432%. Rates for time
loans have advanced for the longer maturities and
are now 49@4% for thirty days, 4M%@49'%,
for sixty days and 4%% for ninety days and for
four, five and six months. For commercial paper
quotations for four to six months' names of choice
character are now 43'i%, with only an occasional
rare transaction at 4%. For names less well known
the quotation is 4%. For New England mill paper
the quotation is 43j@43/2%.




[VOL. 126.

FINANCIAL CHRONICLE

In the market for banks' and bankers' acceptances
the posted rate of the American Acceptance Council
for call loans against acceptances has again remained
unchanged at 332%. The posted quotations of the
Acceptance Council for prime bankers' acceptances
eligible for purchase by the Federal Reserve banks
also remain unchanged at 39/8% bid and 3h% asked
for bills running 30 days, 332% bid and 398% asked
for bills running 60 days, 378% bid and 332% asked
for 90 days, 39.% bid and 39/8% asked for 120 days
and 3%% bid and 3%% asked for 150 and 180 days.
Open market rates are likewise unchanged as follows:
SPOT DELIVERY.
—180 Days--... —150 Days-- —120 Days-Bid.
Asked.
Btd.
Bid.
Asked.
Asked.
Prime eligible bills
374
331
331
331
331
334
—90 Days-- —60Days— —30 Days-Bid.
Asked.
Bid,
Asked.
Bid.
Asked.
Prime eligible bills
331
351
331
334
334
35.1
OR DELIVERY WITHING THIRTY DAYS.
Eligible me I. I er banks
334 bid
Eligible
-member banks
bid

here have been no changes this week in Feder
eserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the diferent Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.

Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Rate in Effect
on Mar.23.

Date
Established,

Previous
Rate.

4
4
4
4
4
4
4
4
4
4
4
4

Feb. 8 1928
Feb. 3 1928
Feb. 16 1928
Mar. 1 1928
Jan. 27 1928
Feb. 11 1928
Jan. 25 1928
Feb. 21 1928
Feb. 7 1928
Feb. 10 1928
Feb. 8 1928
Feb. 4 1928

334
331
335
334
374
374
374
374
34
374
334
353

Sterling exchange developed further strength this
week, and in Tuesday's market under strong demand
the rate went to a new high for the year, touching
4.88 9-32 for cable transfers and on Wednesday and
again on Friday sold still higher at 4.88 5-16. A firm
though quiet market on Saturday gave an indication
of growing strength, which was promptly realized in
active trading on Monday. The high rate of 4.88 5-16
attained on Friday compares with the 1927 top
of 4.88. The range this week has been from
4.87 9-16 to 4.87 15-16 for bankers sight, compared
with a range last week of 4.879/i to 4.877.-g. The
range for cable transfers has been from 4.87 29-32 to
4.88 5-16, as compared with 4.87 13-16 to 4.88 a week
ago. As during the past few weeks, the activity
of the market was confined to the first few days,
after which trading quieted down, not from pressure
but from the exhaustion of the heavier demands of
Monday and Tuesday, so that the quotations in the
second half of the week were more or less nominal.
Whenever there are any signs of actual trading quotations are apt to rise. As during many months past,
the demand for sterling seems to be largely in response to money market requirements. At present
bankers say that there is a considerable flow of money
for investment in London-quoted securities. This is
reflected in marked speculative excitement on the
London Stock Exchange. There can be little doubt
that there has been a considerable transfer this week
of American bankers' balances to London for employment in the money market. London authorities
assert their confident belief that the New York
Federal Reserve rediscount rate will be reduced soon
to 33,%, and they look upon this prospect with some
gratification as an element likely to make the London
money market still more attractive to New York and

MAR. 21 19281

FINANCIAL CHRONICLE

other funds, and also as productive of much benefit
to British industry inasmuch as such 'a reduction
would be followed immediately by a reduction of M
of 1% in the Bank of England rate and would make
funds more available to industry.
Besides the speculative activity on the London
Stock Exchange, there is a steadily increasing
volume of investment business and new foreign
security offerings there are expected to become more
numerous. It must be taken as fact that American
funds are furthering these several movements. •As
the yields on high-grade investments on this side
show a lower trend, the higher yields on foreign
loans are bound to attract funds to the London
market and the satisfaction ofthese demandsthrough
exchange must strengthen the tone of sterling.
There can be little doubt that banking interests in
New York are bullish on sterling. This is of course„
the time of year when seasonal strength begins to
manifest itself in sterling, but these influences have
had little to do with the upward movement since
the return to the gold standard. This week's quotations resulted in a small shipment of gold to
England, but a large movement can hardly begin
until the rate approaches the gold point calculated
on the Bank of England's buying price for gold,
which would require a sterling cable rate above
4.883
4. Were it not for the excessive transfers for
the financial markets, there could be no possibility
of sterling exchange ruling at anywhere near prices
which would attract gold from New York to London.
This week the Bank of England shows a loss in
gold holdings of £199,429. On Friday of last week,
through oversight, we failed to mention here the
sale of £14,000 in gold bars by the Bank of England
to an unstated designation and that the Bank set
aside for the account of the Bank of South Africa
£500,000. On Tuedsay the Bank of England released £500,000 in sovereigns held for the account
of South Africa and sold £50,000 in bars to an unstated designation. On Wednesday the Bank sold
£48,000 in gold bars to an unstated designation.
On Thursday the Bank released £500,000 in sovreigns for the account of South Africa. Yesterday
the Bank sold £10,000 in bars to an unnamed buyer.
At the Port of New York the gold movement for the
week of March 15-21, as reported by the Federal Reserve Flank of New York, consisted of imports of
$259,000 chiefly from Latin America, exports totaled
$17,840,000, of which $11,925,000 was shipped to
France, $4,200,000 to Argentina and $1,370,000 to
Brazil. The shipment to Brazil was accounted for here
last week. There was no Canadian movement of
gold either to or from New York. In addition to
the above movement officially accounted for by the
Federal Reserve Bank, the International Acceptance
Bank, Inc., is shipping $1,000,000 to England on
order on the Aquitania, and the American Exchange
Irving Trust Company is shipping $2,000,000 in
gold to Germany, and the French American Banking Corporation is shipping $400,000 gold to Buenos
Aires. A third shipment of nearly $12,000,000 gold
from French earmarked stock is expected to leave
New York to-day. This shipment, if and when
made, will bring the total to France to $61,000,000
since the movement began. Canadian exchange,
it will be recalled, went to a premium last week for
the first time since Dec. 3. Montreal funds continued at a premium this week, ranging from 1-64
of 1% to 1-16 of 1%.




1719

Referring to day-to-day rates sterling was steady
on Saturday last in a dull market. Bankers sight
was 4.87 9-16@4.87%, and cable transfers 4.87 29-32
@4.88. On Monday the market was active. The
range was 4.87/@4.877A for bankers sight and
4.88@4.88 3-16 for cable transfers. On Tuesday
the demand continued and sterling made a new high
for the year, when cable transfers touched 4.88 9-32.
The range was 4.87 13-16@4.87 15-16 for bankers
sight and 4.88 3-16@4.88 9-32 for cable transfers.
On Wednesday the market quieted down but moved
still higher. Bankers sight was 4.87W4.87 15-16
and cable transfers 4.88 3-16@4.88 5-16. On
Thursday the market was inclined to ease off.
Bankers sight was 4.87W4.877A, and cable transfers 4.88'%@4.883. On Friday the range was
4.87 13-16@4.87 15-16 for bankers sight and 4.883i.
@4.88 5-16 for cable transfers. Closing quotations
yesterday were 4.87 15-16 for demand and 4.88 5-16
for cable transfers. Commercial sight bills finished
90-day bills
at 4.87 13-16, 60-day bills at 4.84
at 4.823, documents for payment (60 days) at
4.841A and 7-day grain bills at 4.87/. Cotton
and grain for payment closed at 4.87 13-16.
In the Continental exchanges activity is confined
largely to trading in German marks and in Italian
lire. The German mark, it will be recalled, is well
above par of 23.82. Closing quotations this week
are 23.903/2 for checks and 23.913/ for cable transfers.
As noted in the remarks on sterling the American
Exchange Irving Trust Co. is shipping $2,009,000
in gold to Hamburg this week. As previously stated
on several occasions, the firmness and activity in
German marks arises from transfers to meet German
money market requirements, to remit proceeds of
loans, and for investment in German securities.
Monthly loans rates in Berlin are quoted at from
73/2% to 8
and day-to-day money is in heavy
demand at rates ranging from 6
to 8%. The
money market in Germany is largely affected by
heavy demands for payments of reparations and the
service of industrial bonds. The spring demands
for industry and commerce are also unusually heavy.
Italian exchange continues to be affected by the
transfer of immigrant remittances and of funds for
participation in Italian share activity. There is
no change in the French financial position. Bankers
throughout the world are watching with keen interest
for some clear indication of French policy with
regard to gold withdrawals from London and New
York. It seems to be a foregone conclusion that
there will be heavy withdrawals from both markets
to Paris. So far the withdrawals from New York
have been from earmarked stock and so are without
effect on either money or exchange rates, but Bank
of France holdings of dollars are so large that the
Bank could easily purchase very considerable amounts
of gold in New York and bring the metal back to
France. It is considered doubtful, however, that
withdrawals will reach proportions so great as to disturb seriously money conditions either here or abroad.
This week the Bank of France shows a reduction
in its Sundry Assets of 139,028,000 francs. The
bank's holdings of foreign exchange are included in
its Sundry Assets, which now stand at 26,087,110,748
francs. The Academy of Sciences in Paris recently
presented a communique to the government asserting
that the creation of a gold franc of reduced value
would upset the metric system and would "be an

1720

FINANCIAL CHRONICLE

inexcusable fraud perpetrated on all creditors."
The Academy proposed to the Government to exchange paper money for one-fifth its value in gold,
marking down debts of all kinds to correspond with
the gold value of the franc at the time the debts were
contracted. As noted in the remarks on sterling
exchange above the Federal Reserve Bank of New
York reports an export of $11,925,000 gold to France
this week. A further shipment of approximately
$12,000,000 is expected to go from New York to-day.
The London check rate on Paris closed at 124.02
on Friday of this week, against 124.02 on Friday of
last week. In New York sight bills on the French
centre finished at 3.9332, against 3.933 a week ago;
cable transfers at 3.934
3 , against 3.933/ and commercial sight bills at 3.934
1 , against 3.93. Antwerp
belgas finished at 13.933/i for checks and at 13.943/
for cable transfers, as against 13.93 and 13.94 on
Friday of last week. Final quotations for Berlin
marks were 23.903/i for checks and 23.913/b for
cable transfers, in comparison with 23.90 and 23.91
a week earlier. Italian lire closed at 5.2834 for
bankers' sight bills and at 5.283/2 for cable transfers,
as against 5.27% and 5.283/i last week. Austrian
schillings have not changed from 14/1s. Exchange on
Czechoslovakia finished at 2.963/8, against 2.96316
8, against 0.62; on Poland at
on Bucharest at 0.623/
11.20, against 11.20, and on Finland at 2.52, against
2.52. Greek exchange closed at 1.313/i for checks
3 for cable transfers, against 1.32 and
and at 1.314
1.323/ a week ago.
In the exchanges of the countries neutral during the
war interest this week centers in the firmness displayed in Norwegian kroner. All the Scandinavians
and Holland guilders, like the other gold units, have
been firm chiefly in sympathy with the higher rates
prevailing for sterling, but they have all been equally
dull so far as trading in New York is concerned. The
only decisive movement in the neutral exchanges this
week was the rise in Norwegian, if we except the
speculative fluctuations in the Spanish peseta.
The rise in Norwegian seems to have originated in an
unconfirmed report that Norway intends to return
to the gold standard on April 1st. A London dispatch
to Dow, Jones & Co. says this report is linked "with
the recent visit of a representative of Hambros Bank,
who has been negotiating with the Norwegian Government over the possibility of granting credits for
reconstruction of Andresens og Bergens Kreditbank
and Centralbanken fOr Norge. If an agreement is
reached, an international banking group will take a
block of shares of the reconstructed banks and grant
credit, but the transaction is dependent upon Norway's return to the gold standard." Of course, the
recent Kingdom of Norway 35-year 5% sinking fund
offering of $30,000,000 has had much to do with the
firmness in the unit.
Bankers' sight on Amsterdam finished on Friday
at 40.27, against 40.22 on Friday of last week; cable
transfers at 40.29, against 40.24, and commercial
sight bills at 40.20, against 40.18. Swiss francs
1 for bankers' sight bills and at 1927
closed at 19.264
3 and
for cable transfers, in comparison with 19.244
19.253/2 a week earlier. Copenhagen checks finished
at 26.80 and cable transfers at 26.81, against 26.78
and 26.79. Checks on Sweden closed at 26.84 and
cable transfers at 26.85, against 26.83 and 26.84,
while checks on Norway finished at 26.69 and cable
transfers at 26.70, against 26.64 and 26.65. Spanish




[VOL. 126.

pesetas closed at 16.80 for checks and at 16.81 for
cable transfers, which compares with 16.83 and 16.84
a week earlier.
The South American exchanges continue fir m
especially Argentine pesos and Brazilian milreis.
Exceptionally prosperous conditions in both countries
and large exports have resulted in drawing considerable gold importations from New York, London and
South Africa. British bankers are exerting themselves to accommodate the growing requirements
for foreign loans in all the South American countries
and are concentrating their efforts especially on
Argentina and Brazil. This week the Federal
Reserve Bank of New York accounted for a shipment of $4,200,000 in gold to Argentina and of
$1,370,000 to Brazil. A further shipment of $400,000 gold is leaving New York to-day for Argentina.
Despite the firm quotations of the South
American exchanges, they have shown little or
no activity in New York this week. Argentine paper pesos closed yesterday at 42.75 for checks,
as compared with 42.73 on Friday of last week, and
at 42.80 for cable transfers, against 42.78. Brazilian
milreis finished at 12.04 for checks and at 12.05
for cable transfers, against 12.04 and 12.05. Chilean
exchange closed at 12.19 for checks and at 12.20 for
cable transfers, against 12.19 and 12.20, and Peru
at 3.92 for checks and at 3.93 for cable transfers,
against 3.90 and 3.91.
The Far Eastern exchanges are featured this week
by a stronger demand for Japanese yen than the
market has known for several months. The demand
became particularly conspicuous on Thursday.
Foreign exchange traders take the firmness in yen
as an evidence of the steady improvement in business
conditions in Japan. The yen is also helped by the
fact that Chinese bear speculation has not been in
evidence for many weeks. There is no news of importance bearing on the silver exchanges. The
Indian Reserve Bank bill seems to have been abandoned without prospect that the measure will again
be presented to the Indian legislature before 1931.
Indian national party spirit has been so keenly
aroused that the Finance Member of the Government and his London supporters are convinced that
the plan would not receive the calm consitleration
due to a strictly scientific measure. As London
bankers view the matter now, When the problem
comes up again for solution, it will result into the
conversion of the present Imperial Bank .of India
into a central bank of issue. Meantime the rupee will
continue stabilized and other recommendations of
the Royal Commission on Indian Currency will be
carried out. Closing quotations for yen checks
yesterday were 47.15©47 3-16, against 46.95©
47 1-16 on Friday of last week; Hong Kong closed at
49.80©50 1-16, against 50; Shanghai at 633/s@
639/8, against 6334©639/8; Manila at 49 9-16, against
49 9-16; Singapore at 56%, against 56%; Bombay at
36 11-16, against 36 11-16, and Calcutta at 36 11-16,
against 36 11-16.
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:

MAR. 24 1928.]

FINANCIAL CHRONICLE

FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
MAR. 17 1928 TO MAR. 23 1928, INCLUSIVE.

Country and Monaary
Unft.

Noon Buying Rate for Cable Trawlers to New York,
Value in United States Money.
Mar. 17.Mar. 19.

EUROPE$
Austria,schilling
.140710
Belgium, beige
139353
Bulgaria, lev
007204
Czechoslovakia, krone .029823
Denmark, krone
267850
England, pound stersterling
4.879247
Finland, markka
.025175
France. franc
.039338
Germany, reichsmark. .239091
Greece. drachma
.013250
Holland, guilder
.402373
Hungary. pengo
.174764
Italy, Ilra
.052803
Norway, krone
.268841
Poland. slot),
.112444
Portugal, escudo
.040120
Roman!Mau
.006182
Spain. peseta
.168492
Sweden,krona
.268356
Switzerland. franc- .192517
Yugoslavia, dinar__ .017594
ASIAChinaChefoo tael
.647500
Hankow tael
644583
Shanghai tadl
.830803
Tieuteln tael
.663750
Hong Kong dollar
.498571
Mexican dollar..455875
Tientsin or Pe!yang
dollar
456875
Yuan dollar
453541
India, rupee
365465
Japan, yen
469536
filingapore(S.S.)dollar_ .562500
NORTH AMER.Canada, dollar
1.000316
Cuba. peso
1.000656
Mexico, peso
487333
Newfoundland, dollar. .998281
SOUTH AMER.Argentina, peso (gold) .972693
Brazil, mIlrele
.120227
Chile. peso
122105
Uruguay. peso
1.038310
Colombia, peso
. .980400

ar. 20.Mar. 21 Mar. 22.Mar. 23.

$
.140740
.139351
.007220
.029620
.267873

$
.140763
.139373
.007229
.029619
.267963

$
.140669
.139353
.007254
.029624
.268037

$
.140730
.139343
.007208
.029618
.268044

S
.140660
.139368
.007228
.029619
.268047

4.880297
.025175
.039345
.239152
.013245
.402474
.174747
.052808
.268928
.112225
.038775
.006196
.168228
.268359
.192555
.017597

4.882045
.025177
.039358
.239172
.013247
.402630
.174681
.052822
.268943
.112413
.038345
.006205
.168423
.268368
.192618
.017596

.882286
.025175
.039364
.239141
.013252
.402643
.174690
.052833
.266994
.112235
.038266
.006206
.168088
.268392
.192626
.017596

.881207
.025171
.039357
.239101
.013240
.402607
.174653
.052831
.267002
.112185
.038283
.006199
.167870
.268408
.192601
.017597

4.882425
.025171
.039359
.239102
.013241
.402847
.174658
.052834
.267002
.112185
.038450
.006211
.168045
.268398
.192636
.017596

.648750 .648125
.645416 .844375
.631714 .630982
.665000 .663958
.498250 .498071
.457250 .457500

.648541
.645208
.631428
.664791
.498714
.458250

.647916
.644166
.630892
.664583
.498035
.457250

.459166 .459166 .459583 .459583
.455833 .455833 .456250 .456250
.365387 .365475 .365492 .365425
.469750 .470055 .469897 .470513
.562500 .562500 .562500 .563333

.459166
.455833
.365435
.471725
.562500

.649166
.645833
.632500
.668750
.498678
.457750

1.000248 1.000460 1.000638 1.000802 1.000980
1.000656 1.000656 1.000593 1.000562 1.000625
.487333 .487333 .487333 .487416 .487500
.997468 .997937 .998546 .998718 .999062
.972793 .972768 .972843 .972802 .972633
.120254 .120272 .120254 .120281 .120254
.122113 .122128 .122130 .122131 .122132
1.038710 1.039160 1.039160 1.039160 1.039160
.980400 .980400 .981600 .981600 .981600

Owing to a marked disinclination on the part of two
or three leading institutions among the New York
Clearing House banks to keep up compiling the figures
for us, we find ourselves obliged to discontinue the
publication of the table we have been giving for so
many years showing the shipments and receipts of
currency to and from the interior.
As the Sub-Treasury was taken over by the Federal
Reserve Bank on Dec. 6 1920, it is also no longer
possible to show the effect of Government operations
on the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE
BANK
AT CLEARING HOUSE.
Saturday, Monday,
Mar. 17. Afar. 19.

Tuesday, Wednescry, Thursday,1 Friday,
Mar. 20. Mar. 21. Mar. 22. Mar. 23.

127,000,000 137,000,000 124,000,000 126,000.000

AOregats
for Week.

$
99,000,000

95,000,000 Cr. 708.000,000
Note.-The foregoing heavy credits reflect the huge mass of checks which
Come
to the New York Reserve Bank from all parts of the country in the operation
of
the Federal Reserve System's par collection scheme. These large credit
balance,.
however, reflect only a part of the Reserve Bank's operations with
the Clearing
House Institutions, as only the Items payable in New Ycrk City are represented
in
the daily balances. The large volume of checks on institutions located outside
New York are not accounted for in arriving at these balances, as such checks of
do
not pass through the Clearing House but are deposited with the Federal
Reserve
Bank for collection for the account of the local Clearing House banks.

The following table indicates the amount of bullion in the principal European banks:
Mar. 22 1928.
Banks of
Gold.

Silver.

I

Mar. 24 1927.
Total.

I

Gold.

1

£
i
I
£
I
£
I
157,653,289 150,725,003,
England __ 157,653,289
France a-- 147.181.103 13,717,592 160,898,695 147,340,2681
c994,600
90,123,850
91,118,450 87,095,700
GermaflYl
104,811,000 27,817.000 132,128.000 103,415.000
Spain
I 49,181.000 45,752,000;
Italy
I 49,181,000
Nethari'dS.I 36,265,000 2,212,000, 38.477,000 34,907,000
Nat. Belg- 21,440,000 1,244,000; 22,684,000 17,982,0001
Switzerrd. 17,294,000 2,506.000' 19,800,000 17,978,0001
I 12,950,000 12,360.000
12,950,000
Sweden_
641,000 10,750,000 11,202.0001
Den,nark_I 10,109,000
8,180.000I 8.180,000 8.180.000
Norway.
1

Silver.

Total.

.0

150.
£
600
,223
13.680,000161,020.288
994,600 88,090,300
27.568.000130,981,000
4.242,000 49,994,000
2,330,000 37,237.000
1,141,000 19,103.000
3,003,000 2
10
1:02
9800
2:36
834.000 1::ing:0
04
,
30

Total week 654,688,242 49,132.1921703,820.4341636,916,9711 53.790.600690.707,571
Prey. week 654,666,704 58.193.192 712,859,896 636,8515,6891 53,706,600690,692,289
a Gold holdings of the Bank of France are exclusive of gold held abroad, amounting
1. he present year to £74,572,886. b Gold holdings of the Bank of Germany are
exclusive of gold held abroad, the amount of which the present year is /4,281,300.
cAs of Oct. 7 1924.




1721

The Disarmament Dilemma-Russia and
Great Britain at Geneva.
The exchange of views-it could hardly be called
a debate-which has taken place this week at Geneva in the meetings of the Preparatory Disarmament Commission of the League of Nations is one
of the most significant incidents which the long
discussion of disarmament has thus far produced.
It is, perhaps, too much to hope that even the exceptionally frank statements that were made will
bring the Commission to a definite parting of the
ways, for the subject itself has many sides and those
who are discussing it have various aims, but the
remarks of M. Litvinof and Lord Cushendun have
at least drawn certain lines more sharply than they
have ever been drawn before, and exhibited some of
the essentials of the problem in a light that is not
likely to pass unnoticed by practical minds.
The battle opened on Monday with a demand by M.
Litvinof, the head of the Russian delegation, for a
definite answer by the Commission to the proposals
which Russia submitted several weeks ago. Those
proposals, far and away the most sweeping program
of disarmament that the Commission has been asked
to entertain, provide in substance for the destruction
of all arms and war materials, including military
airplanes and naval vessels, within four years, onehalf during the first year and the remainder in instalments over the succeeding three years. Such
armed forces as would be retained would be such
only as were necessary for legitimate purposes of police, while the protection of ocean commerce would
be intrusted to the Powers having certain designated
sea-fronts. In the light of these proposals, M. Litvinof asked the Commission two main questions.
"First, does this Commission agree to base its further labors on the principle of complete disarmament during the period proposed by us? Second,
is it prepared to carry out disarmament so as to
make the conduct of war, if not an absolute impossibility, of extreme difficulty, in a year's time?"
M. Litvinof did not mince words in telling the
Commission that he thought there had been "move
than enough discussion on disarmament." Data
which he submitted showed that "in addition to the
General Assemblies of the League of Nations and
the Council meetings, thirty-eight sessions of which
occupied themselves with the question of disarmament, not fewer than fourteen different commissions have devoted over 120 sessions-not sittings,
mark you, but sessions-to this same question on
which 111 resolutions have been passed by the General Assemblies and Council alone. Turning to the
results of this vast quantity of work, the documentation of which has taken reams of paper, we are
forced to the conclusion that not a single real step
has been taken toward realization of disarmament.
. . . The Soviet Government has not sent its delegation to Geneva for this sort of work. The Soviet
Government declares it is ready to abolish all military forces in accordance with its draft convention
as soon as a similar decision is passed and simultaneously cal ried out by other States. The Soviet
Government asks the other Governments represented
here if they also are ready." As for the Russian
proposals themselves, M. Litvinof declared, and an
official of the League is reported to have admitted,
that within the past two weeks not less than 124 organizations in thirteen States had forwarded resolutions supporting them.

1722

FINANCIAL CHRONICLE

[VOL. 126.

Lord Cushendun, the head of the British delega- aside from that which has been enforced upon the
tion, who replied to M. Litvinof on Tuesday, scored defeated Central Powers by the peace treaties, is
an effective point by remarking that the seven years' that which has resulted from the natural cutting
work of the League in behalf of peace had received down of the extraordinary armed forces which held
o ad or encouragement from Russia, which is not over from the World War, and certain scrapping
a member of the League, and that during that period of naval vessels under the agreement of the Washthe Soviet Government had been charged repeatedly ington Conference, and for neither of these steps has
with stirring up insurrections in countries to which the League been in any way responsible. As far as
its influence extended. It was necessary, he in- actual disarmament goes, the world is no better
than
sisted, to have some assurance that the policy of the off, save for the Washington accomplishment,
began.
League
in
it
the
the
when
was
debates
such
before
changed
been
Soviet Government had
What is more, it is not apparent that any of the
sweeping proposals as had been submitted could be
defiseriously considered, Turning to the Russian pro- Powers, great or small, has yet reached any
disarmawhich
in
way
the
gram itself, Lord Cushendun pointed out various nite conclusion about
provisions which seemed to him either impracticable ment, conceding that disarmament is desirable,
or dangerous, and declared that if armaments were should be brought about, or to what extent it might
Preabolished tomorrow, "one result would certainly be properly go. J. Ramsay MacDonald, former
cora
with
interview
in
an
Britain,
Great
of
mier
nations
that we should give supreme power to those
on
TuesPost"
"Evening
York
New
the
of
respondent
re
manufactu
and
which could best improvise forces
from
war implements." His greatest objection to the day, expressed some views which show how far
Accordsubject.
the
is
on
proposals, however, appeared to be that they en- clear British opinion still
Britain, which lives
Great
,
MacDonald
Mr.
ing
to
s
convention
peace
The
League.
tirely ignored the
any
other nation, rethan
more
food
upon
imported
embodying the Russian program were not to be registhe protection
for
police
of
kind
a
as
its
gards
navy
tered with the League, but the adoption of the prothese
however,
nations,
other
To
its
of
routes.
trade
posals, which among other things require that within
as a
but
policemen,
as
not
appear
same
forces
naval
cona year after the entry into force of the draft
men"a
into
itself
transform
easily
force
can
which
imnal
internatio
ventions "all acts of national or
The United States,
portance" contrary to them should be repealed, ace to their own food supplies."
have to depend
not
does
on
the
which
hand,
other
the
of
Covenant
the
would necessitate the repeal of
a navy "to
building
is
much
food,
upon
imported
which
action
n
months—a
League itself within twelve
should
policemen
protect her exports in case our
was beyond the power of the Commission.
of its
policing
the
Beyond
."
M. Litvinof, in urging action upon the Russian change their characters
BritGreat
continued,
d
trade
Mr.
MacDonal
routes,
program, made a plea for the support of the United
Nations,
of
League
ain
the
s
to
has
its
now
obligation
States on the ground that the United States was
"to join
pressing for the conclusion of a multilateral treaty chief of which is its absolute obligation
unState
nt
recalcitra
in
a
of
an
boycott
economic
forces,"
for the abolition of war. "Since armed
he
as
boycott,
economic
An
der
."
certain
conduct
conditions
the
he said, "have no other reason but for
the
by
advocated
of war, and since prohibition of war would make frankly admitted, although long
g. It could
undertakin
warlike
"is
a
consismost
pacifists,
that
appear
would
it
them quite superfluous,
were any
there
if
days,
tency and logic must dictate to the Government con- not be carried on for many
war. It
of
outbreak
the
r
cerned the support of our proposals." Ambassado opposition to it, without
me in
troubleso
is
which
big
every
raises
promptquestion
Gibson, who entered the lists on Wednesday,
such
ourselves,
and
America
"it
good
between
relations
that
ly repudiated the suggestion by declaring
MacMr.
that
way
only
as
y
of
The
the
seas."
freedom
consistenc
is precisely on the grounds of sincerity,
was, on
and logic that my Government supports the idea of Donald apparently saw to solve the problem
on
and,
law,
the
one
to
maritime
instrurewrite
hand,
an
as
war
g
renouncin
a multilateral compact
experts
naval
ment of national policy, and at the same time finds the other, to keep the military and
the Governuntil
from
the
with
immematter
meddling
for
proposals
drastic
itself unable to support
they are
which
diate complete disarmament, which we do not be- ments have decided upon the policy
purto
prepared
jointly
pursue.
lieve are calculated to achieve their avowed
Here we have the problem in a nutshell. The
pose."
greatest
exposobstacle to general disarmament, aside
Lord Cm hendun had no great difficulty in
from
the
propodistrust which the nations have of each
Russian
ing the impracticable features of the
is
other,
the
the
League of Nations itself. Even if every
of
views
the
sals, and he doubtless reflected
of
trace
armed
forces of a warlike character were
prothe
whether
g
questionin
British Government in
would still
posals were sincere. Ambassador Gibson, in turn, abolished, the Covenant of the League
economic
an
in
presumably spoke by the card in announcing that bind the member States to engage
proclaim
to
fit
saw
the Washington Administration was not interested. boycott whenever the League
in even
persisted
if
one;
to
and
an
boycott,
economic
Neither of these spokesmen, however, appears
measure
a
warlike
for
a
so
M.
few
is
itself
months,
of
have been able to offer anything in rebuttal
to war. Lord CushLitvinof's charge that the League, notwithstanding as directly to inspire a return
the Russian prothat
in
endun
was
right
perceiving
not
had
its protracted consideration of the subject,
the scrapping
in fact done a single thing to bring about disarma- posals, if they were adopted, involved requires the
Covenant as
ment. Here, if not elsewhere, M. Litvinof was on of at least so much of the
engage in anything that
to
League
of
the
dimembers
the
in
step
practical
single
solid ground. Not a
indirectly, the character of
rection of disarmament is yet to be credited to the has, either directly or
power of the League to
League or any of its agencies. The question has been war. It is not within the
be done only by the
can
that
debated up and down,in and out, around and about, alter the Covenant;
League, namely, an
the
created
that
nt
same
authority
but nothing has happened. The only disarmame
long as the Coveas
but
;
conference
nal
internatio
organized,
that has taken place since the League was




MAR. 24 1928.]

FINANCIAL CHRONICLE

nant remains, any discussion of general or universal
disarmament must continue to revolve in a vicious
circle, since a powerful incitement to war would remain even if certain facilities for waging war were
curtailed.
It is hard to see how any useful results can be
expected from a continuance of such debates as have
so long gone on at Geneva. Neither Great Britain,
nor France, nor Italy, nor the Little Entente has
manifested thus far any disposition to disarm, and
as long as those Powers do not disarm, no other
Power that feels itself exposed to attack will do so.
The Appropriations Committee of the House of Representatives, in reporting to the House on Wednesday the manual Navy Department supply bill, carrying a total appropriation of $359,190,000, declared
that it "can vision no prospect of declining naval
costs in the immediate future. Indeed, all indications point to an appreciable and immediate upward trend." Under such circumstances, the conclusion of treaties to "outlaw" war seems destined
to accomplish little in the way of practical results.
Until the grosser injustices of the peace settlement
have been redressed, and the mutual suspicions and
resentments which still play so large a part in national policies have been laid aside, the most that
may be hoped for is that expenditures for armaments may be kept down to the lowest limits consistent with the obvious needs of police and defense,
that competition in armaments may be discouraged
by Mutual agreements or concessions, and that conciliation or arbitration may be applied wherever
possible in the settlement of international disputes.
For anything much beyond this we must wait until
the peoples of the world have undergone a change
of heart, and a will to peace replaces a covert thought
of war, though no efforts to that end, no matter how
Utopian, should be discouraged.
Business and Culture.
"Babbitt," by the mysterious akhemy of reiteration, has become a type of the rich and vulgar business man. But he has had a late defender in The
Menorah. Journal, Professor Charles A. Beard, who,
in turn, has been called upon the carpet by Mr.
Simeon Strunsky in the New York "Times" Book Review for admitting that the big business man is per
se uncivilized though not hopeless. Mr. Strunsky,
as all know who read his page, has a penetrating
method and an engaging style, and we can perhaps
give the gist of his article in a couple of quotations
from his review:"The 'fatal weakness' of the sophisticates—Dr. Beard's word—against Babbitt lies in
the assumption that culture is a garment to be put
on and taken off. Actually, culture is the spirit
in which a man goes about whatever work fate has
assigned him. Babbitt need not clean up his desk
and go to Paris for culture. If he will only introduce sincerity, thought, beauty and greatness of
spirit into his business; if he will float banking loans
for works of utility and not of profit; if he will sell
electric current to light up men's lives and not to
make dividends; if he will eschew the clap-trap of his
advertisements and go in for Rotary dinners without speeches, he may yet attain culture. Babbitt
is under no compulsion to give up tobacco. If he
will only smoke wisely he can keep his habit and
thrive." . . . "That, I believe, is a fair statement of Dr. Beard's case. It may satisfy Babbitt,
but it does not altogether satisfy me. Poor Babbitt,




1723

cuffed and manacled, knocked about from Aristotelian pillar to freshman post, is probably in a mood
to be content with little."
Our second quotation follows: "Is Babbitt as he
stands to-day and moves and drives off from the first
tee altogether uncivilized? It seems to me that Dr.
Beard could have done more with history than prove
that business men are not altogether immune to culture. He might have gone on to show that business
men have played a very handsome role in the creation of great national cultures. Am I mistaking coincidences for causes? Possibly. But it is a fact
that for the great cultural epochs of Western civilization we must look to the commercial peoples. Ancient Athens was a trading community. Her cultural glory in time coincided with her naval empire. The cities of the Italian Renaissance were
trading and manufacturing communities; Venice,
you know, and the three golden balls of the pawnbroking Medici. The trading and manufacturing
communities of Holland and Flanders were fairly
hospitable to and productive of art. Elizabeth's
England was the England whose merchant adventurers began to roam the seas, and not always in
the spirit of service instead of profit. Victoria's
age was manufacturing and trade at an unprecedented climax. Thus it would appear that, successively,
Babbitocles, Cosimadegli Babbittiana, Mynheer Babbitt, Francis Babbitt Drake and John Halifax Babbitt were not inimical to civilization. The presumption arises that George F. among us may be doing,
proportionately, his share."
Somehow, all this for and against, is a little amusing. Dr. Beard may be earnest, but we are quite
sure Mr. Strunsky is smiling all the while. To have
a great deal of culture and very little money rather
predisposes to accept "Babbitt" as Mr. Sinclair
Lewis paints him, and when it comes to the bookish
kind that is so easily perturbed by the failings of the
newly rich, "culture" is far more easily acquired
than business brains. Envy of the money, even the
kind that becomes a patron of art, seems to go hand
in hand with disdainful criticism. As to the relative importance of culture with poverty and riches
with mediocrity, in the scheme of things, we are in
little danger of giving all we have to the poor in
heathen lands. Even a "best seller" that berates
the absorption of men in accumulation does not refuse its royalties. But is a "cult," culture? This
obsession to find fault with "millions" and exalt
the book learning that boosts education in a country of universal public schools, what would it have
us to do? There does not seem to be room for serious controversy—the Carnegie, Huntington and
Rockefeller millions are going out of business fast
enough!
We are bound to keep a nest-egg for the continuance of plain business. The poet "tossing uneasily on
a bed of crumpled rose leaves" is bound to eat, at
times, or cease to invite his soul in this vale of tears.
Culture is not yet bread for the body. And they dosay
the "genius in the garret" is no more. He may be
supplanted by the "soap-box orator," but to what
good? If culture, as Mr. Strunsky suggests, is the
"spirit in which a man goes about whatever work fate
has assigned him," we are the mostcultured people on
earth—witness,a continent developed in record time,
public utilities and steam railroads unsurpassed,
and now the "credit nation of the world"! And was
this not the task fate assigned us? We set out to

1724

FINANCIAL CHRONICLE

win—and won. We made "business" the prime object of life, and "best minds" now point to business
as "the great civilizer." If England to the Continent was a nation of "shop keepers," we hold the prize
in department and chain stores and a free and independent banking system topped by the Federal Reserve! And to what heights has our inventive genius
attained! automobiles, telegraphs, telephone, wireless, radio, movietone, if that is its name, and all the
magic chemistry of high explosives and obsolete
battleships! And soon we shall obtain culture from
the air!
Not that these recent discussions are going to
change anything or revolutionize the process by
which we attain to culture through prosaic plodding in creating things which preserve and scatter
thought, without which we presume there can be
no culture, but may we interpose the query—is culture solely of the intellect or should it at the same
time "have a heart?" Honorable in peace, valiant
in war, is a people civilized or cultured that still engages in the pastime of "wholesale murder"? Is
he cultured who builds fantastic theories of economics and stoops to common crime to gain his millennial ends? Culture is about as hard to define as civilization. Culture is more than learning or doing the
duty nearest at hand—culture is more than "business the civilizer" even—it is a friend in time. of
need, a willingness to sacrifice self for others, an
old-fashioned love of the true and the beautiful.
Science may become its servant and work its means
and progress its exemplification; learning may be
its helper; but it does not reach its zenith until men
dwell together in brotherly love—and there is no
more war! For of what avail to measure stars and
shatter atoms, to use all the leaping laws of nature,
if the Dark Age is to descend and destroy man and
all his works?
More precious than rubies, more useful than electricity, more wonderful than the age of wonders, will
be the age of love. Once in the ante-automobileand-radio times there was a culture that hung the
latchstring on the outside of the door. It did not
know much, nor did it offer insanity as an excuse
for crime; it sat on split-log seats and studied the
A B C's in blue-back books, beyond its imagination
dwelt high school laboratories and cafeterias, but
it bred statesmen and told the truth without ballyhoo advertising; it loved the Lord God without carrying fundamentalism into the Courts and in most
instances its word was its bond. True, of course,
that through corporations and the natural development of helpful mutual trade "business" has become
more honest, but there is no honesty in the standards themselves only in the spirit which brings their
adoption. And there is no culture in a stereotyped
and imitative civilization. There is no culture in
telescopes and microscopes, rather in the eye that
sees and worships and adores. Education is a manifestation of culture, no more. Thought without
love is lost in a wilderness. Learning without love
is a dud.
The New Science and the New World.
A "new world" is the assumed justification for
new projects and, in fact, new and even revolutionary conditions which exist in the Orient, no less than
in the Western World, to-dayIt is of interest, therefore, that a scientific authority of the standing of Professor Michael Pupin




[voL. 126.

of Columbia University gives in his book, The New
Reformation (Scribner), an account of the series of
discoveries of new physical forces which, following
one another have combined to create a new world.
Embracing spiritual, no less than physical realities
and, therefore concerning life in its widest interpretation, they compel our breaking away from blindly
following old authorities, and seeking new light.
Starting with a glance at the Renaissance, and the
Protestant Reformation of the 16th century, he describes the re-creation of science as influenced by the
determination of the reality of matter in motion;
then the reality of electricity in motion; its relation
to magnetism; the electromagnetic theory of light;
the nature of radiant energy; and, finally,.the co-ordinating forces in molecules, atoms, electrons, and
possibly in the microcosm of living cells; leading
up to and making possible a scientific interpretation of man in the hands of a Creator, the fountainhead of all realities.
This, given in attractive detail, will awaken wide
and intelligent interest. We pass over the opening
chapter on the sufficiently well-known account of
the mental awakening of individual, and of a possible scientific thought, by the Great Reformation.
The foundation for modern science was laid in the
proof of the reality of matter in motion, suggested by
Archimedes, accepted by Leonardo da Vinci and
Copernicus, and established a century later by Galileo and the men of his day when Newton developed
his three laws of motion which proved the existence
of the force inherent in every particle of a mass of
matter, whether large or small, whether the earth or
the falling apple.
This gravitational action as a permanent quality
in all matter was, says Professor Pupin,"the boldest
leap into the depths of the material universe ever
made by mortal man." The perturbations of the
planets in their orbits, the terrestrial tides, and the
spheroidal form of the earth, were accounted for;
and Laplace said that by it astronomy became a
"mathematical science"; every movement could be
measured and foretold. The solar system was
found obedient to Newton's laws. Halley, the astronomer who was the first person to see and read
Newton's view of gravitation, said: "It will never
be permitted to mortal man to approach nearer to
Deity." It was not the result of accidental discovery, but of insight into the meaning of all that had
been suggested or proved by experiment. It is the
discovery of an ideally simple universe. It remained to learn step by step what other physical realities not so simple are joined with it.
The next advance was the discovery of the reality
of electricity in motion. The story of Benjamin
Franklin and his kite-string is known to all, but Stephen Gray's discovery 200 years ago that an electrical charge moves freely along threads of certain
substances, which led to Franklin's experiment, is
not so familiar. The Leyden jar followed in 1746.
Franklin transformed this into the electrical frictional machine of a rubbed plate of glass, which
made possible the proof that lightning is an electric
display, attracted European attention; and Volta's
invention of a new generator of high power opened
the way for Sir Humphrey Davy's discovery that
electricity is the force acting in molecules of matter.
Oersted and Ampere soon found that the current
from high-power voltaic batteries produced a mag.

MAR. 24 1928.]

FINANCIAL CHRONICLE

1725

netic force at any point in space with an intensity the art of conversation because we have little rethat could be measured in terms of the electric cur- gard for others' views.
Science certainly is new; and the world, whatever
rents which produce it. This Faraday proved to be
it
has been, is equally new to-day. Turning to scibetween
electricity
and
magnea reciprocal relation
ence
and the scientists, it certainly is right to ask
elecmagnetism
in
turn
produces
that
tism, and
tricity. This laid the foundation for electrical sci- that their minds be as open and their vision as all
ence when Clerk Maxwell interpreted Faraday's vi- embracing as the minds of other men are forced to
sion into the truth that could be expressed in his be. No one can note the epochs which mark men's
laws of the transmission of electro-magnetic force views of the physical universe without seeing how
through media which have none of the attributes of inadequate at each stage they were to indicate either
ordinary matter. They are ultra-material, but they the origin or the meaning of that existence, or still
act with the same definiteness as an ordinary elastic less, of man's connection with it, and the ultimate
solid. This truth was demonstrated 22 years later purpose of either man or the universe. That still reby Hertz in the electro-magnetic character of light. mains to be faced in all its significance to-day.
Newton had proved the reality of matter in motion; Through many generations men have believed that
now the reality of electrical radiation was disclosed "the heavens declare the glory of God, and the firmament showeth his handiwork ;" and with hardly less
and the way opened to the radio art of to-day.
We cannot follow Professor Pupin further into assurance that "God created man in His own imthe details. The reader must consult his book if he age."
The laws of the universe show how firm is the
would learn about "Cosmic Granules," electrons,
foundation
for business and industry; but through
ions, and their similar attendants. It may be acall
this,
man
is conscious that he stands apart. These
cepted that moving electricity is "the mother of elecauxiliary to the higher laws which
laws
are
merely
trical engineering," that the electron is "the primorlife. Until these are discerned,
govern
his
distinctive
dial unit of power generation"; and that "in discovwhatever
he is at sea. He may be conhis
science,
the
order
of
ering the law and
microcosm we have
tent, knowing the goal of the cosmos; he cannot be
passed from chaos to cosmos."
There are those who can remember when a coun- if in uncertainty as to his own!
Over against the dynamics of the physical world
tryman on the hills of New England watched the
wire to see the telegraph message fly by; and some Professor Pupin justly sets "the dynamics of the
recall the strange thrill when the first words from spiritual world which Christ created." Creative
Ireland to Newfoundland by cable under the sea co-ordination, he says, "leads to a higher level of
were announced in New York. We still watch the creation by the action of spiritual forces, which has
great airplane in the sky, and hold unopened for a parallel in the action of the physical world. They
a moment the letter from San Francisco, while we are not averse or mutually destructive. The terminexamine the stamp that proves it brought in so als of both are realities, and the recognition of the
few hours across the continent. We take the tele- one should lead to the recognition of the other; this
graph and the telephone as a matter of course, but will constitute what he calls "The New Reformathe voices in the moving picture, and the message tion"; a world based on the whole truth!
in the morning paper from men, reporting the weather in their ice-bound retreat in the realm of the The Annual Report of the United States Steel
Corporation.
North Pole, are not commonplace; and to-day we
fried
in
a
pan, an iron bar heated,
The annual report of the United States Steel Corare told of eggs
and light supplied, all by a new device, employing poration for the calendar year 1927, submitted the
"short wave, high power" rays from an apparently present week, makes the same impressive record of
entirely unconnected source. We are prepared for strength as all the previous annual reports—
anything. No distance is too great, no transmutation strength of earning capacity and of income through
of energy, no source of power too new, to create sur- good years and bad years alike, strength of finanprise. Everything "moves": and Galileo's pitiful pro- cial condition and of cash position, strength in the
test, Sed movet,is as true to-day as it was three hun- constant development of all the physical elements
dred years ago.
of the property and strength in the up-to-date charThe point of it all is that no man accomplishes acter of the executive and administrative manageanything without an open mind. A thoughtful ment. The last mentioned is no less an important
writer in a recent "Atlantic Monthly" on The Mod- feature than the other factors, since it means that
ern Mind, says: "Science has given us a world so nothing is ever overlooked which may tend to procharged with potentialities never before dreamed of mote economy of operation or lower production costs,
as practically to be a new one. It possesses new the purpose in mind being that the subsidiary corpoelements which will not permit its being used to rations shall never be at a disadvantage with comillustrate a so-called law of rhythmical develop- petitors and that there may be steady growth and
ment imminent in all cultures. It is an age stand- expansion in all the varied lines of goods and proding on a tiptoe of expectancy for new creative possi- ucts turned out. During 1927 the Steel Corporation
bilities in all directions."
again had opportunity to demonstrate what it could
We think we realize this. Foreigners say,"Amer- do in a year of unfavorable conditions. The income
icans are always in a hurry." We say: The days results for that period have been known for some
are too short; the streets are too crowded. Neither time through the quarterly income statements which
the motors or the steamships are fast enough for us. have from the first been furnished with undeviating
As a matter of fact, with the pressure of life, we regularity on the last Tuesday of the month immedifind ourselves impatient, autocratic, decisive; our ately following the close of the quarter, but the anminds are "made up"; we "haven't time"; even nual report, with its elaborate and comprehensive
conference must be short; in social life we have lost details dealing with every feature of the operations,




1726

FINANCIAL CHRONICLE

[Vol.. 126.

furnishes the material which enables the student to 25,646,927 tons, against 29,262,741 tons, a reduction
see the underlying conditions that have served to of 3,615,814 tons, or 12.4%; the production of pig
iron 13,784,226 tons, against 15,705,301 tons, a falldetermine the year's outcome.
In these underlying conditions 1927 stood in sharp ing off of 1,921,075 tons, or 12.2%, while the make
contrast with the year preceding. The year 1926 was of steel ingots was 18,486,444 tons, against 20,306,not unqualifiedly favorable, and yet it was, all 668 tons, a loss of 1,820,224 tons, or 9%, and of rolled
things considered, a pretty good period from the and finished steel products for sale 12,979,282 tons
standpoint of the iron and steel trade. The reader against 14,334,412 tons, a loss of 1,355,130 tons or
may perhaps recall that during 1926 the Corporation 9.5%.
did the largest business it has ever done in peace
It appears, too, that business fell off in the extime, though gross receipts (because of lower prices) port trade as well as in sales at home. The total
did not come fully up to those reached in 1923. In tons of all kinds of materials embraced in the domesthe first quarter of 1926 everything was highly pro- tic shipment, excepting cement, was 12,782,078 tons
pitious, but the report at the end of the year pointed in 1927, against 14,434,629 tons in 1926, a shrinkage
out that the favorable circumstances referred to of 1,652,551 tons, or 11.45%, while the export shipwere not wholly maintained during the entire year. ments dropped from 1,473,339 tons in 1926 to 1,286,Still, it was added, the volume of business done was 096 tons in 1927, a decrease of 187,245 tons, or
of such sufficient proportions of total capacity as 12.71%.
It is easy to see what part this all-around loss
to admit of economical operations and to produce
generally satisfactory results for the twelve months. in volume of the tonnage produced had in reducing
For 1927 the story is not quite the same. The re- income. But the year 1927 was marked by still anport now before us speaks rather guardedly on this other adverse feature, namely, a further decline in
point, saying "conditions attending operations dur- the price realized on the products sold. On that
ing 1927 were not as favorable as they were in the point the report says: "The lessened demand for
preceding year, yet despite -the restricted influence products was accompanied by a gradual decline in
of decreased production and lower prices, the results prices, these price reductions being in continuance
secured were on the whole fairly satisfactory." To of the dOwnward tendency which manifested itself
this there is added the following: "Operating effi- in the preceding year. As a result, in 1927 the averciency was well maintained notwithstanding during age selling price received per ton for the total tona considerable part of the year it was constantly nage of rolled and other finished products shipped
necessary to adjust production to demand. The fair in that year, compared with the prices received in
volume of demand for steel products which prevailed 1926 for an equal tonnage of similar classes of prodat the opening of the year continued only during the ucts, respectively, netted $2.38 per ton less for dofirst four months, following which there was a mestic and 81 cents per ton less for export shipmarked decline which continued during the remain- ments." It is added that "a similar comparison for
der of the year. The substantial tonnage of unfilled the year 1927 with 1924 shows a decrease of $6.78
orders carried over from 1926, with the rather lib- per ton in respect of prices received for domestic
eral tonnage of new business received during the business and $6.40 per ton for export."
first quarter, enabled the mills to operate at an averThe effect of all this is reflected in the fact that
age of about 87% of capacity during the first six the gross sales by the different manufacturing, iron
months, while during the last half of the year the ore and coal and coke companies, including interaverage was reduced to 70%, averaging for the en- company sales (sales between subsidiary companies)
tire year 78.9% of capacity compared with 88% in aggregated only $1,189,681,446 in 1927 against $1,1926."
371,723,338 in 1926, a decline of $182,041,892, or
When one examines the statistics of production in roughly 13%. The sales outside of the U. S. Steel
the annual report it becomes apparent that the year organization aggregated $870,235,942 in 1927 against
was on the whole a pretty poor one after all. At all $987,137,166, the contraction in this case being $116,events, the output of all the different products of the 901,224 or roughly 12%.
subsidiary companies, with a single exception, was
The income account for 1927 must be examined in
heavily reduced as compared with the year preced- the light of the foregoing facts and figures, and so
ing. The falling off was less in the finished lines of examined becomes easily understood. There is, howgoods than in the semi-finished or the raw form, but ever, one further circumstance to consider, namely,
extended through all the varied classes with the that a 40% stock distribution having been made
single exception referred to, this exception being the early in the year and the 7% dividends per annum
production of Universal Portland Cement which had being continued unchanged, the call for dividends
fallen off in 1926, but recovered part of its loss in now is $14,232,470 more per annum than it was be1927. The Corporation turned out 15,425,000 bar- fore; that is, there is $203,321,000 more common
rels of cement in 1927, against 14,526,000 barrels in stock on which the dividends must be paid. Net earn1926, but comparing with 15,722,000 barrels in 1925. ings for 1927 before charging interest on bonds and
In all other directions there was a sharp falling off mortgages of the subsidiary companies was only
in output. The Corporation produces a large amount $172,315,489, as against $207,345,153 for 1926, a loss
of coal, mainly for its own use. The quantity mined of $35,029,664, and the amount remaining for diviin 1927 was only 27,430,329 tons, against 34,294,657 dends, after the deduction of interest, sinking fund
tons in 1926, a decrease of 6,864,328 tons or 20%. and other charges, was $87,896,836 on the operations
The output of coke was 14,506,980 tons, as against of 1927 against $116,667,404 on the operations of1926.
17,336,334 tons, a shrinkage of 2,829,354 tons or The amount required for the 7% dividend on the pre16.3%. The production of limestone, dolomite, and ferred stock was the same in both years, $25,219,677.
fluorspar was 4,656,150 tons in 1927 against 5,513,- Deducting this there was left for dividends on the
739 tons in 1926, a reduction of 857,989 tons or common stock $62,677,159 in 1927 as against $91,15.6%; the production of iron and manganese ore, 447,727 in 1926. But as dividend requirements were




MAR. 24 1928.]

FINANCIAL CHRONICLE

$14,232,470 larger, as already stated, the final result was a surplus above dividend requirements on
the operations of 1927 of only $12,863,514 against
$55,866,553 on the operations of 1926. Out of the
surplus of $55,866,553 remaining in 1926, $30,000,000 was set aside for "sums appropriated
and expended, or to be expended, on account of additions, improvements or betterments to plants and
properties." Of course, no similar appropriation
was possible in 1927 and the Corporation did what
it has often done before in years of poor business
when the year's surplus did not admit of a heavy contribution: it made no appropriation at all for the
purpose.
It deserves to be pointed out that the larger dividend requirements, owing to the 40% increase in the
outstanding amount of stock, have modified to some
extent the ability of the Steel Corporation to earn
its dividends in years of trade depression. The company is now paying 7% on $140 of stock, where before it was paying only 7% on $100 of stock. As
a consequenee, holders are now getting 9.80% per
annum (or nearly 10%) where before they were getting only 7% per annum. Obviously it will not be
so easy to earn 9.80% per annum in poor years, as
it was to earn 7% per annum. The matter is of
importance in view of the big slump in earnings
which occurred in the last quarter of 1927. The net
earnings, before deducting fixed charges, in the
first quarter of 1927 were $47,610,344; in the second quarter they were $48,055,635, and in the third
quarter $43,355,091. In the fourth quarter, however, when the big slump in the steel trade occurred,
they were only $33,294,417. With this big drop in
the final quarter of the year the Corporation fell $4,963,499 short of meeting the dividend requirements
for that quarter. The deficit would have been less
than $1,500,000 on the basis of the old amount of
stock.
Thus far in 1928 things have been quite encouraging in the steel trade, a distinct change for the
better having occurred in that trade, and the IT. S.
Steel Corporation having been benefitted by it in
more marked degree than other producers of steel.
The report points out, what is well known, that beginning about the middle of December, 1927, there
was a substantial increase in the demand for steel,
accompanied by greater stability in selling prices,
and says that this improvement has continued up
to the date of writing of the report, which was Mar.
13. In the interval between Dec. 31 1927 and March
1 1928 the unfilled orders on the books of the subsidiary companies increased from 3,972,874 tons to
4,398,189 tons and the report observes that operations during the first two months of 1928 averaged 86.5% of capacity. Of course, the uncertain
factor is the probabilities concerning the steel trade
for the remainder of the year and on that point one
man's guess is as good as another's. Of course, in
the case of a company of such impregnable financial
strength as the Steel Corporation and of such easy
cash position, mere temporary deficits in income below the amount required for dividends would be of
little consequence. Only long continued failure to
earn the amount required to pay the dividends
would possess any significance or count for much.
Even after charging against surplus the 40% distributed in stock to the shareholders in 1927, the balance sheet still shows a large undistributed accumulated surplus. The amount actually earned dur-




1727

ing the 26 years and 9 months of the company's existence from April 1 1901 to Dec. 31 1927, after the
deduction of interest, sinking funds, depreciation
and other charges, aggregated $2,433,204,325. Deducting from this $698,149,127 of dividends paid on
the preferred stock (187/
14%) and $716,938,821 in
cash paid during the same period on the common
stock (1381/
4%), and deducting also the 40% stock
dividend paid in 1927, amounting to $203,321,000,
there still remained an earned surplus of $814,795,366 on Dec. 31 1927. Out of this 4476,750,453 has
been appropriated—$206,750,453 to cover capital
expenditures for additions, betterments and improvements which have been formally written off in
reduction of the Property Investment Account and
$270,000,000 to cover the same class of expenditures
but carried in the balance sheet in the account "Appropriated Surplus to Cover Capital Expenditures"
—and over and above all this a balance of earned
surplus remained undivided on Dec. 31 1927 of $338,044,913, which, with $25,000,000 of capital surplus
provided at date of organization, made the total undivided surplus on December 31 1927 $363,044,913.
At the same time the relation of current liabilities to current assets reflects a condition truly to be
envied. Current liabilities Dec. 31 1927 (including
$6,304,919 for the preferred stock dividend payable
Feb. 28 1928 and $12,453,411 for the common stock
dividend payable March 30 1928) were only $108,922,632, while, as against this, the current assets at
the same date stood at the huge figure of $533,260,106. In this latter amount is included $121,345,468
of actual cash on hand and time and other special
bank deposits, besides $59,588,621 of what are called
"sundry marketable securities" (including part of
United States Government securities owned), the
use of the word "part" here having reference to a
change made in the balance sheet in 1922 by the
transfer of $75,000,000 (par) of United States Liberty Loan bonds from current assets to the group of
assets termed "sinking and reserve fund assets."
The inventories included in the $533,260,106 of current assets are $271,168,002; the other items included are accounts receivable, $72,134,805; bills receivable, $7,473,582, and agents' balances, $1,549,628.
There is one other feature of great strength in the
company's condition which we never find it possible to refrain from alluding. We refer to the
fact that new capital expenditures are continued
year after year, while at the same time the aggregate indebtedness of the corporation and its subsidiaries is being steadily reduced. In 1927 the record
in that particular was carried a step further. In
other words, during 1927 the capital expenditures
by all companies for the acquisition of additional
property, new plant, extensions and betterments,
including stripping and development expense at
mines, aggregated no less than $97,585,998. Yet
there was a net decrease of $17,514,824 during the
year in the bonded and mortgage debt of the Steel
Corporation and its subsidiaries through sinking
fund operations and other processes for retiring
debt. In 1926 the new capital expenditures amounted to $76,080,520, while there was a reduction in net
indebtedness of $16,776,225. In 1925 the capital expenditures reached $70,893,944 while net debt was
reduced $1,774,852. In 1924 the capital expenditures
amounted to $79,619,986 and were coincident with a
debt reduction of $15,886,800. Similarly in 1923 the
new capital outlays were $60,762,920, while indebt-

1728

FINANCIAL CHRONICLE

edness diminished $12,580,538. In 1922 with new
capital expenditures of $29,571,662, the net decrease
in debt was $1,124,500. In 1921, in face of new capital expenditures of $70,091,866, the net indebtedness
was reduced in the sum of $14,163,865. In 1920,
when the capital expenditures amounted to $102,956,133, there was a decrease in net debt of $13,870,450. And in 1919, when the capital expenditures
aggregated $87,091,515 net debt diminished $13,921,885.
In conclusion it seems not out of place to refer
again to the advantages which the employees of this
great industrial organization have been enjoying in
the way of increased compensation—this being entirely apart from the numerous special provisions to
protect the health and the lives and in looking after
the comfort and welfare of the employees, as indicated by measures for accident prevention, accident
relief, housing and welfare arrangements, extra sanitary facilities, the carrying out of very comprehensive plans of pension payments, together with the inducements offered the employees to acquire an interest in the property itself through special stock
subscriptions. That this last mentioned feature is
by no means an insignificant item in the administration and conduct of the property will appear
when we say that on Dec. 31 1927 there were 46,048
employees who were registered stockholders, holding
an aggregate of 146,381 shares of preferred stock and
662,353 shares of common stock. This makes, it will
be observed, 808,734 shares of a par value of $80,873,400 in the control of the employees. The report
tells us that there were also 24,576 additional employees who had in force opened subscription accounts covering the purchase of stock, but were not
registered holders of shares. Through unexcelled
management and a broad and benign policy the
United States Steel Corporation has for many years
been enjoying great prosperity and from the first
all efforts have been directed towards seeing that
the employees should have in the fullest measure a
share in this prosperity.
The wages of the employees have been rising for
many years past, and in 1927 they rose still higher.
The average earnings per employee per day for the
year 1927 in the case of the entire body of employees,
including the general administrative and selling
force, was $5.99, and if the administrative and selling
force is excluded the average figures out only 13c.
per day less. This $5.99 compares with $5.94, the
average in 1926, and with $5.88, the average in 1925
and $5.85, the average in 1924. There were no general changes in wage rates, we believe, in either of
these four years. On the other hand, on April 6 1923
an increase of about 11% was made in the wage rate
paid employees of the subsidiary manufacturing and
iron ore mining companies. This was on top of an
increase of about 20% in wage rates made the previous Sept. 1 (1922). Not only that, but a further
increase in the labor outlay to the company was occasioned during 1923 and 1924 through the elimination of the twelve-hour day. The revision was put
into effect Aug. 16 1923 and Chairman Gary in the
report for 1923 said that rapid progress had been
made in effecting the change and that by Dec. 1
1923 the twelve-hour turn had been, broadly speaking, totally eliminated by all the subsidiary companies except one and in the last instance the change
was inaugurated in February 1924. In 1923 the average salary or wage per employee per day was $5.83




[VOL. 126.

and in 1922 only $4.91. Thus the employees have had
the double advantage of a shorter workday and a concurrent increase in their wages per day. We repeat,
therefore, what we said last year, that from every
standpoint, the record of the Steel Corporation is a
notable one. It should be added that the average
number of employees in the service of all companies
in 1927 was 231,549 against 253,199 in 1926; 249,833
in 1925; 246,753 in 1924; 216,786 in 1923 and 214,931
in 1922.
Eastern Trunk Lines Near Group Agreement
—May Drop Fifth System Plan.
[From "Wall Street Journal," Thursday Evening, March 15 1928.]

While there is not now any actual agreement among the
four principal trunk lines on an eastern grouping plan, the
conference of executives called for Friday may lead to
such an agreement. The outcome depends, first, upon
whether the Pennsylvania Railroad will withdraw its support of L. F. Loree in his advocacy of a fifth trunk line,
and, second, upon whether Mr. Loree decides to come into
the four system plam or to continue in opposition thereto
by himself.
Outlines of a plan for distribution of eastern roads recenty published follow the general features of a tentative general agreement reached by the Pennsylvania, New York
Central, B. & 0, and Nickel Plate some two months ago.
At that time the Pennsylvania's.approval of such grouping
was contingent upon Mr. Loree's consent. In newspaper
articles ascribed to Pennsylvania Railroad origin, it has
been broadly intimated that the Pennsylvania Railroad
and Mr. Loree had come to a parting of their ways. Executives of other trunk lines say they have had no direct
Information from Pennsylvania Railroad officers that the
latter are ready to abandon Mr. Loree and approve the foursystem plan.
If Mr. Loree is willing to accept an important position
in the Van Sweringen system in return for the abandonment of his own trunk line scheme, and consents to the
distribution of the properties he represents as provided
by the other conferees, further developments will then
depend upon the private arrangements that can be made
between Mr. Loree and the Van Sweringens. In addition,
an arrangement would have to be reached as to the prices
to be paid for the properties controlled by Mr. Loree.
So far no terms or prices have been discussed. The
published report that B. & 0. is to take over Wabash on
a dividend guarantee is premature. B. & 0. officers state
that they have not even considered such a step.
Under the proposed grouping each of the trunk lines has
made some concession. While the new groupings are
for the most part the same as were agreed to by the New
York Central, Baltimore & Ohio and the Nickel Plate in 1925,
there are several important variations from that set-up.
The New York Central and the Nickel Plate have conceded
to the Pennsylvania the right to construct or use a line
between Buffalo and Toledo. The Pennsylvania also gets
a half interest in the Lehigh Valley and in addition through
the Norfolk & Western will own half of the Virginian. In
other words, the Pennsylvania gets practically all it has
been after in trunk line territory. The New York Central is
at least tentatively willing to take the Delaware, Lackawanna & Western instead of the Lehigh as under the original four-party plan. The Baltimore & Ohio will receive
what it has always insisted it must have, viz., the Reading
and Jersey Central. The Pennsylvania originally refused
to agree to this latter line-up and the New York Central
was opposed to it unless it got the Lehigh. In addition, and
perhaps representing a concession, the Baltimore & Ohio
will acquire the Wabash, at least its line west of the Mississippi. The Wabash line-up is the same as under the fourparty plan. As under the latter plan, the B. & O. would get
the Western Maryland.
The Nickel Plate has conceded much in comparison with
the four-party grouping. It gets one-half the Lehigh, whereas under the original plan it was to get the D. L. & W.
It also concedes a half interest in the Virginian to the C.
& 0., whereas under the old plan it was to control that
road alone.

MAR. 24 1928.]

FINANCIAL CHRONICLE

The D. & H. in the new grouping as in the old would be
used as a bridge line to New England, perhaps with a quarter interest in it held by each of the trunk lines.
The Wheeling & Lake Erie would be divided between
B. & 0., New York Central and the Van Sweringen lines.
Each has a third stock interest in the road now, so status
of road would not be changed.
Buffalo, Rochester & Pittsburgh would be divided between the New York Central and the B. & 0., the latter
getting that part between Buffalo and Pittsburgh. Under
the old four-party plan practically all of the B. R. & P.
went to the New York Central.
The Pennsylvania would be allotted either the Chicago &
Alton or the Chicago & Eastern Illinois between St. Louis
and Chicago. Under the original grouping the Pennsylvania was given the Alton east of St. Louis and Springfield, Illinois, and the Chicago & Eastern Illinois was divided equally between the Nickel Plate and the New York
Central.
There are other small roads in the picture which would
probably be lined up practically the same as under the
four-party plan.

1729

Mr. Loree's decision in the matter probably will hinge
on whether he can continue to carry his holdings in Lehigh and Wabash without the aid of any outside parties.
But, even if he could continue to carry these stocks he might
consider the outlook for forming a new trunk line system
against the united opposition of the other four systems as
unfavorable. If he could sell his holdings to the other
trunk lines at a profit and thus make a good accounting to
his stockholders h3 might consider it the wisest move. That
he has such a control of Lehigh and Wabash is generally
conceded.
In quarters close to the situation it is stated that if Mr.
Loree refuses to join the other four parties in a plan, the
latter may nevertheless file it with the Inter-State Commerce Commission. If it is approved there, its complete
execution would still depend upon purchase of Lehigh Valley and Wabash stocks controlled by Mr. Loree. Terms of
such purchases, it is emphasized, would have to meet the
approval of the commission, while acquisition or continued
ownership thereof by others than the systems designated in
the plan approved by the commission would be practically
out of the question.

Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, March 23, 1928.
Unfavorable weather has continued to militate against
normal business in parts of this country, notably at the
West, where the roads are still bad. Another factor that
has caused a slackening of trade is the widespread unemployment. There is no use blinking that fact. It is significant that municipal, State and national improvements
are devised, notably road making, with a view of furnishing larger employment. The fact that such a thing seems
necessary is of course regrettable, but with normal weather it is believed trade will gradually improve. The weather is now fair and warmer all over the United States.
There is a steady increase in Spring business, but it is
not at all rapid. The automobile trade, on the other hand,
affords an exceptional instance of growing activity, especially in the Detroit section. The output of cars there is
on a very considerable scale. Detroit employment continues to increase. The total there is now 243,400, an increase for the week of 2,300, and as compared with a year
ago of 16,400, though it is still 33,000 behind this date in
1926. The silk industry, notably broad goods, makes quite
a satisfactory showing. In unfinished cotton goods, trade
has been somewhat more active here, and early in the
week there were some advances on certain goods. But in
the main, trading of late has been on only a fair or moderate scale, and prices for many goods are not satisfactory
to the manufacturers. Many buyers, however, want prompt
deliveries. The demand for men's wear woolens and worsteds has been small. Wool has been firm in this country,
but the transactions are still very moderate despite advances in the big auction sales in London, Australia and New
Zealand.
Cotton advanced, but only moderately. Of late it has
declined slightly. Possibly the advance has culminated at
least for the time being, after a rise since the opening
of February -of some 2 to 2%c. The weather in the cotton
belt is warmer and the central and eastern sections have
the needed clear weather. Some planting is being done
In Louisiana, Alabama, Mississippi, and Georgia, and especially in southern Texas. One regrettable thing is that
there has been no advance in cotton goods at all proportionate to that in raw cotton in the last six weeks. It is
feared that curtailment at the cotton mills has not gone
far enough. Some of the Southern mills are still working
nights. Manchester is having a better trade, sharing in a
general improvement in business in Great Britain, although
it is not as good as it is hoped it will be before long. Business in China is improving and this reacts favorably on
Manchester. Just now the raw cotton market here is governed almost solely by the weather. Texas needs subsoil
moisture, but has enough moisture on the surface for the
time being.
Wheat has at times advanced sharply under the stimulus
of a good export demand. The sales on some days have




been estimated at from 1,000,000 to 2,000,000 bushels. And
It looks as though Europe will have to buy wheat on this
side of the water on a considerable scale. Argentina, it
seems, has already sold 33% of its exportable surplus;
and while much of the export business has been in Manitoba
wheat there has been a noticeable demand from Europe
for domestic high grades. Some of the crop reports from
Kansas, Nebraska and Oklahoma have been very favorable, but it is said that a large acreage of Winter wheat in
Ohio, Indiana and Illinois will have to be replanted to
other grain. There was a reaction in the world's grain
markets to-day but the export demand continued to be suggestively large, and it was also significant that the cash
markets were firm, despite some let-down in prices for
futures, due to profit taking. Corn has been in steady demand for export, though foreign buying has slowed down
within the last few days. But prices during the week have
got above $1; that is, to new high levels for the season,
and there is a shortage of feed grains in the eastern section of the country, coincidentally with a sharp demand
for all kinds of feedstuffs at the top prices of the season.
States like Ohio and Indiana, which last year had a large
surplus, now have a shortage of what are termed coarse
grains. It is said that old crop corn supplies in Argentina
have nearly disappeared and the new crop will be, it appears, less than the average. Evidently therefore there is
a potential market of no mean size for American corn in
Europe. More or less export demand has prevailed from
time to time for oats and also for rye, although the trans.:
actions have not latterly been heavy. The choicer grades
of cash oats are scarce. Rye futures reached new high
levels for the season and it looks as though Europe might
take all of the American available surplus of this grain
Foreign buying of American lard has recently been large
at the low prices current.
4c. owing to lower prices in
1
Coffee has declined about /
Brazil, where, by the way, the permitted daily receipts at
Rio have been raised to 13,000 bags, an increase of 4,000.
The time is approaching when the consumption of coffee
in this country usually decreases, so that possibly some further decline in prices is ahead, though stocks in this country are not large. Sugar prices have remained about stationary with only a moderate business. There is a trifling
advance in futures for the week despite profit taking and
some hedge selling. The sale of 200,000'tons of the Cuban
surplus has not yet to all appearance been consummated.
Rubber has had a rise of.2 to 21hc. as a natural rally from
the recent extreme depression and there seems to be growing hopes among speculators that some sort of check will
be put on Oriental exports, with possibly the co-operation
of Dutch producers. Manufacturers who had been holding
aloof here have latterly bought rather more freely, and the
supply in London is steadily decreasing. The American
Rubber pool has secured a new loan of $60,000,000. That
helped the market.

1730

FINANCIAL CHRONICLE

[VOL. 126.

Pig iron is said to have declined at Buffalo and trade General
Business Improving According to Col. Ayres
In general has been small. Steel has sold the most readily
of Cleveland Trust Co.—Looks for Large Volume
to building and automobile concerns. It is said that at
of New Construction in 1928.
Chicago the output is at the rate of 95% whereas in the East
Col. Leonard P. Ayres, Vice-President of the Cleveland
it is more generally 80 to 85%. Implement makers and oil
Trust Co. of Cleveland, Ohio, in the company's Business
tank makers have bought rather freely at the West, where
it is said finished steel has advanced somewhat. Prices of Bulletin, March 15 finds that "general business is improving;
activity in the fundamental industries is increasing; and
zinc have risen in the West and Southwest. Tin has also
credit conditions continue to be favorable." Col. Ayres,
advanced. Copper has been dull except for export. At the
adds:
Pacific Northwest the lumber trade is making quite a good
There is clear evidence of this despite the fact that there Is a good deal
showing in the matter of sales of soft wood and also pro- of unemployment and a great deal
of discussion about it. For several
duction, with this drawback, however, that prices are not years past there have been four fundamentals of American prosperity so
satisfactory. In the Mississippi Valley the hardwood trade truly basal in character that general business has improved or declined
about in proportion as their combined contributions have been favorable
is slow, and new orders lag far behind shipments. Oar load- or unfavorable.
Of course, the first and foremost of these four factors is the condition of
ings in spite of a good showing in grain are smaller than last
year because of a falling off in coal shipments. In the ease and availability of credit accommodation. At the present time
Interest rates are not quite so low as they were during the latter part of
shoe manufacturing business conditions are more or less last year, but they are at most reasonable levels nevertheless, and credit
variable. In the Central West, operations are large, but accommodations are readily available for business uses on easy terms.
The other three basal factors are the conditions in the three fundamental
New England complains of a lack of new business.
industries of building construction, iron and steel, and automobiles. In
The spectacular trading in the stock market still amazes all of these activity has increased notably since the beginning of the new
the country with transactions hovering daily in the vicinity year, and is now at or close to record-breaking figures.
During February a•greater tonnage of steel ingots was produced than In
of 4,000,000 shares.
Days of sensational advances—on any
previous February. This is not to be accounted for merely because the
the 22nd 5 to 18 points in some cases—have been succeeded month this year had an extra day, for the average daily output as well as
the
total
production for the month reached new high figures.
by the inevitable reactions which on the 22nd itself were
Automobile output was about 350,000 cars and trucks, which is somewhat
in some instances 4 to 9 points. The fluctuations were ir- less
than the corresponding production for February of 1926 and 1924,
regular to-day, many setbacks occurring despite the un- but not much. It is clear that if the Ford output had not been unexpectedly
retarded
a new high record for the month would have been established in
expectedly small increase in brokers' loans, I. e., $32,650,this industry also. Building construction is starting off the year at close
000 as against $50,355,000 the week before. The total did to the highest volume that it has ever attained at this season. Moreover,
not reach the peak point of February. Vague rumors the present prospects are that this activity will continue, and that 1928 will
that measures would be taken to curb the extravagances of be another year of very large volume of new construction.
Most of the other imprrtant industries are not doing as well as these
the phenomenal trading have been largely ignored. General three. This is reflected not merely by the reports from the industries
Motors reached a new high level to-day on a rise of 8% themselves, but also by the records of car loadings which have been running
points to 187%. The speculative craze is attaching itself this year a little below the normal figures and showing only slow improvement.
to new specialties.
Despite a good deal of unevenness In trade and industry and transportaLawrence, Mass., stated that employees of the cotton tion the conditions and the prospects of business are distinctly encouraging.
division of the Pacific Mills have agreed to accept a wage Perphaps the most hopeful element of all is the marked activity in iron and
steel for the products that this industry Is turning out are being purchase
cut effective the 19th. The statement said that the revised by other industries which do not place orders for them unless and until they
wage scale would be on a par with that paid in other Massa- have definite need for them.
If the producers of iron and steel can continue to make and sell their
chusetts mills handling similar products and will affect materials
In about the present volume for a few more weeks better reports
about 1,000 employees. An important thing is that in parts from other industries will soon be making their appearance.
at least of New England there is a tendency to reduce taxation on mill property. In Maine the mayors of Lewiston,
Detroit Employment Increases.
Biddeford and Saco expressed the hope that relief might
Detroit advices Mar. 23 in the "Wall Street News" state:
be had this year in the matter of taxation. The Mayor of
Employees' Association of Detroit reports employment figures for week
Biddeford, where the mills of the Pepperell Manufacturing
ended Mar. 20 of 243,416, an increase of 2,303 over last week, and 16,401
Co. are located, outlined a retrenchment program for 1928. over the corresponding week a year ago.
At Saco where the tax rate is about $40 per $1,000, and
the York Manufacturing Co. is located, a reduction is exNational Bank of Commerce in New York Finds Spring
pected. In Lewiston the State Board of Tax Assessors will
Expansion in Business Well Under Way.
be asked for a reduction in valuation of the mills. Too many
According to the National Bank of Commerce in New
textile cities have pursued in the matter of taxation, a
policy of "penny wise a pound foolish." At North An- York, "Spring expansion of business is well under way."
dover, Mass., where several woolen mills are located, taxes The bank's survey of the outlook, under date of March 19,
will be reduced $4 a thousand. Greenville, S. C. reports that also says:
increase in industrial operations has been more gradual than it was
no trade improvement is seen in the Piedmont section and in The
1927 and it is quite likely that at no time during the first half year
the majority of plants are still shutting down Friday at will production reach the high level it did at the end of last March. But
noon and not reopening until the following Monday morning the period of Spring activity bids fair to last longer than it did last season,
large aggregate volume for the first half year.
ing. Night work causes uneasy comment. It is persistent. with
The pronounced change of sentiment from uncertainty and even pessimism
It means larger output of course than if operations were to a definitely confident outlook which occurred during the first half of
limited to day work. Charlotte, N. C., wired that as sev- March is the result of general recognition of the intrinsically sound posieral of a large group of mills are increasing the curtail- tion of a large number of industries which have not heretofore failed to
serve as accurate measures of what lies ahead. Steel operations continue
ment of their production, it has raised new hopes that the at around 83%, about the level which has prevailel since the first of
cotton textile industry in the South may be brought back to February. The opinion is now widely held in the industry that a good
a stable condition within a few months.
North Carolina rate of activity will be sustained well into April.
Contracts for building and
let in February and the aggreadvices said that new textile plants and substantial addi- gate of such contracts for theconstruction
first two months of the year, according to
tions to many existing mills continue to be the order the data compiled by the F. W. Dodge Corporation, indicate a new high
throughout the South. Some cotton duck mills are doing a level for construction. The outlook is equally satisfactory In, the automobile industry. Passenger car output is somewhat larger than that for
better business, the demand being chiefly for enameling the corresponding season of last
year, some leading manufacturers making
and army duck. Some sales of numbered duck are also new high production records. Retail sales of cars are reported as somewhat
better
than
they
were a year ago for most parts of the country.
reported. Light snow was reported over Sunday in NeThe large volume
machine tool business being done is of special
braska and also in parts of Western Texas. There was a significance. Orders of
are well distributed.
light fall also in this city. In eastern New York on March
In heavy chemicals, activity is not quite so pronounced as in those in18th the snowfall was the heaviest of the year, reaching 17 dustries already mentioned, but conditions are excellent and the expectation is for a volume of business during the first half of the year approxiInches in parts of the Adirondacks, with 8 inches in Albany, mately
the same as for the corresponding period of 1927. Prosperity
10 in Elmira and 12 in Binghamton. Here on the 21st inst. prevails in the utility field and in industries which supply it. Electric
the temperatures were 32 to 44 degrees; at Boston 40 to power consumption is running at around 10% higher than it did during
44; Philadelphia 44 to 46; Portland, Me., 34 to 40; Chicago the first part of 1927. Plans of the electric power companies for expansion indicate a good demand for new generating transmission and
52 to 54; Cincinnati 46 to 52; Cleveland 46 to 48; Duluth distributing equipment. In line with increase in output of electrical
46 to 54; Milwaukee 52 to 56; Kansas City 74 to 76 and current, sales of electrical equipment for its utilization are good.
Favorable showings are not lacking in other lines. Agricultural impleMinneapolis 62 to 68. To-day the temperatures here were ment
makers are having excellent business with good gains over last year,
37 to 48, the latter at 3 P. M. The forecast is for fair and with more men employed than at that time. Export demand espeand warmer for Saturday and Sunday. Within 24 hours cially from Canada and Argentina is an important part of their market.
Boston has been 30 to 46, Chicago 36 to 60, Cincinnati 38 The low price of hogs favors the packers. Developments during the
to date justify the judgment of the paper manufacturers that busito 74, Cleveland 34 to 50, Detroit 32 to 58, Kansas 54 to 64, season
ness in that industry in the first half of 1928 will be better than In the
Milwaukee 34 to 58, Philadelphia 40 to 52, St. Paul 40 to 62. first half of 1927. both in physical units and in profits. Cigarette mama-




MAR. 24 1928.]

1731

FINANCIAL CHRONICLE

facturers are prosperous as usual with business showing consistent gains.
The silk industry is operating at a high rate.
All this activity means a steady increase in the demand for labor, and
reports already indicate a decrease in unemployment. Larger payrolls
mean larger purchasing power and better retail trade.
After giving due weight to the adverse factors in the outlook, an optimistic conclusion for the secona quarter of 1928 seems definitely justified.
Those industries, the interrelations of which make them both determinants
and indicators of the general course of business, are in excellent condition, with prospects of a continuance of their operations at seasonally
high levels until the usual mid-Summer lull. It seems likely that the
volume of business for the first six months of 1928 considered as a whole
will be about what it was for the corresponding period of last year.

Gain in February in Industrial Activity Based on Consumption of Electricity Indicates Material Increase
in Production Since Last December.
Consumption of electrical energy by the manufacturing
plants of the nation as reported to the "Electrical World"
indicates that the rate of general industrial production has
been increased materially since the opening of the year.
The February rate of general industrial activity was 7.8%
higher than n January and 16.2% greater than in December
last. The rate of increase compares favorably with the corresponding period a year ago, and shows a marked gain over
1924, 1925 and 1926, according to the publication, which
also says:

Four weeks in January
Four weeks in February
Week ended March 3
Week ended March 10
Total

1928.
3,447.723
3,589,694
959,537
951,553

1927.
3.756,660
3,801,918
989,863
1,000,754

1926.
3.688,696
3,677.332
965.009
967.425

8,948,507

9.549.195

9.298.482

Survey of Labor Situation By U. S. Department of
Labor Says Country Is Unduly Alarmed by "Exaggerated Reports" of Unemployment-Horizon
Clearing-Conditions in New York State.
In a survey of the labor situation, by Francis I. Jones,
Director General of the United States Employment service
of the U. S. Department of Labor it is declared that "the
country has been unduly alarmed by exaggerated reports
that have been widely circulated stating th:t a serious
unemployment situation exists." In admitting that "there
is no question that there has been, and that there is still,
some unemployment apparent" it is added '-at "it is also
true that no matter how prosperous the industrial condition
of the country may be,'there is more or less unemployment."
According to the statement issued in the matter on Mar. 20
"the horizon is clearing, and the employment outlook is
encouraging. The iron and steel industry, long recognized
as a reliable barometer, has shown a definite improvement
in both production and employment. Orders for structural
materials, railroad cars, rails, and other equipment, not to
mention the increase in the demand for automobile materials,
practically assures a steady increase to the forces employed
in this basic industry. In view of this there must follow
corresponding increase in allied plants and factories." The
statement also says:

All sections east of the Rockies have increased their rate of production
since December and the gain reflects more than normal seasonal expansion.
In New England, which has been reporting operations at a low ebb for
several months, the February rate of productive activity was about 23.7%
higher than in December, due largely to an increase in the operations of
textile mills. Manufacturing plants in the Middle Atlantic district reported
February operations 15.2% above the December level. Comparing February with December, the North Central States were up 18.4% and the
South 5.2%. Operations in the Mountain and Pacific States were on
virtually the same basis as in December.
The most substantial increase in the rate of production since the December
slump has taken place in the rubber industry which shows a gain of 41.8%
for February as compared with the December figures. The automotive
Industry, including production of parts, increased productive activity
Students of economics who are recognized as authority on this subject
39.7% over the December basis: stone, clay and glass is up 28.8%; metal (unemployment) estimate that even in our most propserous times there are
working plants, 26.2%; rolling mills and steel plants. 21.1%; leather and
its products, 20.7%;chemicals and allied products, 18.5%; textiles. 13.6%; always a million or more workers out of employment, some 'voluntarily
food and kindred products, 10.5%. and paper and pulp, 1.7%.
and others from involuntary causes.
Many factors enter into the reasons for unemployment,and many theories
The rate of industrial activity for February, compared
been advanced for providing constant employment for the wage
with January and December, all figures adjusted to 26 work- have
earners of the country. In a country where more than 40,000.000 People
ng days, and based on monthly consumption of electrical are gainfully employed, it is only reasonable to expect a certain volume of
'energy as reported to the "Electrical World" monthly unemployment where industry is widely diversified and where employment is affected by seasonal influences.
average 1923-25, equals 100, follows:
For the past few years the Department of Labor has kept in touch with
Feb.
Dec.
Jan.
the increasing installation of the labor-saving machinery which has un1928.
1928.
1927.
127.7
All Industrial groups
118.4
109.8 doubtedly displaced a number of workers. It is also to be observed that in
130.7
Metal industries group
124.4
105.9 November and December last production exceeded consumption. Since
133.8
Rolling mills and steel plants
131.3
110.6
consumption has increased. As the prosperity of the nation
127.6
Metal working plants
117.4
101.2 then, however,
118.4
112.2
Leather and its products
98.2 depends upon its consuming power,this is important.
127.5
116.7
Textiles
112.3
It is stated on good authority that the American people consume about
113.3
107.7
Lumber and its products
123.3 2% of their total production. Drops in this rate of consumption are always
148.7
Automobiles and parts
106.4
135.2
the result is generally a corresponding
127.3
/05.2
Stone, clay and glass
98.8 temporary, but while they continue,
124.2
121.3
Paper and pulp
122.0 rise in unemployment. With consumption resumed at the normal rate, un137.0
120.4
Rubber and its products
96.7 employment usually shrinks. This may be expected now.
129.1
124.2
Chemicals and allied products
109.0
The textile industry has been in an unsettled condition for the past few
115.6
102.4
104.6
Food and kindred products
forecasting any immediate improve98.8
94.2
94.6 years, and there is some hesitancy in
Shipbuilding
meat, as its prosperity depends largely upon the arbiters of fashion. The
boot and shoe industry is not affording full employment to the available
Loading of Railroad Revenue Freight Again Falls Off. workers of this class. Many of the basic industries, by mass production.
producing a greater voluine with fewer employees to-day than 5 Years ago.
Revenue freight loading for the week ended on March 10 areWhat
may appear a strange paradox Is nevertheless a fact. There is more
totaled 951,5.53 cars, the Car Service Division of the American unemployment among unskilled laborers and the so-called "white collar"
Railway Association announced on March 20. Compared workers than any other clases of workers.

with the preceding week, this was a decrease of 7,984 cars,
with decreases being reported in the loading of grain and
grain products, live stock, forest products and merchandise
less than carload lot freight. Increases, however, were
reported in the loading of coal, coke, ore and miscellaneous
freight. The total for the week of March 10 was a decrease
of 49,201 ears below the same week in 1927 and a decrease of
15,872 ears compared with the corresponding week two
two years ago. The statement continues as follows:
Miscellaneous freight loading for the week totaled 353,437 cars, a decrease
of 3,372 under the corresponding week last year. but 6,641 cars above the
same week in 1926.
Coal loading totaled 174,750 cars, a decrease of 45,491 cars below the
same week in 1927 and 14,081 cars below the same period two years ago.
Grain and grain products loading totaled 49,533 cars, an increase of
10.015 cars over the same week last year and 9,288 cars above the same
period in 1928. In the Western districts alone, grain and grain products
loading totaled 34.188 cars, an increase of 9,797 cars above the same week
In 1927.
Live stock loading amounted to 28,061 cars, an increase of 813 cars
above the same week last year and 762 ears above the same week in 1926.
In the Western districts alone, live stock loading totaled 21.820 cars, an
Increase of 844 cars compared with the same week in 1927.
Loading of merchandise less than carload lot freight totaled 257,966 cars,
a decrease of 5,556 cars below the same week in 1927 and 6,365 cars below
the corresponding week two years ago.
Forest products loading totaled 67,512 cars, 2,403 cars below the same
week last year and 7,048 cars below the same week in 1926.
Ore loading totaled 8,936 cars, 1,914 cars below the same week last year
and 1,492 cars below the same week two years ago.
Coke loading amounted to 11,355 cars, 1,293 cars below the same week
in 1927 and 3,574 cars below the,corresponding week in 1926.
All districts except the Southern and Northwestern reported decreases
in the total loading of all commodities as compared with the same week
Allegheny and Southern reported
last year, while all except the Eastern.
Increases compared with two /mars ago.
Loading of revenue freight in 1928 compared with the two previous years
follows:




As to the employment situation in New York State,
based on reports from District Director Edward I. Bolton,
124 East Twenty-eighth Street, N. Y. City, the Employment Service according to the New York "Times" reports as
follows:
The downward trend in manufacturing activity and employment noted
in January continued in many industries during February and there was
considerable unemployment apparent, particularly in the larger cities.
However, the declining trend in employment has been checked in several
major lines, and a slight but gradual increase in employment was apparent
at the close of the month.
Winter weather was an important factor in increasing the unemploy
ment. The seasonal recession in building and other outdoor construetion work affected a large number of skilled, semi-skilled and unskilled
workers. This temporary reduction in building activity has adversely
affected production and employment in the miscellaneous building-material
Industries.
A decline in railroad freight traffic caused some temporary layoffs In
the transportation lines, railroad repair shops, yards and shipping terminals. Skilled laborers, except building trades men, were fairly well
employed, and a slight increase in the demand for this class of labor was
noted in several industries. The iron and steel mills are gradually increasing operations and forces, production in some of the automobile
factories and accessory and assembling plants is steadily moving upward and large increases in employment were noted during the latter
part of the month and a further increase is expected during March.
There was a slight demand for farm labor. The usual Spring agricultural activities will absorb a large number of workers in March. Large
building and construction programs are planned for release within the
next thirty to sixty days, which will furnish employment to thousands of
skilled and unskilled workers.

Marked Gain in Sales of Ordinary Life Insurance in U. S.
During February.
A total volume of over $731,000,000 of ordinary life insurance was purchased in the United States during February. During the first two months this year has proved

1732

[Vol.. 126.

FINANCIAL CH.RONICLE

favorable for most reporting United States and Canadian
companies. Sixty-one per cent of these companies recorded
Increased production for February over their 1927 records.
The foregoing figures, issued by the Life Insurance Sales
Research Bureau, include the reports of 81 companies hav.in
ing in force 90% of the total life insurance outstanding
United States legal reserve companies and reporting the
production of new paid-for ordinary insurance exclusive
of revivals, increases, dividend additions, reinsurance from
other companies, and group insurance. The gain for the
whole country amounts to more than $57,000,000 over sales
In February, 1927. Every section in the United States
showed increased production this month, says the Bureau,
which furnishes the following summary:

gains. Newfoundland gained 56% over the first two months last year
while New Brunswick and Saskatchewan increased 38% and 30% respectively.
The record for the twelve months just ended amounts to an increase
of 9% over the preceding twelve months. Saskatchewan shows a slight
loss for this period but gains are noted in all the other provinces.
Quebec and Alberta lead with 11% increases while Ontario, New
Brunswick and Prince Edward Island report production 10% better
than that for the same period last year.
Most of the cities show improved conditions. Montreal leads with
a gain of 32% over February 1927. Ottawa follows with an increase
of 28%. For the first two months of this year, Montreal and Hamilton
lead with gains of 35% and 23% respectively. Ottawa and Vancouver
show the only losses.
Gain in Factory Employment and Wages in Pennsylvania During February-Decline in Employment in
Delaware-Wages Improve.

NEW ENGLAND.
Factory employment and payrolls in Pennsylvania inThe New England states as a whole showed excellent records for the creased noticeably in February from
the January levels,
first month of this year with a gain of 12% over last February's records.
With the Mountain states, this section leads the country with its monthly according to reports viewed by the Federal Reserve Bank of
gain. Maine and New Hampshire lead the section with monthly gains Philadelphia from 807 plants employing over 265,000 wage
of 39% and 35%. A gain of 11% is recorded during the first two earners. The Bank's survey, made public
March 16, adds:
months of this year, New Hampshire leading with a 28% increase.
Although part of the recovery was due to the resumption of operations
This section leads the country with its year-to-date increase. For the after the inventory period it is significant that the
gains
twelve months just ended, the New England section increased 1% over than those occurring between January and February, last were much larger
year. The metal
sales in the preceding twelve months.
industries, especially iron and steel mills, foundries, and stove manufacshowed
the
greatest
improvement:
turers,
in this group employment gained
MIDDLE ATLANTIC.
payments, nearly 12%. Automobile plants also were
Sales in the Middle Atlantic section show a substantial gain over last nearly 3%,and wage
textile and apparel industries made considerable
most
of
the
more
active
and
February's volume. New Jersey gained 17% for the month while sales advances from January levels. Glass plants and
furniture factories also
in New York and Pennsylvania increased 7% and 6% respectively. The
report sizeable gains in employment and payrolls. Only 11 of the
record for the first two months of this year is 4% better than the sales facturing Industries, among which were rubber tire and goods 52 manuand carpet
over the same period in 1927. A 2% increase is reported for the and rugs, reported smaller wage payments in February than
in January.
twelve months just ended over the same period last year.
EAST NORTH CENTRAL.
Michigan is the only state in this section to record decreased production over last February. A 10% increase is reported by the section as
a whole with the greatest gain of 24% in Wisconsin. The year-to-date
gain of 4% is shared by all states except Michigan. A gain of 3% is
reported for the twelve-month period ending this month and is shared
by all the states in the section.
WEST NORTH CENTRAL.
Minnesota leads this section of the country with a 25% increase which
is shared by 56% of contributing companies. Nebraska and Missouri
follow with gains of 17% each. The section as a whole gained 11%
for the month. The 8% gain for the first two months of this year is
led by a 20% gain in Nebraska. Sales during the past twelve months
are practically identical with sales in the preceding twelve months.
SOUTH ATLANTIC.
Delaware leads the other states in this part of the country for February with the exceptionally high gain of 65%. The section as a whole
averages production 3% better than that recorded for last February. A
2% increase is reported for the first two months of this year as compared to the same period in 1927. Sales in the twelve-month period
are practically identical with last year's record with the best gains of
10% reported in North Carolina and Delaware.
EAST SOUTH CENTRAL.
Alabama alone in this section reports a loss in monthly sales. The
section as a whole gained 11% over last February. The other states
show substantial gains for the month led by a 38% in Mississippi.
Sales this year have increased 10% over production in the first two
months of 1927. The record for the twelve months just ended is practically identical with sales in the preceding twelve months.
WEST SOUTH CENTRAL.
Monthly records continue to improve among the four states comprising
this section, with the exception of Arkansas whose sales this month
were practically identical with last February's. Oklahoma leads with a
16% gain and is the only state to gain over the last twelve months.
All states show some gain for the first two months of this year, a 7%
increase being recorded for the section as a whole.
MOUNTAIN.
This section reports a gain of 12% over sales last February. Nevada
continues to lead the section as well as the country with a 96% gain.
Montana and New Mexico also.show excellent records. The twelvemonth production is almost identical with the same period last year. A
gain of 7% for the first two months of this year is shared by all the
states except Colorado and Arizona, which recorded slight losses.
PACIFIC.
Sales for the month are 6% better than the record for February 1927.
The twelve-month production and the sales for the first two months of
this year are both 2% higher than the corresponding records for 1927.

Canadian Sales of Ordinary Life Insurance Gain in February-All Provinces Show Increased Production.
A total of $40,290,000 of ordinary life insurance was purchased in Canada during the month of February-a gain of
13% over sales last February. The fact that 80% of contributing companies share in the above gain indicates general prosperity. These figures are furnished by the Life
Insurance Sales Research Bureau and represent the experience of companies having in force 84% of the total
legal reserve ordinary life insurance outstanding in the
Dominion of Canada. The Bureau says:
The monthly gain is well distributed throughout the Dominion, all
provinces sharing the country's gain. Substantial increases are recorded
ranging from 8% in Saskatchewan and Manitoba to 38% in Newfoundland. Prince Edward Island gained 27% over last February.
For the first two months of 1928, production shows a 21% gain over
the 1927 record. All provinces share this increase showing substantial




The report on employe hours, obtained from more than half of the reporting plants, which confirms this gain, showed an increase of nearly 10%.
The metal products, textiles, foods and tobacco, and stone, clay and glass.
and lumber products groups showed particularly large gains.
Nearly all of the city areas in Pennsylvania reflected the industrial improvement, with large gains in both employment and wages occurring in
Pittsburgh, Harrisburg, Lancaster, New Castle, Scranton, and Sunbury.
Despite the large, but partially seasonal expansion from January to
February, the level of employment and wages in most industries and cities
of the State is still substantially below that of a year ago.
In Delaware only a slight improvement occurred in wage payments
while employment declined slightly at the 29 reporting plants. Of the
industries included, foundries and chemical plants reported substantial increases, while the other industries, in most cases, showed declines.

The statistics follows:
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry, Commonwealth of Pennsylvania.)

Group and Industry.
All Industries (52)
Metal products
Blast furnaces
Steel works and rolling mills
Iron and steel forgings
Structural iron work
Steam and hot water heating apparatus
Stoves and furnaces
Foundries
Machinery and parts
Electrical apparatus
Engines and pumps
Hardware and tools
Brass and bronze products
Jewelry and novelties
Transportation equipment
Automobiles
Automobile bodies and parts
Locomotives and cars
Railroad repair shops
Shipbuilding
Textile products
Cotton goods
Woolens and worsteds
Silk goods
Textile dyeing and finishing
Carpets and rugs
Hats
Hosiery
Knit goods, other
Men's clothing
Women's clothing
Shirts and furnishings
Food and tobacco
Bread and bakery products
Confectionery
Ice cream
Meat packing
Cigars and tobacco
stone, clay and glass products
Brick, tile and pottery
Cement
Glass
Lumber products
Lumber and planing mills
Furniture
Wooden boxes
Chemical products
Chemicals and drugs
Coke
Explosives
Paints and varnishes
Petroleum and refining
Leather and rubber products
Leather tanning
Shoes
Leather products, other
Rubber tires and goods
Paper and printing
Paper and wood pulp
Paper boxes and bags
Printing and publishing
Construction and contracting
Buildings
Street and highway
General

No. of Feb. 1928 over Jan. 1928.
Plants
Report- EmployAverage
Lao.
meat.
Wages.
Wages,
807
238
10
44
10
10
19
8
39
38
17
10
19
10
4
42
7
12
13
7
3
164
14
16
39
8
10
5
27
15
11
9
10
99
29
14
11
14
31
66
99
14
23
45
19
20
6
47
27
3
3
9
5
51
17
23
7
4
55
12
6
37
37
20
4
13

+1.8
+2.8
+10.4
+3.9
+3.5
-2.0
+3.6
+52.3
+1.1
+1.9
-4.1
+1.7
+1.0
+3.9
+4.2
+0.0
+2.6
+14.7
-5.5
-3.9
-9.2
+3.3
+2.6
+3.2
+6.6
+1.9
-5.3
+0.1
+1.3
+6.7
+5.2
+13.4 .
-4.8
-1.7
-0.3
-2.1
+2.8
-2.5
-2.5
-0.1
-31
-2.8
+4.5
+3.4
+0.5
+10.1
-5.4
+0.4
+1.7
-0.3
-1.8
+1.2
+0.4
+1.1
+0.4
+1.6
+7.0
-1.1
-1.4
-0.2
-7.2
-1.2
-15.5
-4.7
-51.4
-12.7

+8.3
+11.8
+0.4
+14.9
+11.0
+2.3
+9.9
+51.6
+10.8
+7.3
+7.0
+9.5
• +6.5
+5.4
+2.4
+5.2
+10.0
+14.2
-2.2
+9.3
+2.8
+7.6
+5.0
+5.4
+19.1
+5.1
-6.6
+9.0
-0.2
+13.0
+5.7
+13.9
+4.3
+0.1
-0.1
+6.8
-0.0
-2.2
-2.6
+11.3
+9.1
+0.5
+25.9
+7.6
+2.0
+12.7
+9.6
+8.4
+3.4
+9.8
+273
+12.9
+6.8
+0.0
-0.6
+5.1
+2.1
-11.6
+1.8
+4.7
-0.5
-0.4
-4.6
+1.7
-44.5
+0.5

+6.4
+8.7
-3.7
+10.5
+7.3
+4.4
+0.1
-0.5
+9.6
+6.3
+11.6
+7.7
+6.6
+1.4
-1.7
+5.2
+7.2
-0.4
+3.5
+13.7
+13.3
+4.2
+2.3
+2.1
+11.7
+3.2
-1.3
+8.9
-1.5
+6.9
+0.4
+0.5
+9.6
+1.8
+0.2
+9.1
-2.7
+0.3
-0.1
+11.4
+12.6
+3.3
+20.6
+4.1
+2.1
+2.4
+15.9
+8.0
+1.7
+10.1
+29.0
+11.7
+6.4
-1.1
-1.0
+3.4
-4.6
-10.6
+3.2
+4.9
+7.2
+0.9
+12.9
+6.7
+14.4
+15.1

MAR. 24 1928.]

FINANCIAL CHRONICLE

MAN-HOURS AND AVERAGE HOURLY WAGES IN PENNSYLVANIA
[Compiled by the Federal Reserve Bank cf Philadelphia and the Departmento.
Labor and Industry, Commonwealth of Pennsylvania
No Increase or Decrease
of Feb.'28 over Jan '28
Plants
Report- Total
Average
Man-Hrs. Hrly.ltate.

Group and Industry.

473
171
8
27

All Industries (47)
Metal products
Blast furnaces
Steel works and rolling mills
Iron and steel forgings
Structural iron work
Steam and hot water heating apparatus
Foundries
Machinery and parts
Electrical apparatus
Engines and pumps
Hardware and tools
Brass and bronze products
Jewelry and novelties
Transportation equipment
Automobiles
Automobile bodies and parts
Locomotives and cars
Railroad repair shops
Shipbuilding
Textile products
Cotton goods
Woolens and worsteds
Silk goods
Textile dyeing and finishing
Carpets and rugs
Hosiery
Knit goods, other
Women's clothing
Shirts and furnishings
Foods and tobacco
Bread and bakery products
Confectionery
Ice cream
•
Meat packing
Cigars and tobacco
Stone. clay and glass products
Brick, tile and pottery
Cement
Glass
Lumber products
Lumber and planing mills
Furniture
Wooden boxes
Chemical products
Chemicals and drugs
Paints and varnishes
Petroleum refining
Leather and rubber products
Leather tanning
Shoes
Leather products, other
Rubber tires and goods
Paper and printing
Paper and wood pulp
Paper boxes and bags
Printing and publishing
Construction and contracting
Buildings
Street and highway
General

6
13
34
29
13
10
12
8
3
33
7
9
9
5
3
69
11
9
20
4
5
5
8
4
3
42
16
5
8
9
4
38
17
13
36
15
17
4
21
12
6
3
27
9
10
4
4
36
3
25
31
18
4
9

+9.7
+11.8
+3.5
+13.9
+14.3
+6.6
+21.7
+12.4
+6.5
+23.5
+7.6
-2.3
+6.1
+0.9
+5.4
+14.1
+7.9
-1.2
+3.9
-5.2
+10.6
+8.7
-2.8
+22.6
-4.1
-15.5
+10.5
+10.2
+14.0
-15.0
+8.3
-0.4
+31.9
+0.6
-5.3
+7.4
+16.9
+5.7
+14.4
+27.9
+10.5
-3.8
+16.6
+48.0
+3.3
+3.2
+17.1
+0.8
-8.5
+1.5
+0.8
-7.9
+4.0
+5.0
+6.3
+1.8
-9.6
-2.4
-45.4
-2.3

+0.9
+0.3
+3.3
+0.2
+2.3
-2.4
-0.7
+0.3
+0.8
+1.7
+0.4
-0.4
0.0
+2.4
-3.6
+5.8
+4.3
+8.4
+2.1
+0.2
+6.2
+2.1
+8.7
-3.2
+3.5
+3.1
+5.9
+20.3
--1.9
--3.2
--2.2
+1.1
-9.0
+1.8
+3.1
-0.2
+1.5
-2.0
-1.3
-1.0
-3.1
+4.9
-0.8
-1.3
+7.3
-1.4
-0.7
+2.5
-3.4
-3.9
-0.2
+0.2
-1.2
+0.1
+5.6
+3.4
+1.7
+5.1

EMPLOYMENT AND WAGES IN DELAWARE.
[Compiled by Federal Reserve Bank of Philadelphia.]

Industry.
All industries
Foundries and machinery products
Other metal manufactures
Food industries
Chemicals, drugs and paints
Leather tanned and products
Printing and publishing
Miscellaneous industries

No.
Increase or Decrease.
of
Feb. 1928 Over Jan 1928.
Plants
Report- EmployTotal
Average
ing.
men!.
Wages.
Wages.
29
4
5
3
3
3
4
.7

-.07
+9.4
-2.0
-4.5
+5.4
-5.7
0
-.04

+0.4
+6.5
+0.5
-2.6
+11.1
-2.5
-1.3
-3.0

+1.2
-2.7
+2.6
+2.0
+5.4
+3.4
-1.3
-2.6

EMPLOYMENT AND WAGES IN CITY AREAS.
[Complied by Department of Statistics and Reasearch of Federal Reserve Bank
of Philadelphia.

Areas.
Allentown-Bethlehem-Easton
Altoona
Erie
Harrisburg
Hazleton-Pottsville
Johnstown
Lancaster
New Castle
Philadelphia
Pittsburgh
Reading-Lebanon
Scranton
Sunbury
Wilkes-Barre
Williamsport
Wilmington
York

No.
Increase or Decrease.
of
Feb. 1928 Over Jan, 1928.
Plants
Report- EmployTotal
Average
tag.
men:.
Wares.
Wages,
77
14
11
35
19
12
28
10
243
93
62
32
27
20
23
30
44

+0.9
-6.1
+0.7
+4.6
+0.2
+2.7
+4.9
+4.3
+1.6
+4.1
+0.5
+3.5
+4.7
+1.7
-1.8
-0.0
-7.6

+7.5
+12.0
+2.9
+12.5
+4.6
+1.5
+5.1
+8.3
+3.2
+16.3
+5.9
+18.1
+17.1
+10.8
+1.2
+0.9
-4.3

+6.5
+19.3
+2.2
+7.5
+4.4
-1.2
+0.2
+3.9
+1.5
+11.8
+5.4
+14.2
+11.7
+8.7
+3.1
+1.0
+3.5

Agricultural and Financial Conditions in Minneapolis
Federal Reserve District - Gain in Business in
February as Compared with Year Ago.
Business in the Minneapolis Federal Reserve District
during February exceeded the volume in February a year
ago by a small margin, according to the preliminary summary
issued March 13 by the Federal Reserve Bank of Minneapolis.
The Bank, in its summary, says:

February 1928 had one more business day than February 1927. Using
making comparisons, debits to
daily averages to avoid this difficulty in
individual accounts at seventeen cities were 3% larger than in February
banks in this district which were
last year and checks drawn on country
collected by this Federal Reserve Bank increased 5%. Other business inwere building permits, postal reago
year
a
over
increased
dicators which
ceipts, shipments of flour and linseed products and carloadings during the




1733

three weeks ending Feb. 18 of grains and grain products, livestock and
forest products. Decreases were reported in carloadings of merchandise,
miscellaneous commodities and coal and in sales by representative department stores. Borrowings by country banks from this Federal Reserve
Bank reached the lowest level in post-war years on March 7.
Farm income from important products was estimated to be 18% larger
in February 1928 than in February 1927 on account of increases in the
income from 'wheat and flax. The income from rye and potatoes was
smaller in February this year than a year ago. Farmers who had delayed
marketing hogs earlier in the season shipped large quantities in February.
These hogs were heavier than those marketed in February a year ago.
The Increase in numbers and weight offset the decrease in price and the
Income from hogs during February was about the same as in February last
year. The price of feeder steers increased to ten dollars per hundredweight.
which has not been equalled since May 1920, and has only been exceeded
In post-war years during the spring of 1919. The profit to farmers who
have fed steers this winter has been large. The prospect for future profits
will depend on an increase in the price of fat steers, corresponding to this
recent increase in the cost of feeders. Dairy income in January, which
is the latest month for which complete records are available, was 9%
larger than in January Last year.
Estimated Value of Important Farm Products Marketed in the Ninth Federal
Reserve District During:
Per Cent
Feb. 1928
Feb. 1927. of Feb.'27.
Feb. 1928.
187
$6,063,000
$11,332,000
Bread wheat
115
2,808.000
3,233,000
Durum wheat
1,185.000
79
931,000
Rye
135
456,000
616.000
Flax
3,818.000
97
Potatoes
3,722,000
99
14,809,000
14,601.000
Hogs
% Jan.'28
Jan. 1928.
Jan. 1927. of Jan.'27.
$18,423,000
$16,900.000
109
Dairy products

W.T. Triplett of Spokane & Eastern Trust Co. Reports
Excellent Businesk Conditions in Spokane.
W. T. Triplett, Vice-President of the Spokane & Eastern Trust Company, Spokane, in summing up the agriculture, mining and business situation in Spokane and vicinity,
under date of March 15, said that conditions had never
been better. Mr. Triplett's comments follow:
"Cattle prices have doubled in value, sheep are bringing excellent returns, the apple men have paid off their mortgages and are now seeking
investments.
"There is so much money in this community at the present time that
more than $50,000,000 worth of bonds were sold last year in the city
for investments.
"The mining stock market was never more active. In fact, sensational rises in the market price of half a dozen stocks have brought
millions of dollars of new money into Spokane within the last two
months.
"The merchant customers of our bank reported that January and February of this year were far ahead of the same months last year in point
of sales. Bank deposits have increased nearly ten per cent, since the
end of the year and this does not take into account the various savings
and loan societies which have upwards of $20,000,000.
"Time payments sales have fallen off and our people have caught up
with themselves and are either paying cash or buying on regular credit
terms.
"Collections are wonderful. At the end of the year, out of almost
$8,000,000 of loans, the Spokane and Eastern Trust Company had only
four notes past due, which is the lowest in number and amount in
the memory of the management.
"From a banker's viewpoint this is a very healthy condition. During
more than 20 years that I have been in the banking business in Spokane I have never known our residents so optimistic or so enthused
over business conditions and the future outlook. Is it any wonder that
I take exception to being listed as 'fair' instead of 'excellent'?"

Industrial Conditions in Illinois During FebruarySlight Gain in Employment.
According to the review of the industrial situation in
Illinois during February "the steady decline in employment
which has characterized Illinois industry since Sept. 1927
has been broken by a 1.3% increase. In manufacturing
establishments 2.7% more workers are reported."'The
statement issued by the Bureau of Labor Statistics, Minois
Department of Labor, goes on to say:
In each case the upward movement may be regarded as seasonal, although it is to be noted that the present gain in total employment is a
reversal of the February 1927 experience. The general improvement of
employment is reflected in the free employment office ratio which indicates
that only 208 workers applied for every 100 jobs In comparison with 239
in January. Last year the ratio for February was 201. A drop of 3,596
In the number of applications for jobs accounts for the change in the ratio
from a month ago.
The industries which have shown the most decided gains are metals, clothing and meat packing, the latter reporting an unsoasonal pickup In employment. In the paper and printing industry, sharp reductions appear.
both in job printing establishments and in newspaper plants. Coal mines
continue to report more workers; building contractors have followed their
usual February practice of dismissing help.
Bullish reports regarding conditions in the metal industry continue to
arrive. Reports from eleven of the twelve groups within the industry
indicate more workers and improved schedules which have been made
necessary because of an increasing demand for structurals, railroad equipment and sheet steel. Foundries and rolling mills have added 4.8% more
workers to their payrolls, and in sheet metal establishments, the per cent
of gain was 10.6. Farm implement establishments report 4.4% more
workers than last month. In all instances the present movement is in
line with previous February policies.
A gain of 4.6% in textiles and a 1.9% pickup in clothing is also In line
with previous February experiences. It is to be noted, however, that
since the condition of the industry is so closely affected by weather conditions, an economic interpretation is of less significance than in other
basic industries. With unseasonable weather the demand for spring suits
will decline regardless of the general business conditions of the country,

FINANCIAL CIIRONICLE

An unseasonal gain of 1.0% in the working forces of food establishments
featured the employment situation in the food products industry. Heavy
receipts of hogs made it necessary for more workers to be added to payrolls
of meat packing establishments than is usually the case. Other food industries to report gains are the grocery and dairy products groups.
Wood products establishments report a gain of 2.6%. The greatest
number of workers have been added in the furniture industry, although all
groups excepting lumber mills report larger working forces.
The building products industries continue to report reductions. In brick
and glass establishments the losses have been unseasonal and rather large.
Statistics regarding the national demand for clay building products indicate
a decrease, so that the present employment decline is probably cyclical
In nature.
Employment conditions in non-manufacturing industries has varied
widely. Department stores report that they have reversed their usual
seasonal policy with an 0.7% gain. Mail order houses report a drop of
4.0% in total volume of employment.
Every public utility group including railroad car repair shops report
fewer workers than in January.
Coal mine operators report a further gain of 1.1%.
In building a further seasonal drop is noted.

The statistics furnished by the Bureau follow:
COURSE OF EMPLOYMENT AND EARNINGS IN ILLINOIS DURING
FEBRUARY 1928.
By Sidney W. Wilcox,Bureau of Labor Statistics.
Employment.

Industry.

Per Cent.
Change
from a
Month
Ago.

+1.3
All industries
All manufacturing industries +2.7
Stone-clay-glass products_ _ -0.5
Miscellaneous stone prod'ts. +2.1
+14.8
Lime-cement-plaster
-0.1
Brick-tile-pottery
-5.7
Glass
+4.4
Metals-Mach.-Convey'ces
+4.8
Iron and steel
Sheet metal work-hardware. +10.6
+7.7
Tools and cutlery
Cooking-heating apparatus_ +14.1
Brass-copper-zinc-oth met.. +1.4
Carsand locomotives
+0.7
+27.9
4utos and accessories
-0.3
Machinery
electrical apparatus
+0.0
+4.4
Agricultural implements.. _ _
Instruments-appliances.- -- -1.5
-0.4
Watches and JewelerY
+2.6
Wood products
Saw-planing mills
+4.0
Farm!.ure-ca blast work-- _ _
Planes-musical Instruments +6.1
+6.2
Miscellaneous wood Prods
-0.8
Household furnishings
+0.7
Furs and leather goods
+2.1
Leather
+2.4
Furs and fur goods
+0.4
Boots and shoes
+0.2
Miscellaneous leather goods
+2.2
Chemicals-oils-paints
Drugs-chemicals
+0.8
Paints-dyes-colors
+1.6
Mineral-vegetable oil
+4.2
Miscellaneous chemicals_ _ _
+1.0
Printing-paper goods
Paper boxes-bags-tubes.- - - +0.8
Miscellaneous paper goods_ -2.0
Job printing
-3.2
Newspapers-periodicals__ _ _ --2.1
Edition bookbinding
+1.6
Textiles
+4.6
Cotton and woolen goods... +1.3
Knit goods-hosiery
+5.8
Thread and twine
+5.8
Clothing-millinery-laundry- +1.9
Men's clothing
+0.2
Men's shirts-furnishings_ _ _ -5.3
Overalls-work clothing
+8.9
Men'shats and caps
+24.2
Women's clothing
+3.7
Women's underwear
+11.5
Women's hats
+19.0
Laundering-cleaning dyeing
Food-beverages-tobacco _
+1.8
Flour-feed-other cereals..._
+6.4
Fruit-vegetable canning
+0.2
Miscellaneous groceries_ _
+5.3
Slaughtering-meat packing. +1.0
Dairy products
+4.4
Bread-other bakery prods- +1.2
Confectionery
-1.2
Beverages
+0.6
Cigars-other tobacco prod... +6.6
Manufactured ice
-1.9
Ice cream
+3.4
Trade-wholesale-retail
-3.4
Department stores
+0.7
Wholesale dry goods
+22.5
Wholesale groceries
Mail order houses
-4.3
Public utilities
-1.5
Water-light-power
-2.3
Telephone
Street railways
Railway car repair shops...
Coal mining
+1.1
Building-contracting
-5.7
Building construction
--5.8
Road construction
--34.8
Miscellaneous contracting._ -2.1

Earnings
(Payroll).

Index of ffinploymend.
(Average 1922=100)
Feb.
1928.

Jan.
1928.

Feb.
1927.

97.7
91.3
106.5
88.4
94.4
94.4
130.5
97.9
116.2
93.5
73.0
101.8
142.5
26.5
119.1
127.2
91.6
135.5
53.2
107.2
80.0
88.8
102.6
57.8
55.8
90.3
115.1
112.7
48.4
116.1
71.6
115.2
99.5
130.0
118.2
124.4
119.0
140.2
127.4
117.4
138.5

96.4
88.9
108.0
86.6
82.2
94.5
138.4
93.8
110.9
84.5
67.8
89.2
140.5
26.3
93.1
127.6
91.6
129.8
54.0
107.6
78.0
94.3
08.7
54.5
52.5
91.0
114.3
110.4
47.3
115.6
71.5
112.7
98.7
128.0
113.4
123.2
121.2
139.1
130.0
121.3
141.5

104.5
98.4
117.2
93.8
119.8
111.4
130.0
107.0
116.4
107.6
94.8
111.1
146.8
50.6
99.2
134.8
112.7
129.2
61.3
119.8
95.1
117.3
115.1
80.8
61.5
99.6
118.4
106.8
55.4
121.7
72.1
128.1
99.0
138.0
145.9
133.9
119.8
145.2
126.7
121.9
149.2

113.0
155.7
98.5
77.6
67.6
56.6
90.5
78.1
67.6
127.4
106.3
103.2
119.6
91.7
110.5
12.2
97.4
89.3
101.2
86.2
72.3
66.2
69.2
55.8

108.0
153.7
93.1
73.3
66.3
56.5
95.6
71.7
54.4
122.9
95.3
86.7
119.8
90.1
103.9
12.2
92.5
88.4
96.9
85.2
73.2
65.8
64.9
56.9

114.0
152.5
100.5
75.7
70.8
59.8
93.7
87.0
63.7
133.1
110.7
114.8
122.9
95.7
100.9
24.9
94.5
88.4
98.5
91.7
86.3
87.3
85.6
70.6

74.7
120.5
64.6
91.8
104.1
133.8
132.1
130.6
107.8
54.0
75.2
77.1
55.1
70.7
163.8

77.3
119.7
52.7
93.1
108.8
135.8
135.2
130.9
109.9
55.6
74.4
81.8
58.5
108.4
167.3

76.0
114.8
57.0
93.4
107.0
135.0
134.5
125.5
110.0
59.6
102.0
95.1
69.8
74.9
186.1

Total
Earns., Aver.
P. C. Wkly.
of Chge. Earns.
from a
for
Month
Feb.
Ago.
1928.
+4.6
+8.2
+1.0
+17.1
+10.8
+5.2
-11.9
+13.8
+13.5
+18.8
+14.4
+30.6
+3.5
+18.1
+56.2
+3.9
+5.4
+10.2
+7.4
+10.0
+2.5
+12.0
+18.9
+4.4
+3.2
+2.2
+6.1
-2.9
+0.8
+5.2
+9.6
+3.4
+20.7
+10.0
+4.8
-3.5
+2.7
-1.6
-7.6
-0.4
+2.5
+10.2
+6.8
+13.4
+5.7
+5.5
+5.0
-21.6
4-3.0
+22.9
+1.4
+25.2
+51.7
+0.8
+5.2
+13.9
+2.9
+22.9
+2.9
+4.8
-3.1
+3.6
+0.8
+2.6
+7.7
+0.8
+0.8
-15.1
--1.1
-0.3
+0.5
+10.3
-2.7
-4.6
-4.3
--22.3
-4.7

$20.60
28.93
28.30
27.15
25.88
31.62
25.96
30.07
31.43
26.39
32.16
30.86
30.12
29.15
33.36
30.58
29.36
27.97
28.34
25.81
27.17
29.90
28.19
26.44
22.88
22.88
20.51
28.32
30.88
19.28
16.26
28.82
22.49
31.93
30.26
28.76
32.84
25.70
25.62
32.26
46.04
33.20
18.71
28.49
15.05
20.07
29.61.
34.11
19.77
15.86
34.30
24.97
18.59
26.55
20.94
28.77
26.02
19.69
30.64
26.48
45.31
26.56
20.12
32.67
17.70
47.04
45.78
22.46
25.03
17.23
24.58
22.18
31.70
36.12
27.11
35.09
29.96
31.61
46.59
44.73
30.95
56.11

Real Estate Market Index in February 14 Points Higher
Than in January.
Real estate market activity for February was measured by
an index figure of 189, according to the compilation made
monthly by the National Association of Real Estate Boards.
The compilation is made from official figures of transfers
and conveyances recorded in 41 typical cities. The index is
nine points higher than the index for February of 1927. It
is 14 points higher than the index for January of the present




[VOL. 126.

year.% The Association's compilation uses for its base the
average number of transfers and conveyances recorded inthe
41 cities during the corresponding month of the years 19161923. Since it does not include in this base the years 19241927, it is pointed out that in interpreting the index the
figure found for any month is comparable with that of the
corresponding month of the previous year, but is incomparable with that of the month directly preceding it. The index
record for the past twelve months is as follows:
Feb. 1927
Mar. 1927
April 1927
May 1927

180
173
166
156

June 1927
July 1927
Aug. 1927
Sept. 1927

161
167
163
158

151
159
163
175
189

Oct 1927
Nov. 1927
Dec. 1927
Jan. 1928
Feb. 1928

Volume of Business in Automotive Parts and Accessories Increases-First Quarter This Year Best in
Recent Years.
The automotive parts and accessory business has gone
through one of its best first quarters in recent years and appears likely to go through the first half with a high volume of
production and sales, according to the Motor and Accessory
Manufacturers' Association. The Association's statement,
released for publication to-day (March 24), says:
•
The past month was a record February in shipments from the manufacturing plants. January also showed greater volume than any of the past
three years during which the Association has compiled statistics, and March
figures, while not complete, give every indication of running substantially
ahead of February levels.
A large number of members reporting for the M. & A. M. A. Business
Bulletin had February shipments aggregating 171% of January 1925, as
compared with 153% in January of this year, 146% increbruary last year
and 154% in February 1926.
Original equirment shipments to car and truck manufacturers made a
new February record along with the large volume of car and truck output.
Reporting companies made deliveries aggregating 187% of January 1925.
as compared with 163% in January this year, 158% in February 1927 and
160% in February 1926.
Service parts shipments, while declining from an aggregate index of 137
in January to 128 in February, were well ahead of February last year, with
an index of 100 as compared with 114 in February 1926.
Accessory sales to the trade advanced from 79 in January to 91 in February, as compared with 93 in February last year and 139 in February 1926.
February was the best month since October, when the index was 103. The
accessory business, except original equipment, has been adversely affected
by wider use of accessories as standard equipment on virtually all cars.
Service equipment manufacturers, feeling the stimulus of the garage machinery and tools sections in the automobile shows,had a February index of
158 as compared with 142 in January 155 last February and 138 in Febru-.
ary 1926.
Informal reports to the Association from members in various lines are
generally agreed that continuing strong demand, particularly for products
sold through the wholesale and retail trade, will keep the industry on a high
level of production at least until June.

Automobile Production on the Increase.
February production (factory sales) of motor vehicles in
the United States, as reported to the Department of Commerce, was 323,368, of which 290,830 were passenger cars
and 32,538 were trucks, as compared with 231,647 passenger
cars and trucks in January and 304,763 in February 1927.
The table below is based on figures received from 161 manufacturers in the United States for recent months, 49 making
passenger cars and 130 making trucks (18 making both passenger ears and trucks.) Figures for passenger cars include
taxicabs and those for trucks include ambulances, funeral
cars, fire apparatus, street sweepers and buses. Canadian
figures have been supplied by the Dominion Bureau of Statistics.
AUTOMOBILE PRODUCTION.
(Number of machines.)
United States.
Total.

Passenger
Cars.

Canada (a)
Trucks.

Total.

1926.
809,544
864,180
434,470
441.307
421,184
887,900
859.275
426.606
395,687
334,421
256,301
*167,927

January

February
March
April
May
June
July
August
September
October
November
December
Total (year)
1927.
January
February
March
April
May
June
July
August
September
October
November
December
Total (year)
111111
1928.
ianuary

277.831
325,122
387,570
389,833
*375,317
343,708
319,688
382,651
352,202
292,582
222.419
139,850

*4,298,802 3,808,753

31,713 15,479
39,058 18,838
46.900 22,374
51,474 21,502
45,867 24.934
44,192 21,751
39,587 15,208
43.955 15,261
43,485 *16,953
41,859 14.670
33,882 9.828
*28,077 7,752

Pass.
Cars.
MehOweatZW.,
P,
a..
0.0D1OW4+00-4.4
,0-4Ignt0340;grcg!4

1734

,....0

199,650
264,171
345.911
*357,009
357,150
278,728
*236,868
*274,381
*226,443
*183,042
*109,758
106,079

*3.394.288 *2,939,191

*39,277
40,592
48,525
47,736
*46,955
43,231
81.608
*34,438
33,939
36,670
24,653
*27,473

15,376
18,655
23.250
24,611
25,708
19,208
10,987
12,526
11,282
7,791
6,617
3,435

11,745 3,631
14,826 3,829
19,723 3,527
20,890 3,721
21,991 3,717
16,470 2,738
8,719 2.268
10,139 2,387
8.681.2,581
6,236 1,558
5,173 1,444
2,277 1,158

*465,097 179,426 146,870 32,555

*205,543
*26,104 8,463 6,705
900 520
29 ReSt M12 mu 10.215
a Reported by Dominion Bureau of Statistics.
'Revised.

February

*231,647
q9.
1 2012

3,698
4,077
4,385.
3,573
3,505
2.938
2,255
2,488
*3.606
4,075
3,054
1,700

490,049 *204,550 *115,201 *39,344

ifir
*238,927
304,783
394,436
404.745
*404,106
*321,960
*268,476
*308,814
*260.382
*219,712
•134,411
•133,551

Truett.

flIPMII
1,758
2.189

MAR. 24 1928.]

FINANCIAL CHRONICLE

Automobile Models and Prices.
A new sport cabriolet roadster has been introduced in its
senior line by Dodge Bros. It is priced at $1,720, fully
equipped, including two spare wire wheels and is offered in
more than 20 color combinations.
Lumber Orders Continue to Increase.
Continued gains in orders characterized the lumber movement during the week ended March 17, according to telegraphic reports received by the National Lumber Manufacturers Association from 706 of the leading softwood and
hardwood mills of the country. Production and shipments
were slightly lower in comparison with the preceding week.
In the softwood group, 352 mills reported an aggregate
gain of 22,752,496 feet in orders and slight decreases in
production and shipments, as compared with the preceding
week. All three items, however, are far in advance of
thosc for the corresponding period of last year.
The 354 reporting units in the hardwood group showed
a slight increase in production and a negligible decrease in
orders, with shipments about steady as compared with the
figures of 346 units reporting in the preceding week. The
figures under review are not comparable with those of last
year because of the larger number of currently reporting
units, declares the National Association in its weekly report,
from which we quote further as follows:
Unfilled Orders Increase.
The unfilled orders of 215 Southern pine and West Coast mills at the
of
end
last week amounted to 681,205,879 feet..as against 662,896,936 feet
for 218 mills the previous week. The 104 identical Southern pine mills
In the group showed unfilled orders of 238.231.760 feet last week, as against
230,593,480 feet for the week before. For the 111 West Coast mills the
unfilled orders were 442,974,119 feet, as against 432,303.456 feet for
114 mills a week earlier.
Altogether the 352 reporting softwood mills had shipments 106% and
orders 117% of actual production. For the Southern pine mills these
percentages were respectively 103 and 115; and for the West Coast mills
99 and 118.
Of the reporting mills, the 352 with an established normal production
for the week of 241.908.394 feet, gave actual production 100%. shipments
106%, and orders 118%. thereof.
The following table compares the lumber movement, as reflected by
the reporting mills of eight softwood, and two hardwood, regional associations, for the three weeks indicated:
•

Past Wee*.

Corresponding
Week 1927.

Softwood. Hardwood. Softwood. Hardwood

Preceding Week 1928
(Revised).
Softwood. Hardwood.

330
136
354
352
360
Mills
342
Production. 242,072,000 50,421.000 190.859,000 21,270,000 248,256,000 49.965.000
Shipments _ 255,542.000 51.585.000 218,807.000 22.723,0002s8,091,000 51.662.000
284,359,000 51,285.000 228,203,000 24.304,000 261.606,000 52,297.000
Orders
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that
new business for the 111 mills reporting for the week ended March 17
was 18% above production, and shipments were 1% below production,
which was 117,537,069 feet as compared with a normal production for
the week of 180,009,115. Of all new business taken during the week 46%
was for future water delivery, amounting to 64.262,159 feet. of which
50.087,059 feet was for domestic cargo delivery, and 14,175.100 feet
export. New business by rail amounted to 60,701.977 feet, or 44% of
the week's now business. Thirty-nine per cent of the week's shipments
moved by water, amounting to 45.601.950 feet, of which 34,353.728 feet
moved coastwise and intercoastal, and 11.248.222 feet export. Rail
shipments totaled 57,193,742 feet. or 49% of the week' shipments, and
local deliveries 13,517.016 feet. Unshipped domestic cargo orders totaled
155,661,550 feet, foreign 119.751,890 feet and rail trade 167,560,679 feet
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 104
mills reporting, shipments were 3.27% above production and orders were
14.98% above production and 11.34% above shipments. New business
taken during the week amounted to 74,979,008 feet (previous week 59,366,528); shipments, 67,340,728 feet (previous week, 64.693.233); and
production, 65,206,425 feet (previous week, 63.183,903). The normal
production (three-year average) of these mills is 67,959.579 feet. Of the
101 mills reporting running time, 67 operated full time, 7 of the latter
overtime. Two mills were shut down, and the rest operated from two
to six days.
The Western Pine Manufacturers Association of Portland. Ore., reports
production from 31 mills •as 25,140,000 feet, as compared with a normal
production for the week of 27,425,000. Thirty mills the week earlier
reported production as 20,933,000 feet. Shipments and new business
showed substantial increases this week.
The California White & Sugar Pine Manufacturers Association of San
Francisco reports production from 21 mills as 11,810,000 feet (59% of
the total cut of the California pine region) as compared with a normal figure
for the week of 9,976.000. Eighteen mills the previous week reported
production as 13,938,000 feet. Shipments showed a nominal increase this
week and orders somewhat larger than the preceding week.
The California Redwood Association of San Francisco reports production
from 15 mills as 9,047,000 feet, compared with a normal figure of 8.349.000.
Fourteen mills the week before reported production as 7,549,000 feet.
There was a notable decrease in shipments this week and a good gain
in new business.
The North Carolina Pine Association of Norfolk, Va., reports production from 45 mills as 5,521,183 feet, against a normal production
milk' the previous week reported
for the week of 9,990.000. Forty-three
production 9,985,575 feet. Shipments and orders showed considerable
reduction this week.
of Minneapolis, Minn..
The Northern Pine Manufacturers Association
reports production from 8 mills as 5,346,400 feet, as compared with a
Seven mills the week earlier
normal figure for the week of 6.910,700.




1735

reported production as 5,486,200 feet. Shipments were slightly larger
this week, and new business slightly less.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis., (in its softwood production reports production from 17
mills as 2,464,000, as compared with a normal production for the week
of 3.289.000. Eleven mills the week before reported production as 988.000.
Shipments and new business showed marked increases this week.
Hardwood Reports.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis., reports production from 71 mills as 5.109.000 feet, as
compared with a normal figure of 5,960,000. Eleven mills the preceding
week reported production as 4.033.000 feet. Shipments and new business
were much larger this week.
The Hardwood Manufacturers Institute of Memphis, Tenn., reports
production from 37 units as 45,312,000 feet, as against a normal figure
for the week of 70,751.000. Three hundred and thirty-one units the
previous week reported production as 45,932,000 feet. Shipments and
new business were somewhat below the week earlier.

West Coast Lumbermen's Association Weekly Report.
One hundred fourteen mills reporting to the West Coast
Lumbermen's Association for the week ended March 10 1928
manufactured 123,921,349 feet, sold 126,080,027 feet, and
shipped 115,902,552 feet. New business was 2,158,678 feet
more than production and shipments 8,018,797 feet less
than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS.
SHIPMENTS AND UNFILLED ORDERS.
Feb. 18.
Feb. 25.
Mar. 3.
Mar. 10.
Week Ended—
113
112
114
114
Number of mills repotting
123,921,349 119,693,233 118,068,519 118,119,923
Production (feet)
125,205,371
126.884.859
114.040,203
128,080,027
New business (feet)
115.902,552 117,666,878 105,257,130 120,449,098
Shipments (feet)
Unshipped Business—
165,766,301 167,273,932 170.010.434 169.322,519
Rail (feet)
144,545,303 142,683.494 139.856.291 131,995.519
Domestic cargo (feet)
112,753,134 114,276,980 114,138,084
121,991,852
Export (feet)
432.303,456 422,720.560 424,143,705 415,466.142
Total (feet)
1925.
1926.
1927.
Pint 10 Weeks of
1928.
118
101
81
113
Average number of mills_
1,085.108,088 747.180.626 868,928.918 955.315.290
Production
959.755,544
905,100,104
786.711,280
1,144,088.349
New business
1,039,765,489 714,856,471 910,653,597 958.647.955
Shipments

President Machado of Cuba Signs Decree Limiting
Sugar Output to 4,000,000 Tons.
Havana press advices Mar. 21 stated:
President Machado has issued the allotment decree limiting totaled
Cuban sugar crop production this year to 4,000,000 long tons, or 3.500,000
bags less than last year's crop. The decree carries heavy penalties for
violation of the order.
Total production of the 1928 crop is fixed at 4,000.000 tons, against
4,508,521 tons last year.

$60,000,000 Credit Arranged in Behalf of So-Called
American "Rubber Pool"—Record Trading in
Rubber Follows Announcement.
Announcement was made on March 18 that a credit of
$60,000,000 had been arranged by the National Bank of
Commerce in New York and the International Acceptance
Bank Inc. in behalf of the National Reserve for Crude Rubber—the so-called American "Rubber Pool". The present
move represents an extension of the $40,000,000 pool formed
in December 1926 by American rubber manufacturers in cooperation with automobile industries, an item regarding
which appeared In these columns Dec. 4 1926, page 2843.
C. B. Seger, chairman of the U. S. Rubber Co. when asked
whether the new credit meant that the "pool" had been
liquidated, as had been rumored in the trade, was quoted in
the "Wall Street News" of March 19 as saying:
"No, there has been no liquidation of the National Reserve of Crude Rubber heretofore acquired by a large group of rubber goods manufacturers
and automobile companies. The purposes for which the original financing
was made have been so successfully accomplished that the credit has been
arranged to extend the 'Pool'."

According to the "Journal of Commerce" of March 19 the
National Reserve for Crude Rubber was due to suspend its
activities on April 1 under an agreement reached last summer between the rubber manufacturers operating it with
L. D. Tompkins, President of the General Rubber Co., as
manager. The same account stated:
The credit arrangement guarantees the continuance of its operations.
680,000,000 Available Now.
Of the total amount of the credit 230,000,000 is to be extended Immediately and the second $30,000,000 if and when required. The fact that
half of the amount is needed now is interpreted in local rubber trade circles
as a confirmation of the general impression that the "pool," heavily laden
with stocks of rubber purchased at prices close to the "fair" figure
mentioned in the Stevenson Restriction Law took severe losses when the
market recently underwent record downward revisions on the news reports
that the British were investigating the rubber situation with a view to
making changes in the present method of controlling the crude rubber
supply.
The American pool secured a credit of $40,000,000 in December of 1926
and bought rubber estimated at 65,000 tons at from 35c. to 41c. a pound.
It was understood at that time that the credit was guaranteed by'United
States Rubber, B. F. Goodrich Co., Goodyear Tire & Rubber, Firestone Tire
& Rubber and Fisk Rubber. Other concerns interested were Kelly-Springfield
Tire Co., Ajax Rubber Co., General Motors Corporation, Willys-Overland Co.,
Dodge Bros., Packard Motor Oaf Co., Studebaker Corporation and others.

FINANCIAL CHRONICLE

1736

The General Rubber Co., a subsidiary of the United States Rubber Co.,
was selected as the sole purchasing agent of the combination.
Henderson Makes Issue Clear.
Extension of the pool which was created as a protection to American
manufacturers and rubber dealers from absolute dependence upon the British control of the price levels, is regarded in some well-informed quarters
as an indication that the pool consider the price of crude rubber abnormally
low at the present time and will buy at the current price level in order
to equalize paper losses taken on rubber that was purchased at a much
higher figure. Rubber is curerntly quoted around the 25c. figure now
/
2c. for the corresponding period a year ago.
as compared to 411
Frank R. Henderson, President of the New York Rubber Exchange, said
yesterday that extension of the pool undoubtedly means that large manufacturers are. again fortifying themselves against the possibility of price
manipulation by the British.

Mr. Henderson is quoted as saying:
"The rubber market is awaiting a statement from Premier Baldwin as
to their intentions with regard to the Stevenson Restriction Law, and at
present the American consumer is faced with a very uncertain situation.
Rubber being produced on the opposite side of the world puts the tire manufacturer to a great disadvantage in his raw material requirements, having
to purchase at least three months in advance of the time when tires are
bought by the general public.
"If the British restriction on production is maintained, prices are very
apt to materially advance. If it is abolished the recent decline in the
market may have sufficiently anticipated such a move, but there seems to
be an effort on the part of the British interests in favor of the retention of
the law to depress prices for the purpose of compelling their Government
to recognize the ruinous situation facing the plantations, which is the basis
of their argument against abolition.
"I have long contended that the British planters themselves would be
better off without any restriction, and that sooner or later rubber prices
would find their proper economic level, which would be fair to both
grower and consumer.
"There is a sizeable element in England favoring a free market for
the commodity and probably the announcement will be in the nature of
a compromise, that is abolition of restriction under a long notice to permit
the estates to adjust their affairs accordingly. It would seem, therefore,
that while the American pool, through its operations in the past year,
endeavored to keep prices from unduly advancing, it is about to renew its
efforts to combate British manipulations."

[VOL. 126.

tion plan to supercede the Stevenson restriction scheme was given added
credence in local rubber trade circles with the arrival yesterday afternoon
of a cable report from London stating that Premier Baldwin would make
an announcement on the rubber situation before the holidays. Those who
are expecting momentarily an agreement between the British and the
Dutch infer that the Premier's announcement will make public the result
of negotiations now being carried on.
Drastic Efforts in 1927.
Although the Stevenson restrictions have been in effect for six years, it
was only in the last months of 1927 that drastic effort was put forth by
the British Colonial Office to make them effective. Among the measures
enforced were those which provided against carry-over of the export
coupons, which previously had enabled purchasers to keep a large supply
of the commodity available, the drastic reduction of assessments on the
Singapore plantations, and heavy punishments for those who smuggled
rubber out of the East Indies.
During this period, however, the Dutch growers prospered by increasing
their exports of the rubber, sold at the prices upheld by British restrictions. This condition led to widely expressed discontent among the British rubber growers and resulted in repeated efforts of the British to bring
the Dutch to a restriction agreement. Now faced with a possibility of
complete abaudonment of the Stevenson plan by the British and a consequent sweeping decline in values, which would affect the entire industry, it is held that the Dutch are willing to come to terms. Through such
an arrangement they would retain the benefits which accrued to them during the British restriction indiscretion and profit by a new plan for holding up the price of crude to a "fair" level.

Report that Great Britain Intends to Maintain Restrictions on Rubber—Premier Baldwin to Make Statement
Before Easter.
It was stated in London advices March 18 to the New
York "Herald-Tribune" (copyright) that the restrictions
on the release of the rubber output as laid down under
the Stevenson act will be continued by the government for
the time being, though probably with a much lower pivotal
price, despite the American rubber pool's mobilization of
additional credits to stabilize prices, it is understood in
circles close to the administration. Continuing the advices
said:

It is noted in the "Journal of Commerce" that prices on
both the New York and London rubber markets broke badly
on Feb. 9 following the announcdment that Premier Baldwin
The local effect of this move certainly will be increased pressure on
had instructed the Committee on Civil Research to make a the government to remove the restrictions entirely, but in view of the
confidential report on the workings of the Stevenson re- broadest hints aired in London newspapers that American diplomatic
influence is being exerted to this end, the government may be expected
striction scheme, suggesting recommendations as to policy to
move slowly in order to sidetrack the charge that it is acting under
further
in
the
future.
It
adopted
is
be
and methods to
Washington's dictation.
This charge was formulated flatly in "The Morning Post," which,
noted that new records for trading were set on the Rubber
editorializing on the report of the proceedings of the committee named
Exchange of New York in the trading which followed and to
probe the restrictions in secret sessions, comments: "We confess we
prices dropped 300 points and more overnight. The im- do not understand this report that has given rise to the injurious rumor
petus given to trading with the announcement of the new that in this as in some other matters the government is obedient to
diplomatic pressure from the United States—a country which seems to
credit was observed in the following from the "Journal of claim freedom
to restrict the output of its own commodities while imCommerce" of March 20:
posing a veto on restrictions in other countries."
The heaviest volume of trading in the history of the Rubber Exchange
of New York was recorded yesterday as the market converted the announcement of a new $60,000,000 credit for the American rubber pool into a
bullish development and brought the prices of crude rubber up nearly 300
points or Sc. in a spectacular session, during which stocks valued at approximately $4,400,000 were turned over.
While the crude rubber prices were thus being affected, the spirit of the
upward movement was carried to the New York Stock Exchange, where
every tire and rubber stock traded was carried forward. Goodyear, which
showed an advance of 6 points at one stage of the trading and finally
closed after profit taking reduced its net gain to 3% points, led in the
strong upward movement. All of the rubber shares were favorably affected.
As the frenzied demand for crude rubber and for shares of companies
which use large quantities of the commodity swept forward well informed
observers of the situation made efforts to determine the exact meaning of
the credit announcement which wag sent out by the National Bank of Commerce on Saturday. In some quarters it was held that the extension of
$60,000,000 credit to the rubber pool indicates the necessity of putting up
additional margin on the stock of rubber carried. This theory is borne
out by the phrasing of the announcement, which said that $30,000,000 was
for use now and the remainder "if and when required," it was argued.
The $30,000,000 credit granted now will provide the additional margin,
these observers point out.
$20,000,000 Loss Suffered.
No definite knowledge of the size of the stocks of crude rubber carried
by the "pool" has ever been made known, but various respected estimates
have put the amount at from 40,000 to 60,000 tons. Since it is believed
that most of this stock was purchased when the price level of crude rubber
hovered in the neighborhood of 40c. or 41c. it is calculated that the probable
loss suffered by the pool as a result of the recent break, which was started
on February 9, runs as high as $20,000,000. It is therefore held that the
additional funds are necessary not only to increase the margin on present holdings but perhaps also to enable the pool to give a little buying
support to the market from time to time.
11,

11

41

Publicity Aids Movement.
When the original credit was granted news of the action was not immediately announced. The wide publicity given the additional credit yesterday caused the opening prices on the Rubber Exchange to move up
50 to 60 points under a heavy volume of short covering and an active
demand. In the brisk trading which followed New York Stock Exchange
houses which have memberships on the Rubber Exchange hurriedly called
brokers from other assignments and sent them to the exchange to assist
there.
Frequent and varied rumors added to bullish enthusiasm in the advancing market. One report stated that the American pool had reached an
understanding with British interests and that the credit extension announcement was a direct result of this agreement.
Another report to the effect that the 'British and Dutch rubber growing interests were now conferring with a view to drawing up a new restric-




A similar standpoint was taken today by "The Weekly Dispatch," a
Sunday newspaper in Lord Rothermere s chain, which declares: "That
there has been a leakage of information which has allowed speculators
abroad an advantage over rubber shareholders in this country is a view
too strongly held to be shaken by mere official poohpoohing. The impression is strongly implanted that an intelligent inkling of ministerial
policy by some means reaches America, Java and Singapore. What an
extraordinary thing it is that when it is decided to keep official information secret, as in the case of the government's rubber plans, New York
and the East seem to have no difficulty in obtaining quick information,
but when the secrecy is harmful the government's success in preventing
leakage amounts almost to a miracle."
From these characteristic comments it may be inferred that the government still has such "bad press" on handling its announcements concerning the committee which has been appointed to investigate existing .
restrictions that the hint of American "diplomatic pressure" is quite
sufficient to prevent any immediate radical action.
The rubber market at the same time is reconciling itself to a cut in
the pivotal price preliminary to an eventual removal of all restrictions.
"The Morning Post" stresses the statement that rubber is such an essential commodity that even if the restrictions are abolished proprietors of
good rubber estates can always hope for adequate returns on their
investment.

The New York News Bureau, in a Central News cablegram from London on March 19 reported Premier Baldwin
as stating that he hopes to be able to make a statement on
the rubber restriction question before the House of Commons takes its Easter recess.
President O'Neil of General Tire and Rubber Co. Criticizes
Congressional Committee Appropriation to Investigate
Crude Rubber Possibilities in Philippines.
Congressional Committee appropriation of 8100,000 for
Investigating crude rubber possibilities in the Philippines
and Tropical America, is denounced by William O'Neil,
President of The General Tire and Rubber Co. of Akron,
Ohio, as a waste of money and a foolish and impossible
attempt to establish this country in the rubber production
business in far away lands. The money is to be taken
from Agricultural Department funds. Congress intends
that it shall be spent, first for study of the problem, next
for experimental purposes and finally for development of
rubber trees in the islands or American tropics. Congressional junkets and far east cruises of government commissions seeking information which American rubber men

MAR. 24 1928.]

FINANCIAL CHRONICLE

1737

already have in their possession, will absorb the appropriation almost entirely, Mr. O'Neil declares. The money could
be spent to much better advantage by the Agricultural
Department for American farmers. He adds:

present final ginnings figures of 12,950,473 500-lb. bales of
lint cotton compares with 12,789,000 bales, the final estimate of the Department of Agriculture, made on Dec. 8
1927, as of Dec. 1. The present report in full, showing the
"Besides, American rubber companies have spent much more than production of lint cotton by States in both running bales
$100,000 studying and developing far east rubber plantations. They and the equivalent of 500-lb bales, is as follows:
already have a great deal more experience than a government agency or

commission could acquire for this sum of money.
"The problem of raising rubber is largely a question of labor. We
haven't the necessary cheap labor available in the Philippines and it is
against the principles of this country to import the character of labor
that is doing the job for the British and Dutch.
"If we cannot run a U. S. Merchant Marine successfully because of
labor problems, especially when labor represents only a small part of the
operating cost, what could we do in a business where labor is 80 per
cent of the cost and where we would be in competition with other rubber
growers paying their labor only 20 cents a day.
"We are making tires in this country and are willing to pay to the
farmer who grows it, a fair price for our rubber, regardless of his
nationality. Naturally we want to buy the commodity as cheaply as
possible, but we must remember, however, that the farmer, even though
he may be a Dutch or British rubber farmer, is entitled to a living
wage and will have it.
"It is my belief that the private research work now being carried on
in our country and tropical America in an effort to develop a rubber
supply for war time emergencies, is a worthwhile effort. It is also my
belief, that aside from this, there is no . reason why our government
should expend money and energy in a field which is delivering the
world at large very good service.
Rubber is now raised by several nationalities and peoples. The industry, despite belief in some quarters, is not under control of the British, no more and perhaps not to the extent cotton is under our control."

Opening by American Woolen Company of Fall Lines of
Women's Wear-Price Reductions Despite Rise in
Wool.

REPORT ON COTTON GINNING-CROPS OF 1927, 1926 AND 1925.
Cotton Ginned (Exclusive of Linters).
State.

Alabama
Arizona
Arkansas
California
Florida
Georgia
Louisiana
Mississippi
Missouri
New Mexico_..
No. Carolina
Oklahoma_
So. Carolina._
Tennessee
Texas
Virginia
All other

Running Bales.
(Counting Round as Half Bales.)

Equivalent500 Pound Bales.

1927.

1926.

1925.

1927.

1926.

1925.

1,173.303
90,215
979.159
89.998
17,361
1,110.923
542.576
1,346.201
115.558
64,876
879,071
1,009,104
738,529
355.685
4,227,750
30,523
6.673

1,470,404
120,089
1,513.382
128.835
33,231
1,498,473
826,179
1.857.525
215.769
70.206
1.246,754
1,760,644
1,025,991
442,052
5,477,788
51,891
15.857

1,356,402
115.359
1,594,389
122,260
40,208
1,192,952
912,246
1,985,524
292,950
64,706
1,147,340
1,680,304
929,040
513,130
4,098.249
54,016
23,441

1,192,262
91,589
999.657
91.177
16.496
1,099.568
547.437
1,355,098
114,125
65,249
860,876
1,036,606
729,942
358,755
4,354,621
30,432
6,583

1,497.821
122.902
1,547,932
131,211
31.954
1,496.105
829,407
1,887,787
217,859
71,000
1,212,819
1,772,784
1,008,068
451.533
5,630,831
51,329
16.032

1,356.719
118,588
1.604.628
121.795
38.182
1.163.885
910.468
1,990,537
294,262
64.444
1,101.799
1,691.000
888,666
517,276
4,165,374
52,535
23,521

United States._ 12,777,505 17,755,070 16.122,516 12,950.473 17.977.374 16.103,679
The statistics in this report for 1927 are subject to correction. Included
in the figures for 1927 are 22,447 bales which ginners estimated would be
turned out after the March canvass. Round bales included are 550.178
for 1927; 663,786 for 1926; and 351,121 for 1925. Included in the above
are 24.223 bales of American Egyptian for 1927; 16,232 for 1926, and
20,053 for 1925.
The average gross weight of bale for the crop, counting round as half
bales and excluding linters is 506.8 pounds for 1927; 506.3 for 1926, and
499.5 for 1925. The number of ginneriee operated for the crop of 1927
is 14,857 compared with 15,753 for 1926.

wear
Fall fabrics by the American Woolen Company were deConsumption, Stock.s, Imports and Exports-United States.
clines in prices of repeated numbers or from 5 to 221h
Cotton consumed during the month of February 1928 amounted to
cents a yard as compared with the opening levels for last
573.810 bales. Cotton on hand in consuming establishments on Feb. 29
Fall, said the Nei's,. York "Times" of March 21, in which it was 1,668,650 bales, and in public storage and at compresses 4.312,929
bales. The number of active consuming cotton spindles for the month
was also stated:
Featuring the Opening on March 20 Of NVOillen's

The reductions occasioned much surprise in the market, as the strong
raw material market had led to expectation that the prices would be
higher or at least firm. The consensus of opinion was that the big
company intends to go after business strongly in its women's wear
division.
Staples predominated in the line, there being 75 cloths of this type,
made by 17 different mills of the company. Broadcloths were strongly
featured and were offered "spot-proofed and sponged." In addition the
line comprised suedes, velours, meltons, chinchillas, mannish-effect fancies and weaves showing border effects and fancy backs.
One of the outstanding cloths is "Venise" No. 0923, which is retained
for the fourth season. This fabric has a new price of $4.521%, as
against the opening figure last Fall of $4.625.4, which was later advanced
to $4.87%. The well-known "Duvbloom" suede, No. A0891, is now
quoted at $3.50, compared with last Fall's opening of $3.7254 and the
later advance to $3.85.
The "Kashaigne-Twill" broadcloth, No: 21678, has a new price of
a reduction of 17% cents from the opening last Fall and of 30
cents from the advanced level of that season. The velour, No. 1018-2,
is priced for this Fall at $1.374 to $1.45, depending upon color, against
$1.421/, to $1.47% last year. Other velours included No. 16052, quoted
at $1.37% to $1.52%, compared with $1.37Y2 to $1.45 last year, and
No. 11186, "spot-proofed and sponged" at $1.45, a rise of 10 cents over
last year.

Wool Production in 1927 Over 328 Million Pounds.
The total amount of wool shorn and pulled in the United
States in 1927 was 328,137,000 pounds, of which 278,037,000
pounds was shorn wool and 50,100,000 pounds was pulled
wool, according to the estimate of the United States Department of Agriculture. This estimated amount in 1926
was 310,576,000 pounds, of which 260,976,000 pounds was
shorn wool and 49,600,000 pounds was pulled wool. The
estimated average weight per fleece shorn was 7.74 pounds
In 1927 and 7.77 pounds in 1926. The esthnated weight of
pulled wool per skin was 3.24 pounds in 1927 and 3.33
pounds in 1926.
Census Bureau's Final Report on Cotton Ginning.
The Bureau of the Census of the Department of Commerce at Washington issued on March 20 its final report
on cotton ginning (excluding linters). This report shows
that for the present season there were 12,950,473 500-lb.
bales of lint cotton ginned, including 22,447 bales which
ginners estimated would be turned out after the March
canvas. This compares with 17,977,374 bales in 1926,
16,103,679 bales in 1925 and but 13,627,936 bales in 1924.
Taking linters into consideration, the aggregate production is likely to be 13,720,501 bales. This computation as
to linters is based on the Department's estimate that linters
are approximately 6% of the lint crop. The total of 13,720,501 bales as the production of cotton lint and linters the
present season compares with 19,014,458 bales in 1926,
17,218,556 bales in 1925, 14,525,311 bales in 1924 and
10,808,271 bales in 1923. It is interesting to note that the




was 31,687.012. The total imports for the month of February 1928 were
38,200 bales and the exports of domestic cotton, including linters, were
634,890 bales.
World Statistics.
The estimated world's production of commercial cotton exclusive of
linters. grown in 1926, as compiled from various sources is 27,813.000
bales counting American in running bales and foreign in bales of 478 Pounds
lint, while the consumption of cotton (exclusive of linters in the United
States) for the year ending July 31 1927, was approximately 25,P,69.000
bales. The total number of spinning cotton spindles, both active and
idle, is about 165,000,000.

Senate Inquiry Into Cotton Exchanges to Determine
Existence of Alleged Price Manipulation-Reports
of Proposed Formation of New r.xchange in New
York.
The inquiry by a sub-committee of the Senate Committee
on agriculture to determine whether there has been any
cotton price manipulation has continued during the current
week. In our issue of March 17 (page 1587) we gave a detailed account of the hearings up to that time, and the
coming week we shall refer further to the inquiry since then.
We note here, however, that it was stated in the "World"
of yesterday (March 23) that incident to the inquiry, a
move to organize a new cotton exchange in New York to
operate in competition with the present organization is
threatened. That paper stated:
The new exchange, according to plans now being discussed, would consist of 30 firms supporting the policies of Anderson Clayton & Co., who
are accused by Arthur R. Marsh, a cotton broker, of tremendous cornering
operations. These firms, according to the reports, would be the nucleus of
an exchange which would deal in futures with an official delivery in Southern Ports, rather than delivery at the Bayway terminal in New York,as the
New York Cotton Exchange contracts now specify
It was learned that Frank R. Henderson, organizer and President of the
New York Rubber Exchange, had been approached with a request that he
act as organizer for the new cotton market, Mr. Henderson was out of the
city yesterday.

Activity in the Cotton Spinning Industry for
February 1928.
The Department of Commerce announced on Mar. 21
that according to preliminary figures compiled by the Bureau
of the Census, 36,142,916 cotton spinning spindles were in
place in the United States on Feb. 29 1928, of which 31,687,012 were operated at some time during the month,compared
with 31,697,876 for January, 31,715,388 for December,
32,269,478 for November,32,497,504 for October, 32,343,454
for September, and 32,873,280 for February 1927. The aggregate number of active spindle hours reported for the
month was 7,968,862,624. During February the normal
time of operation was 24 2-3 days (allowance being made
for the observance of Washington's Birthday in some localities) compared with 2534 for January, 26 for December,
253 for November, 25% for October, and 2534 for Sep

FINANCIAL CHRONICLE

1738

ternber. Based on an activity of 8.83 hours per day, the
average number of spindles operated during February was
36,586,303 or at 101.2% capacity on a single shift basis.
This percentage compares with 101.5 for January, 94.3 for
December, 107.2 for November, 105.3 for October, 107.0
for September, and 106.5 for February 1927. The average
number of active spindle hours per spindle in place for the
month was 220. The total number of cotton spinning spindles in place, the number active, the number of active spindle
hours and the average spindle hours per spindle in place, by
States, are shown in the following statement:
Spinning Spindles.
State.
Cotton-growing States____
New England States
All other States
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virgl'Ila
All other States
United States

In Place
Feb. 29.

Active During February.

Active Spindle floursfor Feb.
Total.

Aver. per Spindle in Place.

18,443,226
16,088.646
1,611,044

17,843.812 5,352,091.747
12,414.904 2,347,009.847
269,761,030
1,428.296

290
146
167

1,594,390
1,131,496
3.065,202
1,123.268
9,927.720
175,402
1.418.638
378.936
838.088
6,204,080
2,342,716
5,467.550
603,924
276,736
710,952
883.818

428,908.841
1,520.036
220,872.302
1,046.622
901.244,091
2,981.954
169,998,297
912.474
7,424.776 1,352,811,348
47.759,750
159.102
219,050.929
1,091.840
66,379,399
375.336
133,219,758
703.098
5.940.192 1,839,167.945
359,937,663
1,822,288
5.413.404 1,676.930.197
586,012
180.891.900
249.192
69.510.696
685.846
129.470.647
774,840
172.708,861

269
195
294
151
136
272
154
175
159
296
154
307
300
251
182
195

36.142,916

31,687,012 7,968,862.624

220

.

No Change in Crude Oil Price-Gasoline Shows Several
Readjustments.
Crude oil prices throughout the country remained at unchanged levels this week. A few changes were made in the
price of gasoline, one of the earliest of which was the announcement on Mar. 17 that the Standard Oil Co. of New
Jersey had advanced the price of gasoline in tank car lots
by Mc. a gallon, following a similar advance Mar. 16 by
Sinclair Refining Co. (See page 1590 of last week's issue.).
4c. a gallon at Bayonne and
This made the new price of 83
83'2c. at Charleston, S. C. The company also raised its
prices on the Gulf Coast by Mc. a gallon to 79ic. at Baton
Rouge for gasoline in cargo lots export and domestic tank •
car market.
On Mar. 20, the Sinclair Refining Co. advanced the price
of gasoline in group 3, Oklahoma, Mc. a gallon to 7c. in
•
tank car lots.
The Atlantic Refining Co. on Mar. 20 advanced the price
of gasoline lc. a gallon, making the tank wagon price 16c.
and service station price 19c. a gallon. The Sinclair Consolidated Oil Co. met the advance.
In Chicago, Ill., on Mar. 23 wholesale prices stood as
4@6Mc.; kerosene, 43.1(4)
follows: Motor grade gasoline, 6Y
4Me.,41-43 water white; fuel oil, 87M ©900., 24-26 gravity.
Crude Oil Production Rises.
Reporting the daily average gross crude oil production
in the United States for the week of March 17, the American
Petroleum Institute estimates production at 2,388,600 bar
rels as compared with 2,355,700 barrels for the preceding
week, an increase of 32,900 barrels. This fell below the
output in the corresponding week of 1927 by 74,850 barrels
per day. The current average production east of California
was 1,779,100 barrels, as compared with 1,741,500 barrels,
an increase of 37,600 barrels. The following are estimate
of daily average gross production by districts for the weeks
mentioned:

[VOL. 126.

was 1,409,150 barrels as compared with 1,376,150 barrels, an increase of
33,000 barrels.
The production figures of certain pools in the various districts for the
current week compared with the previous week follow (figures in barrels
of 42 gallons):
-Week Ended-Week EndedMar.17 Mar.10
OklahomaMar.17 Mar.10
North LouisianaNorth Braman
6,300 6,300
2,850 2,900 Haynesville
South Braman
7,850 8,050
1,800
1,850 Urania
Tonkawa
14,800 14,900
Garber
9,850 9,900
ArkansasBurbank
8,400 8,550
44,150 43,950 Smackover, light
Bristow Slick
65,800 66,550
24.800 24,800 Smackover.heavy
Cromwell
10,150 10,100
Wewoks
7,850 8,200
Coastal TexasSeminole
8,400
8,750
56.000 55,150 West Columbia
4,650
Bowlegs
6,800
84,850 86.100 Blue Ridge
&aright
9,050 7.500
18.150 18,300 Pierce Junction
Little River
11,700 11,600
40,500 39,500 Hull
Earlsboro
37,900 37,900
101,050 105,000 Spindletop
Panhandle Texas3,800 4,300
, Orange County
Hutchinson County____ 44,950 45,400 I
Carson County
6,900
7,100 I WyomingGray County
18.350 19,250 Salt Creek
39,850 38.450
Wheeler County
1,050
950 i
West Cmtrat TexasMontanaBrown County
12,550 12,400 Sunburst
10,000 9.000
Schackeiford County-- 8.000
7,000 1
West TexasCaliforniaReagan County
19,800 19,900 Santa Fe Springs
37,500 38,000
Pecos County
46,200 46,400 Long Beach
119,500 118,500
Crane & Upton Counties. 87,300 86,000 Huntington Beach
58,000 58,500
Winkier
175.000 138.500 Torrance
19,000 19,500
East Central Texas
Dominguez
12,500 12,500
Corsicana Powell
11.850 11,500 Rosecrans
7,000 7,000
1,250
1,300 Inglewood
28,800 29,800
N lager Creek
Midway-Sunset
• Southioutt Texas80,500 80,000
Luling
13,800 13,950 Ventura Ave
45.000 52.500
6.700 6,600 Seal Beach
39,000 39,500
Laredo District

Gross Crude Oil Stock Changes for February 1928.
Pipe line and tank farm gross domestic crude oil stocks
east of the Rocky Mountains increased 1,961,000 barrels
in the month of February, according to returns compiled
by the American Petroleum Institute from reports made to
it by representative companies. The net change shown by
the reporting companies accounts for the increases and
decreases In general crude oil stocks, including crude oil
In transit, but not producers' stocks at the wells.
Changes In Stocks at Refineries East of California
for February
The following is the American Petroleum Institute's summary for the month of February of the increases and decreases in stocks at refineries covering approximately 86%
of the operating capacity east of California.
(Barrels of 42 Gallons.)
Domestic crude oll
Fcreign crude oil
Gasoline
Kerosene
Gas and fuel oils
Lubricating oil
Miscellaneous
Total
Deduct
Net increase

Increase.

Decrease.
157,000

18,000
1.512,000
173,000
61,000
101,000
169,000
1,721,000
560,000

560.000

1,161,000

World's Production of Copper for Month of February
Increased 4,855 Tons over the Preceding Month.
According to figures compiled by the American Bureau
of Metal Statistics, the world's production of copper for
the month of February amounted to approximately 148,500
short tons, as compared with total output in January of
about 143,500 short tons and of about 135,900 short tons in
February 1927.
Copper output for the two months ending Feb. 29, 1928, by
principal countries of the world which furnished about 98%
of the world's total, amounted to 285,947 short tons, as
compared with 276,207 short tons in the corresponding period of 1927, an Increase of 9,740 short tons. The daily
rate of production for these countries for the month of
February 1928 was 5,014 short tons, as against 4,534 short
tons the previous month and 4,745 short tons for the month
of February 1927. The Bureau's figures follow:

DAILY AVERAGE PRODUCTION.
Mar.17 '28. Mar.10 '28. Mar.3 '28. Mar.19 '27.
653,400
653,950
706,900
651,650
113.100
112,750
116,000
110,300
72.750
72,850
125,800
MONTHLY COPPER PRODUCTION (IN SHORT TONS).:
71,300
91,400 (By principal countries of the world, which furnished about 98% of world's total.)
67,900
68,200
67.800
86.650
52,800
53,600
54.800
87,600
304.150
305.600
341.250
42,600
Monthly Production.
22,900
23,100
Daily Rate.
23,600
37,100
23,400
23.650
23,600
1926.
45,300
49,750
44,900
1927.
1928.
1926. 1927. 1928.
44,750
86.700
124,950
86,350
85,900
99,450
141,003 January
129,518
143,337
140,546 4,178 4,624 4.534
102,750
103.800
13,400 February
136,455
19,000
132,870
145.401 4,516 4,745 5.014
16,500
17,700
103,000
104,000 March
134,727
136,347
102,250
4,346 4.398
101.750
April
64,250
136,938
135,729
56,550
55,950
4,565 4,524
58,300
136,468
139.114
10,950
10,950
14,550
4,402 4,488
11,950
7,950 June
124.100
134,243
7,450
7.250
4,137 4,475
8.150
4,950 July
124,483
2,100
132,186
2,350
4,016 4,264
2,500
614,400
644,600 August
128.568
135,015
614,200
4,147 4,355
609,500
September
132,013
133,291
4,400 4.443
2,463,450 October
136.600
2,356.750
145,278
4.406 4,686
2,355,700
2,388,600
Total
148,321
141,975
4.944 4.733
le veem
mi::
1 rr
The estimated daily average gross production of the Mid-Continent field i)
4,590 4.805
142,300
148,961
West
North,
West
Central,
including Oklahoma, Kansas, Panhandle,
Total
1,600.491 1,658,346
285,947 4.385 4.543 4.774
Texas, East Central and Southwest Texas, North Louisiana and Arkansas,
Monthly average.. _ _
133,374
138,196
142,973
for the week ended March 17 was 1,474,950 barrels, as compared with
(In Barrels.)
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California

1,442,700 barrels for the preceding week, an increase of 32,250 barrels.
The Mid-Continent production excluding Smackover, Arkansas heavy oil




x Table Includes production by the United States, Mexico, Canada, Chile and
Peru, Japan. Austral a. Europe (partly estimated) and Belgian Congo.

MAR. 24 1928.)

FINANCIAL CHRONICLE

1739

Decrease in Stocks of Refined Copper in February- of 3,300 tons. The following table gives in metric tons
Shipments Higher and Above Average for Full Mr. Sharpe's estimates of zinc stocks in the various countries:
Max. 1'28. Feb. 1 '28. Jan. 1 '28. Oct. 1 '27. July 1 '27. Jan. 1 '27.
Year 1927-Total Copper at Refineries Larger.
United States___37,500
38.200
37,000
31,100
39.871
19,800
Canada
3,000
2,500
2,400
2,600
2,600
3,200
of
According to figures compiled by the American Bureau
Australia x
3,300
2,800
2.800
2,800
2,800
2,400
Germany
and
Metal Statistics, stocks of refined copper in the hands of
Poland
7,600
6,400
5,800
6,100
6,800
9,500
5,800
4,400
4,200
North and South American producers and refiners on Mar. 1 Belgium
3.300
3,900
4,000
Great. Britain_ _ _ 900
1,400
1,600
1,100
1,500
1,000
amounted to 86.932 short tons, a decrease of 9.544 short Scandinavia_
200
200
200
200
200
200
East
500
600
800
600
600
500
tons, as compared with 96.476 short tons on Feb.l. Pro- Far
2.700
Elsewhere
y3,200
2.800
1,700
1,700
3,000
duction of refined copper in February totaled 124.848 short
Total
52,900
56.100
60.371
61.100
57,800
43,600
tons as against 122,723 short tons in January, while shipIncluding unsold shipments afloat. y Includes 1.200 tons in France
ments amounted to 134,392 short tons in February as comMr. Sharpe, in reviewing world conditions of zinc, March
pared with 121,545 short tons in the preceding month, states 15, says:
the "Wall Street Journal" of March 14, which goes on to
A month ago the London zinc market was hanging around £28 and
there was a resistance against any further decline. But in the subsequent
say:
pronounced market weakness in lead and in tin the steadiness of zinc
Stocks of blister copper, including in process and In transit, came to could
not be maintained and the price at the close of February was only
247,739 tons on March 1 as compared with 237,961 tons on Feb. 1, an
Increase of 9,778 tons. As a result the total copper to blister stage and
beyond, Including refined stocks, came to 334,671 tons March 1. compared
with 334,437 tons Feb. 1 an increase of 234 tons.
Stocks of copper in Great Britain, March 1, came to 11,613 short tons.
of which 1.636 tons were refined copper and 9,977 in other forms,compared
with 12.037 tons on Feb. 1. of which 1,472 tons were refined and 10,565 tons
were in other forms. Stocks of copper at Havre, March 1 came to 2,887
tons compared with 1.772 tons Feb. 1.
Shipments of refined copper by North and South American producers
and refiners in February came to 134.392 tons compared with 121.545 in
January, and the monthly average of 122,225 tons a month for 1927.
Foreign shipments in February came to 60.603 tons compared with
56,721 in January and average of 53,488 a month In 1927. Domestic shipments in February came to 73,789 tons compared with 68,824 tons in
January and the average of 68.737 tons a month in 1927.
Production of refined copper for North and South American refineries in
February was 124,848 tons compared with 122.723 tons in January and
the monthly average 68.737 tons a month in 1927.
Mine production of copper in United States during February came to
67,423 tons against 68,469 tons In January and 67.222 in December.
Blister production of North America In February came to 90.190 tons
against 74.453 tons in January and 92,845 tons in December. South
American production of blister, including refined output of Chile and
Braden. came to 26.100 tons in February compared with 26,170 tons in
January and 26.617 in December.
The following table gives, in short tons, blister production of North
and South America and stocks of copper at the end of each month for
North and South American refineries and producers, together with stocks
of copper in Great Britain and at Havre:
1927
Oct.
Sept.
Nov.
Dec.
80.852 90.251 85.995 92.845
Blister, No. America
Blister, So America_z____ 25,872 26,071 25,975 26.617
Refined, No at So Amer-119,100 124,927 118,269 128,923
Stocks (end of Period)No.& So. Amer: Blister_x_245,517 246.354 250.014 248,420
86.493 83.882 90,874 95.298
Refined
333.010 330,236 340.888 343.718
Total
2,181
2,373
709
Great Britain y: Refined
564
17,405 15,048 13.637 11.657
Other forms
1,927
1,295
1,929
Havre
1,384

a few shillings above 25. European stocks have increased moderately in
February, although this may possibly be due to the reluctance of consumers to buy more than their barest needs on a falling market. Thus
it does not follow that there has been a definite decrease In European
consumption in February, the higher stocks being accounted for by users
eeking out their supplies
Since our last survey was written, herculean efforts have been made
to bring the European zinc interests together for the purpose of creating
an all-powerful zinc convention. But as we previously pointed out, the
construction of any large international syndicate will require the patience
of a Job and the organizing capacity of a Herbert Hoover. Just as no
brain has yet devised a logical scheme for international arbtiration. so is
it unlikely, in our opinion, that any saviour of the zinc position will arise
and retrieve the world situation by voluntary means. A comprehensive
scheme embracing European and American zinc smelters has altogether
too complex an appearance to promise success. What will probably
result is that some of the principal European smelters will enter a syndicate
for the purpose of stabilizing prices and curtailing output when necessary.
It is argued-and probably rightly so-that a purely European zinc convention will meet the case, for the reason that the St. Louis market would
influenced by the London price and would advance an sympathy with
any uptrend in London. The idea of the Belgian advocates of a syndicate
Is that curtailment of production by members of the convention should
be ordered whenever the London quotation dips under £25 a ton and (or)
whenever European stocks exceed 25,000 tons. The growing output of
high-grade metal has caused some heart-burning, but the sponsors of the
convention proposal now dismiss this aspect of the matter by explaining
that high-grade metal will remain outside the cartel and syndicate members
who produce it should demand a premium of £2 a ton over common zinc.
Maybe by the time we write our next monthly notes some further progress
1928
- will have been made.
Jan.
Personally, we have never varied our view that all the zinc industry
Feb.
84,453 90,190 requires for its welfare in Europe is an institute conducted on the lines
26.170 26.100 of the American Zinc
Institute. Such would disseminate monthly sta122,723 124,848
tistics amongst it members, and also conduct a very necessary campaign
237.961 247.739 of publicity having for its object the development of more uses for zinc.
96,476 86,932 Efforts in the past to induce even the few zinc smelters in Great Britain
334,437 334,671 to create and join a British clearing house of information have met with
1.472
1,636 pointblank refusals.
10,565
9,977
1,772
2,887

Steel Production Holds Recent Level-Pig Iron Gains.
Steel production, in contrast with an uneven and not entirely reassuring general business situation, is holding its
own and in some districts is making further gains, declares
the "Iron Age" this week. Steel ingot output for the first
Shipment,
- quarter now promises to exceed that of the same period of
Domestic.
1927, possibly by several hundred thousand tons. There
Total.
64,824
121,545
73.789
134,392 are no signs of any distinct let-up in production in April.
The way business is coming in, mill operations are likely
138,613
255,937
to continue at substantially the pace of March instead of
76,499
124.629
67,564
111,254 declining as in April last year, in the opinion of the "Age"
79,537
129,304
73.976
129,612 as expressed in its March 22 market review.

19,778 17,229 14.343 12,221 12.037 11,613
Total
Including in process and in transit." 9 Official warehouses only. a includes
refined production by Chile and Braden companies.
The following table gives in short tons shipments and production of
refined copper by North and South American producers and refineries
including daily average of refinery output:
Production
1928January
February

Primary. Scrap.
116.245 6,478
117.788 7,060

Total 1928.
1927January
February
March
April
May
Junr
July
August
SeptemberOctober
November..December_.,-

234,033 13,538
128,736
119.528
123.885
121,610
121,889
108,911
113,849
114,142
114,465
118,965
111,152
121,683

4,374
3,145
3.090
4,186
3.692
4,322
4,284
5,644
4,635
5,962
7,117
7.240

Daily
Total.
Rate. Export.a
122,723 3,959 56,721
124.848 4.305 60,603
247,571 4,126 117.324
133,110
122.673
126,975
125,796
125,581
113,233
118,133
119,786
119,100
124,927
118,269
128,923

4,294
4,381
4,096
4,193
4,051
3,774
3.811
3,864
3.970
4,030
3,942
4,159

48,130
43,690
49,767
55,636
46,979
61,487
48.140
58,784
54.683
58,919
52,013
63,637

69.770
64,465
61,965
71,736
71,878
68.619
59,264
60,862

Steel Corporation plants continue to operate at 90% of capacity.
Bethlehem operations early in the month were at 75% and for the
month up to this time averaged 81%. Among the important producing
districts, Chicago is still running 95%, while the Greater Pittsburgh
area, including the Youngstown district, is showing a gain over the
124.499 80% rate that prevailed last month.
Expanding building operations, increasing automobile production,
Total 1927_1,418.815 57,691 1,476.506 4,045 641,865 824,844 1,466.709 large backlogs in rails and track supplies, sustained activity among
1 383,604 56,850 1,440,454 3,946 525,861 902,174 1.428,035
1926
1,299.832 52,477 1,352,309 3,705 584,553 831,171 1,415,724 farm implement plants and prospects for heavier tin plate consumption
1925
1,267,810 32,522 1,300,332 3,553 566,359 753.389 1,319.783 are favorable market factors.
1924
1 136 624 27,281 1,163,885 3.189 431,8725,521 1,157,393
1923
High output in the automobile industry throughout the second quara Beginning 1926, Includes shipments from Trail refinery in British Columbia.
ter is now regarded as assured, but motor car builders are showing
gives
in
table
short
following
tons
the
output
of copper by various hesitancy in placing second quarter contracts. Steel rail producers
The
types of mines in the United States for the last 4 months with monthly have had a good operation since Jan. 1, and most of them have suffiaverage for 1927:
cient bookings to keep going at an equal rate up to the middle of June.
192
1928
- Chicago mills took orders for 8,000 tons additional during the week,
Dec.
Nov.
M.Arge,
Jan.
Feb.
there is still some rail business to be placed in the South, Southand
27,452
27,591
28,605
27,624
PorPhYrY mince
26,842 west and Far West. The Western Pacific is inquiring for 10,000 tons.
2,223
7,672
7,447
Lake mines
7,541
7,975
29.238
28,567
29,467
Vein mines
29,983
29,106 The increasing use of track supplies was reflected in orders taken in
4,167
3,392
3,646
Custom ores
3,341
x3,500 the past winter, which were 20% heavier than a year ago.
Prospects for a larger pack of canned goods than in 1927 are in68,080
67,222
69.165
Total er. prod
68.469
67.423
dicated by heavier specifications for tin plate. Mill operations have
estimated
a Partly
increased to 85% of capacity, as against a recent rate of 80%. Both
producers and consumers of tin plate are concerned over the price of
World Stocks of Slab Zinc Increase 3,300 Long Tons- pig tin, which has advanced from a low of 50c to 52c per lb., New
York,
heavy sales, totaling 3,000 tons for the week. Little spot tin
Total on March 1 1928 Estimated at 61,100 Tons- is nowonavailable,
and metal for nearby delivery is commanding a
Efforts Being Made to Bring Together European premium.
Merchant pipe production is commencing to improve under the
Zinc Interests.
stimulus of increasing building activity, although pipe mill operations
honorary
foreign
Sharpe,
M.
correspondent
of
the
J.
in
the Youngstown district are still at a 60% rate. A possible price
A.
American Zinc Institute, Inc., estimates world stocks of advance-abou 5%-effective early in April, is having consideration in
the merchant pipe trade. In the line pipe field, seamless pipe is comslab zinc March 1 at 61,100 metric tons of 2,204.6 pounds peting with lapweld pipe in a large way. An order for 200 miles of
57,800
tons
on
Feb.
with
1,
an
compared
increase 8-in, seamless pipe, totaling 13,000 tons, has been placed by the Standeach,




116.758
124,952
110.105
130,520
126.261

111117

1740

FINANCIAL CHRONICLE

ard Oil Co. of California for a line from Pecos County, Tex., to El
Paso.
Buyers, as a rule, are not hastening to contract for second quarter,
believing that the upward movement of prices has reached its peak. On
the other hand, the mills, not wishing to discourage the flow of tonnage
supporting the current high rate of operations, are accepting heavy
specifications on expiring first quarter contracts. In plates, shapes and
bars, for instance, shipments of material invoiced at I.80c will probably
extend through April, deferring a real test of the second quarter contract price of 1.85c until May.
Recently revised prices on alloy steel bars will not apply to contract
consumers until after April I. While there were some reductions,
four grades of alloy steel comprising over 90% of the tonnage used
were advanced $2 to $4 a ton.
Irregularities in prices of wire nails and plain wire, although not
general, are more numerous.
Structural steel awards of wire nails and plain wire, although not
general, are more numerous.
Structural steel awards of nearly 33,000 tons include 10,000 tons for
subway work in New York and 7,600 tons for a manufacturing plant at
Cumberland, Md. Bids are being taken on 7,700 tons of subway work
in New York, a bridge approach in St. Louis calling for 6,000 tons
and an aqueduct at Oakland, Cal., requiring 4,830 tons. The total of
fresh structural projects is more than 34,000 tons.
February orders for fabricated structural steel are computed at 270,000 tons, the highest figure since last October and the sixth highest in
the history of the industry.
Pig iron shows its greatest strength in the Chicago district, where
sales for second quarter are much heavier than for the first quarter. In
the Central West, shipments of iron to foundries are showing gains,
and to some extent this is also true of other sections. With sales of
10,000 tons, of which half was in one lot, the Pittsburgh market was
lifted out of a lethargy of many weeks. In New England, sales of
Buffalo iron have been made at a new low level.
Steel scrap shows no marked strength, but it is slightly firmer at
Pittsburgh while weaker at Chicago. Sales of compressed sheets were
made to a Pittsburgh district consumer at $15, an advance of $1 a ton,
and heavy melting steel is quotable there at $14.50 to $15.50, a slight
rise.
For the sixth successive week the "Iron Age" composite prices remain at the same levels, that for pig iron at $17.75 a ton, while that
for finished steel is at 2.364c a lb., as the following table shows:
Finished Steel.
Mar. 20 1928. 2.3840. a Lb.
2.364o.
One week ago
2.3640.
One month ago
2.367e.
One year ago
1 689e.
10-year pre-war average
Based on steel bars, beams.tank elates,
Plain wire, open-hearth rails, Macs pipe
and black sheets, constituting 88% of the
United States output.
Low.
High.
1928.._2.364c. Feb. 14 2.314c. Jan. 3
19272.453o. Jan. 4 2.2930. Oct. 25
1926__2.453o. Jan. 5 2.403e. May 18
1925..2.560c. Jan. 6 2.396e. Aug. 18
1924_..2.789e. Jan. 15 2.460c. Oct. 14
1923.._2.824o. Apr. 24 2.4460. Jan. 2

Pig Iron.
mar. 20 1928, 517.75 a Gross Ton.
one week ago
$17.75
One month ago
17.75
One year ago
19.04
10-year pre-war average
15.72
Based on average of basic iron at Valley
furnace and foundry irons at Chicago.
Philadelphia. Buffalo. Valley and Birmingham.
High.
Low.
1928__ 17.75 Feb. 14 17.64 Jan. 3
1927__ 19.71 Jan. 4 17.54 Nov. 1
1926._ 21.54 Jan. 5 19.48 July 18
1925._ 22.50 Jan. 13 18.98 July 7
1924._ 22.88 Feb. 26 19.21 Nov. 3
1923__ 30.86 Mar.20 20.77 Nov.20

[VOL. 126.

carryover than expected. Most stripmakers and cold bar finishers are
operating 75 to 80%.
Sheets show up better in sales and production than in price. February sales of independent mills, at 266,357 tons, compare with 241,951
tons last February, while production at 330,565 tons topped the 282,171
tons of last February. Specifications at Pittsburgh have been the best
in two years, with shipments correspondingly good. The leading sheet
interest has expanded its rate four points this week, to 86%. But
black sheets have yielded $2 to $3 per ton under the asking price of
2.90c, Pittsburgh, and galvanized now are at a range of 3.65c to 3.75c.
On light sales, autobody sheets have held at 4.15c.
On contracts for semi-finished steel through the entire second quarter
Pittsburgh makers are continuing first quarter prices.
Cast iron pipe prices, now making a show of strength in other markets, have broken at New York to the lowest point in months. On 5,335
tons of 8 and 12-inch sections the low bid was equivalent to $24.75,
Birmingham, or $6 under the market. Spring buying of pipe is opening
up.
Track fastening inquiry is heavy at Chicago, with some secondary rail
buying in prospect. Eight thousand freight cars are on inquiry.
After rising without a break since early January the "Iron Trade
Review" composite of fourteen leading iron and steel products is down
21 cents this week to $35.70. This results from weakness in black
sheets, bessemer pig iron and willingness of Pittsburgh district mills
still to sell heavy steel at 1.85c instead of asking the full advance to
1.90c.

The steel industry is currently close to an 84% production rate with the gain largely due to the independents,
says the "Wall Street Journal" of March 20, from which
we add:
Steel ingot production is fractionally higher this week, the average
for the industry being nearly 84%, compared with about 83% a week
ago and 825/a% two weeks ago. As in the past few weeks, the gain is
due to increased activities of independent companies.
At present the U. S. Steel Corp. is 'producing ingots at slightly better
than 885/3% of theoretical capacity. A week ago the rate was a shade
below 8851
3%, and two weeks ago it was nearly 89%.
Independent steel companies are almost up to 78%, contrasted with
about 77% in the preceding week and 76% two weeks ago. The gain
among these companies is contributed entirely by the larger concerns.
Bethlehem Steel, for instances, is running at nearly 81%. However,
the average for all the independents is being held down to below the
so% mark by the low rates among some smaller makers.
Compared with a year ago, the operations are materially lower. At
this time last March the steel industry was approaching its high record
of activities for 1927. The Steel Corp. then was working at about 99%,
with independents running between 86% and 87% and the average for
the industry was better than 92%.

Bituminous Coal, Anthracite and Coke Production
Take Upward Turn.

For the week ended Mar. 10 the United States Bureau of
Mines reports a gain of 386,000 tons in the production of
bituminous coal, bringing the output up from 10,036,000
net tons in the preceding week to 10,422,000 net tons.
Compared with the output in the corresponding week one
year ago, the current output shows a loss of 3,356,000 net
tons. Anthracite production for the week of Mar. 10 showed
an increase of 192,000 net tons, making the output 1,486,000
tons, against 1,294,000 tons in the week of Mar. 3. This
is close to the output of the corresponding week of 1927,
when 1,488,000 tons were produced. The Bureau of Mines
adds:

With the second quarter just around the corner the steel
industry has again taken its pulse and, after according due
weight to seasonal factors, has discovered greater vitality
than languishing sentiment in some quarters the past fortnight has indicated, declares the "Iron Trade Review" in
summarizing conditions affecting the iron and steel industry.
•
March promises to close with steelmaking little changed
from the 83 to 85% general average governing all month.
ANTHRACITE.
The week's developments forecast at least another thirty
The total production of anthracite during the week ended Mar. 10 is estidays' good business from the automotive and building inmated at 1,486,000 net tons, an increase compared with the output in the
dustries, now the market leaders. Production is moving preceding week of 192,000 tons, or 14.8%. Production during the week in
directly into consumption and specifications have come 1927 corresponding with that of Mar. 10 amounted to 1,488.000 tons.
Estimated United States Production of Anthracite (Net Tons).
easier as first quarter contracts approach their expiration
1927 1928
1926-1927
date, reports the "Review" of Mar. 22, adding:
Coal Year
Coal Year

Week EndedWeek.
to Date.
to Dates
1Veek.
Sentiment on the whole is a shade brighter concerning the immediate Feb.
25
1,254,000 72,681.000
1,374,000 85,392,000
prospect. But there is an undercurrent of opinion which, conceding Mar. 3
1,294,000 73,975,000
1,211,000 86,603,000
the
Mar. 10b
practically a record first quarter and a good second quarter from
1,486,000 75,481,000
1,488,000 88,091,000
standpoint of production, is conservative over the long pull. Much of
a Minus one day's production first week in April to equalize number of days in
this uncertainty arises in the steel price situation, which is plainly at the two coal years. b Subject to revision.
the peak of the present upward mcvement. Irregularity has developed
BITUMINOUS COAL.
in some of the lighter products and here, as in the heavy lines, not all
The total production of soft coal during the week ended Mar. 10, includof the increases sought f or the second quarter will materialize.
Considering the proximity of the new quarter, forward buying of pig ing lignite and coal coked at the mines, is estimated at 10.422,000 net tons.
iron has been moderate and few signs of awakening interest are mani- Compared with the output in the preceding week, this is an increase of
fest. Shipments, however, continue heavy, the lake furnaces being 386,000 tons, or 3.8%. Production during the week in 1927 corresponding
pressed to meet automotive foundry requirements and the movement at with that of Mar. 10 amounted to 13,778,000 tons.
St. Louis being the best of the year. Bessemer iron is off 25 cents at Estimated United States Production of Bituminous Coal (Net Tons), Incl. Coal Coked.
1927-1928Pittsburgh, to $17.25, valley, on recent transactions. Basic iron, for
1926-1927
Coal Year
Coal Year
which a Pittsburgh steelmaker is negotiating a fair tonnage, is unsettled
Week.
to Date.
Week.
to Date.a
because Pittsburgh district furnace3 continue to take advantage of their Feb. 25
10,177,000 429,832,000
12,783.000
534,194,000
favorable freight rates. At Chicago and Cleveland some feelers for
1,725.000
1,543,000
2,163,000
Daily average
1,917,000
10,036,000 439,869,000
13.262,000 547,456,000
third quarter iron have appeared. An eastern Pennsylvania pipemaker Mar. 3 b
1,673,000
1,546,000
Daily
average
2,210.000
1,924,000
ordered
abroad.
tons
has received the first 8,000 tons of 30,000
10,422,000 450,291,000
Mar. 10c
13,778,000 661,234,000
Structural shapes, after a gap in which awards have been light and
1,737,000
Daily average
1,550,000
2,296,000
1,931,000
inquiries accumulating, hold a brighter promise. Fabricators are specia Minus one day's production first week in April to equalize number of days in
fying at Chicago at the best rate of the quarter, and new work there
b Revised since last report. c Subject to revision.
totals 15,000 tons. Subway work in Brooklyn, N. Y., requires 7,000 the two coal years.
The total quantity of soft coal produced during the present coal year to
is
again
Ky.,
active.
tons, while a 15,000-ton bridge at Louisville,
Plate sales at Chicago in the past two weeks have approximated 30,000 Mar. 10 (approximately 291 working days) amounts to 450,291,000 net
tons, chiefly for southwestern oil tanks. Western mills, with backlogs tons. Figures for corresponding periods in other recent years aro given
of six to eight weeks, report a better balance between sheared and below:
562,234,000 net tons 1923-24
533,589,000 net tons
universal. On plates, as in shapes and bars, the price situation is firmer 1926-27
509,852,000 net tons 1922-23
409,055,000 net tons
at Chicago than in the Pittsburgh district. At Chicago the new 2.00c 1925-26
As already indicated by the revised figures above, the total production of
price is gaining wider acceptance but at Pittsburgh second quarter masoft coal for the country as a whole during the week ended Mar. 3 is estiterial is still available at 1.85c.
Automotive users of strip have not yet contracted sufficiently to test mated at 10,036,100 net tons. This is a decrease of 141,000 tons, or 1.4%,
second quarter prices but the higher levels are holding well in the Pitts- from the output in the preceding week.
The following table apportions the tonnage by States and gives comparable
burgh, Cleveland and eastern districts. Reaffirmation of the first quarter price of 2.20c, Pittsburgh, on cold finished bars insures a greater figures for other recent years:




Estimated Weekly Production of Coal by Stales (Net Tons).
Week EndedMarch 6
March 5
Feb. 25
March 3
1926.
1927.
1928.
1928.
State379.000
482,000
343,000
339.000
Alabama
194,000
271,000
212,000
224,000
Ark., ICan., Mo.& Okla
164,000
240,000
192,000
195,000
Colorado
1,468,000 1,553.000 2.030.000 1,349,000
Illinois
452,000
699,000
412,000
464,000
Indiana
86,000
147,000
80,000
83,000
Iowa
798,000
923,000
909,000
915,000
Kentucky-Eastern
291,000
428,000
397.000
368,000
-Western
"
54,000
70,000
66,000
53,000
Maryland
18,000
17.000
14,000
16,000
Michigan
50,000
68.000
68,000
69,000
Montana
48,000
63,000
66,000
65,000
New Mexico
26.000
38,000
44,000
41,000
North Dakota
576,000
735,000
177,000
183,000
Ohio
2,395,000 2,470,000 3,300.000 2,882.000
Pennsylvania (bit.)
106,000
129,000
126,000
115,000
Tennessee
16,000
27.000
17,000
17,000
Texas
59,000
82,000
81.000
93,000
Utah
253,000
272,000
229,000
239.000
Virginia
50,000
52,000
45,00046,000
Washington
West Virginia-Southetnb 1,870,000 1,845.000 2,095,000 1,706.000
690 000
932 000
691,000
" -Northernc 650,000
121,000
160,000
138.000
126,000
Wyoming
3,000
2,000
2,000
2,000
Other States
Total bituminous
Pennsylvania anthracite
Total all coal

1741

FINANCIAL CHRONICLE

MAIL 24 1928.]

March
Average
1923.a
423,000
221,000
195,000
1,684,000
579,000
122,000
560,000
215,000
52,000
32,000
68,000
53,000
34,000
740,000
3,249,000
118,000
19,000
68,000
230,000
74,000
1,203,000
686,000
136.000
7,000

10,036,000 10,177,000 13,262,000 10,371,000 10,764,000
1,294,000 1,254,000 1,211,000 1,777,000 2,040.000
11,330,000 11,431,000 14,473,000 12,148,000 12,804,000

a Average rate maintained during the entire month. b Includes operations on the
N.dr W.:C.& O.; Virginian: K.& M.and Charleston division of the B.& O. c Rest
of State, Including Panhandle.

BEEHIVE COKE.
The production of beehive coke for the country as a whole during the week
ended Mar. 10 amounted to 100,000 net tons as against 97,000 tons In the
preceding week. The total production of beehive coke during 1928 to
Mar. 10 amounts to 914,000 tons. This is 953.000 tons. or .51%, less than
the output during the corresponding period in 1927.
Estimated Production of Beehive Coke (Na Tons).
1928
1927
Week Ended
to
to
Mar. 10 Mar. 3 Mar. 12
Dale.
1927.
Dc.le
1928.c
1928.13
636,000 1,486,000
69,000 157,000
71,000
Pennsylvania and Ohio
138.000 168.000
17,000
13,000
14,000
West Virginia
61,000
46,000
6,000
6,000
6,000
Ala.. Ky., Tenn.and Georgia
46.000
71,000
7,000
4,000
4,000
Virginia
41,000
25,000
4,000
3,000
3,000
Colorado and New Mexico
23,000
40,000
5,000
2,000
2,000
Washington and Utah
United States total
Daily average

100,000
17,000

97,000 196.000
33,000
16,000

914,000 1,867,000
15,000
31,000

a Minus one day's production first week in January to equalize number of days in
last report.
the two years. b Subject to revision. c Revised since

The total production of bituminous coal in the United
States during the week ended Mar. 17, as estimated by the
National Coal Association from unrevised shipping reports,
was about 10,100,000 net tons.

Current Events and Discussions
increased, the grand aggregate of these loans on March 21
The Week with the Federal Reserve Banks.
being $3,778,714,000, or $32,650,000 above last week's
The consolidated statement of condition of the Federal total, which was $3,746,064.
Reserve banks, made public by the Federal Reserve Board,
MEMBER BANKS IN CENTRAL
and which deals with the results for the twelve Reserve CONDITION OF WEEKLY REPORTING
RESERVE CITIES.
banks combined, shows decreases of 810,600,000 in holdings
New York-47 Banks.
of bills bought in open market, $15,600,000 in United States
Mar.211928. Mar. 141928. Mar. 23 1927.
deposits,
bank
reserve
member
securities, $40,200,000 in
7,110,373,000 7,184,130.000 6.405,916,000
-total
and
investments
Loans
$8,800,000 in Federal Reserve note circulation and $10,5,109,998,000 5.160,052,000 4,555,868,000
900,000 in cash reserves, while holdings of discounted bills Loans and discounts-total
60.986,000
55,478,000
40,842,000
securities
Secured by U. S. Govt. obligations
show an increase of $4,700,000. Total bills and
2,334 625,000 2,393,990.000 2,031,954,000
Secured by stocks and bonds
14.
March
2,468.436,000
held
on
amount
2,705,076.000
the
below
734,531,000
$22,000,000
2
were
All other loans and discounts
After noting these facts, the Federal Reserve Board pro- Investments-total
2,000,375,000 2,024,078.000 1.8.50,048,000
ceeds as follows:
1,085,326,000 1,087.501.000 916,846,000
U.S.
Holdings of discounted bills increased $32,700,000 at the Federal Reserve
Bank of Chicago, $5,700,000 at Cleveland and $3,600,000 at Minneapolis,
and declined $28,600,000 at Now York and $5,700,000 at Philadelphia.
The System's holdings of bills bought in open market decreased $10.600,000.
of United States bonds $1,500,000 and of Treasury notes $21,600.000,
while holdings of certificates of indebtedness were $7,500,000 above the
previous week's total.
week
The principal change in Federal Reserve note circulation during the
was a reduction of $5,000,000 reported by the Federal Reserve Bank of
an aggregate reduction
Cleveland. 7 other Federal Reserve banks reporting
of $2,100,000.
of $5,900,000 and 4 banks a total increase

The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages-namely, pages 1774 to 1775. A summary of changes in the principal assets and liabilities of the
Reserve banks during the week and the year ending March 21
1928 is as follows:
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. Govt. securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits

Increase (+) or Decrease (-)
During
wee/c.
Year.
-$10,900,000 -$247,400,000
-12,300,000 -257,900,000
-22,000.000 +162.800.000
+4.700,000
+19,800,000
+100,000
+17,000,000
+4.600,000
+2,900.000
-10.600.000 +101,500,000
-15,600,000
+43,000.000
-1.500,000
-4,600.000
-21,600,000 +100,100.000
+7.500,000
-52,400,000
-8,800,000 -136,400.000
-43,200.000
+30,400,000
-40,200,000
+21,800.000
-4,100,000
+9.200,000

Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for June 29 last, the Federal
Reserve Board also began to give out the figures of the
member banks in the Now York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks-now 650cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
of the member banks, which
In advance of the full statement
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans:of the:reporting member banks, which this week again




Government securities
Other bonds, stocks and securities

Reserve with Federal Reserve Bank
Gash In vault

915,049,000

936,577,000

933,202,000

717,451,000
49,955.000

729,592,000
52,006,000

751,479,000
56,454,000

Net demand deposits
Time deposits
Government deposits

5,358,916,000 5,576,679,000 5,101.837.000
1,084,050.000 1,060,160,000 927,683,000
90.138.000
3,161,000
84,855,000

Due from banks
Due to banks

98,219.000
120,797,000 100,087.000
1,283,237,000 1,357,391,000 1.033,518,000

Borrowings from F. It. Bank-total
Secured by U. S. Govt. obligations_
Al. other

44,300,000

66,68.5,000

106,081,000

27,450,000
16,850,000

48,950.000
17,735,000

86,450,000
19,631.000

Loans to brokers and dealers (secured by
stocks and bonds):
1,027.394,000 1,090,173.000 881,114,000
For own account
1,466,586,000 1,446,270,000 1,087.758,000
For account or out-of-town bank5
1 284,734.000 1,209.621,000 833,315,000
For account of others
778,714,000 3,746,064,000 2,802,187.000
3
Total
2,884.254,000 2,846,639.000 2.142.393,000
894,460,000 899.375,000 659,789,000

On demand
On time

Loans and Investments-total

Chicago-43 Banks.
1,992,329,000 1,981,602,000 1,843,302,000

Loans and discounts-total

1 482,574,000 1,483,929,000 1,387,485,000
17.862.000
751,912.000
712,800,000

19.158,000
746,408,000
718.363,000

14.097.000
680,711,000
692,677,000

509,755,000

497,673,000

455,317,000

228,657,000
U. S. Government securities
Other bonds. stocks and securities---281,098,000

216.334.000
281,339,000

196,247,000
259.570,000

177,505,000
16,771,000

187,178,000
16,864,000

163,306,000
20,344,000

Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
Investments-total

Reserve with Federal Reserve Bank
Cash in vault
Net-demand deposits
Time deposits
Government deposits

1 242,045.000 1,274,895,000 1,222,154,000
668,659,000 661,403.000 577.021,000
19,4i 1,000
516.000
21,934,000

Due from banks
Due to banks
Borrowings from F. R. Bank-total
Secured by U. S. Govt. obligations_
All other

152,123,000
366.556,000

161,374,000
382,919,000

158,048.000
332.599,000

37,965,000

19,704,000

17,731,000

36,233,000
1,732,000

18,788,000
916,000

13,815.000
3,916000

Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
650, cannot be got ready.

1742

FINANCIAL CHRONICLE

In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ending with the close of business March 14:
The Federal Reserve Board's condition statement of649 reporting member
banks in leading cities as of March 14 shows increases for the week of $173,000.000 in loans and discounts, of $9,000,000 in investments, of 8146,000.000 in net demand deposits, and of $25,000,000 in time deposits, and a
decline of $8.000.000 in borrowings from the Federal Reserve banks.
Loans on stocks and bonds, including United States Government obligations, were $105.000,000 above the March 7 total at all reporting banks,
increases of $75,000,000 being shown for the New York district, 825,000,000
for the Boston district, $9.000.000 for the San Francisco district ad $6,000,000 for the Philadelphia district, and decreases of $8,000,000 and
$6,000,000, respectively, for the Cleveland and Chicago districts. "All
other" loans and discounts increased $68,000,000 at all reporting member
banks, $38.000,000 in the New York district, $18,000,000 in the Chicago
district, and $9,000,000 in the Boston district, and declined $7,000,000 in
the San Francisco district.
Holdings of United States Government obligations were $11,000.000
below the amount reported a week ago, a decline of $6,000,000 being shown
for reporting member banks in the Boston district and of $5.000,000 each
in the Philadelphia and Chicago districts, and an increase of $5,000,000 in
the San Francisco district. Holdings of other bonds, stocks and securities
Increased $8.000,000 in the New York district, $6,000.000 in the Boston
district, and $20,000.000 at all reporting banks.
Net demand deposits, which at all reporting banks were $146,000.000
above the preceding week's total, increased $108.000,000 in the New York
district, $36,000,000 in the San Francisco district, $9,000.000 in the Chicago
district and $8,000,000 in the Atlanta district, and declined $11.000,000 and
$8,000,000, respectively, in the Kansas City and Philadelphia districts.
Time deposits increased $25,000,000 at all reporting banks, $27,000,000 in
the Boston district, and $5,000.000 in the Cleveland district, and declined
$5,000.000 in the San Francisco district.
The pincipal changes in the borrowings from Federal Reserve banks,
which show a net decline of $8,000,000 for the week, comprise declines of
$13,000,000 and $9,000,000. respectively. In the New York and Chicago
districts, and an increase of $9.000,000 in the Philadelphia district.
Following is a summary of the principal assets and liabilities of 649
reporting member banks, together with changes during the week and since
March 16 1927, the latter date being immediately after and the current
date just preceding the quarterly Income tax date:
March 14 Inc. (+1 or Dec. (—) During
Week.
1928.
Year.
Loans and tartsttments--total
Loans

and discounts—total

21,864,012,000 +181,769,000 +1,420,931,000
15,325,701,000 +172.553,000 +895,093,000

Secured by 13. S. Govt. obligations_ 143,630,000 +4,755,000
—8,619.000
6,382.688,000 +99.834.000 +723,550,000
Secured by stocks and bonds
8,799,383.000 +67.964.000 +180,162,000
All other loans and discounts
6,538,311,000 +9 216,000 +525,838,000
Investments—total
2.911,590,000 —10.616.000 +250.918,000
U. S. Government securities
Other bonds, stocks and securities 3,626,721,000 +19.832.000 +274,920,000
Reserve with Federal Reserve banks 1,735,951,000 —6.954.000 +53.885,000
Cash In vault
248,115.000
+444,000
—5.801.000
Net demand deposits
13,783,512,000 +145,920.000 +521,930,000
Time deposits
6.700.584,000 +24,840.000 +644.910,000
10.343,000
Government deposits
+1,000 —333,428,000
Due from banks
1,194,120,000 +50,734,000 —63,121.000
Due to banks
3,595,546,000 —35.413,000 +211,154,000
Borrowings from F. R. banks—total_ 351,895,000 —7,959,000 +162,152,000
Secured by U. B. Govt. obligations_
All other

229,976,000
121,919.000

+1,009.000 +116,410,000
—8.968.000 +45.742,000

[vol.. 126.

Netherlands has resulted in a 50% price increase in that country.
The cotton and jute spinning and weaving mills are very busy. In
the woolen industry, operations are satisfactory, but profit margins
are not considered adequate. American automobile manufacturers are
said to be getting nearly 40% of the business in Belgium. The automotive demand is strong, dealers are optimistic and considerable
interest is shown in new American agencies. The leather demand
is calm. Business in agricultural products is quiet. Wheat stocks
are being held in anticipation of higher prices. Domestic slaughtering is heavy and stocks of frozen meat are accumulating.
BRAZIL
Brazilian business has been fair with a more optimistic tone and
seine increase in sales. Exchange was steady during the week. The
Rio coffee market is recovering after a sharp decline early in the week.
The Santos market has been steady, and the export demand good.
The State of Maranhao has authorized the governor to contract a
foreign loan.
BRITISH INDIA
Some attempts at boycotting British goods, as an expression of
opposition to the Statutory Commission, is reported to have created
a measure of uncertainty in Indian commercial circles, but the volume
of imports and exports continues above that of last year. Except
in textiles and rice, both wholesale and retail business is active and
healthy. Burma's rice crop is reported large, but export demand is
poor because of Saigon and Mediterranean competition. The condition of standing crops is only fair, and more rain is needed to
stimulate the sowing of new crops.

BRITISH MALAYA
The uncertain condition of rubber continues to cause concern.
Merchants are buying cautiously and import markets are slow. Automotive trade continues inactive and the textile market is dull. The
recent further decline in rubber prices was attributed to the results of
the questionnaire of the Singapore Chamber of Commerce favoring
removal of restriction. Local public opinion continues divided.
CANADA
A general improvement in wholesale trade, credited mainly to the
approach of Spring weather, is noted in an analysis of trade in the
Dominion during the past week. Increased activity in drygoods is
reported front the Eastern Provinces and from Saskatoon; groceries,
hardware and clothing are also moving in good volume throughout the
East. Winnipeg, Regina, Calgary, Edmonton and Vancouver report a
fair and improving demand in all staple lines. Prices for Quebec
potatoes have advanced thirty cents per bag.
Financial conditions, as indicated by the January statement of the
chartered banks, continue attractive, although eflecting the continuation of speculative activity. Current loans and savings deposits show
substantial increases over the returns for January, 1927.
GERMANY
The unemployment problem is being remedied through the resumption
of construction work, as a result of the continuance of favorable
weather. However, activity in the building trades is chiefly upon
projects begun before the cold weather, and new projects are still
delayed by the inadequacy of capital for construction. Building
activity in 1927 was about 35% greater than in 1926, and was partly
responsible for the good domestic business. The relatively poor outlook for construction during 1928 constitutes one of the reasons for
the current belief that domestic business will not be so good as last
year. Construction may pick up, however, in April, inasmuch as some
prospective builders are awaitink the outcome of wage negotiations
in the building trades, in which wage agreements expire on March 31.
Dry weather, with hot days and cool nights during the past month,
have favored rapid maturity of sugar cane, and the harvest has continued without interruption. Higher sugar prices are promising larger
returns this year, creating optimism which is reflected in retail business
throughout the Islands. Collections have been good, and an upward
trend is expected in all lines of business following the tax period.

Summary of Conditions in World's Market According to
Cablegrams and Other Reports to the Department of
Commerce.
The Department of Commerce at Washington releases
for publication to-day (March 24), the following summary
HUNGARY
of conditions abroad, based on ativices by cable and other
According to the official crop report of the Ministry of Agriculture,
the fall crops had a satisfactory snow cover during the winter and have
means of communication:
ARGENTINA
Business men in general are optimistic and trade in practically all
lines is moving on satisfactorily. The Presidential campaign is in full
swing but it has practically no effect on commerce. Exports during
the first two months amounted to 3,186,000 tons, valued at 207,600,000
gold pesos. The tonnage represents a slight decrease from and the
value an increase of 17% over the figures of the corresponding
period of 1927. During the first two months cattle slaughterings
amounted to 525,896 (in Uruguay to 157,544), and exports of tallow
to 34,000 casks.
AUSTRALIA
Trade and industrial activity in Australian business centers continues
below the level prevailing at this time last year. Money is no easier,
and as wool sales are nearly completed for this season and esport
wheat is short, no relief in the financial situation is expected before
September, when the new wool clip begins coming into the market.
More rainfall in recent weeks has brightened the seasonal outlook,
particularly for wheat. Farmers are buying more freely and more
inquiries are being made for additional funds. Fertilizer sales have
increased materially in the past two weeks. About 85% of the
£8,000,000 Commonwealth loan offered in London recently was left
on the hands of the underwriters.
BELGIUM
Belgian commerce and industry maintains its highly favorable trend.
Financial conditions are reported sound and money is plentiful.
Activity in the stock market continues, but there is much speculation,
despite warnings sounded by leading financiers. All of the major
industries are showing satisfactory progress and the outlook is optimistic. There is a good demand for pig iron and prices are firm, but
the market for semi-manufactured steel products is calm. Conditions
in the coal mines have improved slightly, though the situation remains
critical. The plate glass industry is active and the demand is
increasing. Following a decision to increase the international production of plate glass, the Belgian output is expected to rise 10%.
Conditions in the window glass market are still unsatisfactory, despite
a slight improvement. Activity in the cement mills is normal. The
agreement with German producers concerning cement sales in the




withstood the smaller frosts that occurred after the melting of the
snow. Crops sown early in the autumn show a particularly satis- factory development. In some of the southern and eastern counties,
the supply of cattle fodder is reported to be getting low; in the other
parts of the country the supply is sufficient and there is a salable
surplus. Savings deposits in the Postal Savings Bank and the 13
principal Budapest banks increased in January from 364,800,000 to
382.600,000 pengos; deposits on current accounts increased from 682,200,000 to 692,900,000 pengos.

ICELAND
According to official statistics Iceland's total exports during 1927
amounted to 57,500,000 crowns as compared with 48,000,000 crowns
during 1926. Imports totaled 48,000,000 crowns as against 50,500,000
crowns in 1926. While the foreign trade in 1926 revealed an import
surplus of 2,500,000 crowns, 1927 showed an export surplus of 9,500,000 crowns. 50,000,000 crowns, or about 87% of the total exports
in 1927, covered fish products, while 7,000,000 crowns, or12;1
2%
covered agricultural products.
NETHERLANDS
Business in the Netherlands at the beginning of February was quiet,
with hand to mouth buying dominating most lines and especially bulk
commodities. Toward the end of the month business generally improved. Industry remained quiet active and employment was substantially better. Living costs showed no change. The money market
has been easier. The capital issue market was more active during
February, with a considerable amount of foreign loans. Loans on
behalf of German interests were comparatively large.
The stock
market has been featured by heavy declines. Rubber shares have
shown an unfavorable tendency owing to foreign developments. The
market for cereals was active during February. Sales of linseed oil
were dull toward the end of the month following earlier activity..
Low prices for dried fruit are encouraging consumption. Hide buyers
have been holding off in anticipation of a decline in prices, although
the active leather demand, the small stocks, and American and Russian
buying tend to raise prices. Lumber stocks are much above current
requirements. The textile industry is fairly active, though a reaction
is anticipated. Shoe manufacturers are well sold ahead, but competition
is keen and profits are low.

MAR. 24 1928.]

FINANCIAL CHRONICLE

PANAMA
Business continues fair with a tendency to improve slightly. Collections are reported to be fairly good. The total value of Panaman
imports during February amounted to $1,110,000, of which the United
States supplied $780,000. The Veraguas coffee crop is reported
average. The corn crop is reported good, with sales being made at
$2.50 a quintal. The extra session of the Panaman National Assembly
which was called to consider the consolidation of the national debt
has been extended for fifteen days. A move is reported to be under
way to settle the boundary dispute between Panama and Costa Rica.
PARAGUAY
According to figures just issued by Statistical Office of the Republic
of Paraguay imports into the country during the year 1927 amounted
to 11,977,766 gold pesos, real value, while exports totaled 14,282,040
gold pesos, yielding a favorable trade balance of 2,304,274 gold pesos
existing. Both imports and exports were less than during 1926 when
they amounted to 12,205,280 gold pesos and 15,497,504 gold pesos
respectively.
PHILIPPINE ISLANDS
Business conditions in February were generally inactive, largely as
the result of slow movement of agricultural produce and quiet export
markets. Leading import markets were featureless. Textile trade
continued slow, with falling prices. Automotive business was under
expectations, but tire sales were fairly good. The sugar market was
quiet. Local estimates place the output of the crop now being
harvested at 570,000 metric tons. Copra production continued extremely low and abaca trade was dull, with further price declines.
Cigar shipments to the United States showed an increase compared
with recent months.
PORTO RICO
Trade and economic conditions in Porto Rico showed no appreciable
change during the past week and business continues to be dull with
collections difficult. The lack of rain is being keenly felt and besides
affecting the late tobacco crop is retarding the ripening of pineapples,
and preventing the normal flowering of citrus trees. Local estimates
now place the current tobacco crop at not more than 24,000,000 pounds,
but some reduction from this figure is expected as a result of the
drought which is injuring the late plantings of tobacco. Porto Rican
fruit shipments for the first two weeks of March included 57,000 boxes
of oranges, 40,000 boxes of grapefruit, and 8,000 boxes of pineapples.
Coffee shipments from September, 1927, to the end of February, 1928,
amounted to 7,624,000 pounds. March bank clearings were $13,467,000
as compared with $13,779,000 in the same period of last year.
SPAIN.
Activity in the Spanish financial market was well maintained during
the month of February. Stock quotations showed general improvement,
excepting the Bank of Spain, electrics, steel, and rails. The Government issue of 500,000,000 pesetas was oversubscribed four times and its
absorption made no significant disturbance on the money market. Exchange showed only a slight fluctuation from the opening of 5.84 to the
closing and highest quotation of 5.93 pesetas to the dollar. The balance
sheets of the Bank of Spain were (in round numbers), gold reserve,
2,608,000,000 pesetas; silver, 697,000,000 pesetas; note circulation 4,206,000,000 pesetas; current accounts, 937,000,000 pesetas; and Treasury
balance, 267,000,000 pesetas. Unemployment in Astoria is decidedly
mitigated, due to the amount of labor absorbed in the present public
works program and also the slight upward trend in the coal industry.
The sardine catch has been phenomenally improved, due to the reappearance of the species off the Cantabrian coast. Packers have accumts
lated some stocks at reasonable prices, but consider the high cost of
oil and tin plate plus the factors of Portuguese and Californian competition as minimizing somewhat their export prospects. There is reported to be a heavy olive and olive oil production, but prices are well
maintained due to the heavy sales in the Italian market and increased
storage possibilities. There is a strong demand in the raisin and almond
markets, but onions and rice are weak and oranges dull. Demand is
strong for cork waste and raw cork askings are regular, but cork manufactures are weak. The textile industry has experienced some recovery
and many mills are working at normal capacity. Due to a generally
increased purchasing power, especially in Galicia, Astoria and Andalusia,
mercantile conditions 1151:2 ban efcellent. Car and truck registrations
Arming Tarmac), totaled 2,600 as compared with 1,550 durlog Jamfary
last year. The February level is somewhat lower, but still satisfactory.
American participation is on the increase due to the high favor prevailing in the Spanish market for the new models. Construction machinery
sales are above normal and prospects for sales of agricultural machinery
which should open about the middle of April on a high level are „ed.
lent. General optimism as to commercial conditions is apparent in all
business communities.
SWEDEN.
talit3f oniicll continued to dominate the Swedish situation during
for the considerable decline of
responsible
largely
February and were
pu rchasing in the domestic market and for the unfavorable balance of
foreign trade, estimated at about 40,000,000 crowns for the month.
Export tonnage for the first two months of the year was about one-half
that for the corresponding period of 1927, the principal decreases being
in iron ore and wood pulp. Additional labor difficulties threaten to
aggravate a situation already serious. The sugar refineries are reported
to be faced with the possibility of a strike involving 1,800 workers while
in the raw sugar plants a lockout may effect 1,000 workers, furthermore
the Government Navy Yard is threatened with a strike of about 2,000
workers, bringing the labor affected in all conflicts, including idle forest
workers, to a total of about 70,000. No definite progress has been made
toward settlement and the difficulties may continue for several months.
The Unions apparently have sufficient strike funds available and are
receiving support from outside sources. The Parliament (Riksdag) approved the Russian Commercial Treaty and also ratified the Finnish
trade treaty on March 14. The money market remains very easy
although it is expected that if the labor situation does not improve soon
Sweden will be increased in the near
the discount rate at the Bank of
future. In the latter part of the month the Bank of Sweden found it
necessary to sell about 10,000,000 crowns of foreign exchange holdings
in relation to the pound sterling.
in order to steady the crcwn, especially
The note circulation increased about 10,000,000 crowns during the
Sweden again decreased while deposmonth. Clearings at the Bank of
24,000,000 crowns during the month.
its in private banks increased
Foreign credits at the Bank of Sweden and at private banks continued
stock exchange was less than during
to decrease. The turn-over on the
quotations. Industrial production bethe previous month with lower
suffering the greatest set-back
cause of the present labor situation is
since the labor conflict in 1923. The export branches were severely




1743

affected with considerable reduction in the production of iron ore, wood'
pulp and wood goods. The wholesale index remained unchanged at 142.
TURKEY.
Budget estimates for the fiscal year 1928-29 (June 1-May 31), as
approved by the budget committee of the National Assembly, shows
receipts of ET 206,298,000 and expenditures of £T 206,292,000, as
against LT 194,455,000 and ET 194,580,000, respectively, for 1927-28.
Increases over 1927-28 are provided for the account of the Public
Debt, Ministries of Public Works, Marine, and Foreign Affairs, while
a small decrease is noted in the appropriation for the Ministry of
National Defense.The monopolies are expected to supply the greater
part of the increases in revenues. (£T equals approximately $0.515.)
UNITED KINGDOM.
The value of imports in February amounted to £98,848,000, according to Board of Trade figures. This figure represents a decrease of
1.5% from the January valuation, but an increase of 5.2% over that
for February, 1927. Exports of British goods amounted to 157,236,000,
a decrease of 4.2% from the previous month, but an increase of 8.1%
over the previous February. Re-exports aggregated £11,665,000, increases of 13.1% over January and 7.9% over February, 1927. (The
extra day in February of this year naturally made for larger totals
than in 1927.) The adverse merchandise balance for February amounted
to £29,947,000, as compared with 130,340,000 in January and 130,113,000 for February of last year. Exports of cotton textile, iron and
steel, and machinery were £1,000,000, £390,000, and £449,000, respectively, above the February, 1927, valuations. Coal exports aggregated 4,007,600 tons, a decrease of 165,000 tons in comparison with
such shipments during the previous February; the total value was
£830,000 less. Coal shipments to South America continue in good
volume, but the trade with other destinations is quiet; demand for
anthracite is poor. The Welsh trade, except in anthracite, is improving
slightly and there have been some price advances. In other districts,
both export and domestic trade is dull. Unemployment registers indicate some further improvement in the general employment situation.

Gold and Silver Imported into and Exported from the
United States by Countries in February.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made publicits monthly report, showing the imports and exports of gold
and silver into and from the United States daring the month
of February 1928. The gold exports were $25,775,710. The
imports were $14,685,535, of which $8,480,989 came from
Canada, and $5,200,226 came from Soviet Russia in Europe.
Of the exports of the metal, $12,000,000 went to Argentina,
$7,500,000 went to France and $3,000,000 went to Uruguay.
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO TELE
UNITED STATES, BY COUNTRIES.
Gold.

Silver.
Refined BuZlion.

Countries.

Total
Exports,
Dollars.

Total
Imports,
Dollars.

Total (Ina. Can).

Export:, Imports, Exports, Imports,
Ounces. Ounces. Dollars. Dollars.

9,665
France
7,500,000
2,846
124,401
Germany
20 252,276
210,122
Soviet Russia in
5,200,226
Europe
5,977
2,377
United Kingdom_
167.043 221,260 176.292 409,185
Canada
33,828 8,480,989
160
280
31,018
Costa Rica
Guatemala
27,030
207,678
118,763
Honduras
11,570
490
39
Nicaragua
28,677
1,089
1,901
Panama
894
3,099.737 44,7003,230,846:.
Mexico
311,877
602,131
1,500
Jamaica
4,145
37,860
Trinidad & Tobago
190
Oth.13rit.W.Indies
L1,52.5
24,385
Cuba
5,000
DomIglep,n Repub.
9,672
16,048
Argentina
12,000,000
133,294.
14,416
Chile
10,514
30
18,098
61,737
Colombia
9,212
136,720
Ecuador
666,107
Peru80,043
50
071-,600
.
Uruguay
19,002
Venezuela
1,200,000
836.026
1,461,453
66.750
British India
_
81.494
British Malaya_ _ _
5,000
Ceylon
047,259
6
10,563,055
101,040
China
39,826
68,873
111,258
Java and Madura_
.
•
221,242
384,769
909,959
Hong Kong
62,386
Japan. incl. Chosen
5003
Palestine
672
67,656
Philippine Islands_
242
39
22,458
New Zealand
9.554
13,952
Congo__
Belgian
P1,797
3,370
Mozambique
25.77.5 710 14.655.535 12.862.742.3.599.807 7.479.436 9,658.0911

Message of President Coolidge to Congress Urging- Legislation to Enable U. S. to Join with Other Creditor
Nations in Floating New Austrian Loan.
Under date of March 20 President Coolidge in a message
to Congress recommended the enactment of "legislation
necessary to enable the United States to join with the
other relief creditors in permitting Austria to obtain the
additional capital urgently needed for continuing its economic reconstruction and to authorize the Secretary of
the Treasury to conclude an agreement for the settlement
of Austria's debt to the United States." The message follows the announcement on Feb. 21 by Secretary Mellon
that a recommendation would be made to Congress •"that
the Secretary of the Treasury be granted the authority in
his discretion to subordinate the lien of the United Stater./
on Austria's assets and revenues to the extent necessary

1744

FINANCIAL CHRONICLE

to permit the flotation of the loan now proposed, subject,
of course, to satisfactory notification that the other governments and the Reparations Commission agree to take
similar action." With the President's message to Congress
was transmitted a report from Secretary Mellon in which
It was suggested that legislation be sought authorizing
the subordination of the lien for a period not exceeding
thirty years from January 1, 1929. Secretary Mellon's
statement of Feb. 21, which we gave in our issue of Feb.
25, page 1135, explained that "the Government of the
United States holds a bond of the Austrian Government in
the principal sum of $24,055,708.92, given in payment for
supplies furnished for Austrian relief in 1919 and 1920,
and by its terms matured January 1, 1925, but under the
terms of the so-called Lodge Resolution of April 6, 1922,
the Secretary of the Treasury extended the maturity date
until June 1, 1943, and at the same time subordinated the
lien enjoyed by the United States for the purpose of permitting the reconstruction loan of 1923." It was further
noted that "certain other governments, namely, Denmark,
France, Great Britain, Italy, The Netherlands, Norway,
Sweden, and Switzerland, hold relief bonds of similar
character in the sum of about $85,000,000. They likewise
agreed to subordinate their liens to the reconstruction loan
of 1923, which in addition was guaranteed by several of
these governments." The amount of the reconstruction
loan which it is proposed to extend to Austria is 725,000,000
Austrian shillings or about $100,000,000. The following is
the message sent to Congress by President Coolidge this
week:
To the Congress of the United States:
I am submitting herewith for your consideration a copy of a report
of the Secretary of the Treasury regarding the action proposed to be
taken by the Government of the United States in respect of the debt of
Austria to this Government.
The action proposed by the Secretary of the Treasury has my approval. I recommend that the Congress enact the legislation necessary
to enable the United States to join with the other relief creditors in
permitting Austria to obtain the additional capital urgently needed for
continuing its economic reconstruction, and to authorize the Secretary
of the Treasury to conclude an agreement for the settlement of Austria's
debt to the United States.
CALVIN COOLIDGE.
The White House, March 20, 1928.
The report of Secretary Mellon follows:
"I have the honor to submit the following report in respect of the debt
of Austria to the United States government, with particular reference
to the request submitted by the Austrian government for the subordination of the lien enjoyed by the government of the United States under
the terms of the relief bond of the Austrian government held by the
Treasury Department to a new loan to be issued for reconstruction purposes, and other questions related thereto:
"It will be recalled that during 1919 and 1920 conditions in Austria
were so serious that the United States and a number of European governments found it necessary to furnish foodstuffs asd other relief supplies on credit. The act of Congress approved March 30, 1920, authorized the United States Grain Corporation, with the approval of the
Secretary of the Treasury, to furnish flour on credit 'to relieve populations in the countries of Europe or countries contiguous thereto
suffering for the want of food.' Pursuant to that legislation, flour was
sold to Austria, and the sum of $24,055,708.92, given in payment therefor.
"Certain other governments—namely, Denmark, France, Great Britain,
Italy, the Netherlands, Norway, Sweden and Switzerland—hold relief
bonds of similar character in the sum of about $95,000,000. The relief
bonds of y920 enjoy 'a first charge upon all the assets and revenues of
Austria.' They rank ahead of Austria's reparation obligations.
"The bond held by the United States is dated September 4, 1920, and
by its terms matured January 1, 1925. In 1922 conditions in Austria
were such as to necessitate financial assistance from abroad in order to
permit the stabilization of the currency, the balancing of the budget and
the resumption of the economic life of the country. The credit of
Austria was at a low ebb. No exterior loan could be floated as long as
relief loans and reparations constituted prior charges on Austria's assets
and revenues. Accordingly, the relief creditors, including the United
States, and the Reparations Commission, agreed to subordinate their
liens to permit the flotation of a reconstruction loan. Under the terms
of the so-called Lodge resolution of April 6, 1922, the Secretary of the
Treasury extended the maturity date of the relief bond held by the
United States government until June 1, 1943, and at the same time
agreed to subordinate the lien enjoyed by the United States for the
purpose of permitting the reconstruction loan of 1923. The Lodge
resolution, which set forth the urgent need for relieving Austria from
the immediate burden of the lien, reads as follows:
"'Whereas, The economic structure of Austria is approaching collapse and great numbers of the people of Austria are, in consequence, in
imminent danger of starvation and threatened by disease growing out
of extreme privation and starvation; and,
"'Whereas, This government wishes to co-operate in relieving Austria from the immediate burden created by her outstanding debts; therefore, be it
"'Resolved, By the Senate and House of Representatives of the
United States of America in Congress assembled, that the Secretary of
the Treasury is hereby authorized to extend, for a period not to exceed
twenty-five years, the time of payment of the principal and interest of
the debt incurred by Austria for the purchase of flour from the United
States Grain Corporation, and to release Austrian assets pledged for the
payment of such loan, in whole or in part, as may in the judgment of
the Secretary of the Treasury be necessary for the accomplishment of
the purposes of this resolution: Provided however, that substantially all
the other creditor nations, to wit, Czechoslovakia, Denmark, France,
Great Britain, Greece, Holland, Italy, Norway, Rumania, Sweden, Switzerland and Yugoslavia shall take action with regard to their respective
claims against Austria similar to that herein set forth. The Secretary




[VOL. 126.

of the Treasury shall be authorized to decide when this proviso has been
substantially complied with.'
Reconstruction Loan of 1923.
"The action of the Secretary of the Treasury under the authority of
the resolution was taken on June 8, 1923.
"In 1923 a reconstruction loan amounting to about $125,000,000 was
floated by Austria in the United States and European countries. This
loan was guaranteed by several of the European governments. It saved
Austria from economic and social disintegration and collapse. The program of reconstruction led to the stabilization of Austrian currency
during 1923 and the balancing of the Austrian budget by 1924. It haa
been balanced ever since.
"Austria's economic reconstruction, however, has not been completed
and the capital resources of the country are not adequate to the task.
Proposed Loan of $100,000,000.
The Austrian government now desires to float a new loan in the net
amount of 725,000,000 Austrian schillings, or about $100,000,000, for
the continuation of the program of reconstruction. The proceeds would
be applied to capital expenditures—that is, to the repair, improvement
and re-equipment of the Austrian railway, that all of the foreign governments telegraph and telephone systems. The lien enjoyed by the
relief bonds makes it difficult, if not impossible, for Austria to obtain
the necessary funds for these purposes. Accordingly, the Austrian government has requested the governments holding Austrian relief bonds
and the Reparation Commission to subordinate liens in favor of the new
loan for a period not exceeding thirty years.
"The Treasury Department is advised by the Department of State
concerned have already informed the Austrian government to the effect
that they are willing to subordinate their liens, providing all of the
governments in a similar position, and the Reparations Commission,
do likewise. It is further understood that the Reparations Commission
has agreed to subordinate the reparation lien on Austria's assets and
revenues in favor of the new loan. The Austrian government has requested the government of the United States to take similar action.
Since unanimous consent is required, failure of the United States to
join the other governments concerned in granting Austria's request
would constitute a barrier to the floating of the new reconstruction loan.
"Since the proposed loan would be for a term of thirty years and the
relief bonds mature in 1943 the mere subordination of the lien may not
be sufficient to permit the flotation of the new loan. The Austrian government is at present negotiating with the government of the United
States and the other relief creditor governments terms of payment of
the relief bonds so as to provide for the liquidation of the indebtedness
over a period of years. All of the relief bonds are of similar tenor
and contain the following clause:
"'The government of Austria agrees that no payment will be made
upon or in respect of any of the obligations of said series issued by the
government of Austria before, at or after maturity, whether for principal or for interest, unless a Similar payment shall simultaneously be
made upon all obligations of the said series issued by the government of
Austria in proportion to the respective obligations of said series.'
"The Austrian government has assured the government of the United
States that it intends to make a settlement of the relief debt at the
earliest practicable date, and that it is prepared to make with the United
States a settlement on a basis no less favorable to the United States
than that made with the other relief creditor governments, or any of
them.
"In view of the terms of the bond, as set forth above, Austria cannot
make a definitive settlement of the relief obligations without the agreement of all nine of the creditor governments. Such a settlement obviously may take some time, and it might well be impossible to submit
the terms of settlement to the Congress at this session. This in turn
might mean the indefinite postponement of the flotation of the new loan,
which is urgently needed. Under these circumstances it is extremely
desirable that the executive branch of the government should have the
authority to clean up the whole matter, with the limitation that our
debt should be settled on terms no less favorable than those granted
the other governments, and on the understanding that the security now
enjoyed be not released except in so far as necessary to permit the flotation of the contemplated reconstruction loan.
"I am strongly of the opinion that the United States should not take
a position that would obstruct any proper and well considered measures
for furthering Austria's reconstruction, particularly since such measures
will tend to promote our commercial intercourse with Austria and should
increase Austria's capacity to repay its indebtedness to the United States.
"The matter has been given careful consideration by the Secretary of
State and myself and I suggest that, if you approve, legislation be sought
from Congress authorizing the Secretary of the Treasury, in his discretion, to subordinate, for a period not exceeding thirty years from Jan.
1, 1929, the lien of the United States on Austria's assets and revenues
to the extent necessary to permit the flotation of the loan now proposed,
subject, of course, to satisfactory notification that the other governments
and the reparation commission agree to take similar action; and authorizing the Secretary of the Treasury, with the approval of the President,
to conclude an agreement for the settlement of the indebtedness of
Austria to the United States upon terms and conditions no less favoraole than the terms and conditions granted by Austria to any of the
other relief creditor governments.
"Faithfully yours,
"A. W. MELLON,
"Secretary of the Treasury."
The President,
The White House.
As initial steps to secure the consent of the United States
Government to the subordination of its lien against Austria,
that the latter might be able to engage in new financing
was taken on March 21 when appropriate resolutions were
presented to the Senate and House. A dispatch to the New
York "Journal of Commerce" from which this is learned,
added:
This legislation would "authorize the Secretary of the Treasury to cooperate with the other relief creditor governments in making it possible
for Austria to float a loan in order to obtain funds for the furtherance
of its reconstruction program, and to conclude an agreement for the
settlement of the indebtedness of Austria to the United States."
The resolutions were referred to the House Ways and Means Committee and the Senate Finance Committee, respectively, and hearings
are expected to be held by the former soon.

MAR. 24 1928.1

FINANCIAL CHRONICLE

1745

loans as a means of expanding their trade and which placed restrictions

on the business channels into which the proceeds should go. France, he
J. P. Morgan Sails for Europe.
said, would follow the American policy in this respect.
liner
Star
White
the
on
er
passeng
a
was
J. P. Morgan
,
Mr. Monnet was a passenger on the Isle de France,
Morgan
Mr.
17.
March
. Olympic which sailed for Europe
party
which arrived in New York on March 13.
a
it is stated, plans a trip to the Mediterranean to join
cruise.
e
a
for
pleasur
,
Corsair
the
of friends on his yacht,
Plan for Cancelling State Debt to Bank—Process by Which
on
e
Passag
s
,
Cancel
Proceeds of 'Revaluation' Will be Applied by French
France
of
Bank
of
Rist,
s
Charle
Paris.
r
Bank.
Steame
Under date of March 16, the New York "Times" had
It was noted in the "Journal of Commerce" of yesterday
the
of
or
Govern
the following to say in a message from Paris (copyright):
(March 23) that Charles Rist, Deputy
its loans to the State
Comal
Financi
the
ry
of
The Government paid off 100,000,000 francs of
Secreta
former
and
France
Bank of
0,000. The chief interin the past week, reducing the total to 23,1001,00
on
passage
his
d
,
cancele
Nations
the probable disof
mittee of the League
est in this item of State debt to the bank is, however,
stabilized.
the French liner Paris, which left just after 12 last night. position of it when the franc is legally
to the gold held by
In principle, the French Government has no title
The paper quoted also had the following to say:
its own vaults or abroad. Nevertheless, it is

15, with the Bank of France in
, the proceeds
The French bank official, who arrived on Tuesday, March
of the Bank considered very probable that, when the franc is stabilized
M. Quesnay, Director of the Economic Research Department
applied to paydecided of revaluation of its gold and exchange reserves will be
has
officials,
pursued when
of France, to confer here with Federal Reserve Bank
was
course
This
ing off the bank's advances to the State.
to remain longer than he had first planned.
of Belgium and Italy stabilized.
observer
situated
eously
advantag
one
of
n
the
impressio
This confirms
a coefficient of 5, on
The calculation is that, if the franc is revalued at
"Journal of
the international financial situation, reported in Tuesday's
the pre-war 5.18, the
more than the basis of 25.91 francs per dollar, as against hands will automati.
Commerce," that the conferences have thus far resulted in little
bank's
the
in
at the Federal value of gold and exchange holdings
an exchange ofinformation. Although newspaper men calling
e between the old and new
repeatedly re- cally be adjusted accordingly. The differenc
bills or gold bought
Reserve Bank, where the conferences are being held, have
and it values so far as concerns revaluation of exchange
refused,
been
have
they
n,
Frenchme
the
with
be rather small, because
quested an audience
er would by the bank during the last twelve months, will
25% francs. On
averaging
was stated yesterday that in all probability no statement whatsoev
those purchases were made at a dollar rate
be given.
actual gold and silver reported regularly in
the
however,
hand,
other
the
Another Shipment Expected.
bank's reserve at home and abroad, aggregate
000 of the gold the weekly return as the
. With the gold revalued
The third successive shipment of slightly less than 812,000,
4,542,000,000 francs on tee pre-war valuation
expected
is
here
Bank
Reserve
Federal
pre-war, this metal reserve will
which France has earmarked at the
at the coefficient of 5 as compared with
ents
arrangem
no
although
morning,
w
the difference of 17,158,to-morro
and
21,700,000,000 francs,
to go forth on the liner early
. A like shipment be worth more than
for it were made up until the close of business yesterdayHavre by the liner 000,000 will presumably be used to reduce the account of advances by
to
Was expected by steamship officials to be carried
with no substantial the bank to the State.
Suffren, which departed on Wednesday, but it sailed
amount of gold on board.
on the Be de Prance, exThe shipment of about $12,000,000 to France
by Bank of France
e" last Saturday morning, French Gold in London—Withdrawals
clusively reported by the "Journal of Commerc
report on the gold
weekly
Bank's
Be Wholly "Earmarked."
to
Said
was confirmed by the Federal Reserve
to Wedneswe take the
movement, leaned yesterday. Exports for the week. March 15
000 went to
From the New York "Times" of March 18
day, March 21, amounted to $17,840,000, of which $11,925,
Imports,
ng:
Prance, 84,200,000 to Argentina and 81,370,000 to Brazil.
followi
was no Canataken $25,000,000 gold
arriving chiefly from Latin America, were 8259,000. There
While the Bank of France is estimated to have
amounts already
dian movement.
thus far in the year, largely from
York
New
front
issue
d
in
our
to the French bank in the
A reference to the visiting bankers appeare
"earmarked," London has sent £4,500,000
of these shiplargest
of the
last three weeks. The London Times says ended Feb. 29, £3,194,890
of March 17, page 1597.
ments, "The Gazette shows that in the week
of which went to France.
of gold was exported, practically the whole
the
no corresponding efflux of gold from
Bank of France Warning—Communique Denies That As in that period there was
institution, it may be
that
of
returns
the
in
recorded
of
England
Bank
part of that which was
Mission to America Is for Stabilization.
assumed that the gold which France has taken is
for a loan from the Bank of
From the New York "Times" we take the following Paris deposited during the war as collateral
the gold.
England, which loan was repaid last year, thus releasing France (being
of
cablegram (copyright) March 22:
"The gold having belonged all along to the Bank
in the
French
to-clay,
the
of
France
Bank
included
the
by
In a special communique issued
held here as collateral security), it was never
al does not
reports emanating from a part of the merely
stock of gold, and therefore its withdraw
public is warned against exaggerated
s
of
England'
Bank
of MM. Rist and Quesnay in the
position of the Bank of
American press regarding the mission
in any way affect its gold stock. Neither is the
deposited bullion
United States.
by the removal of the gold, since the
France
affected
in
ions
no
had
have
conversat
"Representatives of the Bank of France
has always figured in that bank's balance-sheet,"
the
announce
French
says
of
money."
ion
America with regard to stabilizat
ing from America and England
ment,"and gold, which the Bank is transferr
but constitutes a part of deposits made
Substitute
I. not the result of recent purchases
ns several months ago."
Budapest to Drop Saturday Holiday—Will
and earmarked with the foreign institutio
on published in the New
to Check Week-End Frivolity.
day
Privately, Bank officials confirmed informati
Wednes
ed the equivalent of $50,"Times" reYork "Times" that France thus far has repatriat
From Budapest March 17, the New York
000,000 in the past six weeks.

ported the following copyright advices:

Jean Monnet, Paris Partner of Blair & Co. Inc. Depicts
France as Lending Nation.

by giving its employes
The City of Budapest will break tradition
Wednesdays off instead of Saturdays.
Saturday night frivoliof
habit
The change will be made to break the
ns adjourn to cafes, often to
ties, when most working-class Hungaria
indeed said to be a rare
spend their week's earnings in drink. It is,
the week-end with enough
occasion when a Hungarian workman survives
for the prosperity of the
left for Monday's food, which is one reason
pawnshop business here.
its example.
The city has recommended that factories follow

Jean Monnet, Paris partner in the banking house of
Blair & Co., Inc., who is now visiting in the United States,
expects France to develop into an important lending Nation, placing investments in many parts of the world. The
"Times" of March 17 in noting Mr. Monners views quotes
Makes
him as saying:
Proposed Conversion of Spanish Debt—Decree
able.
Amortiz
Loan
l
"France already is stabilized in fact, and all that remains now is to
Interna
Peseta
1,000,000,000
go through with the legal requirements. Under present conditions it has
, were
in the Paris market,
Associated Press advices March 16 from Madrid
not been feasible to sell foreign loans in francs
ion. The whole trend is
official
stabilizat
after
:"
changed
"Times
be
will
York
New
this
the
but
ed as follows in
and there will be many loans which will publish
toward cooperation in finance,
of dollars, francs and sterling and apporbe divided into denominations
in
tioned to the various markets. Both bonds and stocks will be sold
this manner."

He was further quoted as follows:

"The United States will hold the lead it has attained in international
financing, but there will be more of a division of the business than has
not mean that there will be
been feasible since the war. This does
anything like competition between this country and France in the business of placing foreign loans. Rather it will mean an internationalizaThere will be more and more
tion of the function of supplying capital.
States, England, France and
loans in which bankers of the United
several other countries will participate.
"For the larger operations, such as an important Government loan,
be consulted because of the trementhe American market must always
ted here, but European countries will
dous supplies of capital concentra
loans."
such
of
ns
proportio
g
absorb increasin

The "Times" in reporting Mr. Monnet as above likewise
said:
bankers would continue to hold their
Mr. Monnet said American

had the most resources, but
commanding position, not only because they
here with regard to foreign lending. He exalso because of policies g foreign loans, bankers here were concerned
plained that in arrangin
considerations: good security and a fair interest rewith only two main
foreign borrowers to come here for the requireturn. This ha dcaused
which found it necessary to make foreign
ments rather than to countries




the internal debt,
A decree is published in La Gaceta today converting
le debt, paying
amounting to 1,000,000,000 pesetas, into an amortizab
will be a voluntary
from 3 to 5 per cent free of tax. The conversion
April 10 to 13.
one and will be effected by the Bank of Spain from

Report Regarding Formation of Monetary Union Under
of CurHeadship of France with View to Stabilization
Fedby
edit
avia—Cr
Jugo-sl
and
a
Rumani
rencies of
eral Reserve Bank Intimated—Proposed Rumanian
Loan.
of
Writing in the New York "Journal of Commerce"
March 13 Jules I. Bogen in indicating that France would
head a monetary union to be formed in the Balkans, said:
"France is planning to draw from the United States
enough gold not only to cover her own needs, but also to
permit Rumania and Jugoslavia to return to the gold basis
simultaneously, it is learned in quarters close to French
official circles." It was added that this was one of the
problems to be taken up by Charles Rist and M. Quesnay

1746

FINANCIAL CHRONICLE

[VOL. 126.

of the Bank of France, whose arrival from France was
noted in our issue of March 17, page 1579. Mr. Bogen's Reported Difficulties in Proposed Rumanian Loan Nego,
tiations—Bankers Said to Seek League Sponsorship for
article furthermore stated that the Bank or France had
Loan—Representative Celler in Letter to Secretary
"apparently been able to win the support of the Bank of
Kellogg Opposes Loan.
England and the Federal Reserve authorities to the proAccording to the "Journal of Commerce" of March 21, a
posal that Paris be made the monetary capital of a group
of continental countries." Following up Mr. Bogen's ar- hitch has occurred in the negotiations for a Francoticle the paper printing it, had the following to say American loan for Rumania, and the bankers will expect
the League of Nations to stand sponsor for the transacMarch 14:
Opinion is divided in local banking circles as to the wisdom of the tion before they issue the proposed $60,000 stabilization
proposed credit to be advanced by the Federal Reserve Bank of New bonds, it was
learned on March 20. The paper quoted
York to aid in the stabilization of currencies in Rumania, and possibly
Jugoslavia. These credits are to be arranged in connection with the went on to say:

formation of a new monetary union with France by those countries, as
announced in "The Journal of Commerce" yesterday.
While the local Reserve Bank has not confirmed reports that it will
advance such a stabilization credit, it is understood in other informed
quarters that this will be one step in the general transaction.
Adverse comment here is directed in particular against the political
angle of the situation. Several well informed observers profess to see
an effort by France to recover her former dominance in Southern and
Eastern Europe, especially to offset the growing prestige Italy is now
winning in this area. A monetary union to bolster up the possibly
weakening political alliance is interpreted as the aim of the present
policy.
What is commented on most critically in several quarters is the fact
that the local Reserve bank is being directly involved in a deal which
shows so many political earmarks. The thought is that the Reserve
Credit may eventually be interpreted as practically a sanctioning of the
whole deal, including its political implications, by authorities here, and
may later lead to embarrassments with other European powers. While
it is understood that the British are full aware of what is going on
and are in close touch with the local authorities at every step, and have
apparently acquiesced in the entire program, the question is raised here
whether Italy and other interested powers have played any part in what
has transpird.
On the other hand, there are not a few defenders of the Reserve bank.
One view now heard is that the latter has merely continued its avowed
policy of aiding in the financial rehabilitation of Europe, a policy which
is said to redound to the benefit of American trade and finance. In the
second place, it is pointed out that the same kind of credit has been
granted to other countries as well as to Rumania, and that no new
precedent is thereby set. The simultaneous formation of a monetary
union is looked upon as of no unusual importance, and one which the
local Reserve authorities could not be expected to consider.
Finally, the co-operation of the Bank of France and the Federal Reserve Bank in the Rumanian stabilization is said by those favoring the
local bank's policy to constitute a necessary feature of the present move.
It is pointed out that more than ordinary risk attaches to the present
stabilization loan, as compared with that granted Great Britain and
Italy. The co-operation of the French thus becomes necessary, regardless of any political angle.

Mr. Bogen's account said:
The Jugoslav dinar has been stabilized for some months at 1.76c,
while the Rumanian lei is quoted at .62c. The proposal is to convert
them both into a new currency unit to have the same value as the
French franc, or approximately 3.93c. There will be no revalorization,
according to present plans, but the outstanding currency will be exchanged into the new unit on such a basis as to keep the value of the
present currency units at the existing level.

The difficulties in the way of the consummation of a $60,000,000 Rumanian stabilization loan are not connected with the present political
happenings in that country, including the efforts of the Peasant party
to get the Government to resign and give them the reins. The bankers
feel that Rumania is in the same class as several other Central and
Eastern European countries, such as Hungary and Austria, as a
financial
risk here, and its credit is so little known by investors that the league's
sponsorship is indispenable under any conditions.

Predict Loan Later in Year.
According to reports freely circulated in the financial districts of the
world for some time Blair & Co. and Dreyfus & Co., of Paris, were
bringing to a conclusion negotiations for the issuance of a Rumanian
loan. These reports never received official confirmation, although it
was admitted here that negotiations were in progress. The Dreyfus
firm issued a denial in Paris, cables here said.
Informed quarters here feel that sooner or later a loan to Rumania
with League sponsorship will be arranged and expect it later this year.
Such a loan is an important preliminary to the legal stabilization of the
leu and the issuance of a new currency unit to have the same par value
as the French franc, which is now being planned as part of the project
of creating a new monetary union along the lines of the old Latin
union of pre-war days. A credit at the Bank of France may permit the
currency reforms to be accomplished before the bond issue has been
arranged.
Rumania has hitherto argued that she does not need the League control of her finances any more than did Poland, Jugoslavia or Italy,
which have borrowed abroad directly. However, the fact remains that
ecorts to secure such a loan over a two-year period have come to naught,
although the currency has enjoyed de facto stabilization in the
meantime, and the financial position of the National Bank and
the Government has been improved. A strong party in the country is known
to
favor League intervention in the nation's finances, and M. Titelescu,
who represents Rumanian affairs at Geneva, is understood
to have had
preliminary conversations with the League authorities over
the matter.

A request that the office of Secretary of State disapprove
any loan to Rumania was made to Secretary Kellogg in a
letter addressed to him by Representative Celler (Democrat) of Brooklyn. Representative Celler says, "While
overtures made by the Rumanian Minister to this country
that he would endeavor to persuade his government to
renew its pledges of protection to minorities are most
praiseworthy and while his efforts should meet with
encouragement, nevertheless Rumania should be forced to
purge herself of her wrongs. She must be made to realize
that she can expect no financial favors from us." The
"United States Daily" gives Representative's letter Ai
follows:

Revives Monetary Union.
The currency conversion plan constitutes a practical return
to the
principle underlying the old Latin Monetary Union. The latter included before the war France, Italy, Spain and Belgium, and maintained
their currencies at the parity of 19.3c. The return of two Balkan
countries to the same basis as the French will reflect the important role
My dear Mr. Secretary: It is bruited about Wall Street that the
France plays in the finance of the Balkans.
Government of Rumania is negotiating the floating of an international
The fact that France will draw gold for the benefit of these two loan of $60,000,000
a major portion of which is to be offered to the
Balkan countries will result in her taking larger amounts of the yellow American public.
It apparently is to stabilize the finances of Rumania.
metal at the present time than was at first thought to be the case. The It is rumored that
the Federal Reserve Bank at New York will be exgold taken by the French will not be transferred necessarily to those pected to join
other financial institutions here and abroad in extending
countries, at least a substantial part being allowed to remain in Paris. credit to this
most bureaucratic and most mediaeval government in
The reason is that Rumania and Jugoslavia will not return to
an out- Europe.
and-out gold standard, but rather to a modified form of the gold exMassacres Charged.
change standard, exchange on Paris constituting a large portion of the
Rumania, running true to its history, has
bank reserves of the country.
made of itselfduring the
last
few
years,
as a result of pogroms and massacres of minority popInformed observers here see in this plan for the formation of a new
ulations, a pariah among nations.
monetary union, which may be extended to other Balkan countries,
a
We, in America, stood aghast at the
direct result of the unusually strong financial situation of the Bank of
recent atrocities at Kishinec—
France. The Bank of France, because of its strong gold position, has outrages which we thought the post-war treaties hail ended forever.
Rumania was bitterly condemned in the court
apparently been able to win the support of the Bank of England and
of world opinion.
the
It was not the first time this benighted
Federal Reserve authorities to the proposal that Paris be made the
country stood condemned bemonetary capital of a group of continental countries. The original plan fore the world. It has repeatedly violated the pledges given in the
contemplated by the Bank of England authorities, it is said here, in- Treaty of Berlin in 1878, wherein Disraeli demanded that it give assurvolved a return of most European countries to a gold exchange basis, ance that it would treat its minority populations equitably, as a price
with London as the financial center in which most of the foreign for its becoming an independent nation. Rumania has never kept a
promise or a treaty. It never will.
central banks kept their funds.
Roumanian Loan Here.
Alleges Recent Violations.
Yesterday it was learned here that plans are being completed rapidly
It renewed its pledges at Versailles
in 1919 only to break them at
for the offering of a $60,000,000 Rumanian loan in New
York and Oradeamare this past year.
Paris. The American portion of the loan is to be handled by Blair
Now its Minister, Mr. George
&
Cretziano, pledges his country to an
Co. and the French portion by Louis Dreyfus & Co. Dr. Quesnay
of honorable course for the future. But however
estimable Mr. Cretziano
the Bank of France, who arrives here today, will also help arrange the may
be and however sincere personally,
he cannot bind the Bratiano
details on this loan, since it is being made for stabilization purposes. dynasty
and the Rumanian bureaucracy. He is
Just as the British were directly interested in the Polish stabilization substance.
a shadow. They the
Disapproval, no matter how harsh, criticism, no matter how
loan floated here, the French are taking the initiative in supporting the bitter,
have never made so much as a dent in
the
ironclad intolerance
Rumanian issue. Originally, the latter was to have been issued under of this
nation. Only the mailed fists or acts of other
League of Nations auspices, but now the part of the league is distinctly threaten
nations that
her security or self-interest have
ever brought Rumania to
secondary to that of the Bank of France.
tzrms.
Accompanying Dr. Quesnay on the Ile of France is John Minnett,
Secretary of State Hay, in 1902, forced her
one of the foreign partners of Blair & Co. Mr. Minnett has been with
hand when he negotiated
the Government of Rumania for a convention
working on the details of the issue in Europe, and his presence here Ile
of naturalization.
called attention to the Treaty of Berlin
which prescribed: "In Ruwill facilitate and expedite the offering in this country.
mania, that difference of religious creeds
and confessions shall not be
Czecho-Slovakia and Bulgaria remain as two countries still facing alleged
complete return to the gold standard. The extension of the new matters against any person as a ground for exclusion or incapacityin
relating
to
the
enjoyment
of
civil
and political rights, admission
monetary union to these countries, at least, immediately, is considered
to public employments, functions and honors,
doubtful. At any rate, the present plan will cement France's
or the exercise of the
political various professions and industries in
any locality whatsoever."
alliance with the little entente into a financial union with
two of its
Ile furthermore emphasized the fact that:
important members.
"With the lapse of time,
these prescriptions have been rendered nugatory in great part,
as regards




FINANCIAL CHRONICLE

MAR. 24 1928.]

regulations of Ruthe native Jews, by the legislation and municipal
mania."
restrictions, the
And that: "By the cumulative effect of successive
of wretched misery."
Jews of Rumania have become reduced to a state
Protested Treatment of Jews.
party to
He indicated that the United States: "Cannot be a tacit
against he
such an international wrong. It is constrained to protest
because
treatment to which the Jews of Rumania are subjected, not alone
injury
it has unimpeachable ground to remonstrate against the resultant
to itself, but in the name of humanity."
threats
the
It is needless to state that Rumania came to terms under
hurled at her by Secretary of State Hay.
Under the date of December 31, 1926, I called your attention to the
mistreatment of Jews in the cities of Kishineff, Ka!rash, Jassy, and
Bucharest. I then suggested that what was said by Secretary Hay
in 1902 might readily be said by you in 1926. You replied, under date
of January 11, 1927, that the status of minorities had undergone considerable change since 1902 and that the rights of minorities in Rumania had been fixed by the treaty signed at Paris in 1919 and that
any grievance suffered by minority populations might be redressed in
the Council of the League of Nations. You, therefore, held that the
League of Nations was the proper forum before which any infractions
of the treaty might be brought. But, since the said treaty was not
ratified by the United States, we could not intervene.
Under date of January 12, 1927, I responded and stated that in my
humble opinion the Paris Treaty of 1919 did not create an exclusive
remedy or set up an exclusive tribunal to which the recent excesses in
Rumania might be referred. I felt that on grounds of lofty humanity
our Government had the moral right of protest.
Now, this same government, guilty of those excesses, is knocking at
our doors and seeks financial assistance.

1747

Establishment of Chamber of Commerce in St. Thomas,
Virgin Islands—Robert Stride One of Those Who Advocated Movement—Also Advocates Palatial Hotel and
Sanitarium at Paradise Bay (Lindbergh Bay).
In a letter to the secretary of the St. Thomas (Virgin
Islands) chamber of commerce (read at the annual meeting of that body on Feb. 23) Robert Stride in evidencing
his interest in the establishment of the chamber indicated
that he had long since urged its creation. At the same
time he directs attention to his activities in the promotion
of a mammoth hotel and sanitarium, which he contends
would make St. Thomas as popular as Battle Creek. The
letter follows:

Urges Disapproval of Loan.
I respectfully petition that you in your great office as Secretary of
State disapprove of any loan to Rumania.
Even at this very writing, we are informed that antisemitic atrocities
again threaten Rumanian Jews and that the imminence of such atrocities was the gist of an alarming interpolation introduced into the Rumanian House of Parliament, on March 16, by one of its deputies.
While overtures made by the Rumanian Minister to this country that
he would endeavor to persuade his government to renew its pledges of
protection to minorities are Most praiseworthy and while his efforts
should meet with encouragement, nevertheless, Rumania should be forced
to purge herself of her wrongs. She must be made to realize that she
can expect no financial favors from us. That shall be her punishment.
Nearly three years ago, the State Department closed American money
markets to France, Italy, and Belgium until those countries agreed to
settlement of their war-time debts to us. The ban has since been lifted
as against Italy and Belgium but the ban remains against France, although the State Department has agreed to the flotation of a French
refunding loan, which would simply be a matter of refinancing at a
lower interest rate.
If you placed embargoes against countries that failed to settle their
debts with us, how much weightier is the reason for their similar ban
afainst a country like Rumania which has so sinned against morality
and decency.
If you had no jurisdiction to protest in December, 1926, surely you
have jurisdiction now to show Rumania in a most effective manner how
she has offended.
I am informed that the Chase National Bank was urged not to finance
a loan to Soviet Russia because of our proscription against its form of
government and the actions of its officials in their attempt to subvert our
Government.
Since March, 1922, virtually all of the loans made abroad have been
reviewed by the State Department, the bankers, at the suggestion of
the Department, having voluntarily submitted their proposals to the Department in advance.
I offer no opinion as to the legality of the actions of the Department
of State. I presume it is the right of the Executive, through his State
Department, to direct the foreign relations of the Government.
I presume that no exception will be made and that Blair and Company, the New York bankers, who are handling the loan, and the Federal Reserve Bank at New York, through Governor Strong, will present
to you, in the ordinary course, the application for the loan, for your
approval or rejection.
I presume the application is already upon your desk. Would not your
consent to that loan be construed as an approval of the acts of the
government applying? You have assumed to censor the governments
by disapproving loans to them because of their actions.
You stated that the policy of the State Department in this regard was
as follows:
"It has objected to loans to countries which had not settled their
debts to the United States as it believed that it was not in the public
interest to continue to make such loans, and it has objected to certain
loans for armament and the monopolization of products consumed in the
United States."
I, therefore, petition that you interdict any loan to Rumania by disapproving in the general public interest and upon grounds of high
morality, any application presented to you for that purpose.

ROBERT STRIDE
ST. THOMAS
VIRGIN ISLANDS, U. S. A.
Feb. 16, 1928.
Chaplain Walter L. Thompson, Secretary,
St. Thomas Chamber of Commerce:
Dear Sir:
It gives me the greatest kind of pleasure to find that at last a
Chamber of Commerce has been established in St. Thomas and is now
in active working order.
Eight years ago I endeavored to promote a Chamber of Commerce,
and stated at the time that without such an organization St. Thomas
would never progress or prosper.
I still have the greatest interest in the Island, and particularly as to
(I think this
the promotion of a palatial hotel with sanitarium annex
wish to
is the finest place in the world for such an enterprise), and I
state to your honorable board that for six years I have had one of the
dolthousand
fifty
leading physicians in the U. S. ready to subscribe
lars ($50,000) towards the promotion of a hotel and sanitarium, and
take entire management.
He sees no reason why St. Thomas should not be as popular as Battle
a wonderful
Creek, and perhaps mote so, for we have the advantage of
would any
climate, eca bathing, etc., etc. BUT—On no consideration
at
location for the hotel and sanitarium be acceptable to him except
LindParadise Bay. (I believe the name has not yet been changed to
bergh Bay.)
I
I would ask you to have this letter read at your annual meeting.
the exerwould attend the meeting, only am not well enough to stand
worthy
tion. With the very best wishes for every success in your
undertaking,
Yours truly,
ROBERT STRIDE.

The proposed change in the name of Paradise Bay to
Lindbergh Bay is an outgrowth of the recent flight of Col.
Lindbergh to the Virgin Islands. The Bulletin, published
at St. Thomas, carries in its issue of Feb. 11, the following
reproduced from "The Washington Post," regarding Col.
Lindbergh's flight February 1st:
Col. Charles A. Lindbergh yesterday accomplished a flight that would
other aviator,
be regarded as a most remarkable achievement by any
day's work.
but which in his case is taken for granted as a part of the miles on a
Leaving Maracay, Venezuela, at 6.15 A. M., he flew 1,000
Islands,
Virgin
Thomas,
curved route over the Lesser Antilles to St.
time. It
arriving at Charlotte Amalie at 4 o'clock P. M., on scheduled
is now under the
was a superb feat of airmanship. Col. Lindbergh
Field.
American flag, for the first time since he left Bolling
except his smile,
credentials
As an ambassador of goodwill with no
cordiality by the
extraordinary
Col. Lindbergh has been greeted with
Rica, Panama,
people of Mexico, Guatemala, British Honduras, Costa
received such testiColombia and Venezuela. No ambassador has ever
as youth has
well
monials of esteem or made so many friends. Age as
personifies the
been eager to render homage to the daring youth who
American, but
new era of mankind. Ile has been hailed not only as an
a lanas a citizen of the world, knowing no boundaries and speaking
guage every nation can understand.
States,
United
the
of
stepchild
Col. Lindbergh is now the guest of the
Constitution of the
the neglected Virgin Islands. The only part of the
that region is the
United States that operates ex-proprio vigore in
to know that
eighteenth amendment; and the Islanders have no reason
Perthe United States recognizes any other parts of the Constitution.
economic
forlorn
the
to
attention
direct
haps Col. Lindbergh's visit may
in
condition of the Virgin Islands and induce Congress to bestir itself
their behalf.

Final Balancing of Brazilian Budget with Surplus
Insures Success of Stabilization Program.

Dillon, Read & Co. announced under date of March 22
that advices received from Rio de Janeiro report the final
balancing of the Brazilian budget for 1928 with a small
C. D. Pugsley Finds Investments Abroad of Citizens
surplus,
thus insuring the success of the stabilization program
of U. S. Yield Income of a Billion Dollars a Year.
initiated a year ago. Total revenue for 1928 are estimated
With an income of a billion dollars a year derived by our at $250,671,960, as compared with total expenditures of
citizens from investments abroad, the prosperity of the $250,657,920. It is further said:
The successful balancing of the budget marks the end of a two-year
United States is no longer so dependent upon business conmost difficult in the country's commercial
ditions in this country in the opinion of Chester D. Pugsley, financial crisis which was the the
milreis was stabilized at approximately
history. At the close of 1926
County
National Bank at 12c. and has reamined steady at about this figure. The stabilization of
V.-President of the Westchester
year
the currency had a noticeably stimulating effect upon industry. The
Peekskill, N. Y. He says:
"Investments by our citizens abroad are approaching fifteen billions f
dollars on which they derive an income of about a billion dollars a year
States I no longer so entirely
and therefore the prosperity of the United
dependent upon business conditions here as fifteen years ago when foreign
negligible.
were
nationals
securities held by our
amounts in foreign countries but our
"Not only have we invested large
in the aggregate to
benefactions throughout the world amount probably
past decade?!
over three billions of dollars within the




closed with a return to the country's normal condition of a favorable
as
balance of trade. Exports during 1927 amounted to $443,445,000,
against imports of $398.205,000.
since
increase
the
Trade with the United States has shown an enormous
war. Total trade between the two countries in 1927 amounted to $292,the war, amounting to
000,000. or almost twice the average figure before
tripled in the period
$142.000,00. American exports to Brazil have
named, while Imports from that country have doubled.

1748

FINANCIAL CHRONICLE

Panama Passes $16,000,000 Loan Measure—Bill Consolidates All Foreign Debts and Provides for Highway Construction—Opposition Appeals to U. S.
According to a cablegram from Panama March 22 (copyright) to the New York "Herald Tribune" the bill authorizing the Government to float a loan of $16,000,000 to consolidate the outstanding foreign debt of $11,000,000 and to
provide additional money for proposed road building virtually
became a law March 22 when it passed the third reading by
the National Assembly in extra session. It is stated that the
measure now requires only the routine publication in "The
Official Gazette" and the signature of President Chiazi to
become an actual law. The cablegram adds:
The measure was supported solidly by the administration Assemblymen
and opposed by thirteen adherents of the Porras party and five independe
nt
Deputies. A stir was caused in the Assembly last night when Dr. Htirmodlo Arias, independent Deputy, abruptly left the hall in protest when
an attempt was made by the administration to limit debate in discussion
on the bill which was up for second reading.
Dr. Arias was followed by eleven other Deputies, who also left in
protest. A bare quorum remained, however, and the bill was passed
on
second reading shortly after the withdrawal of the opposition. He
did
not attend to-day's session because of illness, although it was predicted
last night he would not attend because he was disgusted with the
associating with Assemblymen who "have no sense of responsibility."
Dr. Arias said to the Herald Tribune to-day:"I opposed the bill because
it did not set any limitation or include the terms or conditions
of the proposed loan. I became more emphatic in my opposition when it was
admitted by the Finance Secretary that the loans of 1926 were made
disadvantageously because the general law did not set any limits."
Dr. Arias said he did not know why the Administration forced the
loan
proposition so near the end of the Chlark; administration unless
money
Is needed by the administration party.
The Herald Tribune learned to-day a cablegram opposing the
loan
was sent to President Coolidge by Manuel Amador and other
citizens.
The cablegram said:
"Panama public opinion would see with satisfaction the withdrawal of
any assent by the State Department in placing more indebtedne
ss upon
the country. Loans in times of election conflicts are deemed
by tne people
a menace by providing officialdom with an overwhelming corruption
fund
besides compromising the economic future."
Amador is a son of the first President of Panama.
The Assembly now is considering amendments to the immigrati
on law
which would unrestrictedly admit to Panama Japanese and East
Indians,

[VOL. 126.

Province. The association has no share capital and is not operated
for
profit. Its operations are under the supervision of the Free State of Prussia.
As of June 30 1927 the association had outstanding the equivalent of approximately $34.054.000 land mortgage bonds and $4,756,000 other obligations, all secured by individual first mortgages, and approximately $7,285.000 Rye mortgage bonds.
Bank of Silesian Landowners' Association in Breslau (Schlesische Landschaftllche Bank zu Breslau) was established in 1868 to perform the financial
functions of the association, primarily the distribution and service
of its
land mortgage bonds. The association owns all the present capital
of the
bank, amounting to 1,500.000 goldmarks.

Security.
The $6.000,000 first mortgage collateral 6% sinking fund gold
bond.
constitute the direct and unconditional obligation of the
bank and are secured by the assignment ot the trustees of all the bank's rights
under a
goldmark loan agreement with the association and by pledge with the
trustees of 7% goldmark land mortgage bonds of the association of
a principal
amount equivalent in goldmarks to the aggregate principal
amount of these
bonds.
The 7% goldmark land mortgage bonds are secured by an equivalent
principal amount of individual first mortgages on productive
agricultural
and forest properties to the extent of not exceeding 36% of the conservatively appraised value of such properties, based on appraisal principles approved by the Free State of Prussia.
The land mortgage bonds are by law further secured by a general
and unconditional charge upon the assets of the association and upon
the properties (whether mortgaged or not) of all landowners affiliated with the
association, comprising approximately 3,800,000 acres, including about 80,000
acres of State domains so affiliated. The aggregate value of the foregoing
properties taken on a conservative basis is calculated to be equivalent
to
over $365.000,000.
The bank has the right to secure the release of a principal amount of the
underlying land mortgage bonds equal to the principal amount of 6% gold
bonds retired.
Credit.
The association has a record of more than a century and a half of continuous public service marked by conservative financial policies. Before
the War, the land mortgage bonds of the association were placed in Germany at coupon rates of 3%, 3).5% and 4%, with a corresponding yield.
Land mortgage bonds of the association constitute legal investment in Germany for trustees' funds.

$1,750,000 Bonds of Isotta Fraschini Placed Privately.

Announcement was made March 21 that E. H. Rollins &
Sons have placed privately $1,750,000 first mortgage 7%
sinking fund gold bonds of Isotta Fraschini of Italy (Fabbrica Automobili Isotta Fraschini). The company, ortzchange of Interim Receipts for Bonds of Mortgage ganized
in 1904 in Italy, was the largest Italian producer
Bank of Colombia.
of aeroplane motors during the war and is at present the
The International Acceptance Trust Co. announces that manufacturer of the motor
which has been adopted by the
It is prepared to exchange outstanding interim receipts for Italian Government as
standard equipment for its aviaMortgage Bank of Colombia (Banco Hipotecario de Colom- tion service. The
company is the manufacturer of the Isotta
bia) 20-year 6
sinking fund gold bonds of 1927 due Fraschini automobile. It secured its original patent for
Oct. 1 1947.
the four-wheel brake in 1910, and was the first to introduce its use on automobiles. In 1920 the company developed
Offering of $6,000,000 6% Bonds of Bank of Silesian the first straight-eight automobi
le motor. The company
Landowners' Association.
also controls the Societa Veneziana Armamenti Navali
Offering was made yesterday (March 23) by Blair & Co., which is the originator and manufacturer of the famous
Inc., and the Chase Securities Corp. of an issue of $6,000,000 Italian M. A. S. destroyers.
Each $1,000 bond carries a detachable warrant entitling
Bank of Silesian Landowners' Association first mortgage collateral 6% sinking fund gold bonds. The bonds were priced the holder to purchase on or before Oct. 31, 1932, 30 shares
at 9234 and interest, to yield 6.70%. The bonds will bear of fully paid and non-assessable capital stock of the company
date Aug. 1 1927 and will become due Aug. 1 1947. They (par value 200 lira), to be delivered free from all taxes,
will be redeemable at 100 and interest in lots of $100,000 on liens and charges, at the price of 200 lire per share or
any interest date on or after Aug. 1 1928, on not less than $10 per share, whichever is greater at the rate of exchange
45 days' notice. A semi-annual sinking fund commencing current at the time of the exchange of such warrant.
The earnings statement of Isotta Fraschin for
Aug. 1 1932 and increasing periodically thereafter will proi
the year.
vide sufficient funds to retire the entire issue by maturity, ended December 31, 1927, shows net profits amounting to
to be applied to retirement of bonds by purchase in the mar- $719,639 (lire converted at 5 cents), after depreciation (as
ket at or below 100 and accrued interest, or, if not so obtain- estimated by Day & Zimmermann, Inc.), available for inable, through drawings by lot at 100 and accrued interest. terest, income taxes, dividends and directors' profit sharing.
The bonds will be in denominations of $1,000 and $500. 'The above net profits are over 5% times the annual interest
Principal and semi-annual interest (Feb. 1 and Aug. 1) will requirements of $122,500 on the first mortgage bonds (this
be payable in United States gold coin at the principal office issue) to be presently outstanding. Average net profits for
either of the Chase National Bank of the City of New York the last four years on the above basis amount to $344,902,
or of Blair & Co., New York,-fiscal agents, without deduc- or more than 2% times the annual interest requirements of
this issue.
tion for any taxes or imposts or other governmental

charges,
past, present or future, of the German Republic or of any
taxing authority thereof. The Chase National Bank of the Offering of $8,500,000 6% Bonds of State of Minas
Geraes (Brazil)—Books Closed—Issue Sold.
City of New York is American trustee for bonds;the Deutsche
A new South American credit was introduced to the
Bank, Berlin, German trustee for bonds. The purpose of
American market on March 19 when the National City
the issue is indicated as follows:
The Proceeds of these 6% gold bonds have been used by the bank for the Company, Kissel, Kinnicut
t & Co. and J. Henry Schroeder
purpose of granting to the association a 20-year 6% goldmark
loan equiva- Banking Corporation
lent in principal amount, at the rate of 4.20 goldmarks to
offered
at 971,6 and interest to yield
the dollar, to the

6.69%, $8,500,000 The State of Minas Geraes (United
States of Brazil), 6%% secured external sinking
fund
gold bonds, of 1928. These bonds, together with£1,750,000
Adolph Malicia and Hans Eichert, Managing Directors of sterling bonds to be offered in London by Baring Brothers
the bank and Siegfried von Grolman, General Director of the & Co., Ltd., N. M. Rothschild & Sons and J. Henry Schroeder & Co. constitute the total amount of this loan, which,
association, in advices to the bankers state:
Silesian Landowners' Association, the oldest agricultural credit
upon completion of transactions incident to the financing,
organization in Germany, was created by royal decree
in 1770 for the purpose of will comprise
the only external debt of the state. The
providing capital for agricultural development in the Province
of Silesia.
The estates of the landowners, more
than 3,000 in number, affiliated with closing of the subscription books was announced shortly
the association, constitute approximately 42% of
the total area of the after their opening, the bonds,
it is stated, having all been
principal amount of these bonds. The association has in turn
agreed to
use the proceeds of the goldmark loan for the purpose of
granting loans to
farmers, secured by first mortgages on productive agricultural
and forest
properties.




MAR. 24 1928.1

FINANCIAL CHRONICLE

sold. The bonds will be dated March 1, 1928 and will
mature March 1, 1958. The bonds will be non-redeemable
except through operation of a cumulative sinking fund
sufficient to retire the entire issue by maturity. Sinking
fund payments will begin September 1, 1928, and will be
applied to redeem bonds through drawings by lot
only at 100.
They will be Coupon bonds in denominations of $1,000
and $500, registerable as to principal only. Principal and
Interest (March 1 and September 1) will be payable in
New York City in United States gold coin of the present
standard of weight and fineness, at the Head Office of The
National City Bank of New York, Fiscal Agent, without
deduction for any present or future taxes of the State or
of the United States of Brazil. Principal and interest will
also be payable in London, England, in sterling, at the
option of the holder, either at the City Office of The National City Bank of New York, or at the Counting House
of J. Henry Schroeder and Company, at the fixed rate of
exchange of $4.8065. The following is based upon a letter
received by the bankers from Jog Joaquim Monteiro de
Andrade in behalf of the President of the State of Minas

1749

which has been submitted by Representative Ketcham, Michigan Republican, and endorsed by Representative Jones, Texas Democrat.

The action of the Senate Committee was noted in our issue
of March 10, page 1442.

Geraes:
The State of Minas Geraes is a self-governing member of the Brazilin
ian Federation, its relation to the central government being similar,
of
many respects, to that of the sovereign states of the United States
America to the Federal Government.
• • •
The Bonds of this Loan (including the dollar and sterling issues)
will be the direct obligation of the State and will in addition be specifically secured by a charge on revenues derived from the Impost° de
Transmissao de Propriedade (Transfer Sax) and from the Impisto
Territorial (Land Tax). The State undertakes to pledge another tax or
other taxes, should the proceeds of the Land and Transfer Taxes in any
fiscal year produce less than an amount equal to one and one-half times
the annual service on the dollar and sterling issues of this Loan.
A difference of views having arisen between the State and the Association Nationale des Porteurs Francais de Valeurs Mobilieres (National
Association of French Bondholders) as to whether the obligations of
the State outstanding in France were payable in paper or gold francs,
an agreement was reached with the Association and part of the proceeds of the Loan will be used to redeem, as provided in the agreement,
these obligations, upon the redemption of which the charge securing the
Bonds of this Loan will be a first lien on the revenues above described,
and the balance of such proceeds will be used for purposes of a public
character, including highways, equipment and maintenance of the
South Minas Railway and extension of electric light and power facilities in Bello Horizonte, the capital of the State, and also including loans
to municipalities.
Since 1915 there has been a surplus of revenues over expenditures in
every year except two. Indications am that, for 1927, revenues have
exceeded $15,300,000, while expenditures have not been more than
$14,400,000, leaving a surplus of $900,000.
Upon compliance with the agreement with the Association mentioned
above, the only external debt outstanding will be the dollar and sterling
issues of this loan. The internal debt consists of "apolices," or bonds
without fixed maturity, amounting to 57,001 contos of reis, or $6,840,120.
The per capita debt of the State is less than $3.50. In addition the
State has assumed certain contingent liabilities totalling about $2,415,871.

J. Dabney Day, President, Citizens National Bank of Los
Angeles on Features in Bank Stock Speculation.
According to J. Dabney Day, President of the Citizens
National Bank and Citizens Trust and Savings Bank of
Los Angeles, one of the most disquieting features in the
present-day wave of speculation lies in the fact that speculators have been turning their attention to. the stocks of
banks, and that purchases on margin are being made of
these securities under circumstances that indicate a hope
on the part of the buyers for a substantial profit by reason
of increasing quotations rather than of earning powerMr. Day says:

It was of course to be expected that bank stocks with a long record
of dividend-payments, and every expectation of ability to sustain their
profits, should rise in value to some extent in sympathy with the increase of conservative bonds, and as a consequence of the low earning
rates on capital. When, however, this normal appreciation is reinforced by a speculative demand based upon the expectation that a
further rapid increase is in store, then the situation becomes unsound,
and sharp declines sooner or later must ensue.
The only safe, sound and sensible basis for an investment is its
actual earning power. Any speculative movement that carries the market price of a stock to a point where a normal return cannot be expected from actual earnings must sooner or later react to that level
at which a reasonable investment return in comparison with other securities of the same class may be expected.
There is no royal road to success in the field of banking and with
larger and increasing overhead expenses, together with keen competition, the margin of profit is being gradually reduced, and has reached
a point in many instances where the capital investment would bring
greater returns to the stockholders if invested in some other line.
Speculative fancy now includes bank stocks, and this movement has
undoubtedly led many inexperienced investors to purchase bank stocks
who are solely attracted by the prospects of advancing quotations. It
is safe to assume that the majority of these investors have no idea of
the earning power of the bank whose stock they buy, and many do not
even take the trouble to inquire if the par value is $25 or $100 per
share.
For the purpose of discouraging speculation in the stock of the
Citizens National Bank a majority of the stockholders have entered into
an agreement which provides that if and when any stockholder desires
to sell all or any part of his holdings, it is first necessary to offer the
same to the other signatories of the agreement at the then market price
for redistribution to employees or prospective customers. In this manner we not only have not invited speculation, but this action has in a
large measure limited the open market transactions in our stock and
hence strengthened the position of the bank. •
For the same reason the par value of $100 per share will be retained
for the stock of the consolidated Citizens National Trust and Savings
Bank when issued.
We are more interested in extending to the banking public the
maximum of service and safety by adhering to the principles of sound
and conservative banking than in encouraging speculation either in our
own stock or in that of other financial institutions.

Bills for Regulation of Investment Trust Fail to Pass
New York Legislature—Legislative Inquiry to Be
Made Into Security Business.
Part of Republic of Chile Bonds Due 1960 Retired.
the failure of the New York Legislature (which
Noting
and
Co.,
&
&
Hallgarten
Co.,
Kinnicutt
have
reKissell,
March 22) to pass the bills for the regulation of
adjourned
tired for the sinking fund $229,000 principal amount of
advices to the "Times," stated:
Republic of Chile 6% external sinking fund gold bonds, investment trusts, Albany
The bills providing for regulation of so-called "investment trusts,"
due 1960, out of moneys received from the Republic of drafted after months of labor and presented as department bills by Albert
in the Senate
Chile. There remains $41,974,000 principal amount of Ottinger,the Republican Attorney-General, after their passage
several days ago,failed to emergefrom the Rules Committee in the Assembly
bonds of this issue outstanding.
defray the
to
$75,000
appropriating
bill
had passed a

although both hoses
cost of the additional work that enactment of these measures would entail.
Instead, a concurrent resolution 'Stu adopted in both houses, extending
for another year the fife of the Joint Committee on Savings Banks Survey,
with an additional appropriation to enable it to make an investigat.on of the
secunt-es business generally. The defeat of the investment trust bills is
generally attributed to powerful pressure from Wall Street.
The rivalry, partly political, partly personal, that has existed between
Senate Leaker Knight and Speaker McGinnis of the Assembly, and at
one time flared up to create a notable legislative episode, marred co-operation between the two houses up to the very closing hours. Many measures
failed, as a result, from lack of concurrence by one house with the other.

House Committee Approves Equalization Fee in McNaryHaugen Farm Bill—To Vote on Bill March 26.
An agreement was reached yesterday (March 23) by the
House Agriculture Committee to vote on the McNaryHaugen Farm Relief Bill on March 26. On March 20, for
the fourth time in five years the Committee approved the
equalization fee provision in the bill. The vote was 13 to 8.
Associated Press dispatches from Washington, March 20,
Earlier advices to the "Times," March 19, said:
The propsal to substitute a legislative investigation of all security busistated:
proceding this action the Committee adopted an amendment which, nesses, in place of the passage of his investment trust regulation bills, was
chairman Haugen explained, the Federal Farm Board had proposed as
an endeavor to stabilize the agricultural industry by means of loans to cooperatives. In the event that this should fail, it then would be empowered
to place the equalization fee machinery in operation.
The vote on the equalization fee followed a motion by Representative
Clarke. New York Republican, to eliminate the proposal from the bill.
Seven Republicans and six Democrats voted in support of the fee, while
six Republicans joined with two Democrats in opposition.
After the vote Haugen said that within a few days. possibly to-morrow.
the Committee would vote formally to report the measure. He predicted
that this motion would be supported by probably nineteen members.
The committee approved the equalization fee first in 1924; again in 1926,
not acted on, pending the faze
1927 and to-day. In 1925 the proposal was
of legislation recommended by the farms conference called by President
Coolidge.
The Senate Agriculture Committee a few weeks ago approved the fee
provision and the amendment adopted by the House committee regarding
Is identical to a provision in the Senate bill.
WM of the loan provisions
Kentucky Democrat, the House
On motion of Representative Kinchloe,
Committee also has decided to consider the debenture plan for farm relief




seen as a disturbing threat to legitimate enterprises by Attorney-General
Albert Ottinger, who made a vigorous defense of his measures to-day.
To the Rules Committee of the Assembly, which has been indicating its
disapproval of the bills now in its charge after their passage by the Senate,
the Attorney-General transmitted a brief, taking issue with criticisms made
by Nelson Cheney, head of the Banks Committee in the Lower House,
and demanded that the measures come to a vote.
He told the committee that to displace his proposals with a legislative
investigation would have the further disadvantage of dangerously delaying for a year an already enormous business which needed supervision.
"It is perfectly possible," he warned, "that with the knowledge that
legislation will be enacted next year, the sum of $600.000,000 already
invested in investment trusts will be multiplied into billions, in order to
afford reckless enterprises parading under that title the opportunity to
mulct the people of their savings through wildcat securities."
The bills, he insisted, were the product of scientific research and consultation with expert lawyers and financiers, and they had the endorsement of the special committee of the New York City Bar Association.
Opposing the Cheney counter proposals, Mr. Ottinger said: "I do not
see the necessity of a legislative investigation which may result as a dim-

1750

FINANCIAL CHRONICLE

turbing factor to legitimate business enterprises. The Attorney-General's
office under the Martin act has been investigating through its series of
questionnaires, and as a result of over 15.000 complaints. There could
be no more thoroughly technical investigation than that which has resulted in the drafting of the investment trust bills.

The adoption of the investment trustbills by the Senate
was referred to in these columns March 10, page 1442.
Bill Aimed at "Loan Sharks" Passed by New York
Legislature and Signed by Gov. Smith.
New York State Attorney-General Ottinger announced
at Albany on Mar. 17 a new move against loan sharks and
salary buyers, -under provisions of the new Anti-Loan Shark
Law passed by the State Legislature and signed by Gov.
Smith. In Albany advices Mar. 17 to the "World" it was
stated:
Open warfare on the loan shark will be staged in New York City Monday
(March 19) before Chief Magistrate William McAdoo. who is to hear the
first of approidmately 200 cases of alleged usury by the salary buyers
that have resulted from complaints to Deputy Attorney-General George
W. Davis.
The Attorney-General also announced to-day the appointment of Arthur
A. Raphael of 141 Broadway, New York City, as a Special Deputy Attorney General to prosecute the loan sharks. He made the appointment
after receiving a request from the State Banking Department to take
charge of all violations under the new Loan Shark Law.

From the "Herald Tribune" we quote as follows from
an Albany dispatch Mar. 17:

[VOL. 126.

promote the stability of commerce, industry, agriculture,
and employment, and a more stable purchasing power of
the dollar, so far as such purposes may be accomplished by
monetary and credit policies. I am asking for a stable
gold standard, which is important to our proper trade relations. We have become the creditor nation of the world.
But I insist on the policy of 'America first' to the end that
the powers we have conferred on the Federal Reserve
System shall be used for the purpose of stabilizing our own
dollar. This policy will turn out to the advantage of foreign countries as fast as they are able to turn to the gold
standard."
The bill also provides for publicity being given to decisions as to policies and to actions taken by the Federal
Reserve System, giving discretion to the Governor of the
Federal Reserve Board as to the time and place and details of such publicity. "I believe," said Congressman
Strong, "that those who are performing a public service
for the people will be met with the best cooperation and
secure the best results through publicity concerning the
use of the powers given them by the people; but I feel that
such publicity shold be had at the time, place, and in such
detail as the Governor of the Federal Reserve Board may
des]de."
The Federal Reserve Board is instructed in the bill to
make a thorough study for the guidance of the System's
policies and to report the results of this study to Congress,
together with recommendations for legislation in the interest of stabilization. One of the things required to be
studied is the question of which index number is the best.
Congressman Strong, in the course of his statement, said:

According to the Attorney-General's belief, co-operation of the Federal
government through the local judiciary will rid the State of loan skarks.
Information reached Mr. Ottinger to-day of a movement to present hundreds of cases of alleged usurious interest exactions to the Federal Grand
Jury at Buffalo, where more than 50% of the railroad employees are said
to be victims of the loan sharks.
A determined effort is being made to curb loan sharks who operate in
New York from points outside the State, particularly in Georgia, Massachusetts, New Jersey, Delaware, Pennsylvania and Illinois. Action similar to that in New York is being contemplated, according to the Attorney"Personally I favor a wholesale commodity index and I believe the
General's information by Federal District Attorneys in other districts
where the abuses have been especially flagrant.
index number of prices prepared by the Department of Labor would best
serve in the measurement of the purchasing power of our dollar; but,
because of the difference of opinion among eminent economists and
Hearings on Representative Strong's Bill Amending Fed- financiers, I thought best to name no price index in the proposed plans,
having for their aim the stabilization of money.
eral Reserve Act to Effect Price Stabilization Through
"In fact, while laying it down as a basic
that the great
Reserve System—Governor Strong Sees Dollar Sta- powers of the Federal Reserve System shall beprinciple
directed towards stabbilization with Free Flow of Gold—Views of Governor ilization of the purchasing power of the dollar, the bill directs that study
and investigation which will the greater develop the extent to which
Young and Dr. Commons.
such powers can be used, keeping in mind always the principle that
James G. Strong, Congressman from Kansas, re-intro- the interests of our own nation shall be first in point of consideration;
duced on March 6 his bill directing the Federal Reserve and it directs that the result of such investigation shall be reported to
Congress in order that the
may be advised of the degree of comSystem to use its powers so far as possible to promote pliance with the purposes ofpeople
the bill; all to the end that the instability,
through inflation or deflation, of the purchasing power of that which
stabilization of the purchasing power of the dollar.
Hear- they exchange
in daily intercourse with each other for those things
ings on the bill were opened on March 6 by the
House which sustain life and give comfort and enjoyment shall not bring
Banking and Currency Committee of which Representative disaster."

Strong is a member. The latter introduced a bill on the
subject in the last Congress, upon which extensive hearings
were held by the House Committee. He solicited suggestions looking to the improvement of the bill, and in its
present form the bill, it is stated, is the product of suggestions he has received and the study he has made of the
subject. In a statement by Representative Strong on
March 19 he complained that his original bill had been
variously misrepresented by those who had not studied its
purpose, or did not wish to do so. He explained that it is
not a bill to stabilize the price of wheat, or cotton, or any
other commodity, but to stabilize the general level of
prices which, he explained, means stabilizing the purchasing power of the dollar. He quoted numerous authorities
to the effect that the Federal Reserve System can, and to
a certain extent does, stabilize the purchasing power of the
gold dollar and hence the purchasing power of gold all
over the world.
Among other authorities, be mentioned Reginald McKenna, former Chancellor of the Exchequer of Great Britain, now Chairman of the Board of the largest privately
owned bank in the world, whom he quoted as follows:
"The American price level is not affected by gold movements but is
controlled by the policy of the Reserve Banks in expanding or contracting credit. It follows, therefore, that it is not the value of gold
in America which determines the value of the dollar, but the value of
the dollar which determines the value of gold. The conclusion, therefore, is forced upon us that in a very real sense the world is on a
dollar standard."

He also quoted Professor Bertil Ohlin, a European economist, to the effect that, "The control and development of
the world price level has passed entirely into the hands of
the Federal Reserve Board and Governors." "I am not
trying to force the Federal Reserve System to do the impossible or to mislead anyone as to the extent of their
powers," said Congressman Strong, "but I have simply
laid down the direction that the Federal Reserve System
shall use all the powers and authority now or hereafter
possessed by it, to maintain a stable gold standard, to




Benjamin Strong, Governor of the Federal Reserve Bank
of New York, in giving his views on the bill on March 19,
suggested general restoration of full gold standard by the
nations of the world and "good management of the Federal
Reserve System" as a means to bring about stabilization of
the purchasing power of the American dollar. The Washington Correspondent of the New York "Journal of Commerce" in thus indicating Governor Strong's proffered suggestions, also said:
"We must get back to redeeming our obligations in gold," warned
Governor Strong, who appeared before the House Committee on Banking and Currency, which opened bearings this morning on the bill
sponsored by Representative Strong (R.) of Kansas amending the Federal Reserve Act to specifically define the powers of the board toward
a realization of a more stable purchasing power of the dollar.
While Governor Strong, who was presented to the committee by Governor Roy A. Young, of the Federal Reserve
Board, did not directly
express opposition to the proposed legislation, he told
the Committee
that much the same end probably could be brought about through a
simple declaration in favor of universal operations of the gold standard.
Such declaration, he asserted, would be just as effective and tend to remove the misunderstanding that might arise if
the bill as written were
enacted into law.
Fears Misconstruction.
The New York Reserve Bank head explained that the Strong measure
might be misconstrued as an effort to fix prices and wages, due to the
references to commerce, industry, agriculture and employment, notwithstanding the fact that the bill only directs the Federal Reserve Board
to proceed toward stabilization by "monetary
and credit" policy.
Governor Strong also explained that extremes known as inflation and
deflation result from war conditions and in normal peace times there is
alteration if the gold standard is in operation. An unrestricted flow of
gold among the nations of the world constitutes the solution,
he said.

The United States Daily in noting what Governor Strong
had to say, stated:
The section of the bill relating to what he termed "publicity," Gover-

nor Strong said, would doubtless have to be modified, as
it would be
obviously impossible for the Board or the Banks to make public their
decisions in advance.
It would be questionable, he said, to announce that the Federal Reserve Bank in New York, three months hence, would increase the rediscount rate. In fact, he said, after the lapse of three months, it might
be advisable to lower the rate.

Inflation Discussed.
Governor Strong also expressed the opinion that the extremes known

as inflation and deflation result from war conditions and in normal times

MAR. 24 1928.]

FINANCIAL CHRONICLE

there is little alteration if the gold standard is in operation. An unrestricted flow of gold among the nations of the world constituted the
solution, be added.
The Governor of the New York bank also discussed briefly the first
question submitted by Representative Strong's questionnaire which is
as follows:
"If there should occur a change in the membership of the Federal Reserve Board and the majority wished to carry through a policy of inflation of commodity prices and if the Board should change the Federal
Reserve agents and the Class C Directors of the Federal Reserve Banks
accordingly, could the Reserve System produce an inflation of the average price level of commodities in general?"
The change in the management of the Federal Reserve System would
be so gradual, Governor Strong said, that he did not believe that any
deliberate policy of inflation or deflation could be carried out. In addi-tion, he stated, the operation of the gold standard would work as
check to such a policy if an attempt was made to carry it out.

A letter addressed to Representative McFadden, Chairman of the Committee, by Owen D. Young, Chairman of
the Board of the General Electric Company, and a Director
of the Federal Reserve Bank of New York, was read at the
hearing on March 19; in this letter Mr. Young said:
"In general I may say that I have read the bill carefully and see no
specific objection to it as drawn except as hereinafter indicated. In so
far as it directly authorizes investigation and study, it makes certain
the propriety of the expenditure of money for that purpose, and is,
therefore helpful.
"As to your proposed paragraph (h) if I understand it correctly, it
expressly imposes on the system the obligation to do that which, as a
director I have always assumed was inferentially its duty under the
existing law.
"Insofar as paragraph (i) is concerned, I have no objection to the
object winch is sought of a specific statement of reason for an action
taken, but I do not quite see how the paragraph will work. One has
to remember, after all, that the Federal Reserve System is composed of
a co-ordinating board at Washington with specific limited powers granted
to it under the law and independent boards of directors acting for the
individual banks.
"Any action taken by the system to accomplish the purpose of paragraph (h) requires action by these independent groups, and I think
it would be difficult for the Governor of the Federal Reserve Board to
do more than state the reasons which actuated his board in its action
within its own field. If the paragraph means that the Federal Reserve
Board in Washington is to exercise whatever powers are necessary to
accomplish the purposes of the paragraph then you have fundamentally
changed the whole theory of the system and created a central bank
governed by the Federal Reserve Board with boards of directors of
the several banks without duties and responsibilities except possibly in
the detailed field of administration. If the purpose of paragraph (i)
is inferentially to strengthen the centralized control of the Federal
Reserve Board then I am opposed to it, because I believe in the indepenednce of the general regional banks."

Direct opposition to the bill is said to have been voiced
by Roy A. Young, Governor of the Federal Reserve Board,
who expressed his, views in answering questions propounded by committee members, even though he did not
take the stand at the session on March 19. Governor
Young (we quote from the "Journal of Commerce") told the
Committee that other °members and officers of the Board
desired to testify before the conclusion of the hearings
which the author of the bill declared should be brought to
•
a close.
On March 20 E. A. Goldenweiser, chief of the division of
research and statistics of the Federal Reserve Board, told
the Committee that the concern of Congress in utilizing
the Federal Reserve System in connection with price fluctuations is with long-term periods of gradual changes
rather than the peaks growing out of war conditions. The
New York "Times" from which this is learned, stated
further:
Among the experts, Mr. Goldenweiser said, there was a difference of
opinion regarding the slow changes in the price movement such as took
place between 1870 and 1890, and thereafter up to the time of the
World War. The catis'.is, he said, are extremely obscure, but the best
opinion is that declining prices are due to a large increase in production and the advances due to the influx of gold and a tendency of the
population growth to catch up with production.
The witness said Ile had no doubt that the Federal Reserve System,
if it set out deliberately to do so, could check a period of declining
prices by adopting a policy of inflation, but he did not see why anything like that should be undertaken.
Chairman McFadden of the House Committee asked a question regarding the effect of large gold reserves on prices as compared with
the influence of the authority of the Federal Reserve System to control
the credit policy. The witness replied:
"Whatever the Federal Reserve Board may have done in the past few
years, I think the expansion is more traceable to the influx of gold. It
is hard to determine exactly, but the gold supply has been most important. The Board action may have had more effect in 1919-21, but
since then I think the influence of the gold has been predominant."

On March 21 Dr. Commons was heard by the House
Committee, and the following as to what he had to say is
taken from the New York "Journal of Commerce":
Citing recent statements credited to President Coolidge and Secretary
Mellon regarding the volume of brokers' loans and the subsequent action
of the Federal Reserve system in increasing the rediscount rate from
3t4% to 4% to illustrate his point, Dr. John R. Commons of the University of Wisconsin, to-day declared "the public has been frequently
misled."
In emphasizing his contention at to-day's final session of the hearings
the House Committee on
on the Strong stabilization bill conducted by
Banking and Currency, Dr. Commons also cited the recent statement
Federal
the
Reserve Board, bemade by Governor Roy A. Young, of




1751

fore the Senate sub-committee investigating the present volume of
brokers' loans to the effect that he believed stocks were good investments.
Young Interposes.
"Immediately that statement," said the noted economist, "was seized
upon in the market as an indication that the Federal Reserve system did
not intend to apply any brakes on transactions and .prices of stocks and
the volume of trading increased."
"That was an unfair assumption," interposed Governor Young, who
was in the committee room.
"I know it was," stated Dr. Common; "I heartily agree with you, but
it illustrates the point I ant trying to make, that great significance is
attached to everything that is said, and for that reason the Board should
consider the importance of publicity to its official actions and reasons
for such actions."
In favoring the so-called publicity section of the bill providing subsequent publication by the Governor of the Federal Reserve Board as to
the reasons for the decisions or action of the Board "in such detail as
may be deemed by him as most effective" in furthering the system's
purpose Dr. Common contended that such a policy would prevent "misapprehensions." He emphasized the importance of the country being
informed of the reasons actuating the decision of the Federal Reserve
system.
Board's Powers Cited.
The witness added that the proposed centralization in the Federal Reserve Board in Washington of this publicity duty was one of the chief
features of the Strong bill, designed to direct the policies of the system, to promote a stable gold standard, the stabilization of commerce,
industry, agriculture and employment and assist in realizing a more
stable purchasing power of the dollar.
Contending that the application of the Federal Reserve system's authority could control inflation and deflation, Dr. Commons detailed the
development in late 1922 and early 1923 when the Board acted to curb
"the inflation." The volume of deposits, he explained, after April,
1923, when prices were beginning to decline, was as much or more than
when prices were rising.
From that Dr. Commons deduced that the volume was not as important a factor as what he termed the velocity or the speed of the turnover. The witness made his statements, he said, to show that velocity,
which could be regulated by use of the powers vested in the Federal
Reserve system, plainly demonstrated the system's power could be
utilized for stabilization. He could not concur, he said, in any argument that undertook to prove that the fluctuations of 1922-23 would
have developed as they did if there had been no Federal Reserve
system.
Referring to statements made before the committee by Governor Benjamin Strong of the Federal Reserve Bank of New York, who suggested
universal operation of the full gold standard as a solution for stabilization, Dr. Commons agreed that the whole question of the future stabilization depends upon whether the entire world can get on a gold basis.

The following is the text of the bill as introducted on
March 6:
A bill to amend the act approved Dec. 23, 1913, known as the Federal
Reserve Act; to define certain policies toward which the powers of the
Federal Reserve system shall be directed; to further promote the maintenance of a stable gold standard; to promote the stability of commerce,
industry, agriculture, and employment; to assist in realizing a more
stable purchasing power of the dollar, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, that the act approved
Dec. 23, 1913, known as the Federal Reserve Act, as amended, be
further amended as follows: Add to section 14 the following paragraphs:
"(g) The term 'Federal Reserve system,' as used in this act, shall
mean the Federal Reserve Board, the Federal Resrve Banks, and all
committees, commissions, agents, and others under their direction, supervision, or control.
"(h) The Federal Reserve system shall use all the powers and authority now or hereafter possessed by it to maintain a stable gold standard; to promote the stability of commerce, industry, agriculture, and
employment; and a more stable purchasing power of the dollar, so far
as such purposes may be accomplished by monetary and credit policy.
Relations and transactions with foreign banks shall not be inconsistent
with the purposes expressed in this amendment.
"(i) Whenever any decision as to policies is made or whenever any
action is taken by the Federal Reserve system tending to affect the
aforesaid purposes of this amendment, such decision or action and reasons therefor shall be thereafter published by the Governor of the Federal Reserve Board at such time, place, and in such detail as may be
deemed by hint to be most effective in furthering such purposes, and
at least once each year in the Annual Report of the Federal Reserve
Board to Congress."
Sec. 2. After section 28 add the following:
"Sec. 28A. The Federal Reserve Board and the Federal Reserve
banks are hereby authorized and directed to make and to continue investigations and studies for the guidance of the system's policies, at
least to the extent and in the manner described in paragraphs 1, 2, 3,
4, and 5 of this section, and to such further extent as they may deem
to be desirable; namely,
"(1) Of the manner and extent to which operations of the Federal
Reserve system affect (a) the volume of credit and currency, (b) the
purchasing power of the dollar, (c) the general level of commodity
prices and of other relevant prices, (d) the prices of stocks and bonds,
and (e) business activity; through changes of rates of discount, purchases, and sales of securities in the open market, relations and transactions with other banks of issue, or through any other means.
"(2) Of the influence of activities of agencies of the Government
of the United States or of domestic or of foreign banks not under the
control or influence of the Federal Reserve system, or of any other
agency or agencies upon the purchasing power of the dollar; and of the
influence exerted upon the policies and affairs of the member banks
and of their customers by means of direct representations, by publicity,
or otherwise; and of the effect of such operations as are conducted by
the Federal Reserve banks with foreign banks.
"(3) Of the effect upon the purchasing power of the dollar of
changes in the supply of and demand for gold, either actual or prospective.
"(4) Of existing means and proposed plans, both national and international, having for their aim the stabilization of agriculture, industry, commerce, employment, and the purchasing power of money.

1752

FINANCIAL CHRONICLE

"(5) Of existing or proposed index numbers of prices or other
measures of the purchasing power of money, which are used or might
be used, singly or in combination by the Federal Reserve system as a
guide in executing its policies.
"Sec. 28B. The Federal Reserve Board shall report to the Congress
from time to time, and at least annually, the methods pursued and the
conclusions reached, either final or otherwise, resulting from the aforesaid investigations, and any legislation which will, in its judgment, best
promote the purposes of this amendment to the Federal Reserve Act.
"Sec. 28C. Acts and parts of acts inconsistent with the terms of this
act are hereby repealed."

Senator Smoot Announces that Senate Finance Committee Will Begin Consideration of Tax Bill April 3
—Secretary Mellon Still Favors Tax Cut of $225,000,000—Final Returns Awaited.
In the Senate on March 21 Senator Smoot, Chairman of
the Senate Finance Committee, announced that the Committee expects to begin consideration of the tax revision
bill on April 3. As will be recalled, the Committee on
Jan. 17 decided to postpone action on the bill until after
March 15, when the figures of income tax returns would be
available. In answer to a question as to whether the
Committee would hold hearings on the bill, Senator Smoot
said that there had been no discussion by the Committee
on that point, but that if any member desired hearings,
they would doubtless be arranged. The "Times" in a
dispatch from Washington March 21 said:

[VoL. 126.

Washington dispatch (March 21) to the New York "HeraldTribune":
Coming after his "I do not choose" statement In the Black Hills last
summer and his subsequent statement to the Republican National Committee at the White House Dec. 6 that he had been "eliminated" and that
his "decision will be respected," many Republican leaders here to-night
believed that Mr. Coolidge has spoken the final word and the country must
now regard him as a coming ex-President.
Unlike the two former statements, the President's reply to a resolution
passed by the Wyoming State Committee, March 10, that he "waive preference and consent" was not over his own name. His declination was in
the form of a letter addressed to L. C. Hinkle, Chairman of the Republican
State Central Committee at Cheyenne, and signed by Everett Sanders.
the President's Secretary,
Text of Letter.
This letter, dated March 20, was as follows:
"Ivy Dear Mr. Hinkle:
The President has received your letter of the 17th, enclosing a copy of
the resolution adopted by the Republican State Committee of Wyoming,
March 10. While he, of course, very greatly appreciates and thanks you
for the expressions of confidence, the President directs me to say that he
must decline to grant the request of the committee.
"Sincerely yours,
"EVERETT SANDERS,
"Secretary to the President."
While the letter was under date of yesterday, it was not sent until to-day,
it was learned at the White House.
Text of Hinkle's Letter.
Transmitting the resolution of the committee, Mr. Hinkle wrote the
President as follows:
"To His Excellency,
"Calvin Coolidge,
"President of the United States.

'By direction of the Republican State Central Committee of the State
of Wyoming, I am transmitting herewith a certified copy of the resolution
Mr. Smoot said few requests for hearings had reached him, and that adopted by the committee at a regularly called meeting, held In Cheyenne.
there were "only two or three" items of the bill on which he had received Wyo., Mar. 10 1928.
"Respectfully,
any complaint.
"L. C. HINKLE,
"Then you don't think it necessary to hold prolonged hearings." Senator
"Republican State Chairman."
Harrison suggested.
Text of Resolution.
"I am quite sure it is not," replied Mr. Smoot. "I will say that the
question of the valuation of 1913 is the part with reference to which I
The enclosure was as follows:
have had more complaint as to the House provision than any other in
"Whereas, The principles, policies and Administration of Calvin Coolidge
the bill.
have resulted not only in the material, intellectual and moral advancement
"The next one that amounts to anything refers to Section 220. It is a of the people of the United States but have been a factor for good in the
of the nations of the world; and
very difficult piece of legislation, and the House has changed it entirely. affairs
"Whereas, The highest welfare of the nation demands that the policies
In my opinion, the changed provision as adopted by the House is even whose wisdom and beneficent
effects are being so thoroughly demonstrated
more complicated that Section 220 in the existing law. Those are the only should not be interrupted or jeopardized, and, to that end, the leadership
which has evolved those policies should be continued:
two subject on which I have received letters."
"Therefore, be it resolved, That the Wyoming Republican State Central
The valuation section of the tax bill referred to by Mr. Smoot is an Committee
believes that the general good of the people of these United
administrative provision arranging a basis for valuation of property as States would be enhanced by a continuation
of the Administration of Calvin
of 1913. The other section he spoke of is aimed at penalizing corpora- Coolidge.
"Be it further resolved, That the Wyoming Republican State Central
tions which have accumulated excessive surpluses.
Committee requests Calvin Coolidge to waive his personal preference and
As the tax bill passed the House it proposed a reduction of $290,000,- consent to continue
for an additional 4 years that leadership which has
000, compared to the 5225,000,000 limit set by the Administration.
brought honor and prosperity to this country.
"Be it further resolved, That the Chairman of this Committee be and he is
Advices March 22 from Washington to the "Times" said hereby authorized and directed to forward a certified copy of this resolution
that Secretary Mellon believes that the income tax col- to the Hon. Calvin Coolidge, President of the United States."
Accompanying the resolution Mr. Hinkle enclosed a certification of Its
leetions will hold up to the level predicted, although final genuineness.

figures are not yet available. In part the paper quoted,
Mark Sullivan, in copyright advices from Washington,
added:
March 21 to the New York "Herald-Tribune" noted that
While tax revenue will probably reach the figures estimated when the
Treasury recommended a tax reduction of $225,000,000, the expenditures President Coolidge's reply to the Wyoming Republican State
are mounting and doubt exists in the Tresaury whether a tax reduction of Committee's request that he run again is the fifth action
that size may be practicable.
the President has taken to make it clear he is not a candidate
Tax receipts up to March 20 amounted to 8365,054,469 compared with
and to head off movements or gestures designed to put him
$358,504,665 to that date last year.
While returns so far exceed those of last year, the Treasury is unwilling in the race. The article went on to say in part:

to conclude yet that this ratio will be maintained. Until final returns are in,
the Treasury will make no estimate for the Senate, which is awaiting accurate figures on the surplus, before taking up the tax reduction bill.
Unofficially, It is estimated that the surplus of 8252,000,000 will be reduced to something around $150,000,000 if Congress continues to exceed
budget estimates.
Secretary Mellon, however, was careful to avoid making any deductions
He said he desired to base his conclusion on accurate figures. These are not
expected until late next week, when they will bekiven to the Senate Finance
Committee.
Some Republican leaders who have been informed of the Treasury attitude are inclined to believe that a tax cut of 5150,000.000 would be authorized if it Is seen ultimately that this Is the limit ofreduction possible.

President Coolidge Looks for 225,000,000 Tax Cut.
Associate Press dispatches from Washington yesterday
(March 23) stated:
President Coolidge thinks that a tax reduction of $225,000,000 still is
possible in the present status of the Treasury, but he believes the cut
of $289,000,000 provided in the House bill is impossible.

President Coolidge Again Declines to be Presidential
Candidate—Answer to Resolution of Wyoming
Republicans Seeking to Enlist Him to Consent to
Renomination.
President Coolidge has again sought to dispose of movements having for their aim his consent to be a candidate
for renomination. His latest edict is given in response to a
resolution adopted at Cheyenne, Wyo., on March 10 by the
Wyoming Republican State Central Committee which contained the request that he "waive his personal preference
and consent to continue for an additional four years that
leadership which has brought honor and prosperity to this
country." The President has declined to grant the request
of the Committee, his answer being made known on March
21. With regard thereto we quote the following from the




The first was his formal statement in his own words on August 2. The
second was his informal statement given to the newspaper correspondents
for publication to the effect that he disapproved the action of persona in
New England who were circulating petitions asking him to be a candidate
again. The third was the use made of a visit upon the President by Senator
Fees, of Ohio, after which Senator Fees told the Washington correspondents
that the President did not approve Mr. Fess's action in proposing that
Ohio should indorse Mr. Coolidge for another term.
The fourth in Mr. Coolidge's series of reiterations of his abdication occurred at the meeting of the Republican National Committee in Washington last December, when Mr. Coolidge, delivering a public formal address
to the committee, spoke of himself as "eliminated" and used the rather
stern phrase "my wishes will be respected."
Seen as Reply to Wall Street Rumor.
By the well informed in Washington Mr.Coolidge'sfifth reiteration to-day
was regarded as one more step in a consistent course. Much of the discussion is on the minor question whether the choice of this particular
time for another refusal has any especial significance. In this connection
there was some disposition to surmise that the President might have chosen
the present time for a public reiteration because of the use made last week
in New York financial circles of a rumor that the President had reconsidered
and would run again. •

References to the President's stand on the question of renomination have appeared in these columns, Nov. 26,
page 2891, and December 10, page 3153.
Senate Sidetracks Senator Couzens' R solution
Calling Upon Secretary Mellon to Resign—Silence
Relative to Offer of Sinclair Oil Bonds Criticized—
Other Allegations by Senator Couzens.
In the Senate on March 20 Senator Couzens (Republican)
of Michigan introduced a resolution calling upon Secretary
of the Treasury Mellon to resign. Senator Couzens in his
resolution criticizes Secretary Mellon's silence in the matter
of the $50,000 Liberty bonds offered to him as a contribution
toward Republican campaign funds, which as noted in
these columns last week (pages 1604-1610) were returned
by Mr. Mellon. The resolution also complains of the atti-

MAn. 241928.]

FINANCIAL CHRONICLE

tude of the Pittsburgh Coal Co. (a Mellon enterprise) in
the Senate inquiry into bituminous coal conditions, and it
otherwise criticizes Mr. Mellon. Recalling the long-lived
Couzens-Mellon feud, the "World," in a Washington dispatch March 20 stated:
The Couzens-Mellon feud goes back to the 1922 Tax Bill. Couzens,
prompted by a staff of economists, challenged most of Mr. Mellon's theories, charging they were designed to benefit the ultra-rich. Then the
Michigan Senator put through an investigation that ransacked Mr. Melion's tax secrets and alleged partisan favors in tax cases.
Couzens Assessment Raised.
Next came a sudden assessment by the Treasury on the Senator's millions.
The original levy was $10,861,131, since pared down to about $9,000,000.
but stlll pending before the Board of Tax Appeals. Couzens charged
this added assessment was Mr. Mellon's mode of retaliating.

Senator Couzens' resolution, which went over under the
rules on March 20, was brought up on March 22 and debated for several hours, but was displaced that day with
the failure to secure unanimous consent for an immediate
vote at the end of the two-hour limit on debate. It was
noted in the "Times" that it would take a majority vote
on a separate motion to bring the resolution before the
Senate again. From that paper we also take the following
Washington advices March 22:

1753

nes of trade or commerce" in corporations such as Gulf Oil Corp.. Gulf
Refining Corp., Gulf Production Co., Gulf Pipe Line Co., Gulf Refining.
Co. of Louisiana, Gypsy Oil Co., Gulf Pipe Line Co. of Oklahoma, Mexican Gulf Oil Co., Southern American Gulf Oil Co.. Panama Gulf Oil Co.,
Aluminum Co.of America and other corporations named by former Senator
Ernst in a speech prepared In the Treasury Department and as recorded
In the Congressional Record of March 14 1925; and
Whereas the Senate of the United States in the only analogous case of
record, declared that the Secretary of the Treasury could not be financially
interested in trade or commerce; and
Whereas the Government of the United States was defrauded oat Of
$91,000 in the tax case of the Mellon National Bank, the Union Trust Co.
and the Union Savings Bank while Andrew W. Mellon was Secretary of
the Treasury; and
Whereas Andrew W. Mellon, as Secretary of the Treasury, benefited
through indefensible decisions in the tax case of the Gulf Oil Co.. as disclosed by the Select Committee of the Senate appointed to investigate the
Bureau of Internal Revenue; and
Whereas there was much evidence of corruption, favoritism, violation of
the law and illegal settlements with certain large taxpayers reported by the
Select Committee of the Senate appointed to investigate the Internal
Revenue Bureau; and
Whereas Andrew W. Mellon was responsible for this condition; and
Whereas throughout all of the administration of said Andrew W.Mellon
there runs an indifference to law, a contempt for the law, a defiance of
law; and
Whereas an indifference to law, a defiance of law, and contempt for law
upon the part of those sworn to uphold and defend the Constitution and
laws of the United States breeds and encourages indifference and disrespect
for law upon the part of other employee of the Government, and upon the
Part of citizens, and thereby contributes to and does undermine and eventually will destroy the Government of the United States, and
Whereas the Senate of the United States has confirmed the appointment
of Andrew W. Mellon as Secretary of the Treasury, and to that extent has
assumed responsibility for him: Therefore, Be It
Resolved, That it is the sense of the Senate that Andrew W. Mellon
should resign as Secretary of the Treasury.

In to-day's debate, however, Senator Couzen's launched another sharp
attack upon the Secretary of the Treasury, denouncing his "failure" to
reveal what he knew about the Sinclair bonds handed to him by Will Hays.
while "year by year went by with the fraudulent disclosures," and dedaring that if the death of John T. Pratt had not disclosed the name of
'Andy,' Mr. Mellon's connection with the scheme would never have been
revealed.
Senator Couzens alleged that the Mellen banks had "defrauded" the
Government of $91,000 by making consolidated returns and declared Records of Estate of Late President Harding Indicate
that the Treasury Department "is rotten with favoritism and corrupthat He Possessed Liberty Bonds Figuring in Sintion." He also charged that when Mr. Mellon took office he arranged
clair Oil Transactions.
that his holdings in the Overholt Whiskey Company be held in trust,
which, the Senator declared, was a direct violation of "the policy estabAnnouncement
of the intention to direct an inspection of
lished by the Senate."
the estate of the late President Warren G. Harding to ascerReed Tells of Oil Inquiry Aid.
Senator Reed, Republican, of Pennsylvania, replying to Senator Couz- tain whether the property included any of the Liberty bonds
ens, warmly defended Mr. Mellon. He asserted that Mr. Mellon had purchased by the Continental Trading Co., Ltd. of Canada
turned over to Owen J. Roberts and Alice Pomerene,. Government counsel was
made on March 19 by Senator Nye of North Dakota,
In the Teapot Dome cases, expert Secret Service men who had traced
Continental Trading Company bonds passing between former Secretary Chairman of the Senate Committee inquiring into the TeaFall and Harry F. Sinclair. The work of the Secret Service men was pot Dome Naval Oil Reserve lease. In noting this proposed
described by Reed as "almost a romance."
Taking up the allegation that Mr. Mellon, while Secretary, had "bene- phase of the inquiry a Washington dispatch, March 19, to
fitted through indefensible decisions" in tax cases of the Gulf 011 Co.. the New York "Times" stated in part:
Mr. Reed declared that the decision In this matter was made by former
Chairman Nye gave out a prepared statement in which he said that the
Secretary of the Treasury Houston of the Wilson Administration on Feb.28 Committee's action was in response to a widespread, insistent demand
1921, before Mr. Mellon was appointed or sworn in.
that the committee investigate the circumstances of the sale of the Marion
Mr. Reed declared that the chief counsel of the Couzens select committee "Star," the newspaper sold by President Harding shortly before his death
had said he had found no evidence of corruption in the Internal Revenue In Aug. 1923. Mr. Nye referred to $213,000 in bonds which were reported
Bureau despite the Couzens resolution charges of corruption and favoritism. to have been included in the late President's estate after the Marion "Star'
The following is the resolution as introduced by Senator was sold and said the Committee would endeavor to determine whether
these were among the bonds which figured in the Continental Trading
Couzens:
Company deal engineered by Harry F. Sinclair and other heads of big
Senate Resolution 173.
oil interests.
Whereas the Senate of the United States has since Oct. 23 1923, been
Purchasers of "Star" Arrive.
nvestigating the disposition of our naval oil reserves; and
Louis H. Brush and Roy B. Moore, who bought the Marion "Star"from
Whereas for nearly all of this time there have been new developments President
Harding, came to Washington to-day, but explained this evening
'until up to the present time there has been disclosed the worst trail of that their visit
here had no connection with the decision of the Teapot
fraud and corruption in public life that has existed in our history; and
Dome Committee to investigate the purchase of their newspaper from
Whereas for considerably over four years Andrew W. Mellon, Secretary President
Harding. Mr. Brush issued a statement in answer to the anof the Treasury, has been familiar with the relationship of Harry F. Sin- nouncement
made by Senator Nye.
clair to the Republiacn National Committee of that period, and which
The
reports
of Continental Trading Co. bonds figuring in the sale of
relationship disclosed that the said committee received at least $160,000
the
Marion
"Star"
are a late phase of charges made four years ago by
of Liberty Bonds from Harry F. Sinclair to pay the committee's indebtedFrank A. Vanderlip, former President of the National City Bank of New
ness for the 1920 campaign; and
York, that the purchase of the newspaper had involved a questionable deal
Whereas in November, 1923, Andrew W. Mellon was informed of the
connected with alleged corruption in the Harding Administration. Mr.
source of those bonds and received from the Chairman of said committee
Vanderllp's accusation was made in a speech he delivered before the Rotary
$50,000 of the bonds; and
Club, Scarboro, N. Y., on Feb. 13 1924, when the original Teapot Dome
Whereas it is true that he returned these bonds, yet he at no time revealed
Investigation by a Senate committee was in progress.
this information until it was indicated from another source; and
Mr. Brush and Mr. Moore sued Mr. Vanderllp for libel. They said toWhereas the Interstate Commerce Committee of the Senate have been
night that the suit was settled out of court in 1926 for a substantial payment
holding hearings on Resolution 105 to investigate the conditions in certhem and a complete retraction of the charges contained in the Rotary
to
tain bituminous coal fields; and
Club speech.
Whereas in the course of this investigation the Pittsburgh Coal ComFrom the "Times" we also quote the following from
pany, a Mellon enterprise, it has been disclosed, has done everything it
could do to defeat obtaining accurate findings as to its mines by the issu- St. Louis, March 21 indicating that an inspection of
ance of the following order;
records of the estate establishes the fact that the late Presi"To All Mine Superintendents:
"The United States Senate Investigating Committee Is now visiting dent had none of the bonds in his possession:
the Pittsburgh district. Clean up all unsightly conditions. Keep
The St. Louis Post-Dispatch to-day published the following story written
our
police in the background. Avoid all arrests. Instruct our men to keep by a staff correspondent of the "Post-Dispatch" from Marion, Ohio:
out of trouble. If the Committee desires to question any of our employes,
"An inspection of the records of the estate of President Harding. which
see to it that you present men you can trust and who can be depended the correspondent was permitted to make to-day, established that he
upon to give the right kind of answers. If you are examined by the com- possessed none of the Continental Trading Company's Liberty bonds,
mittee do not answer any questions you think might be harmful to our with some of which Harry F. Sinclair accomplished his lease of the Teapot
interests.
Dome Oil Reserve, Senator Nye. Chairman of the Senate Teapot Dome
"The company will protect you. The company has maned a spirited Committee, announced in Washington, Monday that the Committee would
letter to each individual employee. If you known of any unsatisfactory search for Continental bonds in the estate of the late President.
conditions In company camps or barracks see that it is eliminated at once.
"Ledgers kept by C. D. Schaffner, executor of the estates of both Prost.
"(Signed) THE PITTSBUGH COAL CO."; And
dent and Mrs. Harding, show that President Harding possessed $182.750
Whereas the Senate of the United States has condemned the expense of worth of Liberty bonds and that Mrs. Harding possessed $05,300 worth of
$786,934. in behalf of William S. Vare in a recent election contest in Penn- Liberty bonds. The bonds bought by the Continental company in the prosylvania, and yet in the same contest $1,804.979 was expended in behalf motion of the Teapot Dome deal were of the First Liberty bonds, issued in
1917. and were all of $1,000 denomination.
of another candidate; and
"President Harding possessed $41.000 worth of the first loan bonds,
Whereas Andrew W. Mellon was a large contributor to this campaign,
was a participant as a speaker, and defended contributions to this cam- but none was of a $1,000 denomination and their serial numbers did not
correspond
like
with the serial numbers of any of the Continental bonds, for
they
were
unto
ground
that
contributions to a church; and
paign on the
Whereas Section 243 of the Revised Statues of the United States make it which the Senate Committee is searching. Two of Mr. Harding's Mat
were for $5,000 each, and one was for
it a criminal offense for "any person appointed to the office of the Secretary loan bonds were for $500 each, six
of the Treasury" to be "directly or indirectly concerned or interested in $10,000. Mrs. Harding had none of the $1,000 first loan bonds.
Estate Records Complete.
carrying on the business of trade or commerce": and
Whereas Andrew W. Mellon, Secretary of the Treasury, is a stockholder
"The records of the Harding estates are unusually complete and minute,
indirectly
and
interested
in
"directly
carrying
is
on
the bual- Schaffner, who rose from a!post:of messenger boy for the Marion County
and therefore




the

1754

FINANCIAL CHRONICLE

Bank,in which Mr. Harding was a stockholder, to its head, was a methodical executor as a result of his long bank training, and his records show
every bond of the estate, the serial numbers,their origin where possible,and
disposition.
"Schaffner was discharged as executor in 1925 and some of the papers
of the estates, such as canceled checks, have been turned over to Dr. G. T.
Harding, the President's father. However. Schaffner said to-day that it
was his recollection that for every one of the numerous Liberty bonds in
the estate, there was a canceled check, showing that the President paid
cash from his own personal funds.
"The total of bonds in President Harding's estate was approcimately
$250,000. The difference between that sum and the $182,750 of Liberty
bonds was chiefly in other Federal Government bonds and war savings
certificates.
"Nearly the whole of Mrs. Harding's $300,000 estate was in bonds.
Those not Liberty bonds were chiefly municipal bonds of Marion and
surrounding Ohio cities.
"Nor does it appear that the Senate Committee, if it chooses now to
pursue its search for bonds in the sale by President Harding of the "Marion
Star" in 1923 would be any more successful in finding any Sinclair connection than it would be in the personal estate of Harding. Chairman Nye has
announced that the Committee would inquire into that transaction.

[VoL. 126.

to San Juan, and also a cablegram, dated Jan. 19, signed by Messrs.
Barcelo and Taus Soto, the President of the Senate and Speaker of the
House of Representatives of Porto Rico, respectively.
The cablegram and resolution seem to be based largely on a complete misunderstanding of concrete facts. It would not be difficult to
show that the present status of Porto Rico is far more liberal than
any status of its entire history; that its people have greater control of
their own affairs with less interference from without; that its people
enjoy liberty and the protection of law, and that its people and its Government are receiving material assistance through Its association with the
continental United States. The Treaty of Paris, of course, contains no
promise to the people of Porto Rico. No phase of that treaty contemplated the extension to Porto Rico of a more liberal regime than existed.
The United States has nude no promise to the people of Porto Rico that
has not been fulfilled, nor has any representative or spokesman for the
United States made such a promise.

Greater Degree of Sovereignty Than States and Territories of U. S.
The Porto Rican Government at present exercises a greater degree of
sovereignty over its own internal affairs than does the Government of any
State or Territory of the United States. Without admitting the existence
of "a grave economical situation" in the finances of the Government of
Porto Rico, the present difficulty, which it is hoped is but temporary,
Terms of Paper Sale.
Is exclusively the result of the exercise by the elected representatives of
quite
as
clear
are
as
newspaper
those
of
the
"The records of the sale of
the personal Harding estate. The price paid by the Brush-Moore syndicate the people of Porto Rico of an authority granted by the present very
liberal organic law. The responsibility of the United States, as diswas approximately $480.000.
"The ownership of605 of the 800 shares of the stock of the paper brought tinguished from that of Porto Rico, is, at most, that officers appointed
preferred
stock
and
a ten- by the President in Porto Rico may not have exercised power legally placed
Mr. Harding $163,000 in cash, $100,000 of 6%
year contract for his editorial services, amounting to $100,000. Mr. in their hands to veto or make ineffective acts of the Porto Rican LegisHarding received $50,000 cash as a down payment. He deposited the money lature.
40 his personal account and immediately checked on it for the purchase of
Representation at Havana Conference
a $50,000 bond of the Fourth Liberty loan,throgh the Riggs National Bank
The cablegram complains that—
of Washington.
"Ours is the only Spanish-American country whose voice has not been
"Schaffner, the executor, still possesses that bond, though not as executor, but only as a friend of the President's father, to whom the President heard at Havana during the Pan-American Conference, for it was not
bequeathed that sum. Dr. Harding now is in California and Schaffner represented there."
This is a most serious error and is based on a fundamental misunforwards the interest on the bond to him.
"The only other bonds involved In the sale of the "Marion Star" consti- derstanding of the relation of Porto Rico to the United States. No
tuted a surplus of $160,000 accumulated over a period of years from profits State or Territory of the Union was represented as such at Havana, but
and which Mr. Harding expected to use in building a new plant for his the representation of the United States in Havana represents Porto Rico
newspaper. When the sale took place that surplus was disbursed to Mr. as truly as it represents any part of the territory of the United
Harding and the other owners, chiefly employes, and Mrs. Harding.
States.
"That fund was chiefly in bonds, of which 8120,000 were in Liberty
The request is made that Porto Rico be constituted as a "free State"
bonds. None were first Liberty bonds. Mr. Harding received $97,500 of and not "a mere subjected colony." Certainly giving Porto Rico
Liberty
bonds
appear
that
were
in
the
total
the bonds in this fund. Those
greater liberty than it has ever enjoyed and powers of government for
given upon his personal estate ledger."
the exercise of which its people are barely prepared cannot, with propriety,
be said to be establishing therein "a mere subjected colony." The people
President Coolidge in Answer to Porto Rico's Plea to of Porto Rico are citizens of the United States, with all the rights and
privileges of other citizens of the United States, and these privileges are
Be Constituted "Free State' Holds Island Will those which we invoked "when declaring for independence at the memGuidance Rather orable convention at Philadelphia."
Progress with United U. E
In answering the cablegram it might be well to consider briefly the conThan Through Isolation—Says Island Enjoys
ditions and tendencies we found
Porto Rico and what the situation
Greater Degree of Sovereignty Than Do States In Porto Rico is to-day, as well in
as the steps we are responsible for in
of U. S.
Porto Rico to better conditions as we found them and as they exist
A plea in behalf of Porto Rico, that it be constituted a to-day.
There is no conflict of opinion as to the condition in which we found
"free State" and not "a mere subjected colony," has brought Porto Rico. Perhaps the best authority on local conditions was Dr.
from President Coolidge a letter to Governor Towner of the Cayetano Coll y Tests, who, in an article published in Porto Rico in
1897, after
the progress in Porto Rico for 100 years ending with
Island, in which Porto Rico is described as exercising "a that year, describing
thus describes the great body of the population of Porto
greater degree of sovereignty over its own internal affairs Rico:
than does the Government of any State or Territory of the
Only the laborer, the son of our fields, one of the most unfortunate beings in the
with a pale face, bare feet, lean body, ragged clothing and feverish look,
United States." The President says that "giving Porto world,
walks indifferently, with the shadows of ignorance in his eyes, dreaming of the
cockfights, the shuffle of the cards or the prize in the provincial lottery. No, it
Rico greater liberty than it has ever enjoyed and powers is
not possible that the tropical zone produces such organic anemia; this lethargy
of government for the exercise of which its people are of body and soul is the offspring of moral and physical vices that drag down the
spirit and lead our peasants to such a state of social degradation. In the miserable
barely prepared cannot, with propriety, be said to be es- cabin, hung on a peak like a swallow's nest, this unhappy little creature comes
the world; when it opens its eyes to the light of reason it does not hear the
tgblishing therein 'a mere subjected colony.' The people Into
village bell reminding him to lift his soul to the Divine One and render homage to
Creator of Worlds; he hears only the hoarse cry of the cock crowing in the early
of Porto Rico are citizens of the United States with all the
morning, and then he longs for the coming of Sunday to witness the strife and
the rights and privileges of other citizens of the United knavery of the cockfights. When a man, he takes up with the first woman to be
found in the neighborhood and makes her his mistress to gratify his amorous lusts.
which
those
we
invoked
States, and these privileges are
In the wretched tavern the food he finds is only the putrid salt meat, codfish filled
rotten red spots, and India rice, and the man who harvests the best coffee in the
'when declaring for independence at the memorable conven- with
world, who helps to gather into the troughs the sweetest grains of nature and takes
to
pasture
in the fields and meadows the beautiful caives, cannot raise to his lips
tion at Philadelphia'."
the bit of meat, because the municipal tax places it out of his reach and almost
duplicated the price of the tainted codfish: coffee becomes to him an article of
The President also stated:
luxury through Its high price, and of sugar be can only taste that filled with molasses
"We have now in Porto Rico a government in which the participation and impurities. . . . This eternal groan of the
Porto Rican laborers is an inby Americans from the United States is indeed small. We have given firmity of our present day sockty and consequently It is necessary to study it and
to the Porto Rican practically every right and privilege which we are per- remedy it.
mitted ourselves to exercise. We have now progressed to the point where
That the accuracy of this description was appreciated in Porto Rico
discouragement is replaced by hope, and while only thirty years ago was evidenced by the fact that it was awarded a prize from the Economic
p140 was indeed an optimist to see anything promising in Porto Rico
Society of Friends of the Country.
Other contemporary testimony of prominent Porto Ricans to the same
to-day one is indeed a pessimist who can see any reasonable human ambigeneral effect is not lacking, but space forbids its inclusion.
tion beyond the horizon of its people."
*
•
•
Were this pitiable economic condition the result of a passing depression
-"There is no disposition in America, and certainly not on my part, to the situation would have been less hopeless, but the evidence is clear that
people
of
Porto
The
Rico.
the condition was one of long standing and that the tendency was to
discourage any reasonable aspiration of the
island has so improved and its people have so progressed in the last gen- get worse rather than to improve. One would look in vain for a single
eration as to justify high hopes for the future, but it certainly is not un- ray of hope if Porto Rico were to continue its normal course as we
reasonable to ask that those who speak for Porto Rico limit their positions found it. Health and sanitation, education and public works were such
to those things which may be granted without a denial of such hope. as naturally accompanied the situation of the people pictured.
Nor is it unreasonable to suggest that the people of Porto Rico, who are
Accomplishments of Military Government.
A part of the people of the United States, will progress with the people
of the United States rather than isolated from the source from which they
Prior to the American occupation the Porto Rican people had received
have received practically their only hope of progress."
practically no training in self-government or the free exercise of the franchise. While there existed a body of educated, intelligent men, the
The President's letter was in answer to a resolution great
mass of the people were without experience or training in selfadopted by the Porto Rican Legislature, committed to Col. government, and only a small percentage could qualify as voters under
Lindbergh for delivery to President Coolidge, and in an- very broad electoral qualifications.
The military Government in its brief existence of eighteen months acswer, likewise to a cablegram signed by Messrs. Parcelo complished
the following:
and Tons Soto, respectively President of the Senate and
I. Order was re-established and an Insular pollee force organized.
Porto
Rico.
The
of
Representatives
House
of
2. The more obvious burdens of taxation as they fell on the very poor Peelde
speaker of the
were abolished, and a careful study made by an expert, preparatory to the adoption
reply of President Coolidge, although dated Feb. 28, was of a proper revenue
system for the island.
3. Such changes in the judicial system were made as were necessary to bring that
not made public until March 16. The letter follows:
system more in accordance with American procedure and with the American view
of individual rights and liberty.
Hon. Horace M. Towner, Governor of Porto Rico, San Juan, P. R.
4. A Department of Education was
Boards of Heath were organized:
Dear Governor:—.1 desire to acknowledge the concurrent resolution of the public works were reorganized andestablished;
progress in road building was greater than
Lindbergh
visit
COlonel
on
his
In all the previous history of Porto Rico.
She Legislature of Porto Rice committed to




MAR. 24 1928.]

FINANCIAL CHRONICLE

1755

And finally the Government was reorganized in accordance with the act Porto Rico Regiment of the Army, the activities of the Veterans' Bureau
passed by Congress to establish a civil government in order that there and Federal participation in harbor improvements. In a more general
might be a minimum of friction in changing from the military to the way, Porto Rico receives the protection of the army and navy and the
service of the Department of State and its diplomatic and consular sercivil government.
Experience has shown that this organic act, though intended to be vice.
The expenditure from the United States accruing directly to the people
temporary, was quite up to the standard of such acts, and that it gave to
the people of Porto Rico a liberal form of government under which they of Porto Rico is not less than $5,000,000 per annum.
In
the fiscal year 1927 the total operating revenue of Porto Rice
could acquire experience in democratic government honestly administered
and could enjoy all of the rights and privileges to which we are accus- was $11,191,893.11. Of this total the following, in our States and Territomed. Under it the possibility of development was great, and this possi- tories, would not accrue to the local Treasury:
bility was realized.
$1,8.06,567.91
Customs
Congress, recognizing the progress in Porto Rico, enacted in 1917 the Income taxes
1.565,745.98
440,660.71
present organic law. Under this law the Porto Rican people were made United States internal revenue
Constitution
citizens of the United States. All of the guarantees of the
53,812.964.60
Total
are extended to Porto Rico, or the Legislature of Porto Rico is granted Excise taxes(which would In great part not accrue to local Treasury) 5.701,502.33
—
authority to make effective those guarantees not specifically extended.
59.514.466.93
Total
The great satisfaction in Porto Rico at the passage of this act is the best
evidence of its liberality.
It will be observed, therefore, that had we not given special and
The principal difference between the goverrxnent of Porto Rico and very considerate attention to its needs, but had treated Porto Rico
is
States
the
organized
and
incorporated
Territories
of
the
United
that of
as we have treated the incorporated territory of the United States, of
the greater power of the Legislature and the fiscal provisions governing the more than $11,000,000 subject to appropriation by the elected LegisPorto Rico, which are far more liberal than those of any of our States lature of Porto Rico there would have been not to exceed $2,000,000
or Territories.
available.
Porto Rice's Finances.
The United States tariff extends to Porto Rico, and no part—certainly
Through the urging of the War Department, the United States income no agricultural part—of our territory is so favored by its tariff. And the
tax of 1913 was extended to Porto Rico, with a provision authorizing striking development of Porto Rico under American sovereignty as shown
the modification of the law by the local Legislature and directing that by the growth of imports and exports is, in a material part, due to this
favorable tariff treatment of its products.
the income from this source go into the insular Treasury.
In the revision of the organic act of Porto Rico in 1917, the War DeExports.
partment, with the assistance of the Governor, was enabled to secure a
The total exports from Porto Rico in the last complete years of Spanish
provision similar to the one in effect in the Philippine Islands; that is,
fiscal year 1927 this total was
that the internal revenue collected in the United States on Porto Rican Sovereignty were $11,555,962. In the
in the last Spanish year were $10,products should be turned in to the Treasury of Porto Rico. These two $108,067,434. The total imports
$98,810,750.
taxes are now carried in the returns of the revenues of Porto Rico as 725,563, and in 1927 were
Comparing this with one of the most prosperous, wholly independent
"United States internal revenues" and "income taxes," and together they
neighbors of Porto Rico, we find that in the period in which the exterior
constitute a good part of the revenues of the Government.
multiplied by nine that of its neighbor has
The Treasury of Porto Rico receives the customs duties collected in trade of Porto Rico has been
been
multiplied by less than seven.
Porto Rico, less the cost of collection. It receives the internal revenue
The total value of Porto Rican products shipped to the United States
taxes which are laid by its own Legislature and collected in Porto Rico.
this total $97,000,000 was
It receives the income taxes which are laid by its own Legislature. It In the fiscal year was $97,823,523, and of
market. The total purchase by Porto
receives the internal revenue taxes collected in the United States on highly protected in the American
Rico in the markets of the United States in the same calendar year was
Porto Rican products consumed in the United States.
I have set down a few scattered facts, which, however, sufficiently show $87,046,319. For a number of years Cuba has been the largest purchaser
of
Porto Rican coffee, which is given a 20% reduction of the Cuban tariff
the consequences of Porto Rico's union with the United States. We found
the people of Perth Rico poor and distressed, without hope for the future, as an American product, not because Cuba sells to Porto Rico, but because
Ignorant, poverty-stricken and diseased, not knowing what constituted a Cuba sells to the United States.
The advantage of the United States market to Porte Rico can be
free and democratic government and without the experience of having
participated in any government. We have progressed in the relief of pov- better appreciated when it is noted that of the $97,000,000 of Polio
erty and distress, in the eradication of disease, and have attempted, with Rican products sold in the last calendar year into the United States
some success, to inculcate in the inhabitants the basic ideas of a free, there would have been imposed, had these products cane from countries
democratic government We have now in Porto Rico a government in not enjoying free admission into the United States, a duty of approxiwhich the participation by Americans from the United States is indeed mately $57,000,000.
On the products from the continental United States entering Porto
small. We have given to the Porto Rican practically every right and
privilege which we permitted ourselves to exercise. We have now pro- Rico during the same period the duty imposed, had they come from a
gressed to the point where discouragement is replaced by hope, and while foreign country, would have been less than one-third of this amount
only thirty years ago one was indeed an optimist to see anything prom- Certainly Porto Rico would not desire reciprocity to be more favossble
ising in Porto Rico, to-day one is indeed a pessimist who can see any to it.
Bonded Indebtedness.
reasonable human ambition beyond the horizon of its people.
The bonded indebtedness of Porto Rico is $25,555,000, and that of the
It is not desired to leave the impression that all progress in Porto Rico
was due to continental Americans. Without the co-operation and assistance municipalities of Porto Rico $18,772,000. These bonds are practically
of Porto Ricans progress would have been negligible, but the co-operation is all held in the United States. Due to the fact that these bonds are tax
largely due to the encouragement of American assistance, American methods exempt by a United States statute, Porto Rico pays in annual interest at
least 2% less than would otherwise be paid—a saving of approximately
and an increase in the reward of efforts made.
There has been a natural hesitation to recall and dwell upon the un- $886,540 annually.
In what way, by a greater grant of autonomy, could Porto Rico so
fortunate condition of Porto Rico in the past. There is a feeling, however, that the United States is entitled to a good name in its dealing look after the market for its products or the market for its bonds, or
with Porto Rico and to protect itself from any reflection on its good In what way could t improve the economic position of its Government or
name. Perhaps no Territory in the world has received such considerate Its people?
In studying the effect of granting to Porto Rico what was requested
treatment in the past thirty years as has Porto Rico, and perhaps nowhere else has progress been so marked and so apparent as in Porto Rico. in the cablegram sent to me, one must naturally begin with the asWe are certainlr entitled to a large part of the credit for this situa- sumption that the products of Porto Rico would be for some time approxition.
mately what they now are. The change would be in disposing of them.
There exists to-day in Porto Rico a Department of Health in all re- In the year 1926 Porto Rico sold in the United States market 1,157,000,spects modern and including in its activities all branches of modern public 000 pounds of sugar and received therefor $48,200,000. A near neighbor
health work. Not of least importance as showing the marked progress in sold an equal quantity of sugar for $22,800,000. Porto Rico sold in the
health matters in Porto Rico in recent years is the fact that it Is com- United States in the same year 20,500,000 pounds of leaf tobacco for
pletely manned by Porto Ricans. The improvement in the health condi- $13,000,000. Its neighbor sold an equal quantity of leaf tobacco for $1,tions of Porto Rico is not fully indicated by the reduction in death 192,000. In the sale of tobacco the element of quality enters, but these
rate alone, though this rate had been almost divided by two since the numbers sufficiently show the effect of the free entry to the United States
early days of American sovereignty of the island. The practical eradica- market on the two principal products of the island, and show the extent
tion of smallpox, which had existed continuously in the island for more than to which the funds now used to make its purchases abroad and to meet
forty years and which had resulted in more than 600 deaths annually for the its indebtedness abroad would shrink if the privilege were withdrawn.
last ten years prior to American sovereignty% the diagnosis of the so-called This shrinkage must be followed by a corresponding shrinkage in the revetropical "anemia" which affected the great bulk of the population of nues that go to support the activities in Porto Rico which mean progress
Porto Rico; the discoveries in Cuba in the method of propagating yellow for the future.
fever, were concrete benefits to the health situation in Porto Rico and
There is no disposition in America, and certainly not on my part, to
have been of continuous benefit.
discourage any reasonable aspiration of the people of Porto Rico. The
The history of education in Porto Rico prior to its occupation by the Island has so improved and its people have so progressed in the last
United States is very largely the history of individual effort. Individuals generation as to justify high hopes for the future, but it certainly is not
of character and determination would establish and conduct a school, and unreasonable to ask that those who speak for Porto Rico limit their petition
it would generally disappear with the persons establishing it. Governmental to those things which may be granted without a denial of such hope. Nor
efforts likewise lacked continuity. About the year 1860 a more deter- Is it unreasonable to suggest that the people of Porte Rico, who are a
mined governmental effort was made, and in 1898 the maximum enroll- part of the people of the United States, will progress with the people of
ment in the public schools and private schools was 29,182, which has the United States rather than isolated from the source from which they
increased to 213,321. The per capita expenditure for public education in have received practically their only hope of progress.
Porto Rico has increased during the period of American sovereignty from
Sincerely yours,
30 cents per annum to approximately $4 per annum. The number of
CALVIN COOLIDGE.
Government-owned public school buildings has increased from none to
Feb. 28, 1928.
991. The Department to Health and the Department of Education of
Porto Rico are combining to make of the Porto Ricans of the future a different type physically and mentally from those we found in Porto Rico.
U. S. Senate Rejects Renomination of John J. Each as
Not because they are entitled to first consideration, but because they
Member of Interstate Commerce Commission.
would
be
of
measured
and
fundamental
readily
importance In any
are so
change of status, It may be well briefly to recall some of the direct finanThe Senate, by a vote of 39 to 29, rejected on March 16
cial advantages to Porto Rico accruing from its relation to the United
the renomination of John J. Esch as a. member of the
States.
Porte Rico pays no tax to the United States Treasury. The Federal Interstate Commerce Commission. An item noting that
services In Porto Rico are supported from the United States Treasury. an unfavorable report on the renomination had been made
The services which benefit directly and financially the people of Porto
by the Senate Interstate Commerce Committee, appeared in
Rico are the Lighthouse Service, the Agricultural Experiment Station and
financial assistance to the College of Agriculture, the maintenance of the our issue of March 10, page 1456. Regarding the Senate




1756

FINANCIAL CHRONICLE

[VOL. 126.

The National City Bank, of New York, has decided to
action a Washington dispatch to the New York "Times"
increase its capital stock from the present $75,000,000 to
on March 16 stated:
As the decision was reached behind closed doors, the roll-call was $90,000,000, it is learned from the "Sun" of last night,
not made public. Enough was learned of the proceedings, however, (March 23) which likewise
stated:
to indicate that the debate was hot and that the result was accomplished through a coalition of La Follette Republicans and Democrats
aligned with Senators from West Virginia and Kentucky, the Southern
coal fields, who have been fighting Mr. Each because he changed his
vote in the lake cargo case, which the commission recently decided in
favor of the Pittsburgh coal field.
Mindful of the lake cargo case, the Administration forces defended
the right of an Interstate Commerce Commissioner to reach his conclusions without fear of political reprisal.
So seriously was the defeat viewed from the Administration standpoint that its leaders declared beforehand and in their speeches at the
executive session that the other members of the commission who voted
with Mr. Each in that case were in jeopardy.
Fears For Other Commissioners:
This position had been expressed in the minority report from the Interstate Commerce Committee, filed by Senator Fess of Ohio and made
public after the debate, the concluding paragraph of which said:
"If Mr. Each is to be rejected because of his vote, then Mr. Aitchison is already informed of the fate that awaits him; it follows that
the six other members who voted with him had been denied continuance, and the commission, if this action is to be taken on the grounds
stated, should either be eliminated altogether or reorganized."
Senator Fess declared in the report that the charges against Mr.
Esch's personal integrity seemed to have been withdrawn and defended
the change of vote in which he said Mr. Each was influenced by a
mass of new evidence, embracing 2,000 pages of 'testimony and nearly
200 documentary exhibits.
The Commissioner at first had voted against the increased differential for the Pittsburgh district. His opponents contended that if he had
not changed his vote President Coolidge would not have appointed him.
Senator Fess declared that rejection of confirmation would be "a
proper warning to the members of this commission that in any decision
the defeated litigant will appeal his case to theSenate for political
treatment, making the appellate tribunal this political body instead of
the court, the judicial body."
He added that this action would tend to destroy the independence of
the commission.
Farm Bloc Opposition Involved.
The rejection of confirmation was also a continuance of the fight
waged by the farm bloc against the enactment of the Esch-Cummins
law, known as the Transportation act of 1920.
This was frankly admitted when the Senate had adjourned to-day by
one of the outside leaders of the farm bloc movement. He pointed
out that after the Esch-Cummins law was written, Mr. Esch at that time
being Chairman of the House Interstate and Foreign Commerce Committee, the farm forces brought about his defeat in Wisconsin as a
Representative, and then he was appointed to the commission by President Harding.
It was also recalled that largely because of the same act its other coauthor, Senator Cummins, who was Chairman of the Senate Interstate
Commerce Committee, was defeated in Iowa, the forces against him
rallying to the Brookhart banner.
Tied up with the farm elements was the La Follette-Blaine opposition to Mr. Esch, and there was also objection to having two members
of the commission from one State, the other Wisconsin Commissioner
being Balthasar Meyer.

ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Transactions in New York Produce Exchange memberships were unusual this week as many as nine seats being
sold at steadily advancing prices. One at $7,300, two at
$7,500, one at $7,700, one at $7,800 and another at $7,900.
The next seat was reported at $8,600 then another at $9,750
with the final two at $10,000 each this last being the highest
on record.
An option to sell a membership on the LO3 Angeles
Stock Exchange was reported given at a price of $40,000. The last preceeding sale was at $35,000.
The Wall Street Journal states that the San Francisco
Stock Exchange has voted three additional seats be sold at
the discretion of the board of governors for $125,000 each.
The New York Cotton Exchange membership of Henry
M. Peers was reported sold this week to Harris Hyman, Jr.,
for $25,000. The last preceding transaction was at $27,000.
A membership on the Standard Stock & Mining Exchange,
Toronto was reported sold this week for $90,000, a new
high record.
New York Stock Exchange membership reached their
highest this week when the membership of Dexter Blagden
was reported sold to Gardner D. Stout for $335.000. Prices
have been steadily rising during the week and numerous
transfers were reported. Archibald B. Boyd sold to J. Randolph Grymes, Jr. for $320,000; that of Effingham Lawrence to Charles Lobert for $325.000; that of William D.
Hutton to Ernest Iselin for $325.000; that of J. J. C. Humbert to Samuel W. Atkins for $330.000.
Rubber Exchange memberships were reported sold this
week up from $7,000 to $8,000 this last being a new high
record. It is stated two seats are being offered at $9,000
and $10,500.




The proceeds of the issue w.11 be applied to increasing the surplus of the
National City Co.. the securities corporation subsidiary of the bank, for
the development of its business.
Stockholders of the National City Bank will hold a special meeting April
24 to vote on the plan. It is proposed to offer new stock to shareholders for
subscription at $400 a share in the ratio of one new share for each five old
shares owned.
National City Bank stock was quoted to-day at $840 a share bid with
none offered in the market over the counter. The stock was removed from
the New York Stock Exchange list some time ago at the request of Charles
E. Mitchell, the President of the bank.
A letter was sent out to stockholders by the National City Bank late
to-day advising them of the proposed increase and calling them In special
meeting to act on the plan. In the letter the bank states that while the
capital of the National City Bank will be increased to $90,000,000, the
surplus will remain unchanged at $50,000,000, while the capital stock
of the National City Co., will be raised from $25,000,000 to $45.000.000.
and its surplus will be increased from $25.000,000 to $50,000,000.

At a meeting of the Board of Trustees of the New York
Trust Co. held on March 21, Nelson S. Bearmont was appointed Assistant Treasurer.
Commemorating its twenty-fifth anniversary on March 30,
the Board of Directors of Bankers Trust Co. of New York
on March 20 increased the annual dividend from $20 to
$30 a share. Some action of this kind has been expected
for several months because of the bank's steadily increasing
earnings during the last few years. The expectation has
been reflected in the price of the stock which has risen from
$754 twelve months Igo to over $1,000 a share. The increased quarterly dividend is payable March 31 to stock
of record March 23. The board at the same time declared
an anniversary bonus to all employees of 5% of their annual
salaries. The year 1927 was one of the best in the company's history. Surplus and undivided profits increased
from $56,031,000 to $61,488,000, a gain of $5,457,000 after
dividend distributions of $4,000,000. Deposits increased
over $112,540,000, to a total of $562,069,000. Starting
in 1903 with a capital and surplus of $1,500,000, the institution is to-day one of the largest banks in the United States,
with offices in Paris and London and wire offices in most
of the leading cities of the United States. This record is
particularly impressive in view of the fact that there have
been no mergers since 1917. Capital and surplus as of
March 2 were $62,591,000. The bank was organized by the
late Henry P. Davison as a trust company to which the
national and State banks of the country might send their
fiduciary business and which would not compete for active
accounts on a basis of interest rates. It was to be in fact
as well as in name a bankers' trust company. And so it
remained for fourteen years, until 1917, when changes in
economic and financial conditions made it necessary for the
institution to broaden its functions. At that time Bankers
Trust Co. definitely entered the commercial field and the
foundations were laid on which the growth of its Banking
Department has since been built.
Mr. Davison brought to the original board of directors
twenty-one of the ablest younger bank executives in the
United States, some of them being Gates W. McGarrah,
then President of the Leather Manufactures National Bank;
George W.Perkins, of J. P. Morgan & Co.; Albert H. Wiggin
then Vice-President of the National Park Bank and
Stephen Baker, then President of the Bank of the Manhattan Co. In commenting on this board the "Financial
Chronicle," New York, Jan. 31 1903 (page 244) remarked
that nearly every large bank of the metropolis wasrepresented
on the board of this latest organization. Business was
started in two rooms at 143 Liberty St. on March 30 1903.
Edmund C. Converse was the first President, serving without compensation. Three months later deposits were reported at $5,750,000 and at the end of the first four months
it was necessary to seek large quarters. These were found
at 7 Wall St. There the offices remained until 1912 when
they were removed to the present location. In Aug. 1911,
the Mercantile Trust Co., organized in 1868, was acquired
by merger. Seven months later, the Manhattan Trust Co.,
organized in 1871, was also taken over. Those mergers
and the capital increases incident thereto brought the combined capital and surplus to $20,000,000 at the close of
1912, with deposits of over $134,000,000. During May of
that year, the new 37-story building was completed, and
the Bankers Trust Co. moved to its present location at
16 Wall Street and the pyramid, which surmounts its tower,
became one of the dominating features of the downtown
sky-line. Mr. Converse resigned as President during the

MAR. 24 1928.]

FINANCIAL CHRONICLE

following year. He was succeeded by Benjamin Strong Jr.,
who later resigned to become the first Governor of the Federal
Reserve Bank of New York, a position which he still holds.
In 1914, Seward Prosser was chosen President, acting in that
capacity until 1923 when he was advanced to the newly
created office of Chairman of the board. In April 1917 the
Astor Trust Co. at Fifth Ave. and 36th St. was acquired
by merger, thus increasing the combined capital and surplus
to $23,000,000. This office was shortly moved to the corner
of Fifth Ave. and 42d St. to become the first of the branch
offices. Shortly before this a Securities Department had
been organized. In 1919, the old Securities Department was
enlarged and developed into a Bond Department actively
engaged in the underwriting and distribution of securities.
The increase in foreign travel and the growth of foreign business after the war led to the establishment of a Paris office in
1920. In 1922 an agency was opened in London for the
convenience of customers traveling in England. It was
found so useful that a permanent English office was opened
at 26 Old Broad St., E. C., in 1924. On the twentieth
Anniversary in 1923, A. A. Tilney was chosen to succeed Mr.
Prosser and became the fourth and present President. The
twenty-fifth anniversary will be observed by a dinner at the
Waldorf Astoria Hotel on Friday, March 30. It will be
attended by leading bankers and business men from all parts
of the United States.

The new building will rise forty stories above grade, with
three basements below grade, and its cost will run into
millions of dollars. The lower six stories and two basements will be occupied by the bank and the third basement
by machinery for independent operations of the building.
The thirty-second floor will be used entirely for dining
rooms, cafeteria and kitchen for the owners.

Charles Smithers, senior partner in the. banking firm of
F. S. Smithers & Co., 19 Nassau Street, died on March 18
at his country home in Hillandale. Mr. Smithers was
fifty-four years of age.
Theodore J. Richmond, President of the Atlantic Acceptance Corp., was elected a director of the Lebanon
National Bank of this city on March 14.

With its removal on March 17 to temporary offices at 37
Wall Street, the international banking firm of Brown
Bros. & Co. leaves its old 59 Wall Street building, which it
has occupied continuously since 1865. After a little more
than a year the firm will be installed in new and modern
banking quarters, at the same address with which it has
been associated for so many years. Plans have been completed for the erection of a 35-story office structure on the
site, as was indicated in our issue of March 10, page 1460.
The Wall & Hanover Street Realty Company which owns
59 Wall Street and which is affiliated with the firm, recently acquired fee to all of the property of the block
bounded by Wall, Hanover and Beaver Streets, excepting
that portion which is occupied by the Munson Building.
Recently, in addition to its quarters in the building at 59-61
Wall Street, the firm has occupied exclusively the threestory building at 3-4-5 Hanover Street and the five-story
building at 81-83 Beaver Street. All of these structures,
and the Sampson Building as well as 63-65 Wall Street,
are to be demolished to make way for the 35-story office
structure which will be erected on the site by Starrett
Brothers, Inc. The old building at 59-61 Wall Street, which
in recent years has been dwarfed by the products of modern
architecture, was a model of up-to-date construction and
architecture when it was built in the 1860's. It was of substantial and fireproof construction and was considered one
of the finest banking buildings of that period.

E. S. Rothchild, President of Chelsea Exchange Bank of
New York, issued on March 20 the following statement in
connection• with rumors that control of the bank had been
sold to other interests:
In order to dispel the many rumors that have been circulated recently
about the Chelsea Exchange Bank, I wish emphatically to state that we
have not disposed of our controlling interest in the bank, nor have we any
present thoughts of so doing.
Offers have been made greatly in excess of the present market price of
the stock, but our sole Interest is in the development of the bank and the
continuation of Its growth and prosperity.
Constant plans are under discussion which should be of benefit to the
stockholders, details of which will be arranged shortly, and we believe that
they will do well to look upon their holdings as a sound and permanent
Investment.

The regular monthly luncheon meeting of the British
Empire Chamber of Commerce in the United States of America was held at the Whitehall Club, 17 Battery Place, this
City, on Wednesday, March 21. Sir Richard Arthur Surtees Paget, Bt., was the speaker.
Hugh R. Johnston has resigned as Treasurer of the Guaranty Trust Company of New York, effective March 15, to
become a Director, Vice-President, Treasurer and Member of
the Executive Committee of the Sterling Securities Corporation, an investment trust, with offices at 1 Exchange Place,
Jersey City. The Insuranshares Corporation of New York
are the fiscal agents of the Sterling Securities Corporation.
Mr. Johnston entered the employ of the Guaranty Trust
Company as a bookkeeper seventeen years ago, and was successively Assistant Auditor, Loan Clerk, Assistant Secretary, Assistant Treasurer, and Treasurer. Mr. Johnston is
also a director of the General Reinsurance Corporation.
Electrical ice boxes will be hooked up with steam heat,
air washers, air filters and giant ventilating fans, to manufacture perfect weather in all seasons for Detroit's new
Union Trust Bank Building, now under construction. All
a tenant of the new building will have to do on a hot
Summer's day is to open a register in his office and refrigerated, clean air, cooled to a temperature of 70 degrees or less, will pour forth. Every room in the new
building will have its individual air control. The air
conditioning and ventilating apparatue in the new building
will cost more than $250,000. Twenty-four fans will blow
440,000 cubic feet or 33,000 pounds of air per minute to
ventilate the building. The refrigerating machines, to be
used for cooling the air, will have a refrigerating capacity
equivalent to the making of 700 tons of ice per day. Conditioned air will be driven even into the bank vaults to
keep these spaces cool and well ventilated at all times.




1757

The first installation in New York of a new device designed to protect the lives of an employee who may accidentally be locked in their vaults was made on March 16
by the Bankers Trust Company, 16 Wall Street. One unit
will sustain life even in an air-tight vault for about 220
man-hours, ample time to permit rescue. This new invention consists essentially of a cylinder of compressed oxygen equipped with a regulator that is easily adjustable by
hand to supply oxygen at the rate required by the number
of persons in the vault. There are also containers of a
special chemical to be spread on the floor for absorbing the
carbon dioxide given off in breathing. This apparatus is
simple to operate, and instructions for its use, in case of
emergency, are printed on the cabinet which encloses the
assembly. Illumination is provided by a flashlight hung
in the cabinet. No part of the vault oxyfier is subject to
deterioration from disuse. This devise does not in any
way impair the safety of the vault, or render it more vulnerable to attack, since it is entirely self-contained in a
small cabinet inside the vault. It is stated that private
and public tests of the vault oxyfier have conclusively
proved its ability to support life in sealed vaults. In a
recent test three men remained for 12 hours locked In an
uptown vault, entirely without discomfort. Atmospheric
analysis, made hourly during the tests, showed the atmosphere to be of normal composition at all times.
The J. Henry Schroder Corporation of this city announces the appointment of Carlton P. Fuller and Theodore
E. Stebbins as Assistant Secretaries, and William A.
Tucker as Assistant Treasurer.
The Equitable Trust Company of New York announces
the appointment of Ralph B. Wells as manager of its Chicago office. Heretofore Mr. Wells has been special representative of its Chicago office. Heretofore Mr. Wells has
been special representative of the company's investment
service to banks and institutions in the Chicago territory.
Mr. Wells, a native of Michigan, has spent his entire business career in the field of banking. Gaining his early experience in the Middle .West with Blair & Co., he later
assumed charge of the bond department of the Fidelity
Trust Company of Knoxville, Tenn., and subsequently became connected with the Atlanta office of the Bankers
Trust Company of New York.
Charles H. Stout, retired banker of this city, died on
March 15 in St. Luke's Hospital, Manhattan. Mr. Stout was
64 years of age. He began his banking career at the age

1758

FINANCIAL CHRONICLE

[VoL. 126.

of 16 with the National Bank of the Republic and after of Fitchburg and the Worcester Polytechnic Institute,
holding several minor positions he. was appointed Assist- from which he was graduated in 1894. The following year
ant Cashier of the bank in 1888 and four years later was he began his banking career by entering the service of the
made Cashier. In 1898, Mr. Stout was appointed Vice-Presi- International Trust Co. Four years later (1898) he Joined
dent and when the National Bank of the Republic was ab- the staff of the Shoe & Leather National Bank of Boston
sorbed by the First National Bank, he was made Vice-Presi- and two years later was advanced to an Assistant Cashier.
dent of the latter. Later when it was announced that in- This position he continued to hold when subsequently the
terests identified with the First National Bank had ac- Shoe & Leather National Bank was consolidated with the
quired controlling interest in the Liberty National Bank, National Bank of Redemption. In 1904, upon the merger
Mr. Stout was made Vice-President of the Liberty National. of the National Bank of Redemption and the First NaHe retired in 1917 when the Liberty National was absorbed tional Bank, Mr. Dwinnell remained with the enlarged
First National Bank and the following year (1905) was
by the New York Trust Company.
elected a Vice-President. For the next 21 years, or until
Oscar A. Lewis was electe- d a Director of the Nassau January, 1926, Mr. Dwinnell continued to serve the instituNational Bank of Brooklyn on March 13 to fill the vacancy tion in this capacity when he was promoted to the Presicaused by the death of Francis H. Sloan, last month. Mr. dency—the office he held at his death. The deceased
Lewis is the senior member of the law firm of Lewis, Marks banker was a former President of the University Club of
Boston, a Member of the Union Club and of the St. Boand Kanter.
tolph Club. He was a member of the corporation and
Formal opening of the new Ridgewood Office of 'Manu- finance commitee of the Worcester Polytechni
c Institute,
facturers Trust Company, 1696 Myrtle Avenue at Cypress Treasurer and a Trustee of Tufts College,
a Trustee of
Street, Ridgewood, Queens, occurred on March 15, as noted Wellesley College, a member of the board
of trustees of
in these columns March 17, page 1610. The Ridgewood the Boston Public Library and a director
in several inbuilding is of refined Italian Renaissance design. The main dustrial corporations.
facades on Cypress and Myrtle are faced with buff Indiana
An attractive illustrated booklet has been issued by the
thin-Atone and ornamented with Corinthian pilasters. The
main entrance at the intersection of Myrtle and Cypress is Central Trust Co. of Cambridge, Mass., giving a brief
set in a high arched motif. The main banking room, pentag- historical sketch of the institution since its inception as the
onal in shape, is 115 feet by 70 feet, and 32 feet high. A Cambridge Bank in March 1826 and a description of the
safe deposit department is provided on the main floor. bank and office building erected by the bank last year and
Complete dining room, kitchen and restroom facilities for in which the institution is now housed. The Cambridge
employees are provided on the third floor. The Ridgewood Bank, the booklet tells us, began business on June 1 1826
Unit Office of Manufacturers Trust Company formerly was and continued its operations without interruption under a
the Ridgewood National Bank, which was first opened for State charter until 1865. That year the business was transbusiness in a store at Myrtle and St. Nicholas Avenues, May ferred to the Cambridgeport National Bank and continued
29; 1909. In 1910 the bank moved into a building of its under a national charter for forty years, namely, until 1905,
own on the present site. Merger with Manufacturers Trust when the institution was taken over by the then newly organized Central Trust Co. The Central Trust Co. began
Company took place August 31, 1921.
its career with a capital of $200,000 and a paid-in surplus
Formal opening of the han- dsome new banking quarters of $50,000. During the next twenty years there were
addiof the New York State National Bank of Albany, N. Y., tions to the surplus from earnings and in 1925 the
capital
took place on the afternoon of March 16, according to the stock was increased to $500,000 by the issue of 3,000
shares
Albany "Knickerbocker Press" of March 17. More than 600 of new stock. Two thousand shares ($200,000)
of the new
invitations were mailed to stockholders of the institution, stock were taken by the stockholders of the
Central Trust
to officers of other Albany banks, and to officers of corre- Co. at par, that is, $100 a share; one thousand shares
($100,spondent banks throughout the East. Large quantities of 000) were sold to the bank's depositors at $410 a
share
flowers were received by Ledyard Cogswell, Chairman of and also to those stockholders of the Guaranty Trust
Co.
the Board, and Ledyard Cogswell, Jr., President of the In- of eambridge who chose to subscribe, the business
and
stitution, from various points in the financial world to mark good-will of the Guaranty Trust Co. having been
purchased
the occasion. In describing the new quarters the paper men- by the Central Trust Co. at that time. During the
latter
tioned said
part of 1927 (as noted in the "Chronicle" of Dec. 3 1927,
The facade of the old bank and the solid oak doors, in use since the page 3014) the
capital stock was increased from $500,000
bank was founded 125 years ago, were preserved in the modern structure by
Henry Ives Cobb, architect who designed the building and superintended to $1,500,000. When the new capitalization set-up is finally
its construction. To preserve these sentimental ties to the early days of the worked out in the early part of 1928—we quote from the
State Bank, Mr. Cobb was forced to conduct a wide search for brick and booklet—the company,
in addition to its capital of $1,500,stone which would blend with the mellow maroon of Auld Lang Sync.
000, will have a surplus of $1,500,000 and undivided
Passing the doorway, one enters upon a banking room as large as most
profits
to be found in New York City. A dozen bronze cages line the rear wall; and guaranty fund of over $500,000. A condensed statement
more than the large New York banks find necessary, because much of their of the bank, contained
in the booklet, as of Jan. 10 1928
business is transacted by mail. Quarters for the officers are at the shows
the total deposits of the institution on that date were
front of the room, in the open.
The banking room is furnished in imported marble, Travertine, Botti- $14,178,137 and total resources $18,044,176. A very interestcino and black and gold, all from Italy. Tennessee marble is employed ing booklet, bound and illustrated
, under the caption "The
where particular utility is necessary. The floor is covered with resilient Central
Trust Company, a Century of Banking in CamTravertine, Bottizino 'lines the walls, and black and gold is used for decoration. The main banking room, two stories in height, preserves the early bridge, Massachusetts," by Walter G. Davis, was put out by
American motif taken from the doors and the facade.
the bank following the completion of its
one hundred years
Quarters for the Messrs. C,ogswell and the directors are in the rear of of existence
in 1926. The present officers of the Central
the bank, on the level of what would be the second floor.
Clerks and Trust Co. are
Elmer H. Bright, Chairman of the Board;
auditors occupy the third floor, which is reached by a private
elevator. A
pneumatic chute facilitates communication between the bookkeepers and Walter G. Davis, President;
Charles S. Cahill, Augustine
the main banking floor.
J. Daly and Thomas T. Macfarland
(and Treasurer), ViceThe safety deposit vault in the second basement also is reached
by ele- Presidents; Alfred C.
Coughlan, Secretary; Charles B. Wigvator. This vault is so designed that the sixteen story building
could gin,
crumble about it and the vault would remain intact. It rests upon its
Assistant Treasurer; Frederick Mitchell, Auditor, and
own foundation, and is so reinforced that it is bomb proof.
Armand J. Cote, Branch Office Manager. Mr. Bright,
now
The new banking rooms were opened for public inspection Chairman of the Board, was
President of the Central Trust
on March 17 and were opened for business on the following Co. from 1905 to 1924, the
period of the bank's greatest
Monday, March 19, it is understood.
growth in its one hundred years' history.
An application to organize
The private banking institution of A.
-the Monantum National Bank
DI Pietro & Co.
of Newton, Mass., was received on March 2 by the Comp- at 363-365 Hanover Street, North
End, Boston, closed its
troller of the Currency. The new institution is to have a doors at 9:00 o'clock the morning of
March 7, under orders
capital of $100,000.
from Roy A. Hovey, Bank Commissioner
for Massachusetts,
and Liquidating Agent Guy L. Vaughan of Melrose, Mass.,
Clifton H. Dwinnell, President of the First National took charge of the books of
the concern, according to the
Bank of Boston, died at his home in that city on March 14, Boston "Herald" of
March 8. The closed bank has between
following an operation performed more than a week pre- 500 and 600 depositors
, most of whom are Italians. It apviously at the Massachusetts General Hospital. Mr. Dwin- pears that a rumor that
affairs of the bank were not in good
nell, who was fifty-four years of age, was born in Worces- condition was
circulated in the district the afternoon of
ter, Mass., and received his education in the public
schools March 6, with the result that shortly before closing time on




MAR. 24 1928.]

FINANCIAL CHRONICLE

that day a large number of depositors had withdrawn their
accounts. At opening time the next day (March 7) a crowd
of nearly 100 depositors, it was said, tried vainly to withdraw their savings from the bank only to be ushered out by
the police and the doors bolted after them. A statement issued by Mr. Hovey, the paper mentioned said, stated that
an examination of the company's books had disclosed certain irregularities that showed a shortage in the assets of
the corporation caused in part by a misappropriation of
funds which made it necessary for his department to take
possession of the institution's affairs.
According to a later issue of the "Herald," March 9, the
following statement was issued the previous day by Bank
Commissioner Hovey after his examiners had completed the
first stage of their investigation of the closed bank's affairs:

Plans for the consolidation of two Lancaster, Pa., banks,
namely the Farmers' Trust Co. and the People's Trust Co.,
were announced on Mar. 20, according to the Philadelphia
"Ledger" of Mar. 21. The merged institutions, it was
stated, will have resources totaling more than $18,000,000.
The Farmers' Trust Co. is the oldest banking institution,
it was said, in Lancaster County.

"A report indicating a shortage of $18,800 in the assets of the A.
Di Pietro Company has been forwarded to the Attorney-General in accordance with the provisions of the statutes.
"It appears that this shortage was caused by misappropriation of funds
by A. Di Pietro, President and Treasurer of the corporation.
"In accordance with the law, all persons licensed by this department
to engage in this type of business are required to furnish bonds conditioned
upon the faithful holding and repayment of funds entrusted to their care.
In this case such bonds totaled $50,000 and are on file with the treasurer
and receiver-general.
"Guy L. Vaughan, Esq., has been appointed liquidating agent, Mr.
Vaughan has been for the past few years assistant liquidating agent in the
liquidation of the affairs of the Cosmopolitan Trust Company."

Continuing, the "Herald" said in part:
Di Pietro has been in the business in the North End for nearly 25 years.
and his whereabouts are said to be unknown to officials. Hovey, however, expressed confidence that Di Pietro would be available when
needed.
The bank commissioner, to relieve anxiety among depositors in other
banks of the district, said that Di Pietro's was a private enterprise and
was in no way connected with any other institution for savings.
Di Pietro has been i nthe business in the North End for nearly 25 years.
Be carried on a transmission and safekeeping business and at present has
about $150,000 in the latter deposits, according to Hovey. The commissioner said that there were between 500 and 600 deposits.

John F. Smulski, founder and President of the Northwestern Trust & Savings Bank of Chicago, and prominent
Republican leader of Polish-Americans in that city, shot
and killed himself on Mar. 18 in his apartment in the
Seneca H6tal, Chicago, while temporarily insane becaue of
prolonged ill health. Mr. Smulski was born in Posen, German Poland, in 1867 and went to Illinois with his parents.
After being graduated from the Northwestern University
law school, he engaged in the publication of a PolishAmerican newspaper. He entered politics in 1898, when he
was elected alderman from the 16th ward, Chicago. From
that time until 1920, when he retired from public life to
attend to his banking interests, he held the offices of City
Attorney for two terms, State Treasurer and President of
the West Park Board as appointee of Governor Deneen. In
1906 he founded and became President of the Northwestern
Trust & Savings Bank, an institution which has become
one of the leading financial institutions of Chicago outside
the loop. The deceased banker was also Chairman of the
board of the Second Northwestern State Bank and Chairman of the board of the Marshall Square State Bank, as
well as a director of the Fullerton State Bank and the
Inland Trust & Stavings Bank, all of Chicago. For his
services as Chairman of the Polish National committee
during the war, Mr. Smulski was given the cross of Chevalier of the Legion of Honor. He was also active in Polish
financial affairs, making several trips to that country to
act in an advisory capacity.

Directors of the Springfield National Bank, Springfield,
Mass., have voted to recommend to the stockholders at a
special meeting to be held on May 7 an increase in the bank's
capital from $500,000 to $1,000,000 by the issuance of
5,000 shares of new stock of the par value of $100 a share to
be offered to the stockholders at the price of $150 a share,
on a share for share basis, according to a press dispatch from
Springfield on Mar. 21, appearing in the Wall Street "News"
of March the same date. Of the $750,000 received from the
sale, $500,000 will be added to the capital and $250,000 to
surplus account.
John B. Byrne, a Vice-President of the Hartford-Connecticut Trust Co., Hartford, was elected a director of the
Dime Savings Bank of that city at the annual meeting of
the institution on Mar. 21, according to the Hartford
"Courant" of the following day. Mr. Byrne succeeds the
late General Albert P. Day. Robert C. Buell and Stephen
G. Pierce were elected Auditors of the bank, newly created
offices. All the other officers and directors were re-elected.
The bank, according to a statement submitted to the directors, has total deposits of $7,774,482 and total assets of
$8,398,130.
The Philadelphia "Ledger" of March 16 reported the election of Frank E. Holland, formerly Assistant Trust Officer
of the Real Estate-Land Title & Trust Co. of Philadelphia,
as an Assistant Trust Officer of the Colonial Trust Co. of
that city, and the election of Charles W. Bayliss, VicePresident of the General Asphalt Co., as a director of the
same institution.
William C. Jackson and David F. Warren have been
elected members of the Board of the Susquehanna Title &
Trust Co. of Philadelphia, according to the Philadelphia
"Ledger" of Mar. 22.
In its issue of Mar. 21 the Philadelphia "Ledger" stated
that Frank W. Crew, formerly Assistant Cashier of the
Southwark National Bank of Philadelphia, has been
elected Cashier of the recently organized State Road National Bank of Highland Park, Delaware Co., Pa., referfence to which was made in the "Chronicle" of Feb. 11,
'
page 821. Other officers of the new bank were given as
follows: George Mink, President; H. M. Mills, Vice-President, and Max R. Salazer, Assistant Cashier. The "Ledger" furthermore stated that the institution (which is
capitalized at $100,000) will open for business about June
1, next, in its new building at 101 State Road.




1759

The directors of the First National Bank of Menasha,
Wis., announced, under date of Feb. 29, the election of
George A. Whiting as President and D. H. Cooney as
Executive Vice-President. Mr. Whiting, who is President
of the Geo. A. Whiting Paper Co. and President of the
Whiting Plover Paper Co., succeeds as President of the
bank, Harry A. Fisher, resigned. Mr. Cooney resigned as
National Bank Examiner at Pittsburgh to accept the position of Executive Vice-President of the bank, which has
resources aggregating more than two million.
It was announced by the Missouri Finance Department
on March 8 that the Lewis County Exchange Bank, with
total resources of about $146,000, and the Lewiston Savings
Bank, with total resources of about $155,000, the only two
financial institutions in Lewistown, Mo., had been closed
on that day by their respective directors and placed in the
hands of the department, according to Associated Press
advices from Jefferson City, Mo., on March 8, appearing in
the St. Louis "Globe-Democrat" of March 9, which went on
to say in part:
The Lewis County Exchange Bank, of which George W. Wallace
is president, and W. C. Hume, cashier, was closed last May by its
Board of Directors, but reopened in a few days. It was reported that
a shortage of more than $63,000 charged to an official of the bank
was discovered at that time. Part of the shortage was made up, it
was understood, and the new capital was placed in the institution,
enabling it to re-open.
Loans of the Lewis County Exchange totaled $120,000, the latest
financial statement shows. Deposits were $114,000; capital stock,
$15,000; surplus, $5,000, and bills payable, $10,000.
Slow loans and frozen assets were said to be the cause of the closing
of the Lewiston Savings Bank. W. E. Bragg was vice president, and
Henry C. Ewalt, cashier.
Loans amounted to $130,374 in the last financial statement. Deposits
were $124,749; capital stock, $10,000; surplus, $10,000; and bills
payable, $0,000.

On March 8 S. L. Cantley, State Finance Commissioner
for Missouri, approved the articles of the association and
Issued a charter for a new bank in Bloomfield, Mo.—the
Bloomfield Bank & Trust Co., with a paid-up capital of
$100,000, according to a dispatch from Jefferson City, Mo.,
on that date to the St. Louis "Globe-Democrat". The new
institution, the dispatch said, will take over the assets of
the present Bloomfield Bank and the Stoddard County
Trust Co. of Bloomfield, and will have total resources of
approximqely $1,000,000. Among its incorporators and
officers, k'was stated, are Alfred L. Harty of Cape Girardeau, Mo., formerly State Superintendent of Insurance,
one of the financiers of Southeast Missouri, and Senator
Ralph Womack of Bloomfield. The dispatch furthermore
said:

1760

FINANCIAL CHRONICLE

The Bloomfield Bank was chartered in 1895 and is one of the oldest
institutions in that section of the state. The Stoddard County Trust
Company was chartered in 1911. Both will disincorporate as soon as
the merger is perfected, which will be at once, as the new institution
is ready to take them over.

The consolidation of these banks makes the seventeenth
In Missouri since the beginning of the present year, according to the dispatch.

[VOL. 126.

These assets, which were sold by the commission for $7,600, consisted
mainly of the old building and fixtures formerly owned by the Security
State Bank of Shelton, which was merged with the Meisner State
Bank.
The department said the Meisner State bank has not been put Into
receivership yet, as the Guaranty fund commission is trying to liquidate some
of its assets. The bank had $508,700 in deposits, of which 25% are
being paid.

Advices from Jefferson City, Mo., on March 12 to the
St. Louis "Globe Democrat" stated that the directors of the
Centertown Bank, Centertown, Cole County, Mo., 15 miles
west of Jefferson City, closed the institution on that day
and requested the State Banking Finance Department to
take charge of its affairs. State Bank Examiner R. D.
Miller, it was said, was assigned to take over the assets.
S. L. Cantley, the State Finance Commissioner, attributes
the closing of the bank, the dispatch said, to bad loans, these
being excessive and a large portion uncollectible. The bank,
which is the only one in the town, was chartered in 1905
and according to its last sworn statement, December 31,
1927, had deposits of $102,209 and total resources of $150,425. Its capital was $20,000 and surplus $4,000. The statement was signed by Bailey W. Lawnsdown, the bank's Pres"Thia bank has been undergoing steady and unexpected withdrawal' ident, who died recently, it was said, and Herbert Stark,
caused by malicious and unfounded rumors. These withdrawals decreased Cashier.
Closing of the Farmers' & Merchants' Bank of Attica, Ind.,
on March 14 because of "frozen assets" was announced by
Luther F. Symons, State Bank Commissioner, according to
the Indianapolis "News" of the same date. Mr. Symons was
reported as saying that the directors of the institution will
assume responsibility for reimbursing all depositors. Deputy Commissioner, Thomas D. Barr, was placed in charge
temporarily. The closed bank, which was founded in 1870,
was capitalized at $75,000 with surplus and undivided profits of $33,422 and had deposits of $800,000. Charles W.
Ziegler, Chairman of the State Highway Commission, was
President and B. S. Orr, Cashier. The following statement,
as printed in the "News," was issued by the board of directors:

the cash reserve to a point where the banking department considered it
unsafe for us to continue operation. These withdrawals and rumors have
The Polk County Trust Co. of Lakeland, Fla., closed its
been especially persistent since the closing of the Warren County Bank
at Williamsport a short time ago.
doors on March 10—the second time in two years—accord"We feel that we are victims of conditions which in ordinary times ing to an Associated Press
dispatch from Lakeland on that
we could have well controlled, but owing to crop failures causing unprecedented agricultural distress and the unsettled condition of the public date, appearing in, the Atlanta "Constitution" of March 11.
Pending arrival of the State Bank Examiner to take charge,
mind, we feel that the action of the banking department is warranted."

Announcement was made on Feb. 27 of the purchase by
the Cosmopolitan Bank & Trust Co. of Cincinnati of the
First National Bank of Mt. Washington, Ohio, according to
the Cincinnati "Enquirer" of Feb. 28. Stockholders of the
two banks, it was stated, will meet in the near future to
ratify the sale. The acquired bank will be operated as a
branch of the Cosmopolitan Bank & Trust Co., which already has seven branches in operation. The First National Bank of Mt. Washington is capitalized at $25,000
with surplus of $15,000 and according to its statement as
of Jan. 25 had deposits of $717,000 and total resources of
$796,000. The institution was founded in 1910. E. R. Waechter who had headed the bank since its organization retired a short time ago.

it was said, officials of the institution, which was capitalized at $150,000 announced that inability to realize
on collateral and heavy withdrawals during the last few
days had caused the closing. They expressed the belief that
the depositors would lose nothing. The trust company had
• total assets of $1,441,280 and at the close of business March
9 had deposits of $887,405. The bank's surplus was listed
at $75,000 and special reserves at $79,000. Continuing, the
dispatch said:
On July 21, 1926, the institution closed its doors, but reopened for
business two months later.
The institution was slowly working out of its first difficulty and but
for withdrawals and demands for payment of obligations incurred by the
bank, the officials said, it would have been financially sound.

A charter was issued by the Comptroller of the Currency
on March 6 for the First National Bank in McAllen, McThe First National Bank of Lake Forest, Ill., and the Allen, Texas, with capital of $60,000. J. A. Frisby is PresiState Bank of Lake Forest were consolidated on March 7 dent and B. R. Smith, Cashier.
under the title of the First National Bank of Lake Forest,
Following the regular monthly meeting of the board of
with capital of $100,000.
directors of the Los Angeles-First National Trust & Savings
Bank, held March 9, Henry M. Robinson, President, anOn March 2 the Comptroller of the Currency approved an
nounced that the board had called a special meeting of the
application to organize the Belleville National Bank, Bellestockholders for April 12th at 2:00 P. M. for the purpose
ville, Ill., with capital of $100,000.
of voting upon a proposal to increase the capital stock..
It is the intention to raise the present capital from
$12,According to the weekly bulletin of the Comptroller of 500,000 to $13,750,000
, and the number of shares from
the Currency the Albany Park National Bank of Chicago, 500,000 to
550,000. It is understood that the present stockIllinois, changed its name on March 9 to the "Albany Park holders will
be given prior rights to subscribe to this stock
National Bank and Trust Company of Chicago."
at $100 a share.
The Comptroller of the Currency on March 8 issued a
charter to the Second Wisconsin National Bank of Milwaukee, an institution recently organized by First Wisconsin National Bank interests, with capital of $200,000. The
new bank, it is understood, will occupy quarters at Second
Street and Wisconsin Avenue recently vacated by the American National Bank of Milwaukee. Walter Kasten, President of the First Wisconsin National Bank, is President
of the new institution, and Thomas M. Rees Cashier.
On March 3 an application to organize the First National
Bank of Kearney, Neb., with capital of $100,000 was received by the Comptroller of the Currency.
The Nebraska State Department of Trade & Commerce on
March 8 announced the issuance of a charter for a new
bank at Shelton, Neb., under the title of the First State
Bank, according to an Associated Press dispatch from Lincoln on March 9, printed in the Omaha "Bee" of the same
date. The new bank, the dispatch said, which has a capital of $25,000, has purchased part of the Meisner State Bank
of Shelton, which is under the control of the guaranty fund
commission, the department stated. The dispatch, continuing, said in part:




Directors of the Humboldt Bank of San Francisco, representing a majority of the stockholders,
on March 15 accepted a proposal to merge their institution
with the Security Bank & Trust Company of that
city, successor to the
United Bank and Trust Co., according to
the San Francisco
"Chronicle" of March 16. The deal, it was said, had been
pending for several weeks and was formally approved
on
March 15 on a basis that will give
Humboldt Bank stockholders the equivalent of $504 a share
for their stock. It
was announced that Humboldt stockholde
rs will receive two
shares of Security Bk. & Tr. Co. stock for
each share of Humboldt Bank stock held, "which, on
the basis of a $252 closing yesterday (March 15), was
equivalent to $504 on Humboldt stock. By the terms of the deal,
it is understood that
Humboldt stockholders will ultimately receive
$600 for,
their stock." The acquisition of the
Humboldt Bank adds,
it was said, three more branches
to the Security system
and $30,000,000 in resources, making the
new Security Bank
& Trust Co. of San Francisco a
$200,000,000 institution.
At the time of the announcement
it was stated, the paper
mentioned said, that the Security Bank & Trust
Co. would
now strive to reach a goal of
$500,000,000, making it the
second largest bank in California. As result
a
of the proposed consolidation, six new directors
will be added to the
directorate of the Security Bank & Trust Co., namely, Alex-

MAR. 24 1928.]

FINANCIAL CHRONICLE

ander D. Keyes, George L. Paine, John G. Sutton, R. D.
Robbins, Jr., Herbert W. Erskine and Paul A. Pfleuger.
Mr. Keyes is President of the Humboldt Bank and Mr.
Pfleuger is a Vice-President and Cashier. The others are
directors of the Humboldt Bank. Mr. Keyes and Mr. Erskine will also be attorneys for the Security Bank. The
personnel of the Humboldt system, it was stated, will be
unchanged. In conclusion, the San Francisco paper said:

1761

THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The present week brought another remarkable demonstration of speculative enthusiasm in the New York stock
market. The most sensational movemerits were in the
three acknowledged market leaders, General Motors, Radio
Corporation and United States Steel common, and time
time new high records were scored only to be raised to
after
The Humboldt Bank was organized in 1869 and has two branches at
the following day. Railroad stocks, industrial
Bush and Montgomery and Twenty-second and Mission, in addition to the higher levels
shares, specialties and public utilities all joined the upward
headquarters at Market near Fourth Streets.
As a result of the merger, Security advanced from 240 to 255 yester- swing which on different days resulted in spectacular gains
day, closing at 252 for a gain of 12 points. Humboldt ran up from 600 to
issues as well as in numerous stocks that
525 and closed at 520 for a gain of 20 points. Sales in Humboldt were in many individual
heaviest in' several years and the trading in Security stock caused the have been relatively inactive during the past few weeks.
curb exchange to break all records yesterday.
The market was buoyant during the two-hour session on
Addition of the new bank to the Security system gives the branch bank
though the spectacular advance of prices was
Saturday,
nine branches in addition to its headquarters in the city. Of these
branches, one is located in the Bay View district, one in the Mission somewhat checked by profit-taking. The volume of realizdistrict, one in Hayes Valley, four downtown, one in the financial dis- ing in the last hour was so overwhelming that the ticker
trict, two in North Beach and one in Chinatown.
tape was 40 minutes late in recording the transactions on
the floor. The total sales was over 2,000,000 shares, which
Miss K. Dorothy Ferguson, Librarian of the Bank of was only 30,000 shares below the high record established
Italy, San Francisco, is to give a course of five lectures at the previous Saturday. Railroad stocks were the outthe University of California on "Special Libraries." One standing strong issues in the early trading, but most of
lecture will be devoted entirely to the organization, history these yielded from one to three points in the final hour.
and purpose of the Special Libraries Association and its New York Central was particularly prominent in the railpresent activities.
road group and, after approaching within 3i of a point of
According to the San Francisco "Chronicle" of Mar. 14 its record top of 174% established in 1901, sold -down to
features of the
the directors of the Security Bank & Trust Co. of San 171k with a net loss of two points. Other
par,Southern
crossed
which
pref.
Northern
were
group
Great
Francisco (the new organization recently formed by the
Pacific. Genconsolidation of the United Bank & Trust Co. of San Fran- Railway com., Pennsylvania and Canadian
cisco and its controlled institution, the Security Bank & eral Motors rose to a new high at 172 before profit-taking
Trust Co. of Bakersfield) on that day (Mar. 14) increased stopped its advance and then yielded to 168%. Radio
range. Interthe dividend on United stock from $3.50 a share per an- Corporation stock fluctuated within a narrow
Iron Pipe &
Cast
States
United
and
national
Telephone
num to $5, or an increase of from 14% to 20% on the par
Foundry pref. were each up about seven points and there
value of $25. Continuing the "Chronicle" said:
group. United
The increased rate will apply to the dividend payable to stockholders were a number of new tops in the industrial
of record when the books close on March 15. The dividend will be paid States Industrial Alcohol also gained about three points.
on April 1, it was announced by Leon Bocqueraz, president.
Public utilities swung upward under the leadership of
As these dividends are payable quarterly the new rate will make a
tendencies were
payment of $1.25 on each share quarterly. The former rate was 87% American Power & Light. Reactionary
cents per share.
more or less in evidence on Monday and the spectacular
advances of the previous week were absent, nevertheless
Walter McGavin, a former Vice-President of the Wells scores of stocks climbed to new highs for the year. AmeriFargo Nevada National Bank of San Francisco and a vet- can Power & Light closed at 82 with a net gain of three
eran banker of that city, died on March 6 after a long illness points for the day. Electric Power & Light was up nearly
in his 75th year. Mr. McGavin, who was a native of Ayr- two points at 39X and Commonwealth Power registered a
shire, Scotland, went to San Francisco from Bombay, India, gain of four points at 72. Consolidated Gas of New York
as a young man. He joined the then Nevada Bank as a was up three points at 1413 and Brooklyn Union Gas at
bookkeeper and served in various capacities until his re- 150N showed a gain of two points. Rubber stocks were
tirement as a Vice-President four years ago.
particularly active under the leadership of Goodyear which
a gain of 3% points to 56%, followed by Goodrich
scored
Acquisition of the First National Bank of Exeter, Cal., which advanced over two points to 84% and United States
and the new First National Bank of Visalia, Cal., together Rubber which gained two points at 463(. United States
with the Security Savings Bank in each town, was an- Cast Iron Pipe & Foundry common made a sensational
nounced on March 13 by the Security Bank & Trust Co. of jump of five points, recording with its overnight advance,
San Francisco, according to the San Francisco "Chronicle"
a net gain of more than 28 points above the previous close.
of that date. The assets of the four banks, it was stated, General Motors and United States Steel common fluctuated
totaled $2,250,000. A. W. Quinn was President of all the
uncertainly with the trend slightly downward and Interinstitutions.
national Telephone reached its highest since listing. Radio
American Linseed
That purchase of the Vallejo Commercial National Bank, Corporation worked somewhat lower and
and closed
heavy
was
Nickel
International
ground.
lost
Vallejo, Cal., and its affiliated institution, the Vallejo Bank
for Savings, was announced on March 3 by the Security with a loss of 1/3 points at 913/s.
The stock mark3t again whirled upward in the wild tradBank & Trust Co. with headquarters in San Francisco (the
on Tuesday. The feature of the day was the specing
organization formed recently by the consolidation of the
United Bank & Trust Co. of San Francisco and its controlled tacular rise of General Motors which bounded upward to a
institution, the Security Bank & Trust Co. of Bakersfield, new high level at 174. Radio Corporation was another
Cal.) was reported in the San Francisco "Chronicle" of sensational performer and shot upward 23 points to 160
at its high for the day, though it nipped back five points in
March 4, which went on to say:
Both Vallejo banks were established in 1870 and have hitherto been the final hour. United States Cast Iron Pipe & Foundry
operated entirely by local capital. They have a combined capital of $3,637,- soared to a new nigh at 252 where it was up 17 points above
383 and deposits of $3,086,610. No change is contemplated in the prespreceding final and Rossia Insurance jumped 11 points
ent personnel and operations will continue under direction of President the
to a new high record at 211%. Independent motor stocks
T. J. O'Hara.
By this purchase the Giannini interests have acquired control of the were particularly prominent, Nash, Hudson, Hupp and
banking field in Vallejo, as the Central Bank and the First National Bank Graham-Page
moving forward to higher levels. Public
were purchased some time ago by the Bank of Italy.
utilities continued strong under the leadership of North
The First National Bank of Santa Maria, Cal. (capital Amer.can which reached a new top for 1928. In the rail$100,000), went into voluntary liquidation on March 6. The road group Texas & Pacific sold at the hghest level in its
institution was absorbed by the Bank of Italy National history. United States Steel common opened lower but
final hour and closed with a new gain of
Trust & Savings Association (headquarters San Francisco). improved in the
about a point. Victor Talking Machine established itself
The Standard Bank of Canada, Toronto, Ont., has de- at a new high level with a gain of seven points to 78 and
clared a dividend for the current quarter ending the 30th A. M. Byers reached a new high at 109, as compared with
of April, 1928, at 3%, being at the rate of 12% per annum, its previous close at 103. Violent advances were again the
upon the paid-up capital stock of the Bank, and which is rule on Wednesday and a host of new tops were recorded
to be payable on and after May 1, to shareholders of record among the specialties and industrials. One of the outstanding strong features was Victor Talking Machine which
as of April 14.




1762

FINANCIAL CHRONICLE

ran up over seven points for the day. Case Threshing
Machine was another speculative favorite and skyrocketed
17 points to 292. General Motors continued its remarkable advance and again lifted its top to 1773/s, followed by
Radio Corporation which moved to a new top at 162. United
States Steel common swung into line with a rise to 14834,
followed by a number of the independent steel stocks which
closed with substantial gains. Copper stocks were prominent for the first time in a week. Anaconda gaining 134
points to 56, Cerro de Pasco, two points to 6534, Kennecott
moving forward 23i points and Greene-Cananea closing
with a gain of 334 points at 1263.
In one of the wiidest sessions of the year and the fourth
largest day in the history of the New York Stock Exchange
Genera: Motors whir.ed upward on Thursday to a new peak
at 1813
/
1. The volume of trading was so enormous that
the tickers at times were from 20 to 25 minutes behind and
at the close were 20 minutes late in recording the final transactions. United States Steel common forged ahead with
an initial sale of 3,500 shares at 151 and touched 152, but
then dipped to 1483i. New York Central was the feature
of the railroad stocks and reached 174 at its high for the
day, though it closed at 17134. St. Louis-San Francisco
also advanced to a new peak at 120 and then yielded to
11934 with a net gain for the day of 3% points. Specialties
like Case Threshing Machine and International Harvester
were particularly active, the former advancing to a new
high at 306 and the latter lifting its top to 250 and finally
closing at 247 with a net gain of two points. On the other
nand, Collins & Aikman sold down to 97 and closed at 100
with a loss of six points. A. M.Byers slipped back to 101.
International Nickel dipped 234 points to 9334 and Radio
Corporation closed with a loss of four points to 151. Hupp
Motors moved forward two points to a new high level at
52, but closed at 4934 with a net loss of % point. The
market continued its sensational upward sweep in the early
trading on Friday, but realizing sales later in the day reduced to a considerable extent much of the early gains.
=al Motors was a spectacular feature of the opening
hour, the overnight buying orders sending the price to a
new peak at 1873i, as compared with its previous close at
179. In the railroad list the strong feature was St. LouisSan Francisco common which opened higher and moved
briskly forward to its highest peak at 122, though it slipped
back to 12034. Oil shares attracted considerable speculative attention and substantial gains were recorded by
Phillips, Pan-American Petroleum "B," Marland and
Atlantic Refining. Stocks scoring new high records included among others Du Pont, Sears-Roebuck, Texasi&
Pacific, Atchison preferred, American Can pref., Atlas
Powder, Otis Steel and International Harvester common
and preferred. Profit-taking became quite general in the
final hour and the market was somewhat irregular at the
close.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY:
Stoat.
Number of
Shares.

Railroad.
&a.,
Bonds.

Stan,
Municipal &
Foreign Bonds.

2,065,810
3,068,160
3,322,460
3,817,900
3,873.890
3,594,600

85,643,000
8.433.000
8.227.000
10.523,500
11,198,000
8.434,000

82,275,000
2,907,000
3,010,000
3,108.000
2,803,000
1.936.000

$268,000
334,000
994.000
673,250
251,500
322,000

10 742 590

552.458.500

816.039.000

82.542.750

Week Ended March 23
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
TotaL
Sales at
New York Stock
Exchange.

Week Ended March 23
1927.

1928.

Stocks-No. of shares.
Bonds.
Government bonds
State and foreign bonds
Railroad 5, misc. bonds
Total bonds

Ungsa
State.
Bonds.

Jan. 1 to March 23
1928.

1927.

19,742,820

10,542,241

153,077,950

118,471,317

$2.842,750
16,603,000
52.458.500

$7.008,700
14,045,500
40.770.000

$46,390,250
209,959.125
498,872,700

$80,765.
,700
242,208,200
573,180,200

$71,904,250 $61,824,200

8755.222.075

8896,154.100

DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
March 23,1928
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, ornak nwlspd

Philadelphia.

Baltimore.

Shares. Bond Sales. Shares. Bond Sales. Shares, Bond Salm.
•22,043
t36,371
•40.825
•44,517
*37,764
14,995

621,800
21,250
16,550
29,000
18,000
18,000

26,208
37,788
48,5.53
36.418
42,873
13,494

89,200
20,500
30,400
23,000
21,200

196,515

$124,600

205,334

8104,300

19,303

6236,600

228051

3330.330

162,541

$92,000

13,250

8160.00

1.286
2,516
2,984
4,330
5,238
2,949

$35,000
38,200
44,500
51,100
28,800
39,000

*In addition, salmi of rights were: Saturday, 259; Monday, 125; Tuesday, 458
Wednesday. 357; Thursday, 54.




[VOL. 126.

THE CURB MARKET.
Trading in the Curb Market continued active this week,
though there was some let-up in the pace from last week.
Prices continue to move upward despite realizing sales at
times. Utilities were the features. Amer. Power & Light
pref. advanced from 1043 to 1063
4 and ends the week at
10634. Electric Investors sold up from 45Y3 to 488,
reacting finally to 47. Marconi of Canada was again heavily
traded in down from 8 to 5% and at 63,I, finally. Northern
Ohio Power advanced from 253‘ to 2734 and finished to-day
at 2634. Southeastern Pow. & Light com. rose from 4334
to 48 and reacted finally to 4634. United Gas Improvement gained four points to 121,but reacted, the final transaction to-day being at 11834. In industrials American
Rolling Mill com. registered a sharp advance from 10134 to
107% though it reacted subsequently to 1045
/s, the close
to-day being at 10534. Bancitaly Corp. was conspicuous,
dropping at first from 195 to 1913( then moving up to 1983I
while to-day it broke to 18531, the close being at 1883i
•
Celanese Corp. jumped from 82 to 9534 reacting finally to
93. Celot,ex corn. advanced from 59 to 68, but weakened
finally to 63. Deere & Co. corn. advanced from 27834 to
299 and ends the week at 298 Ford Motor of Canada was
up 55 points to 605, the close to-day being at 581. LibbyOwens Sheet Glass improved from 110 to 121 and sold
finally at 120. A. G. Spalding & Bros. com. rose from 147
to 162, reacted to 152 and finished to-day at 155. Oils
were firm but changes were not large.
A complete record of Curb Market transactions for the
week will be found on page 1794.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS (No. Shares).

Week Ended March 23

InadtMisc
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

Oil.

365,470
440,410
483,545
431,570
514.730
495,785

42.210
90,100
53.100
105.350
98.330
420,420

2,731,610

509,510

BONDS (Par value).
Domestic. , Foreign Oat,

45,590
49,120
59,570
64,340
53,470
70,030

81,791,000
3.736,000
3.151,000
3.828,000
4,006,000
4.247,000

$251,000
392,000
209,000
306,000
475.000
246,000

342.1201 820.759.000

81,959.000

COURSE OF BANK CLEARINGS.
Bank clearings this week will show a substantial increase
over a year ago. Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ending to-day (Saturday, Mar.24),
bank exchanges for all the cities of the United States from
which it is possible to obtain weekly returns will be 24.9%
larger than for the corresponding week last year. The total
stands at $12,182,060,073, against $9,750,391,556 for the
same week in 1927. The improvement follows almost entirely from the big expansion at thai centre, where there is a
gain for the five days of 40.5%. Our comparative summary
for the week is as follows:
Clearings-Returns by Telegraph.
Week Ended March 24.

1928.

1927.

Per
Cent.

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

86,794,000,000
589,970,135
476,000,000
490.000,000
106,296,003
123,100.000
189,878,000
169,399.000
154,633,520
157,573,127
102,843,391
79,459.989
84.788,725

$4,836,000,000
542,011,556
427.000,000
401,000.000
113,280,230
121,500.000
152,827,000
219.680.000
155,000,000
144,352,205
93,395,093
88,181,842
58.049,692

+40.5
+8.8
+11.5
+22.2
-6.2
+1.3
+24.2
-22.9
-0.2
+9.2
+10.1
+20.1
+11.6

Thirteen cities, five days
Other cities, five days

89.497,939,799
1,070,443,595

87,330,277,618
988,104,370

+29.6
+10.6

Total all cities, five days
All cities, one day

$10,568,383,394
1,613,676,679

$8.298,381,988
1,452,009.568

+27.4
+11.1

Total all cltlee for week

212 129 atm 075

sa 7nn 501.5nn

+24.9

Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below we are able to give final and complete
resultsfor the week previous-"the week ended Mar. 17. For
that week there is an increase of 5.6%, the 1928 aggregate
of clearings for the whole country being $12,915,781,630,
against $12,233,478,850 in the same week of 1927. Outside
of this city the clearings show an increase of only 2.3%, the
bank exchanges at tnis centre recording a gain of 8.9%.
We group the cities now according to the Federal Reserve
districts in which they are located and from this it appears
that in the New York Reserve District (including this city)
the totals are larger by 8.8% but in the Boston Reserve District there is a decrease of 2.7% and in the Philadelphia
serve District of 1.6%. In the Cleveland Reserve District
there is a loss of 6.1% and in the Richmond Reserve District

of 4.4%, while on the other hand the Atlanta Reserve District shows an improvement of 12.7%, notwithstanding the
falling off at the Florida points, Miami reporting a decrease
of 44.5% and Jacksonville of 25.3%. The Chicago Reserve
District has an increase of 2.1%, the Minneapolis Reserve
District of 7.2% and the San Francisco Reserve District of
7.3%. The St. Louis Reserve District shows a 6.2% loss,
the Kansas City Reserve District of 3.5% and the Dallas
Reserve District of 11.2%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.

Week End. Mar. 17 1928.

Inc.or
Dec.

1927.

1928.

Federal Reserve Dists.
613,840,610
.12 cities
1st Boston
8,380,178,879
2nd New York.11 "
631,039,407
3rd Ptilladelphial0 "
414,964,342
4th Cleveland._ 8 "
190,024,784
5th Richmond _ 6 '•
254,911,935
11th Atlanta__ _13 "
1,062,590,828
7th Chicago... _20 ••
237,117,865
8th St. Louis.. _ 8 ••
128,120,516
9th Minneapolis 7 "
265,812,900
10th Kansas City12 "
74,718,278
5 "
11th Dallas
662,461,286
12th San Fran..17 "

631,000,897
7,704,522,953
641,375,361
441,691,243
198,730,388
226,122,715
1,040,641,944
252,697,800
119,488,013
275.589,987
84,141,153
617,476,396

1926.

1925.

7.4
519,453,957
561,669.998
-2.7
+8.8 6,365,958,875 5,942,135,2W
615,227,291
692,527,004
-1.6
405,697,898
-6.1
411,615,226
-4.4
193,345,555
210,471,047
217,642,674
+12.7
271,193,995
961,934,187 1.001,664,855
+2.1
233,216,709
248,047,581
-6.2
129,796,457
+7.2
145,159,295
-3.5
265,098,339
263,094,571
82,187,877
-11.2
53,700,626
514,992,000
589,046,251
+7.3

129 cities 12,915,781,630 12.233,478,850 +5.6 10,807,553,069 10.176,337,475
Total
4,667,769,940 4,561,967,176 +2.3 4,543,070,317 4.344,381,734
Outside N. Y. City
Canada

31 cities

389,453,524

324 934,597 +19.9

302,874,392

294,925,959

We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending March 17.
Clearings at
1928.

1927.

Inc. or
Dec.

$
$
First Federal Reserve Dist net-Boston
560,944
708,286
Maine-Bangor
3,346.588
3,610,638
Portland
Mass -Boston.. 556,000,000 578.000.000
1,901,255
2,190,387
Fall River_ _ _ _
a
a
Holyoke
1,103,500
1,266,087
Lowell
a
a
Lynn
1,276.044
1,333,262
New Bedford._
5,284,222
5,428,052
Springfield.
3,534,099
3,362,609
Worcester
16,183,603
14,212,572
Conn.-Hartford
8,381.223
6,845,223
New haven...
13,688,400
15.042;700
R.I.-Providence
656.878
624,935
N. H.-Nianche.s
Total(12 cities)

613,840,610

631,000,897

-20.8
+7.9
-3.8
+ 15.2
a
a
+4.5
-2.6
-4.9
+13.9
+22.4
+9.9
-2.7

1926.

1925.

594.321
2,942,190
510,000,000
1,934,294
a
1,080,542
a
1,224,316
5,486,899
3,198.506
15.463,869
6,883,568
12,209.700
653,795

550,972
2,753,511
470,000,000
2,599,003
a
1,074,838
a
1,600,506
5,105,011
3,301.000
12,853,181
6.899,123
12,106,700
610,112

561,669.998

519,453,957

Second Feder al Reserve D istrict-New York.
6,244,627
5,626,755 +2.0
5,739,169
5,971,785
N. Y.-Albany
980,400
1,085,900 +16.9
1,269,757
Binghamton. _ _
860.300
-4.9
54,586,151
52,683,893
51,789,863
48,836.715
Buffalo
969,509
+2.5
915,038
994,143
871,537
Elmira
1,368,348 -10.1
1,561,105
1,230,678
1,383,577
Jamestown..._
+8.9 6,264.482,752 5,831,955,741
8,248,011,690 7,571,511,674
New York
+2.9
13,252.881
11,335,283
1.3.642,060
10,402,717
Rochester
+2.7
5.898,314
5,231.242
6,059,925
4,681,008
Syracuse
3,295,003
3,033,341
3,159,273
2,925,351
Conn.-Stamford
782.545 +8.6
547,085
849,502
425,742
N. J.-Montclair
46,245,878 +2.6
38,954,104
47,432,819
33,820.804
Northern N. J
Total (11 cities) 8,380,178,879 7.704,522,953

+8.8 6,385.968.875 5.942,135,277

Third Federal Reserve Dist rict-Phila d elphia.
1,564.433 -6.3
1,466,333
Pa.-Altoona
4,217.028 +6.3
4,483.721
Bethlehem_ .._
1,297,773 -1.3
1.281,266
Chester
2,043,157 +2.6
2,097,134
Lancaster
599,000,000 610.000,000 -1.8
Philadelphia _
4.241,869 -3.6
4,087,626
Reading
6,083,352
6,312,962 -3.6
Scranton
4,285,497
4,285,290 +0.1
Wilkes-Barre..
1,673,323 +15.4
1,930,508
York
6.323,965
5,739,526 +10.2
N.J.-Trenton _ _
a
a
a
Del.-Wilm'ton _

1,538.444
4,032,501
1,529,485
2,166,468
662,000,000
3,683,779
5,970,709
3.800,776
1,684,843
6.119,999
a

1.336,875
4,447,732
1,294,757
3,210,552
585,000,000
3,415,909
6.216.678
3,992,960
1,796,266
4,515,762
a

-1.6

692,527,004

615.227,291

Fourth Feder al Reserve D istrict-Clev land5,856.000 +11.4
6,523,000
Ohio-Akron_ _ _ _
4,603,225
4,480,510 +2.7
Canton
78,815,905 +1.0
80.309,092
Cincinnati
128,812,584 134,046,576 -3.9
Cleveland
16,905,000 +7.0
18,092;200
Columbus
a
a
a
Dayton
a
a
a
Lima
2,394,163 -29.1
d1,696,736
Mansfield
a
a
a
Springfield. _
a
a
a
Toledo
5,360,132 +20.8
8,472,686
Youngstown._
a
a
a
Pa.-Erie
Pittsburgh_ _ 170,454,819 193,832,957 -12.1

5,906,000
4,391,398
77.995,029
118,902.639
15,819,400
a
a
2,459,716
a
a
4,951,839
a
181,189,205

5,000,000
4,958,281
81,686,196
110,794.254
12,306,100
a
a
2.588,466
a
a
4.052,048
a
178,312.553

Total(10 cities)

631.039,407

414,1)64,342

641,375,361

441,691,243

-6.1

411.615,226

Fifth Federal Reserve Dist rict-Richm ond1,658,547 -11.8
1,462,035
VV. Va.-Ilunt'ot
8,104.030 -15.2
5,175,603
Va.-Norfolk__ _
51.023,000 -16.9
42,403.000
Richmond _ _ _ _
2,814,819
2,241,870 +25.6
S. C.-Charlest'n
+0.1
Md.-Baltimore. 111,421,347 111,163,418
28,539,523 +0.8
26,747,980
1). C.-Washlon

1,511,644
8,358.979
50,143,000
2.654,699
120,193,308
27,609,417

Total(8 cltles) _

-4.4

210,471,047

Sixth Federal Reserve Dist rict-Atlant a8,871,486 + 14.1
10,124,192
Tenn.-ChatVga.
*3,200,000 -8.2
.3,000,000
Knoxville
+4.3
25,363,697
26,449,865
Nashville
57,189,878 -1.0
56,646,897
Ga.-Atlanta
+6.6
2,089,768
2.228,564
Augusta
2,098,826 + 17.2
2,459.429
Macon
a
a
a
Savannah
26,195,000 -25.3
19,558,991
Fla.-Jacksonv'e
7,657,951 -44.5
4,238.000
Miami
25,898,541 -3.2
25,072,605
Ala.-111E10a=
2,043,342 -17.5
1,686,055
Mobile
1,781.519 +24.7
2,222,000
-Jackson..
Miss.
+12.1
370,42
415,218
Vicksburg
63,364,286
60,810,119
La.-NewOrleans

9,259,798
3,096,997
25,694,037
79,887,183
2.228.009
1,575,837
a
39,037,395
18,762,003
28,537,668
2,213,710
2,060,000
368,809
58,472,549

226,122,715 +12.7

271,193.995

Total(6 cities).

Total(13 cities)

1763

FINANCIAL CHRONICLE

MAR. 24 1928.1

190,024,784

254,911,935




198,730,388

Week Ending March 17.
Clearings at
1928.

1927.

Inc. or
Dec.

1926.

Seventh Feder al Reserve D istrict-C hi cago254,422
278,180 +23.4
Mich.-Adrian..
269.274
978,736
1,106,956 -22.2
Ann Arbor_ _
861,198
Detroit
93,989,015 187,519,053 +3.4 184,445,373
8.341.755 -7.7
8,976.730
7,697,761
Grand Rapids_
2,500,000
2,644,000 -18.3
2,160,222
Lansing
2,535,956
3,059,627 +6.0
3,242,849
Ind.-Ft. Wayne
20,909,000
22,339,000 +1.1
22,577.000
Indianapolis_ _ _
2,856,700
3,189,900 -13.7
South Bend _ _ _
2,753.700
4,777,340
5,587,992 +00.0
5,715,916
Terre Haute_ _ _
44,799,242 -6.4
43,063,506
41,912,078
Wis.-Milwaukee
2.604,023
2,583.521 +17.6
3,038,112
Iowa-Ced. Rap_
10,048,329
9,975,661 +00.0
Des Moines...
9,601,920
7.539.240
6,712,459 +2.3
6,865,013
Sioux City_ _
1,093,952
1,326,471
+5.7
Waterloo
1,402,165
1,800,564
1,810,837 +47.1
Ill.-Bloom'gton_
2,664,423
744,178,263 726.068.203 +2.5 655.151,602
Chicago
1,205,895
+2.1
1,445,687
1,475,694
Decatur
5.298,340
5,377,639 +1.6
5,462,104
Peoria
2,934.951
3,388,638 +5.3
Rockford
3,568,368
2,959,528
3,087,123 -1.1
Springfield.. _ _
3,051,753

1925.

334,017
734,763
176,858.101
7,273,155
6,900,000
2,661,515
15,092,000
2,423,700
5,017,211
39,559,366
2,568.058
11,151.019
7.986,708
1.313.440
1,794,174
708,298,467
1,411,986
4,665,372
3,134,845
2,486,953

Total(20 cities) 1,062,590,828 1,040,641,944
Eighth Federa I Reserve Die; trict-St. Lo uis5,760,233 --12.1
5,063,709
Mo.-St. Louis.. 152,400,000 163,400,000 --6.7
42,070,117 --2.1
KY.-Louisville._
41,207,626
425,349 --6.7
Owensboro.
306,788
23,372,966 --3.9
Tenn.-Memphis
22,452,249
15,790.493 --8.6
Ark.-Little Rock
14,436,826
382,092 --7.9
III.-Jacksonville
351,731
1.496,550
Quincy
1,808,936

961,934,187 1.001,664,855
4,981,644
162,300.000
38,167,799
352.789
24,684.512
15,421.633
357,090
1,782.114

6,141.985
152,300,000
36,423,269
458,630
22.727,597
13.258,925
407,944
1,498.359

Total(8 cities). 237,117,865 252,697.800 -6.2
Ninth Federal Reserve Dis trict-M n n eapolis
5,969,799 -0.4
Minn.-Duluth..
5,946.380
72.387,772 +12.9
Minneapolis.. _
81,695.132
34.441,568 -4.8
St. Paul
32,780,102
1,974,258 +33.4
N. Dak.-Fargo _
2,633,317
1,127,878 +16.6
S. D.-Aberdeen
1,315,585
517,738 +34.4
Mont -Billings.
696,000
3,069,000 -0.5
Helena
3,054,000

248,047,581

233,216,709

6,437.957
80,874.622
35,383.989
1,747.865
1,655,127
507,080
3,189,817

9,014,821
94,611,697
34.980,122
1.769.146
1,550,344
469,715
2.763,450

Total(7 cities). 128,120,516 119,488,013 +7.2
Tenth Federal Reserve Dis trict-K a n s as City
381,986 -7.3
Neb.-Fremont
354,028
458,750 +7.0
Hastings
490,874
+9.3
Lincoln
5,127,686
5,604,628
42,999,061 +16.1
Omaha
49.929,633
2,774,165 +00.0
Kan.-Topeka
3,150,276
Wichita
7,564,715 +6.9
8,083,743
Mo.-Kan. City. 139,377,460 155,600,709 -10.4
7,264,722 -0.6
St. Joseph__ _ _
d7,224,564
a
a
Okla.-Muskogee
a
32,388.400 -7.9
Okla. City....
29,818,986
a
a
Tulsa
a
1,175,466 +10.9
Colo.-Col. Spgs.
1,304,173
Denver
18,654,428 +00.0
•19,000,000
Pueblo
1,199,899 +22.9
1,474.535

129,796,457

145,159,295

378,681
.626.261
4,487,617
47.466,371
3,323,823
7,603,115
140,979,441
8,054,154
a
29,442,684
a
1,057,281
18,555.112
1,120,031

461,886
533,021
4.889,840
45,865.468
3,144.604
7,757.389
144,136,996
8,308.063
a
29,589,675
a
1,370,721
18,992.539
1,048,137

Total(12 cities) 265.812,900 275,589.987 -3.5
Eleventh Fede ral Reserve District-Da HasTexas-Austin...
1.543,370 +6.4
1,642.133
Dallas
55.169,033 -8.8
50,305,607
Fort Worth
12,161,437 +1.2
12,306,321
Galveston
9,878,000 -52.8
4,664,000
Houston
a
a
a
La.-Shreveport _
+7.6
5.389,313
5,800,217

263,094,571

266,098,339

1,431,559
54,477,401
11,781.297
8,301.000
a
6.196,620

3,073.985
54.141,310
12.552,774
11,317,390
a
5,615,167

82,187,877
-11.2
Franci sco-58,638,572
-2.1
14,020,000
+15.7
a
a
1,537,326
+6.8
41,131,786
-9.2
17,041.788
+0.7
a
a
a
a
3,839,000
+2.0
7,949,514
+ 15.5
+3.3 188,081,000
23.713,764
-13.6
6.986,546
-5.2
8,155,967
-1.2
6,428,042
-23.3
+19.4 201,467.000
3,006,736
+28.4
1,978,631
+35.0
2,219,579
-5.1
2,851,000
-8.8

46,656.898
13,292,000
a
1,715.437
38.577.967
15.479,091
a
a
2.859,980
7.371,824
160,814,000
20,336,185
7.338,839
6,900,412
5,083,347
179,962,746
2,430,823
1,261.417
2,023,234
2.887.800

589,046,251

514,992,000

Total(5 cities).
84,141.153
74,718,278
Twelfth Feder al Resene D istrict-San
Wash.-Seattle. _
57,545.681
56.352,435
Spokane
15,107,000
17,475,000
Tacoma
a
a
1,732.979
Yakima,.
1.850,752
40,511,326
Ore.-Portland_ _
36,792,834
17,347,626
Utah-S. L. City
17.465,108
a
Nev.-Reno
a
a
Ariz.-Phoenix. _
a
3,635,422
Calif.-Fresno_ _ _
3,709,599
7,506.262
Long Beach _ _
8.670,105
Los Angeles_ _ _ 217,369,000 210,394.000
23.227,546
Oakland
20,079,227
8,336,034
Pasadena
7,905,871
8,187,308
Sacramento _
8,067.507
5,490.467
San Diego_
6,767,218
San Francisco. 250.235.140 209.586,000
2,399,178
San Jose
3.081,655
1,449,938
Santa Barbara_
1.958,525
2,322,229
Santa Monica_
2,204.910
2,717.400
Stockton
c2.478,400

86.700,626

Total(17 cities) 662.461,286 617,476.396
Grand total (129
cities)
12915,781,630 12233,478,850

+7.3

Outside New York 4.667.769.940 4.561,967,176

+2.3 4.543,070,317 4,344.381.734

+5.6 10807,553,069 10176,337,475

Week Ended March 15.
earfn s
1928.

1927.

Inc. or
Dec.

1926.

1925.

Canada$
$
78,553,272
96,987.321
95,957,703 +27.2
Montreal
122,078,876
85.233,708
86.777,845
Toronto
134 219,851 101.874,603 +32.0
66,072.143
49.351,912 -8.0
47,973,855
Winnipeg
45,410,118
14.076,904
15,868.973 +22.3
15,672.602
Vancouver
19,415,652
5.729,465
6,033,457
6,022.586
Ottawa
+3.8
6,251,843
4,387,096
4,714,935
5,263,452 +15.7
Quebec
6,090,644
3,135,585
2,633,135
2,758.157
Halifax
+6.4
2.933,358
405,697,898 Hamilton
3.974,177
4.337,187
5.131,245 +11.8
5,738,209
8,037.620
10,552.314 +15.5
10.131,426
12,185.993
Calgary
2,498,264
2,532.289
2.226,238 + 17.6
St. John
2,617.304
1,614,383 Victoria
1,635,348
1.649,682
2,297,463 -6.5
2,148.288
8,378.760 London
2,335,901
2,100,413
2,940.125 -9.0
2,675.305
54,387,000 Edmonton
3,979,722
4,351.861 +27.5
4,648,500
5,547.603
2.855,221 Regina
3.107.192
3,260.916
3,822,722 + 11.0
4,244.647
105,095,956 Brandon
505,150
451,299
447,902 +9.5
490,263
26,017,234 Lethbridge
439,397
515,422
453,973
638,453
+40.6
1.341.784
Saskatoon
1,597.947
1,526,127 +24.3
1,897,059
193.343,554 Moose Jaw
1,043,858
875,535
1,151,817 -8.9
1,048,992
822,292
Brantford
899,143
1,031,269 +14.5
1,181,032
647,627
548.233
Fort William.. _ _ _
864,892 -7.2
802,341
7,608,439 New Westminster
512,848
759,533
699,631
722,817
+3.3
3,143,563 Medicine Slat.. _
267,665
287,296
427,222
253,574 +68.5
24.583,692 Peterborough_ _ ._
748,808
743,548
800,961
732,418 +9.4
68,758,393 Sherbrooke
785,973
703.708
797.451
904,245 -11.8
2,222.312 Kitchener
831,330
868,029
1,031.284 -1.8
1,012,457
2,636,834
1,644.489 Windsor
3,475.015
+5.4
4,545,55'
4,789,338
a
308,057
351.320
Prince Albert
+2.4
372,527
363,65
730,441
26,949,092 Moncton
766,935
+5.7
706,64
746,903
547,518
15,797,866 Kingston
577.886
650.335 +6.5
692,818
27,288,065 Chatham
770,39 + 15.7
901,787
1,969,739 Sarnla
+0.2
572,48
573,412
1,558,419
326,542
n'nfol VII ..n.loon gon A E., SOA /0• ngA rn, _1_10 0 509 674.302 294.925.959
65,792,063
a No longer report clearings. b Do not respond to requests for figures. c Week
247.642.674 ended Mar. 14. d Week ended Mar. 15. e Week ended Mar. 16. • Estimated.

1764

FINANCIAL CHRONICLE

[Vor.. 126.

THE ENGLISH GOLD AND SILVER MARKETS.
Public Debt of United States-Completed Returns
• We reprint the following from the weekly circular of
Showing Net Debt as of Dec. 31 1927.
Samuel Montagu & Co of London, written under date of
The statement of the public debt and Treasury cash holdMarch 7, 1928:
ings of the United States as officially issued Dec. 31 1927,
GOLD.
The Bank of England gold reserve against notes amounted to £156,- delayed in publication, has now been received, and as inter400.265 on the 29th ult. (as compared with £157,086,265 on the previous est attaches to the details
of available cash and the gross and
Wednesday), an increase of £2,493,950 since April 29 1925-when an
net debt on that date, we append a summary thereof, makeffective gold standard was resumed.
ing comparisons with the same date in 1926.
In the open market yesterday £830,000 bar gold was on offer;
£350,000
being taken for a destination not disclosed, £117,000 for the home
and
Continental trade, and £25.000 for India. The Bank of England
secured
most of the balance as will be seen from the figures below.
The following movements of gold to and from the Bank of England
have been announced:

Mar. 1. Mar.2. Mar.3. Mar.5. Mar.6. Mar. 7.
Received
Nil
Nil
Nil E250,000 £335,000
Nil
Withdrawn
Nil
Nil
Nil
Nil
Nil
Nil
The above figures show an influx of £585,000 during the week
under
review. The receipts on the 5th and 6th inst. were from South
Africa,
the former being sovereigns and the latter bar gold.
The following were the United Kingdom imports and exports of
gold
registered in the week ended the 29th ult.:
Imports.
Exports.
British West Africa
£26,063 Germany
British South Africa
774,250 France
3.053,882
Other countries
509 Switzerland
49,300
Austria
45,325
Other countries
8.883
£800,822
£3,194,890

£37,500

SILVER.
The market has been steady during the week, owing
to supplies being
slow to come out except at an advance. The Indian
Bazaars have taken
some slight interest as buyers and China has worked both
ways. American
rates have ruled generally somewhat above our
parity.
The silver coin held in the Treasury Currency Note
Redemption Account
on the 1st inst. amounted to £5,500,000. This is
a reduction from £5,650,000, at whfch the total of silver coin had stood since
the end of March
1927.
The following were the United Kingdom imports and
exports of silver
registered in the week ended the 29th ult.:
Imports.
United States of America__ £24,547 Miscellaneou Exports.
s
£20,577
Mexico
153,594
Other countries
3.108
£181,249
£20,577
Last week 170 silver bars were shipped from
Marseilles-on the SS. Mores
for Bombay.
According to the North China "Herald," the silver
bars imported into
China during 1927, namely 78,015 in number,
were used/as follows:
Coined by Provincial mints
54,662
Re-shipped to Japan
2,618
Shipped to Bombay
1.379
58,659
The balance of 19,356 was
converted locally into sycee. It will be
seen that just 70% of the
total bar silver imports have been consumed
by the mints. Regarding the
rather heavy imports from Japan,amounting
to about 10 million ounces, it
should be pointed out that the annual output
of silver there amounts to less than
four million ounces. The explanation
for the heavy shipments from Japan
is to be found primarily in the emergency dispatch by the Japanese
Treasury of about 5,000 silver bars to
Shanghai in April last, when the banking
crisis was at its height. Of
this more than one-half was
returned to Osaka in July 1927. The remaining 5,000 bars are well above the annual average of
what Japan
exports. A probable and plausible explanation
will be found in the
likelihood that a certain percentage consisted
of American bar silver,
shipped with option "Kobe," and
thence trans-shipped to Shanghai.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)Feb. 15. Feb. 22. Feb. 29.
Notes in circulation
18550
18578
18597
Silver coin and bullion in India
10542
10636
10589
Silver coin and bullion out of India
Gold coin and bullion in India
2976
2976
2976
Gold coin and bullion out of India
Securities (Indian Government)
3789
3789
3789
Securities (British Government)
443
443
377
Bills of exchange
800
800
800
The stock of silver in Shanghai on the 3d inst. consisted of about 52.800,000 ounces in sycee, 80,900,000 dollars and 2,900 silver
bars, as compared with about 56,000.000 ounces
-in
-sieee, 8c,200,000 dollars and 2,860
srliTrtiars ontilie:25th_ultimo:- Quotations during the week:
....27..l......
V,

................1,STr...........

r-Silve-r-per Oz. Std.-Ba
Cash.
2 Mos.
March1263
261d. d.
March 2
261-165.
26d.
March 3
26Ad.
26 16d.
March 5
263-165.
26Ad.
March 6
263d.
263-165.
March 7
263-165.
26sid.
Average
26.177d.
26.125d.

Bar Gold per
Oz. Fine.
84s. 11
•
84s. 11 d•
84s. 11 d.
84s. 11 d.
848. 10 d.
84s. iBid.
84s. 11.2d.

CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Dec. 31 1927. Dec. 31 1926.
Balance end month by daily statement. dce
272.342,801
227,010,246
Add or Deduct-Excess or deficiency of receipts over
or under disbursements on belated Items
+3,797,408
-6,489,068
Deduct outstanding obligations:
Matured Interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates_
Settlement warrant checks
Total

_

265,853.733

223,212,838

38,740,704
70,148,234
7,081,765
604,933

48,424,685
65,627,112
8,864,485
992,613

116,575,637

123,908,895

Balance. deficit(-) or surplus(+)

+149.278,096 +208,898.739
INTEREST-BEARING DEBT OUTSTANDING
Interest Dec. 31 1927. Dec. 31 1926.
Title of LoanPayable
$
$
28 Consols of 1930
Q.-J. 599,724,050
599,724,051)
1916-1936
28 of
Q.-F.
48,954,180
48,954,180
25 of 1918-1938
Q.-F.
25,947,400
25,947,400
3s of 1961
Q.-M.
49,800,000
49,800,000
3s Conversion bonds of 1946-1947
Q.-J.
28,894,600
28,894,500
Certificates of indebtedness
J.-J. 1,247,044,700
639,039,000
330 First Liberty Loan, 1932-1947
J.-J. 1,397,686,700 1,397,687,100
as First Liberty Loan, converted
5,158,6505,155,700
43,is First Liberty Loan, converted
J.-D. 532,822,350
532,874,35(1
43.15 First Liberty Loan, second converted_ __ _J.-D.
3,492,150
3,492,150
4s Second Liberty Loan, 1927-1942
M.-N.
20,848,350
434s Second Liberty Loan converted
3,083,671,700
43.45 Third Liberty Lean of 1928
M.-S. 2,147,653,150 2,189,956,950
434s Fourth Liberty Loan of 1913-1938
A -O. 6,296,901.900 6,324,463,950
4Hs Treasury bonds of 1941-1952
762,320,300
763,948,300
4s Treasury bonds of 1944-1054
1,042,401,500 1,047,087,500
Treasury
bonds of 1945-1956
3348
491,212,100
494,898,100
334s Treasury bonds of 1943-1947
494,854,750
4s War Savings and Thrift Stamps
244,645,645
355,742,298
2355 Postal Savings bonds
J.-J.
13.951,780
12,881,080
531s to 554s Treasury notes
J -D. 2,252,210,350 1,197,481,300
Aggregate of interest-bearing debt
17,685,673,155 18,822,547,958
Bearing no Interest
239,942,240
239,965,907
Matured, interest ceased
110,441,040
12,139,845
Total debt
017.888,778,339 19,074,653,710
Deduce Treasury surplus or add Treasury deficit-- +149,278,096
+99.303,943
Net debt
b17,737,500,243 18,975,349,767
a The total gross debt Dec. 31 1927 on the basis of daily Treasury statements
was $18,036,352,451.81, and the net amount of public debt
redemption and receipts
in transit, dm., was $296,016.6.5.
b No deduction is made on account of obligations of foreign Governments or other
nvestments.

Sonniverdal andMiscellanconsgam
Breadstuffs figures brought from page 1861.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
Receipts at-

Flour.

Wheat.

Corn.

Oats.

Barley.

Rye.

bbis.1961bs.bush.60 lbs.,bush.56 lbs.bush. 32 lbs.bush.48lbs. ush.56188.
Chicago
240,111
354.0001 3,078,000 1.238,111
157,00(11
59,000
Minneapolis
2,470,i i i
323,000
522,001
104,000
582,000
Duluth
798,111
22,i 1 I
2,000
189,000
38,000
Milwaukee_ _.
37,111
26,111
520,000
121,411
25,000
263,000
Toledo
80,111
26,000
2,000
2,000
48,111
Detroit
46,001
38,000
38,011
9,000
Indianapolis..
80,011
740,000
230,001
St. Louis_ _
118,i i 1
718,i 1 i
913,000
1,000
36,006
374,000
Peoria
80,111
30,001
248,111
162,000
1,000
46,000'
Kansas CltY889,111
953,000
108,111
Omaha
300,111
670,000
268.'''
St. Joseph
121,000
222,000
64.001
III
1,000
Wichita
314,000
69,000
4,iii
Sioux City_
19,011
186,000
88,111
Total wk. '28 475,00
6,223,000 7,902,000 3,351,000, 1.129.''
391,000
Same wk. '27 472,i i 1 4,060,
2,713,111 2,739,000' 483.111
279.000
Same wk. '26 421,000 3,495,111 4,792,000 2,745,111
673,111
243.000
Since Aug 1
1927
15,828,000 359.027,000218.607,i 10 117,400,00023,786,0003l.781.000
1926
15,569,000263,967.000161.999,000 103,438,00013,912,00023,614,000
1925
141108 non 911A ARA nnft 187 AAA nnt1187 781 Ann 50 800
11110 tomin.00n

Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Mar. 17, follow:
Receipts at-1 Flour. I

Wheat.
Corn. I
Rye.
Barley.
Oats.
Barrels,
Bushels.
Bushels.
40Ji Bushels.
Bushels. Bushels.
New York... 235,0003
732,000
131,000
344,000
53,000
Philadelphia_
34.0001
268,000
11,0001
21,000
31,000
Baltimore_......
20,0001
347,000
25.006
16,000
29,000
Norfolk
66,000
180,000,
i.
Landon,
000i
Sat.,
Mon.,
Tues.,
Wed,
New Orleans *
Thurs.,
Fri..
78,000
36,000
51,000,
12,000
Wk.End.Mar.23. Mar. 17. Mar. 19. Mar. 20. Mar. 21. Mar. 22. Mar. 23. Galveston_
71,000
24,000
Montreal
Silver, per oz._ 26 7-164. 2630.
20,000,
155,000
26 7-16d. 2630.
7,000/
2634d.
123,000
13,00
26344.
St.
John,
NB.63,000
'
574,000
Gold,per fine ex 842.1130. 845.1130. 84s.1134d. 84s.1134d. 845.11344. 80.1134d.
107,000
17,000
Boston
28,0003
520,000,
1,000
12,000
26,000
Consols. 23,4%
557-16 857-16
5534
5534
557-16
British, 5% _
Total
wk.
'28
1023X
102H
1,023i
479,000 2.769,000/
10234
635,000
340,0001
127.000
174,000
10234
Since Jan.1'28 5,188.000 27,584,0001 5,559,000/ 4,495,000 6,333,
British, 4 A %_
9734
3,132,000
9734
9734
9734
9734
French Rentes
Week 1927-r-7
1517,000 4.684,0001
272,006
331,000 257.00
443,000
fin Paris)-fr- ---67.65
67.50
87.45
Since Jan.1'27 4,874.000 50.952,000 2,634,000 3,803,000 9,632,0001
67.65
67.55
2,832,000
French War L'n
•Receipts do not Include grain passing through New Orleans for foreign ports
(In Paris)_fr.
88.00
88.25
88.20
on through bills of lading.
88.25
88.40

ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:

The price of silver in New York on the same days has been:

Silver in N. Y., per oz.(cts.):
Foreign
6734
5734




5734

5734

6734

5734

The exports from the several seaboard ports for the week
ending Saturday, Mar. 17 1928, are shown in the annexed
statement:

Exports fromNew York
Boston
Philadelphia
Baltimore
Norfolk
New Orleans
Galveston
St. John, N.B
Halifax

Wheat.

Corn.

Oats.

Flour.

Rye.

Barley.

Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
78,442 257,889 115,339 221,950
1,171.765
33.000
25.000
90,000
3,000
51.000
60,000
398,000
345,000
1,000
699,000
1,000
66,000 180,000
16,000
1,000
14,000
7,000
39,000
26,000
17,000
63,000 107,000
574.000
LOCO
128.000

Movement of gold and silver for the seven months:

The destination of these exports for the week and since
July 1 1927 is as below:

January..

365,889
69,000

227,442
198,484

Wheat.

Flour.
Exports for Week
Since
Week
and Since
Mar.17 July 1
July 1 to1927.
1928.

Week
Mar. 17
1928.

Since
July 1
1927.

216,339
545.242

Corn.
Week
Mar. 17
1928.

Since
July 1
1927.

Bushel, Bushels. Bushels.
Bushels.
Barrels. Barrels.
26,000 1,616,895
United Kingdom. 114,387 2,928.719 1,520,859 62,135,128
55.605 4,294.536 1.505,906 126,608,137 240,000 4,135.776
Continent
223,000
5,000
253,000
7,000
318.555
So.& Cent. Amer_ 6,000
590,000
9,000
31,000
365,000
7,000
West Indies
1,058,003
543,945
Other countries... 44,450
Total 1928
Total 1927

227,442 8.450,755 3.033,765 190,085,268
198.464 9.249.4132 3.433 62e 223.962.269

280,000 6,565,671
201.000 4.047.834

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Mar. 17, were as follows:
GRAIN STOCKS.
Barley,
Rye,
Oats,
Corn,
Wheat,
bush.
bush.
bush,
bush.
bush.
United States76,000
68,000
38,000
20,000
331,000
New York
6,000
6,000
3,000
Boston
4,000
78,000
94,000
211,000
243.000
Philadelphia
247.000
65,000
6,000
150,000
508,000
Baltimore
147.000
72.000
459,000
562,000
New Orleans
12,000
645,000
758,000
Galveston
40,000
131,000
6,000
238,000
1.696,000
Fort Worth
279,000
211,000
788,000 1,180.000
3,213,000
Buffalo
1,171,000
"
afloat
6,000
194,000
74,000
7,000
1.739,000
Toledo
250,000
afloat
"
27,000
15,000
31,000
46.000
272,000
Detroit
149,000
572,000
2,914,000 16,503,000 5,349,000
Chicago
252,000
afloat
110,000
16,000 3,168,000 1,083,000
32,000
Milwaukee
592,000
"
afloat
383,000 2,951,000
258,000
19,585,000
Duluth
323,000
afloat
"
692,000
20,607,000 2.324,000 6,487,000
429,000
Minneapolis
206,000
283,000
344.000
8.000
Sioux City
406,000
970,000 2,276,000
4,000
88,000
St. Louis
8,401.000 9,424,000
210.000
132,000
103,000
Kansas City
461,000
2,000
2,588,000
Wichita
717.000 1,229.000
6,000
St. Joseph, Mo
305,000
259,000
3,000
Peoria
304,000 1,647,000
155,000
Indianapolis
1.667,000 4,401,000 1,297,000
20,000
54.000
Omaha
176,000
20,000
On Canal and River
69,297,000 45.542.000 17.659,000 4,668.000 2,196,000
Total Mar. 17 1928
Total Mar. 10 1028..,,..69,849,000 44,147,000 18,770,000 4,571,000 2,062,000
51,845,000 48,837,000 40,314,000 14,464,000 3,386,000
Total Mar. 19 1927
Note.-Boniled grain not included above: Oats-New York. 154,000 bushels:
Boston, 30,00W; Baltimore, 29,000: total, 213,000 bushels, against 70,000 bushels in
1927. Barley-New York, 320,000 bushels; Boston, 15,000; Baltimore, 158,000:
Buffalo, 162.000; Duluth. 38.000; Canal. 195,000; on Lakes, 395.000; total, 1,283,000
bushels, against 860,000 bushels In 1927. Wheat-New York, 2,187,000 bushels
Boston, 726,000; Philadelphia, 1,437,000; Baltimore. 2,033,000; Buffalo, 6,846,000
Buffalo afloat. 1,216,000; Duluth, 339,000; on Lakes, 1,813,000; Canal, 209,000
total, 16,806,000 bushels, against 7,825,000 bushels In 1927.
Canadian721,000
3,992,000
418,000
211,000
Montreal
1,701,000 2,568.000 2,972,000
Ft. William & Pt. Arthur.68,060,000
7.261,000
afloat
"
163,000
7,618,000
450.000
430.000
Other Canadian
2,585,000 3,229.000 3.820,000
Total Mar. 17 1928.._ _ _76,931,000
2,789,000 3.141,000 3,825,000
Total Mar. 10 1928 _ _ _.77,095.000
7,345,000 2,858.000 6,730.000
Total Mar. 19 1927-.56,267.000
Summary69,297,000 45,542,000 17,659,000 4,664,000 2.196,000
American
2,585,000 3,229.000 3,820,000
76,931,000
Canadian
Total Mar. 17 1928_146,228,00a-45,542,000 20,244,000 7,893,000 6,016,000
Total Mar. 10 1928...146,944,000 44,147,000 21,559,000 7,712,000 5,887,000
Total Mar. 19 1927._ _108,112.000 48,837.000 47,659,000 17,322,000 10,116,000

Exports.

Imports.
1927.

566,950
378,082

280,000
201,000

Silver-New York,

Gold Movement at New York.
Month.

July
August_ _ _
September
October...
November
December

Total week 1928._ 3,033,765
Same week 1927_ _ _ _ 3,453,628

1765

FINANCIAL CHRONICLE

MAR. 24 1928.]

1926.

1927.

1926.

Imports.

Exports.

1927.

1927.

846,762 1,090.730 1,598.540
883.618 21,154,974
662,466
972,617 24,166,981 21,675,322
523.979 9.147,118 1,013,790
652,888 34,200,361
6.622.900 71.982,903 1.463.90516,756.46

1,554.118
1,492,026
2,154,705
1.796,403
2,007,426
708.777

3,470,003
2,727,989
4.450.040
2.402.526
2.988.534
4,804.479

1927.
1928.
1927.
1928.
795,991 17,840,866 50,866,191 14,466,6371

1928.
2.819.736

1928.
3,913,573

5,215,929
6,107,889
1.714,313
495,910
727,412
487,049

Total_ _ _ 15,544,493 28,123,038192,337,902 68,129,6321 12.533,191 24,757,144

National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.

Capital.
Mar. 14-The Chancellor-Union National Bank of Irvington, N.J.$100,000
Correspondent: John E. Berlenbach, 1041 Grove St.,
Irvington, N. J.
Mar. 16-The Queens County National Bank of New York,N.Y-3200.000
Correspondent: William B. Evans. Stuart Bldg.,
Jamaica, N. Y.
VOLUNTARY LIQUIDATIONS.
25.000
Mar. 13-The Haskell National Bank, Haskell, Okla
Effective Jan. 31 1928. Lig. Agent: by Harsha,
of
Bank
International
by:
Absorbed
Haskell, Okla.
Haskell, Okla., and The First National Bank of Haskell,
No. 7822.
50.000
Mar. 13-The Harrisburg National Bank, Harrisburg, Ore
Effective Mar. 6, 1928. Lig. Agent: Junction City
Junction
by:
Absorbed
Ore.
City,
Junction
State Bank,
City State Bank, Junction City Ore.
Mar. 15-The First National Bank of Carthage, Ohio,(P.0. Cin25,000
cinnati)
Effective at close of business Oct. 151927. Lig. Agent:
Cosby:
Absorbed
Ohio.
Cincinnati.
Erhart,
Chas. B.
mopolitan Bank and Trust Co. of Cincinnati, 0.
Mar. 16-The American National Bank of Frankfort, Indiana.... 100,000
Effective Mar. 15 1928. Lig. Agent: Howard Harshman, Frankfort, Ind. Absorbed by: The First National
Bank of Frankfort. No. 1854, Farmers Bank, Clinton
County Bank and Trust Co., and Citizens Loan and
Trust Co., Frankfort. Ind.
100,000
Mar. 17-The Farmers National Bank of Oskaloosa, Iowa
Effective Feb. 21 1928. Lig. Agents: J. C. Beach and
The
by:
Absorbed
Iowa.
Oskaloosa,
Vanderzyl,
J. E.
Oskaloosa National Bank, Oskaloosa, Iowa., No. 2417.

Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H AIuller & Sons, New York:
$ per oh.
Shares. Stocks.
26 Structural Pressed Steel Wheel
Co. Inc., no par
$5 lot
$6 lot
10 Valle-Kimes Co., pref
Sundry accts. rec. aggreg. approx.
$10 lot
$1,494.95
Demand promissory note of Woodstock Oper. Corp. dated Jan. 3
1921 upon which $40,648.45 is
$500 lot
due

$ per oh.
Shares. Stocks.
2,000 Amalgamated Silk Corp., 7%
rets..51001ot
partic.
synd.
c.
pref. v. t.
Demand prorate. note of Woodstock
Oper. Corp. dated June 29 1925,
upon which $82,234.81 is due_51.00010
10 Titan Iron & Steel Co. Inc. pfd.:
10 Titan Iron & Steel Co.. Inc..
$17 lot
corn, no par
2 Thorndike Co.. par $1,000-.5120 lot

By Wise, Hobbs & Arnold, Boston.

.
$ per oh. Shares. Stocks.
Shares. Stocks.
$25 7334
20 National Shawmut Bk.._41734 ex-div. 10 Fall River Gas Wks.Co.. par
10 Dartmouth Mfg. Corp., pref-- 8034 50 Fall River Elec. Lt. Co., under...
67 ex-div.
par $25
75
50 Androscoggin Mills
5134
Peoples Trust
4634 1 unit First
7 Arlington Mills
7634
5 Derry Electric Co.,5% pref
10 Boston Woven Rose & Rubber
1934
corn....
Co.,
Packing
Tree
Pine
12
ex-dIv.
90
Co.. corn
40 Quincy Market Cold Storage &
131
5 Berkshire Cotton Mfg Co
$100..
par
corn.,
3934
Co.,
Warehouse
10534
25 Pepperell Mfg, Co
19984 10 No. Boston Lighting Properties,
8 Ludlow mtg. Associates
6034
pref., V. t. c., par $50
131 ex-clIv.
5 King Philip Mills
60 Lowell Elec. Light Corp., undep.
88
15 Indian Orchard Co
64
par $25
5 Boston Mfg. Co., 6%% pref.... 60
8 Springfield Fire & Mar. ins. Co.,
20
20 Queen City Cotton Mills
21634
9934
$25
par
2 Massawippi Valley RR. Co
51
55 Plymouth & Brockton St. Ry.$2.50 lot 4 units First Peoples Trust cony.
25 Rockland Lt. dr Pow. Co.,
3Jones McDuffee & Stratton Corp..
8734
pref., v. t. 0., Par $50
20
class A
10 Haverhill G. Lt. Co., par $25.- 6634
The world's shipments of wheat and corn, as furnished by 3Jones MeDuffee & Stratton Corp..'92 48
7334
Co.,
Wks.
Gas
par
$25
River
Fall
Broomhall to the New York Produce Exchange, for the week 10preferred
4Suburban Electric Secur., 2d pref.:
New Engl. pow. Awe..6% pref.
Boston
2
com.;
Ily..
IIII1St.
Blue
50
ex-div.
101
ending Friday, Mar. 16, and since July 1 1927 and 1926,
Opera Co., v. t. c.; 20 Plymouth
10 No. Boston Lighting Properties.
are shown in the following:
& Brockton St. Ry.; $7.50 lot 17
6034
pref.. V. t. c.. par $50
No. Bost.Ltg.Prop., corn. v. t. C. 8634
15 Charlest'n G.& El. Co., par $25_14534
5134
2 units First Peoples Trust
Wheat.
Corn.
50 Edison Elec. III. Co.of Brockton,
West. Mass. Cos_ _ _61%-61% ex-div.
155
7234
v.1. c., par $25
Associates,
Utilities
250 Eastern
1926-27.
1927-28.
1927-28.
Exports.
1926-27.
250 Eastern Utilities Associates,
1534
cony. abs. (when issued)
4534
coin. (when Issued)
51
8 units First Peoples Trust
96
IVeel
Since
Since
Since
1Veek
Since
25 Plymouth Cordage Co
Mar. 16.
July 1.
July 1.
July 1.
Mar. 16
July 1.
143 Old Colony Invest. Trust._34%-34% 10 Beverly G.le Elec. Co., par $25_ 8934
100 Eastern Utilities Associates.
10 Springfield CL-Lt. Co., undep..
7354
cony. shs. (when Issued)
66
Bushels.
Bushels,
Bushels.
Bushels.
Bushels.
par $25
Bushels,
$ per Right.
Rights.
51
513,000
7,049.000359,993,000367,259,000
9,797.000
First
units
Trust
Peoples
3,517,000
Amer.
26
North
3734
Bank
National
First
25
ex-div.
519,000 15,444,000 24,852,000 2 Regal Shoe Co., pref
40,000 9,312,000 38,436,000
7934
Black Sea...
Percent.
Bonds.
232,000 210,759,000 180,820,000 100 Eastern Utilities Associatea,
Argentina_ 6,464.000105.581,000 67,862,000
lot
Co.,
Terminal
Wiggin
$2,000
1534
45.639,0001
56,264,000
976,00
cony. she.(when issued)
Australia _
96
63,4s, Sept. 1945
8,240,000 4,416,000
1 Columbian Nat. Life Insur. Co_3545(
India
672,000 18,985,000 2,416,000
0th. countes 440,00 24,504,000 18,625,00
By R L Day & Co , Boston:
$ per sh.
$ per sh. Shares. Stock.
553,269.000552.862.000 1.936,000254.985,00d211,605,000 Shares. Stocks.
Total ___ 14,969,
41734 10 special units First Peoples Trust- 334
3Old Colony Trust Co
lot
pfc1-$1100
cum.
Tr.
by.
300 Worces.
Merch. Nat. Bk., Salem, par $50.150
FOREIGN TRADE OF NEW YORK-MONTHLY 3
453,4
22
2 units First Peoples Trust
1 Lancaster Mills, preferred
Whim
&
Stor.
Cold
Mkt.
Quincy
100
734
STATEMENT.
5 Lancaster Mills, common
7234-73
Co., preferred
1 Merrimack Mfg. Co., preferred.. 83
10554 9 Mass. Let. Cos.8% pref. dep_ --.126
5 Pepperell Mfg.Co
Customs Receipts
Merchandise Movement at New York.
Co
4634
Estate
Real
Mass.
13
18
2611111 Mfg.Co
at New York.
5 Columbian Nat. Life Insur. Co_35434
60
12 Bourne Mill
Exports.
Imports.
Bay
37
corn;
Month.
Co.,
Prentice
Reed
250
20034
1 Ludlow Mfg. Associates
$1.50 lot
State Pump Co
69 U. S. Worsted Corp., 1st pfd..- 1
1926.
1927,
1927.
1926.
1927.
1926.
10 N.Engl.Pwr. Co., pfd __116b8 & dive.
38
83 Otis Co
95c
pfd___
2d
Secur.
Elec.
Suburban
10
126
3 Nashua & Lowell RR
11334
Hood Rubber Co.,734% preL - - 9534 4 Boston Wharf Co
158.169,597 164,794.382138,264.513 132.903,105 26,620,038 24,619.552 14 DISC UM.
7354
$25par
Wks.
Gas
River
Fall
75
July
4534
Assoc .corn w.I
116.821.090 30.852.625 29,183,549 60
Per Cent.
Bonds.
August.-- 166,332,013 161.073,351142.661,747
100 East. lUt11. Assoc.cony. w.L.__ 1574
September 172.707,698 182,914,678 126,772,088 151,629.613 32,593,222 32,000,997 67 Saco Lowell Shops, let pref
$1,000 Converse Rub, Shoe Co. 78
22
123,823,326 31,626,401 31,369,820
July 1932 (two $500 bonds)-61 & int.
October-- 175,855.280 177,239,667 137,849,733
1 Boston Athenaeum, par $300....801
$ Per Rights
Rights.
November 179.611,688 185.959,035156.060,057 149,662,955 29,487,856 30,431.596 12 Charlest'wn G.& E.Co.par 825.147
10 First Nat. Bank,Boston
December. 157,075.741 178.172,967 157,874.443 150.344,551 24,267,557 26,823,969 50 Mass. Utilities Inv.'ft., corn_
3754
12
1634
5914 18 Lynn G.& El. Co.,dep
Corp
units
Finance
Mutual
6
1927.
1928.
1928.
1927.
1927.
1928.
20 Lynn Gas & Electric Co
1634
pfd1654
Co..
Converse
15
Shoe
Rub.
176.319.795 148,120,044 155,804.975 25,495,311 24,850,299
75
14134 I U.S.Envelope Co
12 Collyer Insulated Wire Co
January.. 168.712,467
100 Maas. UHL Inv. Tr. corn. v.t.c. 1218 8 Mass. Bonding & Insur. Co.-3334-333(
Total._ _ 1178464484 12273738751007622625980.989,615200,943,010109.279.782 5 units First Peoples Trust
4534 3 Mass.Bonding & Ins. Co.
3334




I

1766

FINANCIAL CHRONICLE

By Barnes & Lofland, Philadelphia.
Shares. Stock.
$ Per sh. Shares. Stocks.
$ per sh.
15 69th St. Term. Title & Trust
99 Aldine Trust Co
250
Co., par $50
12135 5 Metropolitan Tr. Co.. par $50_ _ _120
10 Ambler Trust Co., par $50
82% 7563rd St. Title & Tr. Co., par $50. 50
4 Colonial Trust Co., par $50
316
10 Germantown Trust Co
777
20 Girard Life Ins. Co.. par $10
27
5 Broad St. Trust Co., par $50._
9034
5 Southwark National Bank
95 Broad St. Trust Co., par $50._ 8931
485
5 Eighth Nat. Bank of Phila.
1255 70 United Secur' Life Ins.& Tr. Co_235
5 Erie National Bank
4 Phila. Bourse, corn., par $50.__ 3534
181
2 Queen Lane National Bank
44 Phila. Bourse. corn., par $50.._ 35
149
4 First Nat. Bank & Trust Co.,
4 Phila. Bourse, pref., par $25_
_ 2535
Merchantville, N. J
50 Van Sciver Corp., pref., par $25_ 28
300
10 Bala-Cynwyd Nat. Bank, Pa.150
100 Com'wealth Cas. Co., par $10
22
2 Union Bank & Trust Co
35031 15 Amer. Dredging Co
14535
8 Union Bank & Trust Co
50 Associates, Inc.. no par (Del.
350
15 Alle_Theny Tit. & Tr. Co. par $50 68
Corp.); 196 Locust Corp. (Del.
10 Allegheny Tit.& Tr. Co., par $50 67
Corp.)
$15010
15 Allegheny Tit.& Tr. Co., par $50 6634 15 Drueding Brothers Co., com____130
28 Allegheny Tit.& Tr. Co., par $50 66
21 13th & 15th Sts. Pass. Ry
181
14235 Bankers Tr. Co.. par $50_ _127
18 13th & 15th Sts. Pass. Ry
180M
4 Susquehanna Title & Trust Co.,
6 Philadelphia City Pass, Ry
ill
par $50
Lykens
Valley RR.& Coal Co
6234 70
17
13 Northeastern Title & Trust Co.,
10 Leighton-Kramer Publish. Co_ _$9 lot
par $50
125
2 Phila. & Sub. Mtge. Guarantee 100
4-10 Market St. Title & Trust Co.,
3 Textile National Bank
401
par 550
479
5 Fern Rock Trust Co
87
8 Real Estate-Land Title & Tr. Co_708
30 Northern Liberties Gas
40)4
5-6 Real Estate-Land Tit. & Tr. Co.708
Rights.
S Per Right.
3 Provident Trust Co
222-1000 Quaker City-Manayunk
862
28 Republic Trust Co., par $50
National Bank
183
170
5 Manufacturers Title & Trust Co.,
75 Guarantee Trust & Safe
..25736
Par 550
5035

By A J Wright & Co , Buffalo:
Shares. Stocks.
$ per sh.
1,228 Whiz Storage & Warehouse
Corp., pref., par $10
50c.
5 Buff., Niag. & East. Pow.. no par 38%
1.000 Baldwin Gold Mines, par $1.. 235e.

Shares. Stocks.
$ per s
5 Buff., Niag. & East. Pow., pref.,
par $25
26'A
3c.
1,000 Columbus Kirkland, par $1
10 Assets Realization Co
$1 lot

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

Name of Company.

1When
Per
Cen . Payable.

Railroads (Steam).
Caro Clinch & Ohio, corn. (guar.)
1
Stamped certificates (guar.)
1%
Kansas City Southern, pref. (guar.).- *1
Northern RR. of N. H.(quar.)
•135
Providence & Worcester (guar.)
235
Reading Company, corn. (guar.)
*$1

Books Closed
Days Inclusive.

Apr. 10 Holders of rec. Mar. 310
Apr. 10 Holders of rec. Mar. 310
Apr. 16 *Holders of rec. Mar. 310
Apr. 2 *Holders of rec. Mar. 12
Mar. 31 Holders of rec. Mar. 14
May 10 *Holders of rec. Apr. 12

Public Utilities.
American Gas Co., N. J. (attar.)
Apr. 13 Holders of rec. Mar. 310
2
Amer. Power & Light, pref. (quar.).._ •134 Apr. 2 *Holders of rec. Mar. 12
Associated Public CUL $7 pref. (quar.)_ $1.75 Apr. 2 Holders of rec. Mar. 18
Brooklyn Borough Gas, corn. (guar.)
531.50 Apr. 10 *Holders of rec. Mar. 31
Six per cent pref. (guar.)
O135 Apr. 1 *Holders of rec. Mar. 31
Brooklyn-Nfanhatt. Transit. corn.(qu.)- $1
Apr. 16 Holders of rec. Star. 31
Buff. Mag. & East Pow. corn. (quar.) •30c. Apr. 2 *Holders of rec. Mar. 15
Class A (quar.)
•30c. Apr. 2 *Flolders of rec. Mar. 15
Cincinnati Car Co.. corn. (guar.)
35e. Apr. 1 Holders of rec. Mar. 200
Commonwealth Power, corn. (guar.)._ •6234c May 1 *Holders of rec. Apr. 11
Common (extra)
"50c. Stay 1 *Holders of roc, Apr. 11
Preferred (guar.)
•134 May 1 *Holders of rec. Apr. 11
Dixie Gas & Utilities, pref.
*S1.75 Apr. I *Holders of rec Mar. 21
East Bay Water Co., Prof. A(guar.)
& B (guar.) •135 Apr. 16 *Holders of rec. Mar. 31
Edison Elec. III Boston
May 1 Holders of rec. Apr. 10
3
Elmira Water, Lt. & RR., (guar.)
1st pref. (qu ) 131 Mar. 31 Holders of rec. Mar. 17
Second preferred (quar.)
1% Mar. 31 Holders of rec. Mar. 17
Harrisburg Light & Power. pref. (guar.). 134 hlar. 31 Holders of rec. Mar. 19
Houston Gas & Fuel, pref. (guar.)
International Utilities. $7 pref.(quar.)- - $1.75 May 1 Holders of rec. Apr. 200
Class A (guar.)
873.4c Apr. 16 Holders of rec. Mar. 300
Jersey Cent.Power & Light,7% pt.(qu.) •134 Apr. 1 *Holders of rec. Mar. 17
Laurentide Power Co. (quar.)
1.31 Apr. 16 Holders of rec. Mar. 31
Mass. CUL Invest. Tr., pref.
- *6135e Apr. 15 *Holders of rec. Mar. 27
Milwaukee Elec. Ity.& Light,(guar.)
Apr. 30 Holders of rec. Apr. 200
134
pref.(au.)
Montreal L., It. & Pr. Cons.. corn. (qu.)
SOc Apr. 30 Holders of rec. Mar. 31
Montreal Telegraph (quar.)
Apr. 16 Holders of rec. Mar. 31
New England Gas & Elec., $5.50 pf.(qu.)
51.3735 Apr. 2 Holders of rec. Mar. 20
$6 preferred (guar.)
$1.5,0 Apr. 2 Holders of rec. Mar. 20
New Orleans Public Serv., pref. (guar.).
1 Ft,
. Apr, 2 Holders of rec. Mar. 19
North Amer. Light dz Pow., pref.
(guar.) 51.00 Apr, 2 Holders of rec. Mar. 20
Northwestern Bell Telep., corn. (guar.). 2
Mar. 30 Holders of rec. Mar. 280
Preferred
1% Apr. 16 Holders of rec. Mar. 20a
Ohio Public (guar.)
Sort'., 1st pref. A. (mthly.)_ 58 1-3c Apr. 1 Holders of rec. Mar. 15
Pennsylvania Pr. & Lt., 57 pref. (quar.) $1.75 Apr. 2 Holders of rec. Mar. 16
$6 preferred (quar.)
$1.50 Apr. 2 Holders of rec. Star. 16
Philadelphia Rap. Tran., corn, (quar.)
Apr. 20 Holders of rec. Apr. 16
$1
Preferred
51.75 May 1 Holders of rec. Apr. 2
Philadelphia & Western, pref.(quar.)
Apr. 14 Holders of rec. Mar. 31
62
St. Louis Public Service. pref. A
$1.75 Apr. 1 Holders of rec. Mar. 20
Sou. Indiana G. & El., 7% pf. (guar.)._
131 Apr. 2 Holders of rec. Mar. 24
Six per cent preferred (quar.)
1 34 Apr, 2 Holders of rec. Mar. 24
6.6% preferred (mar.)
1.65 Apr, 2 Holders of rec. Mar. 24
Southwestern Bell TeleP.. Pref. (quar.)_
131 Apr. I Holders of rec. Mar. 20
Toledo Edison Co.,7% pref. A.(mthly.) •50e. Apr. 1 *Holders of rec. Mar. 15
Six per cent pref. (monthly)
• 58 1-3c Apr. 1 *Holders of rec. Mar. 15
Tr -City Ky.& Light, pref.-dividend pa
seed
Union Traction, India. (quar.)
Mar. 31 *Holders of rec. Mar. 24
*51
Wash. Water, Pr., Spokane, corn. (qu.)_
Apr. 15 Holders of rec. Mar. 24
2
Western Pow. Corp., pref. (guar.)
134 Apr. 16 Holders of rec. Mar. 310
Banks.
Garfield National (quar.)
Hanover National
Peoples National (Bklyn), (quar.)
Mechanics Brooklyn (quar.)
Nassau National (Bitlyn.), (guar.)
United Capitol Nat. Bk.& T.(quar.) _ _

Mar. 31 Holders of rec. Mar. 24
3
Apr. 1
Apr. 2 Mar. 21 to
6
Apr. 2 Holders of rec. Mar. 130
3
Apr. 2 Holders of rec. Mar. 170
3
Apr. 2 Holders of rec. Mar. 26a
3
131 Apr. 2 Holders of rec. Mar. 24

Trust Companies.
American (quar.)
Bankers (quar.)
Central Union (quar.)
Empire (quar.)
Federation Bank Jr Trust (quar.)
Fidelity (quar.)
Lawyers (quar.)
New York (quar.)
State Bank & Trust Co.(guar.)
Title Guarantee & Trust (quar.)

135
735
8
3
2
235
13.5
5
4
4

Star. 31
Mar. 31
Apr, 2
Mar. 30
Mar. 31
Mar. 31
Mar. 31
Mar. 31
Apr. 2
Mar. 31

Holders of rec. Mar. 2I0
Holders of roe. Mar. 23
Holders of rec. Mar. 23
Holders of rec. Mar. 240
Holders of rec. Mar. 3I0
Mar. 24 to Apr. I
Holders of rec. Mar. 22a
Holders of rec. Mar. 240
Holders of rec. Mar. 230
Holders of rec. Mar. 22

Miscellaneous.
Abraham & Straus, Inc., pref. (guar.)
•I34 may 1 •Holdeni of rec. Apr. 15
Allison Drug Stores, el. A (guar.)
•35c. Apr. 15 *Holders of rec. Mar. 31
Akron Rubber Reclaiming. pref.(guar.). 2
Apr. 2 Holders of rec. Mar. 20




Name of Company.

[Vol.. 126.
Per linen
Cent. Payable.

Books Closed
Days Inclusive.

Miscellaneous (Continued).
American Hardware Corp. (quar.)
$1
Apr. 1 Holders of rec. Mar. 17a
Quarterly
July 1 Holders of rec. June 16a
Si
Quarterly
$1
Oct. 1 Holders of rec. Sept. 15a
Quarterly
Jan 1'29 Holders of rec. Dec. 150
$1
Alabama Fuel & Iron (altar.)
Apr, 1 Mar. 22 to Mar. 31
2
Amer. Bond & Mtge.. pref.(quar.)
1% Apr. 1 Holders of rec. Mar. 28
Amer. Furniture Mart Bldg., pref. (qu.) •131 Apr. 2 *Holders of rec. NIar. 20
Amer. Sales Book, Ltd. (quar.)
Apr. 2 Holders of rec. Mar. 15a
$1
American Screw (quar.)
1
Apr. 2 Holders of rec. Mar. 210
American Surety (guar.)
$2.50 Mar. 31 Holders of rec. Mar. 240
American Trustee Share Corp., ser. B _ 43 .16c Apr. 1
Arctic Dairy Products, corn.(quar.)
.50e. Apr. 1 *Holders of rec. Mar. 20
Preferred (quar.)
•131 Apr. 1 *Holders of rec. Mar. 20
Arundel Corp. (quar.)
50c. Apr. 2 Holders of rec. Mar. 23
Associated Dry Goods, corn.(quar.)
_ •62c. May 1 *Holders of rec. Apr. 14
First preferred (quar.)
*134 June 1 *Holders of rec. May 12
Second preferred (quar.)
*131 June 1 *Holders of rec. Slay 12
Atlantic Coast Fisheries, pref. (quar.)_ _ $1.75 Apr. 2 Holders of rec. Mar. 22
Pref. (acct. aecum, dividends)
la $10.50 Apr. 2 Holders of rec. Mar. 22
Bankers Capital Corp., common
July 16 Holders of rec. June 30
$4
Preferred (quar.)
$2
Apr. 16 Holders of rec. Mar. 31
Preferred (guar.)
$2
July 16 Holders of rec. June 30
Preferred (quar.)
$2
Oct. 15 Holders of rec. Oct. 1
Preferred (quar.)
$2
Jan15'29 Holders of rec. Dec. 31
Bankinstocks Holding Corp
25e. Apr. 2 Holders of rm. Mar. 23
Bankstocks Corp. of MarylandCommon A & B (quar.)
15c Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
135 Apr. 1 Holders of rec. Mar. 15
Bansicilla Corp. (quar.)
$1
Apr. 10 Holders of rec. Mar. 31
Barnett Leather. pref. (guar.)
131 Apr. 1 Holders of rec. Mar. 30
081
Beatrice Creamery, common (quar.)
Apr. 1 *Holders of rec. Mar. 20
.1.1%
Preferred (guar.)
Apr. 1 *Holders of rec. Mar. 20
Bon And Co., class A (guar.)
Apr. 30 *Holders of rec. Apr. 15
•SI
Class B (quar.)
*500 Apr. 1 *Holders of rec. Mar. 3(1
Bowman-Biltmore Hotels, 1st pf. (au.). *1% Apr. 2 *Holders of rec. Mar. 21
Boyd-Welsh Shoe, common (quar.)
75c Apr. 1 Holders of rec. Star. 26
Bright Star Elec., class A (No. 1)
•50c May 1 *Holders of rec. Apr. 15
Brockway Motor Trk.. 7% pref. ((-111.)
•131 Apr. 1 *Holders of rec. Mar. 26
Brompton Pulp & Paper (quar.)
50c Apr. 15 Holders of rec. Mar. 31
6234e Apr. 1 Holders of rec. Mar. 21
Bruce (E. L.) Co., common (guar.)
Preferred (quar.)
134 Apr. I Holders of rec. Mar. 21
Brunswick Site Co
25c Apr. 1 Holders of rec. Mar. 22
Bulkley Bldg. (Cleveland). pref. (rm.)._
131 Apr. 2 Mar. 22 to Apr. 2
Burkhart Mfg., common (guar.)
3735c Apr. 1 Holders of rec. Mar. 20
Preferred (quar.)
55c Apr, 1 Holders of rec. Mar. 20
Burroughs Adding Mach. (quar.)
75c June 11 Holders of roe. May 25
Burt(F. N.) Co.. Ltd., common (qu.)..
575e Apr. 2 *Holders of rec. Mar. 5
Cambridge Rubber, prof (quar.)
134 Apr. 2 Holders of rec. Mar. 26
Canada Dry Ginger Ale (guar.)
75c Apr. 16 Holders of rec. Mar. 31
Canadian Cottons, Ltd.. corn. (qua?.).. 2
Apr. 4 Holders of rec. Mar. 23
Preferred (guar.)
134 Apr. 4 Holders of rec. Mar.23
Canadian Fairbanks-Morse, pf.
135 Apr. 16 Holders of rec. Mar. 31
Carey (Phillip) Mfg., common (quar.)_. *2
Mar. 15 *Holders of rec. Mar. 5
Century Ribbon Mills, pref. (quar.)__
•131 June 1 *fielders of rec. May 19
Chicago Junction Rys. & Union Stock
Yards, common (guar.)
2% Apr. 1 Holders of rec. ar. 15
Preferred (quar.)
135 Apr. 1 Holders of rec. Mar. 15
Chic. Mill & Lumber, Pref.
*1% Apr. 2 *Holders of rec. Mar. 26
Cities Service common (monthly)
35 May 1 Holders of rec. Apr. 13
Common (payable in common stock)
I% May 1 Holders of rec. Apr. 13
Preferred and pref. BD (monthly)_ _
35 May 1 Holders of rec. Apr. 13
Preferred B (monthly)
Sc. May 1 Holders of rec. Apr. 13
City Dairy, Ltd. (Toronto). (qua?.)
•50e. Apr. 2 *Holders of rec. Mar. 19
City Stores, class A (guar.)
*8735c May 1 *Holders of rec. Apr. 14
Class A (quar.)
*8735c Aug. 1 *Holders of roe. July 15
Cleveland Union Stk. Yds. (old), (qu.) _
Apr. 1 Mar. 21 to Mar. 31
2
New stock (quar.)
50c. Apr. 1
ar. 21 to Mar. 31
Cohn-Hall-Marx Co., pref. (guar.)
1% Apr. 2 Holders of rec. Nlar. 20
Conduits Co., Ltd., 7% a. f. pf. (qu.)._
131 Apr. 1 Mar. 18 to Mar. 31
Consolidated Dairy Prod., corn. (altar.)
50c. Apr. 1 Holders of rec. Mar. 206
Continental Baking Corp.. pref. (qua?.). 2
Apr. 1 Holders of rm. Max. 266
Copper Range Co
Apr. 20 *Holders 4rec. Mar. 24
*El
Corn Products Refg., corn. (quar.)
*500. Apr. 20 *Holders a rec. Apr. 2
Preferred (guar.)
Apr. 14 *Holders of rec. Apr. 2
1
O1 4
Cox Storm. Inc., corn., el. B (quar.).
25c. June 30 Holders of rec. June 15
Craddock-Terry Co., corn. (quar.)
135 Mar. 31 Mar. 16 to Mar. 31
Creamery Package Mfg., corn. (guar.). *50c. Apr. 10 *Holders of rec. Apr. 1
Preferred (guar.)
3135 Apr. 10 *Holders of rec. Apr. 1
Crosby Radio (stock dividend)
Dec. 31
e4
Crucible Steel, corn. (quar.)
135 Apr. 30 Holders of rec. Apr. 16
Cudahy Packing. corn. (qua?.)
Apr. 14 Holders of rec. Apr. 5
Si
Six per cent preferred
3
May 1 Holders of rm. Apr. 21
Seven per cent preferred
334 Slay 1 Holders of rec. Apr. 21
Danish American Corp., let pref. (au). $1.75 Apr. 2 Mar. 25 to Apr. 2
Second preferred (quar.)
$1.75 Apr. 2 Mar. 25 to Apr. 2
Detroit Nlotorbus (guar.)
"20e. Apr. 16 *Holders of rec. Mar. 31
Diamond Match (guar.)
June 15 *Holders of rec. Star. 31
.
2
Diversified Trustee Shares, B
•43e. Apr. 1
Dixon (Joseph) Crucible
"2
Mar. 31 *Holders of rec. Nlar. 22
(qu.)
Eaton Axle dr Spring (guar.)
•50c. May I "Holders of rec. Apr. 14
Edwards(Wm.) Co., 6% pref. (quar.)135 Apr. 1 Holders of rec. Mar. 20
Electric Vacuum Cleaner (guar.)
•$1
Apr. 2
Extra
.
51
Apr. 2
Farr Alpaca (quar.)
May 31 *Holders of rec. Mar. 21
*52
Federal Bake Shops, Inc., pref.
"131 Apr. 2 *Holders of rec. mar. 8
WO
Fidelity & Deposit Co.(guar.)
Apr. 2
*52
Fifth Avenue Investing Corp.. corn
30c. Apr. 2
Preferred (guar.)
Apr. 2
$2
Filing Equipment Bureau, pf. (guar.).131 Apr. 1 Holders of rec. NIar. 31
Firestone Tire & Rubber. corn.(guar.).- .$2
Apr. 20 *Holders of rec. Apr. 10
Seven per cent. pref. (quar.)
•131 May 15 *Holders of rec. May 1
Fisk Rubber Co., 1st pref.(quar.)
•131 May 1 *Holders of rec. Apr. 16
First convertible pref. (quan)
*tU May 1 *Holders of rec. Apr. 16
Second preferred (quar.)
*1.01 June 1 *Holders of rec. May 15
Foote-Burt Co., class A (guar.)
25c Apr. 1 Holders of rec. Mar. 26
Preferred (guar.)
1% Apr. 1 Holders of rm. Mm.26
Foster(W. C.) Co., pref.(qua?.)
1% Apr. 1 Holders of rec. Mar. 21
Fulton Sylphon Co., pref. (guar.)
135 Apr. 1 Holders of rec. Mar. 176
General Fireproofing, common (qua?).... *51.75 Mar. 31 *Holders of rec. Mar. 20
Preferred ((mar.)
•131 Mar. 31 *Holders of rec. Mar. 20
General Refractories (altar.)
•75e Apr. 16 *Holders of roe. Apr. 7
General Stockyards Corp., corn. (qu.)....
50e May 1 Holders of rec. Apr. 166
Convertible preferred (guar.)
$1.50 May 1 Holders of rec. Apr. 166
Gimbel Brothers, pref. (quar.)
*I% May 1 *Holders of rec. Apr. 14
Globe-Wernicke Co., common (qua?.).. $1.50 Apr. 1 Holders of rec. Mar. 20
Gold Dust Corp., corn.(quar.)
75c May 1 Holders of rec. Apr. 170
Gotham Silk Hosiery, pref. (guar.)
131 May 1 Holders of rec. Apr. 16
Great Lakes Transit, pref.(quar.)
•131 Apr. 2 *Holders of rec. Mar. 24
Greif (L.) & Bros., Inc., pref. (quar.)___
Apr. 1 *Holders of rec. Mar. 21
Hamilton-Brown Shoe (monthly)
•1235c Apr. 2 *Holders of rec. Mar. 23
Harris (B. T.) Co., corn. (quar.)
.
20c.
Class A (qua?.)
•$1
Hawaiian Commercial & Sugar
*25c. Apr, 5 *Holders of rec. Mar. 25
Company (guar.) (mthlY.)Harbue
25e. Apr. 1 Holders of rec. Mar. 23
Heath (D. C.) & Co. (guar.)
131 Nlar, 31 Holders of rec. Mar. 28
Hibbard, Spencer, Bartlett & Co.(mthly)
35c. Apr. 27 Holders of rec. Apr. 20
Monthly
35c. May 25 Holders of rec. May 18
Monthly
35c. June 29 Holders of rec. June 22
Holland Furnace Co
• 16235c Apr. 1 *Holders of rec. Mar. 15
4.1
Holland Land (quar.)
Apr. 2 *Holders of rec. Mar. 20
Extra
Apr. 2 *Holders of rec. NIar. 20
Holmes(D. H.) Co., Ltd.(quar.)
234 Apr, 2 Holders of rm. Mar. 24
Holt, Renfrew ,k Co., Ltd., pref. (au.).1% Apr, 2 Holders of rec. Mar. 29
Hooven, Owens, Rentschler Co., pf(qu.) 1M Mar. 31 Mar. 21 to Mar. 31
Howe Sound Co. (quar.)
$
Apr, 16 Holders of rec. Mar. 316
Hussmann Refr., corn. (quar.)
•6235c Apr. 1 *Holders of rec. Mar. 20
Huttig Sash & Door, corn. (quar.)
*3735c Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
•151 Apr. 1 *Holders of rm. Star. 20
Idea Cement, com. (qua?.)
$1
Apr. 2 Holders of rec. Mar. 15
Preferred (quar.)
$1.75 Apr. 2 Holders of rec. Mar. 15
Independent Pneumatic Tool (quar.)
Apr 12 *Holders of rec. Mar. 24
051

Name of Company.

1767

FINANCIAL CHRONICLE

MAR. 24 192S.]

When
Per
Cent. Payable.

Books Closed
Days Inclusive.

Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive:

Railroads (Steam)(Concluded).
Miscellaneous (Concluded).
2
Mar. 31 Holders of rec. Feb. 29
Boston & Albany (quar.)
May 15 Holders of rec. Apr. 20
$1
Indiana Pipe Line (quar.)
Boston
& Maine, prior pref. (quar.)---- 154 Apr. 2 Holders of rec. Mar. 16
May 15 Holders of rec. Apr. 20
$1
Extra
134 Apr. 2 Holders of rec. Mar. 16
1st preferred class A (quar.)
25e. Apr. 1 Holders of rec. Mar. 31
Internat. Projector Corp., corn. (quar.)_
2
Apr. 2 Holders of rec. Mar. 16
let preferred class B (quar.)
25e. Apr. 1 Holders of rec. Mar.31
Allot. etfs. for corn. (User.)
1% Apr. 2 Holders of rec. Mar. 16
let preferred class C (quar.)
$1.75 Apr. 1 Holders of rec. Mar. 31
$7 preferred (quar.)
234 Apr, 2 Holders of rec. Mar. 16
1st
preferred
class])
(quar.)
Mar.
31
Apr.
1
Holders
of
rec.
$1.75
(quar.)
pref.
etre.
for
$7
Allot.
134 Apr. 2 Holders of rec. Mar. 16
lat preferred class E (quar.)
Mar.31 *Holders of rec. Mar.23
Kalbfleiech Corp., pref. (quar.)
234 Apr. 2 Holders of rm. Mar.20
Boston & Providence (guar.)
2% Apr. 2 Holders of rec. Mar. 24
Kaufman (Chas.) Co., Ltd. (quar.)
Mar.31 Holders of rec. Mar. la
234
Canadian
Pacific,
common
(quer.)
rec.
Mar.
31
Apr.
15
*Holders
of
*62
lie
(guar.)
Kawneer Co.
Mar. 31 Holders of rec. Mar. 1
2
Preference
Kelley Isld. Lime & Transport (quar.) 8230 Apr. 2 Mar.22 to Apr. 2
750 Apr. 1 Holders of rec. Mar. 8a
Chesapeake Corp.(quar.)
Kellogg Switehb. dr Supply corn. & pref. divide nds omi tted.
1 Holders of roe. Mar. 86
Apr.
234
al%
Chesapeake
&
Ohio,
eons.
fquar.)
rec.
Apr.
20
1
*Holders
of
May
Kelsey-Hayes Wheel, pref. (quar.)
334 July 1 Holders of rec. June 8a
Preferred A
Apr. 15 *Holders of rec. Apr. 5
*31
Keystone Steel & Wire, coal. (quar.)
134 Mar.31 Holders of rec. Mar. 113a
Chic. R.I. & Pacific, corn.(guar.)
•15.1 Apr. 15 *Holders of rec. Apr. 5
Preferred (quar.)
Apr. 20 Holders of rec. Mar.306
Cleve.. Cin., Chic.& St.L.,com.(qu.) - 2
25e. Mar. 31 Holders of rec. Mar.23
Lake Erie Bolt & Nut (quar.)
dl 34 Apr. 20 Holders of rec. Mar.30a
Preferred (quar.)
Lawrence Hotel, pref. (quar.)
134
Apr.
2 Holders of rec. Mar. 10a
pref.
(qu.)
Cuba.
RRs.
of
Consolidated
200
of
rec.
Mar.
Apr.
1
Holders
2
Le Mur Co., pref. (quar.)
$1.20 Mar. 28 Holders of rec. Mar. 28a
Cuba RR., corn.(quar.)
Leonard, Fitzpatrick, Mueller Stores(qu) •3734c Apr. 1 *Holders of rec. Mar. 22
234 Apr. 15 Apr. 1 to Apr. 14
Georgia RR.& Banking iquar.)
*234 Mar. 22 *Holders of rec. Mar. 15
Leveed( Realty A & B (quar.)
Gulf Mobile & Northern. prof. (quar.) - 134 Apr. 2 Holders of rec. Mar. 15a
Mar.22 *Holders of rec. Mar. 15
*2
Preferred (quar.)
234 Mar. 31 Holders of rec. Mar. 8a
May 1 Holders of rec. Apr. 170 Hocking Valley (quar.)
2
Lord dr Taylor, 2d pref. (quar.)
154 Apr. 2 Holders of rec. Mar.22a
Joliet
& Chicago (quar.)
Apr.
6
Apr.
16
*Holders
of
rec.
(quar.)
*3734c
Madison Square Garden
Apr. 2 Holders of rec. Mar. 170
8734e
Lehigh Valley,common (quar.)
Manning Maxwell & Moore, Inc. (qu.)_ 15 Apr. 2 Holders of rec. Mar.31
$1.25 Apr. 2 Holders of roe. Mar. 176
Preferred (quar.)
75e. Apr .1 Holders of rec. Mar.22
Marion Steam Shovel, corn. (quar.)
$12.50
May 1 Holders of rec. Apr. ha
RR.,
common
Coal
(quer.)
Mahoning
22
Mar.
1% Apr. 1 Holders of rec.
Preferred (quar.)
Apr. 2 Holders of rec. Mar. 15
1
Maine Central, corn.(quar.)
$1.75 Apr. 2 Holders of rec. Mar. 26
Martel Mills, Inc., pref. (quer.)
$1.25 Apr. 14 Holders of rec. Mar.310
Midland Valley, corn
Maryland Casualty (quar.)
*3 1.1234 Mar.31 *Holders of rm. Mar. 16
Apr. 1 Holders of rec. Mar. 200
2
Minn., St. P. & S. S. M.leased lines
McCaskey Register, let pref. (quar.)-- 1% Apr. 2 Holders of rec. Mar. 23
Missouri-Kansas-Texas, Prof. A (quar.)., 154 Mar. 31 Holders of rec. Mar. 150
Apr. 2 *Holders of rec. Mar.23
Second preferred (quar.)
*2
May 1 Holders of rec. Mar.300
2
(quar.)
RR.
York
Central
New
Mar.
24
*50e. Apr. 2 *Holders of rec.
McCord Mfg., deb.stock (quar.)
134 Apr. 2 Holders of rec. Feb. 15a
N. Y.. Chic. dr St. L., corn. pf.((NJ
*$1.75 Apr. 2 *Holders of rec. Mar. 24
Preferred A
New York Lackawanna & West (qual.) 134 Apr. 2 Holders of roe. Mar I4a
McCord Radiator Mfg., class A (qu.)_ _ *750. Apr. 2 *Holders of rec. Mar.27
Apr. 10 Holders of rec. Mar. 9a
1
McLellan Stores, pref. (quar.)
134 Apr. 1 Holders of rec. Mar.200 N.Y.N.H.& Hartford,corn. fspcial)
134 Apr. 2 Holders of rec. Feb. 296
Preferred (quar.)
Metropolitan Filling Stations, pref.-Div idend passed.
May 1 march 14 to Apr. 10
134
Pacific
31
Northern
(qual.)
Mar.
rec.
Apr. 20 *Holders of
*3
Mexican Petroleum, corn. (quar.)
154 Apr. 2 Holders of rec. Mar. 106
Old Colony (quar.)
*2
Apr. 20 *Holders of rec. Mar. 31
Preferred (quar.)
134 Apr. 2 Holders of rec. Mar. 16a
Pere Marquette. common (guar)
25e Apr. 1 Holders of rec. Mar.20
Missouri-Illinois Stores, corn. (quar.) 2
Apr. 2 Holders of rec. Mar.16a
Common (extra)
Mar. 31 Holders of rec. Mar. 26
2
Mortgage Bond Co.(quer.)
134 May' I Holders of rec. Apr. 13a
Prior preference (quar,)
•2c Apr. 16 *Holders of rec. Apr. 2
Mountain & Gull Oil (quar.)
May 1 Holders of rec. Apr. 136
134
Preferred
(quar.)
2
rec.
Apr.
*48e Apr. 113 *Holders of
Special
750 Apr. 2 Holders of rec. Mar. 156
Pittsburgh Bessemer & Lake Erie, corn_
Apr. 1 Holders of rec. Mar. 20
2
Murray Ohio Mfg., pref.(quar.)
Apr. 1 Holders of roe. Mar. 100
154
(qu)
corn
Chic.,
Ft.
Wayne
&
Pittsburgh
20
*Holders
of
rec.
Mar.
Apr.
1
*10c
(quar.)
pref.
Participating
154 Apr. 3 Holders ot rec. Mar. 10a
Preferred (quar.)
National Cash Register, class A (quar.)- *750 Apr. 15 *Holders of rec. Mar.30
50e Apr. 12 Holders of rec. Mar.22a
Reading Co., 2d pref.(quar.)
Apr. 18 Holders of rec. Mar.31
$1
Newmont Mining (quar.)
154 Apr. 2 Holders of rec. Mar. 1130
St. Louis-San Fran., corn.(quar.)
*50c Mar. 31 *Holders of rec. Mar.20
Newton Steel, common (quer.)
250 Apr. 2 Holders of rec. Mar. 16a
Common (extra)
'134 Mar. 31 *Holders of rec. Mar.20
Preferred (quar.)
134 May 1 Holders of rm. Mar.16a
Preferred (quar.)
750 May 1 Holders of rec. Apr. 10
New York Air Brake, common (quar.)
May 1 Holders of rec. Apr. Ta
134
Preferred (quar.)
Apr. 1 Holders of rec Mar. 31
4
New York Sun. Inc., 1st prof
134 Aug. 1 Holders of rec. July 14a
Preferred (quar.)
Apr, 2 Holders of rec. Mar.23
5
N.Y. Title & Mtge.(quar.)
Nov.
1 Holders of rec. Oct. 15a
154
Preferred
(quar.)
1
Apr.
2
Holders
of
rec.
Mar.
23
Extra
134 Mar. 31 Holders of rec. Mar. 120
734c Apr. 20 Holders of rec. Mar. 310 St. Louis Southwestern. pref. (guar.)
Nipissing Mines. Ltd. (quar.)
134 Apr. 2 Holders of rec. Feb. 24a
Southern Pacific Co.(quar.)
North American Provision. pref. (qu.)-. *154 Apr. 20 *Holders of rec. Mar. 31
2
May 1 Holders of rec. Apr. 2a
Southern My.. common (quar.)
Apr. 1 *Holders of rec. Mar. 20
*2
Ohio Leather, 1st pref.(quar.)
134 Apr. 16 Holders of rec. Mar. 206
Preferred (quar.)
Apr. 1 *Holders of rec Mar. 20
*/(3
First pref. (acct. accum. dive.)
Apr. 2 Holders of rec. Mar. 15a
2
134 Apr. 1 Holders of rec. Mar. 24
Mobile & Ohio stock trust Ws
Orange Crush, Ltd., let pref. (quar.)
234 Apr. 2 Holders of rec. Mar. la
Union Pacific, common (quar.)
50c Apr. 1 Holders of rec. Man 24
Second preference (quar.)
Apr. 2 Holders of rec. Mar. In
2
$1.50 Apr. 16 Holders of rec. Mar.31
Preferred
Otis Elevator, common (quar.)
134 Apr. 16 Holders of rec. Mar. 31
United N. J. RR. & Canal Coe.
-- 234 Mar.30 Holders of rec. Feb. 290
Preferred (User.)
6
a Apr. 7 Holders of rec. Mar.
70c Apr. 15 Holders of rec. Mar. 30
Vermont & Massachusetts
Packard Electric (quar.)
234 Apr. 1 Holders of rec. Max. Sa
300 Apr. 15 Holders of rec. Mar. 30
Vicksburg, Shreveport & Pal., corn
Extra
So
Mar.
of
rec.
Holders
Apr.
1
234
'Se Apr. 1 *Holders of rec. Mar. 20
Preferred
Peabody Coal Co., corn. (monthly)
$1.25 Apr. 2 Holders of roe. Mar. 150
*58e Apr. 1 *Holders of rec. Mar. 20
Preferred (monthly)
West Jersey dr Seashore
$1.25 Apr. 14 Holders of rec. Mar. 31
Pennsylvania Salt Mfg.(quar.)
c. Apr.
Public Utilities.
*Holders of rec. Mar. 25
Petroleum Royalty, pref. (monthly) -$1.75 Apr. 2 Holders of rec. Mar. 14
*Mc. Apr.
Alabama Power $7 pref.(quar.)
*Holders of rec. Mar.25
Preferred (extra)
$1.50 Apr. 2 Holders of rec. Mar. 14
Holders of rec. Mar.200
Philadelphia Dairy Products, pr. pf.(qu.) 1% Apr.
$6 preferred (quar.)
Apr. 14 Holders of rec. Mar. 15a
*1.54 May 1 *Holders of rec. Apr. 20
81
Phillips-Jones Corp., prof.(guar.)
Amer. Dist. Teleg.of N.J.,corn. (qu.)
Apr.
14
2
134 Apr. 14 Holders of rec. Mar. 154
prof.
Holders
of
rec.
Preferred
Mar.
24a
&
Gamble,
(quar.)
Procter
8%
(guar.)-*I0e.
31.75 Apr. 2 Holders of rec. Mar. 160
Amer.& Forefgn Power, pref.(quar.)
Republic Flow meters
$1.50 Apr. 1 Holders of rec. Mar.22
61340. Apr. 2 Holders of rec. Mar. 16
Allot. etfs. 35% paid (quar.)
Richman Bros. (quar.)
*250. May 1 *Holders of rec. Apr. 5
25e. Apr, 2 Holders of rec. Mar. 10
Richfield Oil, corn. (quar.)
Amer. Gas & Elec., corn. (qual.)
*125e. May 1 *Holders of rec. Apr. 5
$1.50 May 1 Holders of rec. Apr. 9
Preferred (quar.)
Common (payable in corn. dock)
•154
May
1
Apr, 2 Holders of Me. Mar. 15
154
*Holders
Public
prof.
of
rec.
Apr.
5
Amer.
Service,
(quar.)
Preferred (War.)
*$2
Apr. 1 *Holders of rec. Mar. 28
Amer. Public Utilities, prior pref.(em'.) 31.75 Apr. 2 Holders of rec. Mar. 160
Ross Stores, 1st pref. (quar.)
60c Apr. 2 Holders of rec. Mar.20
$1.75 Apr. 2 Holders of rec. Mar. 15a
Participatingpreferred (qual.)
Rubber Service Laboratories (gear.)- Apr. 6 Holders of rec. Mar. 24
Amer.Superpower Corp..cons. A&13(qu) 300. Apr. 2 Holders of rec. mar. 15
St. Lawrence Paper Mills, pref.(quar.)-- 2
Apr. 2 *Holders of rec. Mar. 26
$1.50 Apr. 2 Holders of rec. Mar. 15
First preferred (quar.)
St. Louis National Stockyards (quar.)-- *2
254 Apr. 16 Holders of roe. Mar. 154
*32
Land
Mineral
American Telep. & Teleg.(guar.)
St. Mary's
Apr. 2 *Holders of rec. Mar.26
*$2
Sandusky Cement, corn. (quer.)
Amer. Wat. Wks. & Elec., 1st N.(qU.) $1.50 Apr. 2 Holders of rec. Mar. 126
Apr. 1 *Holders of roe. Mar. 22
12e, Mar.31 Feb. 24 to Mar. 6
Arkansas Natural Gas (quar.)
Santa Cruz Portland Cement, com.(qu.) *El
150e. May 1 Holders of rec. Mar.31
1% Apr. 1 Holders of rec. Mar. 15
Associated Gas & Elec.. class A (quan)
Schoeneman (J.) Inc.. let pf.(qu.)
•25e. Mar. 31 *Holders of rec. Mar. 24
187Sic Apr, 2 Holders of rec. Feb. 29
Original preferred (quar.)
Scott Paper, new no par corn.(quar.)_
131.75 Apr. 2 Holders of rec. Feb. 29
750. Apr. 14 Holders of rec. Mar.31
$7 preferred (quar.)
Scullin Steel, pref.(quar.)
•30e. Apr. 20 *Holders of rec. Mar.31
Associated Telep. Utilities, $8 pref.(qu.) $1.50 Apr. 1 Holders of reo. Feb. 29
Seagrave Corp. (guar.)
6234c. Apr.
81.75 Apr. 1 Holders of roe. Feb. 29
Holders of rec. Mar. 21
Securities Inv., corn.(guar.)
$7 preferred (quar.)
Apr. 1 Holders of rec. Mar.21
2
Preferred (quar.)
Bangor Hydro-Electric 6% pref. (qu.)... 134 Apr. 2 Holders of rec. Mar. 10
I% Apr. 2 Holders of rec. Mar. 10
Sevenper cent pref. (quar.)
Seeman Brothers, Inc., cons.(guar.).-- 50c. May 1 Holders of rec. Apr. 16
1% Apr. 1 Holders of rec. Mar.210 Barcelona Tr. L.& Pow., pref.(qual.)... '134 Mar. 31 *Holders of rec. Mar. 21
Sheffield Steel Corp., pref. (quar.)
Apr, 14 Holders of rec. Mar.23
Apr.
2
2
30e.
Holders of rec. Mar.20
Sieloff Packing, corn. (quar.)
Bell Telephone of Canada (quar.)
*50e. Apr. 2 *Holders of rec. Mar.24
I% Apr. 14 Holders of rm. Mar.200
Southwest Engineering Co.(guar.)
Bell Telep. of Pa., pref.(qual.)
Apr. 1 Holders of rec. Mar. 15
$1.50
2
Apr. 2 Holders of rec. Mar. 20
(qu.)pf
$6
Standard Screw, corn. (quar.)
Binghamton L. H. & Pow.,
154 Apr. 2 Holders of rec. Mar.23
Steel & Tubes, pref. (quar.)
Birmingham Elec. Co., $7 pref. (qual.).. $1.75 Apr. 2 Holders of rec. Mar. 12
4,1% Apr. 1 *Holders of
$1.50 Apr. 2 Holders of rec. Mar. 12
Stein-Bloch Co.. prof. (quar.)
rec. Mar. 15
$6 preferred (quar.)
Apr. 2 *Holders of rec. Mar. 22
134 Apr. 2 Holders of rec. Mar. 10
*31
Stern Bros., clam A.(quar.)
Boston Elevated. corn.(qual.)
354 Apr. 2 Holders of rec. Mar. 10
Swingle's 5c. to $1 Stores, Inc.Second preferred
Apr. 2 Holders of rec. Mar. 15
1% Apr. 2 Holders of rec. Mar. 15
I%
pref.
(quar.)
Preferred (quar.),(No. 1)
Brazilian Tr., Lt.& Pr.,
20e. May 1 Holders of rec. Apr. 14
Teiautograph Corp., corn.(quar)
Bklyn.-Manhat.Tran., pf., set% A (qu.) $1.50 Apr. 16 Holders of rec. Apr. la
$1
Mar. 31 *Holders of rec. Mar. 20
$1.25 Apr. 2 Holders of roe. Mar. 7a
Telling-Bell Vernon Co., corn. (quar.)
Brooklyn Union Gas (quar.)
Mar. 31 Holders of rec. Mar. 31
Preferred (quar.)
Buff.. Niagara & East. Pow.. p1. (qu.).. •400. Apr. 2 *Holders of rec. Mar. 15
*2
Apr. 2 *Holders of rec. Mar. 26
Textile Banking (quar.)
Byllesby (H.M.) & Co., corn, A (qu.). 500. Mar.31 Holders of rec. Mar.20
(o)
Apr.
16
50e. Mar. SO Holders of rec. Mar.20
(stk.
div.)
Products
Corp.
Holders
of
rec.
Mar. 30
Tobacco
Commonclass B (quar.)
134 Apr. 2 Holders of rec. Mar. 20
50e. Mar.31 Holders of rec. Mar.20
Tubize Artificial Silk, pref. (quar.)
Preferred (quar.)
1
Apr. 14 Holders of rec. Mar. 31
154 Apr. 2 Holders of rec. Mar. 15
Tuckett Tobacco, corn. (quar.)
Calgary Power, Ltd. (qual.)
134 Apr. 14 Holders of rec. Mar. 31
Preferred (quar.)
California-Ore. Power, corn.(quar.)-- - 134 Apr. 14 Holders of rec. Mar.31
*37%c
1.46 Apr. 14 Holders of rec. Mar.31
Union Manufacturing (quar.)
7% pref.(for 234 mos.end. Mar.31)_ _
50c Apr. 2 Holders of rec. Mar.23
Union Metal Mfg.(quar.)
6%pref.(for 234 mos. end. Mar.31)-- 134 Apr. 14 Holders of rec. Mar.31
250. Apr. 2 Holders of roe. Mar.23
154 Apr. 18 Holders of rec. Mar.31
Extra
Canada Northern Power, pref.(quar.)
*2
Apr. 1 *Holders of rec. Mar. 21
154 Apr. 1 Holders of rec. Mar.14
Union Mortgage corn. (quar.)
Capital Tract., Wash., D. C.(qual.)
*75c. Apr. 1 *Holders of rec. Mar. 21
Carolina Power & Light. $7 pf.(qu.)....- 31.75 Apr. 2 Holders of roe. Mar. 17
Six per cent pref. (No. 1)
$1.50 Apr. 2 Holders of roe. Mar. 17
United Crescent Dry Cleaning, com.(qu)' *50e. Apr. 2 *Holders of rec. Mar. 26
$6 preferred (quar.)
*$1.75 Apr. 2 *Holders of rec. Mar.26
134 Apr. 2 Holders of vee. Mar. 15
Preferred (quar.)
Central Ills. Light Co.,6% pf. (qu.)...._
154 Apr. 2 Holders of rec. mar. 15
7% pref. (quar.)
U. S. Industrial Alcohol, cons. (quar.)._ $1.25 May 1 Holders of rec. Apr. 16a
134 Apr. 16 Holders of rec. Apr. 20 Central Ill. Pub. eery., pref.(quar.) - $1.50 Apr. 15 Holders of rec. Mar.310
Preferred (quar.)
54
May 1 Holders of rec. Apr. 19a Central & S. W.UN.,common (quar.)
75e. Apr. 16 Molders of rec. Mar.81
Universal Leaf Tobacco, Inc., eom
Apr. 1 *Holders of rec. Mar.24
Valve Bag Co., pref. (quar.).(No. 11)_
Central Maine Power,7% prof.(quar.)_5 134 Apr. 1 Holders of rec. Mar.106
25e.
2
1)
Apr.
(No.
114
Holders
Apr. 1 Holders of rec. Mar.100
of
Corp.,
(1111.).
rec.
corn.
Mar.20
\Tames
Six per cent preferred (quar.)
134 Apr. 2 Holders of rec. Mar.20
$1.50 Apr. I Holders of rec. Mar. toa
$O preferred (quar.)
Preferred (quar.)(No. 1)
*el
May 1 *Holders of rm. Apr. 16
250. Mar.31 Holders of rec. Mar.10
Central States Elec. Corp., corn. (qu.)..Vick Chemical (quar.)
•3734c Apr. 2 *Holders of rec. Mar.24
154 Mar. 31 Holders of rec. Mar.10
Preferred (qua!,)
Waverly 011, class A (quar.)
3
Apr. 8 Holders of rec. Mar.31
Westchester Title & Trust (lean)
Central States Pow.& Lt.$7 pf.(guar.)- •31.75 Apr. 2 *Holders of rec. Mar. 10
$1
Apr. 2 Mar. 29 to Apr. 2
lien
(qu.)
Westmoreland Coal (quar.)
154 Apr. 1 Holders of rec. Mar. 150
No.
Shore
&
Milw.,
prior
Chic.
Whitman (William) & Co., pref.((NUJ- 154 Apr. 2 Holders of rec. Mar. 20
134 Apr. 1 Holders of rec. Mar. 150
Preferred (quar.)
*3734c Apr. 15 *Holders of rec. Apr. 1
650. Apr. 1 Holders of rec. Mar.206
Woodworth, Inc.. corn. (quar.)
Chic. Rapid Transit, pref. A (monthly)_ _
*31.75 Mar. 31 *Holders of rec. Mar. 20
1350. May 1 Holders of rec. Apr. 17a
Prior preferred A (monthly)
Zoller (William) Co.. pref. (quar.)
650. June 1 Holders of rec. May 15a
Prior preferred A (monthly)
Apr. 1 Holders of rec. Mar.20a
60c.
dividends
announced
Prior
preferred
B
(monthly)
in
Below we give the
previous weeks
60e. May 1 Holders of rec. Apr. 17a
Prior preferred B (monthly)
600. June 1 Holders of rec. May 15a
and not yet paid This list does not include dividends an- Prior preferred B (monthly)
*$1.13 Apr. 2 *Holders of rec. Mar. 16
& Suburban Bell Telep. (quar.)
nounced this week, these being given in the preceding table. Ctn.
033.50 Apr. 2 Mar.21 to Apr. 1
Citizens Pass. Ky.(qual.)
134 Apr. I :Holders of rec. Mar. 100
Cleveland Ry., corn.(quar.)
50c. Apr. 2 Holders of rec. Mar. 12a
When
Per
Columbus Elm.& Pow., COM.(quar.)- Books Closed
134 Apr. 2 Holders of roe. Mar. I2a
Cent. Pflyab e.
Second preferred (quar.)
Days Inclusive.
Name of Company.
Apr. 2 Holders of rec. Mar. 12a
154
Preferred series B (quar.)
134 Apr. 2 Holders of rec. Mar.120
Preferred series C (quar.)
Railroads (Steam).
Apr.
1 *Holders of rec. Mar.15
3
•31
Apr.
1
(q11.)
Connecticut
Elec,
Cony.
Pt.
Molders
of
Serv.
rec.
Mar.
8a
Alabama & Vicksburg
134 Apr. 2 Holders of roe. Mar. 15
234 July 5 Holders of rec. June 150 Consumers Power Co. pref.(quar.)
Augusta & Savannah
2
Holders of rec. Mar. 15
1.85
Apr.
5
July
Holders
of
6.6%
rec.
(quar.)
4.
June
15a
preferred
E‘i ra
154 Apr. 2 Holders of rec. mar. 15
86e. Apr. 1 Holders of rec. Feb. 29a
7% preferred (quar.)
Bangor & Aroostook, corn (qual.)
50c Apr. 2 Holders of rec. Mar. 15
I% Apr. 1 Holders of rec. Feb. 29a
6% Preferred (monthly)
Preferred (quar.)
554 Apr. 2 Holders of rec. Mar. 15
34 Apr, 2 Holden of rec. Mar. 15
8.6% preferred (monthly)
Beech Creek (guar.)




134

*134

1768

FINANCIAL CHRONICLE
When
Per
Cent. Payable.

Books Closed
Days Inclusive.

[VOL. 126.

Per
When
Books Closed.
Name of Company
Cent. Payable.
Days Inclusive.
Public Utilities (Continued).
Public Utilities (Concluded).
Consol. Gas,E.L.& P., Bait..com.(qu.)
75e. Apr. 2 Holders of rec. Mar. 15
Ohio Electric Power, 7% pf. (guar.)
154 Apr. 1 Holders of rec. Mar.20
Six per cent pref., series D (guar.).- - 1% Apr. 2 Holders of rec. Mar. 15
Ohio River Edison, 7% pf. (guar.)
134 Apr. 2 Holders of rec. Mar. 15
preferred,
(quar.)
series
E
%
114 Apr. 2 Holders of rec. Mar. 15
Ohio Telephone Serv., prof.(quar.)__. *154 Apr. 1 *Holders of rec. Mar.23
Consolidated Gas (N.Y.) pref. (guar.)._ $1.25 May 1 Holders of rec. Mar. 30a Ottawa L. H. & Power, corn. (guar.) __
134 Mar. 31 Holders of rec. Mar. 15
Continental Gas & El. Corp., com.(qu.)_ $1.10 Apr. 1 Holders of rec. Mar. 12
Preferred (quar.)
154 Apr. 1 Holders of rec. Mar.lb
Prior preference (guar.)
1% Apr. 1 Holders of rec. Mar. 12
Ottawa Traction (guar.)
Apr, 2 Holders of rec. Mar. lb
1
Participating pref. (guar.)
2
Apr. 1 Holders of rec. Mar. 12
Pacific Gas & Elec., corn. (guar.)
50c. Apr. 16 Holders of rec. Mar. 31a
Denver Tramway Corp., pref.(guar.)_ _
750. Apr. 1 Holders of rec. Mar. 150 Pacific Lighting Corp., pref.(guar.)
Apr.
•144
15 *Holders of rec. Mar.31
Detroit Edison Co.(guar.)
2
Apr. 16 Holders of rec. Mar. 20a Pacific Telep. & Teleg., corn. (guar.)
-- 154 Mar. 31 Holders of rec. Mar. 20a
Duke Power, corn. (qual.).
1
Apr. 2 Holders of rec. Mar. 15
Preferred (guar.)
16
Holders of rec. Mar.31a
Apr.
134
Preferred (guar.)
1% Apr. 2 Holders of rec. Mar. 15
Panama Power & Light. pref. (guar.) -- 134 Apr. 2 Holders of rec. Mar. 15
Duluth-Superior Trac., pref. (guar.)
1
Apr. 2 Holders of rec. Mar. 120 Penn. Central L. & Pow., pref. (qu.) _- $1.25
Apr. 1 Holders of rec. Mar. 1150
Duquesne Light, 1st pref., series A (qu.)
131
Holders of roe. Mar. 150 Pennsylvania Gas & Elec. Co.,corn.(qu.) 2
(r)
Apr. 1 Mar. 21 to Mar.31
Duquesne Light, 1st pref. (guar.)
1% Apr. 16 Holders of rec. Mar. 31
Preferred (guar.)
154 Apr. 1 Mar. 21 to Mar.31
Eastern Mass. St. Ry., ad). stock
2% Apr. 2 Holders of rec. Mar. 15
Pennsylvania G.& El. Corp., $7 pf.(qu.) $1.75 Apr. 1 Mar. 21 to Mar.31
Eastern N.J. Power Co.,834% pf.(qu.)
1% Apr. 2 Holders of rec. Mar. 15
Seven per cent preferred (guar.)
154 Apr. 1 Mar. 21 to Mar. 31
7% pref. (guar.)
1% Apr. 2 Holders of rec. Mar. 15
Pennsylvania-Ohio Pow.& L.$6 pf.(qu.) $1.50 May 1 Holders of ref. Apr. 20
8% pref. (guar.)
2
Apr. 2 Holders of rec. Mar. 15
7% prof. (guar.)
May 1 Holders of rec. Apr. 20
134
Eastern States Power Corp.. id. (au.)... $1.75 May 1 Holders of rec. Apr. 15
7.2% pref.(monthly)
600. Apr. 2 Holders of rec. Mar. 20
Eastern Texas Elec. Co.. pref. (guar.) _
1% Apr. 2 Holders of rec. Mar. ba
7.2% pref.(monthly)
60c. May 1 Holders of rec. Apr. 20
Electric Bond & Share, pref. (quar.)____
134 May 1 Holders of rec. Apr. 16
8.6% pref.(monthly)
550. Apr. 2 Holders of rec. Mar. 20
Electric Bond & Share Sec. (guar.)
25c. Apr. 16 Holders of rec. Mar. 19
6.6% prof. (monthly)
She. May 1 Holders of rec. Apr. 20
Electric Light & Power Co.of
Pennsylvania Water & Power (guar.)
c. Apr. 2 Holders of rec. Mar. 16
6234
Abington & Rockland (guar.)
50c. Apr. 2 Holders of rec. Mar. 150 Peoples Gas Light & Coke (guar.)
2
Apr. 17 Holders of rec. Apr. 36
Electric Power & LightPhiladelphia Co., corn. (guar.)
Apr. 30 Holders of rec. Apr. 26
$1
Pref. & pref. allot. ctfs. ((War.)
Apr.
2
Holders
131
of rec. Mar. 12a
6% preferred
$1.50 May 1 Holders of rec. Apr. la
Electric Public Serv., pref.(guar.)
1% Apr. 1 Holders of rec. Mar. 12
Philadelphia Traction
$2
Apr. 1 Holders of rec. Mar. 10a
Electric Public ULU., pref. (quart
$1.75 Apr. 1 Holders of rec. Mar. 12
Ponce Electric Co., pref. (quar.)
134 Apr. 2 Holders of rec. Mar. 154
El Paso Electric Co.. pref. A (guar.).- - 1% Apr. 16 Holders of rec. Apr. 20 Portland Elec.Power, 1st pref.(quar.)
134 Apr. 2 Holders of rec. Mar. 15
Empire Gas & Fuel,7% pref.(mthly.)- 58 1-3c Apr. 2 Holders of rec. Mar. 15
Prior prference (guar.)
154 Apr. 2 Holders of rec. Mar. lb
8% preferred (mthly.)
662-30 Apr. 2 Holders of rec. Mar. 15
Second preferred
80c Apr. 2 Holders of rec. Mar. 10
Empire Power Corp.. $6 Pf.
$1.50 Apr. 1 Holders of rec. Mar. 16
Stock div.(pay. in 2nd pref. stk.)
$10
Apr. 2 Holders of roe. Mar. 10
Engineers Pub. Serv. Co., 57 p1. (qu.)
51.75 Apr. 2 Holders of rec. Mar. ba Porto Rico Rys., pref. (guar.)
13-4 Apr. 2 Holders of rec. Mar. lb
Fall River Elec. Light (guar.)
50c. Apr. 2 Holders of rec. Mar. 20a Power Corp. of Canada. pref. (quar.)
134 Apr. 16 Holders of rec. Mar. 31
Federal Light & Tract.. corn. (qu.)
20c. Apr. 2 Holders of rec. Mar. 13a Providence Gas (guar.)
$1 Apr. 2 Holders of rec. Mar. 15
Corn.(payable in corn. stock)
15c. Apr. 2 Holders of rec. Mar. 13a Public Ser. Corp. of N. J., corn. (qu.)_ _
50c Mar. 31 Holders of rec. Mar. 80
Florida Power & Light. pf. (guar.)
51.75 Apr. 2 Holders of rec. Mar. 14
7% preferred (guar.)
154 Mar. 31 Holders of rec. Mar. 80
Florida Public Serv., pref. (guar.)
1% Apr. 1 Holders of rec. Mar. 15
2
8% preferred (guar.)
Mar. 31 Holders of roe. Mar. 8a
Frankfort & Southwark Pass. Ry.(qu.) $4.50 Apr. 1 Mar. 2 to Apr. 1
50c Mar. 31 Holders of rec. Mar. 80
6% preferred (monthly)
General Gas & Elec.. corn. Cl. A (qu.) -- m37340 Apr. 1 Holders of rec. Mar. 12a Public Service Co. of Okla., corn.(qu.)_
2
Apr. 1 Mar. 25 to Apr: 1
Apr. 1 Holders of rec. Mar. 120
$2
$8 class A pref. (guar.)
154 Apr. 1 Mar.25 to Apr. 1
7% prior lien (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 120
$7 class A & class B pref. (guar.).
6% prior lien (guar.)
134 Apr. 1 Mar. 25 to Apr. I
General Pub. UM.,$7 pf. (guar.)
$1.75 Apr. 2 Holders of rec. Mar. 15
Public Service Elec. & Gas,6% pf.(au.) 134 Mar. 31 Holders of rec. Mar. 8
Georgia Power $6 pref.(guar.)
$1.50 Apr, 1 Holders of roe. Mar. 15
Seven per cent pref. (guar.)
154 Mar. 31 Holders of rec. Mar. 8
$1.31 Apr. 3 Mar. 13 to Apr. 2
Germantown Pass. Ry.(quar.)
Puget Sound Pow. & L., pref. (qual.).
13,4 Apr. 16 Holders of rec. Mar.16
Gold & Stock Teleg. (guar.)
131 Apr. 2 Holders of rec. Mar.310
Prior preferred (guar.)
13'( Apr. 16 Holders of rec. Mar.16
Mar.
Hackensack Water. pref. A (quar.)
31 Holders of rec. Mar. 140 Quebec Power, common (guar.)
43%0
50e. Apr. 16 Holders of rec. Mar. 31
Haverhill Gas Light (quar.)
560. Apr. 2 Holders of rec. Mar.22a Radio Corp. of Amer. pref. A (quar.)_ 873.4c. Apr. 1 Holders of rec. Mar. la
Illinois Bell Telep. (quar.)
2 Mar. 31 Holders of rec. Mar. 30a Savannah Elec. & Pow. deb. A iquar.)2 Apr. 2 Holders of rec. Mar. 6a
Illinois Nor. UM.,6% Pf. (guar.)
*1% May 1 *Holders of rec. Apr. 14
Debenture B (quar.)
134 Apr. 2 Holders of rec. Mar. 60
Junior pref. (guar.)
411.75 May
*Holders of rec. Apr. 14
Preferred
3
Apr. 2 Holders of rec. Mar. 66
1.34
2
Apr.
Illinois Power,6% pref. (guar.)
Holders of rec. Mar. 15
2d & 3d Sts. Pass. Ry., Phila.(quar.)_ $3
Apr. 1 Mar. 2 to Apr. 1
1% Apr. 2 Holders of rec. Mar. 15
Seven per cent preferred (guar.)
Shawinigan Water & Power (guar.)_ _ _
50c. Apr. 10 Holders of rec. Mar.26
lit Apr. 2 Holders of rec. Mar. 100 Southeastern Pow.& Lt.,core.(quar.)
Illinois Power & Light, 7% pref. (qu.)
25e Apr. 20 Holders of rec. Mar. 31
114 Apr. 2 Holders of rec. Mar. 10a
6% preferred (guar.)
$7 preferred (guar.)
$1.75 Apr. 2 Holders of rec. Mar. 15
1% Apr. 2 Holders of rec. Mar. 10a
8% participating pref. (guar.)
$6 preferred (guar.)
$1.50 Apr. 2 Holders of rec. Mar. 15
IndianapolisPow.& Lt., Pref.(guar.).-$ 1.6231 Apr. 2 Holders of rec. Mar. 5
Participating pref. (guar.)
El
Apr. 2 Holders of rec. Mar. lb
1% Mar. 31 Holders of rec. mar. 100 Southern Calif. Edison, orig. pref.(qu.).
Indianapolis Water, pref. (quar.)
50e. Apr. 15 Holders of rec. Mar.20
Internat. Power, Ltd., 1st p1. (guar.)
1% Apr. 2 Holders of rec. Mar. 15
Preferred series C (guar.)
3454e. Apr. lb Holders of rec. Mar.20
internat. Telep.& Teleg.(guar.)
1% Apr. 16 Holders of rec. Mar. 230 Southern Calif. Gas, pf. & pf. A (qu.).... 5373.4c Apr. 14
*Holders of rec. Mar. 31
51.75 Apr. 2 Holders of rec. Mar. 7a Southern Canada Power, pref.
Interstate Power Co., $7 pref. (quar.)
(guar.)-13.4 Apr. 16 Holders of rec. Mar. 24
1% Apr. 2 Holders of rec. Mar. 16
Jamaica Public Serv., p1. (quar.)
Southern New England Telep. (guar.)-- 2
Apr.
16
Holders of rec. Mar. 316
uKansas City Pow. & Lt. pf. A (guar.) $1.75 Apr. 1 Holders of rec. Mar. 140 South Pittsburgh Water,7% pref. (qu.)_
134 Apr. 16 Holders of rec. Apr. 2
51.50 Apr. I Holders of rec. Mar. 140 Southwestern Bell Telep., pref.(guar.)_ _
First preferred, series B (guar.)
131 Apr. 1 Holders of rec. Mar.20
Kansas City Public Serv., prof. A (qtr.)
$1.75 Apr. d2 Holders of rec. Mar. 150 Southwestern Gas & Elec. 7% pf. (qu.)
15-4 Apr. 2 Holders of rec. Mar. 15
Kansas Gas & Elec., pref. (guar.)
1% Apr. 2 Holders of rec. Mar. 15
Eight per cent pref.(quar.)
2
Apr. 2 Holders of rec. Mar. 15
Kentucky Securities, corn.(guar.)
1% Apr. 2 Holders of rec. Mar. 20a Southwestern
L.& Pow.. pref.(guar.)
Apr. 2 Holders of rec. Mar. 15
$1.50
1% Apr. 16 Holders Of rec. Mar. 20a Springfield (Mo.) G.& E., pf. A (qua _Preferred (guar.)
$1.75 Apr. 2 Holders of rec. Mar.16
Long Island Lighting, pref. B (quar.)--- 1% Apr. 1 Holders Of rec. Mar. 16
Spring Valley Water (guar.)
*194 Mar. 31 *Holders of rec. Mar. 18
Louisville Gas & Elec.(Del.). A &B (q11) 43%c. Mar. 24 Holders of rec. Feb. 290 Standard Gas di
Elec., corn. (qual.)...._. 873,40. Apr. 25 Holders of rec. Mar. 310
Mackay Companies, corn. (guar.)
1% Apr. 2 Holders of rec. Mar. 3a
Prior preference (guar.)
134 Apr. 25 Holders of rec. Mar. 31
1
Apr. 2 Holders of rec. Mar. 3a Superior Water, L.& Pow., pref.(qu.)
Preferred (guar.)
$1.75 Apr. 2 Holders of rec. Mar. lb
Manhattan Ry., guar. (guar.)
IN Apr. 2 Holders of rec. Mar. 20
Tennessee Electric Pow.6% 1st pf.(q11.) 134 Apr. 2 Holders of rec. Mar. lb
Massachusetts Lighting Cos., corn.(qu.) 575c. Mar. 31 *Holders of rec. Mar.20
7%
1st preferred 'guar.)
154 Apr. 2 Holders of rec. Mar. lb
1 M Apr. 15 *Holders
6% preferred (guar.)
of rec. Mar. 26
7.2% first preferred (guar.)
1.80 Apr. 2 Holders of rec. Mar. 15
Apr. 15 *Holders of rec. Mar. 26
*2
8% preferred (guar.)
6% first preferred (monthly)
50e. Apr. 2 Holders of rec. Mar. 15
pfd.(qu.) - 51.75 Apr. 2 Holders of rec. Mar. 17
Memphis Power & Light,
7.2% first preferred (monthly)
60c. Apr. 2 Holders of rec. Mar. 15
$1.50 Apr. 2 Holders of rec. Mar. 17
$6 Preferred (guar.)
Twin City Rap.Tr., EfInneap., corn.(qu) El
Apr. 2 Holders of rec. Mar. 120
Metropolitan Edison, common (guar.)._ $2
Mar. 24 Holders of rec. Mar. lba
154 Apr. 2 Holders of rec. Mar. 120
Preferred (quar.)
51.75 Apr. 1 Holders of rec. Mar. lba United
$7 preferred (guar.)
Gas & Elec. Corp., pref.(au.).-- 134 Apr. 1 Holders of rec. Mar. 16
$1.50 Apr. 1 Holders of rec. Mar. 150 United Gas Improvement (guar.)
$6 Preferred (guar.)
Apr. 14 Holders of rec. Mar. 160
El
Michigan Bell Telephone (guar.)
*2
Mar. 31 *Holders of rec. Mar. 1
United Light & Pow., corn. A (qual.)__.
12e. May 1 Holders of rec. Ara'. 16
Michigan Elec. Pow., 7% pf. (guar.)
1% Apr. 1 Holders of rec. Mar. 15
Common class B (guar.)
12c. May 1 Holders of rec. Apr. 16
1;4 Apr. 1 Holders of rec. Mar. 15
6% pref. (guar.)
Preferred class A new (quar.)
81.63 Apr. 1 Holders of rec. Mar. 15
Apr. 18 Holders of rec. Mar. 31
Middle West Utilities, pref. (quar.)____ 2
Preferred class B. new (quay.)
Apr. 1 Holders of rec. Mar. lb
$1.50 Apr. 16 Holders of rec. Mar. 31
$6 preferred (quar.)
United Lt.& Pr. old corn. A & B (qu.)_ _
60e. May 1 Holders of rec. Apr. 16
Minnesota Power & Light,7% pf.(qu.)_ 1% Apr. 2 Holders of rec. Mar. 15
United Public Service, $7 pref. (quar.)_ _ 51.75 Apr. 1 Holders of rec. Mar. 15
2
Apr.
$1.50
$6 preferred (quar.)
Holders of rec. Mar. 15
United Utilities, Co., pref. (quar.)
194 Apr. 2 Holders of rec. Mar. 21
Midland Utilities, 7% prior lien (guar.). IN Apr. 6 Holders of rec. Mar. 22
Utah Gag & Coke, pref. & part. pf.(qu.) $1.75 Apr. 2 Holders of rec. Mar. lb
1% Apr. 6 Holders of rec. Mar. 22
6% prior lien (guar.)
Utah Power & Light, $7 pref.(qual.)... $1.75 Apr. 1 Holders of rec. Mar. 5
7% pref. class A (guar.)
1% Apr. 6 Holders of rec. Mar. 22
$6 preferred (guar.)
$1.50 Apr. 2 Holders of rec. Mar. b
6% pref. class A (guar.)
1% Apr. 6 Holders of rec. Mar. 22
Utilities Power & Light, class A (guar.) _ 8500. Apr. 2 Holders of rec. Mar. 9
Missouri Power & Light, pref. (qual.)
1% Apr. 2 Holders of rec. Mar. 200
Class B (guar.)
s25e. Apr. 2 Holders of rec. Mar. 9
Mohawk Valley Co.(guar.)
50c. Apr. 2 Holders of rec. Mar.200
Preferred (guar.)
131 Apr. 2 Holders of rec. Mar. 9
MonongabelaW.Penn PUb.Ser..pf.(qu.)- 43% Apr. 2 Holders of rec. Mar. 15
Western Massachusetts Co.(guar.).b0c. Mar. 31 Holders of rec. Mar. 15
Montana Power, corn. (guar.)
1% Apr. 2 Holders of roe. Mar. 130 Western Union Teleg. (quar.)
2
Apr. 16 Holders of rec. Mar.234
Mountain States Pow. pref. (guar.).- -- 1% Apr. 20 Holders of rec. Mar. 31
West Kootenay Pow. & L.. pf. (guar.) - 154 Apr. 2 Holders of rec. Mar.28
Municipal Service, pref. (guar.)
500. Apr. 1 Holders of rec. Mar. 15
West Penn. Electric Co., class A (guar.)_ $1.75 Mar. 30 Holders of rec. Mar. 150
National Elec. Power pref. (quar.)
1% Apr. 1 Holders of rec. Mar. 20
West Penn Power Co.,7% pref.(guar.)- 134 May 1 Holders of rec. Apr. ba
National Power & Light, corn.(guar.) - *25c. June 1
. 8% preferred (guar.)
134 May 1 Holders of rec. Apr. ba
Preferred (guar.)
$1.75 Apr. 2 Holders of rec. Mar. 14
Winnipeg Electric Co., pref.(quar.)_.__
114 Apr. 1 Holders of rec. Mar. 6
Nevada Calif. Elec. Corp., pref.(guar.)_
1% May 1 Holders of rec. Mar.30
New England Pow.Assoc., pref.(guar.). $1.50 Apr. 2 Holders of rec. Mar. 17
Banks.
New Eng.Power Co., pref.(guar.)
61.50 Apr. 2 Holders of rec. Mar. 17a America (Bank of) (quar.)
3
Apr. 2 Holders of rec. Mar.d220
New England Public Serv., corn.(qu.).. *450. Mar. 31 *Holders of rec. Mar. 15
Bowery & East River Nat.(quar.)
4
Mar. 31 Mar. 27 to Apr. 1
$7 preferred (guar.)
$1.75 Apr. 15 Holders of rec. Mar. 31
Chase National (guar.)
33,4 Apr. 2 Holders of rec. Mar. 130
Adjustment preferred (guar.)
*81.62 Apr. 14 *Holders of rec. Mar. 31
Chase Securities (guar.)
$1
Apr. 2 Holders of roc. Mar. 136
$5 preferred (guar.)
14
Apr.
•$1.50
*Holders of rec. Mar. 31
Chatham & Phenix Nat. Ilk. & Tr.(qu.) 4
Apr. 2 Mar. 16 to Apr. 1
New England Telep.& Teleg (guar.)
Mar. 31 Holders of rec. Mar. 10
2
Chelsea Exchange (guar.)
2
Apr. 2 Holders of roe. Mar. 23a
New Jersey Power & Light, Ed pf.(qu.). 51.50 Apr. 1 Holders of rec. Mar. 15
Colonial (guar.)
3
Apr, 2 Mar. 21 to Apr. 1
New York Cent. Elec. Corp.. pref.(qu.) 1% Apr. 1 Holders of rec. Mar. 16
Commerce, Nat. Bank of (guar.)
434 Apr, 2 Holders of rec. Mar. 160
New York Steam Corp.$7 pfd.(guar.).- $1.76 Apr. 2 Holders of rec. Mar. lba Commercial Exchange (guar.)
234 Mar. 31 Holders of rec. Mar. 16
$6 preferred (guar.)
$1.50 Apr. 2 Holders of roe. Mar. lba Fifth Avenue (guar.)
6
Apr. 2 Holders of rec. Mar.310
New York Telephone pref. (guar.)
1% Apr. 16 Holders of rec. Mar. 200 First National (guar.)
d5
Apr. 2 Holders of rec. Mar. 310
Niagara Falls Power pref. (guar.)
43340. Apr. 16 Holders of rec. Mar. 310 First Security Co.(guar.)
d20
Apr. 2 Holders of rec. Mar. 310
North American Co., coin. (quar.)
f234 Apr. 2 Holders of rec. Mar. ba Manhattan Co.(Bank of the)(guar.)._ _ 4
Apr. 2 Holders of rec. Mar. 200
Preferred (guar.)
Old stock ($50 par). guar.)
115 Apr. 2 Holders of rec. Mar. ba
52
Apr, 2 Holders of rec. Mar. 20a
Northeastern Power Corp., coin. (qu.)-lbc Apr. 1 Holders of rec. Mar. 15
Municipal (Brooklyn) (guar.)
234 Apr. d2 Mar. 21 to Mar. 31
Class A (guar.)
National City (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 15
4
Apr. d2 Holders of rec. Mar. 17
Northern Ind. Pub.Serv.,7% pf.(qu.)_ 1% Apr. 14 Holders of rec. Mar, 31
National City Company (guar.)
3
Apr. 2 Holders of rec. Mar. 17
6% pref.(guar.)
1% Apr. 14 Holders of roe. Mar. 31
Park, National (guar.)
8
Apr. 2 Holders of rec. Mar. 160
North. Mex.Pow.& Devel., corn.(qu.)
Public Nat. Bank & Trust. stock div_ e20
Apr. 2 Holders of rec. Mar. 15
1
Mar.31 Holders of rec. Mar. 1
Preferred (guar.)
Public Nat. Bank di Trust Co.(guar.)._ 4
131 Apr. 2 Holders of roe. Mar. 15
Apr. 2 Holders of reo. Mar.20
Northern Ohio P. & L., 6% pf. (quar.)
Seaboard National (guar.)
1% Apr. 2 Holders of rec. Mar. 15
4
Apr. 2 Holders of rec. Mar.23
Seventh National (guar.).(No. 1)
7% preferred (guar.)
1% Apr. 2 Holders of rec. Mar. 15
134 Apr, 2 Holders of rec. Mar. 26
Northern States Power, corn. A.(aI.) - 2
May 1 Holders of rec. Mar. 31
United States(Bank of)(guar.)
334 Apr. 2 Holders of rec. Mar. 200
7% preferred (guar.)
1% Apr. 20 Holders of rec. Mar. 31
6% preferred (guar.)
1% Apr. 20 Holders of rec. Mar. 31
Trust Companies.
Northport Water Works, pref. (guar.)._
134 Apr. 1 Holders of rec. Mar. 16
Northwest Utilities, prior lien pf. (qu.). 1% Apr. 2 Holders of rec. Mar. 164 Amer. Exchange-Irving Trust (guar.)._
33,4 Apr. 2 Holders of rec. Mar. 16
Ohio Bell Telep., pref. /guar.)
1% Apr, 1 Holders of rec. Mar. 200 Bence Commerciale Madams Tr.(gu.).
231 Apr, 2 Holders of rec. Mar. 156
Ohio Edison Co.,6% pref. 'guar.)
Bank of Europe Trust(guar.)
134 June 1 Holders of rec. May 15
234 Apr. 2 Holders of rec. Mar.20
Bank
1
Holders
June
of
N.Y.
1.65
of rec. May 15
di Trust Co.(quar.)
6.6% Preferred (guar.)
43,4 Apr, 2 Holders of rec. Mar. 230
7% preferred (guar.)
Brooklyn (guar.)
1% June 1 Holders of rec. May 15
8
Apr. 2 Holders of rec. Mar. 24
5% preferred (guar.)
Equitable (guar.)
134 June 1 Holders of rec. May 15
3
Mar. 31 Holders of rec. Mar. 166
6% preferred (monthly)
50e. Apr. 2 Holders of rec. Mar. 15
Fulton (guar.)
23,4 Apr. 2 Holders of rec. Mar. 19
6% preferred (monthly)
50c. May 1 Holders of rec. Apr. 16
Guaranty (guar.)
4
Mar. 31 Holders of rec. Mar. 16
50c. June 1 Holders of rec. May 15
6% Preferred (monthly)
Manufacturers(guar.)
b
Apr. 2 Holders of rec. Mar.150
55c Apr. 2 Holders of rec. Mar. 15
Title Guar.& Trust (extra)
BA% Preferred (monthly)
Waal Holders of rec. Mar.22
55c May 1 Holders of rec. Apr, 16
6.6% preferred (monthly)
United States (guar.)
15
Apr. 2 Holders of roe. Mar.210
55e June 1 Holders of rec. May 15
6.6% Prefened (monthly)
Westchester (guar.)
*3
Apr. 2 5Holders of rec. Mar. 27
Name of Company.




MAR. 24 1928.]
Name of Company.

1769

FINANCIAL CHRONICLE
When
Per
Cent. Payable.

Books Closed
Days Inclusive.

Name of Company.

Per
When
Cent. Payable

Books Closed
Days Inclusive.

Miscellaneous (Continual).
Fire Insurance.
Apr. 5 Holders of rec. Mar.22
$1
Bingham Mines Co.(guar.)
Apr. 10 Holders of rec. Mar. 31
4
City of New York (quarterly)
Bloch Brothers Tobacco, corn (qua?.).. 37.%o. May lb May 10 to May 14
31
Mar.
to
21
*Mar.
2
Apr.
*234
Hanover (guar.)
to
Aug. 14
Aug. 15 Aug 10
3734c.
Common
(
31
Mar.
rec.
Apr. 9 Holders of
5
Home Insurance (quarterly)
37340. Nov.15 Nov. 10 to Nov. 14
Common (guar.)
82.50 Apr. 6 Holders of rec. Mar. 2
Niagara Fire (quar.)
134 Mar. 31 Mar. 26 to Mar.30
Preferred (quar.)
14a
Mar.
rec.
of
Holders
2
Apr.
81.50
Roasts (guar.)
1% June 30 June 25 to June 29
Preferred (guar.)
Miscellaneous
14 Sept.30 Sept. 25 to Sept. 29
Preferred (guar.)
134 Apr. 2 Holders of rec. Mar.20
Abitibi Power & Paper, pref.(guar.).
134 Dee. 31 Dec. 26 to Dee. 30
(guar.)
Preferred
20a
Mar.
1
rec.
of
Apr.
Holders
$1.25
Acme Steel(guar.)
3734c Apr. 1 Holders of rec. Mar. 15a
I% Mar.31 Holders of rec. Mar. 156 Bohn Aluminum & Brass (guar.)
Adams Express. COM.(guar.)
Apr. 2 Holders of rec. Mar.20a
$1
Borg & Beck (guar.)
Mar.
rec.
of
15a
Holders
31
Mar.
134
Preferred (guar.)
Apr. 16 Mar. 24 to Apr. 15
$1
Borne Scrymser Co
134 Mar. 31 Holders of rec. Mar. 20
Aeolian Company. pref.(guar.)
Apr. 16 Mar. 24 to Apr. 15
50c.
Extra
134 Mar. 31 Holders of rec. Mar. 20
Aeolian.Webor Piano & Planola,pf.(qu.)_
1% Apr. 2 Holders of rec. Mar. 1
(qu.)
Prof.
Ltd..
Bmndram-Henderson.
196
Mar.
rec.
of
Holders
2
Apr.
3734c
Aero Supply Mfg.. Cl. A
Apr. 1 'Holders of rec. Mar.20
$1.75
(guar.)._
pref.
Co.,
50e. Apr. 2 Holders of rec. Mar. 160 Bridgeport Machine
Aetna Rubber, corn.(guar.)
50e. Apr. 2 Holders of rec. Mar. 15a
134 Apr. 2 Holders of rec. Mar. 160 Brillo Manufacturing, Inc.. el. A (qu.)_.
Preferred (guar.)
2 Mar. 16 to Mar.31
Apr.
25c.
(guar.)
registered
011,
British
American
50c. Apr, 15 Holders of rec. Mar.310
Air Reduction, new stk.(nu.).(No. 1)
25c. Apr. 2 Holders of couponNo. 5
Coupon (quarterly)
$1.50 Apr. 16 Holders of rec. Mar. 31a
Old stock (guar.)
Mar.31 Holdersofcoup. No.122n
(n)
ord.
Brit.
Tobacco,
(Interim).-Amer.
20
Mar.
rec.
of
'Holders
2
Apr.
"$1
_
Airway Elec. Appliance, corn.(guar.)_ _
Brunswick-Balke-Codender Co.,pf.(qu.) '134 Apr. 2 *Holders of rec. Mar.20
134 Apr. 2 Holders of rec. Mar.20
Preferred (quar.)
87340. Apr. 2 Holders of rec. Mar. 20
Buckeye Incubator (guar.)
50e. Mar. 31 Mar. 25 to Apr. 1
Albany Perforated Wrap.Pap.corn.(qu)
25e. Apr. 2 Holders of rec. Mar. 100
Bucyrus-Erie Co., corn. (No. 1)
1
Apr.
134 Mar.31 Mar. 25 to
Preferred (quar.)
62%c Apr. 2 Holders of rec. Mar. 10a
Convertible preferred (No. 1)
134 Apr. 1 Holders of rec. Mar. 15
Alberta Pacific Grain, pref.(quar.)
$1.75 Apr. 2 Holders of rec. Mar. 10a
Preferred
(guar.)
20
Mar.
rec.
of
'Holders
2
Apr.
*50c.
(guar.)
Allen & Fisher. Inc., corn.
134 Mar. 31 Holders of rec. Mar. 10a
.f$10 Apr. 10 Holders of rec. Apr. 56 Budd Wheel,7% 1st pref. (guar.)
Alliance Realty
30e. Apr. 2 Holders of rec. Mar. 19
(guar.)._
134 Apr. 2 Holders of rec. Mar. 146 Building Products, Ltd., cl. A
Allied Chemical & Dye Corp., pfd.(qu.)
151 Apr. 2 Holders of rec. Mar. 19
(guar.)
Preferred
19
Mar
rec.
of
62c. Apr. 2 Holders
Aloe(A. T.) Co.,common (guar.)
Apr. 2 Holders of rec. Mar. 180
141
Burns Bros.. pref. (guar.)
134 Apr. 2 Holders of rec. Mar. 19
Preferred (guar.)
50c. May 1 Holders of rec. Mar. 30a
14 Apr. 1 Holders of rec. Mar. 150 Bush Terminal, corn. (guar.)
Aluminum Co.of Am., pref.(guar.)
May 1 Holders of rec. Mar.300
11%
com,
stock).
in
Common
(payable
Amalgamated Laundries. pref. (mthly.) .5834c. Apr. 1 Holders of rec. Mar.156
154 Apr. 15 Holders of roe. Mar. 30a
Debenture stock (guar.)
5834c. May 1 Holoers of rec. Apr. lbo
Preferred (monthly)
Apr. 2 Holders of rec. Mar. 160
1%
(qua?.)_...
pref.
Terminal
Bush
Bldgs.,
156
May
rec.
Aiiygc June 1 Holders of
Preferred (monthly)
50c. Mar.31 Holders of rec. Mar. 140
50c. Apr. 30 Holders of rec. Apr. 160 Butte & Superior Mining (guar.)
Amerada Corp.(guar.)
66.11e Apr. 2 Holders of rec. Mar.20
1)--(No.
Clark,
pref.
7%
Buzza
Inc,,
31
Mar.
rec.
of
Holders
15
Apr,
&
14
corn.
American Art Works.
pref.(qu.)90e. Apr. 1 Holders of rec. Mar.22
Byers Machine, class A (guar.)
60c. Apr. 2 Mar. 6 to Mar. 20
American Bank Note, corn. (quar.)
500. Mar.20 Holders of rec. Mar. 54
By-Products Coke, corn. (guar.)
75c. Apr. 2 Mar. 6 to Mar. 20
Preferred (guar.)
37%0 Apr. 2 Holders of rec. Mar.20a
(qua?.)
B
&
Ink,
A
California
class
236
Mar.
40e. Mar. 31 Holders of rec.
Amer. Brake Shoe & Fdy.,corn.(qua?.)
Apr. 2 Holders of rec. Mar:15a
$1
134 Mar. 31 Holders of rec. Mar. 230 Cambria Iron
Preferred (guar.)
(guar.)._ _ _ •1% Apr. 2 *Holders of rec. Mar. 15
134 Apr. 2 Holders of rec. Mar. 160 Canada Bread, pref. A & B
American Can, pref (guar.)
Mar. 31 Holders of rec. Feb. 29
1%
(quar.)prof.
Ltd.,
Cement,
Canada
Amer. Car & Fdy.. common (quar.),... $1.50 Apr. 2 Holders of rec. Mar. 160
Apr. 16 Holders of rec. Mar.31
4
154 Apr. 2 Holders of rec. Mar. 16a Canada Iron Foundries, pref
Preferred (guar.)
Apr. 2 Holders of rec. Mar.24
2
Salt
Canada
Co.,
Ltd.
(guar.)
1
Apr.
to
22
134 Mar. 31 Mar.
American Chain, pref.(guar.)
Apr. 2 Holders of rec. Mar. 15
1%
pref.
(guar.)
75c. Apr, 1 Holders of rec. Mar.150 Canada S. S. Lines,
American Chicle, corn. (guar.)
1 'Holders of rec. Mar.1
Apr.
*50c.
Inc.(No. 1)
134 Apr. 1 Holders of rec. Mar. 150 Canadian Bankstocks,
Prior preferred (guar.)
80c. Apr. 16 Holders of rec. Mar.31
(qua?.)..
Ltd.
Corp.,
Canadian
Brewing
134 Apr. 2 Holders of rec. Mar. 15
American Cigar, pref.(guar.)
Holders of rec. Mar. 26
10
Apr.
1%
35e. Mar.31 Holders of rec. Mar. 12a Canadian Car & Fdy., pref. (quar.)-American Colortype (guar.)
of rec. Mar. 15
Canadian General Electric, pref.(qu.).. 1% Apr. 2 Holders
30e. Apr. 2 Holders of rec. Mar. 15
Amer. Cyanamid, corn. A & B (guar.)._
Holders of rec. Mar. 20
1
Apr.
1%
(quar.)...
pref.
Canadian Locomotive,
100. Apr. 2 Holders of rec. Mar. 15
Common A & B (extra)
to Apr. 4
21
Mar.
31
Mar.
2
Canfield Oil, corn.((Nan)
134 Apr. 2 Holders of rec. Mar. 15
Preferred (guar.)
June 30 *Holders of rec. June 20
*2
Common (guar.)
60c. Mar. 27 Holders of rec. Mar. 90
Amer. Encaustic Tiling, corn. (quar.)
'Holders
of
rm. Sept.20
30
Sept.
*2
Common (guar.)
$1.50 Apr. 2 Holders of rec. Mar. 16a
American Express (guar.)
Dec. 31 *Holders of rec. Dec. 20
*2
Common (guar.)
$1.50 Apr. 2 Holders of rec. Mar. 15
American Felt, pref.(guar.)
Apr. 4
to
21
Mar.
31
Mar.
1%
(guar.)
Preferred
20c. Apr, 2 Holders of rec. Mar. 146
Amer.Home Products(monthly)
•1% June 30 *Holders of rec. June 20
Preferred (guar.)
$1 Apr. 2 Holders of rec. Mar. 156
Amer. International Corp
Sept.30 *Holders of rec. Sept.20
•15i
(guar.)
Preferred
2Ia
Mar.
2
Apr.
Holders of rec.
134
Amer. Lindseed, pref.(guar.)
•151 Dec. 31 *Holders of reo. Dec. 20
Preferred (quar.)
134 July 2 Holders of rec. June 206
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 12a
134 Oct. 1 Holders of rec. Sept. 206 Case (J. I.) Thresh.Mach.. corn.
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 12a
Preferred
(guar.)
134 Jan2'29 Holders of rec. Dec. 216
Preferred (guar.)
750. Mar. 31 Holders of rec. Mar. 15
$2 Mar.31 Holders of rec. Mar. 130 Celotex Co.. corn.(qua?.)
Amer.Locomotive,corn.(guar.)
Mar. 31 Holders of rec. Mar. 15
$1.7
(guar.)
Preferred
31
Mar.
130
Holders
rec.
of
Mar.
134
Preferred (guar.)
Apr. 2 Holders of rec. Mar. 24
$1.50
Mar. 31 Holders of rec. Mar. 15a Central Aguirre Sugar Cos.(quar.)
American Manufacturing, corn. (guar.). 1
50c Apr. 10 Holders of rec. Mar.240
1
July 1 Holders of rec. June 150 Central Alloy Steel, corn. (guar.)
Common (guar.)
Apr. 1 Holders of rec. Mar.13a
144
(guar.)
Preferred
1
Oct. 1 Holders of rec. Sept. 156
Common (guar.)
50c Apr. 1 Holders of rec. Mar. 204
1
Dec. 31 Holders of rec. Dec. 15a Central Dairy Products, cl A (guar.) _
Common (guar.)
Apr. 1 Holders of rec. Mar. 15
e5
div.)
(stock
Co.
Electric
Century
31
Mar.
Holders
rec.
of
15a
Mar.
134
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 150
134 July 1 Holders of rec. June 150 Certain-teed Prod Corp., Corn, (quar.). 81
Preferred (quar.)
Holders of rec. Mar. 15a
14( Apr.
First and second prof.(qua?.)
134 Oct. 1 Ilolders of rec. Sept. 15a
Preferred (guar.)
Mar.31 Holders of rec. Mar. la
The.
Corporation
31
Dec.
Holders of rec. Dec. 15a Certo
(guar.)
134
Preferred (guar.)
Holders of rec. Mar. la
31
Mar.
256.
134 Apr. 2 Holders of rec. Mar. 10a
Extra
American Piano, pref. (guar.)
Holders of rec. Mar.25
134 Apr.
Champion Shoe Mach. 1st pf. (qu.)
Amer.Pneumatic Serv., 1st pref.(guar.) 873.4c Mar. 31 Holders of rec. Mar. 22
Holders of rec. Mar. 200
Apr.
134
50c. Mar. 31 Holders of rec. Mar. 22
Channon (H.) Co. let prof. (guar.)
Second preferred (guar.)
Holders of rec. Mar.20a
2 Apr.
Second preferred (quar.)
Amer Products Co.. partic pref.(guar.). *50c. Apr. 2 'Holders of rec. Mar. 15
of rec. Mar.206
Hloders
Apr.
10
31
Mar.
$1.25
accum.
Second
(acct.
pref.
Holders
rec.
of
Mar. 15a
American Radiator. corn. (guar.)
Holders of rec. Mar.15
250. Apr.
$1.50 Mar.31 Holders of re . Mar. 15a Chatterton & Bon
Amer. Railway Express (quar.)
Holders of rec. Mar. 10a
3
Mar.
$1
$1
2
Apr.
of
Mtg.
Holders
Consol.
rec.
Chesebrough
(quar.)
12a
Mar.
(guar.)
American Safety Razor
144 dMar3 Mar. 21 to Apr. 2
256. Apr. 2 Holders of rec. Mar. 12a Chicago Hy. Equip.(quar.)
Extra
Holders of rec. Mar.20a
250. Apr.
$1.25 Apr. 1 Holders of rec. Mar. 20a Chicago Yellow Cab (monthly)
American Salamandra Corp
Holders of roe. Apr. 200
250. May
Apr.
50c.
1
Monthly
Holders
of
206
me. Mar.
Extra
Holders of rec. May 18a
June
25c
750. 4pr. 1 Holders of rec. Mar.20a
Monthly
American Seating, common (quan)
6240 Mar.30 Holders of rec. Mar. 20
Apr. 2 Holders of rec. Mar. 156 Chile Copper Co.(guar.)
American Snuff, common (guar.)
Holders of rec. Mar. 17a
31
Mar.
760.
Apr.
2
134
Holders of rec. Mar. 15a Chrysler Corp.. corn. (guar.)
Preferred (quar.)
Mar. 31 Holders of rec. Mar. 176
2
750. Apr. 14 Holders of rec. Apr. 2a
Preferred (quar.)
Amer. Steel Foundries. Corn. (guar.)._ _
Holders of rec. June 16a
30
June
2
Mar.
31
134
Holders
of
Preferred
rec.
Mar. 15a
(guar.)
Preferred (quar.)
Sept. 29 Holders of rec. Sept. 176
2
50e. Apr. 2 Mar. 23 to Apr. 2
Preferred (qua?.)
American Stores Co.. corn.(quar.)
Jan.2'29 Holders of rec. Dec. 17a
2
144
2
Apr.
Holders
of
rec.
(quar.)
(quar.)_
Preferred
5a
Mar.
Amer. Sugar Refining. Pref.
34 Apr. 2 Holders of rec. Mar. 15
14 Apr. 2 Holders of rec. Mar. 100 Cities Service, corn. (monthly)
AmericanTobacco, prof. (guar.)
of rec. Mar.15
2
Apr. 14 Holders of rec. Apr. 5a
Common (payable in common stock).. 134 Apr. 2 Holders
American Type Founders, corn. (guar.)
44 Apr. 2 Holders of rec. Mar. 15
Apr.
14
134
of
(monthly).
Holders
BB
Preferred
rec.
pref.
and
Apr.
56
Preferred (guar.)
of rec. Mar. 15
Holders
2
Apr.
Sc.
I% Apr. 1 Holders of reo. Mar. 20a
Preferred B (monthly)
American Wholesale, pref. (guar.)
Holders of rec. Mar. 21
20e. Apr. 15 Holders of rec. Apr. 5
City Financial Corp., class A Mari-- 62440 Apr. 2
Angle Steel Stool (guar.)
Holders of rec. Mar. 27
2
Apr.
134
250.
Holders
15
of
July
rec. July 5
City Investing Co.. pref. (guar.)
Quarterly
Holders of rec. Mar. 5
250. Oct. 15 Holders of rm. Oct. 5
Claremont Inv. Corp pf.(qu.)(No. 1).. 3134e Apr. 1 Holders of rec. May 15a
Quarterly
50c. June 1
134 Apr. 1 Holders of rec. Mar. 10a Cleveland Stone(guar.)
MIMIC & Co.(of Del.). pref.(quar.)
Holders of rec. Aug. 156
1
Sept.
50c
134 Apr. 1 Holders of rec. Mar. 10a
Quarterly
Armour & Co. (Ill.), prof.(guar.)
*500. Apr. 2 Holders of rec. Mar. 20
134 Apr. 2 Holders of rec. Mar. 136 Club Aluminum Co.,coin.(guar.)
Armstrong Cork. corn.(guar.)
of rec. Mar. 210
,,,Holders
2
Apr.
14S
2
(qu.)
Apr.
pref.
134
Holders
of
rec. Mar. I30 Cluett. Peabody & Co.,
Preferred (guar.)
$1.25 Apr. 2 Holders of rec. Mar. 12a
750. Apr. 1 Holders of rec. Mar. 15a Coca Cola Co.(guar.)
Artloom Corp., common (guar.)
2 Holders of rec. Mar. 12a
Apr.
$2.50
3734c
31
of
Mar.
Holders
(quar.)
rec.
Cola
Mar.
200
Construction
Coca
International
(quan)
Art Metal
34 Mar.31 Holders of roe. Mar. 10a
Commercial Credit Co., coin. (qua?.)...
134 Apr. 16 Holders of rec. Mar. 31
Asbestos Corp., Ltd., pref. (guar.)
1% Mar. 31 Holders of rec. Mar. 100
50e. Mar. 31 Holders of rec. Mar. 190
634% first preferred (quar.)
Associated Oil (guar.)
mar. 31 Holders of rm. Mar. 10a
134
7%
first preferred (quar.)
Atlantic Gulf & West I. S. S. Lines
34 Mar. 31 Holders of rec. Mar. 10a
756. Apr. 6 Holders of rec. Mar. 26a
Preferred B (guar.)
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 15a
90o.
30
of
June
75e.
Holders
rec.
Ila
June
Tnnt.,
Commercial
Invest.
COM•
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar. 15a
75c. Sept. 29 Holders of rec. Sept. 100
7% 1st preferred (qua?.)
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar. 15a
75c. Dec. 31 Holders of rec. Doe. 110
634% lot preferred (quar.)
Preferred (guar.)
Apr, 2 Holders of rec. Mar.206
$2
Apr.
16
Holders
of
$1
(guar.)
(qua?.)
rec.
2
Apr.
Commercial Solvents
Atlas Plywood
5Gc. Apr. 2 Holders of rec. Mar. 220
$1
Apr. 2 Holders of roe. Mar. 220 Conde Nast Publications, corn. (guar.).Auburn Automobile (guar.)
Mar.31 Holders of rec. Mar. 146
$I
e2
2
Apr.
Holders
of
rec.
22a
Mar.
Congress
Cigar
dividend
(qua?.)
Stock
25c. Mar.31 Holders of rec. Mar. 140
75e. Apr. 1 Holders of rec. Mar. 10a
Extra
Auto-Strop Razor, class A (quar.)
190
154 Apr. 1 Holders of rec. Mar. 2f1a Consolidated Cigar Corp., corn. (qua?.).. $1.75 Apr. 2 Holders of rec. Mar. 16a
Babcock & Wilcox Co.(guar.)
1% May 1 Holders of rec. Apr.
25e. Apr. 1 Holders of rec. Mar.20a
Prior pref. (guar.)
Balaban & Katz, corn.(mthly.)
15
Mar.
rec.
of
Holders
I
Apr.
40e.
144 Apr. 1 Holders of rec. Mar.200 Consol. Film Industries. pref.(No. 1)Preferred (guar.)
Holders of rec. Mar. 26
83
Mar. 27 Holders of rec. Mar. 19
Consolidated Sand. Ltd. pref. (quar.)... 151 Apr. 2
Baltimore Brick, let prof
31
Mar.
rec.
of
*Holders
1
Apr.
*144
1
June
144
Holders of rec. May 120 Consumers Company, prior. pref.(qnsr.)
Bamberger(L.)& Co.. pref.(quar.).
30e. Apr. 1 Holders of rec. Mar.206
134 Sept. 1 Holders of rec. Aug. ha Container Corp., class A (guar.)
Preferred (quar.)
15c. Apr. 1 Holders of me. Mar. 200
14 Dec. 1 Holders of rec. Nov. 100
Class B (guar.)
Preferred (quar.)
154 Apr. 2 Holders of rec. Mar. 200
56e Apr. 1 Mar. 16 to Apr. 1
Continental Can, pref. (qua?.)
Bancitaly Corp. (guar.)
81.25 Mar. 30 Holders of rec. Mar. 160
kiC Mar. 31 Holders of rec. Mar. 15
62
Co.
Sons
(qtr.)
cont.
&
(Joseph)
Coty.
Inc.
(guar.)
Bancroft
• $1.87% Apr. 1 *Holders of rec. Mar. 15
150. Apr, 10 Holders of rec. Mar.31a
Cresson Consol. Gold Min.& Mill(qu.)Barker Bros.. 1st pref (guar.)
256. Apr. 1 Holders of rec. Mar. 20a
.$1.75 Apr. 1 *Holders of rec. Mar. 15
Crosley Radio Corp.(guar.)
Second preferred (guar.)
July 1 Holders of rec. June 204
25c.
Spindler
Quarterly
Barnhart Bros. &
25e. Oct. 1 Holders of rec. Sept. 20a
*IN May 1 *Holders of rec. Apr. 23
Quarterly
Finn and second prof. (guar.)
Jan 1'29 Holders of rec. Dec. 20a
25e.
1
July
$1.75
Holders
of
(quar.)
rec.
200
June
pref.
Quarterly
Co..
-Blessing
Bastian
81.75 Oct. 1 Holders of rec. Sept.20a Crowley, Milner & Co.
Preferred (uuar.)
50c Mar. 31 Holders of rec. Mar. 10
$1.75 Apr. 1 Holders of rec. Mar.20a
Common (quar.)(No. 1)
Preferred (guar.)
31.75 Apr. 2 Mar. 21 to Apr. 2
'500 Apr.
*Holders of rec. Mar.20
Crown Finance Corp.. pref.(guar.)
Baxter Laundries. corn., A (guar.)
Apr. 1 Holders of rec. Mar. 130
$1.75
Apr. 2 Holders of rec. Mar. 23a Crown Willamette Paper. lot pf.(qu.)..
$3
Bay state Fishing, corn.(No. 1)
$1.50 Apr. 1 Holders of rec. Mar. 13a
70c Apr .2 Holders of rec. Mar. 23a
Second pref.(guar.)(No. 1)
Prior pref. and prof. (guar.)
Mar.31 Holders of rec. Mar.15a
144
1
Apr.
*Holders
_
_
of
_
_
rec. Mar. 31
*154
Crucible Steel. pref. (guar.)
Bayuk Cigars, Inc., Ist pref (guar.)
250 Apr, 2 Holders of rec. Mar. 3a
'134 Apr. 15 *Holders of rec. Star. 31
Cuban-American Sugar, corn.(quar.)--Cony. 2d pref.(guar.)
2 Holders of rec. Mar. 3a
Apr.
144
*2
*Holders
1
of
Apr.
rec.
31
Mar.
(guar.)
Preferred
(guar.)
Eight per cent pref.
25c Apr. 15 Apr. 1 to Apr. 15
60c Apr. 10 Holders of rec. Mar. 240 Darby Petrol. Corp.(guar.), No. 1
Beech-Nut Packing ((Mar.)
141 Apr. 1 Holders of rec. Mar.20
(guar.)
I
May
(guar.)._
pref.
50c.
Holders
roe.
of
corn.
Mills,
20a
Apr.
Co..
Davenport
Hosiery
Henimway
Belding
June 1 Holders of rec. May 19
(guar.)... 134 Apr. 10 Holders of rec. Mar. 31
Decker (Alfred) & Cohn, pref.(guar.).- 134 Sept. 1 Holders of rec. Aug. 200
Belgo Canadian Paper, corn.
134
134 Apr. 2 Holders of rec. Mar. 1
Preferred (Quar.)
Preferred (guar.)
Apr. 2 Holders of rec. Mar. 15a
134
d2
Apr.
500.
Holders
of
rec.
(quar.)
15a
1)
Mar.
(qua?.)
Deere & Co., corn.(No.
Bend's Corp., class A
1 Holders of
Apr. 20a
300. Apr. 1 Holders of rm. Mar.20
Denison Manufacturing. pref. (qua?.).. 144 May 1 Holders of rec.
Berry Motor (guar.)
rec. Apr. 20a
May
2
2
Apr.
144
Holders
of
rec.
Mar.
(guar.)
5a
Debenture
(quar.)
stock
pref.
Bethlehem Steel.
Holders
2
of
rec.
Apr.
Mar. 15
2
Apr,
2
of
256.
Holders
rec. Mar.20
Detroit & Cleveland Nay.(quar.)
Bliss(E. W.) Co., corn. (guar.)
60c Apr. 1 Mar. 22 to Apr. 1
Apr 2 Holders of rec. Mar. 20
$I
Devoe & Raynolds, corn., A & B (guar.
First preferred (guar.)
Apr. 1
to
22
Mar.
1
Apr.
40c
2
Apr
Holders
of
8734c
rec.
Mar.
20
&
A
Common.
B (extra)
Second pref., class A (guar.)
S134 Apr. 1 Mar.22 to Apr. 1
15o Apr 2 Holders of rec. Mar.20
First and second pref. (guar.)
Second pref., class B (guar.)




1770

FINANCIAL CHRONICLE
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

[VOL. 126.

Per
When
Books Closed
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Detroit Creamery (guar.)
*40c. Apr. 2 *Holders of rec. Mar. 22
Glidden Co., prior pf. (soar.)
134 Apr. 1 Holders of rec. Mar. 15a
Dictograph Product Corp.. pref. (qu.)
Apr. 16 Holders of rec. Mar. 31
2
Goodyear Textile (guar.)
*51.75 Apr. 2 *Holders of rec. Mar.20
Dodge Brothers. Inc., pref. (quar.)
$1.75 Apr. 15 Holders of rec. Mar. 27
Goodyear Tire & Rubber, 1st pf (quar) SI 75 Apr 1 Holders of rec Mar be
Doehler Die-Casting, pref. (guar.)
15.i Apr. 2 Holders of rec. Mar. 20a
Preferred
SI 75 Apr 1 Holders of rec Mar 1
Preferred (50% paid)
8791c Apr. 2 Holders of rec. Mar. 20a Goodyear Tire & Rub. of Calif., pf.(q11.)'
1 91 Apr. 2 *Holders of rec. Mar. 20
Allotment ctfs.(75% paid)
51.3191 Apr. 2 Holders of rec. Mar. 20
Goodyear Tire & Robb. of Can., pf.(qu.) 15.1 Apr. 2 Holders of rec. Mar. 15
Dome Mines. Ltd.,(guar.)
250. Apr. 20 Holders of rec. Mar. 31
Gossard (H. W.) Co.. com.(monthly)..- 33 1-3c Apr. 1 Holders of rec. Mar. 216
Dominion Engineering Wks.(quar.)_ _ _
65e. Apr. 14 Holders of rec. Mar. 31
Common (monthly)
331-30 May 2 Holders of rec. Apr. 200
Dominion Glass common (guar.)
114 Apr. 2 Holders of rec. Mar. 15
Common (monthly)
33 1-3c June 1 Holders of rec. May 21a
Preferred (quar.)
191 Apr. 2 Holders of rec. Mar. 15
Common (monthly)
33 1-3c July 2 Holders of rec. June 200
Dominion Stores, Ltd.(guar.)
750. Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
el% May 1 Holders of rec. Apr. 200
Dominion Textile, Ltd., corn. (quar.)- - $1.25 Apr. 2 Holders of rec. Mar. 15
Gotham Silk Hosiery vol. stock (quar.)
:62)4c Apr. 2 Holders of rec. Mar.15a
Preferred (guar.)
131 Apr. 16 Holders of rec. Mar. 31
Non-voting stock (guar.)
62)4c. Apr. 2 Holders of rec. Mar. 15a
Douglas (W. I..) Shoe Co.. pref. (guar.) 1% Apr. 2 Holders of rec. Mar. 15
Gould Pumps. Inc., com. (quar.)
2
Apr. 2 Holders of rec. Mar. 20
Draper Corporation (guar.)
1 Holders of rec. Mar. 3a
.
.32
A
Mparr
Preferred (Soar.)
1
111 Apr. 2 Holders of rec. Mar. 20
Dunham (James H.) com. (guar.)
Holders of rec. Mar. 19
Grasselli Chemical, corn. (guar.)
$191
2
Mar.
31 Holders of rec. Mar. 15
First preferred (guar.)
Preferred (guar.)
191 Apr. 2 Holders of rec. Mar. 19
134 Mar. 31 Holders of rec. Mar. 15
Second preferred guar.)
Graton & Knight Co.. PI. (au.) (No. 1)_
191 Apr. 2 Holders of rec. Mar. 19
May
15
154
Holders of rec. Apr. 166
Dunhill International. corn. (quar.)___, $I
Apr. 10 Holders of rec. Apr. la Great Lakes Steamship
$1.25 Apr. 1 Holders of rec. Mar. 220
(guar.)
Du Pont(E.I.) de Nem.,deb.stk.(qu.)191 Apr. 25 Holders of rec. Apr. 10a Great Lakes Towing,com.(guar.)
51.25 dMar31 Holders of rec. Mar. d16
Durant Motors of Canada (guar.)(N 0.1) 1
Mar.31 Holders of rec. Mar. 10
Preferred (guar.)
131 dA pr. 1 Holders of rec. Mar. d16
Early dr Daniel, com.(guar.)
62310 Apr. 1 Holders of rec. Mar. 20a Great Northern Iron Ore Properties_
75e. Apr. 30 Holders of rec. Apr. 9a
Common (extra)
25c. Apr. 1 Holders of rec. Mar. 20a Great Western Sugar, corn. (quar.) _
70e. Apr. 2 Holders of rec. Mar. 15d
Preferred (guar.)
114 Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
154
Apr. 2 Holders of rec. Mar. 156
Eastern Rolling Mid (quar.)
37910. Apr. 1 Holders of rec. Mar. 200 Green (Daniel) Felt Shoe, pref. (guar.)
_ 51.50 Apr. 2 Holders of rec. Mar. 15
Eastern Steamship Lines, no par pf.(qu.)
Holders of rec. Apr. 4
Greenfield Tap & Die corp..6%
134 Apr. 2 Holders of rec. Mar. 15
Pf.(111.)
First preferred (guar.)
81
6 Holders of rec. Mar. 22
7)1e Apr. 12
8% pref.(guar.)
Apr. 2 Holders of roe. Mar. 15 .
Eastman Kodak.corn.(guar.)
$1.25 Apr. 2 Holders of rec. Feb. His Greif Bros. Cooperage. corm, A (quar.)_
80e. Apr. 2 Holders of rec. Mar. 15
Common (extra)
75e. Apr. 2 Holders of rec. Feb. 29a Guantanamo Sugar, pref.
2
Apr.
2 Holders of
(guar.)
Mar. 150
Preferred (guar.)
191 Apr. 2 Holders of rec. Feb. 29a Guardian Invest. Trusts, pref. (quar.) .375ic Apr. 1 *Holders of rec.
rec. Mar. 15
Economy Stores(guar.)
6 *Holders of rec. Apr. 2
pr
5c. a
r. 12
Gulf Oil Corp. (Soar.)
Ap
125i
.
373-Sc. Apr. 2 Mar. 21 to Mar. 25
ELsenlohr(Otto)& Bro. pref.(quar.)_ _
Holders of rec. Mar.200 Gulf States Steel, pref. (guar.)
13-4 Apr. 2 Holders of rec. Mar. 150
Electric Auto-Lite Co. (guar.)
51.50 Apr. 1 Hoiners.of rec. Mar. 220 Gurd (Charles) & Co.. Ltd.. corn
500. Apr. 1 Holders of rec. Mar. 15
Electric Controller & Mfg.(guar.)
1 Holders of rec. Mar. 200
51.25 Apr. 2
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 15
134
Elec. Stor. Battery, corn. & pref.(guar.) $1.25
mar. 30 Holders of rec. Mar. 8a Hall(W. F.) Printing (guar.)
Apr.
7
25c. Apr. 30 Holders of rec. Apr. 20
Elliott Fisher Co., corn. & corn. B
Holders of rec. Mar. 150 HarnmermIll Paper, pref. (guar.)
134 Apr. 2 Holders of rec. Mar. 206
Preferred (quar.)
114 Mar.30 Holders of rec. Mar. 150 Hanes (P. H.) Knitting, pref. (quar.)
134 Apr. 2 Holders of rec. Mar.20 •
Emerson Elec. Mfg., pref.(guar.)
Apr. 1 Holders of rec. Mar. 20
Harblson-Walker Refract.. pref. (qu.)
134 Apr. 20 Holders of rec. Apr. 100
Empire Safe Deposit (quar.)
Hawaiian Pineapple, Ltd. (monthly)
291 Mar.30 Holders of rec. N1ar. 23
•15c. Mar. 31 *Holders of rec. Mar. 31
Emporium Capwell Corp. (guar.)
;i Mar.24 Holders of rec. Mar. I
Hazel-Atlas Glass (quar.)
*50c. Apr. 2 *Holders of rec. Mar. 24
Endicott-Johnson Corp., corn. (quar.)-- $1.25 Apr. 1 Holders of rec. Mar. 206
Extra
'
1231e Apr. 2 *Holders of rep. Mar. 24
Preferred (guar.)
15‘ Apr. 1 Holders of rec. Mar. 206 Helme (George W.) Co., corn.
51.25
Apr. 2 Holders of roe. Mar. 120
(guar.).Equitable Office Bldg., corn.(quar.)__-Holders of rec. Mar. 15a
Preferred (guar.)
154 Apr. 2 Holders of rec. Mar. 120
Preferred (guar.)
. 2 Holders of rec. Mar. I5a Hercules Powder, corn. (guar.)
75 Apr.
.1
5111
Mar. 24 Mar. 16 to Mar. 24
2
European Corp.. corn. (guar.)
1 *Holders of rec. Mar. 1
NIparr..24
Hibbard,Spencer, Bartlett & C,o.(mthly)
.
5*150c. A
35c. Mar.30 Holders of rec. Mar.23
Evans Auto Loading. A & B (quar.)__
*Holders of rec. Mar. 26
Hilicrest Collieries, corn. (guar.)
114 Apr. 14 Holders of rec. Mar. 31
Fairbanks. Morse & Co.. corn. (quar.)_.
75c. afar. 31 Holders of rec. Mar. 120
Preferred (guar.)
131
Apr. 14 Holders of rec. Mar. 31
Fair (The), corn. (monthly)
200. Apr. 2 Holders of rec. Mar. 21a Hollinger Cons, Gold M.& M.
10c. Mar. 24 Holders of rec. Mar. 7
(mthly)Common (monthly)
*200. May 1 Holders of rec. Apr. 20
Holly Oil (quar.)
25e. Mar. 31 Holders of rec.Mar. dlba
•1% May 1 Holders of
Preferred (guar.)
Homestake Mining (monthly)
rec. Apr. 20
50e Mar. 26 Holders of rec. Mar. 200
Fanny Farmer Candy Shops, com.(qu.).
250. Apr. 1 Holders of rec. Mar. 156 Hood Rubber Co.,corn.(guar.)
$1
Mar.31 Mar. 21 to
Apr. 1
Comm on (guar.)
25c. July 1
Horn & Hardart Baking, Phila. (quar.)_ $1.25 Apr. 1 Mar. d'22 to Apr. I
Common (guar.)
25e. Oct. 1
Extra
50c. Apr. I Mar. d22 to Apr. 1
Common (guar.)
25e. Jan 1'29
Hudson Motor Car (guar.)
51.25 Apr. 2 Holders of rec. Mar. 12a
Preferred (guar.)
60e. Apr. 1 Holders of rec. Mar. 150 Humble Oil & Refining (guar.)
30c. Apr. 1 Mar. 13 to Mar. 31
Fashion Park,Inc.,com.(guar.)
50c. May 31 Holders of rec. May 17a
Extra
20c. Apr. 1 Mar. 13 to Mar. 31
Common (guar.)
50c. Aug. 31 Holders of rec. Aug. 17a Hydraulic Press Brick, pref.
191
Apr. 2 Holders of rec. Mar. 24
(quar.)...._
Common (quar.)
500. Nov. 30 Holders of rec. Nov. 30a
Illinois Brick (guar.)
60e. Apr. 14 Apr. 4 tt
Apr. 18
Faultless Rubber, corn. (guar.)
50e. Apr. 2
March 16
Quarterly
60e. July 14 July 4 to July 15
Preferred (quar.)
61
1234a Apr. 2
Quarterly
March 16
6130. Oct. 15 Oct. 4 to Oct. 15
Federal Knitting Mills, com. (quar.)
May
Holders of rec. Apr. 150 Imperial Tob. of Canada.ord.(interim)
191 Mar. 30 Holders of rec. Mar. 8
__
Common (extra)
12)5c May 1 Holders of rec. Apr. 150
Preferred
3
Mar. 31 Holders of rec. Mar. 8
Federal Motor Truck (guar.)
200. Apr. 2 Holders of rec. Mar. 170 Incorporated Investors(stock
e2
16 Holders of rec. June 290
Stock dividend
1291 Apr. 5 Holders of rec. Mar. 170 Independent Pneumatic Tool dividend)_ *31 July
Apr. 2 •Holders of rec. Mar. 24
(guar.)._ _
Federal Terra Cotta Co.. pref. (quar.). 2
Mar. 31 Mar. 22 to Apr. 1
Indian Motocycle. Prof.(quar.)
131
Apr.
2 Holders of rem Mar. 23a
Feltman & Curme Shoe. pref. (qu.)__
191 Apr. 1 Holders of rec. Mar. 1
India Tire & Rubber, pref. (guar.)
134 Apr. 2 Holders of rec. Mar. 20a
Fifth Ave. Bus Securities ((zuar.)
160. Apr. 17 Holders of rec. Apr. 3a Industrial Acceptance
Corp.. 1st pd.(qu) 1% Apr. 2 Holders of rec. Mar. 23
Finance Co. of Amer. (Bait.)
Second preferred
2
Apr. 2 Holders of rec. Mar. 23
Common. A and B (guar.)
15c. Apr. 16 Holders of rec. Apr. 56 Industries Develop.(guar.)
2
Mar. 31 Mar. 28 to
Apr. 1
Seven per cent. pref. (guar.)
4351e. Apr. 16 Holders of rec. Apr. 50 Inland Steel, pref. Corp. pref.
(guar.)
131 Apr. 2 Holders of rec. Mar. 150
Financial & Indust. Secur., com.(guar.) 5750. Apr. 1 *Holders of rec. Mar. 16
Inland Wire & Cable (guar.)
*50e Apr. 2 *Holders of rec. Mar. 23
Common (extra)
*35c. Apr. 1 *Holders of rec. Mar. 16
Insurance Securities, Inc.(guar.)
3S5 Apr. 2 Holders of rec. Mar. 20
Preferred (guar.)
'191 Apr. 1 *Holders of rec. Mar. 16
Intercontinental Rubber (guar.)
25c Mar. 31 Holders of rec. Mar. 246
Financial Investing Co., corn. (qu.)
300 Apr. 1 Holders of rec. Mar. 10
Interlake Steamship (guar.)
51.50 Apr. 1 Mar. d17 to
Apr. 1
Common (extra)
10c. Apr. 1 Holders of rec. Mar. 10
Internat. Business Machines (quar.)
51.25 Apr. 10 Holders of rec. Mar. 22a
Firestone Tire & Rubber. 6% pf. (guar.) 1
Apr. 15 Holders of rec. Mar. 30
Internat. Buttonhole Mach.(quar.)..
20c Apr. 2 Holders of rec. Mar. 15
First Federal Foreign Invest Trust
$1.75 May 15 Holders of rec. May 1
Internat. Cement. COM.(guar.)
$1
Mar. 30 Holders of rec. Mar. 126
First Nat Pictures, 1st pref. (guar.).- 2
Apr. 1 Holders of rec. Mar. 136
Preferred (Soar.)
13-4 Mar. 30 Holders of rec. Mar. 12a
First Nat. Stores, common (guar.)
37)4c Apr. 2 Holders of rec. Mar. 200 Internat. Combustion Eng..,
pref. (qu.). 51.75 Apr. 1 Holders of rec. Mar. 16a
Flatbush Investing Corp., com.(Soar.). 191 Mar. 31 Holders of rec. Mar. 15
Internal. Equities. class A (guar.)
87Sic Apr. 1 Holders of rec. Mar. 20
Fleischmann Co (qusX.)
750. Apr. 2 Holders of rec. Mar. 13a International Harvester,
corn. (Soar.).... 134 Apr. 16 Holders of rec. Mar.260
Flintkote Co., com.(guar.)
75c. Apr. 16 Holders of rec. Apr. 11
Internat. Match, corn.(Soar.)
80c Apr. 16 Holders of rec. Mar. 246
Convertible pref. (guar.)
51.75 Apr. 16 Holders of rec. Apr. 11
Participating. pref.(quar.)
80c Apr. 16 Holders of rec. Mar. 240
Flour Stills of Amer.. Inc., pref., A (qu.) $2
Apr. 1 Holders of rec. Mar. 15
International Nickel, corn. (quar.)
500 Mar. 31 Holders of rec. Mar. 15a
300. Apr. 1 Mar. 21 to Mar. 31
Foote Bros. Gear & Mach.. corn. (du.). _
International Paper..43% pref. (guar.)- 154 Apr. 16 Holders of rec. Apr. 20
Preferred (guar.)
191 Apr. 1 Mar. 21 to Mar. 31
Seven per cent
13-4 Apr. 16 Holders of rec. Apr. 20
(quar.)
Forhan Company,corn.(attar.)
250. Apr. 2 Holders of rec. Mar. 150 International Saltpref.
1)4 Apr. I Holders of rec. Mar. 15a
(guar.)
Class A (quarterly)
40e. Apr. 2 Holders of rec. Mar. 150 Internat. Securities Co., Inc.
'331
Apr. 2 *Holders of rec. Mar. 20
(guar.)
Formica Insulation (guar.)
25c. Apr. 1 Holders of rec. Mar. 150 International Shoe,
50c Apr. 1 Holders of rec. Mar. 15
corn. (quar.)
Extra
10c. Apr. 1 Holders of rec. Mar. 150
Preferred (monthly)
50c Apr. I Holders of rec. Mar. 15
Quarterly
250. July 1 Holders of rec. June 15a International Silver, pref. (quar.)
131 Apr. 1 Holders of rec. Mar. 120
Extra
10e. July 1 Holders of rec. June 150 Intertype Corp., 1st
$2 Apr. 1 Holders of rec. Mar. 214
Quarterly
25e. Oct. 1 Holders of rec. Sept. 150 Iron Products Corp pref. (guar.)
1.37.55 Mar.31 Holders of rec. Mar. 154
Extra
10e. Oct. 1 Heide., of rec. Sept. 150 Island Creek Coal, corn. (quar.)
51
Apr. 2 Holders of rec. Mar.26a
Quarterly
250. Jan.1'29 Holders of rec. Dee. 15a
Preferred (guar.)
51.50 Apr. 2 Holders of rec. Mar. 260
Extra
be. Jan.1'29 Holders of rec. Dec. 15a Jefferson Fuse & Elec.
.
62 tic Apr. I *Holders of rec. Mar. 15
(No.1)
(qu.)
Corp.
Foster & Wheeler, pref. (guar.)
•$1.75 Apr. 1 *Holders of rec. Mar. 12
Jewel Tea, corn. (Soar.) (No. 1)
$1 Apr. 16 Holders of rec. Apr. 40
Fox Film Corp., corn. A. & B.(quo)._ _ Si
Apr. 15 Holders of rec. Mar. 300
Preferred (quar.)
154 Apr. 1 Holders of rec. Mar. I50
Fraser Companies. Ltd.(quar.)
25c. Apr. 2 Holders of rec. Mar. 20
Johns-Manville Corp., corn. (quar.)--760. Apr. 16 Holders of rec. Apr. 20
Freeport Texas Co.(Soar.)
May 1 Holders of rec. Apr. 140
51
Preferred (guar.)
154 Apr. 2 Holders of rec. Mar. 190
75c. May 1 Holders of rec. Apr. 140 Jones & Laughlin
Extra
Steel, pref.(guar.).
1% Apr. 2 Holders of rec. Mar. 154
Fuller(Geo. A) partic. prior pref.(50.).... $1.50 Apr. 1 Holders of rec. Mar. 100 Kalamazoo Stove, common (quar.)_ _ _ $1.25 Apr. 1
Mar. 21 to Apr. 1
Fulton Sylphon, corn. (quar.)
50c. Apr. 1 Holders of rec. Mar. 176 Kaufm.i n n Dept Stores, corn.(qu.)
*2
Apr. 28 *Holders of rec. Apr. 20
Galesburg Coulter Disc. (quar.)
*80c. Apr. 1 *Holders of rec. Mar. 20
Preferi-rd (guar.)
1% Apr. 2 Holders of rec. Mar. 20
Extra
*25c. Apr. 1 *Holders of rec. Mar. 20
!Owner!(70.. corn.(guar.)
50c. Apr. 1 Holders of rec. Mar. 20
General Amer. Tank Car., com. (guar.) $1. Apr. 1 Holders of rec. Mar. 156
Common (extra)
1294c Apr. 1 Holders of rec. Mar. 200
Preferred (quar.)
31.75 Apr. 1 Holders of rec. Mar. 150
Common (extra)
1234e July 1 Holders of rec. June 200
General Baking. pref.(guar.)
Mar. 31 Holders of ree. Mar. 170
$2
,
Prefer
r1 (quar.)
154 Apr. I Holders of rec. Nlar. 20
General Baking Corp.. pf.(qu.),(No. 1). $1.25 Apr. 2 Holders of rec. Mar. 206 Keith-Alhee-Orpheum cony. pref. (su.)
General Bronze Corp. pref.(guar.)
144 Apr. 2 Holders of rec. Mar. 200
(No. I)
111 Apr. 2 Holders of rec. Mar. 19a
General Cable Corp., pref
*r$2 .33 1-3 May 1 *Holders of rec. Apr. 10
Keith (Geo. E.) Co.. lot pf.(qu.)
114 Apr. 1 Mar. 16 to Apr. 1
Class A
.66 2-3 Juno 1 *Holders of rec. May 10
Kelsey-Hayes Wheel. common (Soar.)...
500 Apr. 2 Holders of rec. Mar. 21a
General Cigar. corn.(guar.)
$1
May 1 Holders of rec. Apr. 160 Kennecott Copper Corp.(guar.)
51.25 Apr. 2 Holders of rec. Mar. 20
Preferred (qaar.)
June 1 Holders of rec. May 210 Kentucky Cash Credit Co. Corn. (guar.) 15e. Mar.24 Holders of rec. Mar. 12
General Electric Co.(guar.)
Apr. 27 Holders of rec. Mar.230
1
Corn.(1-100th sh. of pref. stock)
Cl) Mar. 24 Holders of rec. Mar. 12
Special stock (guar.)
150. Apr. 27 Holders of rec. Mar.236
Preferred (Soar.)
16c. Mar.24 Holders of roc. Mar. 12
General Ice Cream Corp.. corn
*$1.50 Apr. 16 *Holders of rec. Apr. 2
Preferred (extra)
15c. Mar.24 Holders of rec. Mar. 12
General Motors,6% pref.(guar.)
1)4 May I Holders of rec. Apr. 70
Pref.(one-one hundredth sh. of pf stk.) Cl) Mar. 24 Holders of rec. Mar. 12
1)4 May 1 Holders of rec. Apr. 70 Kentucky Rock Asphalt, corn.(quar.)._
6% deb. stock (guar.)
25c Apr. 1 Mar. 10 to Mar. 31
Seven per cent pref. (guar.)
May 1 Holders of rec. Apr. 76 King Royalty, pref. (guar.)
*2
Apr. 1 *Holders of rec. Mar. 15
General Railway Signal, corn.(quar.)_ _ _ $1.25 Apr. 2 Holders of rec. Mar. 100 Kirby Lumber, corn. (guar.)
15.4 June 10 Holders of rec. May 31
(quar.)
Preferred
1)4 Apr. 2 Holders of rec. Mar. 100
Common (guar.)
131 Sept.10 Holders of rec. Aug. 31
General Tire & Rubber, old pref.(guar.) 191 Apr. 1 Holders of rec. Mar. 20
Common (quar.)
1% Doe. 10 Holders of rec. Nov.30
New 6% Pref. (guar.). (No. 1)
Kirshbaum (A. B.) Co., Phi.
134 Mar. 31 Holders of rec. Mar. 20
1% Apr. 2 Holders of rec. Nlar, 200
Apr. 1 Holders of rec. Mar.10a Knott Corp.(guar.)
C.G.Spring & Bumper, pref.(g uar.) _ 2
*60c Apr. 5 *Holders of rec. Apr. 16
Gibson Art (quar.)
*65e. Mar.31 *Holders of rec. Mar. 20
Knox Hat. pref. (guar.)
1% Apr. 2 Holders of rec. Mar. 15
Gladding, Mclean & Co.(monthly)- - _ *25c. Apr. I *Holders of rec. Mar. 20
Kraft Cheese (Soan)
373-4c Apr. 1 Holders of rec. Mar. 90
Monthly
*250. May 1 *Holders of rec. Apr. 20
Stock dividend
1)i Apr. 1 Holders of rec. Mar. 9a
Montialy
June 1 *Holders of rec. Mar. 19
Kresge (8. S.) Co.. corn.(guar.)
300 Mar. 31 Holders of rec. Mar. 100
Monthly
*25e. July 1 *Holders of rec. June 20
Common (extra)
40c Mar. 31 Holders of rec. Mar. 100
Monthly
*25c. Aug. 1 *Holders of rec. July 20
Preferred (guar.)
154 Mar. 31 Holders of rec. Mar. 100
Monthly
*25c. Sept. 1 *Holders of rec. Aug. 20
Kroger Grocery & BakingMonthly
*25c. Oct. 1 *Holders of rec. Sept. 20
Corn.(payable in corn stock)
Apr. 2 Holders of rec. Mar. 100
f5
Monthly
*25e. Nov. 1 *Holders of rec. Oct. 20
Laboratory Products, corn. (guar.)
40e Apr. 2 Holders of rec. Mar. 190
Monthly
*250. Dec. 1 *Holders of rec. Nov. 20
Lackawanna Securities
Apr. 2 Holders of rec. Mar. 170
$1
Glea.sonite Products Co
Holders
15
Mar.
Laconia
of rec. Mar. 56
p25
Car. pref. (guar.)
151 Apr. 2 Holders of rec. Mar. 20a
Laguna Land & Water (monthly)
Globe Grain & Milling, com. (guar.)... $1.50 Apr. 2 Mar. 29 to Apr. 1
Apr. 10 Holders of rec. Apr. ha
1
$1.75 Apr. 2 Mar. 29 to Apr. I
First preferred (guar.)
Monthly
May 10 Holders of rec. May la
1
Apr. 2 Mar. 29 to Apr. I
Second preferred (guar.)
Lambert Co., corn. (quar.)
$2
51.2, Apr. 1 Holders of rec. Mar. 19a
Apr. 2 Holders of rec. Mar. fla
Common (special)
Goodrich (B. F.) Co., pref.(guar.)
60c Apr. 1 Holders of rec. Mar. 190
July 2 Holders of rec. June 86 Land Title Bldg. Corp.(Phila.)(No. 1). 33-4 Mar. 3 Holders of rec. Mar. 10
Preferred (quar.)
Name of Company.




191

191

191
191

Name of Company.

1771

FINANCIAL CHRONICLE

MAR. 24 1928.]
When
Per
Cent. Payable.

Books Closed.
Days !nebulae.

Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
Miscellaneous (Continued)
25e. Mar.31 Holders of rec. Mar. 15a
Packard Motorcar. monthly
June 30 Holders of rec. June 11
255. Apr. 30 Holders of rec. Apr. 140
Land Title Bldg. Corp.(Phila.)(No. 2.) 314 Apr. 1 Holders of rec. Mar.22
Monthly
134
_
(quar.)
25c May 31 Holder- of roc May 15
La Salle Eaten. Univ. pref.
Monthly
150
Mar.
rec.
of
134 Mar. 31 Holders
Apr. 16 Holders of rec. NIar. 31
*51.50
Lawton Mills, pref. (quar.)
pref.(qua
Chicago,
Bldg.,
Drive
Packer
Holders of rec. Mar.22
31
Mar.
ii
3
(quar.)
Co.
75c. Apr. 2 Holders of roe. Mar. 20a
Mortgage
Lawyers
Tubes, Ltd., corn. (qu.)
Page-Hershey
errrsedhey(qTtivarbei
214 Apr. 2 Holders of rec. Mar. 22
ec Mar. 200
1% Apr. 2 Holders of r.
Lawyers Title & Guaranty
Apr. 2 Ilolders of rec. Mar. 16
2
.154 Apr. 1 *Holders of rec. Mar. 17
Lawyers Westchester Mtge & Title
Palmolive-Poet Co.. pref. (guar.)
Apr. 2 Holders of rec. Mar. 15
$1
750. Mar.27 Holders of rec. Mar. 17
Lehigh Valley Coal Sales(quar.)
corn.
Paraffine
Cos.,
(Quar.)
150
Mar.
rec.
of
31
Holders
25e Mar.
25c. Mar.27 Holders of rec. Mar. 17
LeMur Co.(extra)
Common (extra)
134 Apr. 2 Holders of rec. Mar. 23
Apr. 2 Holders of rec. Mar. 15a
Liberty Baking. pref.(quar.)
Corp..com.(qua $2
400 Apr. 1 Holders of rec. Mar. 140 Paramount Fam. Lasky
134 Mar. 31 Holders of rec. Mar. 15
pf.(qua
Theatres,
We Savers, Inc. (quar.)
Kitchener
Paramount
12a
Mar.
134 Apr. 2 Holders of rec.
Mar. 31 Mar. 21 to afar. 31
25c.
Liggett dr Myers Tobacco, pref.(qua
(quar.)
Parke. Davis & Co.
*PM May 5 *Holders of rec. Apr. 25
be. Mar. 31 Mar. 21 to Mar. 31
Lindsay Light. pref.(quar.)
Special
50c Apr. 27 Holders of rec. Mar.30
20c. Apr. 15 Holders of rec. Mar. 156
Lion Oil Refining (quar.)
(quar.)
Mines
Consolidated
Utah
Paac
900 May 1 Holders of rec. Apr. 20
50e. Apr. 1 Holders of roe. Mar. 15
Liquid Carbonic Corp.(quar.)
(quar.).
15e. May 1 Holders of rec. Apr. lea Pender (D.) Grocery Co., el: B
250. Apr, 1 Holders of rec. Mar. 15
Loew's Boston Theta res(QUar.)
Class B (extra)
50c. Mar. 31 Holders of rec. Mar. 140
Apr. 1 Holders of rec. Mar. 16a
134
Loew's, Inc., corn. (quar.)
(quar.)
Penick & Ford, pref.
17
Mar.
rec.
of
2
Apr.
*Holders
*S2
_
(quar.)_
pref.
Theatre.
Apr. 1 Holders of rec. Mar. I5a
50c.
Loew's State
Penn Dixie Cement, corn.(quar.)
*50c. Mar. 31 *Holders of rec. Mar.20
*13.4 Mar.31 *Holders of rec. Mar. 20
Lone Star Gas (quar.)
((mar.)
A
pref.
Co..
C.)
(.1.
Penney
40c. May 1 Holders of rec. Apr. Ifa
.25c. Apr. 2 Holders of rec. Mar. 8
Loose-Wiles Biscuit, corn. (quar.)
1M Apr. 1 Holders of rec. Mar. 210 PeoplesDrug Stores, Inc.(guar.)
37 34c Ma.d24 Holders of rec. Mar. 200
First preferred (quar.)
Perfection Stove (monthly)
•13j May 1 *Holders of rec. Apr. IS
Apr. 30 Holders of rec. Apr. 20a
Second preferred (quar.)
3734e
Monthly
234 Apr. 2 Holders of rec. Mar. 17a
3734c May 31 Holders of rec. May 19a
Lord & Taylor, corn. (quar.)
Monthly
134 Apr. 2 Holders of rec. Mar. 15a
Lorillard (P.) Co., pref.(quar.)
3734g June 30 Holders of rec. June 20a
Monthly
31
Mar.
37 He July 31 Holders of rec. July 20a
Lowenstein (M.) & Sons, 1st pref. (qu.)_ *13j Mar.31 *Holders of rec. Mar. 2I0
Monthly
50c. Mar. 31 Holders of rec.
37 Hc Aug. 31 Holders of rec. Aug. 200
Ludlum Steel (quar.)
Monthly
65c Apr. 14 Holders of rec. Mar.310
alacAndrews & Forbes, corn. (quar.)
3714c Sept. 30 Holders of rec. Sept. 20a
Monthly
1H Apr. 14 Holders of rec. Mar. 310
37 340 Oct. 31 Holders of rec. Oct. Ito
Preferred Mara
Monthly
$1.50 Mar. 31 Holders of rec. Mar. I66
3734e Nov. 30 Holders of rec. Nov. 20a
Mack Trucks, Inc., com.(quar.)
Monthly
0
,
25
Apr.
$1.25 May 15 Holders of rec.
373.4c Dec. 31 Holders of rec. Dec. 200
Macy (R. IL) Co. (quar.)
Monthly
31a
Mar.
rec.
of
Holders
IC
Apr.
750.
(quar.)
Co.
75c. Apr. 1 Holders of rec. afar. 12
Magma Copper
Mar. 21a Pet Milk Co.,common (quar.)
1% Apr. 1 Holders of roe. Mar. 12
Mallinson (H. R.) & Co., Inc.. pf. (qu.) 13.1 Apr. 2 Holders of rec. Mar. 31a
Preferred
(quar.)
6234c Apr. 16 Holders of rec.
Apr. 2 Holders of rec. Mar. 210
134
Mandel Bros. (quar.)
Mar. 21a Pettibone-Milliken Co. lot & 2d pf.(qu.) $1.50 Apr. 2 Holders of rec. Mar. 206
Manhattan Electrical Supply (quar.)-- - 51.25 Apr. 2 Holders of rec. Mar. 20
Phelps Dodge Corp.(quar.)
Mar. 31 Holders of rec. Mar. 20
2%
Manhat. Final Corp., cl. A (qu.) (No. 1) 373-3 c. Apr. I Holders of rec. Mar. 20
((War.)
Guar.
Phila.
-tees.
for
al
Co.
10c. Apr. 1 Holders of rec.
3714c. Apr. 2 Holders of rec. Mar. 15a
Class B (quar.)
Holders of rec. Mar. 170 Phillips Petroleum (quar.)
Apr. 2 Holders of rec. Mar. 15a
134 Apr.
Manhattan Shirt, pref. (quar.)
154
Co.,
(gnu.)
&
Pick
pref.
(Albert)
Holders of rec. Mar. 200
.20c. Mar. 21 *Holders of rec. Mar. 15
Manning Bowman dr Co.. class A (quar.) 37H c Apr.
200 Pickwick Corp.. pref. (quar.)
Mar.
rec.
of
Holders
Apr.
1214c
134 Apr. 2 Holders of rec. Mar. 15
Class B (quar.)
Pie Bakeries of Amer.. Inc. pref. (11.1.)
50e. Apr. 1 Holders of rec. Mar.20
Apr. 2 *Holders of rec. Mar. 17
.2
Margay 011(quar.)
Mar. 220 Pittsburgh Plate Glass (quar.)
rec.
of
Holders
d
Apr.
Mar. 16 to Nfar.31
50c.
(quar.)
corn.
Marlin Rockwell Corp.,
(quar.). 11-1 Apr. 1 M
Holders of rec. Mar. 22a Pittsburgh Steel Foundry, prof.
250. Apr. d
Apr. 2 Holders of rec. Mar. 150
755.
Common (extra)
(quar.)
corn.
Inc.,
Lambert,
&
Pratt
150
of rec. Mar. la
Holders
805. Apr. 2 Holders of rec. Mar.
31
Mar.
11-1
Marvel Carburetor (quar.)
Pressed Steel Car, pref. (quar.)
20c. Apr. 2 Holders of rec. Mar. 15a Pierce Governor, common (quar.)
3734c Apr. 1 Holders of rec. Mar. 15a
Extra
of rec. Mar. 31
150. Mar. 24 Holders of rec. Mar. 12
H
.33i Apr. 30 *Holders
Maryland Cash Credit Corp., corn.(qu.)
Pipe
Line
Prairie
Mar.)
15c. Mar. 24 Holders of rec. afar. 12
8c. Apr. 4 Holders of roe. Mar. 15
Preferred (quar.)
Premier Gold Mining
15c. Mar. 24 Holders of rec. Mar. 12
36 Apr. 2 Holders of rec. Mar. 15
Preferred (extra)
&
corn.
Bros.
Co..
Mar.)
Price
160
51.50 Apr. 2 Holders of rec. Mar.
114 Apr. 2 Holders of rec. Mar. 15
Mathieson Alkali Works, corn. (quar.)
Preferred (quar.)
1M Apr. 2 Holders of rec. Mar. 160
50e. Apr. 16 Holders of rec. Mar. 31a
Preferred (quar.)
(quar.).
371-4e Apr. 1 Holders of rec. Mar. 100 Pro-ph'-lac-tie Brush. corn.
134 Apr. 1 Holders of rec. Mar. 10
May Drug Stores (quar.)
pref.
4%
,
53
Oil,
Pure
(quar.)
rec.alar.(110a
2
of
Holders
Apr.
$1
(quar.)
Apr. 1 Holders of rec. Mar. 10
114
Plate
Tin
McKeesport
6% preferred (quar.)
10c Apr. 1 Holders of rec. Mar. 200
Apr. 1 Holders of rec. Mar. 10
2
McLellan Stores. class A & B (No. 1)
8% preferred (quar.)
10c Oct. 1 Holders of rec. Sept.200
Apr. 16 *Holders of rec. Apr. 2
*50c.
Class A & B (No. 2)
(quar.)_.____
210 Q, H. S. Music, .)
Mar.
rec.
of
d2
Apr.
Holders
50c.
(quar.)
Mar.31 *Holders of rec. Apr. 2
Co.
m
*1
MeQuay-Norris
.750. Apr. 1 *Holders of rec. Mar. 15
$1 Apr. 16 Holders of rec. Apr. 2a
Mead Johnson & Co., corn. (quar.)corn.
Quaker
Oats,
(guar.)
Apr. 1 *Holders of rec. afar:27
*2
Apr. 16 Holders of rec. Apr. 2a
53
Meadows Mfg.. pref. (quar.)
Common (extra)
2
Holders of rec. Apr. 2a
Merchants & Mrs. Sec.. part. pref.(qua .3714c Apr. 16 *Holders of rec. Apr.
Common (payable 1n corn. stock).... J25 Aor. 20 Holders
Mar. 21
62.5c. Mar.31 Mar. 13 to
of rec. May la
May 31
Merchants & Miners Transp.(quar.)
1H
Preferred (guar.)
17
Mar.
rec.
2
of
Apr.
Holders
51
Holders of rec. Mar. 17a
(quar.)
1
Apr.
pref.
1%
Corp..
Merck
Real Silk Hosiery. pref.(quar.)
$1.25 Mar. 31 Holders of rec. Mar. 30 R
Apr. 2 Holders of rec. Mar. 15
Mergenthaler Linotype ((mar.)
350.
e
R
)
.
r
a
u
q
(
(quar.)
Mach.
Button
Hole
250. Mar. 31 Holders of rec. Mar. 30
Extra
be. Apr. 2 Holders of roe. Mar. 15
Reece Folding Nfach.
$1.25 Mar. 31 Holders of rec. Mar. 17
1M Apr. 2 Holders of rec. Mar. 22a
Merrimac Chemical (guar.)
Reis (Robt. & Co.) let pref. (quar.)
Apr. 1 Mar. 16 to Mar. 31
Holders of rec. Mar. 20
Apr.
Metropolitan Paving Brick. pref.(quar.)
1H
(attar.)
Remington Arms, let pref.
Apr. 1 Holders of rec. Mar. 23
Si
Holders of rec. Mar. 10a
Midland Steel Products, corn. (quar.)
Remington-Rand Co., 1st pref.(quar.).. 1% Apr.
48c. Apr. 1 Holders of rec. Mar. 23
Apr. 2 Holders of rec. Mar. 10a
Common (extra)
2
Second
preferred
((mar.)
$2 Apr. 1 Holders of rec. Mar. 230
IIolders of rec. Mar. 15a
Preferred (quar.)
Apr.
I%
Apr. 1 Holders of rec. Mar. 23a Remington Typewriter, let pref. (quar.)
SI
Preferred (extra)
Apr. 2 Holders of rec. Mar. 156
2
Second preferred (quar.)
50e. Apr.
Holders of rec. Mar. 17
Holders of rec. Mar. 96
2
Apr.
Midvale Co.(quar.)
be.
Motor
(quar,)
Reo
Car
51.25e Aug. 15 Holders of rec. Aug. 4
Minneap-Honeywell Regul. corn.
20e. Apr. 2 Holders of rec. Mar. 9a
Extra
Holders of rec. May 4
134 May 1
Preferred (quar.)
2 Holders of rec. Mar, 15a
Apr.
1%
&
Republic
pref.
Iron
Steel,
(guar.).
la( Aug. 1. Holders of rec. Aug. 4
Preferred (quar.)
$1.25 Apr. I Holders of rec. Mar.170
at
Reynolds(R.J.) Tob., comcom.B(qu)
134 Nov. 15 Holders of rec. Nov. 3
Preferred (quar.)
Slay 1 Holders of rec. Apr. 15
Holders of rec. Mar. 20s Rice-Stix Dry Goods, corn. (quar.)
Monsanto Chemical Works. corn.(Quar.) 625e Apr.
1710. Apr. 1 Holders of rec. Mar. 15
37
and
(quar.)
First
second
preferred
1 Holders of rec. Mar. 20a
Montgomery Ward & Co.. class A (qua - $1.75 Apr. 2
75e. Apr. 1 Holders of rec. Mar. 15
ardson & Boynton, panic. pf.(qua _
51.25 Apr.
Holders of rec. Mar. 20a Richardson
Morgan Lithograph, corn. (quar.)
87 He Apr.d16 Holders of rec. Mar. 310
Radiator. pref. (quar.)
250. Apr. 16 Holders of rec. Apr. 26
Morris (Philip) & Co., Ltd., Inc. (11.1.)25e. Apr. 2 Holders of rec. Mar. 206
25c. July 16 Holders of rec. July 20 Blaney & Co.. pref.(quar.)
Quarterly
•6214c May 1 *Holders of rec. Apr. 14
25c. Oct. 15 Holders of rec. Oct. la Roos Bros., corn.(quar.)
1 *Holders of rec. Apr. 14
Quarterly
Preferred (quar.)
25c.Ja n.16'29 Hold. of rec. Jan. 2 '290
Nflary. 31 Holders of rec. Mar. 15a
Quarterly
22 a
_ 1.6
itin
wder, corn. Mar.)_ _ a_$
ilIrr
Paoro
gqa
(
650. Apr. 2 Holders of rec. Mar. 150 Ropyrre
Mar,31 Holders of rec. Mar. 15a
Mountain Producers(quar.)
134
Preferred
1
Apr.
20
68%c.
Mar.
Holders of rec.
Apr. 2 *Holders of rec. Mar. 15
*2
Municip. Florin. Corp., Cl. A (qu.)(No.1)
Safely Car Heat. & Ltg. (quar.)
250. June 1 Holders of rec. May 22
Apr. 1 Holders of rec. afar. 20
Murphy (G. C.) Co.(quar.)
53
Safeway Stores, common (quar.)
25c. Sept. 1 Holders of rec. Aug. 22
Apr. 1 Holders of rec. Mar. 20
Quarterly
11-1
Preferred
(quar.)
250. Dec. 1 Holders of roe. Nov, 21
50c June 20 June 10 to June 20
Quarterly
St. Joseph Lead (quar.)
66 2-3c Mar. 31 Holders of rec. Mar. 15
25e June 20 June 10 to June 20
Myers(F.E.)& Bros..corn.(4 mos.'diva
Extra
31
Mar.
Holders
rec.
15
2
of
Mar.
Preferred (4 mos.' div.)
50c Sept.20 Sept. 9 to Sept.20
rt
utaraerly
E.
Q
1,,i, Apr. 2 Holders of rec. Mar. 22
Nashua Manufacturing, pref. (qu.)
250 Sept.20 Sept. 9 to Sept.20
50c. May 1 Holders of rec. Ape. 160
National American Co.. Ino.(plain)._ _ _
50c Dec. 20 Dec. 9 to Dec. 20
Quarterly
50e. Aug. 1 Holders of rec. July 16a
Quarterly
25c Dec. 20 Dec. 9 to Doe, 20
Extra
50e. Nov. 1 Holders of rec. Oct. 150
Quarterly
34 Mar. 31 Holders of rec. Mar. 150
com.(all.)
y
d
ek
c
r
o
ar
lt
f
.
n
re
ta
u
i
l
Co.,
.L
c
It
(
Stp
Pac.
)
dr
r
.
14
Apr.
300
51.50
Holders
rec.
of
Mar.
National Biscuit, corn. (quar.)
1H afar. 31 Holders of rec. Mar. 15a
Apr. 2 Holders of rec. Mar. 150
$1
National Breweries, corn. (quar.)
1% Apr. 2 Holders of rec. Mar. 15
134 Apr. 2 Holders of rec. Mar. 150 St. Maurice Valley Corp., pref.(quar.)
Preferred (quar.)
50c. Apr, 1 Holders of rec. Mar. 15
4334c. Apr.
Holders of rec. Mar. 12a St. Regis Paper,common (quar.)
National Candy. common (guar.)
34 Apr. 1 Holders of rec. Mar. 15
1
Preferred (quar,)
Holders of rec. Mar. 12a
134 Apr.
First and second pref.(quar.)
20c. Apr. 2 Holders of rec. Mar. 15a
Salt
(quar.)
011
Creek
Consol.
Apr.
15c.
of
_
Holders
rec.
12
((Fla.__
Mar.
corn.
Nat. Cash Credit Again,
Apr. 2 Holders of rec. Mar. 10a
50c.
corn.
(quar.)
Sangan5o Electric Corp.,
(f) Apr.
Holders of rec. Mar. 12
Common (1-20th sh corn. stock)
134 Apr. 2 Holders of rec. afar. 100
Preferred (quar.)
Holders of rec. Mar. 12
15c. Apr.
Preferred (quar.)
Apr. 2 *Holders of rec. NIar. 15
•
4
3
1
Savage
pref.
lot
Arms
2
(quara
Corp..
Apr.
Holders of rec. Mar. 12
15c.
Preferred (extra)
*Holde of rec. May 1
'134 May 15 'Holders
2nd pref.(quar.)
U) Apr. 2 Holders of rec. Mar. 12
Pref. (1-20th sh, Prof. stock)
'373.50 Apr. 1 *Holders of rec. Mar. 15
com.A(all)
Inc.
d
r
e
re
g
r
o
ir
ef
es
a
,
F
6
(11
)Sons,
.
)7
ir
r
Sch
30
June
of
*S1.50
rec.
*Holders
June
15
National Casket, corn
1 *Holders of rec. Mar. 15
Apr.
'134
s134 NIar. 31 *Holders of rec. Mar. 15
Preferred (quar.)
87)4e June 1 Holders ot rec. May 156
temRaeata
hualm
ti,
)s, corn.(quar.)
tore
I Sar
,
75e. Apr. 2 Holders of rec. Mar. 19a Sec
Nat. Dairy Produets, corn.(quar.)
87)4c Sept. 1 Holders of rec. Aug. 156
51.75 Apr. 2 Holders of rec. Mar. 19a
Preferred A & B (Var.)
87140 Dec. 1 Holders of rec. Nov. 154
Common (quar.)
114 Mar. 31 Holders of rec. Mar. 200
_
(quar.)__
Pref.
&
Enamel
Stng.,
Apr. 1 Holders of rec. Mar. 120
Nat.
2
Preferred (quar.)
$1.25 Mar.31 Holders of rec. Mar.16a
of rec. Mar. 20
National Lead. common (quar.)
•50c. Apr. 1 *Hold
(quar.)
A
pref.
Candy,
114 May 1 Holders of rec. Apr. 23a Schutter-Johnson
rs of rec. Mar.23a
Preferred B (quar.)
Apr. 2 Holders
600.
&evil! Mfg.(quar.)
1H Mar. 31 Holders of rec. Mar. 15
National Licorice, pref. (guar.)
c. Apr. 1 Holders of rec. Mar. 15
371i
(qu)
A
com.
Second
Corp..
2
Apr.
Internat.
Sec.
of
Holders
rec.
2
Mar. 15
National Refining, Prof. (quar.)
75e. Apr. 1 Holders of rec. Mar. 15
First and second preferred (quara_ _ _ _
750. Apr, 1 Holders of rec. Mar.20a
Mar. 31
National Standard Co.(quar.)
Segal Lock & Hardware. pref. (quar.).. 114 Apr. 15 Holders of rec. Mar. 20
Apr. 2 Holders of rec. Mar. 5
National Sugar Refining (quar,)
Apr. 1 Holders of rec.
2
(quar.)
prof.
Selherling
31
Rubber Co..
Holders of ree. Mar. 21a
134 .Mar.
National Supply. prof. (quar.)
Mar. 16
rec.
of
Holders
1
Apr.
131
234 Apr. 2 Holders of rec. Mar.200 Sellers(0.1.)& Sons, pt.(qua (N0.1)-National Surety (guar.)
40c. Apr, 2 Holders of rec. Mar. 22
)(qua.
l..A
d..acar
o & RE
f.t(,
roL
.
Station
Apr. I Holders of rec. Mar. 146
uipp.
.
riqg.
$1
afar. 31
rec.
of
Holders
National Tea. corn.(quar.)
25
Apr.
if
1
er
ee
Sh
Serlailf
'57 June 15
National Transit
50c. Apr. I Mar.22 to Mar. 31
Shaler Co., class A (quar.)
Apr, 2 Holders of rec. Mar. 15
rec. Mar. 206
Naumkeag Steam Cotton Co.(quar.)._. 3
of
Holders
10
Apr,
50c.
Shattuck
(cluar.)
(F.
Co.
2
G.)
Holders of rec. Mar. 160
30e. Apr.
Nelson (Herman) Corp., corn. (guar.).50c Apr. 1 Holders of rec. Mar. 2Ia
Apr. 2 Holders of rec. Mar. 16a Sheffield Steel, corn, (guar.)
Nelson (Herman) Corp.. stock dividend_ el
35c. Mar.31 Holders of rec. Mar. la
July 2 Holders of rec. June 19a Shell Union 011 Corp.(quar.)
el
Stock dividend
Mar. 31 Holders of rec. Mar. 15
13s
com.(qu.)
el
Oct. 1 Holders of rec. Setit.18a Sherwin-Wms. Co.of Canada.
Stock dividend
134 Mar.31 Holders of rec. Mar. 15
Preferred (quar.)
57340. Mar. 31 Holders of rec. Mar. 16a
Nevada Consol. Copper (quar.)
Mar. 31 Holders of rec. Mar. 216
75c.
Shredded
2
(guar.)
Apr.
Wheat
New England Equity Corp., pref. (111.)- $225e. Apr. 2 Holders of rec. Mar. 15
50e. Apr. 1 Holders of rec. Mar.200
Shreveport El Dorado Pipe Line (quar.).
Holders of rec. Mar. 20
New England Fuel Gil (tluar.)
Apr. 2 Holders of rec. Mar. 15
M
1
Sbultz
(quar.)
pref.
10
Apr.
Baking,
31
52
1)
Holders
of
(No.
Mar.
(quar.)
rec.
N.Y. Loan & Security
75c. Apr. 2 Holders of rec. Mar. 15
Convertible preferred (quar.)
*50c. Apr. 16 *Holders of rec. Apr. 2
N. Y.Transportathim (quar.)
25c. Apr. 2 Holders of rec. Mar. 20
(quar.).
Silver
King
1
Co.
Apr.
15
of
51.75
Mae.
Mines
Holders
rec.
Coalition
(quar.)....
pref.
Co..
Nichols & Shepard
Holders of rec. Star. 15a
50e. Apr.
623.(e Apr. 1 Holders of rec. Mar. 23a Simmons Co., common (quar.)
North American Car (quar.)
214 Mar. 31 Mar. 11 to Apr. 1
Singer Manufacturing(quar.)
25c Apr. 2 Mar. 22 to Apr. 2
Novadel Process, corn. (guar.)
Mar. 31 Mar. 11 to Apr. 1
5H
2
Apr.
50c
Mar.
2
22
Apr.
to
Preferred (quar.)
Mar. 20,
ii3e. Mar.31 *Holders of rec. Mar. 20
Sloss-Sheffleld Steel & Iron, pref.(qua. 154 Apr. 2 Holders of rec. Mar. 31
Occidental Petroleum (quar.)
Apr. hO Holders of rec.
$1.25 Am'. 2 Holders of rec. Mar.200 Smith (Howard) Paper Mills pref.(quar.) 2
Ogilvie Flour Mills (quar.)
rec. Mar. 21
of
*Holders
1
Apr.
*75c.
Smith
com.(qu)
(I..
Type.,
1
2
&
Apr.
C.)
Mar.
Corona
16 to Apr.
Mar. 21
Ohio Seamless Tube, pref. (quar.)
5134 Apr. 1 *Holders of rec. Mar. 20
Preferred (quar.)
50c. Apr. 2 Holders of rec. afar. 12a
011 Well Supply Co.. corn. (quar.)
51.75 Apr. 2 Holders of rec.
Apr. 2 Holders of rec. afar. 16a Southern Ice Co., Prof. A (quar.)
$2
16
mar. 10
Apr.
.
Omnibus Corp., pref.(quar.)
to
f
,
Holders5
Mar.l
1
32
.
.
r
r
a
p
A
M
..
r
e
0
5
South Penn 011 (quar.)
Apr. 2
3
of rec. afar, 15
Ontario Loan & Debenture Co.(quara_ _
pr
to Rico Sugar. corn.(quara
Apr. 1 H
Holders of rec. Mar. 17a South
2
of rec. Mar. 100
Holders
Orpheum Circuit, Pref.(quar.)
2
Apr.
2
Preferred
1
Apr.
Holders
of
r
134
rsroe. Mar.15
Otis Steel, prior pref. (quar.)
22 Holders of rec. Mar. 156
91
South West Pa,Pipe Lin
Lines (quar.)
s of rec. Mar. 15
Holders
Overman Cashion Tire, Inc.H
Apr.
Extra
3714c. Apr. 1 Holders of rec. Mar. 23
Common. class A& 11 (quar.)
Holders of rec. Apr. 7
16
Apr.
51.25
23
Spalding(A. G.)& Bros., corn.(quar.)
$1.73 Apr. 1 Holders of rec. Mar,
of rec. Mar. 15
Holders
Preferred (quar.)
2
25c. Apr.
-Wid
rkfsarre
ngt
,
(
thl
orn.)Co., corn. (guar.)._
ua
75e. Apr. 1 Holders of roe. Mar. 160 Spilre
15
Owens Bottle, common (quar.)
134 Apr. 2 Holders of rec. Mar.
134 Apr, 1 Holders of rec. Mar. 16a
Preferred (guar.)




134

134

134

1772

FINANCIAL CHRONICLE

[VOL. 126.

Per
When
Books Closed
Per
When
Boots Closed
Name of Company.
Cent. Payable.
Days Inclusive.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Concluded).
Sperry Flour, pref. (guar.)
Apr. 2 Holders of rec. Mar. 15
Western Electric (guar.)
50c. Mar.31 Holders of rec. Mar.26
Spicer Manufacturing, pref. (guar.)_ _ _
Apr. 2 Holders of rec. Mar. 22
2
Western Grocers Co., prof
334 July 1 June 21 to June 30
Standard Chemical(No. 1)
Apr. 1 Holders of rec. Feb. 29a Western Grocers, Ltd.(Can.), pf.
$1
(qu.).. 111 Apr. 16 Holders of rec. Mar. 31
Stand. Commercial Tob.. corn. (quar.)
250. Apr. 2 Holders ofree Mar. 20
Westinghouse Air Brake (guar.)
50e. Apr. 30 Apr. 1 to Apr. 10
Standard Investing, $6 pref. (quar.)..'.__ $1.50 Apr. 1 Holders of rec. Mar. 120 Westinghouse
Elec. Alfg., coin. (quar.). $1 Apr. 30 Holders of rec. Mar. 300
Standard Milling, common (guar.)
1% Mar. 31 Holders of rec. Mar. 190
Preferred (quar.)
$1
Apr. 16 Holders of rec. Mar .300
Preferred (quar.)
1A Mar.31 Holders of rec. Mar. 19a Weston Electrical Instrument. cl.
A (qu.)
50c. Apr. 2 Holders of rec. Mar. 20a
Standard Oil (Ky.) (guar.)
Mar. 31 Mar. 16 to Mar. 30
$1
Wheeling Steel, pref. A (quar.)
2
Apr. 2 Holders of rec. Mar. 126
Standard Oil (Ohio) (guar.)
62%e. Apr. 2 Mar. 9 to Apr. 2
Preferred B (guar.)
2% Apr. 2 Holders of rec. Mar. 120
Stanley Co. of America (guar.)
750. Apr. 2 Mar.25 to Apr. 1
White Eagle 011 & Ref. (quar.)
25e. Apr. 20 Holders of rec. Mar. 306
Stanley Works, corn. (quar.)
624ic Apr. 2 Holders of rec. Mar. 176 White Motor,corn.(quar.)
25e. Mar. 31 Holders of rec. Mar.150
State Theatre (Boston), Prof. (quar.) _ _ _ .2
Apr. 1 Holders of rec. Mar. 17
White Motor Securities. pref.(guar.)._ _
1%
Mar.31 Holders of rec. Mar.156
State Title & Mortgage (quar.)
$2.50 Mar. 31 Holders of rec. Mar. 150 White Rock Mineral Spas.,
corn.(qu.)_
50c. Apr. 2 Holders of rec. Mar:26a
Steel Co. of Canada,corn.& pref.(qu.)
1% May 1 Holders of rec. Apr. 7a
First preferred (quar.)
1%
Apr.
2 Holders of rec. Mar. 26
Sterling Oil & Development
*5c. Apr. 5 *Holders of rec. Mar. 26
Second preferred
23-4 Apr, 2 Holders of rec. Mar:26
Stone (H. 0.) & Co., corn. (guar.)
51.25 Apr. 2 Holders of rec. Mar. 15
Wilcox Products. class A (qu.)
62%0 Apr. dl Holders of rec. Mar.I200
Preferred (guar.)
151 Apr. 2 IIolders of rec. Mar. 15
Will & Baumer Candle, pref. (quar.)._ _
2
Apr. 2 Holders of rec. Mar. 15
Stromberg Carburetor (guar.)
50e. Apr. 2 Holders of rec. Mar. I26 Williams Tool Corp, prof.(quar.)
2
Apr. 1 Holders of roe. Mar.20
Stroock (S.) & Co., Inc. (guar.)
*75c. Apr. I *Holders of rec. Mar. 15
wIllys-Overland Co., pref. (quar.)
1% Apr. 2 Holders of rec. Mar. 24a
Quarterly
*75c. July 2 *Holders of rec. June 15
Wire Wheel Corp., class A
$1.25 Apr. 1 Holders of rec. Mar/20
Sullivan Machinery (guar.)
Apr. 16 Apr. 1 to Apr. 14
$1
Preferred (guar.)
11.75 Apr. 1 Mar. 21 to Apr. 1
Sundstrand Corp.. pref. (quar.)
$1.75 Apr. 6 Holders of rec. Mar. 316
Preferred (quar.)
$1.75
July 1 Holders of rec. June 20
Swedish Amer. Invest. Corp., corn
11.62% Apr. 2 Holders of rec. Mar. 15a
Preferred (quar.)
$1.75 Oct. 1 Holders of rec. 8%4.20
Participating pref. (quar.)
11.62% Apr. 2 Holders of rec. Mar. 156
Preferred (guar.)
$1.75 Jan.1'29 Holders of rec. Dee. 20
Swift & Co. (quar.)
Apr. 1 Holders of roe. Mar. 10
2
Wood Chemical Products, cl.
50c. Apr. 2 Holders of rec. Mar.200
Texas Corporation (quar.)
75e. Apr. 1 Holders of rec. Mar. 20 Woodley Petroleum (quar.) A (quar.)
150. Mar. 31 Holders of rec. Mar. 15a
Thompson (John It.) Co.(monthly)-30c. Apr. 1 Holders of rec. Mar. 23a Woods Manufacturing. pref. (quar.)
1%
Apr. 2 Holders of rec. Mar.22a
Monthly
1
Holders
30c. May
of rec. Apr. 236 Wrigley (Wm.) Jr. Co.
250. Apr. 2 Holders of rec. Mar. 20
Monthly
30c. June 1 Holders of rec. May 230 Yellow & Checker Cab,(monthly)
corn.
A
(mthly) '62-3c Apr. 1 *Holders of rec. Mar. 260
Thompson Products (guar.)
30e. Apr. dl Holders of rec. Mar.20a
Common class A (monthly)
*62-3c May 1 *Holders of rec. Apr. 26
Extra
10c. Apr. dl Holders of rec. Mar. 200
Common class A (monthly)
• 6 2-3c June 1 *Holders of rec.
Tide Water Associated Oil, pref. (qu.)_
134 Apr. 2 Holders of rec. Mar. 16a
Common Clanti$A (monthly)
• 6 2-3c July 1 *Holders of rec. May 26
Tide Water Oil, corn.(guar.)
20e. Mar. 31 Holders of rec. Mar. 18a
Common class A (monthly)
• 6 2-3c Aug. 1 *Holders of rec. June 26
July 26
Timken-Detroit Axle (guar-)
15e. Apr. 1 Mar.21 to Apr. 1
Common class A (monthly)
• 6 2-3c Sept. 1 *Holders of rec.
Extra
50. Apr. 1 Mar.21 to Apr. 1
Common class A (monthly)
• 62-3e Oct. 1 *Holders of rec. Aug. 26
Sept.
26
Tintic Standard Mining (guar.)
Mar.
29 *Holders of rec. Mar. 21
*30c.
Common class A (monthly)
• 62-30 Nov. 1 *Holders of rec.
Oct. 26
Torrington Co. (quar.)
750. Apr. 2 Holders of roe. Mar. 16
Common class A (monthly)
62-3c Dec. 1 *Holders of rec. Nov.26
Traveler Shoe, corn. (quar.)
37%c. Apr. 2 Holders of roe. Mar. 15
Yellow Cab, Inc. of Newark (guar.).
25c. Apr. 1 IIolders
Trio° Products (quar.)
62340. Apr. 2 Holders of rec. Mar. 200 Youngstown Sheet & Tube, corn.(quar.) 11.25 Mar.31 Mar. 9 of rec. Mar.20
to Mar.22
Trumbull-Cliffs Furnace. pref. (quar.)
134 Apr. dl Mar. 21 to Mar. 31
Preferred (quar.)
1% Mar. 31 Holders of rec. Mar. 14
Truscon Steel, corn. (quar.)
300. Apr. 16 Holders of rec. Apr. 56 Yale & Towne Mfg., (quar.)
$1
Apr. 2 Holders of ree. Mar.14
TubIse Artificial Silk.corn B v.t.c. (Us.). $2.50 Apr. 2 Holders of rec. Mar. 200 Zellerbach Corp., common
(quar.)
•50c. Apr. 15 *Holders of ree. Mar.310
Underwood Computing Mach.. pf.(tIlL) 151 Apr. 2 Holders of roe. Mar.15
Underwood-Elliott Fisher Co.
• From unofficial sources. t The New York Stock Exchange has
Common (guar.)(No. I)
$1 Apr. 2 Holders of rec. Mar. 176 will not be quoted ex-dividend on this date and not until furtherruled that stook
notice. I The
Preferred (quar.)(No. 1)
$1.75 Apr. 2 Holders of rec. Mar. 176 New York Curb Market Association has ruled that stook
will not be quoted oxPreferred B (quar.)(No. 1)
11.75 Apr. 2 Holders of rec. Mar. 17
dividend on this date and not until further notice.
Union Carbide& Carbon (guar.)
$1.50 Apr. 2 Holders of rec. Mar. 26
a Transfer books not closed for this dividend. .1 Payable in preferred stock.
Union Storage (guar.)
6234c May 10 Holders of rec. May 1
d Correction. e Payable in stock. f Payable in common stock. g Payable in
Quarterly
62340 Aug. 10 Holders of rec. Aug. 1
sera). h On account of accumulated dividends.
Quarterly
62340 Nov. 10 Holders of reo. Nov. 1
1 Associated Gas & Electric dividends payable either in cash or class A stock
Union Tobacco, class A (qtr.)(No. 1).__ $1.75 Apr. 2 Holders of rec. Mar. 15
as follows: On original pref.2 27-100ths share of class A stock: on $7 pref. 398-100ths
United Bond & Share Corp., part. Pf.(qu)
25c. Apr. 2 Holders of rec. Mar. 15
United Cigar Stores, corn.(guar.)
20c. Mar.31 Holders of rec. Mar. 96 share of class A stock; on class A stock at rate of 1-40 share.
Common (payable in corn stock.)
% Mar. 31 Holders of rec. Mar. Oa
m Dividend will be paid in Class A stock at rate of $25 per share unless
advised
United Dyewood. pref.(quar.)
154 Apr. 2 Holders of rec. Mar. 136 by Mar. 21 of election to take cash.
Apr. 2 Holders of roe. Mar. 3a
United Fruit (quar.)
$I
n British-Amer. Tob. dividend is 10d. per share, and all transfers
received in
Extra
$1.50 Apr. 2 Holders of rec. Mar. 36 order at London, on or before
Mar. 3, will be in time for payment of dividend to
United Hotels of Amer., pref. (quar.)__. I% Apr. 2 Holders of rec. Mar. 20
transferees.
United Paper Board. pref.(guar.) -I% Apr. 16 Holders of roe. Apr. 2a
o Less 10c, for maintaining corporate organization and registration
United Piece Dye Wks.6%% pt.(No. 1) *134 Apr. 2 *Holders of rec. Mar. 20
of stock.
p Payable In stock of the Baloon Rubber Heel Co.
*134 July 2 *Holders of rec. June 20
6K% preferred (quar.)
6Si% preferred (quar.)
r Subject to stockholders' meeting March 21.
*134 Oct. 1 *Holders of roe. Sept. 20
an2'29 *Holders of rec. Dee. 20
6K% preferred (quar.)
s Stockholders have option of taking cash or stock at rate of
1-40th of a share-of
United Profits-Sharing, pref
Apr. 30 Holders of rec. Mar. 3I6 class A stock
5
for each share held and on class B stock at rate of 1-40th class B stock
United Securities, pref. (quar-)
134 Apr. 2 Holders of rec. Mar. 21
for each share held.
United Shoe Mach'y, corn. (quar.)
623-ic Apr. 5 Holders of rec. Mar. 20
t
623-Ic.,
or 2% in stock.
Preferred (guar.)
373.ic Apr. 5 Holders of rec. Mar. 20
U.S.Bobbin& Shuttle, corn. (quar.)_
50e. Mar. 31 Holders of rec. Mar. 14
u Called for redemption April 1.
Preferred (quar.)
13( Mar. 31 Holders of rec. Mar. 14
o Tobacco Products dividend is one-tenth share common stock of United
Cigar
U.S.Cast Iron Pipe & Fdy..com.(au.). 23.4 June 15 Holders of rec. June la Stores payable in dividend
certificates maturing three years from date of Wale.
Common (quar.)
23.4 Sept. 15 Holders of rec. Sept. la
z Stock called for redemption. Dividends payable on presentation of certificates,
Common (quar.)
234 Dec. 15 Holders of ree. Dee, la
Preferred (quar.)
151 June 15 Holders of ree. June la
Preferred (guar.)
151 Sept. 15 Holders of rec. Sept. la
Preferred (quar.)
151 Dec. 15 Holders of rec. Dee. la Weekly Returns of New York City Clearing House
U.S. Dairy Products. Cl A (c111.) (No. 1) $1 May 31 Holders of rec. May 15
Banks and Trust Companies.
*we. Apr. 2 *Holders of rec. Mar. 15
U. S. Foil, coca. B (quar.)
U.S.Gypsum,corn.(quar.)
400. Mar. 31 Mar. 16 to Apr. 1
The
following
shows the condition of the New York City
Preferred (guar-)
Mar.
31 Mar. 16 to Apr. 1
151
17 S L Battery, common
Apr. 2 Feb. 28 to Mar. 19
11
Clearing House members for the week ending Mar. 17. The
Preferred (guar.)
250. Apr. 2 Feb. 28 to Mar. 19
figures for the separate banks are the averages of the daily
Preferred B (guar.)
17340. Apr. 2 Feb. 28 to Mar. 19
K Apr. 2 Holders of rec. Mar. 106
U.S. Leather, prior pref.((War.)
results. In the case of the grand totals, we also show the
U. S. Radiator, common (quar.)
Apr.
15 Apr. 2 to Apr. 15
50e
1K Apr. 15 Apr. 2 to Apr. 15
Preferred (quar.)
actual figures of condition at the end of the week.
U. S. Shares Corp., corn. stk. tr. ser. A - 38.64c Apr. 1
Series A-1
8.85980 Apr. 1
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Bank stock tr. shares ser. C-1
70.242c Apr. 1
(Stated In thousands of dollars-that is, three ciphers (0OO) omitted.)
Series C-2
47.306e Apr. 1
Bond trust shares ser. B
$1.23 Apr. 1
U.S. Steel, corn.(quar.)
1% Mar.30 Holders of rec. Feb. 290
Net
U. S. Tobacco, corn. (quar.)
750. Apr. 2 Holders of rec. Mar. 196
Capita1.1Profits Loans,
Reserve
Preferred (quar.)
Week Ended
151 Apr. 2 Holders of rec. Mar. 196
Discount, Cash
with
Net
Time Bank
Universal Leaf Tobacco, pref. (quar.)- - 2
Apr. 1 Holders of rec. Mar. 226
Mar. 17 1928 Nat'l, Feb. 28 Investin
Legal Demand
De- CtrcuUniversal Pictures, 1st pref. (qu.)
Apr. 2 Mar. 16 to Apr. 1
2
State, Mar. 2 merits. Vault. Deposi- Deposits. posits. altos.
Universal Pipe & Radiator, corn.(qu.)
(000 omitted) Tr.C,os.Mar. 2
50e. Apr. 2 Holders of rec. Mar. 156
&c.
tories,
Preferred (quar.)
1% May 1 Holders of rec. Apr. 166
Utah Copper CO. Mari
$1.50 Mar. 31 Holders of rec. Mar. 160 Members of Fed.Res. Bank Average. Average Average Average.
Average Ar'iles
Vapor Car Heating Bank of N Y &
$
$
Preferred (quar.)
Trust Co...._ 6,000 12,864
1K June 10 Holders of rec. June la
79,045
509 7.475
55,541 7,474 _-Preferred (quar.)
1% Sept. 10 Holders of rec. Sept. la Bk of Manhat'n 12,500 19,258 187,592 3,126 19.774
143,981 30,516 -Preferred (altar.)
151 Dec. 10 Holders of rec. Dec. la Hank of America 6,500 5,398 87,085 1,021 11,818
90.136 4,503 _Virtu Biscuit Corp., pref. (quar.)
Nat City Bank_ 75,000 70,380 891,575 4,680 89,046
13.4 Apr. 2 Holders of rec. Mar. 21
99
Victor Talking Mach,corn
$1 may 1 Holders of rec. Apr. 26 Chemical Nat'l_ 5,000 19.083 148.877 1,227 17,835 '997.175158,022
133.586
5,045
347
Preferred (old) quar.)
Nat Bk of Comm 25,000 45.596 401,747
134 Apr. 15 Holdesr of rec. Apr. 2
460
331,730 33,803
--1% may 1 Holders of rec. Apr. 2a ChatPh NB &Tr 13,500 14,718 220,993 2,531 44,191
7% cum. prior pref.(guar.)
24,399
170,164 42.451 6:154
$6 cum.cony. pref.(guar.)
$1.50 May 1 Holders of rec. Apr. 26 Hanover Nat'l_ 5,000 26,440 139,417 1,489 16,718
126,111 3,136 -Vulcan DetinnIng, pref.(quar.)
1% Apr. 20 Holders of rec. Apr. 120 Corn Exchange- 11,000 17,667 203,774 4,265 24,042
171,680 30.616
-Preferred A (guar.)
1% Apr. 20 Holders of rec. Apr. I26 National Park__ 10.000 25.257 193,397
773 17,53.5
132.108 16.285 4:707
Vulcan Last(quar.)
Bowery E Rly 4,000 7,255
•75e. Apr. 2 *Holders of rec. Mar. 16
77,713 1,986 7.028
48.100 23,273 3.972
Stock dividend
First National__ 10.000 84,391 356,726
Apr. 2 Holders of rec. Mar. 15
*5
557 33,340
253,697 12,022 6,815
V. Vivaudou. com. (Pay In COOL 10.)
Am Ex Irving Tr 32,000 31,868 440,222 2,922 51,534
f234 Mar. 31 Holders of ree. Mar. 5
384,191 51,466
Wabasso Cotton (guar.)
Apr. 2 Holders of roe. Mar. 15a Continental Bk_ 1,000 1.368
*1
8.420
122 1,322
6,958
500
Extra
500. Apr, 2 Holders of rec. Mar. 15a Chase National_ 50,000 57,470 693,552 4,693 78,201 *600,789 46,913
2-,469
Wagner Electric Co., common
Fifth Avenue__
$2.50 Apr. 15 Holders of rec. Mar. 31
500 3,369
27,794
605 3,535
26,297 1,411
Preferred (guar.)
Garfield Nat'l... 1.000 1.931
151 Apr. I Holders of rec. Mar. 20
17,216
443 2,583
409
16,938
Wahl Co.. pref. (accr. accum. div.)_ _ _ _ 5154 Apr. 1 Holders of rec. Mar. 236 Seaboard Nat'l_ 9,000 14,081 147.902 1,063 17,419
131,075 7,633
44
Waltt & Bond. Inc.. class B
273-i0 Apr. 2 Holders of rec. Mar. 15a Bankers Trust_ 20,000 42.591 382,837
841 40.040 *350.041 45,145
Waldorf System corn. (quar.)
3734c. Apr. 2 Holders of rec. Mar. 206 US Mtge & Tr. 5.000 6,015
66,467
750 8,083
59,671
4,161
Preferred (guar.)
200. Apr. 2 Holders of rec. Mar. 200 Guatanty Trust 30,000 37,468 516.710 1.265 54,670 *468,638
80.016
Walgreen Company, pref. (guar.)
11.62% Apr. dl Holders of rec. Mar. 20a Fidelity Trust__ 4.000 3,636
46,907
514 5,551
41,064 4,546
Walworth Co.. pref. (quar.)
75c Mar. 31 Holders of rec. Mar. 20a N Y Trust
10,000 23,775 194,763
550 21.247
156,034
28,327
Ward Baking, corn. cl. A (quar.)
Apr. 2 Holders of rec. Mar. 154 Farmers L & Tr 10,000 21.728 140,532
$2
624 15,073 *112.865 18.023
Preferred (quar.)
134 Apr, 2 Holders of rec. Mar. 156 Equitable Trust 30,000 25,574 296,948 1,193 31,972 *334,424 31.179
Warner Gear Co., corn. (guar.)
•250. Apr. 1 *Holders of rec. Mar. 15
Class A (guar.)
50c. Apr. I Holders of rec. Mardl5a Total of averages 386,000619.1895,968,211 38,209644,431 c4.748,856686,87524,6
07
Warner Quinlan Co., corn. (quar.)
50c. Apr. 2 Holders of rec. Mar. 156
Preferred (quar.)
1.62% Apr. 2 Holders of rec. Mar. 15a Totals, actual condition Mar.175,968,008 36.583686,677c4,779,195 693,12924,693
Warren Brothers Co.. corn. (quar.)---- $1
Apr. 2 Holders of rec. Mar. 190 Totals, actual co ndltion Mar.10 5,909,767 39.727626,183 c698,909
6S8.55924,470
First preferred (quar.)
750. Apr. 2 Holders of rec. Mar. 190 Totals, actual co ndition Mar. 35.956,256 37,005644,377c4,785.855706,263
24,423
Second preferred (quar.)
State Bank
0734e. Apr. 2 Holders of rec. Mar. 19
Weber & Hellbroner. Inc
Not
Holders
of
Member
rec. Mar. 150
Mar. 30
of
$I
Preferred (quar.)
151 May 1 Holders of rec. Apr. 1130 Fedi Res. Bk.
Wellman-Seaver-Morgan Co.. Pf. (ad.)- 11.75 Apr, 1 Holders of rec. Mar. 21
Colonial Bank _
1,400 3,633
35,577 3,444 1.749
28,548 6,763
Wasson Oil & Snowdrift, Inc., corn.(qu.) El
Apr. 1 Holders of rec. Mar. 15
West Coast Oil, pref. (quar.)
Total of averages 1,400 3,633
*11.50 Apr. 5 *Holders of rec. Mar. 19
35.577 3,444 1,749
28,548 6,763
•1.3
Preferred (extra)
Apr. 5 *Holders of rec. Mar. 19
West Point Mfg.(quar.)
Apr. 2 Holders of ree. Mar. 150 Totals,actual condition Mar.17 35,958 3,525 2,0231
2
29.229 6,747
Western Auto Supply, aortic. pt. (qu.)
Totals, actual condition Mar.I0
50c. Apr. 1 Holders of rec. Mar. 20
35,902 3,448 1,685
28,768 6,714
Participating pref. (annual)
Totals,actual condition Mar. 3 138.714 7.272 3,7481
$1.70 Apr. 1 Holders of rec. Mar. 20
63,451 68,007




p

MAR. 24 19281

FINANCIAL CHRONICLE

Net
Capital. Profits. Loans,
Reserve
Week Ended
Discount, Cash
with
Net
Time Ban8
Mar. 17 1928. Nat'l, Dec. 31 Investin
Legal Demand
De- CircuState, Nov.15 meals. Vault. Dcpost- Deposits, posits. lation.
(000 omitted) Tr.Cos.Nov.15
vte.
tortes.
Trust Co's
Average Average Average Average Average Ay'ge
Not Memberso
$
8
4
$
$
1
$
$
Fed'I Res. Bk.
State B St Tr Co 5,000 6,379 106.165 3,693 1,991
37,347 61,472
Title Guar & T 10,000 21.767
68,432 1,585 4,380
39,635 2,066
Lawyers Trust_ 3,000 3,757
27,040
952 2,340
20,532 1,881

1773

Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
tru.,t companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.

Loans and
Demand
Total Cash
Reserve in
Investments.
Deposits.
in Vaults.
Depositaries.
6,215 8,828
Week Ended97,396 65,337
$
8
$
6,066 9,183
Nov. 19
99,291 65.329
7,501,257,200 6,148,900,000
802,801,300
2.663 7.304
Nov.26
63,931 3,232
7,526,722,000 6,183,811,700
800,450,800
Dee. 3
7,601,347,100 6,266,36i.500
818.811,500
Gr'd aggr., attic 405,400654,7266,205,425 47.8836.54,891 4.874,918759,057 24,607 Dee. 10
7,537,309,500 6.286.819.400
811,488,000
Comparison wi iIi prey.week_ _ +49,563 -919 +6,592 +24,016-3,938 +146 Dec. 17
7,567,275,900 6,292,581.100
822.545,300
Dec:24
6.261,887,800
7,632,582,400
808,138,000
Gr'd aggr., ae
'Icond'n Mar.176,205.647 48,323697.528 4.905,620765,213
Dec. 31
7,757,544,700 6,324,178,800
825.703,100
Comparison wi h prey.week... _ +58,428-2.918+60,477 +78.852+4.611 24,693
8,004,166,800 6,578.552.700
+223 Jan. 7 1928
8.3,495,100
Jan. 14
7,818,801.000 6,403,172 400
843,208.300
Ord aggr.„ act' cond'n Mar.106,147.219 49,241 637,051 4826.968760,602
7,709,982,100 6,386,686.500
24,470 Jan. 21
832,138,000
Gr'd aggr., act' Icond'n Mar. 38.192.312 46,940655,429 4,913,237
777,50224,423 Jan. 28
.69 ,182,000 6,279,035,900
814,959,800
Gr'd aggr.. act' cond'n Feb. 256,073.382 52,915860,525 4,747.954779.771
Feb. 4
7.697,104,000 6,289,144,400
813,688,600
Cir'd aggr.. act' ,cond'n Feb. 186,106,894 49.314628.758 4.758.185797,175 24,335 Feb. 11
7,617,8.52,900 6.205,379.900
23,867
799,967,500
Heti aggr.. act' Cond'n Feb. 11 8.159.458 40.47862L285 4 705 (120807 AR72:1
18
Feb.
$1411
7,582,973,000 6,153,176,000
800,543,800
Feb. 25
7,509,494,600 6.118.607,900
793,230,200
Mar. 3
Note.-U. S. deposits deducted from net demand deposits in the
7,596,216,000 6,235.714.800
810,495,100
general
tota1
.
Mar.10
above were as follows: Average total Mar. 17, 823,289,000; actual
6,229,438,200
7,600,329,300
802.121.900
totals
$74,235,000; Mar. 10, $2,738,000; Mar. 3, $4,569,000; Feb. 25. $9,256,000;Mar. 17, Mar.17
7.685.839.100 6.307.046.500
832.861.300
Feb 18
$9,256,000; Feb. 11, 210,272,000. Bills payable, rediscounts. acceptances and other
liabilities, average for week Mar. 17, 5872,190,000; Mar. 10, 5863,531,000;
Mar. 3.
$832,889,000; Feb. 25, $840,037,000; Feb. 18, 5861,182,000; Feb. 11, 8846,415,000.
New York City Non-Member Banks and Trust ComActual totals Mar. 17, $829,148,000; Mar. 10, 5861,004,000; Mar.
3,
Feb. 25, $873,061,000; Feb. 18, $838,336,000; Feb. 11, $823,722,000.$836,284,000; panies.-The following are the returns to
the Clearing
•Includes deposits In foreign branches not included In total footings
as follows: House by clearing non-member institutions and which are not
National City Bank, 5266,633,000; Chase National Bank, $14,665,000;
Bankers
Trust Co., 5.53,204,000; Guaranty Trust Co., $70.909,000; Farmers' Loan
& 'Trust included in the "Clearing House Returns" in the foregoing'
Co., $2,269,000; Equitable Trust Co.. $97,858,000. Balances carried
banks In
foreign countries as reserve for such deposits were: National City Bank. In
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
$44,331,000;
Chase National Bank, $2,108,000; Bankers Trust Co., 51,432,000; Guaranty
CLEARING HOUSE.
Co., $4,298,000; Farmers' Loan & Trust Co., $2,269,000: Equitable TrustTrust
Co..
(Staled in thousands of dollars. that is. three ciphers [000] omitted.)
86.484,000.
c Deposits In foreign branches not:Included.
Loans.
Reserve
CLEARING
DieCash
with
Na
Nei
counts.
Net
Legal Demand Time
in
The reserve position of the different groups of institutions NON-MEMBERS Capital. Profits.
Invest- Vault. Depot+ Deposits. Deposits,
Week Ending
meats.
on the basis of both the averages for the week and the
tortes.
Mac. 171928.
rle.
8.711

.4.4.4...10,01,4• CO 0* CO0200000)00
•JODOSCO.o-.001)..10004.-JCCACOCA

actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING
HOUSE BANKS
AND TRUST COMPANIES.

Member of
Veal Ree've Bank.
Grace Nat Bank...
Trust Company
Not Member of the
Federal Reserve Bank
Meal Tr, Bayonne_

$
1,000

$
2,018

locn '
co

97,514 65,419

§8888g88g88888888

6,230

0t0....00OWCA04

18,000 131,903 201,637

1;31.3Vol=.1
.41,41oblai.k;-,OMblo
WsIWN.-.WO.CONW9

Total of averag

Totals, actual c nclition Mar.17 201.681
Totals,actual c nelltIon Mar.10 201.550
Totals,actual c ndition Mar. 3 97,342

Average. Average. Aserage. Average Meager
$
$
$
$
$
87
17,983
1,419
9,869
4,042

500

740

9,211

402

Gr'd aggr.. Mar.17
1,500
Comparison with prey. week

2.758

27.194
-23

489
+51

Gr'd aggr.. Mar. 10 . 1,500
Gr'd aggr., Mar. 3
1,500
Gr'd agar.. Feb. 20
1,500
Ord :mgr.. Feb. 18
1.500

2.748
2.748
2,748
2.748

27,217
26,439
26,043
28.355

438
492
422
454

191

3,424

5,805

1,610 a13,293
+333
+5

9,852
-103

Averages.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank._ _
State banks*
Trust companies*

Total
Reserve.

Reserve
Required.

$
$
644,431.000 644,431,000 637,957,530
3,444,000 1,749,000 5,193,000 5,138.640
6,230,000 8.711,000 14,941,000 14,627,100

Surplus
Reserve.
6,473,470
54,360
313,900

Total mar. 17

9,674.000 654,891,000 664,565,000 657,723,270
Total Mar. 10_._ 10,167,000 648.299,000 658.466.000654.818.170 6,841,730
Total Mar. 3
10.596,000 651,477,000 662,073,000 565,829,830 3,647,830
Total Feb. 25__
10,989,000 636,893,000 647.882.000643.810,780 5.243,170
4,271,220
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits In the case of
State banks
and trust companies, but in the case of members of the Federal Reserve
eludes also the amount of reserve required oa net time deposits, which was Bank inMar. 17, 220,793,870; Mar. 10, 820,728,710; Mar.3,821,267,000; Feb. as follows:
25,$21 312 750; Feb. 18, 821,768,450; Feb. 11. $22,078,890.

Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank._
State banks.
Trust companies*„._

Total
Reserve.

a
Reserve
Required.

12.960
12,677
12,859
12.9671

9,955
9,782
9,886
9.679

a United States deposits deducted. 2130,000.
Bills payable, rediscounts, acceptances and other liabilities. 84.014.000. Exeeen
In reserve. 811,810 increase.

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 21
1928.

Actual Figures.

1.605
1,563
1,562
1.586

Changesfrom
Previous Week

March 14
1928.

Mar.7
1928.

$
$
$
$
Capital
78,400.000 Unchanged
78.400.000
78.400,000
Surplus and profits
96,597,000
+78.000
96,519,000
95.074.000
Loans, disels & invost'ts_ 1,167.134,000 +5.977,000 1,115.157.000 1,087.007,000
Individual deposits
689.302,000 +9,779.000 679.523.000 670.474.000
Due to banks
155,882,000 +2,535.000 153.347,000 157.971,000
Time deposits
311,733,000 +10,646,000 301,742.000 282,399,000
United States depoedts
24.251,000 +22,730,000
1,521,000
1,985,000
Exchanges for Cl'g House
34,202,000 +10,046,000
27,141,000
29.367.000
Due from other banks....
84,517,000 +4.098.000
80.419.000
82.642.000
Res've in legal deposit's
-410,000
8.5,175.000
85.585.000
82.219.000
Cash In bank
-144,000
9,584,000
9.728.000
9.705.000
Tiaa'va dnrennq In P Ft Mr
_
2 218 000
295 nnn

Surplus
Reserve,

$
686,677,000 686,677,000 642,089,220
2,023,000 5.548,000 5,261,220 44.587,780
286,780
8.828,000 15,043,000 14.609,400
433,600
Total Mar. 17_ _
9,740,000 697,528,000 707.268,000
45,308,160
Total Mar. 10_ .__ 9,514.000 637,051,000 646,565,000 661,959,840
651,586.830
Total Mar.
9.935.000 655,429,000 665,364,000 664,359,870 -5,021,830
Total Feb. 25_ _
10.848.000 660,525,000 671,373,000 643,114,200 1,004.130
28.258,800
•Not members of Federal Resrve 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 the amount of reserve required on net time deposits, which
was as
520.606.250;
Mar.
17,
10.
Mar.
820,656.770; Mar.3.821,187,890; Feb. 2.5, follows:
821,242,550; Feb. 18, 521,768.450: Feb. 11. 521.948,660,
3.525,000
6,215,000

Philadeiphia Banks.-The Philadelphia Clearing House
return for the week ending Mar. 17, 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 relit ired
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults"

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:

SUMMARY OF STATE BANKS AND TRUST COMPANIES
IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE
STATEMENT.
(Figures Furnished Si' State Banking Department.)
Week Ended March 17 1928.
Two Ciphers (00)
Mar. 17.
Mar. 10
Mar. 3
Previous Week
omitted.
Loans and Investments
Members of
Trust
1928.
81,480,414,100 +$35,946.800
1928.
P.R.System Companies.
Gold
Total.
5,173,500
-30,300
Currency notes
23,040,100
-589.700 Capital
Deposits with Federal Reserve Bank of New York
53,300,0
9,500,0
62,800,0
134,636,600
62,800,0
62,800,0
+23.595.200 Surplus and
Time deposits
167,717,0
17,914,0 185,631,0 185,084,0 184.274,0
1,509,705,600
+40,708,500 Loans. disc'tsprofits...
& Invest. 997,695.0
Deposits eliminating amounts due from reserve de99,866,0 1,097,561,0 1,093,948,0 1,099.680,0
Exch. for Clear. House
positaries and from other banks and trust com41,008,0
969,0
41.977.0
37,361.0
42,740.0
Due from banks
panies in N.Y. City, exchanges and U.S.deposits_ 1.432,128,500
99,206,0
524,0
99,730,0
86,229.0
98.233.0
+53,592,300 Bank deposits
Reserve on deposits
140.623,0
3,364,0
143,987,0
205.983,900
142,321.0
142.119,0
+22,327.400 Individual deposits._ _ 622,736,0
Percentage of reserve. 21.9%.
52,708,0 675,444,0 664,785.0 674,090.0
Time deposits
RESERVE.
190,745,0
27.343,0 218.088,0 219.080,0 221,688.0
Total deposits •
954,104,0
83,415,0
1,037,519,0 1.025.984.0 1.038.099.0
----Slate Banks
-Trust Companies- Res. with legal demos_
9,366.0
8,481,0
9,366,0
837.993,500 18.66%
8.743.0
Cash In vaults*
2124.656.700 816.98
Res. with F. R. Bank_
72,286,0
71,395.0
72,286,0
71,209.0
Deposits in banks and trust cos- 11.272,600 5.53%
32,061.100 4.36% Cash in vault
9,317,0
2,752,0
12,069.0
11,548.0
11.496,0
Total res. & cash held_
81,603,0
12,118,0
91.424,0
93,921.0
91,448,0
849,266.100 24,19%
Total
8156,717,800 21.34% Reserve required
69,910,0
10,236,0
80,146,0
80.009.0
79,775,0
•
Excess reserve and cash
•Includes deposits with the Federal Reserve Bank of New York, which for
vault
in
the
11,693,0
1.882,0
13,575,0
11,415.0
11,679,0
State banks and trust companies combined on March 17 was $134,636,600.
•Cash in vault not counted as reserve tor Federal Reserve members




I

FINANCIAL CHRONICLE

1774

[VoL. 126.

Weekly Return of the Federal Reserve Board.

Board Thursday afternoon, Mar.22,and showing the condition
The following is the return issued by the Federal Reserve
ay. In the first table we present the results for the system
Wednesd
on
of
business
close
the
of the twelve Reserve banks at
g
weeks and with those of the corresponding week last year.
precedin
the
seven
for
figures
the
as a whole in comparison with
each of the twelve banks. The Federal Reserve Agents'
for
ly
separate
s
liabilitie
and
s
The second table shows the resource
in Federal Reserve notes between the Comptroller and
ions
transact
g
regardin
details
gives
Accounts (third table following)
The Reserve Board's comment upon the returns for the
banks.
Reserve
Federal
and
latter
Reserve Agents and between the
Events and Discussions."
of
"Current
nt
departme
our
in
item
first
the
latest week appears on page 1741, being
MARCH 21 1928.
IES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
COMBINED RESOURCES AND LIABILIT
,
231927.
Feb. 21 1928. Feb. 15 1926. Feb. 8 1928. Feb. 1 1928. Mar.
Mar.21 1928. Mar.14 1928. Mar, 7 1928. Feb. 2, 1928.
S
$
$
$
$
$
$
$
$
00 1,619.911,000
RESOURCES.
00 1,345,440,000 1,388.057,000 1,384,121,000 1,366,926,000 1.422,938,000 1.419,336,0
00
1,369,178,0
51,105,000
1,393,893,0
46,873,000
agents
50.116,000
45,898,000
Gold with Federal Reserve
45.952.000
52,849,000
49,778,000
58,576,000
48,500,000
Gold redemption fund with U. S. Treas.
00 1,671,016,000
00 1.434.909,000 1,436,970,000 1,412,824.000 1,473,054,000 1,486,309,0
1.395,218.0
00
00
608,963,000
1,427.754.0
1,442,453,0
notes
R.
Gold held exclusively agst. F.
752,529.000 749,105,000 763,847,000 695,604,000 897,839,000 753,657,000
684,561.000 735.014,000 767.300.000 620,932.00
634.830,000
0
648,933,000
636,961,00
0
633.711,000
Gold settlement fund with F.R.Board
0
0 625,649,000 649,700,00
648,757.00
banks_
by
held
Gold and gold certificates
00
00 2.813.632.000 2.817,591,000 2.798,978,000 3.033,636,0
2.775.771,000 2,788.417,000 2.812,218.0002.808.370.000 2,819,786,0
171,652,000 159,644,000
Total gold reserves
163,442,000 165.931,000 164.564,000 187.179,000 167,474,000
168.300.000
170,060.000
--Reserves other than gold
00
00 2,980,811.000 2,985,065.000 2,970,630,000 3,193,280,0
66,465,000
2,945,831,000 2,956.717,0002.975,660.000 2,974.301.000 2,984,350,0
84,434,000
79,007,000
76,242,000
71,496,000
Total reserves
70,298,000
70,084,000
70,013,000
68,045,000
Non-reserve cash
0
318,181.000 298,164,000 296.528,000 268,421,00
Bills discounted:
s_ 285,371,000 285,25.,00,1 289,784.000 306,405.000 290,925,000
162.909,000 160,820.000 126,904,000 188,716,000
Secured by U. S. Govt. obuyat1on
191,607,000 187,041,000 192,324.000 186,163,000 170,119,000
Other bills discounted
0
0 461,044,000 481.090.000 458,784,000 423,432,000 457,137,00
476,978,000 472,296,050 482,108,000 492,568,000 353.227,000 354,787.000 369,273,000 377,393,000 231,259,000
Total bills discounted
332,728,000 343,326,000 338,495.000 343,759,00
Bills bought in open market
61,950,000
61,901,000
56,443,000
57.434,000
55,387.000
55,610,000
U. S. Government securities:
57.047,000
58,807,000
71,733,000
57,330,000
207,741,000 213.704.000 210,765,000 233.082,000
Bonds
171,792,000 193,421.000 205,633.000 206.036.000 138,384,000 137,295.500 134.131.000 138,678,000 208,564,000
Treasury notes
145,956.000
156,139,000 148.659,000 140.032.000
s
Certificates of indebtednes
401,512,000 408.433.000 401,339,000 433,661,000 342,247,00e
2,000,000
385,261,000 400,887,000 402,712,000 407,602 000
500,000
500,000
500,000
500,000
Total U. S. Government securities._
1.000,000
1,000,000
1,000.000
500,000
Other securities (see note)
00 1,229,896,000 1,234,986,000 1,032,643,000
1,244,810,0
00
1,216,283,0
00
1,244,929,0
00
1.195,467.000 1,217.509,000 1.224,315,0
Total bills and securities (see note)_ _ _
660,000
568.000
568.000
568,000
568,000
Gold held abroad
567.00"
569,000
570.000
569,000
772,437.000 588,326,000 621,207,000 644,812,000
Due from foreign banks (see note)
58.471,000
676,071,000 744,469,000 609,762,000 614,520,000 649,135,000
58,755,000
58,869,000
59,051,000
59,055,000
Uncollected Items
59,064,000
59,078,000
59,205.o00
11,688,000
59,264,000
10,455,000
10.411,000
10,839,000
10,913,000
Bank premis
11,168,000
11,548.000
12.159,000
9,222,000
All other resources
00
5,008,019,0
00
4,981,035,0
00
00 4,991,800,000 5,144,758,000 4,952,142,0
4,954,469.000 5,060,702,000 4.951,016,000 4,974,845.0
Total resources
00
1,701,642,0
00
1.578,985,0
00
00
ES.
1,584.183,0
LIABILITI
00 1.586.195,0
1,565,286,000 1,574,114,050 1.591,370,000 1,588.238,000 1.591,898,0
F. R. notes In actual circulation
2,300,454,000
00
2,404.673,0
00
2.395.037.0
00
00
00
2,391.150.0
Deposits:
5,700,000
2,322,237,000 2,362,424,000 2,361,464,000 2,374,515,0 2.357,083.0
24,006,000
26,385,000
26,457,000
23,681,000
27,917.000
Member banks-reserve account
25,037.000
18,975,000
14,863.000
5,759,000
6,045,000
5,151.000
4,844,000
5,324,000
Government
6,044,000
6,116,000
4,305,000
4,502.000
17,424,000
18,178,000
18.601,000
note)
21.308.000
18.765,000
Foreign banks (see
17,129,000
18,121,000
17.222,000
18.102,000
Other deposits
00 2,445,174,000 2,451,902,000 2.329,337,000
2,359,704,000 2,402,920.000 2.410,738,000 2,425 605,000 2,404,853.000 2,443,759,0 0 543.749.000 573.990.000 608,526,000
734,306,00
Total deposits
646,319,000 701.004.000 566,760,000 579,520.000 613,456,000 135,877,000 134.619,000 134,440.000 127,567,000
136,474,000
Deferred availability items
136,592,000
136,642.000 136,456,000 136,605,000
233.319.000 228,775,000
Capital paid In
233,319.000 233,319,050 233,319,000 233,319,000 233,319,000 233.319.000 233,319,000
12,172,000
10,399,000
11,098.000
11,302,000
11,800,000
Surplus
11.571,000
12,224,000
12,883,000
13.199,000
All other liabilities
00
5,008,019,0
00
00
4,981,035,0
00 4.952.142,0
4,954,469,000 5,060.702.000 4,951.016.0004,074.845.000 4,991.800,000 5,144.758.0
Total liabilities
75.3%
89.5%
69.9%
69.8%
Ratio of gold reserves to deposits and
70.56%
70.0%
70.3%
70.1%
70.7%
F. R. note liabilities combined
79.2%
73.7%
74.1%
4.0%
Ratio of total reserves to deposits and
74.7%
74.1%
74.4%
75.1%
74.3%
combined
liabilities
note
R.
F.
Contingent liability on bills purchased 243,975,000 239.650,000 238,553,000 238.817.000 241,238,000 241.697.000 238.821.000 237,3d4,000 147,946,000
for foreign correspondents
$
8
8
$
$
S
$
5
$
112,598,000 122,331,000 102,980,000
DistriDution by Maturities124,030,000 111.382,000 118,113,000 111.592.000
0
1-15 days bills bought In open market - 151,818.000 142,960,000 405,499,000 420.680,000 389.673.000 412.890.000 385,943.000 362,922.000 370,035,00
9,140,000
400,982.000 399.259,000
5,000,000
700.000
1-15 days bills discounted
100,000
20,072,000
14,630,000
10.732,000
435,000
s_
1-16 days U. S. certif. of Indebtednes
58,518,000
72,232,000
69,436,000
71.103.000
1-15 days municipal warrants
70.958,000
92.357,000
91,920,000
89,780.000
79,257,000
25,881,000
15,929.000
19,353,000
17.033.000
16-30 days bills bought In open market _
20,415,000
17,933,000
18,266,000
17,721,000
18,104,000
550,000
discounted
bills
days
15.441,000
16-30
5,912.000
16-30 days U. S. certif. of indebtedness_
56,206,000
97,967,000
111,343,000
115.829,000
18-30 days municipal warrants
119,308,000
107,092.000
92,079.000
64,963,000
75,281,000
32,075,000
_
22,552,000
27,125,000
25,345.000
31-60 days bills bought In open market
27,022.000
29,469,000
31,045,000
31,442,000
32,557,000
55,577,000
20,419,000
31-60 days bills discounted
7.200,000
s_
indebtednes
of
certif.
S.
U.
days
31-80
11,999,000
80,845.000
70,974.000
31-60 days municipal warrants
51,895.000
40,468,000
29,762,000
27.230,000
30,661.000
31,771,000
20,252,000
_
15,571,000
19,876.000
19,730.000
17,811,000
61-90 days bills bought in open market
18.156,000
20,479,000
15.152.000
74,709,000
16,911,000
61-90 days bills discounted
5,820,000
s.
61-90 days U. S. certif. of indebtednes
1,556,000
4,018,000
warrants
4,922.000
municipal
4,368.000
4,382,000
61-90 days
3,166,000
3,236,000
4,644.000
4,919.000
8,894.000
6,458,000
6,487,000
6.092,000
Over 90 days bills bought In open market
6,123,000
6,330,000
6,819,000
8,339,000
8,807,000
78,101,000 124,165,000
113,712,000
121,154,000
0
125,172,000
Over 90 days bills discounted
125,402,00
125,884,000
137,027,000
149,884,000
Over 90 days certif. of Indebtedness.._
Over 90 days municipal warrants
00
017.000 2.924,622.000 2,926,576,0 0
833,073,00
2,840,840,000 2,850.203,000 2,866,160,000 2,870,453.000 2,889,110,000 2,897.758.000 2.910,
F. R. notes received from Comptroller..,. 875,450.000 879,465,000 877,040.000 878,280.000 889,305.000 888,705,000 889,119,000 900,570.000
F. R. notes held by F. R. Agent
00
00 2,020,898,000 2,024,052.000 2,093,503,0
1,965,350,000 1,970.798.000 1,989,120.000 1.992,173,000 1,999,805,000 2,009,053,0
Issued to Federal Reserve Banks
0 400,640,000
414,841.000 414.841,000 414,841,000 414,840,000 414,441.000 405,495,00
98,023,000 112,742.000 101,884,000
99,461.000
94,611,000
96,068.000
90,736,000
0 1.117,387,000
1,000
901,090,00
910.4
0
852.825,00
839,863.000 878,048,000 874,669.000
0 765.210.000 666,442,000
792,404,000 801.275,000 787,140,000 809.805,000 805,059.00
00 2.227.997.000 2.184.546.000 2.286.353.000
00 2.190.232.000 2.171.261.000 2.178.531.0
9 174.472.000 2.137.844.0
_ 00 2.137.844.0
Tntel
amount of balances held abroad and amounts due
the
separately
in
added
to
order
show
were
Oct. 7 1925, two new items
changed to
Foreign Intermediate Credit Bank debentures, was
NOTE.-BeginnIng with the statement of
total of
caption. "All other earning assets," previously made up ofitem
was adopted as a more accurate description of theIncluded
10 foreign correspondents. In addition, the
assets" to "Total bills and securities." The latter
was stated. aro the only Items
It
which.
Act.
Reserve
"Other eecurities," and the caption, "Total earning
Federal
the
of
14
and
the Provision of Sections 13
under
acquired
securities
and
acceptances
the discounts,
211928,
therein.
RESERVE BANKS AT CLOSE OF BUSINESS MAR.
LIABILITIES OF EACH OF THE 12 FEDERAL
WEEKLY STATEMENT OF RESOURCES AND
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper

414,140,000
91.366.000
868.387,000
780,579,000

414,840,000
88,454,000
865.884,000
778,352.000

Chicago. 151. Louts. ifinneap. Kan.City.
Boston. New York, Phila. Cleveland. Richmond Atlanta.
Two ciphers (00) omitted.
Total.
Federal Reserve Bank ofS
S
3
3
S
S
S
S
S
S
52,874,0 50,906,0
S
RESOURCES.
160.025,0 44,656,0 142.575,0 226,506,0 28,732,0
769,0 2.908,0
1,393,893,0 82,025,0 328,813,0 106,555.0 3.585,0 2,266,0 1,879,0 5,178,0 3,134,0
Agents
Reserve
Federal
with
3011
13,494,0 6,012,0
48,560,0 4,797,0
3011 redo fund with U.S. Tress
231.742,0 31,866,0 53.643,0 53,874,0
86,822,0 342,307,0 112,597,0 163,611,0 46,922,0 144,454,0 120,652,0 19,740,0 15,700,0 32,279,0
1,442,453,0
It.
notes
F.
agst.
Gold held excl.
39,212,0 39,844,0 23,499,0 6,675,0
0
797,
.
5,008,0 6,768,0
276
0
.
.744
52
501.0
44.700,0 9,961,0 9,328,0 54,133,0 12.353,0
3old settle't fund with F.R.130ard 681,
048,757.0 24,823,0 416,013,0 26,151,0
)old and gold certificates
74,441,0
02,921.0
63,959,0
406,527,0
248,155,0 80,385,0 100,457.0
2,775,771,0 161,389,0 1,035,117,0 177,960,0 15,382,0 11,151,0 15,547,0 20,787,0 14,541,0 4,201,0 7,573.0
Total gold reserves
34.766,0 8,709.0
15,392,0
170,060,0
gold
than
Reserves other
100,494,0
263,537,0 91,536,0 176,001,0 427,314.0 78,500,0 78,642.0
2.945,831,0 179,781,0 1,069.853,0 186,669,0 5,665,0 6,069,0 4,350,0 8.924,0 4,168,0 1,069,0 2,203,0
Total reserves
21,426,0 2,400.0
6,104,0
68,045,0
4on-reservecash
63,203,0 12,240,0 4,090,0 5.198,0
Sills discounted:
55,250,0 30,432,0 30,955.0 7,448,0 3,972,0 20,554,0 10;450.0 1,351,0 0,704,0
23,864,0
Sec. by U. S. Govt. obligations 285,371,0 22,149,0
27,152,0 15,102,0 25,901,0 19,810,0 18,361,0
191.007.0
Other bills discounted
83,757,0 28.690,0 5,441,0 11.992,0
82,402,0 45,624,0 56,856,0 27,258,0 22,333,0 38,072,0
476,978,0 46,013,0
8.120,0 13,767,0 12,388.0
Total bills discounted
92,589,0 27,504,0 29,333,0 13,942,0 9.754,0
332,728,0 43,641,0
Mlle bought in open market
7,125,0 4,519,0 11,590,0
21,517,0
securities:
t
62,0
Governmen
755.0
1,153,0
J. S.
585.0
1,384,0
767,0
57,330.0
17,300,0 15,158,0 7,356,0 8,441,0
Bonds
29,502,0 15,403,0 34,420,0 2,968,0 5,243,9 22.914,0 7,495,0 5,684,0 10,425.0
171,792,0 8,604,0
3,478,0
3,929,0
Creasury notes
12,912,0
39,069.0 17,802,0
158,139,0 11,361,0
:Iertificates of Indebtedness
5 750 n 51 731 0 20 77A n 17 ARO 0 An AAR n
R nut 0
noon n oo •Innn AR 11177n
..,, ne, n on 000 n




Dallas. San Fran,
S
3
29,865,0 140,300,0
1,268,0 3,182,0
31,133,0 143,482,0
20,134,0 37,195,0
8,603,0 30,853,0
59,930,0 211,530,0
10,216,0 11,795,0
70,148,0 223,325,0
3,142,0 4.525,0
307,0 48,352,0
2,786,0 15,107,0
3,153,0 63.459,0
13,344,0 29,674,0
54,0
7.819,0
8,204,0 19,195,0
8,418.0 12,652,0
94 441

n

Al 001

n

MAR. 24 1928.]

FINANCIAL CHRONICLE

RESOURCES (Concluded)Two ciphers (00) omitted.

Total.
$
500,0

Othersecurtties

Boston.

New York.

Phila,

S

$

$

Cleveland. Richmond Atlanta. Chicago. St. L0140. Minneap. Kan.City. Dallas. San Fran.
$

S

$

s

$

$

s

5

500,0

1,195,467,0 110,386,0
569,0
37,0
676,071,0 63,740,0
59,264,0 3,824,0
9,222,0
84,0

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

1775
$

244,946,0 106,918,0 134,276,0 49,250,0 40,870,0 184,160,0 66,586,0 37,267,0 54,836,0 40,938,0 12.5,034,0
51,0
21,0
217.0
25,0
46,0
13,0
68,0
21,0
18,0
17,0
35,0
182.144.0 57,406,0 64,757,0 53,649,0 27,824.0 82,277,0 29,489,0 12,750,0 36,080,0 26,855,0 39,100,0
16,543,0 1,756,0 6,865,0 3,148.0 2,829,0 8.720,0 3,892,0 2,202,0 4,303,0 1,803,0 3,374,0
1,387,0
398,0 1,340,0 1,307.0
113,0 1,095,0
973,0
718,0
486,0
576,0
745,0

Totalresources
4 951,469,0 363,956,0 1,536,546,0 355,308,0 476,246,0 204,075,0 253,233,0 710,770,0 183,374,0 132,916,0 198,425,0 143,477.0396,1380
LIABILITIES.
EP. R. notes in actual circulation_ 1,565,286,0 119,021,0 313,352,0 124,043,0 189,137,0 60,554,0 142,291,0 236,246,0 52,194,0 56,087,0 58,119,0 35,812,0 148,430.0
Deposits:
Member bank-reserve acc't 2,322,237,0 153,564,0 902,604,0 140.047,0 183,446,0 69,887,0 68,016,0 340,607,0 82,000,0 53,125,0 91,335,0 64,520.0 173,086,0
Government
14,863,0
227,0
10.559,0
586,0
360,0
932,0
39,0
289,0
216,0 1,012,0
58,0
297,0 . 288,0
Foreign bank
4,502,0
338,0
229,0
468,0
122,0
1,271,0
194,0
189.0
427,0
162,0
626,0
158,0
318,0
Other deposits
18.102,0
84,0
9,099,0
191,0 1,171,0
72,0
721,0
255,0
270,0
72,0 1,122,0
28,0 5,014,0
Totaldeposits
Deferred availability items
Capital paid in
3urplus
All other IlablIttles

2,359,704,0 154,213,0
616,319,0 62,583,0
136,642,0 9,586,0
233,319,0 17,893,0
13,199,0
660,0

923,533,0 140,704,0 185,445,0 70,774,0 68,493,0 343,367,0 82,522,0 54,434,0 92.510,0 65,003,0 178.706,0
160,903,0 54,572,0 61,901,0 53,283,0 26,855,0 76.654,0 32,087,0 11,459,0 33,963,0 29,426,0 42,633,0
42,413,0 13,700,0 14,224,0 6,251,0 5,166,0 19,122,0 5,340,0 3,021,0 4,252,0 4.313,0 9,254,0
63,007,0 21,662,0 24,021,0 12,324,0 9,996,0 32,778,0 10,397,0 7,039,0 9,046,0 8,527,0 16,629,0
876,0
3,338.0
834,0
889,0
627,0 1,518,0
535,0
437,0 2,603,0
396,0
486,0

Totalliabilitlee
4,954,469,0 363,956,0 1,536,546,0 355,308,0 476,246.0 204,075,0 253,238,0 710,770,0 183,374.0 132,916,0 198,425,0 143,477,0 396,138,0
Memoranda.
Reserve ratio(per cent)
75.1
65.8
69.7
70.4
81.4
58.3
83.5
70.5
71.2
73.7
69.6
66.7
68.3
Contingent liability on bills purchased for foreign correspond'ts 243,975,0 18,280,0
68,975,0 23,155,0 25,348,0 12,429,0 10,237,0 33.879,0 10,481,0 6,581,0 8,774,0 8,531,0 17,305.0
F. R. notes on hand (notes rec'd
from F. R. Agent less notes in
Ann In. n nz In, n 1ln nog n 00 010 n 0.1 001 n 91 0070 21 2.120 44 2040 70030 5_629.0 7.214.) 84730
nn 404
0

FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS MARCH 21 1928.
Federal Reserve Agent at-

1

Total.

Boston.

New York.

Phila.

$

$

Cleveland. Richmond Atlanta. Chicago. St. Louts. .3Iinneap. Kan.City. Dallas. San Fran.

Two ciphers (00) omitted.
1
$
s
P.R.notesreed from Comptroller 2,840,840,0 228,312.0
F.R.notes held by F.R.Agent875,450,0 86.170,0

5
$
5
$
$
$
$
$
$
748.705.0 181,855,0 266,018,0 107,845,0 234,544,0 443,530,0 77,897,0 80.540,0 104,343,0 65,667,0 301,584.0
28.5,360,0 22,300,0 41.980,0 26,204,0 60,910,0 162,900,0 17,710,0 18,824,0 39,010,0 21,382,0 92,700.0

F. R. notes issued to F. R. Bank_ 1,965,390,0 142,142,0
Collateral held as security for
F. R. notes issued to F. It. Bk.
Gold and gold certificates_ _._ 414,140.0 35.300,0
Gold redemption fund
91,366,0 18,725,0
Gold fund-F.R. Board
888,387,0 28,000,0
Eligible paper
780,579,0 89,654,0

463.345,0 159.555,0 224,038,0 81,641,0 173,634,0 230,630,0 60,187,0 61,716,0 65,333,0 44,285,0 208.884.0

-1

TmoldrdIcateareal

205,150,0
42,600,0 31,020,0 20,000,0
8,600,0 14,167,0
17,303,0 40,000,0
18,663,0 8,778,0 12,426,0 2,636.0 4,575,0 1,566,0 2,632,0 1,707,0 3,046,0 2,562,0 14.050,0
105,000,0 97,777.0 105,000,0 11,000,0 118,000,0 225,000,0 17,500.0 37,000,0 47,860,0 10,000.0 86,250,0
160,750,0 66,041,0 84,811,0 37,771,0 31,201,0 122,277,0 36,170,0 18,963,0 24,079,0 15,949,0 92,913.0
4.20 .rtz 0 170 tnn n0.14 2270 02 427 0 172 770 n 042 0420 ra 002 n 71 037 0 74 085 0 45 R14 n 922 912 n

'9 17.1 .179 n 171 11700

Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the princ ipal items of the resources
and liabilities of the 6-19 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the
for the latest week appears in our department of "Current Events and Discussions," on page 1741,immediately following figures
which
we also give the figures of New York reporting member banksfor a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH
FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS MARCH 14 1928 (In thousands of dollars).
Federal Reserve District-

Total.

S

Boston. New York

s

s

Phila.

$

Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran,

$

s

s

s

s

s

s

Loans and Investments-total

21,864,012 1,554,782 8,368,534 1,216,119 2,142,623

687,037

609,235 3,173,688

723,510

385,682

665,883

$
$
436,630 1,900,239

Loans and discounts-total

15,325,701 1.086,909 5,886,738

800,350 1,429,835

515,327

490,368 2,277,222

506,604

253,094

443,485

337.021 1,298,748

4,580
62,606
418,153 2,766,492
664,176 3,057,640

8,851
436,290
355,209

15,004
637,967
776,864

3,158
161,555
350,614

5,463
26,148
122,246 985,787
362,659 1,265,287

4.183
199,246
303,175

2,179
76,353
174,562

3,540
135,031
304,914

3,440
88,683
244,898

4,478
354,885
939,385

6,538,311

467,873 2,481,796

415.769

712,788

171,710

118,867

896.466

216.906

132,588

222,398

99,659

601,491

U. S. Government securities_ _ _ _ 2,911,590
Other bonds, stocks and securities 3,626,721

163,988 1,187,463
303,885 1.294.333

107,797
307,972

309,682
403,106

73,443
98,267

54,061
64.806

361,852
534,614

84,013
132,891

69,284
63,304

105,290
117,108

70,055
29,604

324,660
276,831

81,209
14.508

125,717
29,730

42,111
11.891

41,684
11,510

261,409
40,077

50,090
7,375

25.075
5,621

58,796
11.885

35,037
8,916

110,917
21.971

143,630
Secured by U.S. Gov't Wigs's
Secured by stocks and bonds_ _ 6,382,688
- 8,799,383
All other loans and discounts
Investments-total

Reserve balances with F.R. Bank._
Cash in vault
Net demand deposits
Time deposits
Government deposits

1.735,951
248.115

106,419
18,967

797,487
65,664

13,783,512
6,700,584
10,343

937,396 6,187,725
520,419 1,584,036
915
3,482

763,430 1,032,273
287,983 953,102
903
1,056

373.280
246,274
360

347,806 1,874.351
238.507 1.227,562
531
902

414,501
243.354
195

235,073
133,433
65

501,296
168,090
225

308.186
117.409
575

808,195
975.415
1,134

1,194,120
3,595,546

57,902 148,606
153.795 1,424,604

54,061
174,318

98,829
251,924

52,741
109,753

77,811
124,461

253,441
540,228

53,802
138.206

52,316
110,170

126,469
236,704

60,224
104.031

157,918
227,352

Due from banks
Due to banks
Borrowings from F. R. Bank-tot

351,895

34,435

88.115

31,731

43.833

17,590

11,441

35.704

11,555

6.400

2.206

62,885

Secured by U.S. Gov't obliga'ns
All other

229,976
121,919

13,788
20,647

69,525
18,590

21,145
10,586

26,074
17,759

3,075
14,515

1,308
10,133

28,388
7,316

6,213
11,342

3,100
3.000

300
1,906

56,760
6,125

619

36

81

50

71

66

22

09

30

a5

45

55

Number of reporting banks

24

Condition of the Federal Reserve Bank of New York.

The following shows the condition of the Federal Reserve Bank of New York
at the close of business March 21 1928,in
comparison with the previous week and the corresponding date last year:
ResourcesGold with Federal Reserve Agent
Geld redenw.fund with 11.8. Treasury_
Gold held exclusively Met. F. It. notes
Gold settlement fund with F. It. Board_
Gold and gold certificates held by bank_

Mar.21 1928. 2lfar.14 19 8. Mar. 211927.
s
$
$
328,813,000 298.813,000 378,610.000
13,494,000
14,974,000
11,718,000
342,307,000
276.797,000
416,013,000

313,787,000
297,027,000
391.597,000

391,328,000
198,014,000
499,570.000

Total gold reserves
Reserves other than gold

1,035,117,000 1,002,411,0001,088,912.650
34,760,000
34.843,000
32,079,000

Total reserves
Non-reserve cash
Bills discountedSecured by U.S. Govt. obligation,
Other bills discounted

1,069,883.000 1,037,204.000 1,120.986,000
21,426,000
22,174,000
18.017,000

Total bills discounted
Bills bought in open market
U.S. Government securities-Bonds
Treasury notes
Certificates of Indebtedness
Total U.S. Government securitieS
Total bills and securities (See Note)

55,250,000
27,152,000

82,837,000
28,199,000

109,1.37,000
31,507,000

82.402.000
92,589,000

111,036,000
100.816,090

140,644,000
52,133,000

1.384,000
29,502,000
39,069,000

4,384,000
35,492,000
36,017,000

7,813,000
14.587,000
58,322,000

69,955,000

75,923,000

80,722,000

244,946,000

287,774,000

273,499,000

Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources

Mar.21 1928. Mar.14 1928. Mar. 23 192r
$
$
$
217,000
182,144,000
16,543,000
1,387,000

218,000
204,314,000
16,543,090
3,551,000

660,000
154,456,000
16.276,000
1,979,000

1,536,546,000 1,571,828,000 1,585,873,000

LiabilitintYed'I Reserve notes in actual circulation
Deposits-Member bank, reserve acct._
Government
Foreign bank (See Note)
Other deposits

343,352,000
902,604,000
10,559,000
1,271,000
9,099,000

342,668,000
919.622,000
12,990,000
1.216.090
8,370.000

413,842,000
922,319,000
516,000
1,877,000
10,274,000

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

923,533,000
160.903,000
42,413,000
63,007,000
3.338.000

942.198,000
178,242,000
42.381.000
63,007,000
3.332,000

934,986,000
134,377.000
38,173,000
61,614,000
2,881,000

Total IlabWties
Ratio of total reserves to deposit and
Fed'I Reeve note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence

1,536,546,000 1,571,828,000 1,585,873,000
84.4%

80.7%

83.1%

68,975,000

68.189,000

40,883,000

NOTF,.-Ileginning with the statement of Oct. 7 1925. two new items were
added in order to show separately the amount of balances held abroad and
amounts due to
foreign correspondents. In addition, the caption "All other earning assets," previously made up of Federal Intermediate
Credit bank debentures, was
"Other securities." and the caption "Total earning assets" to "Total bills and securities." The latter term
was adopted as a More accurate description of the changed to
securities
acquired under the Provisions of Sections 13 and 14 of the Federal
discounts, acceptances and
total ol the
Reserve Act, which,it was stated, are the only Items
Included therein:




1776

[Vor.. 126.

FINANCIAL CHRONICLE

Vaulters'

New York City Realty and Surety Companies.

azetteo

1 Bid
Alliance R'Ity 70
Amer Surety.] 330
Bond & M G. 465
Lawyers Mtge 333
Lawyers Title
& Guarantee 345

(All prices dollars per share.)
Ask
Bid
Ask
74
Mtge Bond__ 187 197 Realty Assoc's
(Bklyn)com
340 N Y Title &
475
Mortgage- 558 565
1st Pref---2d pref____
340 U S Casualty_ 370 420
Westchester
349
Title & Tr_

Bid

Ask

314 317
97 --9434 ....

Wall Street, Friday Night, March 23 19283
Railroad and Miscellaneous Stocks.-The review oj the
Stock Market is guven this week on page 1761
625 _-The following are sales made at the Stock Exchange this
Quotations
for
U. S. Treas. Ctfs. of Indebtedness,i&c.
week of shares not represented in our detailed list:
STOCKS.
Week Ended March 23.

Saks
for
Week.

Range Since Jan. 1.

Range for Week.
Lowest.

Highest.

Lowest.

Highest.

RailroadsPar. Shares $ per share. $ per share. $ per share.$ per share.
Atch Top & S F rights- 28.900 3% Mar 19 3% Mar 17 3% Feb 3% Mar
Feb 64
Mar
Boston & Maine__ __100 400 631$ Mar 21 64 Mar 21 58
Feb 80
Jan
Buff Koch & Pitts__ _100
30 7534 Mar 23 8() Mar 22 60
120 64 Mar 22 65% Mar 22 6234 Jan 6534 Mar
Canada Southern__ _100
Car Cl & 0 ctfs stpd_100
10104% Mar 20 104% Mar 20 103% Jan 10434 Mar
Feb
C C C & St L pref _ _100
80110 Mar 23 110 Mar 23 109% Jan ill
Cleve & Pittsburgh_ _50
10 82% Mar 17 82% Mar 17 82% Marl 8434 Feb
4
22
Mar
Mar
Mall
481$
Mar
22
834
4834
Special
60
50
4834
Mar
JanI 78
Ch Ind & Louisv pf__100
130 7734 Mar 19 78 Mar 19 76
Mail 9234 Feb
Cuba RR pref
50 90 Mar 20 90 Mar 20 84
100
a
Feb
Havana Elee Ry
400 10 Mar 19 10 Mar 19 10
Mall 13
Feb 377% Mar
Hocking Valley
100
50 365 Mar 1737734 Mar 23 345
Marl 5% Mar
Iowa Central
100 2,750 2 Mar 20 574 Mar 23 2
Jan
40 83 Mar 23 8334 Mar 21 81% JanI 84
Cent leased line_100
JanI 8134 Jan
Secured stock ctfs 1000 200 80% Mar 21 8134 Mar 22 80
Marl 8734 Jan
Morris & Essex
50
70 8634 Mar 20 8634 Mar 20 85
Minn S. St Louis-AO°40,800 2% Mar 20 434 Mar 21 3% Feb 4% Mar
4
Jan
Nat Rys of Mex 1st pf100
100 4 Mar 21 4 Mar 21
Jan
Nash Chat & St L_ _ _100
37017734 Mar 19 185 Mar 20 17Pyl Irleb 200
Mar 139
Jan
New On Tex & Mex_100
17013034 Mar 17 131 Mar 17 130
N Y Chic & St L rights__ 12.600 3% Mar 21 3% Mar 17 2% Marl 3% Mar
1$ Ma
Preferred rights
25,300 3-16 Mar 19 7-16 Mar 22 3-16Ma4
10
Jan
NY State Rys
100 7% Mar 21 7% Mar 21 73( M
100
Feb 30
Feb
100 28 Mar 21 28 Mar 21 26
100
Preferred
130 89% Mar 23 8974 Mar 22 8834 Feb 8934 Mar
Northern Central_ _5
Mar
Pitts Ft W & Ch pf_ _100
10165 Mar 23 165 Mar 23 161% Feb 165
St L San Fran rights.... 30,0001 1% Mar 17 2% Mar 23 1% Mar 2% Mar
Jan
,ii.159% Jan
120425 Mar 17 128 Mar 22 100
Sou Ry M & 0 et's_ _100
Jan
50103% Mar 23 105 Mar 23 103% Jan 111
Vicks Shrev & Pac 100
Mar 70
Jan
Wheel & Lake Erie_.100
200 67 Mar 22 68 Mar 22 67
Indus. and Miscall.
Mar 65% Mar
Air Reduction new____* 23,600 6234 Mar 23 6534 Mar 10 61
2% Mar
Albany Pert Wrap P rts_ 9,900 1% Mar 17 2% Mar 20 111 M
Feb 22534 Jan
Am Mach & Fdy p1_100
50 223 Mar 20 223 Mar 20 221
% Mar
% Mar 21
3,4 Mar
% Mar 17
Amer Metal rights
31,800
Feb
Mar 110
10 107 Mar 19 107 Mar 19 107
Am Wholesale pref.. _100
104
Mar
20
Mar
Jan
2110534
105%
Mar
100
102
Barnet Leather pref.100
Mar
5
31,300 4% Mar 21 5 Mar 20 4%
Borden Co rights
1%'
.aar
n 46 ti Feb
200 4134 Mar 20 42 Mar 21 32
Brit Emp St'l 1st pf _100
Mar
100 111 Mar 22 111 Mar 22 110%% Marin
Bucyrus Erie pref _ _ _100
700 2534 Mar 17 26 Mar 21 25% Mar 26% Mar
Calif Petroleum ctfs_ _25
Jan
107
Mar
20
Jan
19
110
Mar
109
60
Central Alloy St'l pf _100
'Jar 136
Feb
10 136 Mar 22 136 Mar 22 135
Cob Fuel & Iron pfd_100
Mar 9934 Mar
Consol Cigar pf(6%) 10 1,600 99 Mar 17 9934 Mar 21 99
Mar 23% Mar
Contin'l Baking cl A_ _20 6,200 23 Mar 17 2334 Mar 19 23
Mar
*21,300 11 Mar 19 12 Mar 22 10%
Class B
Mar
21
112%
3
Flea;
Mar
21
lr 11g 1$
1161$
(81._a
116j4
10
Sons
pf
Cushmans
Mar 27% Mar
100 27 Mar 22 27 Mar 22 27
DeBeers Cons Mines_ _ _
Mar 8415 Mar
•23.400 83 Mar 20 8434 Mar 17 80
Drug Inc
88% Jan 100% Feb
360 90% Mar 19
Eisenlohr & Bros pref 100
400125 Mar 17 125 Mar 17 120% Jan 125% mar
El Pr dt Lt efts 40% pd__
Mar 33
mar
100 31 Mar 23 31 Mar 23 31
Emporium Corp
*
Mar
25 400 4 Mar 19 4 Mar 19 234 Feb 4
Fairbanks Co
100
10 11 Mar 20 11 Mar 20 1034 Feb 1234 Feb
Preferred
Jan 113
Feb
20 113 Mar 19 113 Mar 13 111
Franklin Simon pref_100
Jan 44% Mar
200 4374 Mar 22 44 Mar 23 37
General Gas & El of B__*
Mar 111
Mar
300 111 Mar 21111 Mar 21 111
Gen Motors pref (6)-100
Mar 112
Mar
100 112 Mar 23 112 Mar 23 112
6% debenture_ .._ _100
Jan
100 27 Mar 20 29% Mar 21 2634 Jan 30
Hackensack Water pf_25
Feb
40 2634 Mar 20 2634 Mar 20 2534 Jan 28
25
Preferred A
116
Jan 120
Mar
20
Ingersoll Rand pref_ _100
100 112 Mar 19 112 Mar 19 110% Jan 112 1$ Feb
1
jot Nickel pref
Feb 34
Mar
Internat'l Silver rights__ 2,0001 2734 Mar 17 29% Mar 21 25
% Mar
% Mar 26
% Mar
Mar 17
32,7
Kayser Co rights
19
Mar
Mar
20
Mar
Mar
20
17
18
18
5,000
Keith-Albee-Orpheum.
*j
Mar
100 1,200 9234 Mar 23 95 Mar 21 92% Mar 99
Preferred
Mar
* 4,000 1001$ Mar 17 103 Mar 20 99% Mar 103
Loewe preferred
Jan
Mar 360
3 255 Mar 21 300 Mar 23 250
Mexican Petroleum...100
Jan
101115% Mar 22 115% Mar 22 115% Ma 119
National Supply pref 100
Feb 1434 Jan
500 10% Mar 22
Penn Coal & Coke_ __ _5
Feb 11334 Feb
1001113% Mar 22 113% Mar 22 113
100
Outlet Co pref
Pacific Gas & El rights__ 16,300 2% Mar 17 2% Mar 19 1% Mar 2% Mar
Feb
Jan 123
250111834 Mar 19 122% Mar 23 115
Pacific Tel & Tel pf.1
M
53% Jan
Phillips Jones Corp.__ _• 80 43 Mar 23 451$ Mar 17 43
M
95
Jan
200 88 Mar 21 90 Mar 21 88
Preferred
1
Feb
1 99% Mar 22 99% Mar 22 99% Mar 101
Pettibone Mull 1st pt 1
70
mar
Purity Bakeries A ctfs_
200 69% Mar 23 70 Mar 20 67% M
100 65 Mar 23 65 Mar 23 61% Feb 7034 Mar
Reis (Robt) & Co 1st pf_
Jan
20 40% Mar 22 40% Mar 22 40% Feb 45
Rand Mines
Mar
10016534 Mar 19 175 Mar 19 165% M 175
Reynolds Tob Cl A___25
10 108% Mar 22 108% Mar 22 104% Jan mg Mar
The Fair pref
100
Bank,Trust Co. and
Insurance Co. Stks.
Jan 792
Mar
Bank of America_ __ _100 1,000720 Mar 21 792 Mar 19 388
Jan
Feb 575
580 556 Mar 17560 Mar 19 550
Bank of Commerce_ _100
Mar
Feb 620
140600 Mar 22618 Mar 23 560
Bank of Manhattan_100
Jan 624% Mar
170600 Mar 21 618 Mar 17 568
Chat Phan Nat Bank 100
Mar
Mar665
270620 Mar 19665 Mar 23 600
Corn Exch Bank_ __ _100
Mar
Jan 430
Equitable Tr Co N Y 100
30423 Mar 19 430 Mar 23 410
Jan
Jan 650
Nat Park Bank
100
20650 Mar 19650 Mar 19 642
*No par value.

New York City Banks and Trust Companies.
Banks-N.Y. Bid
America *___ - 745
Amer Union*. 207
Bowery East R 1275
Bronx Boroa_ 650
Bronx Nat._ _ 625
BryantPark*. 225
Cent Mere Bk
di Trust Co_ 324
200
Central
567
Chase
Cttath Phenix
Nat Bk ,k Tr 605
Chelsea Exch* 320
Chemical_ _ _ _ "40
Colonial*. _ _ _ 1100
Commerce _ _ _ 560
Continental* 390
Corn Each... 655
Cosmopolit'n•
2:413
Fifth Avenue. 17
3700
First
560
Garfield
325
Grace
1260
Hanover

Ask
755
215
1300
670
675
330
206
572
615
330
950

6-61
410
885
480
2310
3800
1280

*State banks.
t New stock
s Ex-dividend.
si Ex-stock dividend
1/ Ex-rights.




All pikes dollars per share.)
Ask
Banks-N.Y. Bid
Harriman _ _ _ 915 950
Manhattan.. 605 612
National City 825 835
660 666
Park
Penn Each... 200 210
Port Morris_ _ 675 750
618 628
Public
775 785
Seaboard
220 230
Seventh
770 785
State*
270 285
Trade•
United Cap.
Bk & Tr... 384 388
193 203
Yorktown.
Brooklyn.
300
Dewey *--430 450
First
Globe Exch*. 260 290
Mechanics* _ _ 4.0 440
427 437
Municipal*
440 455
Nassau
900
People's
-.

Trust Cos. Bid
New York.
Am Ex Iry Tr 413
Bank of N Y
& Trust Co 695
Bankers Trust 1025
Bronx Co Tr_ 400
Central Union z1430
County
550
Empire
440
Equitable Tr_ 428
Farm L & Tr_ 770
Fidelity Trusts 460
Fulton
.,40
Guaranty Tr_ 847
Interstate
272
Lawyers Trust
Manufacturers 790
Murray
375
Mutual(Westchester).... 310
N Y Trust
700
Times Square_ 192
Title Gu dr Tr 780
S Mtg di Tr 473
United States 2825
Westchest'r Tr 1000
Brooklyn.
Brooklyn.... 1270
Kings Co__ _ _ 2800
274
Midwood_

Ask
418
705
1035
1i45

666
432
785
370
560
654
278
Tal6
400

115
197
79i)
483
2025
1075
1300
250

Maturity.

Rate.

June 15 1928._ 33$%
Dec. 15 1928___ 334%
Mar. 15 1929._ 334%

Bid.

Asked,

Maturity.

Rate.

Sept. 15 1930-32 334%
99"12 100
9929,,
99"32 Mar. 15 1930-32 335%
99883. 998832 Dec. 15 1930-32 334%

Bid.

Asked.

99882, 100
0988:2 994113
998832 100

United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Daily Record of U. S. Bond Prises. Mar.17 Mar.19 Mar.20 Mar.21 Mar.22 Mar.23
First Liberty Loan
1111gb 1013.2
314% bonds of 1923-47_ Low_ 101832
(First 314)
Close 1013.2
Total sales in ELMO units_ _1
Converted 4% bonds ofIHigh
1932-47 (First
Close
Total sales in $1,000 units__ _
____
Converted 411% bonds(High 10233.2
of 1932-47 (First 414s) Low_ 102"32
Close 1028832
Total sales in $1,000 units_ __
3
Second converted 41$% High
bonds of 1932-47 (First Low_
---Second 4%s
Total sales in $1,000 units__
_
TJ ird Liberty Loan
High 100-an
434% bonds of 1928....1 Low_ 1008812
(Third 434s)
Close 100"as
Total sales in $1,000 units__
41
Fourth Liberty Loan
High 10313.2
434% bonds of 1933-38._ Low_ 1031813
(Fourth 434s)
Close 10313.2
Total sales in $1,000 unit?___
71
Treasury
High 115"32
4145, 1947-52
Low_ 1158832
Close 11513.2
Total sales in $1,000 untts___
12
High 1100.2
45. 1944-1954
Low_ 1100.2
Close 110022
Total sales in $1,000 units__
10
High 1072312
3%s, 1946-1956
Low_ 1072322
Close 107.$3,
Total sales in $1,000 units__
125
(High 102232
31‘s, 1943-1947
Low_ 102.
33
Close 102881
Taal saloq Intl non aistife.

10110.2 101I3.2 101 322 1013.2 1011.2
1018.32 101833 1018832 101832 1018n
101"32 1018832 101"32 101632 101832
10
15
25
10
45

---____
____
____
____
10233.2 102"n 1028832 1028832 1028823
102"33 102"32 1028832 1028832 1028831
102"32 102"32 1028832 1022832 10288n
6
15
2
I
47
-_-_

-___

_
100-622
100"32
100"32
34
1030.2
103"32
1038832
129
1158832
1151832
115242
2
11031.2
11021.2
11021.2
1
10733.2
107/322
1078832
85
10233.2
10226.2
1028833

__
100-1..,
100"32
1008832
70
10333.2
103"32
1038832
241
115"32
1158132
11524.2
121
1102.22
11031.2
11031.2
60
108.22
108
108832
225
103..2
102"32
103832

21..

'),A1

____

____

____

_
__
_
100-lin 1001.82 100-ass
1008832 1008832 100"n
1008832 100"33 100"3,
204
101
41
10323.2 103"., 103":1
103"32 1031832 103"at
103"32 1031832 103283,
54
15
44
115"31 1152832 11521,2
1158832 115"32 1158433
115"n 115"n 115"32
52
67
4
11027.2
-----11021.2
11023
.2__155
1083.2
------108833
----108832
----88
1033.2
____ 10-31.2
103832
---- 1038n
---- 103831
103832
,TC

"

Note -The above table includes only sales of coupon
bonds Transactions in registered bonds were:
2 lst 3)4s
52 3d 434s

1013.2 to 1013.2 111 4th 41$s
1003.2 to 100"311

1031322 to 10302s

Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.87 13-16 ®
4.87 15-16 for checks and 4.8834®4.88 5-16 for cables. Commercial on
banks, sight, 4.87 13-16, sixty days 4.84 Si, ninety days 4.82% and documents for payment 4.84%. Cotton for payment 4.87% and grain for
payment 4.8734.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.93%1®
3.93 9-16 for short. Amsterdam bankers' guilders were 40.25% ®40.28
for short.
Exchange at Paris on London. 124.02 francs; week's range 124.02 francs
high and 124.02 francs low.
The range for foreign exchange for the week follows:
Sterling, ActualCables.
tec .
High for theweek
4.88 5-16
4.87 15-16
Low for the week
4.87 29-32
4.87 9-16
Paris Bankers' FrancsHigh for the week
3.9351
3.9334
Low for the week
3.93 5-16
3.93 1-16
Amsterdam Bankers' GuildersHigh for the week
40.26
40.2734
Low for the week
40.24
40.20
Germany Bankers' MarksHigh for the week
23.92%
23.9134
Low for the week
23.91
23.89%
CURRENT

NOTICES.

-Taylor, Ewart & Co., Inc., announce that Charles W. Christensen
has become associated with them in their Philadelphia office.
-James A. McCabe has become associated with E. W. Clucas Lk Co..
11 Wall St.. New York City, in their sales department.
-Morrison & Townsend, 120 Broadway. N. Y., have prepared an
analysis of the New York, New Haven & Hartford RR.Co.
-The National City Bank of New York has been appointed transfer
agent for the capital stock of the Elcar Motor Co.
-The corporate name of Dawes, Maynard & Co., 39 So. La Salle St..
Chicago, has been changed to Dawes & Co.. Inc.
-Curtis Sr Sanger have prepared a monthly analysis and quotation
pamphlet of bank and insurance company stocks.
-Tucker, Anthony & Co. announce that Clinton Wolcott has become
associated with them In their Rochester office.
-Price & Co.,60 Broadway, New York, have prepared a circular describing the National Food Products Corporation.
-James Talcott, Inc.. 225 4th Ave., N. Y., has been appointed factor
for S. P. S. Silk Co. of Willimantic. Conn.
-P. H. Whiting & Co., Inc., 72 Wall St., Now York, have prepared an
analysis of Federated Capital Corporation.
-G. Keyes Page has been admitted to general partnership in the firm of
F. A. Willard & Co., 50 Broadway, N. Y.
-Ralph B. Leonard & Co., 25 Broad St., N. Y., have issued an analysis
of Providence-Washington Insurance Co.
-The Bankers Trust Co. has been appointed dividend disbursing agent
for the stock of the Darby l'etroleum Corp.
-Hornblower & Weeks have prepared an analysis of Pullman Inc.
which is now ready for distribution.
-The Empire Trust Co. has been appointed transfer agent of the common
stock of American Dairies, Inc.
-Leonard A. Bakrew has become associated with L. F. Rothschild &
Co. in their Rochester office.
-Prince & Whitely, 25 Broad St., N. Y., are distributing an analysis
of Lima Locomotive Works.
-Tooker & Co., 120 Broadway, New York, have prepared an analysis
of Tobacco Products Corp.
-Colvin & Co., 14 Wall St.. N.Y.,have prepared an analysis of Standard
Oil Co. of New Jersey.

Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
For sales during the week of stocks not recorded here, see preceding page

HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT,
Saturday,
Mar. 17.

Monday,
Mar. 19.

Tuesday,
Mar. 20.

Wednesday, Thursday,
Afar. 21.
Mar. 22.

Friday,
Afar. 23.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

3 Per share $ per share S per share S per share S per share 3 per share Shares
par
Railroads.
19018 191
18812 19014 188 18918 18878 18914 18714 18934 188 189
17,700 Atch Topeka & Santa Fe__100
•10412 10434 1041 105 *10412 10478 105 10534 10638 10712 10714 108
4,400 Preferred
100
18214 184 *181 182
181 181
18014 181
18014 18134 18012 18134 3,500 Atlantic Coast Line RR
100
11558 11714 11618 11712 11514 117
115 11612 114 1168, 11618 11712 81,200 Baltimore & Ohio
100
"8012 82
*8158 82
"8038 813
8178 817
82
83
83
100
8318 1,900 Preferred
76% 79
78
7814 77
77
74
74
75
75
50
75
7514 2,900 Bangor & Aroostook
*110 112
11038 11038 "111 112 "11012 11112 111 11112 11178 115
140 Preferred
100
6414 6514 6514 671s 6612 6712 6614 6732 6434 653 6458 6558 50,100 Bkln-Manh Trac v I o_No par
•87
88
*87
88
88
8834 8812 8812 8718 874 *8714 8812
700 Preferred v t c
No par
177 1838
1812 1958 1812 1958 1814 1812 1818 188, 1778 1818 11,600 Brunswick Term & Ry See_100
*51
52
*5012 52
*5012 52
*5012 52
*5012 52
Buffalo & Susq pref
100
*5012 52
215 21678 213 216
21112 21334 212 216
21314 21578 213 21412 67,700 Cam:Ilan Paelno
100
318 320 *305 315 "310 317
316 316
315 317
2,200 Central RR of New Jersey_100
317 325
19434 199
197 19914 195 19712 196 19634 198 1964 19434 19614 17,100 Chesapeake & Ohio
100
73
73
718 78
78, 78,
74 73,
4,900 Chicago & Alton
100
718 734
7
7
1114 1158 1158 1134 1138 1112 1034 1234 1114 1114 *1114 1134 13.800 Preferred
100
404 4112 44
44
*40
4212 .39
4212 *40
4212 *40
800 Chic & East Illinois RR
100
43
71
7112 '70
7212 70
70
68
68
*6814 71
100
400 Preferred
*68
72
1214 1258 12
1212 1112 1214
1158 1218 118, 12
1134 117
6,500 Chicago Great Westera
100
2514 273
26
2678 2434 2614 2514 263* 25% 2618 2512 258 10,300 Preferred
100
2612 2612 257 2612 2512 2578 2534 2638 26
2638 2558 2618 41,500 Chicago Milw St Paul & Pacific
4258 43
4134 427
41
42
42
4234 4112 4278 4112 4238 27,100 Preferred new
86
8678 8534 8634 85
8512 85
8558 84
8514 84
8434 8,100 Chicago & North Western_100
141 141 "141 150 "141 150
142 142 *142 146 •142 150
200 Preferred
100
11118 11278 11114 113
11058 11112 11034 11112 11058 11212 112 11312 32,900 Chicago Rock Isl & Pacific_100
10834 10834 "109 110
10914 110
10912 11058 109 109 *108 110
preferred
v
7
1,5
400 6
100
"10112 10212 *10112 10212 10212 10212 10212 10212 10212 10258 10258 10258
100
•11112 114 *108 111 *10814 110 .109 115 *110 118 *10914 111
Colorado & Southern
100
.7512 78
7512 77
na 77 na 77 75 77 751 77
620 First preferred
100
*7214 75
*7214 75
*7214 75
*734 75
*7214 75
7212 7312
90 Second preferred
100
7012 7012 7014 7014 7014 7014 70
7012 7018 7072 7034 71
1,900 Consol RR of Cuba pref_100
170 17112 170 171
169 16914 16718 16812 16412 16678 16618 167
5,200 Delaware & Hudson
100
14334 14658 14514 14714 144 14614 142 14534 143 14434 14212
14434 27,900 Delaware Lack & Western_ 50
*5118 55
*54
56
56
56
56
56
56
56
*54
700 Deny & Rio Or West pref /00
57
43
43
43
4
4
334 334
438
414
414
4
4
600 Duluth So Shore & Atl_ __ _100
'614 612 *614 612 *614 612 *614 612 •____
612
5
500 Preferred
514
100
5714 5812 5734 5812 5718 5858 5714 5834 5718 588 564 5818 34,200 Erie
100
577 5814 5818 5834 58
58
58
58
5814 5812 5758 577
3,000 First preferred
100
5638 5658 *56
*5512 5612 *5512 5612 "54
57
5612 5514 5514
200 Second preferred
100
9812 10058 9912 9934 0814 99
0834 10014 99
9914 9818 09
12,000 Great Northern preferred 100
97
9814 977 9818 9612 98
97
9758 9758 9758 *9814 984 2,500 Fret certificates
100
2212 23
2212 2234 2214 2234 2214 2278 2218 2278 22
2238 8,400 Iron Ore Properties_ _No par
56
57
5334 55
5212 5312 5312 5414 54
5458 *5312 542 3,300 Gulf Mobile & Northern 100
*104 106 •103 106 *10314 104 *10312 106 *103 106 *103 106
Preferred
100
5318 5314 5358 5358 5358 55
5512 5618 5434 56
5534 588 22,800 Hudson & Manhattan
100
'84
86
*8412 86
8458 8558 *8412 86
8512 8512 86
8858 1,100 Preferred
100
13914 14034 1394 140
133 139
13714 138
13814 13812 138 13812 7,900 Illinois Central
100
•137 145
13712 13712 *13714 142 *13714 142 *135 140 *135 140
t
5
10
00
0 I.Preferredof
100
383
4 3834 *73
3912 39% *3834 4034 4012 40% 4014 4014
*3712 38% *73
.73,8
Rye
Cent America 100
,8
,8
,7312 ____ *734 _ _
Preferred
"3
773118
100
2 4,12
394 4034 3914 41
3858 40
3918 4014 3912 40
Interboro
Rapid Tran Vt c_100
9,300
5734 56
5714 5858 564 5734 5612 5758 56
5634 5434 56
13,600 Kansas City Southern
100
74
7518 *75
7518 754 7412 7412 75
7612 7414 75
2,400 Preferred
75
100
9314 9418 03
9618 97
9434 06
9478
7,200 Lehigh Valley
50
1°19
5112 1521 152 15212 15212 15212 15214 15212 *5
112 5*
312 1E12 11
1
°
2,400 Louisville & Nashville
100
5
24
2
*77
80
*774 8212 *753 8212 *7614 8212 *7614 8212 •7614 8212
Manhattan Elevated guar_100
46
4614
467
4312 4412
43
431
43
4478 46
4134 4134
100
*412 512 "412 512 *412 512 *438 412 *412 512 "°
412 41
oedtifS
ietlee gtula
traalinWta
Mk
yy _ _ _ _ 100
10°
0 Mar
27
*20
27
27
*20
•20
27
*20
*20
27
*20
Preferred
27
100
*47
48
*4612 4712 4614 4658 4618 4614 46
4612 .47
800 Prior preferred
100
4712
*10
*10
15
15
*10
.10
15
15
*10
15
*10
Second preferred
15
100
4614 478 4512 4712 46
4578 4712 463 4734 46
46
46
2,200 Minn St Paul & S S Marie_100
*80
82
84
7934 81
"81
83 .81
*79
81
*77
81
600 Preferred
100
69
69
267
*68
6714 6714 6714 *6714 73
69
*6714 7112
150 Leased lines
100
4012 3834 397
3838 39
39
3812 3914 3712 38% 37
3734 14,300 Mo-Kan-Texas RR___ _No pa
106 10618 106 10614 106 10614 106 106
1054 106
10512 106
6,700 Preferred
100
5058 4914 5058 4914 50
50
5078 50
49
50
4814 497 19,000 Missouri Pacific
100
11034 1128, Ill 112
111 113
1107 112
11034 112
11018 11 15, 18,000 Preferred
100
*2
214
218 218
2
2
2
218 24
2
2
1,900 Nat Rys of Mexico 2d pref_100
169 17112 16934 17158 16834 174
17114 17414 17114 173
17134 17334 162,400 New York Central
100
13534 13614 135 13534 13412 13514 *134 135 013112 132
1305 13112 3,100 NY Chic & St Louts Co
100
10914 10914 109 10912 10914 10914 10958 1097 10934 110 *109 10934
800 Preferred
100
189
189 18934 189 189
18412
18912 190
190 19712 194 19634
770 N Y & Harlem
50
63% 6212 6334 6212 6314 6212 6314 6212 6358 6258 63
63
27,600 NYNH& Hartford
100
11418 11418 11418 11414 11414 11438 1143, 1143, 11414 1143, 11438 1143, 5,100 Preferred
3018 3112 2914 3014 2814 2978 2814 3014 2938 2978 2933 2812 13,400 NY Ontario & Western___10C
77 '
712 712 *714 712 *714 712
714
712 712 '714
400 N Y Railways pref otte_No par
712
46
*4212 46
4578 4578 46
4534 4534 4512 4512 *43
45
400 Norfolk Southern
100
190 191
190 191
189 191
189 18958 189 18934 18934 19034 5,000 Norfolk & Western
100
*8518 87
*8518 87
*8518 87
•8518 87
*8614 87
8678 87
200 Preferred
100
0712 9838 9612 0778 9718 9838 9718 9838 9712 977 15,500 Northern Pacific
9712 99
100
9578 0612 9512 9612 *98
96% 945 967
9512 0612 96
9612 6,900 Certificates
100
*17
23
*17
25
24
•17
•17
25
*17
25
.17
Pacific Coast
25
100
6758 6778 673 6734 6714 6712 6712 6758 673s 6734 6712 6734 30.300 Pennsylvania
ao
32
31
32
31. •29
31
*2912 30% "29
3212 33
3012 1,400 Peoria & Eastern
100
13012 13114 12934 13012 131 131
13112 13112 129 13112 130 130
1,600 Pere Marquette
100
*9934 102
9934 9934 *9934 102
*997 101
'99 100
*997 101
100 Prior preferred
100
*9534 98
*9514 98
9812 9834 99
•9612 98
98
*9514 98
100
1268 12834 12678 12678 127 128
12612 12612 126 127
12818 129
rehd& West Va
Ptrsebfuerrg
100
2,510°0° Pit
10512 10734 105 10634 103 10514 10314 10712 10412 10712 106 10734 39,300 Reading
50
4314 43
43
*43
4318 43
4314 4312 4358
4318 .43
*43
50
900 First preferred
4618 4512 4512 4512 4512 146
46
4512 457
46
46
46
900 Second preferred
50
58
*49
56
*50
*54
57
*52
56
53
*54
*52
Rutland RR pref
58
100
11512 116
115 11534 1153, 116
11558 120
11512 116
11934 122 102,400 St Louts-San Francisco___ _100
•10012 101 *1004 101 *10012 101 *10012 101 *10012 101
10012 101
300 Preferred A
100
8
8112
837
8
82
845
855
8
8212
857
8234
8412 83
8412
100
8334 25,700 St Louis South western
*9218 9212 *9218 9212 9218 9218 .915 9258 9158 0158 0014 91
100
400 Preferred
2014 217
1878 2018 1712 1978 18
21
19
187
1833 19
100
33,900 Seaboard Air Line
2612 2778 2534 2658 2414 2614 2412 25
2514 27
*2412 2512 6,600 Preferred
100
12034 12234 120 12114 121 12218 12058 12214 12112 12214 23,800 Southern Pacific Co
12134 123
100
14618 14712 18,600 Southern Railway
1455, 148
14714 14878 146 14734 147 14838 147 147
100
*9912 100
100 100 110014 10014 10014 10058 10012 10134 101 10114 4,300 Preferred
100
119 12114 121 1228, 122 12578 125 12734 12514 12812 12634 129
37,000 Texas Sz Pacific
100
33
33
33
33
33
33
33
32
3212 3212 33
32
1,500 Third Avenue
100
4978 *44
4812 4512 47
"44
*44
45
44
50
44
50
400 Twin City Rapid Transit_ _100
•10434 _ _ _ *10434 ____ *10434
•10434 ____ *10434
*10434
Preferred
100
194 19534 1931, 19412 19412 19578 19412 19534 19412 1955, 20.200 Union Pacific
195 196
100
837 838 8358 8312 84
85
8512 874 8618 867
*8312 84
100
3,100 Preferred
7258 7112 7312 7112 7312 71
7034 7312 70
75
73
7258 46,500 Wabash
100
9512 *94
95
95
95
*94
*94
95
200 Preferred A
9512 95% *9312 94
100
95
"89
*89
95
95
*89
95
"89
*88
Preferred B
95
95
*91
100
4578 477k 4314 464 4434 46% 4412 4578 4414 457 42.500 Western Maryland
48
45
100
*4612 47
4618 *4618 47
•45
4612 4612 1.000 Second preferred
4778 47% 48
46
100

•BM and asked Driest.

sEx-dlyklend. 0 Ex-dly & ex-rights




PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
$ per share
1823 Mar 2
10212 Jan 5
167 Mar 2
109 Feb 7
80 Feb 10
69 Jan 5
11014 Feb 20
5338 Jan 17
82 Jan 4
1412 Jan 5
50 Feb 3
198 Feb 7
29734 Feb 17
18572 Feb 20
558 Jan 30
77 Feb 20
37 Feb 28
6218 Feb 24
918 Feb 8
2012 Feb 20
2214 Mar 5
37 Mar 2
7914 Feb 20

Highest

PER SHARE
Range for Previous
Year 1927.
Lowest

Highest

$ per share $ per share 5 per share
19534 Jan 6 16134 Jan 200 Aug
108 Mar 23
9938 Jan 10833 Dec
1864 Jan 4 1747 Apr 20512 Aug
119 Jan 7 10612 Jan 125
Oct
84 Jan 16
7314 Jan 83 June
844 Jan 11
44
Jan 10312 May
115 Jan 10 10112 Jan 122 June
6758 Mar 19
53 Aug
7072 Jan
8958 Mar 9
7812 Oct88
Jan
2014 Feb 16
712 Oct1933 Dee
53 Feb 8
Apr 58 June
40
216% Mar 17
325 NIar 23 28-5 - Jan 348 June
2054 Jan 6 15114 Jan 21812 Oct
45 Jan
734 Mar 21
1058 June
1214 Jan 6
712 Jan
1855 July
44 Man 19
3012 Jan 51 July
76 Jan 3
43
Jan 8474 Oct
1338 Jan 6
812 Jan 2212 May
2938 Jan 6 --------447 June
2678 Mar 15
9 Jan
1934 Dec
4334 Mar 143712 Dec
8812 Jan 6 -ii8 -3 i
9712 Sept
140 Feb 15 148 Jan 24 12414 Jan 150
Oct
6812 Jan 116 July
106 Feb 18 11312 Mar 23
10614 Feb 9 110 Jan 3 10234 Jan 11134 Dec
9514 Jan 104 Nov
100 Feb 24 10258 Mar 22
64
Jan 137% July
106 Feb 21 116 Jan 6
70
Jan 78 Dec
75 Jan 14 7834 Mar 5
68
Jan
75
Oct
724 Jan 3 757 Jan 3
85 Aug
77 May
6918 Jan 26 75 Feb 16
16314 Feb 10 186 Jan 6 1714 Jan 230 June
129 Feb 20 14714 Mar 10 13012 Oct 173 Mar
4112 Jan
67hJune
5012 Feb 20 583 Jan 5
77 Dec
258 Apr
64 Jan 5
358 Feb 21
4 Mar 1114 Dec
914 Jan 4
5 Feb 20
3912 Jan 6934 Sept
4958 Feb 7 6612 Jan 4
54 Feb 20 637s Jan 7
5233 Jan 8814 Aug
49
Jan 8412 Aug
5212 Feb 17 62 Jan 6
9312 Feb 6 10038 Mar 17
795 Jan 1037s Sept
8518 Mar 101 Sept
9118 Feb 7 9814 Mar 17
2158 Feb 20 251" Jan 24
18 July 2834 Sept
4514 Feb 7 5814 Jan 7
3518 Jan 7658 July
Jan 11214 Apr
104 Feb 20 10712 Jan 7 105
51 Jan 3 5712 Jan 9
4012 Jan 8578 May
Jan
83 Jan 18 92 Jan 10
78
9012 MaY
13134 Jan 11 14434 Jan 27 12118 Jan 13938 Oct
Jan
13
144
Oct
Jan
27 1207 Jan 140
13018
3612 Mar 16 4114 Jan 28
23 Apr 421s Oe
6978 Jan 3 75 Mar 7
62 Apr 7484 Oct
3012 Aug 5218 Feb
29 Jan 5 41 Mar 19
4914 Feb 7 6318 Jan 7
4114 Jan 7012 July
70 Feb
6472 Jan 7312 Dec
75', Mar 17
8812 Oct13712 June
8418 Feb 20 9734 Jan 14
14514 Mar 9 155 Jan 11 12838 Jan 15918 Oct
7814 Dec 90 Feb
75 Jan 9 8514 Feb 2
413g Dec 547g Feb
40 Jan 10 4678 Mar 21
57 Jan 17
458 Nov
414 Jan 17
678 June
18 Feb 2518 June
25 Jan 17 25 Jan 17
41h Feb 5933 Aug
46 Feb23 5412 Jan 17
1112 Oct1712 June
15 Jan 17 15 Jan 17
27
Jan 5612 Dec
42 Feb 8 523 Jan 6
50
Apr 8812 Dec
75 Feb 7 84 Jan 11
5514 Mar 71 Nov
67 Mar 20 71% Jan 9
3112 Jan
3318 Feb 8 4112 Jan 3
9534 Jan 10911
'
- 109 Feb 3
10518 Mar 2'
56 JuneDe
37% Jan 62 Apr
4172 Feb
53 Jan 6
9018 Jan 11855 Nov
105 Feb 20 1155, Jan 9
3 Jan 7
2 Feb 17
118 Aug
3h Oct
156 Feb 16 17414 Mar 17 13714 Jan 1 17112 oes
128 J811 10 13712 Jan 23 8110 June 24012 May
108 Feb 23 110 Jan 4 102 Mar 110 Deo
168 Jan 3 19712 Mar 22 167 Dec 185 Apr
4158 Jan 6314 Dec
5958 Jan 16 6758 Feb 3
11314 Feb 29 11534 Feb 3 11058 Oct 11438 Nov
2314 Jan
dlh Sept
24 Feb 20 3234 Jan 4
458 Dec 1534 Jan
814 Feb 2
514 Jan 24
41 Feb 21 4912 Jan 11
374 Jan 8412 June
1774 Mar 2 192 Jan 6 158
Jan 202 Nov
86% Mar 1 8718 Jan 25
83 June 90 July
9258 Feb 7 99 Jan 17
78
Jan 1021s Dee
903 Feb 20 9712 Jan 4
84 July 9978 Dec
20 Feb 18 26 Jan 12
1514 Feb
3134 Dec
83 Feb 9 67:8 Mar 17
5634 Jan 68
Oct
25 Mar 12 35 Jan 6
20
Jan 4834 July
124% Feb 9 13312Mar 14 11412 Jan 14012 May
Jan
18
10012 Feb 2
99
Jan 994 Dec
93
0512Mar 6 9914 Jan 13
8934 Jan 9712 Deo
12114 Feb 20 14738 Jan 3 12212 Jan 174 May
94% Feb 7 10734 Mar 23
94
Jan 1233 June
4218 Mar 1 4358 Mar 23
4012 Jan 4312 Dee
44 Jan 26 46'2 Max 19
4334 Jan
50 Feb
5712 Mar 16
50 Feb 21
43 Jan 69 May
109 Feb 7 122 Mar 23 100' Jan 1171 June
96
Jan 104 JU1Y
100 Jan 31 102 Jan 4
61
6712 Feb 8 8578 Mar 17
Jan
93 June
9014 Mar 23 95 Jan 3
7678 Jan 9433 Dec
1155 Mar 3 3012 Jan 3
28% Mar 4114 Feb
1912 Mar 3 38 Jan 3
3212 Apr
4538 July
11755 Feb 7 124 Jan 3 10614 Jan 1267s Dec
13912 Feb 8 14878 Mar 17 119
Jan 149 Dec
9812 Mar 14 1024 Jan 17
94 Mar 1011s Dec
99h Jan 3 129 Mar 23
537 Jan 1037* Nov
2818 Jan 10 33 Jan 27
28114 Aug
41 Feb
44 Mar 23 54 Feb 15
45 Nov 6514 Feb
10418 Feb 28 107 Feb 10
99
Apr 106 May
18612 Feb 6 19614 Feb 23 15912 Jan 19744 Dee
83 Mar 13 8714 Jan 20
77 Mar 8534 Dec
51 Feb 18 76 Mar 16
4012 Jan 81 June
8812 Feb 7 9612 Mar 15
76
Jan 101 June
87 Feb 4 9212 Jan 14
65
Jan
98 June
3134 Feb 8 5014 Jan 7
1334 Jan 677s June
3312 Feb 8 50 Jan 6
23
Jan 6712 June

1778

New

York Stock Record-Continued--Page 2

For sales during the week of stocks not recorded here, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Sales
--- for
Saturday,
Monday,
Tuesday, 1 Wednesday, Thursday,
Friday,
the
Mar. 17.
Mar. 19.
Mar. 23.
Mar. 20.
Mar. 21.
Mar. 22.
Week.
S per share $ per share 5 per share $ per share
36
3718 3578 36
3212 334 34
35
6112 6112 6014 604 604 604 60
60

STOCKSPER SHARE
Range Since Jan. 1.
On basis of 100-share lots

NEW YORK STOCK
EXCHANGE

Highest

Lowest

5 per share $ per share Shares
3518 351 4 3338 3312 2,700 Western Pacific new
60
2,000 Preferred new
60
604 61

100
100

PER SHARE
Range for Previous
Year 1927
Lowest

Highest

$ per share
2814 Feb 7
5718 Feb 9

5 per share $ per share $ Per share
2518 Apr 474 June
3712 Jan 13
Apr 7634 Feb
55
6218 Jan 6

72 Feb 20
95 Feb 21
11012Mar 8
195 Jan 4
93 Jan 16
1112 Feb 8
3414 Jan 17
234 Jan 17
17712 Feb 27
958 Mar 10
1 Jan .5
23 Mar 15
9812 Jan 17
146 Feb 18
122 Mar 17
11518 Feb 18
1112 Jan 3
69 Mar 2
2718 Feb 20
1558 Feb 20
554 Feb 20
7434 Jan 17
61 Feb 10
1478 Feb 15
36 Feb 17
1538 Feb 18
4134 Mar 5
12418 Jan 4
1034 Mar 14
4512 Mar 14
7012 Jan 18
131334 Jan 10
104 Feb 11
13058 Feb 20
9914 Mar 7
69 Jan 12

81 Feb 1
1094 Jan 5
113 Jan 10
31114 Feb 7
98 Jan 3
1412 Feb 10
4312 Feb 10
534 Mar 20
19812 Jan 25
144 Jan 24
414 Feb 2
3114 Jan 26
11134 Mar 14

Industrial & Miscellaneous.
SO
80
7814 7814 7878 7878 7818 79
7814 7978 *7812 80
1,300 Abitibi Pow&Paper new No par
*101 103 *10014 10314 9712 101
No par
103 103
1,200 Abraham & Straus
10278 103
103 103
100
111 111 *111 112 *111 112 *111 112 *11114 112 *111 112
120 Preferred
100
*270 290 *250 290
900 Adams Express
272 275
282 290
270 270 *261 275
100
*9634 99
1,800 Preferred
*9634 9734 9758 9758 9734 98
*9634 98
*97
99
100
1234 1234 1234 1234 1234 1234 1234 1234 1278 1412 1378 1412 3,500 Advance Rumely
100
39
*394 40
39
39
39
39
39
30
4214 4112 4212 6,200 Advance Rumely pref
414
1
434 143,200 Ahumada Lead
412 512
4
458
5
534
434 518
518 538
184 191
193 19658 195 195
195 19673 19018 19512 *19012 19238 6,200 Air Reduction, Inc____No prw
No
par
Rubber,
Ino
Ajax
90,400
103
4
1114
11
114
105
8
113
4
107
8
115
8
1114
94
93
4
938
334 4
378 4
34 378
334 4
334
334 *34 37s 7.700 Alaska Juneau Gold Min__ 10
2334 24
2678 z2534 2658 11,700 Albany Pert Wrap Pap_No par
24
2412 2434 2612 2534 2612 26
100
*11012 11158 11058 11158 *11012 11158 11058 11058 11012 11158 *11012 11158
50 Preferred
159 16012 157 16078 158 15912 45,100 Allied Chemical & Dye_No par
15812 161
15778 1594 158 162
122 12212 122 122
1,200 Allied Chemical& Dye pref_100
12218 12214 12218 12218 12212 12212 123 123
100
122 12312 12114 122
120 12012 120 12058 12014 12034 12034 124
9,700 Allis-Chalmers Mfg
1238 1212 1214 1318 1214 124 12
13
13
1214 1214 1238 3,700 Amalgamated Loather_No par
75
7514 75
6001 Preferred
75
77
*73
75
7534 7534 7614 7614 72
No par
2918 2914 2958 3012 2978 3014 3018 3014 3012 31
304 3212 29,100'Amerada Corp
1778 1838 1734 1778 1758 1838 1838 1812 1818 1914 1818 1812 8,600Amer Agricultural Chem__100
100
624 6478 64
14,200 Preferred
66
6478 6314 6334 6412 6612 6518 6734 66
10
83
1,800 Amer Bank Note
82
82
8312 82
*81
82
83
82
81
82
81
50
770 Preferred
63
63
63
*6212 63
65
63
6212 6212 62
624 *02
*1414 1512 *1412 1512 *1414 1514 *1438 1512 *1414 1512 1512 1512
100 American Beet Sugar__No par
100
4112 36
4112 *36
100 Preferred
*35
36
4112 *35
*35
4112 *36
42
21
21
21
2138 2114 2238 2114 2178 2058 2114 2034 2138 10,300 Amer Bosch Magneto__No par
4314 4458 4338 44
4312 4334 4312 4334 4318 4334 z4334 4414 6,000 Am Brake Shoe & F newNo par
100
*12514 128 *126 128
ioo Preferred
127 127 *12514 127 *12514 126 *12514 127
1378 1412 1212 1378 10,200 Amer Br wn Boveri El_No par
1214 1278 13
1412 1434 1512 1478 15
100
490 Preferred
4812 4812 494 5312 5034 55
5114 5438 5112 5112 5112 5112
25
8338 8512 8312 8458 212,340 American Can
8412 85
8478 8434 86
8278 8414 83
100
14218 14414 144 1453,700 Preferred
13812 13878 139 13914 *139 140
13934 141
10512 106
10,100 American Car & Fdp-__No par
107 10814 10712 10734 10734 109
10514 10614 10614 109
100
*12834 130 71129 13034 133 13314 133 13312 •135__ 136 13612 1,600 Preferred_
American Chain pref
100
'100 102 *100 10034 *101 10134 *9912 10134 *9912 1-01-34 *9912 10134
No par
7814 794 78
7834 8,600 American Chicle
7814 7758 79
7712 7734 7812 78
77

No par 107 Jan 5
110 110 *110 111
50 Prior preferred
110 110
110 11014 110 110 *110 111
12
1238 1214 1212 1218 1212 1214 1212 1238 1212 1214 1238 7,300 Amer Druggists Syndicate_ 10 11 Feb 18
6612 6318 6318 5,100 Amer Encaustic Tiling_No par 53 Jan 4
*63
6738 6778 65
65
6478 6478 6478 68
100 169 Jan 10
8,700 American Express
180 18212 180 184
180 18112 179 18014 178 181
180 182
2258 Feb 28
2412 2478 2418 2412 24
2418 11,800 Amer & For'n Power__No par
2412 25
2378 2458 2378 25
No par 10514 Mar 16
*10534 10612 106 10612 106 10638 10614 10638 106 10614 106 10614 1,800 Preferred
No par 81 Feb 24
*8734 8812 874 8838 4,800 2d preferred
*8634 8712 8712 8914 8834 8938 8834 89
2,200 American Hide & Leather_ 100 1034 Jan 3
1284 1158 1134 12
12
1219 1212 12'a 1139 1234 12
•12
100 52 Mar 23
4,600 Preferred
53
54
*5414 55
5214 5414 5312 55
54s 5318 5453 52
59 Feb 18
644 654 634 6538 14,000 Amer Home ProduotsNo par
66
64
6512 6714 6612 6784 644 67
No par
28 Jan 10
327g 3312 3278 3314 13,200 American Ice New
3258 3358 3234 3312 3234 3312 3278 331
100 90 Jan 7
600 Preferred
9334
*9212 9334 9334 9334 9334 9334 *93
*9212 9314 *9234 04
71 Jan 5
91's 8678 8978 87
68,700 Amer Internet Corp___No par
89
90
90
8718 8914 8578 8838 85
54 534
578 578
514 Jan 12
558 57
558 558
558 558
54 534 3,200 Amer La France &Foamite 10
300 Preferred
*70
75
100 56 Jan 10
75
*70
70
7018 *70
75
*69
70
*68
70
1(0 5638 Jan 13
9814 9618 9934 9441 9914 9318 98 64,000 American Linseed
97 10078 91
9714 93
2,000 Preferred
99
9934 *9712 99
100 100
100 804 Jan 13
*9712 99
97 10014 98 100
10834 10834 10914 110
11012 11234 11018 11134 110 11012 1094 11234 32,400 American Locomotive_No par 107% Feb 20
132 132 *131 134 *131 134
300 Preferred
128 130
100 12512 Jan 26
130 130
129 129
171 174
172 173
172 17434 172 17834 17034 176
4.600 Amer Machine & Fdy No pa 15214 Feb 24
172 173
Preferred ex-warrants
11112Mar 1
1711112 113 '
7112 113 *112 113 '7112 11234 *112 11230112 11234
3,000 Amer Metal Co Ltd___No par 39 Mar 13
4038 4038 4018 4038 4018 4018 4012 4034 404 4041 40
40
121 12114 121 122
120 121
120 120
1,040 Preferred
120 121
120 121
100 11012 Jan 11
.20
21
22
100 American Piano
20
*20
22
no
2212 *20
.20
23
No par
18 Feb 23
20
10 Preferred
*7418 75
*7418 75
*75
79
100 70 Feb 21
75
*7418 79
*77
79
75
7512 7912 80
83
7834 8178 79
7714 794 7714 7914 140,200 Am Power dr Light__ _No par 6214 Jan 11
81
14,200 American Radiator
14134 14212 140 14212 140 142
14214 14338 141 14212 14112 142
25 13018 Jan 18
6,000 Amer Railway Express
12814 12814 125 128
100 11013 Jan 4
126 127 *126 127
127 130
127 129
54,300 American Republics___No par 5114 Feb 7
60
61
6134 60
60
6214 6218 7038 66'4 72'8 6858 72
7,900 American Salty Rasor
5934 62
100 511 Jan 10
5912 60
61
5858 5858 5812 6012 5912 6014, 60
3934 40
41
3934 3978 1,200 Am Seating v t 0
40
41
No par 3858 Feb 18
*3934 404 40
*4018 41
*414 43
600 Amer Ship & C001111
414 414
414 414
412 434
*414 478
34 Jan 3
No Par
*412 47g
American Shipbuliding____100 104 Feb 21
•108
112 *108 111 *108 112 *108 112 *10618 112 *10618 112
*17618 17758 175 17718 17438 17578 17518 17912 177 17938 17712 18614 123,100 Amer Smelting & Refining_100 169 Feb 27
100 13138 Jan 9
17127 131 *127 130
131 13218 13318 13318 13478 1364 13658 11384 1,800 Preferred
100 141 Jan 5
.156 157
15214 15434 153 15434 15514 15934 1584 16612 4,500 American Snuff
155 155
350 Preferred
_ 1104 Ill
100 102 Jan 5
109 110 *110 11012 110 11012 *109 1104.1101
67,100 Amer Steel Foundriee__No par
534 Feb 18
67
6558 6412 6.54 6514 8578 6518
644 6578 64
2-6112 65
390 Preferred
100 11238 Mar 16
113 11312 11312 11312 114 114
11238 1124 1124 1134 114 114
100 55 Feb 18
6678 6478 6612 644 6512 6412 6512 14,500 Amer Sugar Refining
67
6814 66
6712 66
1,200 Preferred
107 107
100 100 Feb 17
107 107
106 1064 107 10712 10712 1074 107 107
56
No par 475 Feb 27
5434 554 23,000 Am Sum Tob v t e
5758 554 5712 55
5018 5112 504 5512 56
1,100 Amer Telegraph & Cable100 25 Mar 2
27
27
27
27
263
4
4
263
26
26
26
26
2534 26
100 15712 Feb 17
181 18178 15,400 Amer Telep & Teleg
17934 18014 1794 181
18018 18034 18018 18034 18038 181
16612 168
166 16714 16614 16714 16618 16612 3,000 American Tobacco com.....50 15634; Feb 181
166 16612 167 167
16614 16714 166 16612 8,9001 Common Class B
54) 15612 Feb 18
16718 16878 1661g 167
16638 16712 16678 167
1,000 Preferred
11912 12018 *123 125
100 11718 Mar 19
•117 118
119 119
11718 1174 11718 118
*117 11714 11714 119
120 120
12114 12312 12014 12212 3,010 American Type Founders..100 11538 Feb 10
120 121
290 Preferred
100 10758 Jan 7
11334 11412 11312 11312
11212 11212 *11212 113
11212 11212 11212 113
5212 Feb 27
5934 26,000 Am Wtr Wks & Elc newNo par
6012 574 584 5978 5712 57
58
5212 5314 5314 59
10112 Jan 10
500 1st preferred
10234 104 .10312 104
10234 10234 *10234 103 *10234 103 *10234 103
5,500 American Woolen
100 2018 Jan 3
22
2212 2218 2214 22
2214 2214 2312 2258 233* 2258 23
100 494 Jan 3
5658 5658 5612 5658 5612 56t2 554 5778 5812 5812 574 574 3,700 Preferred
1,200 Am Writing Paper otfa_No par
1534 Jan 11
1614 1614 1818 1618
1614 1814 1872 1672 '
164 1614
71614 17
200 Preferred certlficates
100 41 Jan 5
4312 4312 *4314 4612 4314 4314
*4314 4612 *4314 46
*4314 45
Amer
25,000
Zinc,
638 Jan 10
Lead
&
Smelt
25
21
183
4
193
8
207
8
2112
20
204
2012 1914 21
1918 2012
25 40 Jan 16
8212 0,000 Preferred
81
8138 78
804 784 7934 7934 8012 7812 8078 79
5514 5534 55
5558 5412 554 5512 5612 5478 564 5558 5738 61,700 Anaconda Copper Mining50 54 Jan 18
5514 Feb 20
6078 6078 6014 61
*594 60
6012 6114 2,300 Archer, Dan'Is, MIell.cl_No par
6012 6112 *6012 61
80 Preferred
100 11234 Feb 20
•114 11514 *114 11434 114 114 *114 11514 *114 11514 *114 11514
700
Armour
&
8638 Jan 3
Co
pref100
(Del)
89
8/14
*88
8714
88
*87
8934 *8812 8914 8734 8878
*89
1114 Jan 16
14
144 1418 1438 1314 14
1314 1378 134 1378 1338 1358 20,800 Armour of Illinois Class A__25
658 Jan 10
25
712 734 42,100 Class B
734 814
838 812
77g 814
838 858
758 838
5,200
Preferred
6718
Jan 12
100
*76
7612
7614
767
8
*7712 7734 7712 78
7418 764
734 77
4812 51
4838 4958 13,500 Arnold Constable Corp_No par 41 Mar 14
*4258 4412 4512 4612 47
4814 4814 51
3,840 Art Metal Construction
_10 2512 Jan 10
30
31741 39
3158 30
2714 z2714 28
*27
271 *27
30
200 Artloom Corp
No par 41 Mar 15
43
4114 4212 4212 *42
*42
*40
43
*41
43
*41
43
60 Preferred
100 10914 Mar 6
•11012 114
11012 114 *110 114 *110 114 1'7110 114 *110 114
23,000
A8800
Dry
Goods
par 4114 Mar 1
No
443
4
40
8
464
'
447
48
4238 4212 42
4212 4214 4334 4434
el
300
let
preferred
108 Feb 18
100
*10712
109
10914 10914
108 108
,07 109 *106 109 *106 109
200 2d preferred
100 112 Jan 3
115 115
5'15 117
115 115 *114 115 *114 116 .114 110
70
Associated
011
3712 Feb 18
25
40
3912
*395
8
3912
3912 3912 3912 40
4034 4034 *40
41
404 4038 3,200 AVG & WI 58 LIne._No pa. 371g Feb 18
4114 4014 4138 *4014 41
4058 4158 4012 4012 40
2,900
Preferred
38 Feb 27
100
4714
48
4714
*4714
4
473
8
473
,474 4818 4834 4378 4712 48
100 9514 Feb 9
'0712 10814 10718 10814 107 10778 108 11134 110 11134 10934 hl2is 18,800 Atlantic Refining
Preferred
100 118 Jan 0
•11638 1194 *11638 11918 '11639119's *11638 11918 *117 11918 *117 119's
6,900 Atlas Powder
63 Jan
No par
85 101
8014 86
75
70
7158 74
*691 70
2691* 70
190 Preferred
100 10212 Jan 20
107 107
106 106
106 106 *106 108
106 2 106
"06 - 107
GOO
Atlas
Tack
814 Jan 5
par
No
11
11
1114
11
11
11
*1034 11
11
1034 1034 11
2,700 Austin. Nichols&Co vtoNo pa
44 Jan 3
51
518
54 534
512
5
44 478 *434 5
.. 514 514
100 Preferred
100 26 Jan 5
35
*33
35
*30
34
34
35
*34
*33
35
'30
35
600
Austrian
Mar 23
70
Credit
Anstalt
7012
71
70
*7012
71
71
*701z 71
71
7412 71
*71
612 Jan 18
No par
934 1014
934 934 13,300 Autosaies Corp
914 1038
912 914
9
918
888 9
2,800 Preferred
30
Jan 26
50
34
33
344
333
4
35
32
3112
3112 3112
3112 3134 31
1,800 Autostr Bat Razor A__ _No par
434 Jan 10
4614 4638
47
4578 4718 46
46
46
74512 46
*45
4618 '
2,000 Baldwin Locomotive Wks_100 242 Feb 10
270 27414 273 27734 273 273
272 272 *267 270 noo 272
1001 Preferred
100 118 Feb 23
*121 124
121 121 *121 12334 .121 1213 *121 124 *109
*120 121
100 Bamberger (L) & Co Prat IOC 10834 Jan 24
10912
10912 10912
•1091,
_ *10912 110 *10912 110 *10912 110
1,000 Barnett Leather
par 36 Mar 21
No
533
36
30
36
37
36
3712
3712
3812 -3-8-12 3714 38
29,400 Bartisdall Corp clam A
.5 2218 Feb 18
2312 2338 2358 2314 24
23
2214 2278 2234 2314 2234 23
Class 13
25 22 Feb 14
24
24 .23
*23
24
*2212 231 *2212 2312 *2212 2312 *23
• Bid and asked prices; no sales on this day. z Ex-divldend. a Ex-rights




-6214 'Mar
109 Aug
124
Jan
9434 Nov
74 Oct
2218 Oct
234 June
13412 Jan
712 June
1 June
18
Apr
96 June

flos; Nov
11312 Feb
210 Nov
9618 Dee
1534 Feb
4534 Nov
618 Sept
19918 July
1334 Mar
214 Feb
32 Sept
102 Sept

Jan 16914 Sent
102 Mar 19 131
12534 Feb 14 120 Mar 124 Aug
88
Jan 11834 Deo
125 Feb 6
244 Feb
1138 Nov
1434 Feb 2
68 Dec 108 Feb
78 Feb 1
2758 Apr 3758 Feb
3258 Jan 6
818 Apr 2112 Dec
2178 Jan 9
2814 Apr 7284 Dee
7138 Jan 7
41
Jan 98 Nov
8714 Jan 27
584 Jan 65 Sept
6578 Jan 3
1518 Oct 2334 Mar
1712 Jan 11
35 Dec 6018 Jail
40 Feb 8
13 Jan 2834 Oct
23 Mar 13
3512 May 46 July
4918 Jan 27
127 .Mar 20 11714 Feb 128 Mar
54 Aug 394 Jan
18 Jan 31
40 Aug 98 Feb
63 Jan 3
4358 Mar 774 Dec
8634 Mar 16
Jan 14134 Dec
145 Mar 23 126
95 July 111 Dec
11112 Jan 3
13612 Mar 23 12434 Oct 13434 June
0812 Dec 103 Bepl
10178 Jan 5
Jan 7434 Noi
36
7918 Mar 22
Jan 110 Dei
90
11012Mar 8
938 Apr 1512 Noi
14 Jan 10
3838 Aug 5712 Nos
6838 Mar 9
Jan 183 Nos
195 Feb 17 127
De(
1872 Feb 131
2718 Jan 23
864 Feb 10934 De1
113812 Jan 3
895g Mar 9 - - ---- - - - --•
-7111, Apr 1278 001
1558 Feb 1
48 Mar 864 Jul)
6738 Feb 1
303
s Jan 71 Noi
9
Mar
681g
2534 Oct 32 Aul
344 Jan 27
Jan 9613 Mai
84
94 Feb 1
37 Mar 728* De(
9112 Mar 21
Jaz
10
4 Jung
634 Jan 27
6018 Dec 9018 Jar
7018 Mar 20
2018 Apt 7212 Noi
11134 Mar 11
4658 Mar 0212 Nor
101 Mar 15
9914 Oct 116 Mai
115 Jan 31
132 Mar 11 11912 Feb 127 July
734 Jan 18812 De
17834 Mar 19
116 Jan13-4812 Jan 3 1618 Nov -49-38 Del
Jan 11312 De
122 Mar 23 103
2012 Dec 4314Jun1
25 Feb 7
84 Nov 11014 Ma
90 Jan 3
Jan 734 00
54
83 Mar 19
14312 Mar 8 11012 Jan 14778 Bela
8712 Apr 11014 Nor
1384 Feb 21
354 Jan 824 De
7811 Jan 3
42 July 644 No'
62 Mar 1
3878 Oct 61 Jul]
41 Mar 8
634 JaJ
24 Oct
518 Feb 28
Jan 12334 Nor
80
119 Jan 6
Del
1884
Jan
13258
18614 Mar 23
13812 Mar 23 1194 Mar 133 Der
16612 Mar 23 11938 Jan 14834 No'
9412 Jan 10612 Oc
111 Mar 23
till, Apr 7234 De
7038 Jan 11
Jai
120 Feb 29 11014 July 115
9534 Ma:
6514 Nov
7814 Jan 12
Ma:
1164
Nov
104
28
Jan
11014
414 Jan 6814 Ora
6212 Jan 7
Apr 3634 Ain
28
32 Jan 17
1824 Mar 14 14914 Jan 18512 00
Jan 189 No'
176 Jan 3 120
177 Jan 3 11914 Jan 186 No'
12018 Mar 22
12634 Jan 3
11412Mar 22
61 Jan 3
105 Feb 20
2434 Feb 14
6214 Feb 14
1912 Feb 9
4834 Mar 1
23 Star 15
84 Mar 15
594 Jan 4
6178 Mar 14
11514 Mar 16
9178 Jan 30
11314 Feb 14
1012 Feb 14
804 Feb 14
514 Jan 24
3178 Mar 22
43 Jan 5
114 Mar 19
4834 Jan 23

11013 Jan
11978 Nov
10714 Feb
40 Aug
904 Oct
1012 June
4878 June
978 May
2534 Apr
534 Sept
Oct
35
4114 June
38 Mar
Jan
106
Oct
79
814 May
5 Dec
APr
60
Apr
21
Jan
22
4054 Dec
10912 Nov
394 Feb

120 De
148 Fel
110 Sep
724 Bela
1034 De
334 Jai
8612 Jai
244 Oc
5714 AU
1014 Fel
5114 Fel
6012 De
83 De
1134 De
9614 Fe
157g Ja
918 Ja
864 Ja
5512 No
32 JIM
5434 Ja
11412 No
5358 No

9712 Mar 112 Lit
11218 Jan 13
11912 Jan 27 105 Mar 114 DE
5014 Fe
Oct
36
4134 Jan 3
4312 No
3038 Ma
4558 Jan 23
4158 No
2914 Mar
56 Mar 12
Deo 13118 At
11212Mar 23 104
Au
119
Feb
11814 Jan 3 11512
70 Jul
5612 Ma
101 Mar 23
Jul
107
Jan
98
Feb
8
109
74 JUD0 1218 Al
1678 Feb 3
1014 Ja
414 Mar
612 Jan 5
Js
234 Dec 61
39 Jan 21
7214 Dec 8034 Nc
7412 Jan 24
11 Di
438 Mar
1038 Mar 21
28 May 4214 DI
374 Feb 1
43 Nov 467a Nc
4814 Jan 23
Jan 26634 Bel
14318
2821* Mar 12
int 12514 At
121 Jan 13 118
1104D
Mar
4
1083
5
Jan
1114
5871 F1
Jan
40
5212 Feb 1
2034 Oct3512 Fl
2812 Jan 14
FI
Oct3211
2012
13
Jan
2534

New York Stock Record-Continued-Page 3

1779

For sales during the week ot stocks not recorded here, see third page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Monday,
Mar. 19.

Saturday,
Mar. 17.

Tuesday,
Mar. 20.

Wednesday, Thursday,
Mar. 21.
Mar. 22.

Friday,
Mar. 23.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest

Highest

PER SHARE
Range for Previous
Year 1927
Lowest

Highest

share
$ per share $ Per share $ per share
$ Per share $ per share $ per share 3 per share $ per share $ Per share Shares Indus. & Miscel.(Con.) Par $ per Jan 18 14012
Mar 1
4912 Jan 109 Dec
NO Par 10114
4,200 Bayuk Cigars, Inc
12678 12912 12614 130 *126 129
124 12634 12512 126
124 128
Jan 110 Aug
100 10734 Jan 10 10914 Mar 16 101
90 Mat preferred
10834 10834 *10878 109 *10978 109
10914 10914 109 109 *10812 109
14
Oct
Jan
1712
1814 June
16
Mar
5
1214
par
Oil
No
Beacon
4,400
1414
1414
1414 1412
1414
1458 1414
1234 1334 14
1273 1278
5014 Apr 744 Nov
20 7158 Jan 17 8312 Feb 9
80 17912 7934 10,500 Beech Nut Packing
7818 79
7838 7912 7918 8178 8078 8214 79
1512 July
274 Jan
1818 Jan 20 22 Jan 12
3,300 Belding Hem'way Co_-No Par
1914 20
20
2012 2018 2018 20
20
20
2014 20
20
8514 Feb 18 8714 Jan 18
1,900 Belgian Nat Rys part pref_ _ _ _
87
87
8612 8612 868 8658 8658 8634 8634 868 8612 87
19 6512 Mar 19 -494 Aug
No Par 5324 Jan 20
6112 6212 12,800 Best & Co
6214 63
6478 6314 64
6512 63
64
65
64
4 Jan 664 Sept
43,
6212 Feb 7
100
5518 Jan
Bethlehem
Steel
corn
64,300
2
5912
8
613
59%
60,2
6138 6014 6134 5934 6058 60
611
60
1,700 Beth Steel Corp of (7%) _100 119 Mar 6 121 Jan 9 10414 Jan 120 Dec
11934 11934 11934 11934 11934 11934 11934 11934 11978 11978 11978 120
34 June 527 Nov
4,100 Bloomingdale liros____No par 35 Mar 2 4412 Jan 5
3814 3838 3734 38
3778 3812 3712 38
3878 3878 3834 39
100 10912 Jan 11 111 Jan 11 10912 Jan 114 Nov
170 Preferred
110 11014 *110 111 *110 11012 110 110 *110 11012 *110 11012
Jan 95 Dee
44
Blumenthal & Co pref____100 9234 Mar 5 9612 Jan 20
93 *____ 93
93 *-- - - 93 .88
9314 •__ 9314 *
531 Jan 6938 Dec
par 6514 Jan 3 7834 Jan 27
7014
Boa
No
A
class
Amt.
6912
2,700
6914
69
6914
6812
70
6912
6838 6838 *6878 70
412
Sept
9
Jan
712
838 Apr
4
Jan
514
par
No
2.100 Booth Fisheries
7
6
6
*6
634 7
678 678 *6
7
614 678
36 Sept 5714 May
100 4114 Mar 14 49 Jan 11
1st preferred
*41
*41 46
4512 *41
*41
45
46
46
*41
48
*42
11
169
Dec
.
1671
Jan
Dec
187
20
Feb
159
Co
50
Borden
4,300
165 16512 167 167
165 16518
165 168
169 170
16812 169
18 May 3011 Sept
500 Botany Cons Mills class A 50 1818 Jan 28 23 Jan 4
*20
21
*20
21
21
21
20
20
2024 21
•184 19
1912 Sept 3638 Feb
2538 2578 2438 2512 2412 2478 2412 2512 2412 2514 2412 2478 29,700 Briggs hfanufacturing_No par 2118 Feb 4 2612 Mar 14
12 Apr
2 Dec
614 Feb I
118 Jan 10
100
900 British Empire Steel
3% 3%
334 4
*314 4
312 312
314 314
338 333
Apr
1
712 Deo
214 Jan 5 12 Feb 1
100
300 2d preferred
8
8
8
*738 8
8
*Thg 8
8
8
8
*7
Dee
100 20634 Jan 10 23534 Feb 15 14812 Feb 225
6,600 Brooklyn Edison. Inc
22512 22814 227 22918 22734 22778 226 2261, 22612 22912 22878 229
Apr
2
,
89
Dec
15713
31
Jan
15614
20
Feb
145
par
Union
Bklyn
Gas
No
3,300
148 150
148 14878 149 15112 151 151 .148 14912 150 150
3012 Feb 5014 Dec
No par 47 Jan 10 61 Feb 2
6,500 Brown Shoe Inc
4818 4714 4838 *4712 48
4834 48
4712 4778 4778 4834 48
July 3878 Jan
21
Mar
8
393
11
257
20
Feb
2712
3
Par
46,000
Brunsw-Balke-Collan'r_Na
373
8
3814
4
37 4 3878
3638 3634 3618 3812 3738 3878 3812 393
10 2412 Feb 18 3112 Mar 22
2718 2734 274 2758 2778 2878 2878 3138 3014 3112 2934 30N 23,400 Bucyrus-Erie Co
10 3338 Feb 17 3838 Mar 21
36
3638 3538 361
3612 3738 37
3838 38
3814 29,000 Preferred
3838 38
.K13;3 1253; Jan
par
9312 Feb 17 101 Mar 22
clAcomNo
Bros
Burn,
new
1,400
9638 97
*99 100
99
*96
98 101
99
9934 *98
99
1614 Mar 3434 Jan
1578 Mar 8 21 Mar 22
21
1938 1978 2,600 New class 13 com____No par
1878 187g
1978
1812 1912 20
1714 1818 19
June 100
12
Jan
90
Mar
10038
21
Feb
4
973
Preferred
100
210
100
100
100
9912
9912 9912 *9912 9934 *9912 9938 9912 9912
1,200 Burroughs Add Mach No par 139 Jan 14 165 Feb 3 290 Mar 145 Dee
156 158
*160 161
15912 159'2 15912 15912 15612 159
159 159
2934 Jan 89 Nov
Jan 27
5978 6014 5,000 Bush Termina, new____No par 5834 Feb 24 6338 Mar
6014 61
6038 61
6012 61
611s 6112 6038 61
9114 Jan 11178 Dee
23
100 10714 Jan 4 11178
350 Debenture
111 11178
111 111
11078 111
111 111
11012 11012 11034 111
100 114,8 Feb 15 119 Feb 4 10358 Feb 120 Aug
10 Bush Term Biggs, pref
117 117
*11438 118 *11438 118 *11438 1171 *11438 117 *11438 117
518 May
334 Mar
Feb 28
712
19
Jan
418
&
Copper
5
Butte
Zino
4,300
3
/
57
8
57
6
578
534 6
558 534
534 57
534 578
Oct 614 Feb
44
100 45 Feb 7 59 Mar 22
5778 22,300 Butterick Co
57
5638 5873 5612 59
52
51
5312 571
54
53
114 Jan
75* Nov
9 Jan 11 12% Feb 10
10
800 Butte & Superior Mining
10
958 10
1014 1014 10
1038 *978 1014 *978 1014
*9
Jan 9212 June
66
7438 Jan 27
No par 65 Mar 1
7238 5,400 By-Products Coke
7414 72
7334 72
6912 6914 6912 6912 7414 73
.68
Jan 10234 Dec
42
No pat 9012 Jan 1 11712 Jan 27
107 11034 9878 10873 1014 10478 66,400 Byers & Co (A M)
10112 109
99 102
9918 104
14 10534 May 11212 Dec
Jan
11212
Feb
11014
Preferred
100
10
3
•11014
4
1103
,
11034
110
•11014
4
110 4
311014 1103
*11014 1103i *11014 11034'
79 Dec
Apr
8014
7
Jan
7912
Mar
71N
California
par
Packing _ ___No
757g 7618 7412 7514 4,100
7438 75
b73l2 7438 7334 7438 7412 741
20
Oct 3278 Jan
267s Jan 9
25 24 Jan
26
26
261s 4,000 California Petroleum
2534 2618 26
2512 257
02512 2578 2534 26
Sept
14
238 Jan
6
Jan
8
23
Mar
134
Zino-Lead
10
Callahan
4,703
218
214
214 214
214
2
213 214
218 214
214 214
6112 June 12312 Dec
9912 98 10314 29,100 Calumet Arizona Mining_ 10 89 Feb18 1204 Jan 3
9312 9914 97
9412 9314 9414 9314 94
94
4 Dec
243
July
144
3
Feb
2378
25 2018 Jan 1
2134 2034 2118 12,200 Calumet & Hecla
2012 2078 2033 204 2058 2178 21
2058 21
1 Aug
Jan 60,
36
6838 Feb 15
5478 Jan
6512 6334 6434 25.100 Canada Dry Ginger Ale.No par
6414 6678 6518 6578 6438 6573 64
6438 65
4 oct
28.31
Jan
132
22
Mar
306
21
Jan
100 247
293 306 299 30534 34,90 Case Thresh Machine
275 27913 278 292
/270 27134 270 279
1,400 Case Thresh Mach pref_100 126 Jan 30 135 Mar 23 111 Feb 129 Dec
•125 130 *125 130 *125 12911 12818 12818 12812 13018 131 135
Apr
33
Apr
24
4
Jan
3212
1
Jan
Alloy
2812
Central
par
___No
Steel
4,900
30
22914 30
3038 2978 30
2912 2978 2978 30
*2912 30
1654 Aug
1012 Jan
1213 12
12
1212
13 .12
200 Century Ribbon MillsNo par 1112 Feb 18 1412 Feb 16
.12
1278 •12
1273 •12
•12
Jan 8834 Dee
70
Preferred
100 8014 Feb 21 87 Mar 12
*83
86
*83
*83
86
85
*85
86
85
*85
86
*84
58 June 7212 Dec
6978 Jan 3
5812 Jan
6618 6478 6538 13,500 Cerro de Paso copper_No par
6312 6333 6338 6312 6578 65
63
6238 63
Jan
42
MN May
5412 Jau 3 6212 Jan 24
571s 5618 5634 5518 56,4 5514 5512 5512 5578 558 591 13,900 Certain-Teed Products_No par
57
Feb 11834 Dec
106
1
Mar
8
1207
26
3
Jan
preferred
119
1s1
100
4
*119
____
•11934_ *11934
•11934 ____ *11934 ____ *119.14
65 Dec 7878 Aug
No par 73 Feb 17 77 Jan 12
73 -7-3- •72
73
7312 73
600 Certo Corp
73
7312 7312 7312 7312 73
14 Mar
412 Nov
7 Jan 4
512 Feb 29
6
6
1,700 Chandler Cleveland MotNo par
6'4
6
618
6
*524 6
8
6
554 584
13 June 28,4 May
14 Mar 13 1778 Jan 4
No par
1512 1512 5,700 Preferred
*1434 _
15
15
1412 1478 15
1573 1578 16
644 June 867s Oct
72 Mar7 8178 Jan 6
No par
7612 2634 76
77
10,200 Chesapeake Corp
7678 7518 76
7712 7838 76
7712 79
13712 13912 11,600 Chicago Pneumatic Tool __100 125 Feb 20 14114 Jan 30 12012 Jan 13714 Max
131 13112 132 13414 13312 13734 137 140
130 130
Oct
38 July 47
No par 53 Mar 23 43 Jan 14
3238 3478 3012 3034
35
33
580 Chicago Yellow Cab
3518 3518 23434 35
35
35
4838 Mar 68411 Aug
No par 40 Mar 10 5212 Jan 7
4234 4,300 Childs Co
4234 4212 4312 4334 4412 4438 4412 4314 4418 42
42
Dee
8
3
44
June
3318
7
Jan
8
427
8
5
Copper
Chile
3918
25 378 Mar
3918 40
40
24,400
3758 3818 3818 3812 3818 3812 3814 397
3478 Jan 9078 Dec
120 12578 120 12478 8.400 Christie-Brown tern ctfallo par 85 Jan 4 131 Jan 23
117 117 *117 120
11418 11418 *114 120
3818 Jan 6312 Den
8 Mar 16
,
637s 6434 6318 6434 6212 6418 237,200 Chrysler Corp
&Vs Jan 16 65
64
No par
6334 6518 6312 6438 63
No par 1135 Jan 9 117 Mar 12 10238 Apr 118 Dec
800 Preferred'
11512 11512 11513 11558 •115 11558 *115 11512 *115 11512 115 115
531.,
6312 *63
4614 Mar 54 Dee
City Stores class A____No part 5114 Jan 19 54 Mar 12
5312 *53
53,2 *53
5312 *53
*53
54
*53
4112 Apr 6412 Dec
87
No par 62 Jan 5 8834 Feb 15
86
8614 2,500 Class B
8712 8712 8712 8712 8712 87,4 87,2 86
87
51 June 8412 Oct
16
7712 Jan 10 10112Mar
9912 98
9738 9078 9834 9912 9812 9978 98
9818 99
984 14,100 Cluett Peabody & CoNo par
100 11818 Mar 21 12434 Mar 19 11114 Jan 12514 Nov
140 Preferred
•120 12234 12272 12434 *120 12434 211818 11814 •119 12234 *12012 12234
Apr 19912 Aro
r9612
23
Mar
144
138
20
Co
Feb
138
8
1377
Cola
127
8
1387
Coca
par
139
13818
No
144
21.100
13812 13838 138 1387* 13714
1 Dee
88 Aug 113,
9934 107
79 Mar 2 1114 Jan 3
97 10513 98 102 199,100 Collins at Aikman new _No par
98
9112 92
8514 8712 87
10934 Dec
Sept
10212
3
Jan
Preferred
105
109
10412
15
Mar
101
10512
103
1
104
100
1017
104
8
6.000
2
102
10112
101
101 102
July
964
Jan
8
425
31
Jan
8114 7958 8114 7878 8118 7612 7838 81,800 Colorado Fuel & Iron
100 6612 Feb 27 8412
8018 8338 7834 8114 78
, Jan 1014 Nov
887
89
90
90
8934 8914 8914 2,100 Columbian Carbon v t oNa par 8778 Mar 12 9814 Jan 24
8838 90
8814 89
89
88
983
Feb
827s
1
4
Feb
May
8
933
8
943
15
&
9312
Mar
Gas
9438
par
_No
9753
Elea
8912
Colum
921
new
9218
948
9354 35,100
9034 9014 9212
90
9912 Jan 110% Dee
10814 10814 10878 109
108 108
100 117% Feb 28 11018 Jan 3
600 Preferred new
•10754 10772 10812 10812'1074 108
4853 May 7834 Oct
8 7278 741
7278 7334 49,700 Commonwealth Power_No par 8214 Jan 11 7458 ar 21
7118 7214 7032 74,
6818 6958 6912 72
14 June 2,411 Dee
21
Mar
2612
26
20
2512 2514 2612
2614 2518 2614 7,800 Commercial Credit __ - No Par 21 Feb
25
25
2514 25
25
17 June 2412 Sept
2434 *24
2434 *24
25 23 Feb 3 2412.Mar 19
10 Preferred
2434 *24
2434
*2312 2434 2412 2412 *24
1872 June 25 Dec
7
Jan
25
7
B
Preferred
243
•2334
Feb
233
3
3
23
4
243
4
*233
25
4
70
2434
2412 2412 *2334 2434 2334 23 4
69 July 89% Dec
9084 90
90
90
90
90
9012 6012 90
90
230 1,t preferred (634%L.,_100 8734 Feb 2 96 Mar 16
90
90
4114 May 62 Dec
67
6814 66
67
6012 6112 6114 66
6512 6712 6712 68
14,600 Comm Invest Trust_ __No par 5534 Mar 1 6814 Mar 22
9412 Sept 102 Dec
7% preferred
100 99 Jan 27 106 Feb 17
•10214 105 *10214 105 *103 105 *103 105 *103 105 *103 105
8633 July 9814 Dec
9678 96
9614 96
96
96
9534 96
96
100 9458 Mar 8 97 Feb 15
800 Preferred (6(4)
*9338 9534 *95
145
Nov 203 Sept
13
17812
Mar
8
1807
174
177
17914
Commercial
17914
Feb18
173
2175
179
178
Solvents__
17512
15312
177 17914
No Par
34 10,500
39 Aug 53 Dec
2 51Ig 249
5012 4812 4812 1,500 Conde Nast Publica_ __No par
48 Jan 14 52 Feb 6
5012 5012 5012 5034 5034 50,
*49
1714 Jan 2934 Dec
8 2638 2512 2838 2714 2814 155,700 Dongoleum-Nairn Inc. No par 233* Feb 8 2912 Jan 3
,
2578 2678 2558 2612 2538 2614 25
47 Mar 8812 Dec
4 7478 7412 7412 7312 7334 3.300 Congress Cigar
74,
75
No par 67 Feb 18 817/ Jan 3
7512 74
75
, 75
727
7414 Oct 8634 July
8438 8538 8418 8431 8.200 Consolidated C.Igar._ No par 7912 Jan 20 8812 Mar .5
8438 85
8612 28338 8618 8414 85
86
6978 Aug 10634 Aug
10212 10212 •103 104
103 103
103 103 *100 103
100 98 Jan 24 103 Feb 21
400 Preferred
*102 103
212 Feb
12 Ott
22
Mar
1
2
21
Jan
2
Consolidated
118
112
114
4
1
8
7
134
178 78.700
134
Distrib'erallo par
114
1'4
1'4
114
94 Mar 12534 Dec
13918 14214 238,700 Consolidated Gas(NY)No par 11938 Jan 10 14214 Mar 23
135 13812 137 14112 13834 14078 13918 14078 13834 142
Dec
103
Mar
93
23
Mar
16
104
10312
1
104s
8
Feb
1023
8
1025
Preferred
10212
104
10113
10318
par
No
102
104%
10218
10214
4
7,800
10218
318 Mar
718 June
454 Jan 4
318 Feb 9
338 312
338 3,2
338 312
338 312
314 8,800 Consolidated Textile_ _ No pa
314 312
314
3312 Apr 747s Jan
345 18,000 Continental Baking el ANo par 3018 Mar 15 5312 Jan 13
34
35
3312 3412 34
34
3514 3412 35
3384 35
4 May
1014 Jan
414 438
6 Jan 13
414 438
414 4N
418 Mar 1
439 9,400 Class B
418
No par
414 414
414 41.,
Apr 9714 Nov
72
9312 93
93
9334 931s 9314 3,200 Preferred
94
93
93
100 8912 hlar 15 961? Jan 20
9112 9158 91
5834 Apr 8678 Dee
10038 Mar 22
9612 9718 9538 9638 9478 9714 9714 9818 9734 10038 9778 (1984 84.600 Continental Can. Inc_No par 8014 Jan 1
Jan 126 June
12712 Mar 23 120
126 127 x127 12714 *12714 12712 *12714 12712 12712 12712
100 123 Jan
210 Preferred
•125 127
7412 De,
9334 Dec
8578 84
8 1 Mar 17
8518 8678 8518 8634 8518 8678 83
8478 31,100 Continental Ina temp dia.. 10 75 Feb 1
8618 89
Not
134 Jan
,
87
11
1118
23
1114
1012
Mar
1038
11
1114
Continental
12
1114
1.
Mar
12
Motors_
10
par
.
101a
No
86,600
1012 1014
4678 Jan 68 Nov
7714 7534 7738 7558 7678 7412 7634 7434 7578 91,100 Corn Products Refining_ _25 644 Jan 3 7734 Mar 19
7414 7712 76
Jan 1424 Dec
14073 14114 14314 14314 145 145
700 Preferred
100 13812 Jan 16 145 Mar 23 129
•140 14134 *140 14112 141 141
Jan 123 Dec
56
144 14434 14412 14834 14914 15112 14813 15014 10,200 Coty, Inc
145 145
No par 123 Jan 3 15112 Mar 5
143 144
7612 Oct9634 Mar
8 Feb 18 93 Feb 7
4 3,900 Crucible Steel of America. 100 83,
8 86,
87111 8718 8618 867g 8618 8612 8613 88,4 8634 8734 86,
Jan 115 Sept
*112
11212
*112
103
11212
Preferred
11212
*112
11212
26
Jan
11518
•112
16
11212
*111
Mar
11212
100
*111 113
2312 2334 2312 2312 2312 2312 2,400 Cubs Co
1812 Aug 3414 Jan
2312 24
No par 2312 Mar 20 2812 Jan 13
2478 2478 2338 24
34 Jan
Oct10
8
63
618
s
47
614
12
614
Sugar
Cane
8
8
Jan
57
6
16
Feb
6
Cuba
714
par
612
512
No
4,000
618
618
618
26
28
2838 Nov .5034 Jan
2834 27
2712 2512 26
3233 Jan 12
100 24 Feb 18
11,600 Preferred
2512 2734 2734 2812 28
2214 21
1878 Nov2812 Jan
2212 22
2178 2034 21
10,300 Cuban-American Sugar
2112 2138 2213 22
10 19N Feb 18 2334 Jan 3
21
9712 Nov107 Aug
10234 10234 *102 103 •102 10412 •102 104
100 10112 Feb 16 108 Feb 1
100 Preferred
•1014 103 *10114 103
Jan
18
1012 Nov
*1012 11
*1012 11
*1012 11
12 Jan 4
1012 1012
1012 Mar 9
*1012 11
100 Cuban Dom'canStignewNo par
*1012 11
6414 6434 6414 65
6318 6414
6514 6412 65
6434 6538 64
6634 64
65
6334 65
66
6578 6318 65
6134 6278 62
13514 13514 *135 139
•135 13934 •135 139 *135 13934 *135 139
168 168
168 16914
168 168 *168 170
16612 168
•16812 172
•116 11712 •116 11712 •116 11712 *116 11712 *11634 11712 11712 11712
5314 5278 53
53
52
53
55
5238 5238 5314 5314 53
3712 39
3712 38
3712 38
3712 38
3712 38
3778 38
118 119
118 12178
•11912 11978 11912 11912 119 11912 117 118
182 18212 18012 182
18134 18134
180 18012 18114 18212 2182 183
24834 4834 *48
4834 4018 50
50
50
5014 4912 50
50
113 113 *11214 1137/3 •11214 11378 *11238 11378 11212 11212 1124 11238
14934 14934 14814 14914 14912 14912 14934 15134 150 15114 15114 15:112
201s 2114 2038 2114
1958 20
1934 20
1978 2018 1978 2014
71.18 7178 7134 7214 7212 7412 7338 7418
71% 7118 72
71
1012 11
11
*1012
1012 1034
11
•1012
1012 10,2 1012 1078
6414 6512 644 6514
6014 621
60
6812 5834 5838 5878 59
1-6812
•12512 129%
3212 3278
358 36114
11514 11618
•

170
1684 173
126 12912 •125
3212 3273 32
35134
355 358
1164 117 •11614

ffis; jai's 17618 iiiTs 1714
12918 •125 12918 •125
3338 32% 3314 32
364
35912 365
360
11714 118 118 *11814

a ul asked prices no IlAi011 00 this dal/
•




168 16934
12812 .125 12813
328 3218 3434
372
36834 37834
11934 *11814 11912

• Et dividend

9,900 Cudahy Packing new
50
15,000 Curtis Aer & Mot CoNo par
100 Preferred
100
800 Cushman's Sons
No par
10 Cushman's Sons prat (71_100
No par
3,800 Cuyamel Fruit
4,700 Davison Chemical v t o_No Par
070 Deere & Co pref
100
3,000 Detroit Edison
100
1,400 Devoe & Raynolds A_ _No par
100
30 1st preferred
100
700 Diamond Match
97,800 Dodge Bros Class A __ _ No par
36,000 Preferred eertif
No par
No par
2,100 Dome Mines, Ltd
21,200 Dunhill International_No par
Duquesne Light 151 prat__ A00
13,700 Eastman Kodak Co___ No par
90 Preferred
100
38,000 Eaton Axle & Spring_ _ No par
32,300 E I du Pont de Nem new _No par
100
800 6% non-vol deb

i .1 c r(fli

9 Et warrants.

54 Jan 3
5318 Feb 27
11754 Jan 5
14433 Jan 13
114 Jan 11
51 Jan 3
3438 Feb 18
11512 Feb 1
16612 Jan 11
40 Jan 3
108 Jan 9
13438 Jan 18
17 Feb 18
6818 Feb 18
1014 Mar 9
5512 Jan 9
11512 Jan 3
163 Feb 20
125 Mar 7
26 Jan 11
310 Jan 10
115 Mar 9

7238 Feb 14
6634 Mar 20
13812 Feb 17
175 Mar 8
125 Jan 20
5534 Jan 20
4658 Jan 6
12178 Mar 23
19434 Feb 3
5258 Mar 12
11534 Jan 18
181 Feb 2
241g Jan 4
7578 Jan 4
1312 Jan A
8512 Mar 22
11612 Mar 3
17314 Mar 19
130 Jan 24
3434 Mar 23
37834 Mar 23
120% Jan 4

434 Apr
4518 Nov
111 Nov
103 Apr
Apr
107
Apr
30
2614 Apr
10512 Jan
13312 Jan
3612 Aug
Jan
101
115 Feb
1314 Oct
5612 Oct
7 June
49 Aug
1144 Mar
128% Jan
1194 Jan
2114 Oct
Jan
168
10512 Feb

5834 Sent
6934 Dec
118 Dec
152
OCt
125 Dee
5512 Oct
4812 Dee
12512 Nov
17012 Dec
427s Dec
11412 Dec
14714 Sept
2712 Jan
85 Feb
1414 Dec
6212 Oct
11738 Nov
17514 Sept
13112 Oct
2934 June
34378 Oct
118 Dec

New York Stock Record-Continued-Page 4

1780

For sales during the week of stocks not recorded here, see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Mar. 17.

Monday,
Mar. 19.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

awlsPER SHARE
Jan. 1.

Wednesday, Thursday,
Fl May,
Mar. 21.
Mar. 22.
Mar. 23.
---- -5 Per share $ per share $ per share 3 per share $ per share S per share Shares Indus.& MIscel.(Con.) Par
16
2,700 Elsenlohr & Bros
25
16
16
16
16
16
1614 1614 1612 1618 1614 16
12934 13012 129 13012 13018 13612 136 138 z136 137% 133 13714 18,300 Electric Autolite
No par
13
No par
1334 1334 1434 1333 14
1334 1412 1312 1438 1333 14 37,600 Electric Boat
No par
37% 384 373g 395
3814 3912 3712 3834 3714 3812 3728 38 135,000 Electric Pow & Lt
10734 108
2,100 Preferred
No par
10734 108 *10733 10814 10712 10712 10712 10712 10734 108
1614 168 1514 1633 110,000 Electric RefrIgeratIon No par
14% 1514 1512 1712 1612 17
1612 17
71
71% 7034 7178 7112 733* 7212 7278 7033 7233 72% 7612 32,200 Elea Storage Battery_.No par
100 Elk Horn Coal Corp_ No par
*634 714
812 *612 8
*6
712
714 714 *612 712 *7
*7
714 *718 714 *713 714
600 Emerson-Brant Class A.No par
712 712
713 734
714 714
*28
Emporium Corp
34
34
*28
34
No par
*28
*28
33
33
33
*33
34
7973 80
7912 7918 7938 7912 .7934 7912 8034 6.600 Endlcott-Johnson Corp___ 50
80
8088 279
Preferred
*12114 12414 •12318 126 *11912 12114 *12118 12414 *12133 124 *12138 124
100
39
4078 4038 4114 40% 417
4112 4212 57,700 Engineers Public Serv_ _No par
40% 4033 4178 40
10978 11018 11018 11014 2,000 Preferred
No par
*10914 10933 10914 10912 10934 1098 10934 110
Erie Steam Shovel
5
*34
3612 *34
3612
11178 112% 11178 1117 11112 11112 110- iff 11018 11112 111 III
- 2;6135 Equitable Office Bldg_ _No par
72
72
7212 7334 4,000 Eureka Vacuum Clean_No par
*7312 74
7414 73
73
73
7334 73
*2012 21
200 Exchange Buffet Corp_No par
20
20
*20
*2012 21
21
*2012 21
*20
21
3714 3714 *37
3634 364 *3612 368
700 Fairbanks Morse
No par
37
37
37
37
38
*109
112
*108
112
100
•10812 112
112
100 Preferred
110 no *109 109% 1'109
116 11718 38,500 Famous Players-Lasky_No par
117 11878 11683 118
11634 117% 11572 11714 11534 118
5012 51
50% 5134 16,200 Federal Light & Trao
15
52
5234 5134 5212 5012 5134 5034 51
10372 10378 104 104
No par
370 Preferred
103 104
*10212 10234 10234 103
10212 103
Federal Mining & Smelt'g_100
*120 140 *120 145 *120 145 *120 140 *120 140 *120 140
*94
95
100
95
95
300 Preferred
9412 9412 *94
95
95
*94
95
*94
18
18
173 18
1.100 Federal Motor Truck_ _No par
*1712 18
*18
1818 171 18
1814 18
1,900 Fidel Then Fire Ins of NY. 25
213 21412 210 210
21134 21212 210 21112 208 208
210 212
No par
950 Fifth Ave Bus
*1178 1212 *1178 12% *1178 123* 1112 118 *1183 123* 1134 13
, *2914 2912
No par
00 First Nat'l Stores
2834 2834 2834 2834 x2838 284 28% 288 2933 293
Rubber
No par
16
1578
Fisk
1533
31,600
1458 15
7
k
1558
15
1614 16
1614
1633 15
*85
89
*86
88
8312 8312 *8512 89
600 1st preferred stamped__ _100
89
9014
100
9312 9312 *94
*9412 948
300 1st preferred cony
9412 9412 *9412 97
*92
97
95
70
7114 70
71
55.300 Fleischman Co new___ _No par
6934 7012 69% 7012 70
7112 7078 72
No par
4412 4712 4634 47
4.100 Foundation Co
45
44% 45
4314 43,4 441 4412 *44
No par
80,4 79
79
79
773 7812 78
7912 11,700 Fox Film Class A
7912 7834 7918 78
No par
8118 83,4 57,900 Freeport Texas Co
8612 8034 8338 8112 8418 8314 8414 8112 84
84
104 104
800 Fuller Co prior pref.__ _No par
10318 10318 *103 104 *10312 10412 *10312 10412 10312 105
,6 'Gabriel Snubber A
No par
1618
1738 17% 1718 17% 17
1714 1614 1658 15
1714 17
No par
1212 1212 1212 1234 1212 1233 1212 1334 1312 1412 1312 143* 34,000 Gardner Motor
68% 67
No par
6838 24,400 Gen Amer Tank Car
6514 67% 8778 6878 67
6434 6478 64% 65
110 112
100 Preferred
100
0110 112 *10912 112 *10912 112
110 110 *110 112
88% 8414 878 48.600 General Asphalt
100
9012 84% 88% 8412 87% 864 8814 83
86
1301 132
130 130
2,000 Preferred
100
135 135
130 132
130 131
130 130
136
General
136
i
136
40
Baking
pref
_No
par
1384
1383
*136 139 *136 139 *136 13834 •136
4
2812 2914 2,900 General Cable
2614 2614 *28
No par
30
30
3134 3034 3234 *2714 30
48,300 Class A
763* 7914 7514 77
No par
75
78
75
7878 7778 80% 7813 80
6878 6918 68% 6973 6934 7012 7018 7058 7014 7073 7012 70% 11,600 General Cigar, Inc new_No par
128 130
130 130
900 Preferred (7)
100
*12414 126
126 126 *126 128 *126 128
56
56
2,700 Gen Outdoor Adv A_ __No par
564 56
56
*5612 5678 5614 56% 5614 5614 56
40
43
41% 43% 11,400 Trust certificates_ -- _No par
43
4312 4412 4412 4314 43% 4314 431
14212 14578 14478 14814 146 148% 286,300 General Electrie New_ No par
13812 141
138 139% 13714 142
1112 1112 11% 1112 1114 1112 113* 113* 1138 113* x1114 1138 5,800 General Electrio special_ ___10
42
4112 4134 3,000 General Gas dt Elea A __No par
42% 4134 4234 42
41% 41% 4114 4138 42
Gen Gas& Elea pf A (7) No par
*112 116 *112 116 *113 116 *113 116 *113 116 •113 116
12214 12214 124 124
300 Preferred A (8)
*123 125 *122 125 *124 125 *123 125
No par
Preferred B (7)
No par
*106 103 *106 108 *107 108 *106 108 *106 108 •106 108
17418 1778 17718 18134 18138 18714 679500 General Motors Corp new 25
16718 169% 167 174
16814 172
126 126
12633 12653 12638 12612 12612 12634 1,2001 7% preferred
126 126
126 126
100
101% 10314 9834 10112 9812 10112 10033 1028 10012 10338 9934 10212 43,500 Gen Ry Signal new____No par
6412 70
6912 71
17,300 General Refractorles-No par
7018 71
6912 7012 7014 71
65% 68
10134 102
102 103% 103 10412 10334 1057s 104 10534 10312 10618 53.100 Gillette Safety Rassor_No par
4133 39% 4078 29,500 Gimbel Bros
4138 40
4178 40
3712 38% 3734 38,4 38
No par
9278 94
93
9312 94% 9414 3,7001 Preferred
8934 9012 9112 92,4 92% 93
100
2312 34,800 Glidden Co
2178 22
2138 2134 2134 2218 223 2412 2212 2412 23
No par
99
99
99
9812
Prior preferred
*9634 97
96% 96% 9734 99
9812 99
100
97% 99% 9512 9812 95
973* 9533 10012 9512 100% 96% 9812 67,000 Gold Dust Corp v t e_ No par
858 8212 8412 83
8012 8178 8238 8578 847 8638 83
8414 50,800 Goodrich Co (B F)____No par
900 Preferred
110 110 *109 11018 *10912 11012 10912 10912 *109 11012 11012 11012
100
5778 55% 5634 51,000 Goodyear T & Rub____No par
5218 53
53
5914 5734 5912 5612 58% 56
9318 9514 9514 958 954 9512 94% 9514 94% 9518 5,600 1st prei
92% 93
No par
8412 85% 85
85% 8538 8512 853* 858 854 86
85% 85% 5,800 Gotham Silk Hosiery No par
8538 8538 8412 85,4 8453 8514 8518 8512 8512 85% 84% 8512 3,100 New
No par
12318 12318 123% 123% *12312 125
500 Preferred New
12378 123% *122 123 *122 123
100
11012 11022
80 Preferred ex-warrants_ 100
*110
11014 11014 *11014 111 *110% 111
*110
8% 9
814 84
900 Gould Coupler A
*8
8%
8% 814 *814 812
9,4 914
No par
2614 2773 2638 2778 218,500 Graham-Paige Motors_No par
20
25
2433 26
2073 2012 21% 22
4234 4312 43% 43% 43
4218 4212 4218 4234 4218 427
43% 13,000 Granby Cons M 8m & Pr_100
32
3214 3112 3234 3112 3238 3138 3134 31% 3178 3178 31% 5,500 Great WesternSugarnewNo par
11312 11612
480 Preferred
• *114 11634 11634 11634 116 117 *11534 11612 11314 115
100
12818 130
123 127% 12114 12633 12412 12934 12214 12878 124 12814 69,100 Greene Cananea Copper_ _ _100
712 712
600 Guantanamo Sugar_ __No par
*712 8
*7% 8
734 734
8
712 8
8
_ *106
Preferred
*105 ____ *105 106 *106
*104 ____ *105
100
55
55
55
5434 -5
55
.
5.78 -2,615 Gulf States Steel
55
*53
54
5412 55,8 *54
100
80 Hackensack Water
*2413 25
2414
2414 2434 *2414 2412 *2414 2412 2412 2412 24
2.5
66
66
490 Hanna 1st pref class A____100
*66
67
65
66
67
67
68
6614 67% 67
*26
100
Hartman
2714
27
*26
2512 2512
Corp class A_No Par
*26
27
27
*26
2714 *26
4,800 Class B
2138 2238 2134 2134 2134 22
2214 2214 2178 2214 21% 22
No par
113 113 *111 115
800 Helme(0 W)
*113 117
11318 11314 113 113 *113 115
25
*127
Preferred
*127
*125,4 -- *12514 -__ *127
100
417 53
3778 381a 3812 39% 3933 -42
51,4 5734 52
5512 54,200 Hershey Chocolate_ __ _No par
7634 784 31.100 Preferred
73
7312 7312 7412 7433 76
7628 8038 7714 80
No par
104 104
1,800 Prior preferred
104 10414
103 103
10212 1021z 10278 10278 103 103
100
2234 23
2,400 Hoe(R)& Co
23
2234 23
23
2312 2212
2212 2212 23
No par
3078 30% 2,000 Hollander & Son (A)_ No par
*3014 31
313* 3138 3034 3112 3038 31
30,2
73
200 Homestake Mining
73
74
*73
74
*73
74
74
573
100
73
73
*72
6514 66,4 6534 6534 6522 6512 6512 6512 6524 6512 65
65% 3,600 Househ Prod.Inc.tem ctfNopar
14414 14812 144% 14712 14512 153
150 15434 14714 15412 147 15222 41,600 Houston 011 of Tex tern ctfs100
25,500 Howe Sound
47% 4618 47
45
45% 45
No par
45% 4512 4638 46% 4714 46
91% 9414 9112 9418 380,400 Hudson Motor Car_ _ No par
943
9012 9618 9118 9312 91
9238 945
48% 52
4412 4512 4414 4538 4414 4612 47
50
4914 5438 295,700 Hupp Motor Car Corp
10
26
2612 2538 26% 2534 26
2534 26% 2534 2578 25% 26% 9,600 Independent 011 dr Gas_No par
47
4734 4518 4512 2,200 Indian Motocyele
46% 4818 4712 4712 4712 477 *47
473
No Par
*106
Preferred
*106
*106 ____ *106
_ *106
100
1214 *10613
1218 12% 12
10
1373 24,600 Indian Refining
12
1-2-14 12 -1-2-14 1218 13
12
1178 1178 1134 1178 1138 1134 1134 1278 13
10
12
1338 13,900 Certificates
300 Preferred
111 11112
100
0107 111 *107 111 *107 111 *107 111 *110 111
91
91
800 Ingersoll Rand new___ _No par
*91
9114
9018 90% 9114 9114 *90
9114 904 91
5018 5012 5014 50% 4,100 Inland Steel
No par
51
50
5012 51
5012 5078 50% 51
400 Preferred
100
*1163s 11613 116% 11638 11612 11612 *11612 11634 116% 116% *11638 11634
, 19% 1914 1934 1918 2014 7,800 Inspiration Cons Copper._ 20
18% 1878 1814 18% 18% 1833 187
11,600 Intercont'l Rubber_ _No par
16% 216
16
1618 1634 1633 1712 164 1714 16
1534 17
5,600 Internat Agrioul
1438 1312 14
, 14
1414
137 1378 14
141 1438 1412 143
No Par
5112 5114 5153 5153 *511 5312 497 51% 5058 5078 50
5022 2,800 Prior preferred
100
10,800 Int Business Machines_No par
131 13314 12934 13114 128 13138 12818 13134 2130 13134 12814 131
36,200
International Cement__No par
6878 70
6938 7034 7014 7233 7138 728 69% 7178 69% 7014
300 Preferred
110 110
*10812 110 *109 110
10914 10914 *10914 110 *10914 110
100
50
5133 491 5118 491z 521g 5018 5178 4934 5078 4934 5134 92,600 Inter Comb Eng Corp_.No par
100 Preferred
*102 10334 *102 10312 *102 103
100
103 103 *102 10412 *102 1041
24712 256% 26,900 International Harvester_ 100
24434 24514 24234 243 *242 245
24212 2468 24514 250
3,900 Preferred
144 145
100
138 139
13912 13912 13912 14014 141 144
139 139
438 43a *4
418 43*
414 1,500 Int Mercantile Marine__ 100
*4% 412
418 428
4% 41
5,300 Preferred
373* 383* 3734 373
375
100
38
3812 3712 3812 37
378 38
11412 11678 11214 11612 2113 1157 168.500 International Match pre!__35
113 11714 11134 11434 11114 115
9234 98
9312 961 526.300 Internationa Nickel (The).25
9214 9414 91
9018 9178 9134 96
93
767 68,000 International Paper__.No pa
74
7714 7418 7734 75
7312 7434 7233 73
7238 74
Preferred (6%)
100
•100 107 *100 107 *100 107 *100 107 *100 107 *100 107
1,800 Preferred (7%)
106
1063
8
1
106
10683
100
106
0653
10614 10614 10618 10612 10618 10614
541
230 International Salt
5551g 571
54
100
54
55
5858 5528 59
5518 *55
56
200 International S lver
166 168 *167 1681
100
*16434 167 *16212 165 *16212 16934 *165 175
60 Preferred
125 125
127 128
100
*122 127 *124 127 •124 125 *124 125
1541 16012 16114 165
15714 16012 15714 15934 x15678 15812 112,900 Internat Telep & Teleg__ _.100
157 163
Tuesday,
Mar. 20.

r

•Ma and asked IMO= no aided On this day. •Ex-dividend. a Es-rights.




• Range Since
On basis of 100-share lots
Lowest

Highest

PER SHARE
Range for Previous
Year 1927
Lowest

Highest

114 Feb 20
134 Jan 26
21 Feb 4
56 Feb 9
67 Jan 19
126 Mar 19
56 Mar 21
40 Mar 22
124 Feb 27
1114 Jan 23
3514 Jan 18
10812 Jan 4
12214 Mar 22
10514 Jan 17
130 Jan 10
12312 Jan 26
94 Mar 2
6412 Mar 22
9812 Jan 16
3418 Mar 6
87 Mar 6
2038 Jan 27
95 Jan 4
71 Jan 16
7814 Mar 7
10912 Feb 17
50% Mar 15
9212 Mar 16
78 Jan 4
7814 Jan 5
11558 Jan 16
109 Jan 3
8 Jan 3
1634 Feb 18
3918 Feb 18
31 Jan 26
11212 Feb 20
113 Feb 18
7 Feb 23
105 Feb 23
51 Jan 9
23 Jan 5
65 Mar 23
24 Jan 5
1914 Jan 4
112 Jan 17
121 Jan 3
3034 Jan 31
7014 Feb 6
10122 Jan 3
2214 Feb 29
2912 Jan 10
67 Jae 4
6418 Feb 21
127 Feb 27
4038 Feb 18
75 Jan 16
29 Jan 16
2134 Feb 20
3814 Feb 14
10014 Jan 3
9 Feb 18
812 Jan 16
101 Jan 4
90 Feb 18
46 Mar 3
11512 Jan 6
18 Feb 25
1438 Feb 23

er
12813
Faerbi
16
per share $ Per share $ P
1034 Nov
19 Jan 23
102 Dec
138 Mar 21
6139:
Mar 2218 Aug
16 Feb 14
16/
1
4 Jan 3238 Dec
3938 Mar 19
Jan 109 Nov
11018 Mar 8
96
1712 Mai 19
534 Nov 3733 Jan
7718 Mar 9
6314 May 7912 Jan
9 Jan 1
7 Dec 1538 May
938 Feb 7
3 Oct 13 Apr
33 Mar 1
30 July 3712 Mar
6434 Jan 8114 Dec
8278 Feb 1
12434 Jan 11 11638 Jan 125 Sept
4212 Mar 23
2134 Jan 3933 Oct
11014 Mar 23
9334 Jan 10838 Dec
2434 Jan 357 Dec
3838 Jan 23
11434 Mar 14
84/
1
4 Sept 9313 Dec
1
4 Nov
79 Jan 3
50 Aug 77/
22 Jan 28
We Jan 23 Dec
4014 Jan 20
110 Mar 19 .13
61su714
ir."E-0 N
D:
12134 Mar 10
92 July 11538 Dec
55 Jan 31
47 May
3714 Jan
9114 Feb 100 Aug
105 Jan 25
140 Feb 7
60 Feb 187 June
96 Feb 10
7514 Jan 97 Mar
17 Dec 30/
2134 Jan 4
1
4 Jan
21412 Mar 17
93/
1
4 Feb 230 Dee
10 Nov 1478 May
15 Jan 18
3378 Feb 14
1914 May 30 Feb
1434 Oct 20 Apr
1734 Jan 4
9114 Jan 10
81
Jan 100 Sept
9734 Jan 5
94/
1
4 July 102 Sept
46/
1
4 Feb 711s Dec
7414 Jan 24
35 Nov
8858 Apr
5134 Jan 3
8814 Jan 24
50 June 8513 Dec
3414 Jan 106/
1
4 Dec
10914 Jan 11
10714 Jan 30
- Dec 59 Aug
2812 Jan 5 -2-2
1514 Del
1634 Feb 2
612 Jan
Jan 6438 Dee
46
6878 Mar 21
111 Mar 1 10638 Mar 11214 Sept
1
4 Mar
65 Aug 96/
9314 Jan 9
1
4 Aug 1447s Mat
14014 Jan 7 107/
Oct
140 Feb 7 11812 Apr 140
32% Mar 21
-fiseO
8078 Mar 20
5512 Dec
1
4 Dec
7538 Feb 2
52 Jan 74/
Jan 136 Sept
128 Feb 3 116
5438 Apr 5978 Nov
5878 Jan 3
5238 Jan 7
37 Jan 5878 Nov
Jan 14638 Sept
14858 Mar 23
81
11 June 1138 Jan
1138 Jan 6
4314 Mar 9
34 Apr 4718 Feb
11312 Mar 2 100 Jan 11018 Oct
12618 Jan 19 11314 Mar 12338 Nov
Jan 10518 Dec
108 Mar 6
96
Oct
18714 Mar 23 11314 Aug 141
12634 Mar 23 11812 Mar 12534 Dec
8218 Jan 15314 Sent
12358 Jan 3
Jan 81 Dec
38
82 Jan 3
9534 Nov 10913 Oct
10618 Mar 23
3514 Dec 59 Sept
4338 Jan 31
91 Nov 10812 July
98 Jan 12
1
4 May 22 Mar
14/
2412 Mar 21
86 Aug 101 June
9914 Feb 7
1
4 Dec
42 Mar 78/
10538 Feb 15
42/
1
4 Jan 9612 Dec
9938 Jan 4
/
4 Dec
Jan 1111
95
11214 Feb 7
4838 Aug 69% Dee
7212 Jan 4
9213 Nov 9878 Dec
9914 Jan 13
573s Jan 8538 Dee
88 Mar 6
Jan 8512 Dec
58
8778 Feb 9
Jan 122 Sept
104
9
Mar
126
111 Feb 10
1114 iic;;
Oct
12% Feb 2
2778 Mar 22
311s Jan lb- May
44 Mar 9
35% Dec 4438 Sept
38 Jan 7
120 Jan 3 11612 Feb 123 Sept
2914 Jan 15112 Dec
16412 Jan 4
7 Oct 1114 May
938 Jan 4
957a Jan 106 Dee
107 Jan 7
40
Oct 64 Feb
7
5734 Feb
22 Aug 27 July
30 Jan 31
Jan 7238 Dec
56
7934 Jan 19
2213 Oct 2714 Mar
2758 Feb 3
1815 Dee 2938 Apr
2578 Jan 27
Oct
7613 Jan 125
11814 Feb 20
128 Jan 16 11814 Jan 130 July
3478 Dec 4014 Dec
5734 Mar 22
8038 Mar 21
7014 Dee 7512 Dec
10414 Mar 23
99% Dec 103 Dec
Jan 4175 July
22
3078 Jan 20
3458 Jan 24
3114 June 4044 Oct
Oct
60 Jan 75
7414 Jan 7
6914 Jan 28
4314 Jan 7038 Nov
Oct
15618 Jan 3
6018 Jan 175
1
4 Dec
4738 Feb 29
3434 July 48/
9978 Mar 16
4814 Jan 9112 Aug
Oct 3614 Dec
52 Mar 22
16
2814 Jan 9
1738 May 3234 Feb
13 Mar 47 Dec
4878 Mar 13
105 Jan 9
92 Jan 10234 Dec
712 May
1218 Sept
1378 Mar 6
714 June 12 Sept
1314 Mar 6
Oct 112 Mar
11112 Mar 23
99
8718 Nov 9618 Apr
94 Jan 8
1
4 Dee
41 Feb 62/
63 Jan 3
Oct
Jan 118
118 Feb 18 111
1
4 Jan
1213 June 25/
2158 Jan 3
11 Nov 25 Nov
2134 Jan 4

13 Feb 24
4912 Mar 15
114 Jan 16
56 Jan 3
10812 Jan 4
4514 Feb 20
103 Mar 21
22434 Feb 18
13614 Mar
4 Feb 21
3414 Feb 20
93111 Jan
7358 Feb 24
6718 Jan 1
10014 Feb
10338 Feb 24
54 Mar 17
158 Feb 21
125 Mar 22
13914 Feb 20

1578 Jan 3
60 Jan 3
14734 Feb 3
7278 Mar 21
11014 Feb 10
5578 Jan 3
10512 Jan 3
25678 Mar 23
145 Mar 23
53s Jan 9
4458 Jan 17
120 Mar 16
9934 Jan 27
7812 Feb 8
103 Jan
108 Jan 1
6834 Jan 1
196 Jan 24
131 Jan 27
165 Mar 1

5 per share
1218 Jan 3
98 Jan 3
1218 Mar 2
2834 Jan 10
10614 Jan 10
1118 Feb 6
69 Feb 20
612 Feb 14
514 Feb21
33 Mar 7
7534 Jan 10
12114 Jan 27
33 Feb 18
107 Jan 2
3318 Feb 20
9018 Jan 7
69 Feb 20
20 Jan 30
3214 Jan 5
104 Jan 9
11114 Jan 16
42 Jan 10
98 Jan 6
140 Feb 7
9114 Jan 3
1712 Mar 21
18312 Jail 11
1114 Jan 9
281s Jan 6
1414 Mar 14
82 Mar 1
92 Mar 10
66 Feb 20
42 Mar 5
7612 Mar 15
6558 Feb 20
10318 Mar 17
15 Mar 23
1158 Jan 17
60% Feb20
110 Jan 9
7114 Feb 20

618 Apr
33 Ma
5318 Jan
4514 Jan
100
Oc
4015 Oct
Oct
101
13538 Jan
1
4 Jan
126/
3/
1
4 Oct
3213 Oct
62 Ma
3814 Jan
03914 May
8514 July
9614 Jan
63 Sept
13514 Ma
109 Ma
12214 Jan

16/
1
4 Dec
66/
1
4 May
11934 Dec
65/
1
4 MaY
113 Dee
64 Mar
10514 Dee
25518 Dec
139 1300
834 May
5538 May
9513 Dec
8913 Dec
8113 NOY
106 D00
11258 Dec
75. Dec
198 Nov
128
Oot
15878 Sent

New York Stock Record-Continued-Page 5

1781

For sales during the week of stocks not recorded here, see fifth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.

Sales
Jot
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

laturday,
Tuesday, Wednesday, Thursday,
Monday,
Friday
Star. 17.
Mar. 19.
Mar. 20.
Mar. 21.
Mar. 22.
Mar. 21
Per Share E Per share 3 per share $ per share $ per share E per she re Shares Indus.& MIscel.(Con.) Par
33 35 *3212 35 *321
/
4 34
*3212 34
*321
/
4 34
Intert?pe Corp
No par
*321
/
4 34
55 55
55 55
55 55/
1
4 55
55
*54
55
54
54
1,300 Island Creek Coal
1
8012 8113 8178 81% 81
8112 80 80
804 8011 *8018 802 1,100 Jewel Tea, Inc
No par
2114 12314 *12114 12314 *12114 12314 *12114 12314 *12114 1234 12318 12314
200 Preferred
100
117 11778 1165g 11734 117 118
17 119
11612 11812 11634 118
9,600 Jchns-Manville
No par
22 122
122 122
12111 12134 122 12311 *12234 --__ 12134 122
380 Jones & Laugh Steel prat _ _100
3213 3212 32h 32h 3113 32
32
3214 301 31
3034 3134 2,400 Jones Bros Tea. Inc._ No par
1113 1118 1138 •1118 12
11
*1118 1112 111 1113 1134 1
No par
1,900 Jordan Motor Car
145 11713 *11438 11712 *1143g 11713 *11612 11712 *1161± 11913 *11613 11
Kan City P&L 189 pf ANo par
7/
1
4
6913 7014 7114 72h 7234 7334 7214 7312 7114 7234 71
7178 27,300 Kayser (J) Co v t e___ _No par
20 207
2034 22
2134 2214 2113 2213 2114 22
25
2134 2 '30,600 Kelly-Springfield Tire
70
75 *70
77
*70
77
*70
77 *70
8% preferred
77 *70
77
100
71
74
74
7434 *65
74
*69
74
*71
75
*71
7
300 6% preferred
100
251 2534 25% 2818 2713 3218 23013 3334 28
3234 2934 317 91,700 Kelsey Hayes Wheel__ _No par
106 106 *103 106
*103 106
106 106 *10634 108
340 Preferred
10634 10
100
811 817
813s 82
8118 817
82 84
82% 8434 83
No par
8 % 62,400 Kennecott Copper
42 4313 *42
4312 *411 4313 *4113 43
360 Kinney Co
3
3834 4112 39
No Dar
881 90
8814 90
89
898 8934 90
8718 90
100
460 Preferred
88 8
63/
1
4 6418 6234 6312 6234 6558 6418 6478 6314 848 6334 6 78 14.600 Kraft Cheese
2
7058
7118
6914
71
69
697
6958
701
6912
71
70
7078 13,800 Kresge (5 5) Co new
10
0,1
1238 11434 11434 1143 *11212 11484 11458 116 *11258 11434 115 115
120 Preferred
100
2318 2324 231 2312 2311 2412 2313 2514 2278 247
2213 2314 7.200 Kresge Dept Btoree__No pa
'5612 70 *57
70
*57
63 *58
70
*57
Preferred
70 *57
100
7O
95 95
9734 98 *96
981 *95
9812 95 98
900 Kress Co new
No pa
9634 9814
751 7638 7514 76
7514 761
7514 758 7518 7534 7458 7558 17,600 Kroger Grocery & 13kg_No pa
*220 235 229 233 *220 240
*220 240 *220 240 *220 24 O
300 Laclede Gas L (St Louls)....100
• 0313 108
105 105 *10412 108 *10512 110 *10513 1061 *10512 11 O
10 Preferred
100
3034 3034 31
31
3034 3034 3013 3114 30
31% 3012 92/
1
4 3,600 Lago 011 & Transport_No pa
9458 9578 39312 978 9514 97% 955 968 9434 958 9414 9 578 30,700 Lambert Co
No
'1714 17% 171 1914 1812 1913 188 20
18
No pa
pa_
1 984 18,800 Lee Rubber & Tire
198 19
4234 4314 427 431
4234 43h 4214 43
42
42'2 4214 4 58 14.200 Lehn & Fink
No par
3112 3113 32
32
3214 3214 3214 3212 32
1,200 Life Savers
3214 32
No par
f2
107 1071 10713 10713 *108 109 *107 109
1071g 1071s 10813 11 9 '1,200 Liggett & Myers Tobacco..25
107 107
10712 10834 108 108
108 108
10812 1091 10818 1( 9
2,800 Series B
25
135 137
137 137 *135 138
138 140
100
14018 143
14334 14 334 1,200 Preferred
54
55
53 53
54
56% 56
57 587
7,400 Lima Loa Wks
57
59
No par
19
7414 75
73 7312 7312 7512 75
7614 7334 748 7214 1 31 22,000 Liquid Carbonic certife-No Par
6634 682 6712 69
67% 7013 6838 7034 67
/
4 Incorporated_No par
687
671g 1 83 158,200 Loew1
634 634
612 612
612 61
No par
612 684
6,2 6/
2,900 Loft Incorporated
1
4
614 61
'29
3038 29
29
390 Long Bell Lumber A_No par
*2934 303
, *2914 3034 *2914 303
, 2914 1 914
521g 5234 5114 5234 51h 5213 5114 52
51% 5134 51
i 13 10,200 Loose-Wiles Biscuit new----25
21 _._''12l _..... *121 ____ 1191 11912 *119 1201 *118 11 012
10 let preferred
100
40 40/
1
4 4014 42
4113 40
4012 4178 40
407k 40 , 58 27,100 Lorillard
2'
112 114 *112 114
11218
112
112 112
112 112
1114 1 118
190
500 Preferred
97 10
10
10
98 97
1014 10
10
1034 1034 012 8,100 Louisiana 011 temp etfs_Nx par
*83
89
*83 89
*83
*83
89
8314 8314 4,83
89
Preferred
15
10
100
2912 2934 2914 301
3014 3078 31
317
31
3113 3013 ; 11
/
4 24,500 Louisville G & El A--.No par
3134 3134 31
3134 301z 3134 23114 32
3034 3134 *31
: 11
/
4 3,700 Ludlum Steel _____ ___No par
507k 507 *4914 50 *4914 50
50 50
50 50
50
.0
500 MacAndrews & Fr nee_No par
11513 11711 123 131
12012 134
124 12678 120 123
121 1: 1
24,800 Mackay Com p•-aes
100
7214 73
7413 84
79
84
79
81
7712 80
11,000 Preferred
100
7712 8
94
9514 9318 941
9234 94
935s 9534 9434 96% 94
, 512 54,500 Mack Trucks. Inc
No par
290 320 *290 320 *290 320 *290 320 *290 310 308 S100 Macy Cu
No par
26
2634 2614 267
2634 2714 2612 28
27
281g 2734 858 53,100 Madiscn Sq Garden_No nor
4914 4934 4834 49
48% 4858 481s 50% 49
4912 4858 044 7.700 Magma Copper
No par
2434 2573 24% 2618 2434 2614 2512 2512 2414 2534 2418 478 10,700 Mallinson (H R)& Co-No
par
99 100
988 987
9834 100 29634 967
9714 97h 98
8
340 Preferred
100
*33
3713 *33
3713 *33
3713 *33
3713 *33
3712 *33
Manati Sugar
712
100
*68
70
*68
70
*66
70 *66
70
65 65
*60
0
200 Preferred
100
*36
38
*36
38
*37
3813 *37
3812 *38
3812 3713 812
300 Mandel Bros
No par
58 60
5712 61
55 5814 z54
5534 5334 5518 5384 334 35,600 Mann Elea 1811PD1Y
No par
3534 3614 3512 3634 3518 3578 355g 3658 3518 36
3434 5% 14,200 Manhattan Shirt
25
1414 1414 1412 1412 1434 1434 15
1534 *15
1534 153
638 3.900 Maracaibo 011 Expl__.No par
3512 36
35% 3578 35% 3513 3514 3634 3514 367
3534 6% 40.300 Marland Oil
No
par
4834 4834 48/
1
4 49/
1
4 4934 5214 51
511
/
4 z484 4834 4834 . 913 6,900 Marlin-Rockwell
No par
1212 121g 1238 1212 1212 1212 127 13
1314 1338 1312 13% 2,500 Martin-Parry Corp.__.No par
12614 127
12612 12938 127 13112 1301g 133
1254 1301 12614 12712 21,300 Mathleson alkali WorkeNo par
118 ____ *118 ____ *118 ____ 118 118
118 118
118 118
40 Preferred
100
81
81
8034 Si
8018 8112 801, 8011 78h 804 7813 79% 14,000 May Dept Stores new
25
31
3114 3134 3113 3118 3178 3112 3214 32
32
3134 33
5,000 Maytag co
No
par
5934 62
61
60
*5772 59
6212 6014 61
59
8018 611
3.700 McCall Corp
No par
*79
8414 *81
8412 85 *83
8412 84 84
84
837 83%
70 McCrory Stores class A.No par
8313 85
84
83
*8213 84 *82
8434 84
841
85
85
900 Class B
No par
110 110
'10914 114 *10934 11018 110 110
110 110 *10914 I10
300 Preferred
100
1
4 2534 2534 *2614 2714 `21314 27
2712 271 *2512 27/
*27
28
200 McIntyre Porcupine MInee__5
2534 253 *2558 26
258 25% 2534 2534 2534 253
254 2534
700 Metro-Goldwyn Pictures pf _27
71
7/
1
4 814
7
8
634 634
814
74 77
7% 81 12,700 Mexican Seaboard 011__No par
1814 18
18
1818 1814 1818 181
18
184 18
1818 1814 3,300 Miami Copper
4
261z 267g 2634 274 2634 2714 26% 2734 2634 27% 12,300 Mid-Continent PetroNo par
2612 27
'10334 1051 *10334 104 *10334 104 *1033 104 *10334 104
104 104
200 Mid-Cont Petrol pref
100
234 23
234 2/
1
4
234 27/1
234 2/
1
4
258 23
258 234 9,900 Middle States 011 Corp
10
178 2
*134 17
178 178 *178 2
2
2
17
11
/
4 1.500 Certificated
10
223 227 220 223 22212 226514 228 229 22934 2323 *220 228
Midland Steel Prod prat_ --100
3,300
*2213 23
23
23
23h 231 *23
231 *23
231
231 231
400 Miller Rubber otfe
No par
16112 1631 159 163 1598 1631 15913 1611 15914 1641 159 16314 77,400
Montana Power
100
138 1401 13612 1391 13613 140
1383, 14034 137% 141
13734 14078 118,400 Monte Ward & Ca Ill eery._10
67g 734
7
718
68 7
6% 7
634 67
658 6% 7.700 Moon Motors
No par
34
34 34
3
34
3
3
314
3
31
3
318 9.700 Mother Lode Coalltion_No par
4012 7
4,7
71
634 63
612 61
*613 7
*613 7
300 Motion Picture
No par
16
1514 153
1634 16
16
15
151
13
14h 1334 133
7,400 Motor Meter A
No par
3158 321
3334 321g 33
3113 32
32
31% 32
317 28,900 Motor Wheel
3114
No
par
847
853
8514 86
83h 86
8434 86
80 8434 8112 827 11,000 Mullins Body Corp__ No par
'107 110 *107 110 *107 110 *107 110 *107 110 *107 110
Preferred
100
48
48
4814 481 *4734 48
481g 481
48 494 4914 5058 7,100 Munsingwear Inc
No par
23% 25
24
2334 241
251
26
29
2734 287
2734 29 59,900 Murray Body new
No par
8934 93
864 8734 8638 871
8634 90
90 91% 8734 911 81,000 Muth Motors Co
par
1112 ut
1158 121
12
123
125g 127
1278 1478 1418 147 26,500 National Acme stamped_No
__ _10
6312 631
631g 631
64 677
63 63
6712 687
6634 677
7,400 Nat Deltas Hew
No par
*9812 100 *99 100
100 100
10012 1003 101 10118 10114 1011
700 Preferred
100
171% 173
172 173
171 174
"172 175
17014 1727 170 1721
5,100 National Biscuit
25
0140 ___ *140 - *140 ___ *141
___
14218 14218 145 145
200 Preferred
100
54
53
53%
541
533
534 54
5312
53
54
534 533 56,200 Nat Cash Register A w 1No par
7134 71
731
7058 72 s71
73 741
7213 74
7234 731 123,800 Nat Dairy Prod
No par
238 238 *2314 231 *23% 233
*2338 23
2334 2413 24
241
2.300 Nat Department Stores No par
*9114 93
*9114 93 *92% 93
*9114 93 *91% 93
93
93
100 let preferred
100
4414 4534 4312 447
447
44
44
447
4013 43h 41
4258 7,700 Nat Distill Prod ctfa._ _No par
*59
607 *59 60
59 .59 61
59
*59
61
59
59
400 Preferred temp ctre.-No par
25
25
25
251
2412 2412 2434 2514
2434 243* *2413 251
Enar)
&
Stamping.
800 Nat
..A00
91
*8814 91
*90
*8814 91
92
*90
*8814 91
Preferred
*8814 91
100
128 128 *127 128
128 129
128 128
12734 128
128 130
3,500 National Lead
100
/
4 1391 140 140 *142 ____ 143 143
'139 13934 *139 13934 1391
600 Preferred A
100
'109 11312 *109 11312 11213 113 1131 11358 116 116
11812 1161
800 Preferred B
100
2538 2578 2534 2614 26
26
2634 2613 261
2613 Mg 261
National Pr & Lt ctfe.-No pa
3712 36
37
36/
1
4 3738 3634 3634 3618 361 68.600
3834 3714 37
5,200 National Radiator_ __ No pa
96
961 *96
9612 9612 9812 9834 9614 961
9634 4.96
96%
700 Preferred
No par
*95 9534 9413 95
93 93 *90
93
92 93
92 92
600 National Supply
50
330 33934 330 334
334 33634 330 336 z332 336 335 342
National
2,220
Surety
100
18913
184 184
18434 187
19234 19434 187
18478 18478 177 1837
2.400 National Tea Co
No par
1918 191
1914 195
1914 207
1918 197
1934 2034 1934 201 43,100 Nevada Consol Copper_No
par
4514 453
44 4414 4438 4514 4538 461
4513 4534 4513 457
5,600 N Y Air Brake
No pa
57 57
571
5714 571 *56
5713 5913 8913 60
*55 58
1,200 New York Dock
100
*87 92 *87 92
*88
92
*87 92 *87 92
91
91
100 Preferred
100
102 102
102 102
10114 10114 102 102 10114 102
10114 1011
150 N Y Steam pref (6)____No pa
11114 11114 11078 11078 11034 1117g 11038 11032 11134 11134 11038 1 113
180 First preferred (7L _No pa
2734
28
2734
28
28
28
28
28
28 *2734 28
•277g
3,200 Niagara Falls Power pf new _25
1
4 67
65 661
6414 651 142,400 North American
6412 66
615g 6134 6134 6412 64/
Co
10
5312 5414 *5334 541
5334 5334 *5314 54
54
5338 5338 54
1,100 Preferred
50
10314
10314 10314 10314 1031 10314 10313 10334 1033
3103 1034 0103h
1,600 No Amer Edison prat_ No pa
*5034 51
*504 51
*5034 51
50s 5012 5014 5014 *5014 51
90 Northwestern Telegraph_ _ _50
3
3
*258 3
*27g 3
27g 27g
*278 3
3
3
300 Norwalk Tire dr Rubber__ -..10
*812 10
9
*812 10
9
*812 10
*512 10
*9
10
100 Nunnally Co( e)----No pa

s.Bid and asked Mims: no




IN as Ma Clay, a st-tpeidaut, a zwights.

PER SHARE
Range Sines Jan. 1.
Onbasts of 100-share lots
Lowest
Highest
$ per share
31 Jan 17
51 Feb 17
7734 Mar 1
120 Jan 18
11214 Mar 8
12034 Jan 4
2938 Feb 18
812 Jan 16
115 Jan 9
6258 Jan 5
15 Feb 17
55h Feb 17
58 Feb 17
2212 Jan 10
106 Mar 8
8018 Feb 20
3812 Jan 16
8718 Mar 22
59/
1
4 Jan 3
6058 Feb 24
11314 Jan 19
1312 Jan 18
/
4 Feb 1
511
87 Feb 20
7414 Feb 7
200 Jan 10
100 Jan 5
27/
1
4 Feb 20
7912 Jan 10
1714 Jan 3
38 Jan 17
3014 Jan 1
105 Feb 20
10478 Feb 20
13514 Jan 30
53 Mar 19
6312 Feb 2
57 Jan 1
534 Feb
26 Jan
4918 Jan 1
11912 Mar 21
3574 Feb 21
11118 Mar 23
938 Feb 21
80 Feb 21
28 Feb 7
2558 Jan II
48 Jan 6
10812 Mar 2
6814 Jan 13
9058 Mar 2
235 Jan 10
2214 Jan 9
4334 Feb 27
16 Jan 21
87/
1
4 Jan 30
/
4 Feb 10
341
65 Mar 22
36 Mar 2
50 Jan 11
31/
1
4 Feb 18
1212 Feb 20
33 Feb 17
4514 Mar 6
1218 Mar 12
119 Feb 20
115 Jan 12
78 Feb 17
30 Mar 12
56 Feb 3
77 Feb 18
8012 Mar 14
109 Feb 8
25% Mar 21
2518 Jan 6
458 Jan 19
1734 Jan 5
2518 Feb 20
10314 Feb 20
23s Jan 3
11 Jan 3
199 Feb 18
21 Feb 17
102/
1
4 Jan 10
117 Jan 19
5/
1
4 Feb 6
2% Jan 27
613 Feb 29
13 Mar 22
2512 Jan 12
7258 Feb 17
10434 Jan 17
4634 Mar 5
2113 Feb 1
8014 Feb 20
714 Jan 4
41 Jan 3
9014 Jan 3
16214 Jan 19
1371
/
4 Feb 29
4714 Jan 16
6413 Jan 5
2178 Jan 5
91 Jan 10
3514 Feb 28
55 Feb 28
2312 Mar 14
9014 Feb 27
123 Mar 1
139 Jan 3
11212 Mar 20
2158 Jan 16
34h Feb 18
94 Feb 24
90 Feb 21
298 Feb 7
160 Jan 17
1734 Jan 18
4212 Mar 10
52 Feb 18
1
4 Feb 2
90/
9914 Jan 3
102 Jan 30
2734 Mar 20
5858 Jan 5
5314 Jan 3
10213 Feb 15
50 Jan 5
21zMar 15
8 Mar 8

PER SHARE
Range for Previous
Year 1927
Lotrest

Htdasst

Per share E Per share $ per awe
19/
1
4 Jan 394 June
38/
1
4 Jan 20
56 Jan 4
4812 Mar 87 Sept
8812 Feb 10
5312 Jan 86 Dec
12314 Mar 23 11112 July 12/Pa Mar
125 Feb 9
123/
1
4 Feb 9 Ili- Feb fii OcI
1058 Jan 3458 Dec
4034 Jan 10
1434 Jan 3
1258 July 2213 Jan
11638 Mar 12 109 Dec 11613 Dec
7334 Mar 20
49 Apr 6534 Dee
2738 Jan 3
1
4 Nov
9/
1
4 Jan 32/
84 Jan 6
35 Feb 102 Sept
44 Jan 9712 Sept
80 Jan 26
33/
1
4 Mar 21
19 Oct 27 July
11018 Jan 5 103 July 110 Dec
60 Feb 90/
8738 Feb 10
1
4 Dec
,914 June 45 Jan
52 Jan 19
97 Jan 24
58 June 93 Dee
49 June 6278 Feb
74 Jan 9
4578 Jan 77/
7312 Jan 24
1
4 Sept
1
4 Feb 118 July
117 Jan 3 110/
2714 Feb 29
10 June 18 Dec
69 Feb 29
45 Nov 80
Jan
9814 Mar 23
59 Jan 10512 Sept
8034 Feb 11
260 Feb 2 154 -lin 26713 J
96 Jan 130 NW
12412 Jan 28
2012 Jan 37/
3578 Jan 14
1
4 Nov
9778 Mar 19
88 Jan 381s Oct
2258 Feb 2
7 Jan 18/
1
4 Dec
45 Feb 15
3258 Apr 43 Nov
2014 Sept 34/
3618 Feb 7
1
4 Dec
12212 Jan 3 *8712 Feb 128 Sept
12312 Jan 3 *8658 Feb 128 Oct
14334 Mar 23 12434 Jan 140 Dec
49
Oct 763e Apr
6514 Jan 3
4534 Sep
77% Jan 13
7834 Dec
7012 Mar 20
48/
1
4 Jan 63/
1
4 Mar
5 Oct
738 Jan
734 Feb 27
25/
1
4 Dec 63 Mar
3534 Feb 3
1
4 Jul
58 Jan 27 235/
5714 Dec
123 Jan 6 118 Jan 123 NG,
44 Mar 7
2312 May 47/
1
4 July
114 Mar 13 107 Jun 11812 Jan
10 Oct 12 Aug
1234 Jan 9
8514 Dec 97 Feb
91 Jan 8
2358 Jan 3012 Dec
3178 Mar 21
20 Oct 3314 Max
3412 Feb 6
43 No
5112 Mar 6
5814 Dec
134 Mar 20 105 Jun 134 Aug
67 Aug 74 Aug
84 Mar 19
1
4 May
10778 Jan 3
8814 Jan 118/
1
4 Nov
313 Mar 2 124 Jan 243/
20/
1
4 Aug 2858 Oct
2858 Mar 23
2912 Feb 5834 Dec
5612 Jan 4
1112 Apr 2034 Dec
2714 Mar 9
10178 Mar 15
6634 July 95 Dec
27 Nov 46 Feb
41 Jan 14
48 Oct 8034 Dee
88 Jan 17
3918 Dec 49/
4011 Jan 24
1
4 Aug
43 Oct 132 Aug
61 Mar 17
2414 Jan 3534 Dec
37 Mar 15
12 Oct 2234 Jan
18/
1
4 Jan 13
31 June 5812 Jan
3838 Jan 16
27 Jan 557s Nov
52/
1
4 Jan 6
1534 Jan 3
1512 Dec 2434 Feb
133 Mar 21
82 Jan 13234 Dee
118 Mar 15 103 Jan 129 Dec
MA June 9038 Nov
8538 Jan 3
2338 Jan 3514 Dec
/
4 Jan 12
341
66 Feb 10
- Mai IRi" )5e;
88 Jan 3
5612 Mar 96/
1
4 Dec
89/
1
4 Jan 3
97 Mar 11612 Sent
111 Jan 10
2412 Mar 28/
1
4 Oct
2812 Mar 16
2434 Jan 2614 Feb
27 Feb 9
3 Aug
914 Feb
838 Feb 29
131
/
4 June 2054 Dec
1912 Feb 7
25/
1
4 Oct 3932 Jan
2912 Jan 3
97 Apr 105 Feb
10578 Jan 16
158 Jan
358 Jan 5
334 June
11
/
4 Jan
238 Jan 5
2/
1
4 June
290 Jan 4 106 Apr 315 Dec
1712 Nov 36/
27 Jan 3
1
4 Apr
/
4 Jan 10912 Oct
811
18734Mar 5
60/
1
4 Feb 12318 Dec
14014 Feb 8
734 Mar 2
6 June 121
/
4 Jan
112 Oct
338 Feb 23
1
4 Jan
4/
812 Jan 27
eh Sept 1658 Mar
17 Nov 38/
2314 Jan 12
1
4 Apr
33/
1
4 Mar 17
20/
1
4 Jan 27/
1
4 Mar
10 Jan 7914 Dec
93 Feb 2
11034 Jan 9
80 Jan 11014 Des
3534 May 53 Nov
53 Jan 23
1614 Oct 43 Feb
3112 Jan 4
10138 Jan 3 6014 Apr 1017s Dee
141
/
4 Mar 22
5 Feb
7/
1
4 Oct
3118 Sept 4812 Dec
68/
1
4 Mar 22
10111/Aar 23
8514 Sept 97 Apr
182 Jan 27
9434 Jan 187 Dec
145 Mar 23 130 Jan 142 Deo
6412 Mar 16
39/
1
4 Jan 511
/
4 Dec
7414 Mar 21
5914 May 68/
1
4 Aug
2434 Feb 2
2014 June 2738 Mar
93 Mar 16
89/
1
4 July 9414 Jan
5812 Jan 9
17 Feb 60 Gel
43 Mar 6934 June
71313 Jan 9
3058 Jan 26
1912 Apr 3538 June
6918 Apr 9172 July
9158 Jan 18
1
4 May
136 Jan 31 895 May 202/
143 Mar 23 11312 June 13914 Dec
11634 Jan 6 104/
1
4 June 11514 Dec
1914 June 2634 Sept
2758 Jan 27
3634 Nov 3912 Nov
4038 Jan 9
96 Nov 98 Dec
9812 Jan 17
76 May 9778 Dec
9612 Jan 3
355 Jan 3 6218 July 373 Dec
19434 Mar 17 108 Apr 180 Dec
1
4 Dec
1234 June 20/
2312 Feb 6
39/
1
4 Oct 50 June
5012 Feb 10
1
4 Nov
34 Jan 65/
6414 Jan 4
72% Feb 9312 Nov
95 Jan 4
9312 Feb 10222 Oct
10334 Mar 9
11458 Feb 24 105 Jan 11412 Oct
2734 Jan 2052 May
2834 Feb 17
45% Jan 6419 Oct
67 Mar 20
60 Jan 55 Aug
55 Feb 23
9658 Jan 105
105% Feb 7
Oct
47/
1
4 Jan 56 Sept
52 Jan 14
172 June
4 Jan 3
538 Feb
884 Dec 13 Jan
934 Mar 9

New York Stock Record-Continued-Page 6

1182

For sales during the week of stocks not recorded here, see sixth page preceding
HIGH AND LOTV SALE PRICES-PER SHARE, NOT PER CENT.
Sales
STOCKS
for
NEW YORK STOCK
Saturday.,
Monday,
Wednesday, Thursday,
Tuesday,
Friday,
the
EXCHANGE
Mar. 17.
Mar. 19.
Mar. 20.
Mar, 21.
Mar. 22.
Mar. 23,
Week.
-- -3 Per share 5 per share $ per share $ per share $ per share $ per share Shares Indus. & Miseel.(Con.) Par
3358 . 34
34
34
35
3412 3412 344 3412 34
25
3312 3353 2,400 011 Well Supply
10712 10812 *107 10812 10814 10814 10814 10814 1081 1 10814 10814 10814
230 Preferred
100
*1214 1234 *1214 1234 1212 1212 1178 1214 1178 12
12
12
5,500 Omnibus Corp
No par
*93
94
94
94
94
94
*9312 94
93
9312 *9312 94
500 Preferred A
100
73
7314 *73
7312 7312 7412 7412 75
75
7514 75
75
1,9C10 Oppenhelm Collins & CoNo par
1
Preferred
100
*153 15434 15312 154
15412 15412 15334 15812 154 156
154 1541
50
____2 - ,000 Otte Elevator
•11914 124 *11914 124 *11914 121 *120 123
123 123
Preferred
11912 11912
100
1212 1212 1214 1212 1238 1314 1318 1338 1338 15% 1512 1612 163,700 Otis Steel
No par
*8512 8712 .86
884 8714 9134 80
9134 7,900 Otis Steel prior prof
8712 8712 8938 88
100
*86
90
90
87
87
86
*86
90
*86
90
*86
86
200 Outlet Co
No par
8218 8214 8238 83
84
8214 8234 8238 83% 83
25
8238 838 5,000 Owens Bottle
*115 120 *115 120 *115 120 *115 120 *115 120 *115 120
Preferred
100
47
4812 48
4834 4818 4834 48
4914 4712 48
48
25
4834 13,400 Pacific Gas - Elea new
114
04 114
114
114
114
114 . 114
114
138 4,700 Pacific 011
114
114
No par
150 15014 14814 150 214978 150
150 15134 151 15114
15138 152
690 Pacific Telep .2, Teleg
100
665x 6738 6538 6718 6514 6658 66
6634 6412 6658 6412 657 89,100 Packard Motor Car
10
4212 4212 43
43
5,400 Pan-Amer Petr dr Trans
50
*4112 43
4234 427* *41
424 4178 42
Class B
4258 4318 4253 4314 42
4314 4238 4312 4238 4312 4214 4312 34,200
50
19
19
*19
20
1872 1872 1912 1912 1912 1934 1912 1978 1,500 Pan-Am West Petrol B_No par
1334 1334 1318 1358 1334 1334 14
1412 1438 1438 14
144 3,000 Panhandle Prod de ref_No par
Preferred
80
*75
80
100
*75
*75
80
*75
80
*75
80
*75
80
4112 4014 4134 30
4038 3834 4018 29,700 Park dr Tilford tern etfs_No par
3858 3958 394 404 41
1014 1012 1014 1034 1014 1012 1012 1132 1034 1118 1034 11
1
37,600 Park Utah C M
24 234
234 3
No par
212 234
212 24
212 24
212 212
19,300 Patbe Exchange
1234 13
1258 1314
1234 13
1314 1314 1358 14
14
14
5,600 Pathe Exchange A new_No par
2514 26
25
2614 2458 2514 2518 2534 2538 2612 2578 2638 16,000 Pat1no Mines .1( Enterpr__20
50
23
2378 2212 2334 2214 2278 2038 2212 2034 202 2012 2134 11,500 Peerless Motor Car
No pat
27
2714 2834 2712 2634 2712 2634 2712 4,200 Penick dr Ford
2734 27
27
27
2512 25
25
2434 25
No par
2"
2514 244 2512 25
25
25
5,100 Penn-Dixie Cement
*9512 9612
Preferred
100
*9512 9812 *9512 9812 *9512 981 *96
9812 *9512 97
170 17312 169 172
169 170
168 16912 8,300 People's 0 L ar C (Chle) 100
170 1707a 170 174
*158 165 *155 160 *155 160
300 Philadelphia Co (Pitteb)___50
155 155 *150 158 *150 155
49
*46
48
5% preferred
50
*4512 48
*46
*46
*4558 48
*46
49
49
60
5418 5412 5414 5434 545 5434 2,900 6% preferred
54
5418 54
538 53% 54
3238 30
3178 3278 31
315g 3018 3038 21,700 India k Read C & I__ No par
2934 3032 304 33
3,100 Certificates of int_ __No par
3258 3058 3114 303 3012 2938 30
2914 2958 2978 30% 32
16
1712 18
1712 1734 1714 1732 1,500 Phillip Morris .4 Co. Ltd
16
*16
18
10
18
18
No par
384 3878 3858 3934 39
3934 30 .4038 55,500 Phillips Petroleum
3834 39
3812 39
*2912 33
30
*30
1,200 Phoerlx Hosiery
5
30
30
34
3012 *30
*30
34
34
100
*9814 9934 9814 9814 09814 9934 *9824 9938 9814 9814 *9814 9934
80 Preferred
1318 1338 1258 13
1238 1258 4.100 Pierce-Arrow Mot car_No par
1238 1318
1238 1234 128 13
46
*45
*46
*47
47
100 Preferred
*45
100
48
*46
47
47
46
46
25
33
4
58 6,500 Pierce 011 Corporation
58
34
%
53
34
ki
%
58
34
*17
18
Preferred
18
*17
*17
18
*17
18
*17
18
017
100
18
338 334
4
418
418 44
334 4
4
4
4
418 7.000 Plerce Petrol'm tern ctfeNo par
3412 34
3412 3412 3534 3512 36
344 3412 34
34
34
10,400 Pillsbury Flour 18,1111s _No par
'
10938110
11158 113
10938 10938 11114 11114 11114 11114 111 111
800 Preferred
100
15,700 Pittsburgh Coal of Pa
48
48
100
48
5034 4912 5078 493* 5018 477 478 4612 47
85 .83
84
85
*83
84
1,000 Preferred
8334 8334 8312 8312 84
84
100
90
8712 874 *85
*85
*8712 92
200 Pittsburgh Steel prof
8712 8722 *8712 92
90
100
5
5
36
*33
2,200 PItte Terminal Coal
36
100
*3
35
3434 3612 36
368 3578 3578 *33
8112 *80
*80
8112 *80
*7978 87
7938 80
8112
260 Preferred
100
80
80
641265
65
65
*6412 66
*65
67
600 Porto Rican-Am Tob cl A_100
66
66
*6412 67
2518 2518 2412 25% 2,800
26
Class B
2434 2512 2458 2434 2534 2534 *25
No par
57,200 Postum Co. Inc
12134 12278 12058 12214 121 12214 12114 12238 12058 12238 121 125
No par
2458 2438 2418 2414 *24
2412 •24
2414 25
2412
700 Premed Steel Car new.No par
2412 25
*84
85
*84
*84
85
85
Preferred
85
*84
*84
85
*84
85
100
2012 213* 21
2118 2018 21
1918 1918 19
2158 2053 228 14,300 Producers dr Refiners Corp 50
4314 4314 4314 43
43
4314 *43
*43
4314 43
*43
4314
400 Preferred
50
85
85
85
*88
85
85
*76
85
*77
8838 8814 8814
70 Pro-phy-lac-tIc Brush_ _No par
46% 4514 4638 45
48
73,500 PubServCorp of NJ newNo par
433* 4438 4334 4512 4514 4618 46
*10578 106 *10578 106
10578 10579 105 10512 106 106
106 10618 1,600 6% preferred
100
____ *119 ____ *119 120
011834 119
__ •119
11834 119 *119
200 7% preferred
100
_ *13612 13778 1377 13818
•13612 138
400 8% preferred
138 138 *13612 13818 l3617_*
100
*10834 10914 *109 10914 109 109 *109 10914 109% 10918 *109 10914
200 Pub Seri, Elec dr Gas pfd_100
824 8318 8234 87% 8612 8812 8512 878 8453 863* 8434 8578 143,600 Pullman Company new No par
31
31
2972 30
30
304 3034 3112 3134 3134
31
4,400 Punta Alegre Sugar
31
50
22
2214 22
2134 221
2112 217
2112 2134 211 22
2214 15,500 Pure Oil (The)
25
8% preferred
*110 112 *108 112 *109 112 *109 112 *109 112 *109 112
100
_ •65
.
__ •65
__ Purity Bakeries class A
*6514
_ *6514
*65
71
65'4_.*
25
132 133
--- _- 134 .1-34
133 1-33132 13214 13232 1-3432 132 13214
2,700 Class 13
No par
110
110 110 *110 11014
110 110 *110
11014 *110
11014 110
70 Preferred
100
153 16214 146 15712 14914 157% 686,800 Radio Corp of Amer___No par
138 14334 135 14112 137 160
563* 5614 563* 5614 5614 563* 5612 1,700 Preferred
56
56
*56
5618 56
50
2512 258 27
2778 2812 13,500 Real Silk Hosiery
25
2512 25
254 25
25
25
10
93
93
92
9412 90
230 Preferred
9114 90
*8814 9114 8814 8814 90
100
Reis
614
838 6%
800
(Robt) &Co
638 *6
63 *6
6
612
*614 612 *6
No par
278 2714 28
2714 2778 37.800 Remlngton-Rand
2812 29
28
2834 2712 2838 27
No par
9514 9514 9434 9512 9512 9512 9412 9512 9438 9512 9434 95% 3,600 • First preferred
100
96
*96 100
200 Second preferred
100
*9518 9714 *9518 9714 *9518 9714 9512 9512 96
258 25
2538 25% 2512 25
254 23,300 Reo Motor Car
10
26
2612 2514 2638 25
618 60
604 10,100 Republic Iron de Steel
6038 613* 60% 6153 6014 6134 60
100
6058 61
108 108
300 Preferred
0106 107
109 109 *106 108 *103 108 *103 108
100
918
84 3
81
9
958 27,200 Reynolds Spring
No par
834 9
84 914
878 9
14412 145
144 14412 11,300 Reynolds (13.2) Tob Class B 25
14234 145
14512 148
145 14614 145 146
3158 3212 2953 3214 3112 3134 49,700 Richfield 011 of California_ _25
29% 3014 297 3112 304 317
20134 215
22,000 Rossla Insurance Co
20718 212
195 202
197 20134 200 21112 20912 220
25
454 4572 46
4632 46
4614 4532 4534 457 46% 46
4612 4,600 Royal Dutch Co(N Y shares)_
3812 3812 3834 3834 37% 3812 2,800 St Joseph Lead
3714 3712 3714 3734 3714 39
10
72
73% 71
75
73
74
753 23,000 Savage Arms Corporation_100
6934 7112 7072 7212 71
214 24
218 212
218
2
2
2
2%
2
23* 212 3,600 Seneca Copper
No par
65
67
65
6514 6312 647
8312 6412 6322 6478 8218 6218 3,900 Shubert Theatre Corp_.No par
5212 5353 5212 5312 75,900 Schulte Retail Stores_...No par
51
5112 514 524 5134 5332 5314 54
140 Preferred
12134 12134 *122 123 *122 123
100
.123 12338 123 123
122 122
200 Seagrave Corp
*10
34 1112 *1012 1112
1112
*11
*1034 11
1112
No par
11
11
*11
8814 8872 8834 9138 8812 9138 9018 9133 9018 933* 0414 9712 293,100 Sears, Roebuck d4Co new Nopar
894 9278 8912 9218 9,500 Shatuck (F 0)
9058 88% 8818 28934 8934 8918 897
89
No par
4314 *43
*43
800 Shell Transport de Trading_£2
4314
43
*4232 4332 *42
43
43
4332 43
15,200 Shell Delon 011
25
No par
2518 2512 2534 2553 2534 2512 2578 2534 2534 2534 26
8,600 Simms Petroleum
1912 20
1978 21
19
1914
10
1912 1978 1914 20 . 1914 20
No par
6112 6178 6012 6112 6053 (Hit 6012 6138 5953 60% 593* 6112 20,800 Simmons Co
2738 28
2714 627,100 Sinclair Cons 011 Corp_No par
2438 2514 2314 2434 2334 2414 2314 258 28
10714 10734 10734 10734 1,400 Preferred
10(
107 107
107 10712 107 107
107 107
2638 27
2614 26% 10,200 Skelly 011 Co
27
25
2612 264 2612 2634 26
2612 26
12834 *122 128
128
1,900 51083-Sheffield Steel az Iron 100
1284
0124 128
128
126 12714 •126 128
6,400 Snider Packing
No par
1334 1334 1358 1518 1538 16
15141 154 1414 143* *1414 15
2,000 Preferred
48
46
*4512 49
No par
5134 *4712 50
*45
46
46
50
49
3638 3534 304 19.100 So Porto Rico Bug new_No par
3618 3612 363 3714 363s 378 364 3714 36
100 Preferred
100
135 136 *133 136 *135 136 *13512 136 *13512 136 *13512 136
4834 4634 4634
2812 29
29
11
1118 1118
.115. _ *115
16
1-6.12 154
8512 8712 8714
2834 30
30
___ *110
0110*3212 331, 3312
634 6414 6334
6712 6712 6712
10612 107 x106
10378 10378 102
55
551, 5534
3834 39
387
2978 3014 3018
55
512
578
2118 2214 22
146 14712 14312
8932 91
9138
577
5312
56

11,600 Southern Calif Edison
25
4734 4772 4734 4838 4734 48
4714 4714 48
3034 323* 18,700 Southern Dairies el A_No par
2918 2918 29% 2923 30
29
29
1212 1312 13,400 Class 11
No par
1114 1112 1114 12
1114 1118 1114
70 Spalding Bros let prof _100
117
115 115 *115 . _ 115 115 *115 117
17
1,610 Spear 4r Co
1614 17
No par
1712 1812 1-6v12 16
1734 17
540
Preferred _
87
87
86
87
8712
100
86
8714
__
2912 3318 3218 327 56,300 Spicer Mfg Co
29
No par
29
2-934 29
3018 *86_ ___ ___
Preferred
_ *110
_ *110
100
__ *110
__ *110
300 Stand Comm Tobacco_No par
3214 --3214
- -14 .3214 -3-33312 *3214 -33
-3312
*3214 -94,100 Standard Gas dt El Co_No par
65
6438 6438 64% 644 6638 6418 6512 64
2,500
673
2
6612
664
Preferred
664
6712
50
6712
6712 6612 6712
1,800 Standard Milling
108 108
100
10514 10614 107 10934 108 109
106
100 Preferred
104 104
10318 104
100
10334 10334 10334 *10378 104
5614 5534 5814 21,800 Standard Oil of Cal newNopar
5618 56
5614 557 5618 56
3934 40% 112,100 Standard 01101 New Jersey_25
3958 40
3918 387 3918 38% 40
308 3018 3038 33,100 Standard 01101 New York_.215
30
,
8
8
303
30
30
303
8
3038
514 54
434 514 10,300 Stand Plate Glass Co No par
512 553
6%
512 6
25
20
2438 2,670 Preferred
100
2438 2412 20
2714 2418 25
144
145
*14412
14512 9,900 Sterling Products
145
No par
14614 14312 14312 144
9318 9012 9232 394 9214 8738 9012 894 9112 71,200 Stewart-Warn Sp Corp_No par
557
522 1 53
3.600 Stromberg Carburetor_No par
54
53
542
5134 5334 52

• Rid and asked prices: no sales on Ibis day. a Ex-rights. s Ex-4iv1dend. b Ex dividend and ex rights




PER SHARE
Range Since Jan. 1.
On Oasis of 100-share Iota
Lowest

Highest

PER , HARE
Range for Previous
Yea, 1927
Lowest

Highest

163 Jan 10
444 Jan 20
37 Mar 16
6058 Jan 12
2 Jan 18
5912 Mar 5
497 Feb LS
11912 Jan 31
10 Feb 18
8218 Jan 16
8012 Feb 17
393* Jan 24
2314 Feb 8
18% Feb 20
5818 Nat 2
1738 Feb 20
10212 Jan 4
25 Feb 15
11612 Feb 27
123* Jan 6
44 Jan 5
3212 Feb 18
133 Feb I

$ per share $ per share $ per Oar.
3878 Dee
3114 Jag
41 Jan 11
11012 Jan 11 10234 Mar 110 June
1718 June
1432 Jan 26
11 Mat
9912 May
9612 Mar 8
81
Jan
8812 Jan 7
5812 Feb 8238 Dec
2372 Dec 35 Apr
2412 Jan 9
102 Jan 5 10234 Nos 10812 Juno
1584 Jan 17 8103 Feb 15534 Oct
124 Mar 2 108 Feb 12434 Aug
1212 June
1612 Mar 23
714 Feb
9134 Mar 22
814 Feb 91 Nov
01 Jan 5
524 Jan 99 Dec
73 Dec 8518 Dec
8514 Mar 12
117 Mar 16 107
Jan 120 Nov
4972 Feb 5
31
Feb 50 Dec
178 Jan
1 May
134 Jan 27
157 Jan 6 124 Mar 152 Dec
6831 Mar 12
33314 Apr 62 Dec
4838 Jan 6
4018 Dec 5571 Jan
4634 Jan 6
4014 Dec 6632 Jan
21 Jan 13
1834 Oct 3778 Jan
164 Jan 6
8 Apr
1872 Jan
81 Jan 4
54 Sept 83 Nov
4134 Mar 21
20
Jab 4658 Oct
1412 Jan 5
1012 Dee
6
Jan
412 Jan 6
334 Dec
12 June
184 Jan 14
1812 Dee 434 June
3038 Jan 30
1812 Aug 3772 Feb
24 Mar 9
20 Apr 32
Jan
2812 Mar 6
1912 Sept 2778 May
2712 Jan 31
214 Dec 39% Jnn
9612Mar 9
91 Sept 100 May
Jan 16834 Nov
18912 Feb 2 126
183 Jan 31
8514 Jan 1534 Dec
4818 Jan 16
40
Dee
Jae .51
5434 Mar 22
50
Jan 5311 Sept
3954 Jan 3
37% June 474 Mar
38 Jan 12
3714 June 47 Mar
1932 Jan 31
18 Sept 4112 Jan
4312 Jan 14
3614 Oct 604 Feb
35% Dec 524 Aug
37 Feb 23
10314 Feb 14 103
Jan 107% July
1558 Jan 3
9% Oct 2332 Mar
5312 Jan 3
3734 Oct 10212 Jan
14 June
4 Mar
34 Jan 3
134 Mar 24 June
2012 Jan 10
24 Mar
512 June
458 Jan 7
3712 Aug
3712 Jan 9
304 Nov
Oct
11712 Jan 9 104 Aug 109
3234 Mar 7412 June
534 Jan 4
88 Jan 12
7058 Mar 98 Sent
Jan
96 Feb 9
94 Dec 101
36% Mar 20
304 Apr 55 June
82 Mar 13
74
Apr 8412 Dec
65 Aug 9112 Jan
798 Jan 6
35 Jan 3
15 Aug 524 Dec
12958 Jan 24
9253 Mar 1264 Dec
3612 Feb 7814 Dec
267s Jan 3
764 Feb 9212 May
88 Jan 4
183 Jan 3372 May
28 Jan 10
3678 Jan 50 Feb
45 Jan 24
55 Feb 71 Sept
91 Feb 17
464 Mar 21
32
Jan 464 Sept
9812 Feb 105 Nov
1064 Feb 7
12018 Jan 25 10812 Jan 1204 Nov
13812 Feb 17 125 Jan 13514 Nov
Jan 1104 Dee
11018 Jan 28 102
8812 Mar 20
7334 Aug 8434 Dec
27
Oct 4672 Jan
34% Jan 3
25
Oct 3312 Mat
274 Jan 5
112 Feb 3 11138 Jan 11512 Dee
4234 Mar 63 Nov
6938 Feb 14
4114 Jan 68% Nov
13612 Mar 9
11314 Feb 7 10114 Jan 110 Nov
4112 Apr 101 Nov
16214 Mar 21
Apr
49 May 57
5772 Jan 9
49 Mar
2012 Nov
3014 Jan 26
80 June 99 Dec
9412 Feb 21
53 July
9 June
714 Jan 6
2012 Nov 474 Dec
33 Jan 28
1024
Apr
8712
Nov
28
Feb
96
Apr
Oct 110
90
100 Jan 24
2512 Dec 264 Dec
2612 Mar 12
53
Oct 75% Mar
6934 Feb 7
112 Feb 6
9658 Jan 108 May
13 Dee
4 Feb
1012 Jaq 23
16118 Jan 3
9818 Feb 162 Dec
3212 Mar 21 I 2538 Dec 28% Dee
74
Jan 194 0.31
220 Mar 21
444 July 544 Feb
4834 Jan 14
4338 Jan 4
36 May 4372 Mar
7538 Mar 2:3
4312 Oct, 7212 Mar
334 Jan
1 June
3% Jan 3
893 Jan 9
55 Aug 744 Nov
Jan
57 Bent
47
54 Mar 211
125 Mar iol 1164 Jan' 123 Aug
1414 Jan 3
834 Sepr 1538 Deo
51
9712 Alar 23
Jail l 0112 Dee
9278 Mar 22
564 Jae! 10112 Oct
43% Mar 20
413* Octl 474 Feb
24% Octl 3134 Feb
2678 Jan 14
2434 Jan 6
1414 July! 2838 Dec
6678 Jan 4
33,2 Jan 644 Dec
273 Mar 22
15
Oct' 2232 Jan
Jan 10412 Dee
97
108 Jan 23
2814 Jan 13
2418 June 3732 Feb
134 Feb 6 11014 Nov 13414 Apr
1138 June 1634 July
17 Jan 11
5214 July
44 Nov
60 Jan 11
7k
337 Aug 424 May
39 Jan 3
136 Feb 8 11812 Mar 137 Nov

4312 Jan 5
2412 Jan 25
9 Jan 23
109 Jan 7
12 Jan 16
79 Feb 25
2312 Jan 12
111 Jan 10
3312 Mar 20
57% Jan 12
65 Jan 3
100 Jan 5
10018 Jan 3
53 Feb 20
3734 Feb 18
2834 Feb 17
214 Jan 3
10 Jan 18
13414 Feb 28
7714 Feb 18
44 Jan 3

4838Mar 22
323 Mar 23
1312151er 23
115 Feb 15
20 Feb 29
9238 Feb 29
3318 Mar 22
1114 Jan 12
3712 Mar 6
664 Mar 21
68 Feb 27
118 Feb 1
10534 Jan 12
5658 Jan 14
4038 Mar 23
3138 Jan 3
78 Feb 23
40 Feb 23
150 Jan 28
934 Mar 19
5778 Mar 17

5 per share
33 Feb 18
107 Jan 28
1172 Mar 21
90 Jan 11
7112 Feb 21
20 Mar 13
9912 Feb 21
14718 Feb 20
11914 Jan 24
1012 Jan 18
8212 Jan 10
82 Feb 21
7412 Jan 3
11434 Jan 3
4312 Feb 28
114 Jan 3
148 Mar 10
5614 Feb 18
3814 Feb 20
3734 Feb 20
1814 Feb 15
1112 Feb 11
70 Feb 21
34 Mar 10
934 Jan 3
2 Feb 8
818 Feb 9
2378 Jan 3
1610 Jan 27
2238 Jan 7
2258 Jan 11
94 Jan 5
15134 Jan 8
1494 Jan 19
4512 Mar 15
52 Jan 3
2814 Feb 9
27 Mar 13
15 Mar 1
3514 Feb 20
28 Jan 12
96 Jan 9
1012 Feb 18
397 Feb 16
12 Mar 3
1614 Feb 20
312 Feb 16
3234 Feb 18
108 Jan 5
4114 Feb 8
8212 Mar 9
8712 Mar 15
26 Feb 10
77 Feb 20
6218 Feb 24
237 Feb 24
118 Feb 20
22 Feb 18
80 Feb 28
16 Feb 17
41 Feb 20
0912 Jan 4
414 Jan 9
10338 Jan 6
118 Jan 21
134 Jan 7
108 Mar 8
7912 Feb 21
2818 Feb 17
19 Feb 1
108 Mar 15
584 Jan 3
9614 Jan 31
10778 Jan 31
8514 Feb 201
5412 Jan 4
244 Jan 17
84 Feb, 7
512 Fel1123,
231s Jan 201
93 Jan 16
9517 Mar 21
2212 Jan 21
56 Feb 17
105 Jan 3
814 Feb 18
13818 Feb 21
2312 Feb 17

313* Jan 45 Dee
15 May 454 Jan
Jan
6% Oct 20
103 Jan 11212 Nov
16 Dec
838 May
73 Feb 88 Deo
2012 Jan 2878 May
104 Feb 11112 Nov
-rei Jan 66¼ June
5718 Jan 6812 Nov
7014 Jan 10438 Dec
Jan 103 Dec
84
503 Apr 604 Jan
3518 Apr 41% Feb
204 June 3418 Jan
4% June
2 Mar
1578 June
10 Mar
9012 Jan 1434 Nov
15414 Mar 8718 Nov
2618 June 60 Sept

.

New York Stock Record-Continued-Page 7

1783

For sales during the week of stocks not recorded here, see seventh page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Mar. 17.

Monday,
Mar. 19.

Tuesday,
Mar. 20.

Wednesday, Thursday,
Mar. 21.
Mar. 22.

Friday,
Mar. 23.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest

Highest

PER SHARE
Range for Previous
Year 1927
Lowest

Highest

per share S per share S Per share $ per share S Per share Shares Indus.& Miscel.(Con.) Par $ Per share
$ per share $ per share $ pert hare
$ Per share
6318 6334 6318 6334 6212 6358 6214 6234 81,100 Studeb'rCorp(The) newNo par
49 June 6312 Sept
57 Jan 10 674 Feb 9
6338 6438 6358 64
80 Preferred
100 12112 Feb 25 12612 Feb 10 118 Feb 12512 Nov
*12314 12378 12414 12414 12418 12534 *124 12558 125 125 *12418 125
514 534
212 Feb
55s 614
518 618
84 May
5
6
438 54 87,100 Submarine Boat
614 Mar 21
438 478
No par
3 Feb 14
30 Mar 3478 Jan
40514 41% 4138 4158 4078 4178 41
42
4078 4178 8,200 Sun Oil
4138 42
No par 3112 Jan 9 4234 Mar 8
*103
*103
99 Aug 1014 Dec
•103
Pre/erred
*103 _- *103 - - *103
100 100 Jan 6 102 Feb 8
318
318
3
314 4,100 Superior 011
318 Dec
278 3
2713 3
318 318
612 Feb
378 Jan 23
234 3
212 Feb 17
No par
2212 *20
22
18
Oct 28 May
*20
2114 2112 *21
22
*20
*20
22
22
18 Jan 18 2378 Feb 6
200 Superior Steel
1051
1312 1314 1314
7
Apr
14 Dee
13
1312 1312 1,800 Sweets Co of America
1278 13
134 1312 1312 13
50 1138 Feb 8 154 Feb 25
*5
5
6
512 6
24 Sept
5
538
6
Jan
*5
5
6
418 Jan 6
538
618 2,200 Symington temp ctfs_ _ _No par
678 Feb 3
15i8 1518 14
1534 1714
6
Oct 1534 Nov
1434 1334 1334 1412 16
1634 1714 13,000 Class A temp ctts_ _ _ _No par
1234 Jan 13 1838 Feb 2
1612 1612 *16
1112 Mar 1714 Nov
16
1678 Feb 15
•16
1678 16
1678 1634 1634 16
16
1514 Jan 28
700 Telautograph Corp____No par
1118 11
11
1038 1034 1058 10,
11
4 1034 1114 11
1118 9,200 Tenn Copp & C
1012 Jan 16 1114 Jan 20
853 June 1314 Jan
No par
45
Apr 58
52
5238 5214 5212 5214 5278 22,400 Texas Corporation
Jan
5114 5134 5112 5178 5178 52
25 50 Feb 17 5538 Jan 13
49
Jan 8138 Sept
76
7718 7512 7638 7514 7638 7512 7638 7438 7578 7434 7558 145.500 Texas Gulf Sulphur new No par 6818 Feb 18 8058 Jan 4
12
Apr
1258 1258 1212 1278 1212 1278 1234 1314 6,700 Texas Pacific Coal & OIL__ _10 1218 Mar 1
1878 June
17 Jan 14
1234 13,2 1212 1234
154 Jan 40 June
2318 234 2278 2312 2278 2314 2234 2334 2278 2334 2278 24
30,600 Texas Pao Lana Trust new _ _1 2078 Feb 20 29 Jan 13
1612 Aug 234 Sept
*26
26
26
26,
2658 26
2634 *26
2634 27
4 26
22 Jan 5 28 Jan 12
2634
1,000 Thatcher Mfg
No Par
43 Aug 5012 Nov
*47
49
4812 *47
49
49
*47
4812 4734 4812 *47
4812
300 Preferred
No par 4712 Feb 27 51 Jan 31
2414 Jan 36 Aug
374 384 3712 3814 3778 3834 z3734 3912 3918 40
39
40
32,200 The Fair
No par 34 Jan 3 40 Mar 22
47
Jan 6534 Dee
61
6178 62
61
*6014 61
*60
6058 61
62
*6012 62
800 Thompson (J B) Co
25 59 Jan 31 6212 Feb 9
1538 Oct 194 June
1558 1518 1512 1518 1558 1514 1512 1514 15% 16,600 'Ftdowater Assoc 011_ No par 143. Feb 20 1714 Jan 3
1518 1534 15
Oct 904 June
85
*84
8234 8314 8314 8378 8312 84
8414 *84
100 8178 Mar 15 8734 Jan 6
*8214 83
8414
1,800 Preferred
19 July 2918 Jan
*2134 22
*2184 22
22
22
22
*2134 22
22
*2112 2214
800 Tide Water 011
100 1938 Mar 7 2214 Jan 6
85 Nov
9018 Sept
89
*88
89
*88
89
*88
89
*88
88
88
*88
89
100 Preferred
100 87 Jan 4 9034 Jan 26
Jan 14212 Aug
3
Jan
4
Mar
134
78
Timken
Roller
11238
Bearing_No par
12434 1251 125 12678 12358 12634 12334 12838 123 12634 12314 12414 35,900
9234 Oct 11738 Dee
11134 11478 109 11212 1095
10878 11018 10958 11034 11038 113
,1101 56,600 Tobacco Products Corp 100 10218 Feb 7 11412 Feb 14
Apr 12378 Dec
121 122
121 121
121 122
123 123
12114 12114 12012 1201
1,700 Class A
100 113 Feb 7 128 Feb 14 108
334 Apr
1038 Nov
1018 Jan 12
718 Feb 21
8
814
778 8
8
8
778 838 54,800 Transc't'l Oil temetfnewNo par
8,4
818
778 814
10 May 50 Dee
5214 51
53,2 54
54
55
53
5412 5234 5378 51
51
3,200 Transue & Williams 55'1 No par 4534 Jan 3 5912 Feb 7
21
Jan
70
Dec
4
Jan
45
Under.
17
713
Elliott
Feb
Fisher
65
6634 67
60
6714 6614 67
6614 6678 6614 6714 6678 671 10,900
Co.No par
Jan 125 Dec
•121
*121
*121
_
121 121 *121 123 *121 123
10 Preferred
100 119 Mar 1 12412 Jan 19 120
384 Jan 734 June
3912 3912 3912 3912 39 -4-0 - 4012 46
43
4434 4012 43
4,700 Union Bag & Paper Corp_ _100 3612 Feb 20- 4914 Feb 1
9918 Jan 15412 Nov
14712 15114 14614 150
53,200 Union Carbide & Carb_No par 1361s Feb 18 15378 Mar 13
14712 14934 148 15058 14834 1503s 148 151
3938 June 5612 Jan
51
4814 4834 50
4914 50
25 4n Feb 11 51 Mar 19
50
5012 4914 5078 4938 501 44,000 Union Oil California
94
Jan 12712 Dec
Jan
28
23
125
Union
Tank
Feb
Car
11918
new ._100
12178 12178 121 121
400
*12014 12134 *12034 12134 12134 12134 *121 122
3918 Dec 4014 Dec
36
2,200 United Biscuit
No par 36 Mar 22 4214 Jan 26
37
.3634 3634 3678 37
3634 37
3653 3634 363
37
Preferred
11214 11212 •111 1143
114 114
113 113 *11212 115 *11212 115
600
100 11214 Mar 22 118 Jan 23
3,600 United Cigar Stores new__._10 3038 Mar 14 3438 Feb 10 -8-2-3* -Lee 38's July
3012 3078 3012 3114 3078 3138 3114 3114 3118 3112 3118 311
109 June
2,900 Preferred
uoo 10012 Feb 18 110 Mar 23 104 July
1083g 10838 10838 10838 10814 10834 10812 10878 10834 1094 10914 110
Jan 20012 Nov
20712
207 20738
208
100 190 Jan 5 210 Mar 17 159
20812 210
20614 208
4,600 United Drug
209 210
5812 Jan 61 Dec
Feb 28 8012 Jan 4
1st Preferred
59
5
1
--- ioo United Dyewood pref
3614 July 49
Jan
644 -BA 6434 6484 -6-4-371
644
100 4534 Jan 20 6712 Mar 12
q51- -6378 *al" 638 '61
;
13912 14312 12,700 United Fruit
No pa 136 Feb 11 14312 Mar 23 1134 Jan 150 Sept
13758 13814 13718 13814 13758 14112 13912 141
13834 139
Nov
6018
7412 Dec
8178 SOlg 8148 8,600 Universal Leaf Tobacco No pa
71 Feb 18 844 Jan 13
7812 7878 7812 7912 7812 7914 79
78
78
9634 Dec 10333 Apr
9838 97
9838
90 Universal Pictures 151 pfd_100 9612 Jan 20 100 Feb 24
9734 9734 9712 9734 *9712 9734 9634 9712 *97
2418 Sep
3714 Mar
2478 2378 2434 25,300 Universal Pipe & Had._No pa
2512 2434 2512 24
2358 2312 2378 24
2218 Feb 18 2738 Jan 3
23
8134 Jan 98 Dec
Preferred
*95 10012 *95 100
*95
•95 10012 *95 10014 *96 100
99
10
88 Jan 5 102 Jan 12
258 26534 25978 262
230 253
24934 260
20634 20714 205 235
38,400 US Cast Iron Pipe & Fdy _100 19018 Feb 27 26514 Mar 22 19012 Au 246 May
125 137 *125 135 *125 135 *125 135 *125 135
12012 122
1,400 Preferred
100 115 Mar 10 137 Mar 19 112 Ma 125 Nov
1414 May 2234 July
17
1758 1718 1734 1718 1718
1734 *1658 17
1712 1734 *17
1 S Distrib Corp new_ _No pa
16 Feb 18 2014 Jan 4
1,800 0
81 May 9614 Sept
84
*82
85
84
*82
*82
85
Preferred
85
84
*82
*84
85
104
)
84 Feb 23 9032 Jan 16
10
44
Oct 6338 May
5138 505s 51
5014 5114 5114 5134 .5138 5334 5114 5278 6.900 U S Hoff Mach Corp vtcNo pa
51
4918 Jan 3 5838 Jan 23
69 Ma 11113 Deo
1174 11912 11914 12214 119 12138 11812 12038 11514 11978 11512 11734 58,800 U S Industrial Alcohol
10 10234 Jan 16 12214 Mar 19
121 121 *12078 125 *12114 125 •12114 125
120 120
•120 121
200 Preferred
10 119 Jan 13 121 Mar 20 10714 AD 121 Dec
14 Jul
254 Nov
2738 2758 2918 2713 2914 2758 2914 66,100 II El Leather
2434 2512 2512 2678 26
No pa
22 Jan 18 2914 Mar 22
564 Dec
2734 Jun
63713 6178 6378 63
624 6312 62
6334 6138 6334 6112 6278 30,800 Class A
No pa
52 Jan 5 6434 Feb 2
107 108
10812 10812 10718 109
89 Jul
1084 Nov
108 10812 3,000 Prior preferred
•105 10612 10612 107
10 10514 Jan 4 109 Feb 7
54 Apr 6978 Dec
6458 6538 6412 6412 6412 6458 6418 6612 6512 66
6412 65
7,300 US Realty & Impt new.No par 6114 Feb 4 6834 Feb 14
4734 4334 47
4418 4512 4514 4538 93,300 United States Rubber
3714 June 6718 Feb
4358 4414 4478 4812 47
100 40 Mar 7 6314 Jan 4
8534 June 1114 Apr
8958 9012 9034 9212 9134 9412 8912 9214 8.634 8734 87
8938 21,200 1st Preferred
100 8212 Mar 7 10938 Jan 13
4878 Dec
4012 4112 4012 4112 4,900 US Smelting, Ref & Min_ _50 3912 Feb 20 4518 Jan 3
3978 4038 4078 41
3338 Jan
40
4034 3958 40
53
53
53
*5212 63
53
454 Jan 64 Dec
53
*5212 53
5318
*5212 53
500 Preferred
Jan 26 53711 Jan 3
50 51
14638 150
14712 152
14718 15034 802,000 United States Steel Corp new_ 13738 Mar
14618 14834 14578 14838 14434 147
15234 Jan 7 11138 Jan 1604 Bent
14214 144
Jan 1414 Dec
144 14512 7.200 Preferred
14018 14018 14018 14034 14034 14114 141 142
14512 Mar 23 129
100 13838 Jan
9412 *93
95
9413 *93
67
9412 *92
*93
Jan 971s Dec
94
*92
95
U S Tobacco
091
No par 9014 Mar
9712 Jan 13
*130
Jan 127 Nov
Preferred
•12812 --- *12634 ---- *12634 ---- *12634 - - - - *130
-----100 12712 Jan 14 12712 Jan 14 123
__
143
*____
•____
1447
8
143
162 Dec
111
Feb
•____
145
Copper
*__ __ 145
*- - - - 143
Utah
10 139 Jan 17 158 Jan 6
3234 3214 3318 3214 3234 36,700 Utilities Pow & Lt AN,pa
3234 32
Jan 34 May
27
3138 3212 3134 3218 32
284 Feb 20 3412 Mar 8
9112 893
, 9114 8638 933s 8712 9014 125,200 Vanadium Corp
Jan
6712 Dec
9234 89
Mar
15
37
96
8912 9334 88
Jan
18
No pa
60
1438 Feb
•1114 1234 •1114 1234 •114 123 *1114 1234
534 Sep
*11
13
Van Raalte
•11
13
74 Jan 7 13 Mar 13
No pa
4214 Dec 64 Feb
10 let preferred
4812 4812 *Ws 4812 *481s 4812 *4818 4812 *4818 481 *4818 4812
100 4378 Jan 6 4812 Mar 9
6218 63
63
63
48
Jan 6338 June
6312 6313 631s 6212 63
4,300 Vick Chemical
63
6378 63
No pa
58 Jan 17 6912 Feb 10
8212 887
7858 8214 88
5438 Dec
87
32 July
7112 72
91 243,800 Victor Talk Machine. No pa
7034 7112 71
5238 Jan 3 01 Mat 23
161 17214 168 1741 17112 179
Oct 11138 Dec
87
14118 14234 144 155
141 141
6,400 6% preferred
No pa 10834 Jan 3 179 Mar 23
9614 Oc 10212 Dec
•10818 10814 10814 10814 10818 10814 10878 11018 10912 11014 10934 11018 2,000 7% prior preferred
100 1014 Jan 6 11014 Mar 22
1358 1434 5,600 Virg-Caro Chem
712 May
1512 Sept
1312 1358 1312 1334 1358 1478 1438 15
1334 1334
No pa
1314 Jan 11 1634 Feb 10
4678 4678 6,600 6% preferred
2618 Apr 4834 Dec
4738 4618 4678 4614 4814 4814 49
4714 4712 47
100 4438 Jan 18 5138 Feb 14
9112 9112 92
92
73 Jun
91 Nov
*92
9214
500 7% preferred
*91
9212 9118 9118 *9112 92
10
8812 Jan 16 9212 Feb 14
*32
*33
45
35
45
36 De
Jan
*33
•32
51
45
34
Virginia Iron Coal & Coke.100 32 Feb 20 38 Jan 17
*33
45
*33
*60
62
62
Dec 7612 Aug
*60
62
*60
*60
62
Preferred
62
.60
62
*60
uoo 60 Feb 17 6238 Jan 13 6212
3914 June
2014 De
191z 2118 34,800 Vivaudou(V)_
1912 Mar 23 2533 Jan 4
1978 204 1934 2012 2014 2178 2114 2134 207g 213
No pa
85
86
90
*86
91
95 De 11812 June
85
91
*85
*84
85
84
800 Preferred
84
100 84 Mar 17 100 Jan 28
28
297
277g 2878
1612 Jan 80 Aug
760 Vulcan Detinning
2712 2738 2712 2712 2718 2712 2613 30
10
25 Jan 7 4334 Jan 11
*90
95
95
*90
95
*90
*90
Jan 125 Aug
*90
97
90
97
95
Preferred
•90
91 Feb 6 97 Jan 12
10
*2514 27
25
27
27
25
*2514 27
Jan 5934 Aug
*25
26
16
26
*25
60 Class A
224 Jan 10 38 Jan 11
10
2312 241
1814 De
25 Feb
2312 24
22
2238 2218 23 z2212 2278 2238 231 4
39,900 Waldorf System
No pa
1912 Jan 3 25 Feb 3
2412 Apr
17
De
•1614 1634 *1614 16,
Walworth Co ctfs
Jan
24
4 *1614 1634 •1614 1634 •1614 163 *1614 1634
17
184
Feb
16
No pa
8918 Apr 11834 Oct
11.5 115 *10812 117 *10812 115 •10812 117 *10812 113 *10812 113
40 Ward Baking Class ANo pa 108 Mar 13 123 Feb 2
2358 2438 2334 24
2338 2334 2314 2378 5.800 Class B
2312 24
1712 June 334 Feb
2338 24
'
23 Feb 18 2938 Jan 13
No pa
9412 9412 9434 9434 93
95
9512 95,2 *9212 9512 95
84
Apr 10014 Nov
9312 1,500 Preferred (100)
No pa
93 Feb 20 9712 Jan 19
2734 2658 2712 27
2712 11,900 Warner Bros Pictures A_.I
1814 Dec 4512 Jan
2614 2718 2632 2634 2612 2758 26
22 Jan 5 30 Feb 24
24 June 3412 Dec
2814 287s 2858 2834 2858 2958 2838 2914 2834 2914 2878 29
4,200 Warner Quinlan
26 Feb 17 3278 Jan 6
No pa
17212 17312 17234 177
170 17312 170 170
65
Jan 180 Nov
5,800 Warren Bros
170 170 z169 174
No pa 15012 Jan 4 182 Feb 2
554
*54
___ _
43 Aug 71
Dec
60 1st preferred
*55 - - *5414 --. 5278 5412 *5412 _ _
50 50 Jan 6 5534 Feb 17
*1814 1812 18
19
1834 1834 18
18
18
*18
19
1814
18
Oct 27 June
1,500 Warren Fndry & Pipe...No par
18 Feb 20 2134 Jan 31
6212 64
56212 64
62
*6212 64
*6212 64
•5012 62
61
6514 Dec 7512 Aug
700 Weber & Hellbr, new c_No par 60 Feb 29 6834 Jan 23
10112 10112 *10014 102 *10014 102 *10014 102
•10112 102 *10112 102
100 Preferred
100 100 Mar 6 103 Jan 3 10184 Nov 10338 Aug
165 16914 164 16512 16478 16478 166 167 z1657s 16614 7,300 Western Union Telegraph _100 164 Mar 20 17712 Jan 3 14412 Jan 176 Dec
167 167
40
Oct 5012 Sept
5214 5338 5212 5313 5219 5314 5314 544 52% 5312 5212 5278 27,300 wtunghse Air Brake NewNopar
4618 Jan 4 574 Jan 27
103 10478 10118 10458 10134 10312 154,100 Westinghouse Elec dr Mfg __50 8818 Jan 5 10512 Mar 12
10038 10178 10018 105
10034 102
6738 Jan 9434 Deo
106 106 *10334 106
105 105
160 let preferred
10312 10378 10334 10334 10334 105
82 Mar 10378 Dec
50 9534 Jan 5 107 Mar 13
1258 1258 1238 1278 1278 1278 *1234 1358 1,200 Weston Elec Instruml_No par
1258 1258 1238 1238
1838 Feb
11 Sept
1212 Jan 6 1412 Jan 27
3212 •32
3212 .32
3212
100 Class A
•325s 3334 •3238 3334 z3214i 3212 *32
30 July 344 Apr
No par 3034 Jan 3 3414 Feb 21
109 109 *10912 10934 109 109
80 West Penn Eleo cl A vtt No par 10612 Jan 3 1104 Feb 27
•10714 10914 *10714 10934 *10812 109
9771 Jan 111 Aug
11314 114
480 Preferred
11318 11312 113 11378 113 11318 11318 11312 11378 114
Jan 112 Sept
100 10914 Feb 2 11434 Jan 11 102
101 101
10034 101
•10038 10111 10118 10114 10038 10038 101 101
180 Preferred (6)
100 10018'Mar 3 10314 Feb 18 101 Dec 10134 Dec
116 116
11512 116
11512 11512 *11512 117
11512 11512 11558 116
100 West Penn Power pref __ Inc 1143a Jan 18 11638 Jan 4 111
Jan 118 MAY
10914 112
10912 10912 •10912 111
10914 10914 10914 10914 *10812 109
140 6% preferred
100 1094 Feb 9 113 Jan 5 10012 Jan 111 DOO
6478 64
6478 6412 6478 6434 6478 64
6412 3,200 West Dairy Prod el A No par 5312 Jan
6312 63
6478 Mar 19
.63
5318 Dec 57 Nov
387
3718 5,600 Class B
, 3712 3838 37
37
3978 3814 3978 38
No par 2038 Jan 5 3978 Mar 19
344 35
2414 Dec 284 Nov
21
21
2012 2034 •2034 22
21
21
*2014 22
500 White Eagle 011 &Retg _No par 204 Feb 21 2412 Jan 10
22
•21
20 Dec 2712 Feb
3418
3312
3312
34
3318
34
3318
34
33,
4 3638 25,900 White Motor
584 Feb
33
3414
50 3014 Feb 21 4138 Jan 4
3014 Nov
3614 3638 3614 3644
37
37
363s 37
36,4 37
1,300 White Rock Min Sp ctf _No par 3418 Jan 1
3778 N1ar 8
36
36
26
Jan 4112 Sept
4034 3912 3978 3912 40
38
4014 4114 40
391
41
5,700 White Sewing Machine_No par 364 Feb 1
41
45 Mar 7
5314 Aug
2112 Ma
5412 •5334 5412 55334 541
5334 5334 5414 5414 54
54
400 White Sewing Mach pi _No pa
53 Feb 21 55 Jan 5
Jan
*53
46 Fe
59
2318 2218 221 150,500 Willys-Overland (The)__ __ _5 1734 Jan 1
237,Mar 17
2338 2378 2212 2358 2258 2314 2234 2314 22
1312 Oct 244 Mar
9912
9834
9934 9834 9834 *97
9934 994 9912 9912 9912
9812 1.000 Preferred
100 9234 Jan
9978 Mar 17
96 Aug
87 Jun
1312 1312 134 14
1312 14
4,000 Wilson & Co Inc. new_No pa
114 Jan
16 Feb 14
1358 1334 131: 1334 1334 1378
10 May
174 Feb
2818 2758 2778 6,000 Class A
2814 2878 28
22 Jan
No par
3272 Feb
2814 2834 2858 2858 2814 29
1614 May
3414 Feb 14
*70
7078 7018 70,8 7018 703
1,400 Preferred
7158 7118 7118 7078 71
100 66 Jan
7734 Feb 11
71
58
Apr 844 Feb
185 18734 185 1865s 16,500 Woolworth (F W) Co
18542 18678 18512 18778 18512 18738 18612 188
25 17512 Feb 20 194 Jan 3 1174 Jan 19812 Dec
3134 2912 3034 2834 2958 13,600 Worthington P & M
100 28 Jan
3412 Jan 27
204 Jan 46 June
2912 2912 2912 2912 2934 3138 30
549
51
54
.50
*49
50
51
54
55
*49
300 Preferred A
54
100 4614 Jan 1
55 Feb 1
44 Dec 6112 June
*49
45
*43
4534 4618 45
4512 45
45
45
45
1,800 Preferred B
100 41 Jan
45
4912 Feb 1
Oct 5412 June
37
45
8512 88
83,
4 86
8412 8634 41,900 Wright Aeronautical__ No per 69 Feb 27 91 Mar 15
81
8512 80
8534 8412 89
9484 Dec
2412 AP
79
7712
7612
7912
77
z75
7513
79
Wrigley
(Wm
Jr)
14,100
par
Jan
27
7234 Dee
743
4
76
693
4
No
Jan
7012
507
8
Mar
22
7512
7478
*018 75
71
7278 7278 71
.6918 71
*6918 75
200 Yale & Towne
25 70 Mar 14 75 Jan 13
7014 Jan 8412 Aug
*6918 75
8 331s 3334 115,800 Yellow Truck & Coach Cl 13.10 274 Feb 28 3612 Jan 12
40 Aug
3318 3438 3212 3376 3258 3438 3334 35,4 3278 34,
25 la
•92
93
*92
93
*92
•92
93
Preferred
93
93
9938 July
8318 Au
*92
100 874 Jan
9338 Feb 11
93
*92
8634 9034 8814 9034 884 8934 12,900 Youngstown Sheet & T _No pa
87
8714 8534 87
8514 Mar
10878 Jan 28
801s Oct 10018 Dec
8714 871

iai-

Bid and sate prim; no gab° on egg days




s Ex-dividend, • Vo par value.

1784

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly

Jas. 1 1909 the Exchange method of Quoting bonds was changed and prices are now "and intersar—ezzoit for income and defaulted bonds
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 23.

13

Pries
Friday:
March 23.

Week's
Range or
Last Sale.

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ended March 23.

z

Price
Friday.
March 23.

Week's
Range or
Last Sale.

U. 5. G
mint
Bid
Ask Low
High No. Low
High
Bid
High No,
Ask Low
Mot Liberty LoanFinnish Mun Loan 645 A.-1954 *0 100 Sale 99% 100
40
834% of 1932-1947
External 6;is series B.--_1954 A0 99% 10014 100
J D 101632Sale 101,12 1011111 106 101712 101,,ss
4
10078
Cony 4% of 1932-47
101342Mar'28
101,81 10111,1 French Republic ext 7318 _1941 3D 118 Sale 117
3D 101642
215
118
Cony 44% of 1932-47
External 78 of 1924
J D 102,622 Sale 10233:81022332 74 1021,222031,1s
1949 3D 10834 Sale 10858 10984 208
26 cony 44% of 1932-47
102172210211st German Republic mai 7a
3D 10212,210221:8 10211nMar'28
1949 *0 10712 Sale 10734 10734 189
Third Liberty LoanGras(Municipality)8------1954 MN 10318 Sale 10314 10312
8
64% of 1928
MS 10011n Sale 10014210014n 491 100"44100,134 Gt Brit & Irel(UK of) 5345_1937 FA 106 Sale 106
10618 80
Fourth Liberty Loan10-year cony 5148
1929 PA 11858 Sale 118,
12
8
Greater Prague(City)74s_ _1952 MN 10612 Sale 1057, 119
AO 1031544 Sale 10316n 1033542 544 1031142104
434% of 1933-1938
10612 45
Treasury 434a1947-1952 AO 1152644 Sale 1151644115,142 179 1141144116%s Greek Government at sec 70 1984 MN 9812 Bale 9812
21
99
Treasury 4,
1944-1954 ▪ D 11010441101644 1101%4110,1n 228 10921421111,n
Sinking fund sec 88
2
1968 PA 9118 Sale 91
9118
Treasury 3318
1948-1956 MS 1081421086n 1072844 1083,2 413 1066742108142 Haiti (Republic) a 165
1952 A0 100 10034 10014 10012 88
Treasury 3318
1943-1947 3D 103188 Sale 10233$2 1033ss 416 102 1031022 Hamburg (State) 6s
1946 A0 9718 Sale 9612
9718 42
State and City Securities.
Heidelberg (Germany) ext 74850 .1
105 Sale 10454 10514 43
NY City-44e Corp stock 1960 MS 10034 Sale 10034 10034
4 100% 10112 Hungarian Mimic Loan 734s 1945 33 10014 Sale 100
10034 22
Cis Corporate stock_1964 M
External,175
10412 10512
104% 10514 10514 Mar'28
Sept 1 1946 33 96% Sale 96
1
9634
44s Corporate stock____1966 * 0 10458 105,
10538 105% Hungarian Land M Inst 7148 '81 MN 9912 101
8 1053 Mar'28
9918
9978 38
434,Corporate stock__1972 AO 105 10512 105 Mar'28
Hungary (Kingd of) a f 750_1944 FA 1024 Sale 10214 103
105 105
22
448 Corporate stock____1971 3D 10878 11012 1094 Feb'28
10934 109% Italy (Kingdom of) ext'l 78__1951 3D 99 Sale 9812
289
99
1 1094 1101s Italian Cred Consortium a A1937 M
41348 Corporate stock_Ju1y1967 33 10912 Sale 10912 1094
96,
8 Sale 96,
79
4
97
430 Corporate stock---1965 3D 109
Ext1 sec a f 78 Fier B
,
s 110
,
8 10938 10912 13 10938 10934
1947 MS 9614 Sale 9578
9614 101
1 10918 10934 Italian Public Utility ext 78_1952 33 9734 Sale 971g
4348 Corporate atock____1963 M
10912 Bale 10912 10912
97
,
4 44
da registered
Dec'27
Japanese Govt £ loan 4s_. 1931 33 93% Sale 927g
1955
N 100 10114 10538
937g 23
de registered
30-year 0 f 648
1958 M N 100 10114 10034 Jan'28
1517134 1-0114
1954 FA 103 Sale 10234 10314 125
4 10034 101% Leipzig (Germany) a I 7a
4% Corporate stock
1959 M N 101 10134 10078 101
1947 FA 10012 Sale 10012 10034
6
101
6% Corporate stock
2 10034 10134 Lower Austria (Prov) 748-1950 3D 101 101% 0112 10112
1958 M N 101 101% 101
3
A% Corporate stock
101
1 10034 101% Lyons(City of) 15-year 66._1934 MN 10118 Sale 10018 10118 33
1957 31 N 101 101% 101
9834
July'27
de registered
MN
Marseilles(City of) 15yr 68_ _1934
1938 M N
101 Sale 00
,
4 10114 32
AM% Corporate stock __1957 MN 1083g lii81
331
324 33% 33
5
10814 I08s Mexican Irrigat Asstng 446 1943
61 10878 Mar'28
434% Corporate stock _ _ _ _1957 MN 10838 109 10834 Mar'28
10814 10834 Mexico(US)extl 58 of 1899 £'45 Q3 4934
4934
4034 Jan'28
Assenting 5801 1899
93
9318
1945
36%
3512
834% Corporate st MAY 1954 MN 9212 9314 Nis Mar'28
35% 14
834% Corporate st Nov 1954 MN 9212 ---- 93 Mar'28
Assenting 58 large
93
5
3614
9312
3614
New York State Canal 4a___1960
Assenting 43 of 1904
1023. Nov'27
__-2312 Sale 23
7
——
2418
10438 Oct'27
Canal Imp 48
Assenting 48 of 1910 large
1961 1-3
26 Sale 2518
6
26
Canal Term 44s
1053. Oct'27
Assenting 48 of 1910 small_ _ _
1945 33
234 Sale 2212
2312 25
Foreign Gov't & Municipals
Tress 6501'13 assent Oarger33
3812 32
3514 Sale 3712
Agric Mtge Bank s 1 88
9312 47
8
1947 FA 9314 Sale 9234
907s 9312
3618
37,
4
99
32
Antioquia (Dent) Col 78 A.-1945 33 99 Sale 9812
nma
(Clilty. Italy) ext'l 6348 '52 A 0 934 Sale 9318
9411 10038 milaS
93
,
8 180
98% 28
Externals f 78 eer B
Montevideo (City 00 78-1952 3 D 104 10434 0412 104,
908 99
1945 33 98% Sale 97%
4 158
98% 41
Externals f 78 series C......1945I, 9834 Sale 98
9834 Netherlands 6s(fiat prices) 1972 M S 10814 Sale 06
94
10614 19
98
1)384 9814
Ext f 78 1st ser
37
30-year external 68
1957 AO 9734 Sale 9678
10214 Sale 0214 10212 30
97% 20
2d series trust rcts
1957 * 0 9672 Sale 96%
57 A
F
9312 98% New So Wales (State) ext 6s 1994
9512 Sale 95
9514 55
10014 88
Argentine Govt Pub Wks 68_1960 * 0 10012 Sale 100
9912 10014
External a 1 Si
Apr 1956 A 0 954 Sale 94%
9514 55
Argentine Nation (Govt of)—
Norway 20-year extl 6a
1943 F A 10212 Sale 0214 10212 91
10012 90
Sink fund (is of June 1925_1959 3D 100,
20-year external 68
8 ---- 100
99% 10012
44
10234 Sale 0214 10278 93
Extl a f 68 of Oct 1925_ __ _1959 * 0 10018 Sale 10018 10012 32
30-year external (Ss
O
A 102 Sale 01,
11199965 /FI D
9912 10012
4 10218 78
Sink fund es series A
40-year a f 5SO
1957 M S 10014 Sale 10018 100% 121 10018 10114
101 Sale 0054 10114 100
9912 10012 Nuremberg (City) extl 6a
100% 41
External 68 series B_ _Deo 1958 3D 10038 Sale 100
9312 56
1952 F A 9312 Sale 9318
100
ExtI a f 68 of May 1926_ _1960
10014
12
N 10038 Sale
9912 10012
10014 101
External s fee (State Ry).1961) M S 10018 Sale 100
9938 10014 Oslo (City) 30-year a I 68
1955 M N 101 10118 01
10112 14
1004 122
Exti 65 Sanitary Works_ _1961 FA 10018 Sale 100
Sinking fund 51585%4
9938 10012
46
3 F A 9934 10038 9978 100
4
19
96
33
101
Exti 85 pub wks(May '27)1961 MN 1004 Sale 100
72
Panama (Rep) extl
9938 101
D 10318 104
6
103%
03
97
120
Public Works extl 5348_1962 FA 97 Sale 9614
Extl sec s f 64s
9614 9714
1961 J D 103 Sale 0214 103
11
9238 17
Argentine Treasury 65 E
1945 MS 9238 Sale 91%
91,
8 93% Pernambuco (State of) extl la '47 M S 97% Sale 9712
63
98
9812 178
Australia 30-yr 68_ __July 16 1955 33 9818 Sale 9734
9714 9834 Peru(Rep of) ext188(of'24)_1944 A 0 110 11018 09% 110
2
9812 354
Externals. of 1927__ Sept 1957 MS 98 Sale 9734
Ext1 88 (ser of 1926)
9812
97
109% 11014 1018 Mar'28
Austrian (Govt) s f 78
1943 3D 103% Sale 103% 103% 49 103 1044
Ext1 sink Id 74a
1940
4k
M0
8 10734 07% 107,
N 107,
8 29
9834 Sale 9818
Bavaria (Free State)610-1945 FA
984 9912
98% 76
Extle I see 734s (of 1926)_1956 M S 107 Sale 07
10738 31
Belgium 25-yr ext a I 7%811_1945 3D 11512 Sale 11514 11512 108 114 11578
Extl f sec 7e
58
1034 Sale 0378
104
8 Sale 110% 11112
1941 FA 110,
20-year f 85
Nat Loan extl a f 8s
109 11112
93% Sale 92%
9338 350
25-year external 634e
1949 MS 10834 Sale 10814 10914 131 10314 10914 Poland (Rep of) gold 8a
3 84% Bale 84
1
119
94
119
11 3MA 0
8434 24
External f 6e
1955 33 101 Sale 100% 10114 132
9878 10114
Stabilization loan a f 76..1947 A 0 9112 Sale 9034
9134 571
External 30-year a I 71-1955 31) 10838 Sale 108
10812 189 10614 108.41
Extl sink fd g 88
182
101 Sale 00% 101
Stabilization loan Is
1966 MN 107 Sale 106
107
132 10414 10814 Porto Alegre (City of) 88_1
3 D
3 10718 10712 0718 10714
14
196
913
Bergen (Norway) a 1 85
1945 MN 11334 Sale 113
11334 20 113 11334
Exti guar sink Id 7345
1966 J J 10312 Sale 02% 103% 11
15-year sinking fund 68...._1949 AO 101 Sale 101
101
2
Queensland (State) extl if 70 1941 A 0 11512 Sale 15
9858 101
12
1151
Berlin (Germany) 648
8 Sale 9914
1950 *0 99,
50
993
4
9934
25-year external fla9F
97
A o
A 107 107% 0818 108% 11
Bogota (City) ext'l a 1 88_ _1946 * 0 10512 106 10512 106
Rio Grande do Sul extl a 188.1946147
27 10378 106
11
106% Sale 0634 107
Bolivia (Republic of) 8a
1947 MN 10618 Sale 10512 10618 124 10312 10818 Rio de Janeiro 25-yr a f 8s._ _1946 A 0 107 Sale 07
59
109
Est!sec 7s tern
1958 J 3 97% Sale 97
98
102
93% 98
25-yr extl 88
17
1947 A 0 10978 Sale 0978 110
Bordeaux (City of) 15-Yr 6B-1934 MN 100% Sale 10034 10118 99
9958 10112 Rome(City) exit 634s
241
94
2 A 0 93% Sale 93,
8
_1196
954
1941 3D 11114 Sale 111
11138 58 107 111,
Brazil(US of) external 8s
8 Rotterdam (City) extl 6a__
11
M N 1044 105
0412 105
External 51 615s of 19261957 AO 9314 Sale 97%
9814 207
92
9834
9814 182
1957 A0 97% Sale 9778
Esti s f 6.5is of 1927
9734 9814 Sao Paulo(City) a f8s._Mar 1952 MN 11912 Sale 19
18
120
10118
78(Central Railway)
Sale
1952 3D 10178
1014 52
Ext1 f 5).66 ot 1927
97 101%
10014 42
1957 M N 99% Sale 9914
730(coffee secur) £(flat) _1952 * 0 10712 108 10712 10712
1 10712 10814 San Paulo (State) WI a f 88_1936 J J 10634 Sale 06
13
107
Bremen (State of) extl 7s
40 1011s 103
1935 55 S 102% 10212 10238 103
External sec f 8a
10812 55
1950 3 J 108 Sale 08
Brisbane(City),1 65
1957 MS 0514 Sale 9434
9512 90
94
95%
External 817,Water L'n_1956 M
102% 10
10212 Sale 01
Budapest(City)extl f fis...1962 J
87% 146
87,
8 Sale 874
854 88% Santa Fe(Prov, Arg Rep)78_1942 M S 100 Sale 994 100
47
Buenos Aires(City) ext.] 83481955 J J 10038 Sale 100% 10078 63 10018 10134 Seine, Dept of(France) extl 78'42 3 J 10512 Sale 0514
65
106
gips 101
• 10014 Sale 10018 10014 82
Buenos Aires (Prov) eat! 78_1957
Serbs. Croata & Slovenes 88_1962 M N 100,
91
8 Sale 004 101
Exile f 7s of 1928
1958 MN 10018 Sale 10018 10038 80
Solssons(City of) extl 68.... 119936
9618 101
46
100% Sale 9934 10014 58
96% 118
Ref extl s f 6s
1961 M
9614 Sale 9614
9614 96% Styria (Prov) extl 7s
F
MA
N 96 Sale 96
9612 19
92%
93
24
Bulgaria (Kingdom) e f 78._1967
Sweden 20-year 6e
J 92% 93
8934 93
10312 27
103 Sale 03
Caldaa Dept of(Colombia)734a'46 33 101 Sale 10034 10134 104
External loan 5148
98 102
te
10512 Sale 10414 10512 63
Canada (Dominion of) 58-1931 *0 101% Sale 10178 102
46 101 10212 Swiss Confed'n 20-yr f 88_1
949
3MDN
.1 112% Sale 112
119
9
94
30 3
11212 62
10-year 5318
1929 FA 101% Sale 10112 10134 39 10118 10214 Switzerland Govt ext 5348_A946 A 0 1034 Sale 10318 103% 43
1073s 40 10634 109
5s
Tokyo City iis loan of 1912 1952 M S 80% Sale 80
1952 ▪ N 107% Sale 107
80% 35
4)4a
Ext1 a f 5168 guar
1936 FA 1014 Sale 10118 10112 31 101 101%
111
92
9134 Sale 91%
10812
Carlsbad (City) if 88
3 105 10912 Trondhjem (City) 1st 5341 _ 199
1954 33 107% 10812 108
951 M
AN DI 98
9
9812
9812 98
Cauca Val (Dept) Colom 730'46 * 0 101% Sale 10134 103
Upper Austria (Prov) 78_ _ _1945 J D 98% 9812 9814
07
9814 103
4
9811
Cent Agile Bk (Germany)78 1950 MS 100% Sale 10012 100%
1
994 10118 Uruguay (Republic) exti 88_1946 F A 109 109% 109
10914 16
924
9212 28
Farm Loan s fils int ctf__ _1980 J J 9212 Sale
External,I6,
9312
92
9912 139
99% Sale 99
Farm Loan s f 6s lot ctf w 1 1960 *0 9214 Sale 92
92% 210
91% 9334 Yokohama City) WI 65_1
5 1N
D 9812 Sale 983a
9917
98% 58
Chile (Republic) ext.' a I 8a1941 FA 11034 Sale 11034 111
63 10878 11134
Railroad
Ala Ot Sou 1st cons A 68_1913 J D 107
20-year external 01 781942 MN 10278 Sale 102 , 103
69 10058 103
1083 Feb'28
25-year external a f 88___ _1946 MN 1104 11014 11018 11012 21 108 11114 Ala Mid lit guar gold 5E1_1928 MN 10014
10038 Mar'28
External sinking fund 68_1960 AO 95 Sale 94,
175
9158 95% Alb & Susq hat guar 334s
4
95
2
9014
1946 A 0 89 165; 90
95
Externals f 6s
105
9158 9514 Alleg & West let g gu 4a
94% Sale 9434
1961 FA
1998 A 0 9314
9538 Feb'28
Ry ref extl a f (38
943
4
95
Alleg
184
Sale
9338
9514
Val
gen
1961 / J 9434
guar g 4s
1942 M S 9838 "IRV 9812 Mar'28
0234 9912 Ann Arbor 1st 54.
Oblie Mtge Bk 6348 June 30 1957
98% 109
D 9834 Sale 98%
July 1995 Q 3 83 Sale 83
13
83
S 1 634s of 1926_ _June 30 1981 ▪ D 98% Sale 9914
,
9934 113
4 Ateb Top & 8 Fe—Gen g 44_1995 A 0 97 Sale 97
9634 99
9814 100
Chinese(Hukuang Ry)
29
7
Registered
_1951
2518 2914
D 2814 Sale 2814
A 0
9514 Mar'28
Christiania (Oslo) 30-yr if 881954 MS 10112 1017s 01% 10178
3 10012 101%
Adjustment gold 48—July 1995 Nov 93 6;11 93
93% 20
0614 993
Cologne(City) Germany6481950 M
9938 54
Registered
,
99 Sale 99
Nov 9012
8914 Dec'27
9514 720
Colombia (Republic) 6s
Stamped
91% 9538
1961 33 95 Sale 93%
13
94
July 1995 M N 9318 Bale 9318
9214 59
Colombia Mtge Dank 6348_1947 AO 91% Sale 9112
9214
91
Registered
M N 9012 9212 92 Dec'27
96
Sinking fund 7s of 1926...1946 MN 96 Sale 954
24
Cony gold 4s of 1909
9458 9638
8
1955.5 D 93
9212
93
96
Sinking fund 7s of 1927_....1947 FA 96 Sale 9514
Cony 4s 01 1905
71
9434 96%
1
1955 3
J D 93
93
193
Copenhagen 25-year If 5)411-1944 33 100,
Registered
8 10078 0042 1014 16 10038 192
9212 Dec'27
8314
9712 92
External 58
Cony g 48 Issue of 1910_ _1960 J D
1952 3D 0712 Sale 9718
9634 97%
94
9334 Jari'27
9912 55
Cordoba (City) ext1 a f 7s_ _1957 FA 9938 Sale 99
East Okla Div 1st g 4a
96 10012
1928 M 8
9978 Feb'28
Cordoba (Prov) Argentina7s 1942 33 10012 10034 0012 101
Rocky Mtn Div 1st 4s_ _1965 J J 9414 -1151-2 944 Mar'28
15
99 10112
Coate Rica (RePub) extl 78_1951 MN 99 Sale 9812
Trans-Con Short L let 48_1953 J J 95% 96
9912 139
944 9912
12
9534
96
101
Cal-Ariz 1st& ref 4%a A_ _1962 M S 10314 Sale 103
01
Cuba is of 1904
2
99% 10114
1944 MS 101 102
10314 19
10214
9 10012 10214 All Knox,& Nor 1st g 5a_ _1946 J D 10612 - - 107
External 58 01 1914 tier A_1949 FA 10214 Sale 0214
1
107
9712 10
External loan 448 ser C 1949 FA 97
96 10014 Atl & Chad A L lat A 410..1944 J J 100
971s 9712
994 Feb'28
lat 30-year5gIe,jesB1g443 3 107
Sinking fund 5168
J 102 Sale 01% 10218 16 101% 10478
1963
3
10718 10718
97
974
93% 974 Atlantic City let cons 48___.1951 3 J 924 -6i 9312 Mar'28
11
Cundinamarca (Dept-Col) 78 '46 JO 0712 9712
Czechoslovakia(Rep of)88-1951 *0 111 Sale 1012 11112 38 10834 11173 AU Coast Line 1st cons 4,July '52 M 13 97% Sale 9714
13
98
a lows 112
Sinking fund 8. ser B1952* 0 11012 Sale 1012 III
Registered
M
973s Feb'28 — _
10514 52 105 106
General unified 4348
External a f 7128 series A_ _1945 * 0 105 Bale 05
1984.5 D logs gie" 102
10212 29
L
12
&
N
Danish Cons Munich> 88 A.1946 FA 1104 Sale 10% 11118
11011 1114
ooll gold 4,
Oct 1952 MN 95 Sale 95
95%
11118 23 11018 1114 Atl & Dav 1st g 4s
11
Series B a f 88
1946 FA 11034 111
81
1948 3 3 80 Sale 80
2d 48
67 1054 106%
Denmark 20-year extl 6s__ _ _1942 33 105% Sale 0534 106
74
10
74
73
73
9834 12
Atl & Yad 1st g guar 4s
Deutsche Bk Am part ctf 66.1932 MS
97
99
1949 A 0 90
98'8 9812
9034 90 Mar'28
Dominican Rep Cult Ad 5348'42 MS 10014 Sale 004 1004 36
9912 100% Auetin & N W ist gu g 58_1941 J J 10212 -- 10212 Feb'28
994 Mar'28
1st see 5Sis of 1926
9788 10014 Balt & Ohio 1st g 4s__ July 1948 A 0 9678 Salo 9612
1940 A0 9834 99
97% 60
10214 24 10014 10214
Registered
Dresden (City) external 78-1945 MN 102, 10214 02
July 1948 Q 3 9514 971 9618 Feb'28 _20-year cony 4
10414 23 104 105%
Dutch East Indies esti 6a__ _1947 33 10418 Sale 04
1933 M S 10038 Sale 10014
10012 164
041
21 104 10512
40-year external 6s
Registered
M S
1962 MS 10414 Sale 104
1004 Feb'28
103% 11 103 10414
30-year external 534e
Refund & gen 58 series A-1995 J D 104 fitYe" 10334 1044 78
1963•S 103 10314 03
lat g
30-year external 510
A 0 1084 Sale 10814 108,
8 86
1953 MN 10318 Sale 0318 1034 18 10312 10412
11212 17 10712 11212
El Salvador (Repub) 85
Ref &
73
gen 68 series 0
6a48
1948 33 11214 11212 12
1995
9 3 D 112 Sale 11112 112
0518 10012
Finland (Republic) eat) 68-1945 MS 99 Sale 99
99% 36
PLE&WVaSys ref 4& 1941 MN 9618 96% 964
9612 21
0012
101
Elouthw Div 1st 58
External sink fund 74
31
9913 10112
105,
8 Sale 105% 10813 21
1950 MS 10078 Sale
Externaiaf534e
Tol &
100% 28
1956 MS 99% Sale 9978
984 101%
131, 1st ref 4/131 1959
89 Sale 88%
59.1
3
8912 40
Ref & gen 58 series D
9335 113
9338 Sale 93
Extt sink fund 534s
34
1958F A
9278 9338
2000M S 104% Sale 1044 105
25=i.




Ranee
Since
Jan, 1,
High
Low
98 101
98 101
1104 118
106 109%
10638 10734
102 1034
10578 10634
11634 119
10454 10914
96% 100
92
91
9934 1011a
954 974
1034 10614
9834 100
,
4
97
94
9814 10014
102 10312
9712 9912
954 97%
94
96%
9514 97%
91% 93%
10114 10314
99 10034
9812 10112
99% 10112
99% 10112
3312 3634
49% 49%
35
42%
3614 394
23
29
26
3012
2212 28111
3712 44
3618 43
9112 9312
10238 104%
105% 109
102 10314
94% 96
9412 96
102 1033s
10214 1041a
10138 10314
10012 102%
9212 9312
101 103
99 1001s
103 10314
102 103
9512 9818
10918 11018
1091a 11014
10814 10714
10618 107%
102% 10412
9034 93%
90% 84%
9912 9184
9812 101
10412 107%
1013s 10334
113% 11612
106 1081s
1054 108
10538 109
um% 11011
9112 94
104 1054
11214 120
96% 10014
106 108%
10612 108%
10034 1031a
9434 100
1035
,106%
9712 10112
984 10014
944 964
1024 106
104 1054
1114 113
10318 1054
761s 80
,
s
974 9214
wits 9812
97
9914
10814 11012
994 99%
94
9934
10814 10834
100% 100%
9112
90
92
95%
974 99
81% 844
9634 99
9514 96%
92% 94%
-1)i92

94
934

99% 9971
9314 9414
934 96
103 104%
107 107
,
s
994 9914
106 10718
91
934
9638 984
973s 97%
10134 104
9312 95%
80
85
7612
73
884 9084
10214 10218
gals as
9818 9858
10018 101
10018 10018
10318 105
108 110
11118 112
9512 9718
10518 10718
8784 9118
10311 10514

1

New York Bond Record-Continued-Page 2
BONDS
2. Y: STOCK EXCHANGE
Week Ended March 23.

Price
Friday,
March 23.
Bid
Ask
10318
8818 Sale
68
73
9714 Sale
10018 _ _ _ _
82/
1
4

Week's
Range or
Last Sale.

is

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ended March 23.

113

1785
Price
Friday,
March 23.

Week's
Range or
Last Sale.

453

Low
Mob No, Low
High
Rid
Ask Low
HOD No.
10338 10358
1 10234 10358 Clearfield & Mab let gu 58_1943 .1
10034 - - 9912 Junc'27
8818
1
8818
87
8914 Cleve Cin Ch & St L gen 40_1993
D 9614 Sale 96,4
9512
Feb'28
20
6812
-year deb 455s
1931 II 10018 Sale 1001
6812 72
/
4 10012 21
9714
General be Series B
97
9714
98
1993 ID 1155s
116
Feb'28
97
Jan'28
Ref & Impt tis series A
1929 ▪ J 10158 Sale 10138 10158 11
97
97
8512 Aug'27
Ref & Mint 65 ser C
1941 11 10578 10612 10612 10612
3
9438 Mar'28
Ref & Mint 5s ser D
1963• J 10414 Sale 10414
9355 -9-5-10438 28
8438 8738 86/
10
1
4
Cairo Div let gold 48
8412 88
8678
1939 .1
9634 98
9658 Mar'28
9814 99
9778 Mar'28
Cin W & M Div let g 45__1991 J J 92 Sale 92
9734 9778
S
9212
104 Sale 104
104
9 103 10658
St L Div let coll tr g g 411-1990 M N
5
93
93
1 9312 Sale 9212
9378 47
Registered
9214 9814
SI N
9118 Dec'27
10278 Sale 10278 103
5 10212 10314
Spr & Col Div 1st g 48___1940 MS 96/
1
4 9712 97/
1
4 Jan'28
W W Val Div let g 4s____1940• J 9612 ____ 9612 Apr'27
Canada Sou cons gu A 58_1962 A 0 10958 Sale 10912 10958
3 10918 11034
Ref & Impt 4%e ser E___1977I, 100/
Sale 100
1
4
100/
1
4 229
Canadian Nat 4558_13ept 15 1954 M S 10038 10078 10038 10078 28 10014 10214 CCC&I gen cons g 6s____1934 II 10814 ____ 1081
/
4 Mar'28
5-year gold 4%5_ _Feb 15 1930 F A 10014 100/
1
4 10014
10038 10 10014 101
Clev Lor & W con let g 5s .1933 AO 10258 10334 10258 103
3
30-year gold 4550
1957 J J 10078 Sale 100/
1
4 101
117 10014 10218 Cleve & Mahon Val g 5s1938 II 101
____ 10012 Apr'27
Canadian North debS 1 78 1940 3 D 11618 11634 116
11658 32 11512 117
CI & Mar let gag 4%s_ _ _ _ 1935 MN 100 ____ 100 Nov'27
25-year s deb 655s
1948 J J 12214 Sale 12214
7 121 123
Cleve & P gen gu 454s ser II_1942 AO 1015s 10412 0818 Aug'26
12214
10-yrgold 4550_ __Feb 15 1935 F A 10058 Sale 10038
10012 11 100 103,4
Series A 455s
1942 J 1 10158 ____ 10214 Nov'27
Canadian Pac Ry 4% deb stock__ J J 9012 Sale 9014
91
94
Seriea C 355s
8934 92
1948 M N 9014
_ _ 9014 Mar'28
Col tr 455s
1946M S 10038 Sale 10018
100/
1
4 2C.
Series D 354e
9912 10114
1950 FA
8918 Nov'27
Carb & Shaw let gold 40
1932 M S 9438 96
9834 Dec'27
Cleve Shor Line 1st gu 4555_1961 A0 10334 107 10412 Mar'28
Caro Cent let cons g 48
1949 J
8312 8812 85
85
1
80
-9-65-8 Cleve Union Term 5555
4
1972 AG 10934 ____ 10934 109/
1
4
Caro Clinch &0 1st 30-yr 50 1938 J D 105 10512 105
2 10234 10512
1st s f 50 ser B
10512
1973 AO 10638 Sale 1065* 10678 32
let & con g 60 eerie, A...._.1952 3 D 10812 Sale 10812 109
4 108 10912 Coal River Ry 1st gu 4s
1945 1 D 9312 ____ 9212 Nov'27
Cart & Ad let gu g 4s
1981 J D 9814 99
95
Jan'28
Colorado & South 1st g 4s_ 1929 FA 9938 Sale 9958 100
9438 95
20
Cent Branch U P let g 40
1948 .1 D 9758 89
87/
1
4 Mar'28
Refunding & eaten 455s...1935
8758 90 _
N 9934 100
9934 106
9934
Central of Oa let g 5a_Nov 1946 F A 10814 109 10738 Dec'27
Col & II V let ext g 4s
9678 Mar'28 _
1948 AO 9614 98
Como! gold 5s
1945 M N 107 Sale 106/
1
4 108/
1
4 16 101-114 1117-14 Col & Tol 1st ext 4s
1955 FA 9538 9712 9512 Mar'28
Registered
F A 10458
_ 10414 Feb'28
10212 10414 Conn & Passum Riv let 45 1943 AO 90
9012 8818 Mar'27
10-year 0ecured 6s_June 1929 J 13 10158 Sale 10114
10158
6 10114 10214 Como' Ry deb 48
1930 FA 9612 ____ 9612
9612
Ref & gen 555s eerie, B___1959 A 0 108
108
1 107 10814
Non-cony 48
108
8012 Mar'28
1954 I, 8058 82
Ref & gen 5s aeries C
1959 A 0 103/
3 10338 10418
1
4 ____ 10334 10334
Non-cony deb 48____1&J 1955 J J
8612 Feb'28
Chatt Div our money g 48_1951 J D 9518 9612 9512
9514
1
Non.conv deb 4s_ _ _ _A&O 1955 AO
9515 9512
8112 Jan'28
Mae & Nor Div let g 58.1946J J 10658 ____ 10712 Oct'27
Non-cony debenture 4s
10
J 82
1956
82
8312 82
MidGa&Atldiytie
19471 J 10318 _ _ 104
Cuba Nor Ry 1st 534e
Oct'27
1942 ID 9712 Sale 97
9712 64
Mobile Division 58
1946 J I 10678 ____ 10678 Mar'28
10814 10678 Cuba RR 1st 50-year 55 g
1952 Ii 9834 9912 9878
9914 22
Cent New Rug let gu 48
1961 J J 8712 Sale 8714
8
1st ref 734s ser A
14
86
87/
1
4
8858
1936 J O 10914 Sale 109
110
Central Ohio reorg 43,........l930 M S 10018 ____ 10018 Feb'28
1st lien & ref 68 ser B
10018 10034
1936 J O 100 10012 10012 Mar'28
Central RR of Ga coil g 5s 1937 M N 10012 10078 10012 10012
3 10012 10134 Day & Mich 1st cons 4550_1931 j
13
9934 100
9934
Central of NJ gen gold ba__ _1937 3 J 11712 Sale 11678
11712 12 11678 51912 Del & Hudson lst & ref 48_1943
9538 19
N 9518 Sale 9518
Reglstered
1937 (i J 116 119 11718 Mar'28
30-year cony 55
117 11818
1935 AO 10114 102 10112 Mar'28
General 4s
1987 J J 9612 9712 9712 Mar'28
15-year 555s
12
9718 99
106
1937 MN 105 Sale 105
Cent Pac let ref gu g 4s
1949
A 9518 Sale 9518
10612 10
9512 48
10-year secured 70
9418 9612
1930 ID 10518 10612 105
Registered
;' A
94
Jan'28
94
D HR & Bilge 1st gu 48 g
94
9634 Apr'27
1936 FA
Mtge guar gold 335s _ _Aug 19291 13 99
9918 99
99
2
99
9914 Den & HG let cons g 40
9334 141
.▪ 1 9312 Sale 9338
1936
Through St I, lst gu 4e___1954 A 0 9418 9434 9414
5
9414
Como] gold 434s
94
4
9434
1938 II 9712 Sale 97/
1
4
9814
Guaranteed g bs
1060 F A 10414 Sale 104
10412 47 10334 10512
Improvement gold 55
1928 ID 100 10018 100 Feb'28
Charleston & Sayn'h let 78_1936 J
11318 ____ 11938 Aug'27
Den & R G West gen be _ Aug 1955 MN 9458 Sale 9312
9434 184
Des NI & Ft D lst gu 4s _ _1935 J
2714 Feb'28
2714 29
Ones & Ohlo fund .4!mot 58_1929 1
10038 10058 10034 Mar'28
10038 10138
Temporary ate of deposit_ _
11
32
3178
32
25
let consol gold be
1939 M N 107 10714 107
107
10614 10734 Des Plaines Val 1st gen 4%8_1947 MB
10214 Feb'28
Registered
1939 M N 10558 107 10558 Mar'28
10558 105/
1
4 Det & Mac_ 1St lien g 4s
J D 80
82 80 Mar'28
1995
General gold 4550
1902 IN
10312 Sale 10314
105
20 10258 105
Gold 4s
70 Mar'28
75
1995 ID 70
Registered
Pfi
10118 102 10118 Mar'28
100 10214 Detroit River Tunnel 434s_1961
N 10214 104 10378 Mar'28
1930 F A 10012 Sale 10014
20-year cony 4550
10012 63 10014 1011
/
4 Du! Missabe & Nor gen 5s 1941 II 10418 ___ 10378 July'27
Craig Valley let 50
1940
.1 101
10238 Jan'28
10232 10232 Dul & Iron Range let 50_ _1937 AO 103 ____ 103 Mar'28
Potts Creek Branch 1st 48_1946 J
9214 9334 9312 Mar'28
9134 9312
Registered
AO
102/
1
4 Jan'28
RA A Div let eon g 4s
1989
0412 ---- 9412 Mar'28
9438 9458 Dui Sou Shore & Atl g 5s___1937 J J 86 -8712 86
6
86
2d consol gold 45
1989
02's _ _ 9258
9258
2
9112 925s East Ry Minn Nor Div let 4e_'48 A0 9414 ____ 95 Mar'28
Warm Springs V let g 5e_ _1941 IN
10078
10212 Mar'28
10212 10212 East T Va & Ga Div g fa__ _1930 J J 10034
__ 10034 Mar'28
()hemp Corp cony 55 May 15 1947 M N 100 Sale 9878
100
314
9878 100
Cons 1st gold be
1956 MN 11018 11
- -038 11018 Mar'28
Chic & Alton RR ref g 3s
1949 A 0 7318 7338 7314
7314
4
73
74
Elgin Joliet & East 1st g 58 1941 MN 10514 106 10514 Mar'28
7314 _ _
Ctf dep fitpd Oct 1927 Int _____
7314 Feb'28
7212
El
Paso
&
7312
S
W
lst
58
4
A0
1985
__ 10934 10934
gatltroy Bret lien 3%e__ _ _1950
5918 Sale 5918
60/
1
4 28
58/
1
4 62
Erie 1st consol gold 78 ext 1930 MS 10
1511
04
2 1-053-4 10512 10512 10
CDs dep Jan '23 & sub coup
5918 5912 60 Mar'28
5912 6138
1st cons g 45 prior
'
I
85
1996
91
Sale
91
89
Chic Burl & Q-III Div 3%0_1949 I
Sale
8912
8912
90
8
8934 911
Registered
/
4
86
1997 J 1
Jan'28
Registered
8938 Feb'28
-8938 90,4
let consol gen lien g 4s___ _1996 • I 8512 Sale- 8512
8614 13:
Illinois Division 4e
1949 J
9712 Sale 9738
9712 16
96/
1
4 9834
Registered
II
1
1996
83
83
General 48
1958 M
9612 9712 9612
9634 13
9812 9834
Penn coil trust gold 4s_
1951 FA 10234 104 - 10234 Mar'28
let & ref 4550 ser B
1977 F A 10278 Sale 10214
10278 98 10118 102/
1
4
50-year cony 4s series A 1953 AG 88 Sale 88
17
8814
1971 F A 10812 10934 10812 11014
let & ref 50 series A
8 107/
1
4 11014
Series B
1953 AO 87/
8818 14
877s
1
4 88
Chicago & East III let 68
1934 A 0 10678
10678 Mar'28
1061
/
4 10718
Gen cony 4s series D
1
1953 AG 86
87
8812 87
C & E III Ity (new co) con 511_1951 1W N 8734 Sale 8734
8812 71
85
93
Ref
&
knot
be
MN
Sale
9918
1967
983
4
991
/
4 648
1982 IN N 11114 11214 11218
ChM & Erie let gold 58
11218
3 11012. 11214
Erie & Jersey let 5 f6s
1955I' 11334 11438 11358 Mar'28
Chicago Great West let 4a_ _1959 hi
69 Sale 69
70
217
7212
66
Genesee River 1st s f ba_ _1957 I, 11358 11414 11358 11358
5
Chic Ind At Loul8v-Ref 65_1947 J
117
11818 Feb'28
11678 11814 Erie A. Pitts gu g 3550 B_1940 J J 92 ____ 102
Jan'28
1947
Refunding gold 50
116 Nov'27
Series C 3550
1940 I, 903494 Mar'28
1947 J
Refunding 45 Sense C
9114 May'27
Est RR esti a f 70
1954 MN 10458 d;1e
- - 10412 10478 69
1966 M N 106
General 55 A
10578
10614
13 115&3-8
Fla Cent & Penn 1st est g 50_1930 • J 10212 ____ 10212 1021
/
4
May 1966 1
General 68 B
10958 11118 10934
11118 20 10914 11112
Consul gold 5s
'
3 10234 ____ 10234 10234
Chic Ind & Sou 50-year 48_1056 J J 9618 Sale 9618
9612
9
95% 9612 Florida East Coast 1st 4558_1959 ID 9914 __
10012 Mar'28
Chic LB & East let 455e___11169 J D 10212 - - 10212 Feb'28
_ 10212 10212
Sc
lst
&
ref
series
A
8914 168
1974 MS 887 Sale 8812
o M & Puget Sd let gu Ct.__ 1949 J J
75 Mar'28
_
7012 75
Fonda Johns & Glov 43.4e..1952 hi N 4812 Sale 4812
3
48,2
Oh M & St P gen g 4s Ser A_e1989 J J 9255 9234 9238
93
6
9158 9312 Fort St U D Co 1st g 4%s
9812 Jan'28
98/
1941
1
4
Registered
Q J
9118 Jan'28
91
913
8 Ft W & Den C let g 534s.. _1981 ID 108/
2
___- 10834 10834
1
4 Sale
General gold 3558 ser
_e1989 J J 8112 Sale 8112
8112
3
8038 81.34 Ft Worth & Rio Or let g 45..1928 Ii 9934 9978 9934 Feb'28
Gen 455s series C __May 19891 3 103 104 103
103
9 10012 19114 Frees Elk & Mo Val 1st 6s_ 1933 AO 10614 10834 10614 Mar'28
Registered
10012 Feb'28
10014 10012 Gn&SANI&P let ba1931 MN 10112 10134 10134
1011
/
4 21
(ion & ref ser A 4)4s__Jan 2014 A 0
7314 Mar'28
7238 7478
2d extens 58 guar
10078 10038 Mar'28
1931 J J
Gen ref cony ser B 58 Jan 2014 F A
75 Mar'28
7018 75
Galv bus & Ilend let 55__ _1933 AG ____ 100 100 Mar'28
let ser 60
1934 J J
103
10312
103 104
9912 11
Oa & Ala Ry let cons 5s_Oct 1945 J J
9912 Sale 99
1932 J D
Debenture 4555
75 Mar'28
71
75
Ga Caro & Nor 1st gag 58..1929 J J ____ 99 10014 Mar'28
Debenture 45
1925 J 13
7178 Feb'28
71
7334 Georgia Midland 1st 3s
AG
17081
1946
78_
78,
2
1934 J J
25-year debenture 48
Feb'28
7214
7012 73/
1
4 Gr R& lest let gug 4%0_1941 3 .1 10
Mar'28
00
01
34
Chic hillw St I' & Pac 5s_ 1975 F A 975 Sale 97
9734 2
-547
9512 9734 Grand Trunk of Can deb 78_1940 A0 11538 1163-4 11578 11612 27
Jan 1 2000 A 0 6814 Sale 6878
Cony ad) bs
6812 3005
61% 6812
15-year a f 60
10914 20
1936 MS 109 Sale 109
Grays Point Term 1st 58
1947 J O 99189934 Feb'28
Chic & N'weet gen g 3%0_1987 MN 84 Sale 84
8534 28
84
86
Great Nor gen 7.3 series A
.-- 11518 11512 110
1936 J I 11512 Sale
Registered
Q F 7818
84 Mar'28
84
8458
Registered
J J ion‘
0,8
/
1
4 Feb'28
1104
1987 MN
General 45
9578 Sale 95/
1
4
9678 26
9534 98
1st & ref 41.0 series A____1961 • J
Sale
2
Stpd 48 non-p Fed in tax '87 MN
9534 Sale 9534
9534
1 9534 9634
General 535s series B
0
10
212
10
10212 17
1952 j j 11212 Sale :
Gen 4)e etpd Fed Inc tax 1987 MN 10912 113 112 Mar'28
112 115
General 55 series C
1973 ▪ .1 10838 109 10814
10812 23
Gen be stud Fed Inc tax__ A987 MN 114
11634
11634
1 112 117
General 455s series D
1976 J J 10012 Sale
20
Registered
M N 10912 114 113 Mar'28
113 113
General 455e series E
I977 I, 10058 Sale 10018
10118 108
1879-1029 AO 10218 10278 10238 Mar'28
Sinking fund (is
10238 10258 Green Bay & West deb ctts A...- Feb 85/
1
4 88
86
86
5
1879-1939 AO 10034 101 10114 Mar'28
Sinking fund be
10114 101/
1
4
Debentures ctfe B
Feb 25
26
2612
1
2612
1870-1929 AO 10018
Registered
10012 Oct'27
Greenbrier ICY let gu 48___ _1940 MN 9612
9512 Mar'28
1933
N 103
Sinking fund deb ba
10278 Mar'28
1-E278 1-63 - Gulf Mob & Nor let 5558_1950 AG 10618 16
-7107
.Mar'28
MN 10218
Registered
10218 Mar'28
10218
let Si 58 series C
1950 AG 103 Sale 103
5
103
1930 ID 10478 Sale 10478 10558 12 10478 10218
10-year eecured 78 g
10612 Gulf & S I 1st ref & ter g 58_61952 J J 107/
1
4 ____ 10818 10818
11
1936 MS 11334 114 11334 11334
15-year secured 6550 if_
4 11212 11414 Hocking Val let cons g
J
10512
Sale
4%8_1999
J
10512
17
105
/
1
4
May2037
ID
11214
Sale
11114
lst ref g 50
11214
8 11118 114
Registered
10412 Feb'28
1999 J
May 2037 ID 10414 10412 103
let & ref 4558
10338 85 102 10412 Housatonic Ry
cons g be_
1937 MN 115112
6
10112 10112
Chic RI & P lialltray gen 40_1988 J J 0338 9418 9334
9414 35
9278 98
II
&
T
C
1st
g
int
guar
1
1937
J
___
J
104
1033
104
'
I
9134 9212 9178
Registered
9178
2
9138 9178
Waco & N W div lst 60
N it5i.41930
8 10213 10312 Mar'28
1934 A0 96 Sale 9534
Refunding gold 45
9614 219
9512 9634 Houston Belt & Term let 55_1937 .1 J
10312 10212 Mar'28
1952 MS 9612 Sale 902
Secured 435s series A
9634 166
9558 9734 Houston E & W Tex let g 55_1933 MN 1005
101 June'27
8
9212
9212
Ch St L & NO Mem Div 40_1051 ID 0212 ___
1
92
9234
let guar 50 red
1933 MN 101 102 1021
/
4 Jan'28
1932 AO 103
10278 Feb'28
Ch St L& P let cons g 5s
10238 1031
/
4 bud & Manhat 6s series A I957 FA 102 Sale 1011
71
/
4 102
cons
ID
6s_
1930
10234 Sale 10234 10314 49 10234 10338
Chic St P M & 0
Adjustment Income 50 Feb 1957 A0 9258 Sale 9214
9234 44
9614 May'27
Cons ils reduced to 355s...1930 • D
Illinois Central 1st gold.48_1951 J J 98 Sale 98
9818 13
1930 MS 10038 Sale 100
Debenture Ca
10038 18 ioo" 1-13-(W2
ElsxttegnodIded3
91
891
/
4 Mar'28
1951 • .1 89
Stamped
100 ___ _ 100
Jan'28
100 100
18t
.is gold 3558_ _ _1951 AG 89
9112 9
e:
227
7
76
112 jfir
10312 45 10218 10358
Chic T II & So East let 5a__1960 J o 10318 10312 10318
gold
30
let
sterling
•
S
76
1951
1960
Dec
1
MS 9814 Sale 98
9812 22
Inc gu 58
9612 9812
Collateral trust gold 45
3
96
9514
1952 A0 96 91-eChic Un Stan 1st gu 455s A _1963 J J 10234 Sale 10214 10234 20 10
04
11, 106
234
1st refunding 4e
9758 Sale 97
1955 SI N
9758 22
1963 I' 105 10612 105
105
let be series B
8
Purchased tires 334,
8712
893
4
893
8
Mar'28
Ii
1944 ID 10318 10358 10334 10378
Guaranteed g 58
3 10318 105
Registered
9334 Dec'27
Ii
1963 Ii 118 Sale 118
11834
let 63.4e seclea C
118 11914
Collateral trust gold 4s
94
38
1953
952 St N -53T8 937g 9312
/
4
Jan'28
- - 103
Chic & West Ind gen g 6s__p1932 Q M 1051
10234 103
Registered
91 Nov'27
_
St N
1952 .1
93 Sale 9214
93
COntiol 50-year 48
72
9112 93
c
n
e
g
ea
nd
rIs
efyu
Is
16_
R
10934 Mar'28
I51 N 106f4 iio78
1955
MS
1962
Sale
10518
10518
A
10512
eer
5558
15 105 10578
let ref
1
11338 11312 11312 11312
655s g _ _ _ _1936 J
N 10758 Sale 107/
1
4 107/
1
4
1 107 10758
Choc Okla & Oulf cons 58.....1952
40-year 45te
Aug 1 1968 FA 10212 Sale 10138 10218 197
1937 J J 9918 __-- 9918 Mar'28
99
CM H & D 2d gold 45411
9914
Cairo Bridge gold 48
9718 Jan'28
____
923
8
J
O
1950
40___Aug
97
1938
/
1
4
08/
Q F
1
4 9818 Feb'28
981
/
4 9818
C I et L & C 1st g
Litchfield Div 10t gold 30_1951 J
8012 Oct'27
8
70
0%
Aug 1936 Q F 9718
- - 9714 Feb'28
Registered
9714 9714
Loulsy Div & Term g 3%8.1953• .1 8634 _
87/
1
4 Mar'28
94
1942
N
____ 0334 Feb'28
9314 9334
Cln Leb & Nor gu 4s g
Omaha Div let gold 3e
8158 8012 Jan'28
1951 FA
1 Duo Feb. e Duo May. p Due Dec.
Bangor & Aroostook 1s85,_1943 J J
1961 J J
Con ref 48
Battle Crk & Star lst gu 3s 1989 I D
Beech Creek let gu g 4e_ _1938 J J
19361 J
2d guar g 5s
Beech Crk Ext let g 355e
1951 A 0
1944 J 13
Big Sandy let 45
Bost & N Y Air Line lst 4131955 F A
Burns & W let gu gold 45
1938 J 3
Buffalo R & P gen gold 581_1937 M S
Consol 4%8
1957 MN
Burl C R & Nor lat 58
1934 A 0




Range
Since
Jan, 1.
Low
-56.1-4
10012
11512
10132
10512
104
9632
9132
9278

High
9711
10034
116
103
10852
10512
9624
93/
1
4
93/
1
4

97'z 971j
9912 10-135.2
1081
/
4 10812
10258 10434

-66T4
10413 1-66-1;
10934 11012
106 10714
995*
9912
96%
9512

1-0-111-2
100
96%
9512

-6612 0-61,
79
8258
78
8612
80
811
/
4
76/
1
4 8314
9612 9814
9734 100
108/
1
4 110
9912 100,2
9934 10012
93
9634
100 10134
10412 107
10418 107
92's 94
9614 9814
100 10014
8914 9434
27/
1
4 31
26
32
10214 10214
80
82
70
72
10138 10252
ioik, foil;
102/
1
4 102/
1
4
90
86
95
96
10034 104
109/
1
4 11012
1041
/
4 10512
109 10934
10512 10612
91
89
86
86
84
86/
1
4
82
86
10212 10318
8712 8912
86/
1
4 891
/
4
87 87
97/
1
4 99/
1
4
113 11478
112/
1
4 115
102 102
901
/
4 94
10034 104/
1
4
10212 10212
102/
1
4 102/
1
4
100 10112
8314 8958
45/
1
4 52
9812 9812
108/
1
4 10834
9914 9934
10614 10712
10114 10.258
100% 10152
9912 100%
98 10034
10014 100/
1
4
78
78
100/
1
4 101
11512 116%
109 109%
9834 99%
114% 116
114% 114%
100 10212
112 11514
106% 109
99% 101%
98% 10112
86/
1
4
86
2412 2914
951
/
4 9512
10612 10718
103 104
10712 108/
1
4
10514 10712
10412 10412
10112 10112
10318 104
10312 10312
10134 10218

108 foil;
10058 10212
911
/
4 93/
1
4
9734 99,4
8958 90
"iii8 1864
1
4 9818
96/
89/
1
4 9015
-9 1-8 14
109 11Ol
11312 114,
4
101 102
971
/
4 9712
87
88'i
7912 801/4

New York Bond Record—Continued—Page 3

1786
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 23.

Price
Friday
illarch 23.
Bid

Illinois Cent (Concluded)—
St Louis Div & Term g 3s.1951 J
1951 J J
Gold 3145
Springfield Div lat g 3153-1951
J
Western Lines let g 49_1951 F A
F A
Registered
III Central & Chic St L & N 0—
Joint let ref be aeries A___1963 J
1st & ref 414s ser C
19633 D
Gold be
1951 J D
Gold 3148
1951 J D
Ind Bloom & West let ext 4s_1940 A 0
Ind Ill & Iowa let g 49
1950 J J
Ind & Louisville let gu 49
1956
J
Ind Union Ry gen be ser A_1965 3 J
Gen & red 58 series B
1965 J J
ins & OR Nor 1st 65 ser A 1952 3 J
Adjustment fie ser A July 1952 Aprl
Stamped
lst5sseriesB
19563 J
let g 58 series C
19.563 J
ins Rye Cent Amer 1st 58_1972 M N
let coil ti 6% notes
1941 MN
let lien & ref 6145
1947 F A
Iowa Central let gold 55_ _ 1938 J D
Certificates of deposit
1951 M S
Refunding gold 4s
James Frank & Clear lot 4s_1959 J D
Ka A & G R let gu g 5s
19383
Kan & M lst gu g 4a
1990 A 0
1928 M N
KCFtS&Mconages
C Ft & M Ry re( g 4s 1936 A 0
KC &MR&B 1st gu be1929 A 0
Kansas City Sou let gold 39_1950 A 0
Ref & impt be
Apr 1950 J J
Kansas City Term let 48..___1960 1 J
Kentucky Central gold 4e__ _1987 J 1
Kentucky & Ind Term 4345-1961 1 J
1961 J J
Stamped
1961 J J
Plain
1937 J J
Lake Erie & West let g 59
20 gold 55
1941 J J
Lake Shr & Mich 8 g 3345-1997 1 D
1997 J D
Registered
1928 M
Debenture gold 45
1931 M N
25-year gold 45
M N
Registered
Lab Val Harbor Term 59____1954 F A
Leh Val N Y 1st gu g 4146_1940 J
Lehigh Val (Pa) cons g 45._2003 M N
M N
Registered
2003 M N
General cons 434e
M N
Registered
Lehigh Val RR gen be series_ 2003 M N
Leh V Term Sty 1st gu g 59_1941 A 0
A 0
Registered
Leh & N Y let guar gold 48__1945 M S
Lex & East let 50-yr fis gu1965 A 0
Little Miami gen 4s Ser A__1962 M N
1935 A 0
Long Dock coneol g (is
Long fold lst con gold 58July 1931 G J
1st consel gold 45 ____July 1931 Q J
1938 J D
General gold 48
1932 J D
Gold 48
1949 M
United gold 4s
1934 J D
Debenture gold 5e
1937 M N
20-year pm deb 58
1949 M S
Guar refunding gold 4s
Nor Sh B let con gu 59..Oct '32 Q J
Lou & Jeff Bdge Co gu g 45 1945 M
Louisville & Nashville 55_1937 IS N
1940 J
Unified gold 48
Collateral trust gold 58_1931 RI N
1930 M N
10-year secured 78
let refund 5345 series A_ _2003 A 0
2003 A 0
1st & ref be series B
2003 A 0
let & ref 434e series C
19301 J
N 0& M 1st gold fle
1930 .1 J
20 gold 65
Paducah & Mem Div 49_1946 F A
St Louis Div 20 gold 3s_1980 M 8
Mob & Montg 1st g 414e1945 M
South Ry joint Monon 49_1952 J J
Atl %nosy & CM Div 48_1955 M N
Louley CM re Lex Div g 4348'31 RI N
19343 1
hishon Coal RR let be
Manila RR (South Lines) 49_1939 M N
1959 M N
let 45
Manitoba SW Coloniza'n 55 1934 J D
ManG B&NW 1st 3He_ _1941
Mich Cent Det & Bay City 58.'31 B M
Registered
Q M
J
Mich Air Line 4e
1940
J .1
Registered
let gold 334e
1952 ISN
1929 A 0
20-year debenture 49
Mid of N J Ist ext Se
1940 A 0
Milw L 8 & West imp g 55_1929 F A
MII & Nor 1st ext 4345(1880) 1934 .1 D
Cons ext 4 Hs (1884)
1934 J D
11811 Spar N W 1st gu 4e_ 1947 M 8
Minn & St Louis let cons 58_1934 M N
Temp ctfs of deposit
M N
let & refunding gold 4s___1949 M
Ref & eat 50-yr 58 ser A_ _1982 Q F
M St P & S 811.1 eon g 4a Int gu'38 J I
Registered
let cons bs
1938 3 .1
1st cons bs gu as to int
1938 J .1
10-year coil trust 634e.... 1931 M S
let & ref 6s series A
1946 J .1
25-year 5148
1949 M 8
let Chicago Terms f 4e_ _1941 M N
1949 J J
Mleslesdppl Central let 5e
Mo Kan & Tex 1st gold 4s 1990 J D
141M-E-T RR pr lien 59 tier A..1962 J J
1962 J J
40-year 48 series 13
Cum adjust be sex. A Jan_1987 A 0
1985 F A
MO Pao let & ref 5s ser A
1975 M S
General 4e
lot &ref 58 ser F
1977 M
Mo Par 3078 ext at 4% July 1938 MN
Mob & Bir prior lien g ba_ _1945 J J
.1 J
Small
1st m gold 48
1945 J 1
1945 J J
Small
Mobile & Ohio gen gold 48.._1938 M
Montgomery Div let g 58_1947 F A
Ref &'mot 414s
1977 M 5
Mob & Mar let gu gold 45_1991 M S
19373 J
Mont C let gu 69
1937 .1 .1
let guar gold 55
Morris & Essex lot gu 3149 2000 J D
Nashy Chatt & St L let 5s_1928 A 0
N Fla & lst gu g 59
1937 F A
Nat Ry of Mex pr lien 430_1957 J
Assent cash war rct No 4 on
Guar 70-year f 43
1977A 0
Assent cash war rot No 6 on____




Week's
Range or
Lan Sale.

Ask Low

n
4

High No, Low

-- -- -

90 Mar'28
8914
8014 Sale 8914
8712
88
Oct'27
9234 9612 9314
93,4
90
Jan'28

107 Sale
10012 Sale
10818
83%
__
9438
9512
__
9018 _ _
10458 _ _
104%
10678 Sale
94 Sale

Range
Since
Jan. 1.

2
1

10634 108
54
10018
10058 89
1083 Mar'28
8412 Jan'27
9338 Sept'27
9614
9614
2
90% Feb'28
105 Mar'28
10412 Feb'28
106% 10714 43
9334
9414 94
7712 Feb'28
59
15034 Sale 10012 101
10118 11
10058 10118 101%
8414 20
8312 8414 84
6
26
96
9634 96
9412 23
9412 Sale 9418
47
17
45 Sale 3912
37%
48
34
4012 46
1712 59
1378 Sale 11
9634 Mar'28
97
96
103 klay'27
103
90%
9138 _
5
90%
100
6
100 Sale 100
9678 Sale 96
9634 94
101 -- - - 10112 Mar'28
79
24
79 Sale 7734
10314 79
10314 Sale 102
9534 94
9458 Sale 94
9334 - - 9334 Feb'28
9014 95 93%
93%
1
94% 96
9612
9612
1
98%
9838 5
9834
10438 Sale 10418 104% 19
103%
4
103%
- 103%
8438 8712 86%
8658
5
85%
-- 8518 Mar'28
99% 23
9978 Sale 99%
9912 104
9912 Sale 9918
9934 Feb'28
9834
10614 107 10638 106%
1
10178 102 10112 10112
5
91% 91
9112 101
91
91
92
86
Jan'28
10112 25
10138 Sale 10114
99 10012 98 Nov'27
10958 11012 109% 109%
3
108 107 10618 Mar'28
10312 - - 1037s Feb'28
91 Sale 9212 Jan'28
6
113 11378 114 Mar'28
9212 Jan'28
10914 10934 10934 Feb'28
10034 10178 101
101
3
9812 9934 9934 Mar'28
9534
9612 11
97
9614 Sept'27
92% 93% 92%
92%
5
100 10134 0014 Nov'27
100 Sale 100
10012 90
9314 Sale 93,8
9314 15
10112 102 10114 102
12
9334 9414 9414 Mar'28
105 107 10534 Mar'28
9712 Sale 97%
9814
3
10138 10
101,4 -- 101%
10314 18
10318 10312 10318
109,2 --- 10918 10912 10
10812 10912 10834 Mar'28
104
104
2
10214 103% 10214
10214
1
10214 10312 10358 Dec'27
98
96% Feb'28
96
70
70
6
1024 - - - - 10278 Feb'28
9312 Sale 9314
9312
5
9612 98
9858
9658
5
10038 Sale 100%
10012
2
10212 10412 10312 Jan'28
76
7512
75
7558
3
81
8118
7934 82
100 101 10058 Mar'28
91
88 Mar'28
88
____
10112
10112 10112
2
100% 10134 100%
10034
5
97% Jan'28
9718
9634 Nov'27
8934 Mar'28
88%
99% 19
9934 Sale 9934
9834 100
9834 Sale 98%
10012 - - -- 10012 101)12
7
99
9914 Feb'28
98
9878 Mar'28
97% 99
96
95% 9618 9534
38
4914 62
47
5112 4278
43
50
48
23
47
19
145
1814 Sale 14
14
1412 1434 13
5
9112 Sale 91
9112 64
5812 Dec'27
99
0812 99% 9812
6
100 10012 100
10012
6
10134 38
101% Sale 10114
20
101% 102% 101% 102
9414
4
94 Sale 94
9518 ---- 98% Oct'27
98 Mar'28
92
1
9234 92
92
10412 20
104% Sale 104%
92
98
3112 Sale 9118
107 Sale 10678 10712 201
10312 25
103% Sale 10314
8114 Sale 81
8134 196
102% 341
10214 Sale 102
9418 Mar'28
97
95
103 - - -- 103 Feb'28
100
1
9478
- 100
9218 9234 92% Mar'28
87 Feb'28
87
84
8112 Mar'28 _
3
Hk-134 1-6618 10434 10434
9934 100
9938 Sale 99%
97 Mar'28
11214 11314 11212 Mar'28
10512 10612 1044 Jan'28
8434
84% 85% 84%
9978 10018 100 Mar'28
10318 10614 10312 Feb'28
30 Sept.24
12
2
17
19'z 12
8712 Aug'25
1718 Yi5-8 18 Mar'28

BONDS
N. Y. STOCK EXCHANGE
Week Ended March 23.

Price
Friday.
March 23.

High
High N o. Low
Ask Low
3812 July'25
152 IA
1712 Mar'28
28 Apr'26
—64
ioT2 -1612 11334 Mar'28
_ _ _ 8858 Nov'27 -iog4 Ica;
85105 10234 Feb'28 10212
93
90
92%
93
7
9214
90% 9811
8814 -- 9034 Mar'28
10014 102
10114 ---- 10114 Mar'28
9084 9412
9314 Sale 9314
94,2 19
100 102
10014 10034 10112 Mar'28
991, 10138
10014 10038 10014 101% 29
103% 10414 10334 10334
3 10312 105
9858 99%
99% 138
9912 9934 9914
10518
105 105% 105
6 10478 105%
Jan'28
100 100
10014 10034 100
101 101
101 Mar'28
101
10834 17 10712 10834
108 1084 108
9514 Sale 9514
9514 971g
9612 115
10312 Sale 10338 10334 13 10212 10412
110 Sale 10958 110
4
83 10814 110,
86
8512 Sale 8514
85,4 5734
21
8458
8412 _ _ 8458
8458 8512
2
9812 Sale 9814
9812 27
98
9914
9514_ 9838 Jan'28
98% 9839
_
98
97 -6i 98
9734 99
4
83% Sale 8358
83%
8318 8618
8134 8312 8278 Jan'28
8278 8271
85% 8818 8512 Mar'28
8538 87
8118 July'27
9714 -9-198
9758 - - _ 9712
11
9612 Feb'28
9618 - 9618 9612
9938 27
9912 Sale 9914
99 100
10314
10318 10314 10314
8 101% 10314
10714 Sale 10714 10712 52 10678 107
,
4
10714 Sale 10714 10738 12 106% 1071f
10138 Sale 10114 101%
8 10078 10214
10514
104% 10514 10514
5 10012 10514
9212 Nov'27
100% -- 10034 Dec'27
1003,fob7i
10034 ---- 1004 Mar'28
994 994
9914 Jan'28
991
Dec'27
100 41013 101
8713
8712
8712
8712
87% --80 July'26
10314
i652 108
108
- 108 Feb'28
_ 11)8 106 Feb'27 10112 102 10112 10112
ioois fthi;
90 Mar'28
9318-897
- -8 7818 Mar'28
"i§" 9688
8112 8134 79 Mar'28
7818 8314
7912 79 Mar'28
79
7734 8114
8534
8534
88
87
85% 8812
87 87 8534
87,2 40
8518 8812
79 Sale 78'2
9
79
7714 80
11678 32 115% 118
118 Sale 116
11312 115
114 Mar'28
10.512 11 105 105
,
4
105% Sale 10514
__-- -- 10912 Dec'27
8214
8114 Sale 8114
7 "i9c4 WE;
94% 533
94% Sale 9418
9314 94,
4
9278
9218 9314
2
9278 Sale 9278
/
4
80
3
80 Sale 80
7914 811
7634
7412 80%
7634
7534 78
92
92
92 95
_ 8934 Jan'28
89% 89%
5
90-112- 9538
9438 96%
95%
9112 10
oo 9112 91
90
9212
8111
7838 8114 8114 Feb'28
81
7578
7219 801s
7
7418 Sale 74%
99% 10214
10214 -- 10214 Feb'28
92
247
9114 Sale 91
89
92
102% 286 100 103
10214 Sale 10214
9878 17
9661 97
9612 Sale 9612
10234 103
- - 10234 Feb'28 105
11 105 10512
105
102%10512
- 105
10912 Dec'27
109,4
101112 10-6-1;
10612 Feo'28
10612
9714
9734 14
9714 -98
9634 98%
3578 95%
96% - - 95% Mar'28
9612 12
9534 9834
9614 -9612 9614
18234 Mar'28
17618 19018
9678
96% Sale 9614
16
0614 975g
107% --- 10653 Sept'27
10312 _ _ 10158 Jan'28
101Is mole,
10312 10312
1 101 103%
10018 10112 100 Mar'28
99 103
96% Sale 9614
97
61
977a
96
9614 9612 9512
9612
7
9538 97
7012 Sale 7012
71% 56
7014 721a
6918 7012 6918
6918
89,8 6972
3
103 104 103
103
7 10238 105
98 May'27
1157g Sale 115% 11614 54 iiLf2 11714
111%
11514 Oct'27
10912 Sale 109
10912
2
3 108 169I10834 Sale 10858 10934 13 108 10934
11018
1103 Mar'28
109% 110%
10512 108 106
Jan'28
106 108
10258 Salo 102% 10258
9 10212 10258
8714 87% 8734 Mar'28
88%
87
9558 Nov'27
103%
10334 10334
1 i5iit 1034
10218 _
10418 Jan'28
10418 10418
95% Sale 95%
08
9578
95
110% Sale 11014
110%
7 11014 11054
110%
_ 11138 Feb'28
11014 11138
loo glib] 9958 100 164 9012 100
9312 Sale 9312
92% 9411
9334 106
85
88
8412 88%
841e
85,4 27
9612 96s8
9512 97
9512 Mar'28
101
____ 10258 Jan'28
10258 102%
101
_ 10158 Jan'28
100% 101%
9958 Sale 9914
06 10038
214
100
10414 Sale 10334
10414 126 10112 10414
10378 Sale 103%
10418 275 101 1041a
96 Sale 96
9614 77
96
9614
10234 10314 10234
104
11 10114 104
9818 _
Jan'28
98
991e
98
97% Sale 9778
7
97 100
98%
97% 9734 9712
96% 99
5
0812
105 Salo 105
10518 10 105 107
10334 Sale 10334 104
63 10315 104%
112 Sale 112
11314 44 112 115
105 Sale 10434 10518 37 104% 105%
113 Sale 11278
11314 350 11212 11334
105 Sale 10478
10512 04 101 1057s
93
93
Jan'28
9214
- 93
11
9038 ____ 9058
90% 91%
9114
8014 9014
9014 Mar'28
89% 90
89%
90 Mar'28
9912 100
9934 Sale 9912
9912 41
93% 9514
12
9511
9434 9434
94
30 101 102
102
10134 Sale 10114
91% 92
9114 9112 91%
91,2 25
6
3712 45
40
3914 4014 38%
2 107,8 10811
1081
— - 108% 108%
10512 36 1044 10511
10512 105
105 8945 9512 9458
1
94%
9312 96,2

Bid

High

Nat RR Mex pr 1 4345 Oct_1926 I .5
Assent cash war rct No 4 on
let conool 4s
1951
Assent cash war rct No 4 on
Naugatuck RR let g 49
1954 4-14
-55"
New England cons bs
1945
Ou
90
Consol guar 45
1945 21 J
J June RR guar let 4e.,...1986 F A
10614 10814
NO&NE 1st ref dr imp4 HsA'52 J J
9938 101
108% 10812 New Orleans Term 1st 4e_1953 1 J
N 0 Texae & Mex n-c Inc 5s_1935 A 0
let 58 series B
1954 A 0
1956 F A
-96171 if- let 59 series C
9c12 9112
1st 414s series D
1956 F A
let AAR series A
1954 A 0
104 105
10412 10412 .1I & C BrIge gcn guar 4 Hs 1945 J J
106% 10812 N Y B & M It lst con g 5s 1935 A 0
9312 99,4 NY Cent RR cony deb 6s 1935 M N
7712 7712
Consol 45 series A
1998 F A
Ref & impt 4145 series A_2013 A 0
9958 10178
Ref & impt be series 0
2013 A 0
10038 102
81% 8414 N Y Cent & Bud Riv M 334e '97 J J
Registered
1997 J
94% 9734
Debenture gold 45
1934 M N
91
95%
Registered
PA N
47
38
30-year debenture 4s
1942 J J
38
48
Lake Shore coil gold 3148_1998 F A
1018 1712
Registered
1998 F A
96,4 96%
Mich Cent coil gold 3149_1998 F A
1998 F A
Registered
-96i2 9618
100 100% NYCl,ic&StL1etg4t.1937 A 0
1937 A 0
Registered
9634
96
1931 111 N
25-year debenture 45
100% 10134
1931 MN
20 68 series A BC
7712 7934
Refunding 5149 series A 1974 A 0
101% 103,4
Refunding 5145 series B 1975 J J
93% 9534
9312 9612 NY Connect let gu 434s A 1953 F A
1953 F A
1st guar 5.s series B
91
93%
93% 9612 N Y & Erie let ext gold 45_1947 M N
1933 M S
3d ext gold 414s
0838 9838
1930 A 0
4th ext gold be
10334 10478
1928 J D
5th eat gold 48
102 10478
1946 M N
8358 8712 N Y & Greenw L gu g 59
N Y At Harlem gold 3 Hs_
2000 M N
86
85
N Y Lack & W lst & ref 59 1973 IS N
98% 100
First & ref 434s
1973 M N
9918 100
1930 M S
9934 9934 N Y LE& W 1st 7sext
N Y & Jersey let 58
1932 F A
10614 107
101 10212 NY&NE Bost Term 4t...1939 A 0
91
9312 N Y N & 1.1 n-c deb 4s_ _ _ _1947 M
Non-cony debenture 3349_1947 M 13
91
90
Non-cony debenture 3 Hs_ 1954 A 0
10012 102%
Non-cony debenture 4s
1955 J .1
iof 11114 Non-cony debenture 481956 IS N
19561
19912 106% Cony debenture 3349
Cony debenture fls
1948 J J
103% 10378
Registered
J J
9212 9212
Collateral trust 138
1940 A 0
114 115%
Registered
9212 9212
A 0
Debenture 48
1957 M N
10938 10912
1st & ref 4,4s ser of 1927_ _1967 J D
10034 102
Harlem R.& Pt Ches let 491954 M N
98% 9934
94% 90,2 NYO&W ref let g 4s_June 1992 84 S
General 4s
1955 J D
92% 93,2 N Y Providence & Boston 45 1942 A 0
Registered
A 0
9934 10112 N Y & Putnam let con gu 481933 A 0
9212 9434 N Y Susq & West let ref 58_1937 1
2d gold 434s
1937 F A
10118 102
General gold 5s
1940 F A
9312 94,4
Terminal let gold 58
1943 M N
105% 106
97% 0914 NY W'ches & B 1st tier I 4 Hs'48 J .1
1950 A 0
10138 10258 Nord Ry ext'l efS34e
103 10512 Norfolk South 1st & ref A 59_1961 F A
10918 11012 Norfolk & South let gold 58_1941 IS N
10838 108% Norfolk & West gen gold 69_1931 M N
Improvement & ext 65_ 1934 F A
104 10434
New River lot gold (is__ 1932 A 0
10214 10338
N & W Ry lat cons g 4s_ _1998 A 0
1998 A 0
Registered
-96; "9-63:i
Div'l 1st lien & gen g 48_1944 J
8834 7034
10-yr cony 6s
1920 M S
102 10278
Pocah C & C joint 45
1941 J D
92% 5414
96
9812 North Cent gen & ref 58 A_ A974 M S
Gen & ref 4148 series A..1975 NI
10038 10034
Stamped
10312 10312
75% North Ohio let guar g 55..___1945 A 0
74
80
8234 North Pacific prior Ilen 4s__
1907
10018 10112
Reglered
te
88
Gen'l lien gold 3e_ __Jan 2047 Q F
88
Jan 2047 Q F
Registered
10112 10218
Ref & impt 4348 series A2047 J J
100% 101%
J J
Registered
97% 97%
Ref & impt 68 series B-_2047 J J
J J
Registered
-/-391.2 804
Ref & Impt bo series C-2047 J J
9934 100
Ref & Rapt 5s series B._2047 J
9714 9934
10014 100% Nor Pee Term Co 1st g 68-1033 J J
9914 9914 Nor Ry of Calif guar g 5s.. l938 A 0
1930 J J
9734 9912 North Wisconsin let 69
9534 9718 Og & L Chem 1st gu 48 g_ _ _1948 J
4914 Ohio Connecting Ry let 45_1943 M S
42
1936 .1 D
Ohio River RR 1st g 55
50
40
1937 A 0
General gold 58
19
14
1112 15% Oregon RR & Nay con g 49-1946 J D
9078 9212 Ore Short Line let cons g 58-1946 J J
1946 .1 J
Guar cone 55
1929 J D
Guar refunding 45
Oregon-Wash 1st & ref 4s..._1961 .1 .1
101
10114 103% Pacific Coast Co let g Sa.. A948 1 I)
101 10318 Pao RR of Mo lst ext g 49_ _1938 F A
20 extended gold be
1938
J
96
94
Paducah & Ills lets 1 4348_ -1955 J J
1958 F A
98 19-1; Paris-Lyons-Med RR 69
Sinking fund external 75_ _1958 M S
9112 9234
10418 104% Paris-Orleans RR s I 7s— —1954 M S
External sinking fund 514e 1968 M S
9034 9212
106 10912 Paulista Ity let & ref e f 7s 1942 M
10218 103% Pennsylvania RR cones 4s....1943 M N
Consol gold 4s
1948 M N
7914 8314
49 sterl stpd dollar_May 1 1948 M N
101 10258
9334 04%
Consolidated 434e
1960 F A
General 4148 series A __ 1965 J D
103 103
General 55 series B
9938 100
1968 J D
10-year secured 78
1930 A 0
9218 9818
15-year secured 6145
1936 F A
87
88
40-year secured gold 5s
1984 M N
9734 98
10414 10538 Pa Co gu 3348 coll tr A reg_1937 56 S
9812 9934
Guar 334s coll trust ger 11_1941 F A
Guar 334s trust ctfs C
97%
1942 J D
97
Guar 33.4e trust Ws D_.,1044 J D
,1123g
1121.
Guar 15-25-year gold 49_1931 A 0
104% 104%
Guar 45 series E
88
1952 IN N
81
100 10014 Pa Ohio & Bet letk ref 4145 A'77 A 0
10312 10418 Peoria & Eastern let cons 48_1940 A 0
Income 45
April 1990 Apr.
"if "firs; Peoria & Pekin Un 1st 5349_1974 F A
Pere Marquette let ser A 58.1956 3 J
lst 45 series 13
"iir2 21
10593 J
90
90
8914 89%

2

-5g,,Ho,.
991,

Range
Since
Jan, 1,

Week's
Range or
Last Sate.

5

4

New York
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 23.

?3
z

Pries
Friday,
March 23.

Week's
Range or
Last Sale,

Bond Record—Continued—Page 4
r2

Bid
Ask Low
High No
Phi% Bait & Wash 1st g 48-.1993 SIN 99 100
9812
9912
6
General Os series 11
1979 FA 114
114 Nlar'28
Philippine Ry 1st 30-yr Sf 40 1937 .1 3 40 Sale 40
40% 15
ID
Pine Creek registered let 63_1932
10534 10712 10634 Nov'27
_
PCC&StLgu919sA
1940 AO 10138 10134 102 Mar'28
Series B 4Ms guar
1942 AO 10112
_ 10214 Mar'28
Series C 440 guar
1942 NI N 10112
1024 Jan'28
Series D 4s guar
1945 MN 9714 09
99 Feb'28
Series E 3148 guar gold_ 1949 FA
97 Mar'28
Series F 45 guar gold
1953 JO 97
9714 Apr'27
Series G 4s guar
1957 SIN 971
___ 97% Nov'27 _
Series H con guar 481
1960 FA 9714
4-9812 974
1
9718
Series I cons guar 4 94s
1963 FA 10412 105 10513 Feb'28
Series J cons guar 4)4s
1964 MN 10412 10514 105 Mar'28
General M Os series A_...,1970 3D 1134 113% 1135
1135s 14
Registered
in
_ 11338 Jan'28
Gen mtge guar ba series 8_1975 AG 51314 Sale 11314
11412 19
Registered
AO
11312 Jan'28
Pltta McK & Y 1st gu &L....1932 J, 1
.044 ---- 106 Nlay'27
241 guar 65
1934 33 10613
107
Jan'28
Pitts Sh & L E 1st g ba
1990 AO 10312
10314 10414
lat control gold 55
1943 J J 10212
10012 Apr'27
Pitts Va & Char let 4s
N 9618 ____ 95
1043
Oct'27
Pitts Y & Ash 1st cons 5s
1927 SIN
100 July'27
let gen 99 series A
1948 in 9612 9814 9714
9714
8
let gen Os series B
1962 FA 10734 ____ 10812 Mar'28
Providence Secur deb 49
1957 MN 8014... 8034
2
803
4
Providence Term 1st 40
1956 M
90
0-212 89 Dec'27
Reading Co Jersey Cen coil 49-'61 AG 0634 9714
5
9634
97
Gen & ref 4145 aeries A
1997 J J 10312 10334 1035s 10334 16
Rich & Meek let g 413
N 8218 8534 8212 Nov'27
1948
Richm Term Ry 1st gu Cs_ 1952 J
10414
_ 1044 Mar'28
Rio Grande June 1st gu 58 1939 JO 100% 1-0112
_- 102 Dec'27
Rio Grande Sou 1st gold 04._1940 3, 5
812 418 Feb'28
Rio Grande West 1st gold 4a..1939 J J 944 943
4 95
9512 11
let con ,k coil trust 9s A 1999 AG 89 Sale
28
888
90
R I Ark dr Louis lat 4%a
1934 M
9858 Sale 9814
98% 29
Rut-Canada 1st gu g 4e
1949 J J 84% 8634 847 Mar'28
Rutland 1st con g 9440
965 Mar'28
1941 33 9612
It Jos & Grand Isl let g
1947 J
91 Mar'28
It Lawr & Adlr let g 5s
1996 33 10078 -- 10018 Sept'27
24 gold 69
1996 AO 10724 ____ 108
Jan'28
StL&Calroguargse
1931
0834 994 984 Feb'28
St Lir Mt & Sgencong 58_1931 A 0 10112 Sale 10114
10134 55
Stamped guar be
1931 A 0
_ 10134 Dec'26
Unified & ref gold 49
1929 3, 9914 Sale 9914
9938 64
Registered
J J
9812 Nov'27
R1v&GDivletg4s
1933 MN 97 Sale 9634
9712 59
St L M Bridge Ter gu g U...1930 AO 10034 10134 10034
1007s
St La San Fran (reorg co) 451950 J J
9234 Sale 92
9212 216
Registered
.1
91% Dec'27
Con M 914s aeries A
1978 MS 97 Sale 97
07
134
Prior lien aeries Is 50
.1 10334 Sale 10312 10414 48
1950
Prior lien series C Cs
1928 J J 10014 10012 10014
It
Prior lien 5%e serlea D_ _ _1942 ii 10212 Sale 10212 10034
10234 52
Cum adjust Fier A 6s_ _July 1955 AG 10158 Sale
10134
279
10134
Income aeries A Os. July 1960 Oct 10178 Sale 10134 102
254
It Louis & San Fr Ry gen 69_1931 J J 10312 10414 1043
8 Mar'28
General gold ba
1931 J J 102 Sale 102 Mar'28
lit L Peer & N W 1st gu ba_ _1948 JJ 10914 11014 10934
10934
5
Ut Louis Sou let gu g 4e_ __ _1931 MS 9738 ____
9734 Aug'27
IR L S W let g rla bond 9115_1989 SI
9134 9214 92
92
2
211 548 Inc bond ctfe_Nov 1089 J J 85
8712 8514
8514
10
Consol gold 40
1932 in 98 Sale 9734
9818 32
1st terminal & unifying 5e_1952
10178 102 10134 102
40
St Paul & K C Sh L 1st 434e_1941 F A 9634 9734 9734
9734
2
it Paui & Duluth ist be
1931 F A 10114 ____ 10212 Nov'27
1st Consol gold 40
1968 i
9514 9634 9514 N1a528
St Paul E Gr Trunk 4449_ ....1947 J
10014 Nov'27
St Paul Minn & Man con 413_1933 J
9812 89
99 Dec'27
tat consol g Cs
1933 J
107 109 1111
. Jan'28
Registered
10634 10834 10634 Mar'28
65 reduced to gold 414s- __I933 J
101
__-_ 10034 Mar'28
Registered
99
____ 994 Jan'28
Mont ext let gold 45
1937 J
9734 984 9734
9734
Eaglatered
9112 9312 June'27
Pacific ext guar Cs (sterling)'40 J
94
9434 994 Mar'28
t Paul Un Dep let & ref 56_1972 1
109 Sale 109
109
93% 94
8 AA Ar Pass let gu g 4s..,.1943
934
94
12
Santa Fe Preis & 'Men 59_ _ _1992 M S 103
____ 104 Feb'28
Bay Fla & West let g 6s_ _ _1939 AG 108 ____ 109
Jan'28
let gold ba
1934 AO 10212 10412 10212 Nov'27
Scioto V & N E Ist
g 4s 1989 SIN 9738 Sale 975
9734
14
Seaboard Air Line g 45
1950 AG 7914 8014 7912 Mar'28
_
Gold 4s stamped
1950 AG 8014 Sale 7912
8014 44
Adjustment ba
Oct 1949 PA
56 Sale 5434
58
951
Refunding 4s
1959 AO 66 Sale 645
663 205
let & cons Os series A
1945 MS 8534 Sale 8512
8634 296
Registered
NI S
- _ 7834 Mar'28
Atl & isirm 30-yr let g 40.61933 MS 91
9212 91
9112
8
Seaboard Al! Fla 1st gu 65.4_1935 PA 8378 Sale 8212
84
98
Series B
A 8212 8314 83
1935
837
8
9
13eauoarel & Roan 1513 extd_..193l J J
101 Mar'28 _ _ _
So Car & Ga 1st ext S Hs__ 1929 MN 100% 10138 1
0034 Mar'28 _ _ _
& N Ala cons gu g ba
1930 FA 104 105
Jan'28105
Gen cons guar 50-yr 59__ _1963 AO 114%
11434 Felf28
So Pao coil 49(Cent Pee coil) k'99 3D 94 Sale 93%
94
16
Registered
3D 88
9112 88
88
2
20-year cons 95
June 1929 M
9934 Sale 99%
99% 90
let 4 %a (Oregon Lines) A.1977 MS 10312 Sale 1033
10378 78
90-year cony 55
1934 J D 10218 10212 10218
1028 12
20-year gold 55
1944 MN 100 10014 100
10014
4
Gold 410
1968 MS 10014 Sale 9934
10012 271
Nan Fran 'Fermi let 4s.
1950 AG 9512 Sale 9514 Mar'28
Registered
AG 8818 ____ 8934
8934
4
lo Pac of Cal lat con gu g 511_1937 MN
105
105
12
So Pee Coast 1st gu g 48......1
Ji 9738 98
19
96
37
5
9718 Jan'28
_
_
So Par lilt 1st ref 4st
J J 96/. Sale 9512
97
73
Registered
J J
97
Oct'27
__
Southern Ity 1st cone g 50..1999
J 1151 Sale 1154
116
51
J J 11018
Registered
111
Feb'28
Dove!& gen 9s series A _ _1956 AG 9212 Sale 9214
9278 145
Develop & gen 65
1956 AO 12018 Sale 11512 12014
19
Devel & gen 63.0
1956 AG 126% Sale 126% l267s 25
hfem Div 1st g 50
1996 J, 11212 11534 11134 Mar'28 _
1951'3 0334 94% 94
St Louis Div 1st g 48
94
5
East Tenn rcorg lien g 511_1938 MS 10312 105 96% Dec'27
Mob & Ohio coll tr 40
1938 MS 965 _
9658
9658 30
Spokane Internal let g Os...1055 J
8812 Sale 88
8834
2
Sunbury & Lewiston 1st 4s.._1936 J J
9612 Mar'28 _ _
(Inverter Short Line let be .e1930 MS 100 _
9973 Nov'27 _ _ _
Term Arvin of St L let g 9%9_1939 AO 10138 10218 1024 10218
4
let cone gold 59
1944 FA 10534 107 10638 Mar'28 _
Gen refund e f g 45
1953 .1
9278 9312 927
9334 21
Texarkana & Ft Slat 15345 A 1950 PA 10612 Sale 10612 107
35
1943 J
Tex & N 0con gold ba
103 Sale 103
103
1
Texas& Par let gold Oa
2000 JD 11318 11313 11318
1134
1
24 Inc be(Mar'28 c p on)Dec2000 Mar 100 110 100 Aug'27
1977 AG 10314 10414 10334
Gen & ref Le series B
10414 151
1931 33 100% 100% 1003s Mar'28
La Div IlL let g 5s
Tex Pae-N1o Pao Ter 540_1964 M S 1094
10834 10834
6
1935 3
10234 10712 103 Mar'28
Tol & Oblo Cent let gu ba
1935 AO 103
Western Div let g tes
103
103
2
1935 JD 10012 105 101% Feb'28
General gold 55
.1
12
Toledo Peoria & West let 45_1917
19
15 Nov'27
_ 1950 AG
Tol St 1. & W 50-yr g
95 Mar'28
1931 J J 10038 Tol W V &Ogu 4145 A
10034 Mar'28
1933 J
10012 10034 10312 Feb'28
let guar 4348 (series 1
1942 MS
let guar 49 series C
95% Jan'27
Tor Ham & Buff 1st g 4a__ _ _1948 JD 94131/9412 9418 Mar'28
Due May,
Due June, 2 Due Augusta




Range
Since
Jan, 1,
Low
98
114
40

BONDS,
N. Y. STOCK EXCHANGE.
Week Ended March 23.

tz

178'7
Price
Fridag.
,Ifarch 23.

Week's
Range or
Laza Sale.

Range
Since
Jan.].

High
9912
114
4112

Bid
Ask Low
HOD No. Low
Hfsb
lister & Del let cons g 55...1928 3D 69
74
4
69
7038
604 75
1st refunding g 4a
1952 A 0 40 Sale 3934
5
40
32
40
Tilton Pacific let RR &Id gt 4347 3, 98 Sale 98
9812 80
9738 99
Registered
J J
9612
1
9612 9712
9612
lot lien ..gz ref 40
1014 1-6i
June 2008 MS 9618 Sale 9614
63
97
9514 9830
Gold 410
10218 10213
1967 J
101 10114 10014
10114 188
994 10114
let lien & ref 5s
10218 1024
June 2008 MS 11212 11434 11212 11418 24 11218 115%
10-year secured Os
97% 99
1928 3, 100% Sale 10014
100% 29 100 1007a
97
9712 IT NJ RR & Can gen 4s
1949 MS 9912
_ 9912 Mar'28
9713 9912
Utah & Nor let ext 4s
1933 J J 9712
_ 9834 Nov'27
Vandalla cons g 9s series A..1955 FA 98
_ 9734 Dec'27
Con s f 4s series B
97'8 971g
9734 9"9-1;
1957 SIN 98
99
9812 Mar'28
10412 10512 Vera Cruz & P assent 4%0_1939
17
1712 Mar'28
18
1714 215$
Virginia Mid be serles F.. 1931 MS 10118 _
105 105
10112 Jan'28
10n2
General ba
113 11912
1936 MN 10334 - - -- 10334 Mar'28
10334 103%
113% 113% Ia & Southw'n 1st gu 50_2003 j
10718
10714 Jan'28
10714 1074
113 11518
let cons 50-year be
1958 A0 9912 1-1103-4 9912 100
10
9912 10334
11312 11312 Virginian Ry 1st 51 series A_1982 MN 109 Sale 10838 10918 78 10838 10972
Wabash 1st gold be
1939 MN 105% -- - 10514 Mar'28
10434 106
24 gold 5a
107 107
1939 FA 104
10412 1041
1 103 1041
:
:
Ref sf 534s series A
10314 105
10634 Sale 10618 107% 51 1054 107%
1075 M
Ref & gen Os series B
1976 P A 10378 Sale 1034 10438 307 103 104%
Debenture B (Is registered.1939 3, 0612
— 834 Feb'27
let lien 50-yr g term 4s
1954• J 8834
861* 8O1
_ 864 Feb'28
9714
Del & Chi ext 1st g 5e
07
1941 J
10478
104% Feb'28 1044 1004
Dee Moines Div 1st g 4s 1939 33 92 -933-4 9138 Mar'28
10812 10812
9134 9313
Omaha Div let g 334t, _1941 AO 8678 88% 8713
8012 80%
1
8712
8714 88%
Tol & Chic Div g 4e
B 93483 _ 9314 Nlar'28
1941
9314 934
Warren let ref gu g 334s._.2000 P A
(157* 97
2, 83
83
83
83
Wash Cent let gold 4s
10214 104
1948 QM
90%
8 90% 9038
90%
Wash Term let gu 314e
88 8
;1 90
1945 FA 165
3% 01 Mar'28
9014 91
let 40-year guar 49
10414 10412
96 Nov'27
1945 FA 96%-_
W Min W & N W 1st gii 68-1930 P A 9978 101:- 101 Mar'28
QOSe 101
418 413 West Maryland 1st g 4s
1952 AO 85% Sale 85%
82
86
84
8714
1st & ref 534s series A-1877 J J 101% 10158 10118
9412 9513
10112 28 101 18 10311
West N Y & Pa lat g 6a
88
'
90
3 101% 10278 10212 Mar'28
1937
10213 104
Gen gold 45
96% 994
1943 AO 944
_ _ 94
Z 92% 94%
94%
8458 84% Western Pac 1st ser A 50_1946 M
10014 Sale 9934
10014 51
99% 100%
954 96% West Shore let 4s guar
'3 9234 93
4
2361
9258
9218
914 934
Registered
.1 91% 91% 9114 Mar'28
91
89
2361
914 92%
Wheeling & Lake Erie—
Wheeling Div 1st gold 55_1928 J J 100 Sale 100
107 108
100
1 100 100
Ext'n & impt gold 55
9814 98%
10018 Feb'28
1930 FA
100 10018
Refunding 4 34s series A..1966 MS 9718 Sale 97
10114 10214
9718
7
9614 9813
Refunding Os series B
112 102 10112 10112
03
1968 MS 19
10112 102
RR
let consol 95
9914 101%
2
93
93
1949 MS
93
93%
Wilk & East 1st gu g 50
75
7512 14
1942 3D 75
744 7912
9614 9734 Will & S F let gold be
_1
.7..
- 104% Feb'28 1938 J D 10412 6_;
10438 104%
10034 10134 Winston-Salem S B 1st 95...1960• J 92%
9234 Mar'28 _ -.
92% 92%
9118 93
Wis Cent 50-yr 1st gen 4e
Sale- 8812
90
3,8 gZ
3
9238
1949 J
884 92%
Sup & Dui div & term let 49'36 MN
9312 9312
9312 35
92,4 9312
97
Wor dc Con East 1st 4940_1943
97
3 9218 ---- 9214 Mar'28
92
9314
10'27a 10412
INDUSTRIALS
10014 101
Adams Express coil tr g 4s 1998 M
9134 9212 9034
5
9112
9034 9312
10238 10313 Ajax Rubber 1st 15-yr et 89_1936 J O 10734 Sale 10712 10778 27 107 1084
100 101% Alaska Gold NI deb (is A
412 6
4
8
1925 M
6 Mar'28 _ - Cony deb 69 series B
994 1024
4
_
1926 MS
6 Feb'28
411 6
10938 105
Allis-Chalmers Mfg deb 5E3_1937 MN 100% Sale 10012 101
239 100% 102%
100% 102
Alpine-Montan Steel let 70_1955 M
16
06 Sale 953
96
93
96
1094 111
Am Agric Chem let ref a f 7 pis'41 FA 10534 Sale 10538 105% 33 104% 106
Amer Beet Bug cony deb 136_1935 FA 80
8
81
79
80
8412
804
91
Vi1-4 American Chain deb e f 65._1933 AG 104 10414 104
18 10378 10444
104
84% 8712 Am Cot Oil debenture 55...1931 MN 101 10214 10114
10114 35 100 10232
9734 99
Am Mach & Fdy of Os
1939 * 0 10414 10434 105 Mar'28
10414 1054
10012 1034 Am Republic Corp deb 65..1937 AG 10278 103 10278 Mar'28
101% 10271
96
9734 Am Sm & R let 30-yr ba sec A '47 AG 10212 Sale 102
10212 153 101 102%
lot M 6s series li
1947 AO 109 Sale 10834
10914 15 10712 10914
95
9614 Amer Sugar Ref 15-yr 6a_ 1937 .11
10434 Sale 10412 10478 12 10212 106
Am Telep & Teleg coil tr 99_1920 J J 9934 Sale 9934
9978 128
9938 100
Convertible 4s
1936 MS 9812 9914 9812
9812
2
98
99%
20-year cony 434a
i0814 11112
9934 Sale 9934 10114
1933 M
2 9934 1024
10634 106%
30-year roll tr be
1946• I) 10514 Sale 10514
10512 79 105 106
10038 10114
Registered
313
10438 Feb'28 -- 10433 104%
9912 0912
35-yr 0 f deb ba
'
3 10734 Sale 10538
10734 103 10514 10734
1960
9734 9812
20-year f Sa
1943 MN 10958 Sale 10918
10934 103 10812 109%
Am Type Found deb 60
33 105 106
106
1940 AO 10538 10578 10514
047 Am Wat Wks & El col tr 59_1934 A0 10034 Sale 10038
94
10038 51 100 10112
10813 109%
Deb g 65 ser A
75 10534 109
1975 MN 109 Sale 10578 109
93
9434 Am Writ Pap let g 6e
'
3 0114 92
31
92
9112
1947
90
9314
10212 104
Anaconda Cop Min 1st 60_1953 FA 10512 Sale 10512 10534 176 10518 10612
109 109
Registered
10513 Mar'28 _ _
10514 10513
15-year cons deb 75
11234 Sale 11112 11234 334 11014 113
1938 F
ORR -9-8-- Andes Cop Min cony deb 79_1943
'
3 12934 Sale 127
13112 3155 120 1311:
79
8912 Anglo-Chilean s f deb 7s_
MN 10134 Sale 10112 102
101
1945
964 1034
774 834 Anthill(Comp Ague) 734s..1939 J J 99 Sale 9414
9414
1
9378 9634
46
8212 Ark & Stem Bridge & Ter 58_1964 MS 1034 ____ 1034
10314 16 1024 10314
60
7212 Armour & CO let real eat 49939 J D 9178 Sale 91
9312
91
7712 9634 Armour & Coot Del 514090
8712 92
1943 j
78% 78% Associated 0116% gold notes 1936 MS 103
993
91. SalelO314 10358 10
2
69
2 1023410312
314 113
8834 95
Atlanta Gas L let be
_ 10314 1034
1947 .313 10414 ___ 10314 Jan'28
7112 9478 Atlantic Fruit 78 ctIs dep
1934 ▪ D 1120 Nov'27 _
72
Stamped ars of deposit
94%
▪ D
1
15
11 16 15
15 T
100 100% All Gulf & WINS L col tr 55_1959 .1
784 Sale 7834
4912 162
7234 SO
10012 101% Atlantic Refer deb be
1937 3 .1 102% Sale 10112 10234
10033 10384
105 105
Baidw Loco Works let 55...1940 MN 108 109 108
5 10718 10814
10814
11412 115
Baragua (Comp Az) 734s,,,1937 ▪ J 10614 108 10613 1064 88 10312 10872
9314 95
Barnsdall Corp 65 with a arr_1940 J O 10033 Sale 9934 10034 96
9912 10211
88
IS
Deb Os (without warrant).1940 ID 9114 Sale 91
911
: 46
9012 92
9912 100
Belding-Hemingway 6s
9912 Sale 9814
1936 1
9612 9934
9914 16
10318 104
Bell Telep of Pa Se aeries B 1948
3 10834 Sale 10812 109
30 106% 109%
10018 10314
1st & ref 55 series C
1960 * 0 11212 Sale 112
11234 75 10878 11234
100 10312 Berlin City Elec Co deb 6%5.1951 J o 97 Sale 9618
9713 49
9414 98
9914 10012 Berlin Elec El & Undg 6126_1956 AO 9718 Sale 9614
9714 58
94
97%
9418 9514 Beth Steel let & re/ 5s guar A '42 MN 10312 Sale 10312 10412 37 102 11344
8934 90
30-yr p m & Imp 9 f 5a
1936 I' 10112 102 101 12 10238 50 100% 103
105 10712
Cons 30-year Os series A 1948 FA 105 Sale 105
10512 56 10418 10513
9715 9718
Cons 30-Year 5Sie ser B
1953 FA 10334 Sale 1034
10334 85 102% 105
9512 9812 Bing & Bind deb 634s
97% 98
98
1950 M
12
98
9614 98
. Booth Fisheries deb of 60
1926 AG 8212 8234 9734 Feb'27
11212 fff Botany Cone Mills 610
1934 *0 8212 Sale 82
79
8234
9
834
110 111
Bowman-131R Hotels 713
1934 MS 10334 Sale 10334 10334 18 10334 1054
9112 03
11'way & 7th Av 1st con 55_1943 3D 7334 Sale 70
68
74
74
51
11512 121
Brooklyn City IIR let tes__ _1941 3, 9414 Sale 9414
9
95
9.5
93
12514 127
Bklyn Edison Inc gen 55 A 1949
'
3 10634 Sale 106
10678 49 1054 10678
111% 11318
Registered
j j
10534 Mar'28
105% 105%
9334 04
General Os series B
1931) j 3 1027 Sale 10234 103
25 102% 109%
Bklyn-Man R T sec (is
1968 J J 98% Sale 9834
9918 426
9614 9914
9634 Bklyn Qu Co & Sub con aid Os'41 MN
70% Sale 69%
6412 72
70% 23
8612 90
let 55 stamped
1941 3' 7712 8234 8212 Jan'28
8212 82%
9610 9612 Brooklyn It Tr let cony g 40_2002 3'
8812 Nov'26
3-yr 7% secured notes
1921 • J 105 ____ 13612 Nov'26
16614 1-0211-4 Bklyn Un El lst g 4-be
93l 90
1950 FA 9434 Sale 9134
9534 31
105% 107
Stamped guar 4-5s
9512 49
1950 FA 9512 Sale 95
9334 96
9234 94
Bkiyn Un Gas 1st cons g 5e 1945 MN 1007s Sale 10938 10934 21 10634 10934
10618 1071
:
1st lien & ref 6e series A..1947 MN liais ____ 11812 11812
1 117% 11812
103 1031
: Cons deb 5348
45 261 275
1936 J
270 Sale 26518 271
11034 11312 Buff & Sus(' Iron 1st 5 f 55..1932 3D 93
8
,
9
93%
'
3
2%
34 Feb
43
1;
41
9314 9412
Bush Terminal 1st 99
4
1952 AG
92% 9413
l021 lO4l
Consol 50
0978 103
26
1955'3 9934 1-01- 9978 100
100% 10112 Bush Term Ridge 58 gu tax-ex '60 A0 10418 105 104
10414 20 103 105
10613 10834 By-Prod Coke 1st 5149 A_1945 MN 102 103 103
10312 10 102 10312
1024 103
Cal0& E Corp unit& ref 50_1937 MN 1044 Sale 104
4 1034 10418
10418
103 103
Cal Petroleum cons deb a f 5a1939 FA 10014 Sale 10018
10038 47
9534 102
101% 101%
Cony deb I 5%s
10212 33 100 102%
1938 MN 10212 Sale 10214
Camaguey
Sug let sfg7e.._1992 AO 101 Sale 1004
101
23 100 101
-51 -31 Canada S S L 1st & gen 63_1941 AO 10213 Sale 10214
4 10113 1034
10212
100 10034 Cent Dist Tel let 30-yr Se...1943• D 105 10514 104 Mar'28
10414 1054
101 10312 Cent Foundry lat s f 60_May1931 P A 9814 9934 9914 Mar'28
98
994
Central Steel 1st g f 80
1211
1941 MN 12114 121'u 12114
2 12112 124
944 9412 Cespedes Sugar Co 1st s f 7123'39 NI S 104% 1041j 104
1041
21 100
105
_

1788
BONDS
IL T. STOCK EXCHANGE
Week Ended March 23.

New York Bond Record—Continued—Page 5
Pride,.
March 23.

Week's
Range or
1.4es Sale.

Range
Since
Jan. 1.

aONDS
Y. STOCK EXCHANGE
Week Ended March 23

Price
March 23.

Wears
Range or
Lag Said

Range
Since
Jan. 1.

Ask Low
NUB Ars. Low
H1401
BM
Mob No, Low
His,
AO Low
Bid
105 10814
Kinney(OR)& Co 734% notes'36 JO 10512 10634 10512 Mar'28
69
_ 68
Jan'28
68
Chic City & Conn Rye 5aan1927 *0 6614
104
15
3D
105
Kresge
7s
tr
coil
3
Found'n
8
_1936
1045
65_
10452
4
1043
8
1095
Bale
10314
Ii
10458
8
1045
10112
Cb L & Coke 1st
8
45
.
11:1
g 58-1937
7 102 105
Lackawanna Steel let Es A.1910 MS 10412
105
105
84
88
8534 24
Chicago Rye let 56
1927 FA 85 Sale 85
9512 9634 Lac Gas L of St L ref&ext 58_1934 *0 102 Sale 10134 10238 24 1014 10811
9634 408
Chile Copper Co deb 58
1947 J J 96s Sale 96
22 10414 10554
Coll & ref 5542 series C___1953 PA 10478 Sale 10434 105
102 103
102 Feb'28
924
Gincin Gas & Elec 1t & ref be'56 *0 10
10034 10184
7 10417 10512 Lehigh C & Nay of 434a A__1954 33 10078 10178 10034 10034
Jan 1 1961 AO 10478 10514 10478 105
13340 ser B due
8 10138 1021s
Lehigh Valley Coal let g 58_ _1933 33 10134
90
10134 10134
90
90 Mar'28
Clearfield Bit Coal let 4e..1940 J J
100t2 101
3J
Registered
10012 Feb'28
101 10112
1 32 101 Mar'28
1
,
89
10
8718 sa
0
Colo F & I Co gen of 5&__.1943 FA 19
lot 40-yr gu int red to 4% _1933 33 9712
- 9512 Aug'27
9814 "133
98
8 9814
95,
Col Indus let & coll 52 gu___1934 FA
9912 101,
Ist&ref sibs
1934 FA 10114
111_ 102 Feb'28
s
8 262
11 Sale 10018 101,
0,4
Columbia 0 & E deb 58-1952 MN 19
25 101 1014
101
1st & ref of 58
94 FA 101 Sale 101
119944
993k 9834
9912 10
9758 100
Columbus Gas let gold 58_ _ _1932 J J
10
FA
let
10114
97
8152
66
8
&ref
977
97
100
Bale
8
977
954
9812
8
977
Si
9812
98
Columbus Ry P & L let 4345.1957
3
96 1004
96
lst&refsf 52
1964 FA 9534 9678 96
7738 8714
8714 112
Commercial Cable let g 48_2397 Q 1 8718 88 80
2
let & ref f fot
1
9778
1974 FA 92
9778 2954
97 9778
98 1014
9834
Commercial Credit s f 6s___1934 MN 9834 9914 9834
37 May'27
_
1
9412
9532 Lex Ave & P F 1st gu g 52_1993 MS
93
Col0el 5;4% notes
1935 I, 9414 9614 9412
209 iiiig 125
125
105 10612 Liggett & Myers Tobacco 72_1944 *0 125 gale 12214
Computing-Tab-Re, f 6s 1941 3, 10534 106 10612 Mar'28
AO
Registered
11772 Sept'27
100 101
Conn Ry & L 1st& ref g 434e 1951 J J 10032 Sale 10034 10034
29 loafs 1055*
FA
1951
10318
1051
10412
2
104
bs
10112
9912
1951 J J 10012 10112 10112 10112
Stamped guar 4 Ma
FA
Registered
10412 Nov'27
Conaolidated Hydro-Elec Works
79
FA
Liquid
Corp
113 fir
Carbonic
12914
125
6s___1941
Sale
126
17
9912
97
Sale
J
983
J
9911
4
100
of Upper Wuertemberg 78.1956
55
78
7612 824 Loew's Inc deb 68 with warr_1941 A0 10834 Sale 10712 10958 192 106 10958
Cons Coal of Md lot & ref 58_1950 3D 7678 Sale 7612
Without stock peg warrant& A0 10038 Sale 10138 101
56
9913 10111
108 106 107
Consol Gas(N Y) deb 5 Ms 1945 PA 10634 Sale 10638 107
6 11314 1174
1944 A0 1174 11858 11712 11712
10212 10258 Lorillard (P) Co 72
Consumers Gas of Chic gu 58 1936 JO 10234 - -- 10212 Feb'28
5
5s
1951 PA 9412 Sale 94
934 9814
9434
Consumers Power let 56___ _1952 MN 1044 Sale 10434 10478 10 10412 105
PA
Registered
97 Dec'27
_
16
9834 101
1946 ID 10012 Sale 10014 101
Container Corp let 65.
93 WA WI;
Deb
.1 97 Sale 9618
97
1937
9118
79
ered
8912 15
Cont Pap & Bag Mills 634e...1944 FA 8914 90 8938
4 100 10134 Louisville Gai & Elec(Hy)5s_'52 MN 10558 Sale 10512 1054 25 10378 108
1950 *0 10038 10034 10034 10034
Copenhagen Telep est 6e
let
Ry
33
1930
Louisville
55__
cons
96
3
964
98
4
963
10212
9658 9812
10212
10212
Feb'28
MN
10212
Corn Prod Refg 1st 25-yr sf55'34
10314 13 10218 10312 Lower Austrian HydroEleePow—
1951 J J 103 1114 103
Crown-Willamette Pap 611
1944 PA 914 Sale 9058
Mai6M8
884 9112
9112 13
16
864 93
92
Cuba Cane Sugar cony 78
1930 J J 8914 8978 894
29 10012 10218
102
McCrory Stores Corp deb 5345'41 3D 10114 Sale 101
97
87
9278 46
Cony deben stamped 8%.1930 j j 9078 Sale 9112
28 105 107
Manati Sugar 151.1 7Ms_ 1942 *0 107 Sale 10658 107
Cuban Am Sugar let coil 815_1931 MS 1064 Sale 10578 1064 25 10578 108
*0
49
48_1990
71
g
cone
Sale
7114
(NY)
Ry
3
3
72
Manhat
684 7238
101
35
100
101
10014
101
MN
10014
Cuban Dom Sug let 7348-1944
2013 3D 60
63 62 Mar'28 _
2d48
62
60
11 103 10412
Cumb T & T lot & gen 58
1937'3 10378 104 10312 104
2
10338 ---- 10314
10314
9914 1034
9812 10012 Manila Elec Ry & Lt s f 5e..1953 M
1940 AO 9978 Sale 9934 1004 13
Cuyamel Fruit 1st s f 62 A
in
panic
of
etfs
Co
Tr
Mfrs
Dec'27
76
Denver Cons Tramw let 59..1933 AO
A I Namm & Son 1st 6s_ _1943 3D 10512 Sale 10515 10512 10 10412 106
Elia; 10114 10112 29 ioi- 102
N
Den Gas & E L let & ref sfg 58'51
9912 38
9912 Sale 9918
April 1940 Q
99 10014
1951 MN 10114 10112 10112 10112 30 1004 10134 Market St Ry 75 ser A
Stamped as to Pa tax
3 10312 10414
Ed 1st & ref 5s ser C..1953 J J 10414 Sale 104
1044
Metr
65
5012
1
57
57
60
Dery Corp(DO) 1st 5172..1942 MS 58
12 834 8414
84
4 19134 10334 Mete West Bide El(Chic) 42_1938 PA 8314 Bale 8314
10312
Detroit Edison let coil tr 515_1933'3 10312 Sale 103
_1956 3D 9834 99 99 Mar'28
Miag Mill Mach 72 with war.
984 100
23 10338 105
lat & ref be series A-JulY 1940 MS 105 Sale 1044 105
3D 93
9312
94
8915 94
9312
Without warrants
Gen & ref bs series A
1949 AO 10614 Sale 10434 10614 10 10434 10614
MS 10512 Sale 105
1054 14 10434 10534
8
lat
Petrol
Mid-Cont
__1940
Ms_
2
7
108
4
33
1073
10814
108
Sale
108
lst & ref 62 series B__JulY 1940 M S
73
1025
8
102
M
10014
10238
10014
8
1017
1936
Midvale
ba
81
cony
0
&
Steel
10618
1
10538
1064
10612 -- 10618
Gen & ref 58 ger B
19553
2 100 10014
100
100 Sale 100
_ 10534 10634 Milw El Ry & Lt ref & ext 4348'31
Series C
1962 FA 10634 107 10634 Mar'28
12 10234 10514
105
105
Bale
JO
52
ref
105
&
General
__1951
A__
ser
9618
9714
1
9618
9618
Dot United let cons g 434s 1932 ii 9618 9634
10312 47 102 10334
9714 92's
1961 3D 1034 Sale 1031s
lat & ref be ser B
8858 168
N 8838 Bale 88
Dodge Bros deb lIe
1940
22 104 10614
105
Montana Power 1st 58 A __ 1943 J3 10918 Sale 10418
4
85
804 85
Dold (Jacob) Pack let 65_1942 MN 85 Sale 83
119
994 10278
be
3D
1024
Deb
1015s
A
1023
ser
1962
4
Sale
5
100
85 100
- 9778
Dominion Iron & Steel 58-1939 MS 99
9612 Montecatini Min & Agric—
3
94
9612
1942 J J 9649612 96
Donner Steel let ref 78
65 10034 10712
107
4
1063
1065
72
J
Deb
_1937
1063
8
warrants___
with
106
4
2
7
106
4
3
105
55
1064
Sale
N
106
Duke-Price Pow let 68 see A '66
944 1014
9812 18
Without
33 98 Sale 9778
Duquesne Light let 4145 A 1967 *0 102 Sale 10112 10218 200 10014 10238 Montreal Tramwarrants
1 10058 10214
10114
1st& ref 52._1941 J J 10114 102 10114
10334 15 102 10532
East Cuba Bug 15-yr of a 7348'37 M 5 10312 Sale 103
7
18178
&
*0
10114
Gen
10018
994
5a
f
s
ref
5
4
5
5
9
1
A__
3
series
100
1004
4
Mar'28
8
,
9
98
9
5
975
J 98
Ed El III Bkn let con g 48
8 99
,
1939
A0 10012
Series B
9912 Feb'28
99
Se
994
11458 116
Ed Elec Ill 1st cons g 56
-- 11578 Mar'28
19953, 11614
53
8838
Sale
15t
Co
&
J3
8812
1939
Morris
434s
9312
8812
8858
99
8
883
28
8
,
98
9818
M
1812
98
Elec Pow Corp(Germany)6 Ms'50
1
9734 8212 Jan'28
824 82:
Mortgage-Bond Co se ser 2_1988 A0 83
99
4
94
9617
Elk Horn Coal 1st & ref 6 30.1931 JO 96
9714 9617
10-25-year fai series 3
9912
98
1932 3J 9812 994 9812 Mar'28
4
867s 91
89
864
Deb 7% notes (with warr'ts'31 3D jai_ 87
9312
7
4
933
901
JO
Murray
4
5
9312
95
4
Bale
15*
1934
Body
10212
6
4
;is
1013
Mar'28
4
10134 1013
Equit'hl Gas Light let con 521932 M
1034 104
Mutual Fuel Gas let gugbe 1947 MN 104
10318 Mar'28
10214 103
Mut Un Tel gtd 6sext at 5% 1941
- 34 103 Feb'28
N 104 1619834 100
8
100
1942 M
Federal Light & Tr 1st 5s
100 Sale 99
Namm (A I) & Son—See Mfrs Tr
21
9832 100
100
1st lien s f be stamped__ _1942 M
100 Sale 99
6118
73
58
56
8 10412 10538 Nassau Elec guar gold 42.-1951'3 58 Bale 5718
lat lien 68 stamped
1942 M
105 Sale 1044 105
6 10338 104
Net Dairy Prod 6% notes__.1940 MN 10338 Sale 10338 10312
105
101
10
4
1023
JO
10212
30-year deb 65 ser B
10234 Sale
1954
104
104
Mar'28
Enam
Nat
104
104
&
3D
let
Stampg
52_1929
11
9512 99
97
D 97 Sale 96
1939
Federated Metals s f 75
98 101
99,4 33
1947 FA 99 Sale 9812
10514 18 10014 10714 Nat Radiator deb 6348
Fiat deb 75 (with ward)
1946 3' 10412 Sale 104
10034 10014
Nu 9814 Nat Starch 20-year deb 52.-1930 33 10034 --- 10034 Mar'28
17
96
Without stock purch warrants_
9512 Sale 9512
2 10434 10514
18 11612 21912 National Tube let 5 1 5s___.1952 MN 10434 106 10434 105
Flak Rubber 1st s f 82
1941 MS 11712 Sale 1164 118
10758 108
894 101
Newark Consol Gas cons 58_1948 JO 10712-- 10734 Jan'28
10012 33
Ft Smith Lt & Tr let g 58_ 1936
9834 9934 100
11012 21 10612 11012
New England Tel & Tel 55 A 1952 3D 11012 6;le 11014
10814 12 1064 110
Framed° Ind & Deb 20-yr 7345'42 J J 108 Sale 108
10478 42 1014 10478
1st g 448aeries B
N 10452 Sale 1044
1961
1 10838 11014
Francisco Sugar 1st of 7948_1942 MN 110 111 11018 1104
8 151
,
9814 10152
French Nat Mall SS Lines 72 1949 JD 1024 Sale 10212 10234 68 101 1034 New On Pub fiery 1st be A 1952 AO 10158 Sale 10014 101
10072 137
99 10058
First & ref bs series B
1955 3D 10038 Sale 10014
106 106
Gaa & El of Berg Co cons g 581949 3D 10712
-- 106 Feb'28
_ 100 1.0112
N Y Air Brake 1st cony 62 1928
N 9978 100 100 Mar'28
38 109 117
112
Gen Asphalt cony 68
1939 AO 111 Sale 111
Edda 90
54
90
NY
Dock
s
,
88
50
4
1st
893
8
-year
883
PA
45
g
4
1951
9412 96
9458
Gen Electric deb g 334o
1942 FA 944
-- 94%
52 116 119
N Y Edison 1st & ref 6 Mrs A 1941 A0 11732 Sale 11712 119
Gen Elec (Germany)7s Jan 15'45'3 104 Sale 10354 10412 77 102 105
30 105 106
1054
lat
10514
Sale
8
lig
&
lien
121
,
105
ref
*0
ser
52
1
1944
B
Mar'28
11912
Sale
3D
119
1 deb 6 Ms with warr
1940
4 10958 11014
9978 1014 NY Gas El Lt HA Pr g 55_1948 3D 110,
2 Sale 11012 1104
7
Without warete attach'd '40 JO 100s 10072 10012 101
974 9814
9834 14
9834 Sale 98
Purchase money gold 45-1949 PA
140 10234 1045's
Gen Mot Accept deb 66
1937 FA 194 Sale 10334 104
Oct'27
8
,
102
105
103
NYLE&W
10212
MN
C&RR
5;45-.1942
102
6
10214
Gent Petrol 1st 2 I 58
1940 PA 102 Sale 102
1 10314 1031,
2 10412 10758 NYLE&W Dock & Imp 5511943 33 10312 -- 1034 10314
105
Gen Refr let 2 f g 68 ser A
1952 FA 105 10512 105
loots lova
A 10134 - - - 1017s Mar'28
Oood Hope Steel & I sec 75-1945 A0 10112 Sale 10112 1014 68 100t2 1014 NY&Q EIL& P iota 52...1930
Dec'26
Goodrich (B F) Co let 6348_1947I' 10758 1084 10734 1084 74 10714 10812 N Y Rye 1st R E & ref 42-1942 33 8614 Sale 8712 Oct'27
54
_
4
1073
60
of
Certificates
10711
deposit
Mar'28
4
1073
Registered
Fs
4 Mar'28
80-year adj Inc tis____Jan 1942 AO
16
5
9412 233
9214 95
Goodyear Tire & Rub let 55_1957 MN 9438 Sale 9334
212 4
4 Mar'28
10
3
Certilicates of deposit
7 102 103
Gotham Bilk Hosiery deb 68_1936 3D 10212 103 10212 103
"Ea
8 2114
135
2114
NY
74
19
8215
Sale
1912
Corp
Rye
Inc
68.__Jan
10
Apr
1965
4
763
74
Sale
FA
74
Gould Coupler 1st, f 68. _ _1940
107
Prior
4
863
3a 8654
75
Sale
lien
4
853
8612
68
series A____1965
J
Granby Cons MS & P con 65 A'28 MN 1004 ---- 10014 Dec'27
7 10814 10812
NY & Richn) Gas 1st Os A _1951 MN 108 10834 10734 108
N 10018 -- 1004 Dec'27
Stamped
1928
6434
35
521
51
25
97 111-1; NY State Rye let cons 430_1962 MN 51 sale 51
Ot Cone El Power(Japan)7e_1944 FA 9934 Sale 9934 100
5
74se
let cons 6345 series B
85
743s
MN 68 Sale 6734
9214 9633
9612 106
J 9614 Sale 9538
let & gen of 634e
1950
2 MN 10812 Sale 1031e 10834 38 108 1087s
67
94
10534 10851 N Y Steam lst 25-yr 68 ser A 19
Great Fails Power Ists f 5e 1940 MN 10534 Sale 10534 10534
10314
50
i
1013
98
9618
Telep
10314
Y
N
1041
10318
1st
MN
1024
&
44
448_1939
f
s
gen
98
Gulf States Steel deb 530_1942 3D 9734 Sale 9734
11034 75 11014 11114
30-year deben of68___Feb 1949 PA 11032 Sale 1104
9034 92
1952 3, 9234 ---- 92 Mar'28
Hackensack Water 1st 4s
31 10814 109
20-year refunding gold 65_1941 AO 1084 Sale 10812 109
904 Nov'27
Hartford St Ity let 42
9518
1930 M
10038 10213
1
102
NY
98
Trap
7 "Nit
Rock 1st 62
90
1948 JO 10214 Sale 10134
Havana Elec consol g 5a
1952 PA 8914 Sifs 8934
10 10334 10414
Niagara
10414
Falls
1044
4
10412
783
1st
1044
Power
'3
1932
re_
7414
15
7412
7414
75
MS
74
Deb 534e seriea of 1926
195l
11
9578
&
1053
Ref
10512
10814
9914
Sale
10414
gen
82
10512
*0
9712
1932
Jan
56
9612
Hoe(R)& Co let 6 Ms ser A _1934 *0 9012 Bale
56 1034 1044
10 102 10414 Niag Lock & 0Pr let 55 A...1955 *0 10434 Sale 1044 1043
Holland-Amer Line 68 Ulan -1947 MN 10334 Sale 10334 104
47
91
9112
Nor
Amer
8912
93
9412
Sale
8012
8812
Cem
M
deb
226
634s
A__1940
8914
8812
Sale
3D
884
Hudson Coal let sfse ser A_1962
No Am Edison deb 58 ser A_1957 M
1034 Sale 10212 1031 270 102 1037s
107 109
Hudson Co Gas 1st g 5s_ _ _1940 MN 1074 108 10738 Mar'28
33 1021, 1057a
1054 Sale 10512 1057
Humble 011 & Refining 5345_1932 33 10234 Sale 10258 10234 42 10238 1034 Nor Ohio Tree & Light 6a___1947 M
13 103 104
1031
States Pow 25-yr bs A_1941 A0 10314 Sale 10314
Deb gold be
1937 *0 10034 Sale 100% 10034 51 100 10112 Nor'n
2 105 107
• let 44 ref 5-yr 6s series B.1941 *0 10518 10532 1051s 1051
9934 99/4
9934 Feb'28
Illinois Bell Telephone 58_1956 3D 10538 Sale 10514 10512 33 105 10578 North W T 1st fd g 4 Magtd_1934'3 9934 100
10112
8
7
99
Illinois Steel deb 434s
1940 *0 1004 Sale 10012 10034 41
116 11654
4
984 10112 Ohio Public Service 734e A __1946 £0 11612
- 11612 Mar'28
liseder Steel Corp 8 f 72
1946 *0 10018 10034 10012 10012
2 115 118
lot & ref 72 series B
115
1947 PA 11512 116 115
98 1014
20
99
9834 Sale 9812
Indiana Limestone let s f 65_1941 MN
5 10714 108
9(02 1004 Ohio River Edison let 6s_ __ _1948'3 10714 1074 1074 1071
9934
9934 15
Ind Nat 0a8 & Oil 5e
N 9914 100
1938
9072 944
20
Old Ben Coal 1st 68
903
1944 PA 8972 Bale 8978
Indiana Steel let be
1952 MN 105 Sale 10434 10518 32 10434 10534
19 10358 1064
Ontario Power N F let 55_ I943 FA 1044 10518 10412 1043
Ingersoll-Rand let be Dee 31 193533 1024 -- 10012 May'27
1 10814 10458
8
Ontario Transmission 1st 52_1945 MN 10458 Sale 1044 104,
40 1654
Inland Steel deb 5Ms
1945 MN 1034 Sale 10312 104
964 10133
Oriental Devel guar 65
101 Sale 10034 10132 255
4 10034 102
10112
1953 M
101 Bale 101
Inspiration Con Copper 6348.1931 M
9738 9934
9934 123
Otis Steel let M 62 aer A._._1941 MS 9958 Sale 9778
Apr'27
1278 11
Interboro Metrop coil 4 M8-1956 *0 _
794 217 -iir, -711; Pacific Gas & El gen it ref 58_1942 33 10418 Sale 10312 1044 24 103 10414
Interboro Rap Tran let 55_1966'3 r7iii Sale 7834
12
Pac
1003
Pow
8 10138
,
100
&
4
7912
Lt
FA
8
55'30
1005
101
&
4
744
let
1003
20-yr
ref
362
7912
'3 7814 Sale 7814
Stamped
21 1031s 105
7718 Mar'28
1937 33 10414 Sale 10414 105
7634 774 Pacific Tel & Tel 1st be
Registered
4 1064 1074
10718
107
10712
107
mtge
Ref
1952
A
series
58
125
N
7612
7512
70
7712
Sale
10-year tie
1932 AO 7512
10312 16 1024 104
9812 254
9614 99 Pan-Amer P & T cony 51 88_1934 MN 10318 10312 10314
10-year cony 7% notes__ _1932 MS 9814 Sale 9738
6 10312 1057s
105
let lien cony 10-yr 71
90
92
1930 FA 105 10538 105
9112 Mar'28
lilt Agric Corp lst 20-yr 58-1932 MN 9212 95
9138 96
Pan-Am
9338
9334 34
9314
8112
Sale
Pet
1
3D
68'40
cony
Cal)
79
(of
Co
8112
8112
MN 8034 81
Stamped extended to 1942_ _
10234 33 10112 104
10214 10234 102
10512 33 105 1064 Paramount-Bway 1st 5148_1951 J
Inter Mercan Marine of 6s 1941 AO 105 Sale 105
156
4 9978
983
8
997
9914
Sale
8
,
99
10212
JO
10114
22
Paramount-Fam's-Lasky
68_1947
10078
10012
10114 Sale
International Paper 58 Ser A_1947 .1
8412 9552
5
93,4
issis 47 10334 1054 Park-Lox St leasehold 6545._1953 J .1 93 Sale 93
Ref f 62 ser A
1955 MS 10478 sale 10414
107 1071s
9734 411
9514 9734 Pat & Passaic0& El cons 58.1949 MS 10712 -- 1074 Jan'28
Int Telep & Teleg deb g 4346 195233 9714 Sale 9612
50
811s
6014 70
104 10614 Pathe Exch deb 75 with war_1937 MN 5834 Sale 55
-- 10614 Mar'28
Jurgens Works fts(floi pilte)_1947 33 10612
98 10034
10512 39 19422 10612 Penn-Dixie Cement 62 A__ 1941 MS 10038 Sale 1004 10034 64
Kansas City Pow & Lt 55_1952 M S 105 Sale 105
11354 11515
Mar'28
12
102
8
,
115
Gas
Peon
1154
C
&
*0
3
7
4
19
Feb'28
55..194
8
let
g
10212
cons
1015
1034
J
J
-let gold 434s series B
1957
10614 25 105 10614
Refunding gold 68
M
1064
15 10578 10612
Kansas Gas & Electric 68.__1952 MS 10578 Bale 10574 106
9914 May'27
M
Registered
1174
Kayser (Julius) & Co deb 534s'47 MS 114 Bale 11078 11712 1051 10514
111 gal, 144
104
99
1033
101
Co
4
Philadelphia
A.1944
coil
PA
3
99
99
4e
tr
9912
21
4
Bale
1946 M
Keith (B F) Corp lot 68
98 1014
Secured be series A
1987 3D 101 Sale 9978 1014 617
4 10814
9 10614 20912
Kelly-Springf Tire 8% note8.1931 MN 1074 Sale 1073
122 100 1021
.
9612 Mar'28
10214
102
Sale
102
Phila
Co
Elee
let
MN
1967
4548
9612
9
9
99
964
Eeyston Telep Co 1st 52_19353,
9612 10
94 102/
4
1
9618
107
Bale
&
3
Phlia
957
&
C
Reading
33
107
ref
107
I
10412
5
55_1973
-Kings County E1& P g be_ 1937 *0 10534
9138 9Th
9458 17
9414 Bale 94
3 13038 1324 Pierce-Arrow Mot Car deb 88.'43 M
13214
1997 *0 1324 ---- 132
Purchase money 65
10438 106
1
106
106
8314
86
D
Pierce
106
10512
deb
Oil
86
15
_Dec
5182_
3
1931
854
Kings County Eley let g 4s 1949 FA 854
7 104 10615
8318 8614 Pillsbury Fl Mills 20-yr 65_1943 A0 105 -- 10412 105
A 8538 -- 8614 Mar'28
1949
Stamped guar 45
9914 1071s
6 10414 10838 Pirelli Co(Italy) cony75....1952 MN 10512 Bale 10534 10534
1954 3' 10714
- 10512 10512
Kings County Lighting 58
100
9918
Feb'28
8
,
99
100
Pleasant
120
9914
Val
119
Coal
1
158_1928
s
119
g
let
119
fif
1954 ii 119
First & ref6 M8




MAR. 24 1928.]

FINANCIAL CHRONICLE

New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 23.

.44
Price
tt
z
Friday.
a. March 23.

a

Week's
Range or
Last Sale.

e
R se
Jan. 1.

High No. Low
80
Ask Low
High
94 9514
25
95
Pocah Con Collieries lot of 502157 J J 95 Sale 95
11 105 10638
105
Port Arthur Can & Dk Os A.1953 F A 105 10638 105
1953 F A 105 10558 105 Mar'28 ---_ 105 108
let M 6s series 13
Portland Elee Pow let 60 B..1947 M N 10434 Sale 104
10514 11 10275 1004
Portland Gen Elec lst 58_1935 J J 10134
1 10134 102
_ 10134 10134
1930 M N 9834 99 9812 Mar'28 _-__
Portland Ry lot & ref bs
98 98%
9958 15
Portland Ry L & P 1st ref 58_1942 F A 9952 _ _ _ 9912
98 99%
F A
Registered
97 ___5_
of04
96:4
2
104
M
N
B___1947
lot lien & ref Miseries
H3-312 Sale
logg 1-64-7i
let lien & ref 730 series A_I946 MN 10734 Sale 10712 10784
4 1074 108
Porto Rican Am Tob cony Os 1942 J J 10134 Sale 101
10134 206 100 105
Pressed Steel Car cony g 5e__1933 J J 9514 9512 9478
9478 9934
9618 30
Prod & Ref f 86(with war)_1931 J D 11158 ____ 114 Feb'28 ____ 114 115
J D 11012 111 111
Without warrants attached
1 111 112,
8
111
Pub Serv Elea & Gas ist 5%81959 A 0 10478 105 10478 10518
2 10478 106
2 1054 Sale 105
196113 4,
113t dc ref 58
3
10518 20 10478 105,
Punta Alegre Sugar deb 70_1937 J
10434 105 105
1 104 107
105
1937 F A 10014 Bale 9978 100'n 17
Pure 0110 f 535% notes
9914 10115.
1937 M N 101 Sale 9912 101
Remington Arms 66
97 109
50
9584 41
Rem Rand deb 5355 with wan'47 MN 9512 Sale 95
9314 9615
Repub I & S 10-20-yr ba f 1940 A 0 104 10434 10454 10434 83 103 10434
Ref & gen 530series A
1953 J
1031
/
4 Sale 10312 10334 18 103 104
ReLnelbe Union 75 with war_1946 3 J 109 Sale 109
1093e 16 108% 1134
Without elk purch war'ts_1946 J J 1003 Sale 10014 10058 23
9938 10184
Rhine-Main-Danube 75 A._1950 M
10258 103 10012 10258 12 10114 103
Rhine-Westphalia Elee Pow 76.50 M N 10012 10114 10034 101
6 10034 102
Direct mtge 65
1952 M N 9212 Sale 9278
924 94
9318 15
Rims Steel let 6 f7s
1955 F A 9614 Sale 9634
17
97
9555 974
Robbins & Myers let of 75...1942 J 13 45 Sale 45
45
38
2
45
Rochester Gas & El Ts ser 8_1946 M 8 11178 Sale 11178 11178
14
712
20
11 1
2002
3 1
Gen mtge 530 series C_ _1948 M
10712 ____ 10712 Mar'28
Boob & Pitt(' C&Ipm bs_1946 M N 9012 ____ 9018
904 90,5
1
9018
It Joe Ity Lt & Pr 1st 55-_1937 MN
tit Joseph Stk Yds lot 430_ _1930 3 J
St L Rock Mt& P 5s stmed-1955 J
St Paul City Cable cons 56..1937 J J
San Antonio Pub Bert, lot 60_1952 J
Saxon Pub Wke(Germany)75'45 F A
Gen ref guar 6%3
1951 MN
19463 .1
SchulooCo guar 630
1946 A 0
Guar e I 030series B
Sharon Steel Hoop lot(loser A '41 M
Shell Union Oils f deb 5a_-1947 M N
Shubert Theatre Co June 15 1942 J D
19353 J
Siemens & Hawke 0175
1951 M 5
Deb s f 630
Si 630 allot ctfs 50% 041.1951 M
Sierra dr San Fran Power 158_1949 F A
Oneida Elec Corps f 630_1946 F A
Silesian-Am Rap col tr 7s
1941 F A
81mms Petrol 6% notes....1029 M N
Sinclair Cons 011 15-year 715-1937 M 13
let lien col 6s ear D
1930 M
let lien 635s series B
1938 J D
Sinclair Crude 011630 ser 14 1938 J J
194g A 0
Sinclair Pipe Line s f bs
1939 M
(Rally 011 deb 530
Smith(A 0)Corp let 630-1933 M N
South Porto Rico Sugar 76_1941 J D
South Bell Tel& Tel 1st e f 861941 J J
Southern Colo Power 66 A 1947 J J
8'west Bell Tel 1st & ref 56 1954 F A
1943 M N
Spring Val Water lot g 5a
1930 M N
Standard Milling 1st 56
lit & ref 530
1945 M 13
Stand 011 of N J deb 55 Dee 15'46 F A
Stand 011 of N Y deb 4%8_1951 J D
1945 J J
Stevens Hotel lot 65 ser A
Sugar Estates (Oriente) 76-1942 M
1929 F A
Superior 011 lots 75
Syracuse Lighting let g 5e 1951 J D
Tenn Coal Iron & RR gen 56_1951 J J
Tenn Copp & Chem deb 65._1941 A 0
Tennessee Else Pow let 66_1947 J D
1960 J J
Third Ave lot ref 46
AolJino6stax-exNYJan 1960 A 0
19373 J
Third Ave Ry 1st g bs
1955 PA S
Tobo Elea Pow lot 7s
6% gold notes_ _ __July 15 1929 J J
Tokyo Eleo Light 6% notes_1928 F A
Toledo Tr L & P 534% notes 19303 J
1949M S
Trenton (31& El 1st g bs
1940 MN
Trumbull Steel let of 65
Twenty-third St Ity ref 56-1962 J
Tyrol Hydro-Eleo Pow 730-1955 M N
1945 M
Ujigawa El Pow 5 f 7s
Undergr'd of London 430_1933 J J
1948 M S
Income 65
Union Eleo Lt & Pr(Mo)66_1932 MS
1933 M N
Ref & ext 58
E L&P (111) let g 5%6 ser A'54 J J
Union Elev RY (Chic)58-1945 A 0
1931 J
Union Oil let lien o f 55
80-yr 68 series A____May 1942F A
let lien o f be series C Feb 1935 A 0
United Biscuit of Am deb 65_1942 MN
United Drug 20-yr 66_0ct lb 1944 A 0
1953 M
Tr rota for 25-yr 59
United Rys St L 1st g 46_1934 J J
1937 MN
United SS Co 15-yr 65
Un Steel Works Corp 630 A_1951 J D
J D
With stock pur warrants
Series C without warrants J D
J D
With stock put warn
United Steel Wks of Burbach
Esch-Dudelange of 76-.1951 A o
U El Rubber let & ref 55 ser A 19473 J
J
Registered
10-yr 734% secured notes_1930 F A
CI 13 Steel Corp(Coupon Apr 1963 MN
id 10-60-yr 5elregist-Apr 1983 MN
Universal Pipe de Bad deb 60 1936 J D
Utah Lt& Trim lot& ref be....1944 A 0
1944 F A
Utah Power & Lt let 55
Utica Elec L & P lst s f g 56_1950 J
Utica Gas & Elm ref & ext 501957 J J
Vertientes Sugar lot ref 76-1942 3 D
1953 J .1
Victor Fuel 1st sills
Vs Iron Coal & Coke 101 g 561949 M S
19343 J
Ira Ry Pow lst & ref bs
Walworth deb 630(with war)'35 A 0
1945 A 0
let sink fund (5s series A
Warner Sugar Refin ist 75..1941 3 D
1939 J .1
Warner Sugar Corp let 7s
1939 J J
Wash Water Power 81 55
Westches Ltg(So atmpd gtd 19503
1944 M N
Weet Ky Coal 1st 76
West Penn Power ear A 5s..._1940 M
1963 M 13
let bs series E
1953 A 0
lot 530 series F
D
19563
CI
series
lst Iwo 55
1950J 3
West Va C & C 101 60
Western Electric deb be _ _ I944A 0




pec
ar:728
7 ____
9814 ____ 0
90
812
8 M
7714 7912
7718
1
9838
9734
- 9836
10912 Sale 10914 10934
8
102 Sale 10134 10213 40
97 Sale 9658
9714 77
103 104 10312 104
14
10358 22
103 Sale 103
107% 10714 10714
1
9834 Sale 9814
9858 100
9318 Sale 9318
9334 94
10278 103 10314 10378
9
10658 107 10658 10712 11
10678 Sale 10658 107
82
10458 105 10434 105
25
9472
9514 21
1(347)4 61;)-e- 9912 1004 75
10334 Bale 102
10334 46
10234 Sale 10118 102 116
9838 Sale 9775
9838 109
100 Sale 9812 10018 187
9734 Sale 9778
984 97
9514 Sale 9512
9534 107
9412 Sale 9412
9514 30
102 10312 10134 102
2
109 10914 10918 10918
1
10434 Sale 10434 10434 11
10614 Sale 106
7
10634
10658 Sale 10614 10634 40
152
100
0012 2
10
02
248 10112 Feb'28
101
10112
4
103 Sale 103
1034 10
10338 Sale 10314 10312 32
98 Sale 97
9814 396
10112 Sale 10115 102
20
100 10012 100
100
13
10212
10314 10334 23
10834 Sale 10834 10834
1
106 ---_ 10658 Mar'28
10312 Sale 10234 10334 12
108 Sale 10714 108
43
6914 Sale 69
6934 69
6114 Sale 60
621 375
9934
9934 Sale 9984
1
100 Sale 100
10014 25
9958 Sale 9938
9958 58
10012 Sale 10015 10014 56
100% 101 10078 lOO7s 11
10738 --- 10714 Feb'28
10258 Sale 10214 10234 25
58
60 6014 Feb'28
10114 Sale 101
10158 15
100 Sale 99
100
20
9512 9654 9512 Mar'28 ____
10518 ____ 1044 Mar'28
10214 -_-- 10214 Mar'28 ____
10214 Sale 10214 10213
4
1035e Sale 10314 10313
6
94
95 94
9414
7
102 ____ 102 Mar'28 __
11014 11012 11014 11014
3
100 10014 10014 10038 14
101 Sale 101
10112 15
107% Bale 107381 10734 27
994 Sale 99
994 130
85 Sale 85
85
40
99 Sale 9812
99
5
9552 9514 9514
9612 13
9528 Sale 947g
9614 43
934 Sale 9312
9512 13
934 9434 9412
9514
3
10312 Sale 10318

10314

29

9212
9412
9534 Dec'27
103 EiZe" 10234 10314
10834 Sale 10834 109
_
10818 Mar'28
924 9612 9312 Mar'28
100 Sale 9914 100
10212 Sale 10238 103
10414 _--- 104 Aug'27
10778 --__ 10712 10712
100 Sale 100
10012
5014 5112 5112 Mar'28
90 Sale 90
91
10034 1018e 10034 10114
9412 9434 944
95
96 Sale 96
9618
10718 10734 1074 10713
8618 8712 8612
87
10478 ---- 10434 Mar'28
10738 ---_ 10738 Mar'28
104 Sale 104
104
10
064/
1
38
4 10434 10414 105
-__ 10513 10614
4 106
106
10514 105310412 Sale 10438 10413
59 Sale 59
59
10412 Sale 104
10478

298

93

Sale

70
157
____
____
94
90
5
21
4
22
9
14
20
2
____
____
2
31
7
2
18
43
65

1789

g
‘,45
t4
BONDS
Price
N. Y. STOCK EXCHANGE •a• t
Friday
Week Ended March 23.
's. March 23.
Western Union coil tr our 5e-1938 J J
Fund & real eat a 4348-__1950 131 N
15-year 6346
1936 F A
1951 J D
25-year gold 5.5
Wee'house E & M 20-yr g 58_1946 M 5
Westphalia Un El Pow 6%5_1950 J D
Wheeling Steel Corp lat 5%01948 J J
White:Eagle Oil& Ref deb 5328'37
With stock purch warrants__ M S
White Sew Mach 65(with war)'36 J J
Without warrants
Wickwire Spen Eit'l let 75-1935 J J
Wickwire Sp St'l Co 75 Jan 1935 MN
Willys-Overland s f 6%ff....1933 M 5
Wilson & Co lot 25-yrs f 65- _1941 A 0
WinchunerRepeatArms 73461941 A 0
Youngst Sheet & Tube 55.--1978 1 J

Week's
Range or
Last Sate.

Bid
Ask Low
10434 Sale 104
10114 10214 10214
11218 11234 112
10414 Sale 10414
10458 Sale 10458
10014 Sale 10038
10234 Sale 102

4
g3
142Q

Range
&up
Jan. 1.

High No.Low
HIa
10414 28 103 1054
10214
2 101 1034
11234 53 11158 1123a
10478 57 104 105
105
55 10418 105
10034 14 974 10014
10234 40 loose 1034

9578 Sale 9514
9578
2
126 130 130 Mar'28 ____
101 10278 103
10314
5
3334 34 3314
34
10
28 Sale 28
29
56
102 Sale 102
10212
5
10212 Sale 10212 10312 35
10612 10658 10658 1065,
5
10118 Sale 10078 10114 677

934 98
125 1314
10034 104
3314 374
28
31
10178 103
101 10334
106 1074
100141 1014

Quotations of Sundry Securities

All bondprices are 'and interest"except where marked"f".
sea Ask
Railroad Equipments
Bid Ask
Standard 011 5
Pax
Anglo-Amer Oil votstock_£1 *2012 2013 Atlantic Coast Line 66
4.85 4.70
Equipment630
£1 *19 20
Non-voting stock
4.35 4.25
Atlantic Refining
100 111 112 Baltimore & Ohio fis
4.85 4.70
Equipment 434s & Es__ 4.30 4.15
Preferred
100 117 11812
25 *48 51 Buff Roch & Pitts equip 6s_ 4.70 4.50
Borne Scrymser Co
Buckeye Pipe Line Co
50 *6514 6578 Canadian Pacific 430 & 68_ 4.50 4.25
Chesebrough Mfg Cons-25 *132 140 Central RR of N J (is
4.85 4.70
4.85 4.65
Continental 011 v $e
10 *17 1714 Chesapeake & Ohio ils
Equipment630
Cumberland Pipe Line_100 98 100
4.50 4.30
Equipment be
Eureka Pipe Line Co--100 70 73
4.30 4.20
8 Chicago Burl & Quincy ea
7
4.85 4.70
Galena Signal011com_100
100 40 44 Chicago & North West (is__ 4.85 4.70
Preferred old
Equipment8HE
Preferred new
100 32 38
4.40 4.25
Humble Oil &Refining-25 *6314 6334 Chic RI & Pao 430 & fa
4.40 4.25
Equipment(is
203
100
201
Illinois
Pipe
Line
4.90 4.75
9815
9818
Colorado
&
Southern (is.-- 5.00 4.80
Imperial Oil
t *594 5934
4.85 4.70
-fl14 Indiana Pipe Line Co_---50 *82 8312 Delaware & Hudson0
4.60 4.35
97 984 International Petroleum _ __ j 4.3738 374 Erie 434e & 58
Equipment(is
5.00 4.85
109 10934 National Transit Co_ _12.50 *2714 2713
4.80 4.75
9934 10215 New York Transit Co__ _100 54 56 Grmt Northern 6s
Equipment 5o
4.35 4.25
9584 9714 Northern Pipe Line Co__100 110 113
4.40 4.30
25 *593 6012 Hocking Valley 56
103 10515 Ohio 011
Equipment65
25 42 4234
4.90 4.75
Penn Meg Fuel Co
1027k 105
25 '48s 49 Illinois Central 430 & 5e__- 4.25 4.15
107 10815 Prairie Oil& Gas
Equipment65
4.80 4.65
Prairie Pipe Line
100 218 21912
9814 99
Equipment 78 & 6345-- 4.40 4.30
100 168 171
Solar Refining
9158 94
102 10312 Southern Pipe Line Co___50 •29 30 Kanawha & Michigan 65._ 4.91) 4.75
25 3814 3834 Kansas City Southern 5345- 4.9 4.60
106 1088 South Penn 011
10434 10738 Southwest Pa Pipe Lines.100 90 94 Louisville & Nashville 66--- 4.80 4.65
Equipment6345
Standard 011 (California)__t *5534 5578
4.40 4.30
10178 105
- 4.5 4.30
Standard 011(Indiana)---2 *74 7414 Michigan Central 5s &
93 96
98 10012 Standard 011 (Kansaa)__-2 *1814 1812 Minn StP &SEIM 430
66-&tis 4.70 4.50
Equipment 6145 & 75.._ 4.75 4.80
101 10815 Standard Oil(Kentucky)_25 *126 12612
Standard Oil(Neb)
25 *4112 4212 Missouri Pacific (is & 8340.. 5.10 4.80
100 102
Standard 01101 New Jer-25 *4018 4014 Mobile & Ohio Eis
4.50 4.30
974 99
9514 10018 Standard Oil of New York.25 *3014 3038 New York Central 430 & fis 4.30 4.20
Equipment Os
7112
4.80 4.65
25 71
9712 9834 Standard Oil (Ohio)
Equipment 7s
Preferred
4.40 4.30
100 11712 11812
94 9534
25 *1534 1624 Norfolk & Western 430____ 4.25 4.15
94 9515 Swan & Finch
Preferred
Northern Pacific 75
4.40 4.30
*25
10134 1024
10834 11014 Union Tank Car Co
100 121 122 Pacific Fruit Express 7s___ 4.40 4.30
25 *142 143 Pennsylvania RR Kt 55 & 85 4.80 4.20
10415 1054 Vacuum 011
lublic Utilities
Pittsb d4 Lake Erie 6345-- 4.45 4.30
10558 10714
4.25 4.15
10615 10834 American Gas & Electric-1 *137 13712 Reading Co 4345 & 56
8% preferred
10012 101
t *108 10814 St Louts & San Francisco 5s. 4.45 4.30
Deb Os 2014
10014 10112
M&N 10918 110 Seaboard Air Line 5345 & 1315 5.25 4.80
103 1043s Amer Light & Tree com_100 191 194 Southern Pacific Co 4345... 4.25 4.15
Preferred
100 115 120
Equipment 744
4.40 4.30
103 104
4.45 4.36
96% 984 Amer Pow & Light pref_100 10514 10534 Southern By 430 & 55
100 10218
Equipment fie
Deb 60 2016
M&S 109's 110
4.90 4.74
Amer Public Util com___100 58 62 Toledo & Ohio Central 6s--- 4.85 4.70
100 101
7% prior preferred____100 99 101 Union Pacific 76
4.35 4.26
10184 10334
Tobacco Stocks
Partici preferred
100 88 90
10684 10834
Associated Elec 5344146A&O 10434 105 American Cigar com____100 140 145
100
Preferred
10314 10658 Associated Gas & Elea com.t *20 22
___
*27 28
Original preferred
10118 104
t *54 554 British-Amer Tobac ord__£1 102Bearer
£1 *27 28
$6 preferred
107 10814
t *95 97
100 102
66
5634 preferred
7014
1 100 101 Como! Cigar pref,
$7 preferred
5534 6212
t 104 106 Imperial Tob of G B & Irel'd *26 27
9924 1014 Blackstone Val G&E com-50 *165 167 lot Cigar Machinery new100 97 105
70
98 10014 Com'w'Ith Pr Corp pref _100 1031 104 Johnson Tin Foil & Met-100 60
98 100
100 48 53
Elec Bond & Share pre:_100 IO9g 11014 Mengel Co
9112 Union Tobacco Co Corn.. 26 28
994 10012 Elec Bond & Share Secur--1 *91
Class A
85 90
10075 101% Lehigh Power Securities-1 *26 2612
100 108 115
10715 10714 Mississippi Riv Pow pref.100 109 110 Young (35) Co
Preferred
100 103 108
1014 1034
First mtge 56
_J&J 10414 105
Sugar Stocks
564 6014
Deb 55 1947 1951_-M&N 101 102
60 * - -- _ _ _ _
9878 101% National Pow & Light pref_t •10812 109 Caracas Sugar
9812 100
North States Pow com_100 135 136 Cent Aguirre Sugar com_20 *1-32 134
922 954
7% Preferred
100 *159 161
100 108 110 Fajardo Sugar
101 1044 Nor Texas Eta° Co com-100 18 20 Federal Sugar Ref com _ _100 16
19
100 55 58
Preferred
100 36 39
Preferred
10214 1025,
t *5
1024 103
Ohio Pub Bert,
7
.7% pref-100 11212 11312 Godchaux Sugars.Inc
Preferred
100 *24 27
10234 103% Pacific Gas & El let tire(-25 *2712 28
13 Holly Sugar Corp com- -t 35 40
92 9475 Power Securities corn
t *11
Preferred
i00 so ss
10134 102
Second preferred
t *65 75
Coll trust 69 1949__J&D 96 97 National Sugar Refining-100 *135 137
10838 1111
:
100 44 47
Incomes June 1949__F&A 98 99 New Mauer°Sugar
994 10035
t *124 127
10012 10215 Puget Sound Pow & Lt__100 5212 5412 Savannah Sugar corn
Preferred
100 115 117
11% Preferred
100 98 100
10738 1084
7% preferred
99
um dI09 111 Sugar Estatee Oriente Lif-100 44 50
9915
let & ref 534s 1949__J&D 104 10434 Vertienteo Sugar 1:11
85 8512
100 60
70
95 9914 South Cal Edison 8% pf__25 *45 48 Rubb Stks(Gifted effotat's)
t *5
8
9412 974 Stand G & E 7% Dr pf--100 113 11414 Falls Rubber corn
Preferred
9378 9612 Tenn Elec Power 1st pre 7% 1084 109
25 *10 19
Toledo Edison 8% pf
9312 96
1044 10512 Firestone Tire & Rub com.10 *175 190
8% preferred
100 11034
94 9738
7% Pref
100 110 111
Western Pow Corp pref-100 104 105
7% preferred
100 1081 1-09
Water Bonds.
General Tire & Rub eom.._25 *166 170
1021
:105
Arkan Wat 1,1 55'56 A.A840 10014 101
Preferred
100 10112 102
9034 9ms Bum WW list 530A'54.A&O 104 ____ Goody'r T & R of Can p1.100 r1073g 1084
let M be 1954 ger B__J&EI 10111 102 India Tire & Rubber new--t 19 20
*34 1
101% 1-664 CRY W(Chatt)530'54A3&D l028g 10312 Mason Tire & Rubber corn.?
lot M 56 1954
Preferred
100
9
12
10814 1094
J&154 100
Miller Rubber preferred_100 921g 93
108 10814 City of New Castle Water
100 41314 50
fis Dec 2 1941
8914 95
J&D I 98 98 Mohawk Rubber
Clinton WW let 541'39_F&A 9718 9812
Preferred
100 .75 80
97 100
101 10315 Com'w'th Wat lot 534aA'47 1021 10312 Setberling Tire & Rubber__ t .39 4015
Preferred
ConaeliovW5sOctp39A&Ol 95 ____
100 102 109
10614 1-66- E St L & Int Wet be '42.J&J 98 --__ Indus. & Miscall
Allied lot Invest pref
let M Os 1942
J&J 103
t •106 110
994 101
25 *73
75
514 5234 Huntington 181 65 '54..M&S 103-- American Hardware
100 117 120
55
1954 983 -6914 Babcock & Wilcox
90
9175
Bliss(E W)Co
1 *1614 1714
Mid States WW 66'36 M&N 103
10012 102
Preferred
50 *58 65
9412 9614 Monm Con W let55'58AJ&D 9558 9715
95
96,
5 Monm Val Wt 530'50.J&J 101 102 Childs Company pref___100 120 123
Hercules
Powder
100 215 225
__
Muncie
WW
ba
Oct2'39
A01
10584 10775
Preferred new
100 119 121
981 9912
St Joseph Water ba 1941A&O 96-8412 88
_
104 10434 Shenango ValWat 56'56A&0 9654 9714 Internal Silver 7% pref-100 124
100 118 fii
107 10735 So Pitts Wat lot 55 1960 J&J 983 -__ Phelps Dodge Corp
let M Se 1955
F&A 991 ____ Royal Baking Pow crom.100 240 250
10212 10438
Preferred
100 107 109
Ter H W W 65 '49 A J&D 102 _103 105
.. Singer Manufacturing
100 455 466
let M bs 1958 ser B__F&D 981
105 10634
Singer Mfg Ltd
612
£1 *6
10538 1064 Wichita Wat let 66'49_M&S 102
1st M be 1956 ger B__F&A Kg
104 205
69
80
•Per ahare. t No par value. •Baste. I Purchaser also pays accrued dividend,
103 1047
Nominal. s Ex-dividend. 14 Ex-right. r Canadian quotation. a Bale Irk*,

1790

BOSTON STOCK EXCHANGE-Stock Record seeSt°,27....

HIGH AND LOW SALE PRICES- PER SHARE, NOV PER CENT.
Safurdak,
Mar. 17.

Monday,
Mar. 19.

Tuesday,
Mar. 20.

Wednesday,
Mar. 21.

Thursday,
Mar. 22.

Friday,
Mar. 23.

Sales
for
the
Week.

STOCKS
BOSTON STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest

Highest

Lo west

Highest

$ Per share
187 Jan 16
99 Mar 7
10212 Feb 28
1204 Jan 18
11014 Jan 24
63 Mar 15
62 Feb 23
90 Mar 16
145 Mar 12
135 Mar 12
170 Mar 12
614 Jan 5
62 Feb23
11412 Feb 23
85 Mar 23
128 Mar 23
120 Mar 5
160 Mar 5
10712 Mar 23
182
Jan 20
41 Mar 16
80 Jan 30
73 Jan 4
56 Jan 10
85 Jan 12
6712 Feb 3
10512Mar 29
13712 Jan 6
138 Feb 15
6778 Mar 17
119 Jan 14

$ per share
Jan
171
81 May
9812 Apr
109 Mar
101
Jan
514 Mar
Jan
58
7834 Jan
118
Oct
97 Sept
15212 Dec
6114 Nov
5512 Jan
1041/ May
64 Feb
90 Jan
90
Jan
124
Jan
103 Sept
178 Dec
25 Feb
64 Feb
60 Mar
42 Apr
4712 Jan
4118 Jan
9214 Jan
Jan
127
122
Jan
63 July
107
Jan

$ per share
188 May
9812 Dee
1034 June
120 Nov
110 Sept
70 July
6912 July
87 June
139 May
118 May
185 Apr
84 Nov
73 May
113 May
Jan
78
118 May
105 May
144's May
Oct
106
Oet
212

Miscellaneous.
3 Mar 19
418 Feb 14
490 Amer Pneumatic Service.... 25
645 Preferred50 21 Jan 3 2414 Feb 14
50 4812 Feb 2 50 Mar 29
100 1st preferred
2,308 Amer Telephone & Teleg__100 17678 Feb 21 1824 Mar 14
1812 Mar 21 24 Feb 1
1,380 Amoskeag Mfg
Assoc Gas & Elea el A _No par ____ ____ _ _
Atlas Tack Corp
No par
912 Jan 12 1512 Feb 8
Beacon 011 corn tr ctfa_No par
144 Feb 20 1714 Jan 5
311 Eligelow-Hartf Carpet _ _No par 91 Jan 8 9612 Feb 4
Coldak Corp.. class A T C___ .10 Jan 3 .40 Jan 19
1801 Dominion Stores, Ltd. No par 10512 Jan 17 125 Jan 28
212 Jan 11
450 East Boston Land
10
534 Mar 2
138 Jan 31
234 Jan 20
1,100 Eastern Manufacturing
5
1,935 Eastern SS Lines, Inc
5 86 Feb 18 9512 Jan 23
No par 4712 Jan 6 50 Mar 2
3,220 Preferred
100 10214 Mar 17 105 Jan 4
184 let preferred
Economy Oroc'y StoreeNr par 1112 Jan 3 14 Feb I
100 252 Feb 20 280 Mar 17
_ _____ Edison Electric Blum
Federal water Serv corn
3334 Feb 9 36 Feb 3
_ 1,830 Galveston-Houston E1ec__100 31 Feb 24 364 Mar 21
461 General Pub Serv corn.No par 1612 Jan 16 214 Mar 21
205 Gilchrist Co
No par 32 Feb 24 3512 Jan 21
3,828 Gilette Safety Razor__ Ivo par 99 Jan 10 10534 Mar 22
110 Greenfleld Tap & Die
25
912Mar 22 13 Jan 13
1,533 Hood Rubber
No par 3312 Mar 23 4312 Jan 3
20 Kidder,Peab Aileen A pref_100 95 Jan 18 9514 Jan 16
72 Libby. McNeill & Libby ___.10
938 Feb 14
9 Jan 7
a Loew's Theatres
8 Jan 30
25
714 Jan 4
1,513 Massachusetts Gas Cos__100 109 Feb 3 1134 Jan 24
193 Preferred
100 7812 Jan 4 81 Jan 27
165 Mergenthaler LInotype_No par 10314 Mar 16 112 Jan 10
660 National Leather
10
312 Jan 8 44 Jan 12
21 Nelson (Herman) Corp
5 2612 Mar 15 z3114 Jan 3
44 New Eng Pub Serv $7 pf No par 102 Jan 3 10912 Feb 7
105 Prior preferred
No par 104 Jan 3 11012 Feb 6
New Eng South altils_No par .10 Jan 3 55 Mar 9
50 Preferred
412 Fob 29
100
4 Jan 4
446 New Eng Talon & Teleg
100 z137 Mar 9 140 Jan 24
910_
100 3412 Mar 20 4012 Jan 3
Plant
'
ft (Thos
Mll180). let pref
100 19 Mar 9 23 Jan 11
125 Reece Button Hole
10 154 Mar 23 16 Jan 5
251Reece Folding Machine......10
184 Jan 10
114 Feb 24
426 Swed-Amer Inv part pref _100 128 Jan 3 135 Feb 20
561 Swift & Co
100 12434 Jan 6 133 Feb10
336 Torrington Co
25 90 Feb 7 103 Mar 13
1,960 Tower Manufacturing
34 Jan 5
5 .90 Mar 19
260 Traveller Shoe Co T C
18 Mar 20 2012 Jan 3
795 Union Twist Drill
5 12 Jan 4 15 Mar 12
2,989 United Shoe Mach Corp__25 6334 Jan 21 7012 Mar 23
p e,
3 u Preferred
13
50
25 294 Mar 22 3112 Jan 19
Foreign Sec 1st pref____
95 Jan 3 101 Jan 31
2,140 Venezuela Holding Corp
8 Jan 14 1212Mar 2
6,340 WaldorfSmInc,new sh No par 1912 Jan 3 2478 Feb 3
109 Walth Watch cl B com_No par 60 Jan 5 71 Mar 22
205 Preferred trust Ws
100 88 Jan 3 96 Feb 7
75 Prlor Preferred
100 104*,Jan 5 10612 Mar 6
Walworth
130
Company
20
1554 Mar 19 18 Jan 24
1,140 Warren Bros
50 152 Jan 4 182 Feb 7
110 1st preferred
50 50 Jan 3 56 Mar 15
26 preferred
5212 Jan 11 56 Jan 28
Will & Baumer Candle coul_r_ 18 Feb 23 18 Feb 23

214 Jan
154 Jan
47 July
1494 Jan
1912 Nov
3834 Jan
74 Oct
154 Aug
77 Feb
.01 Dec
67 Jan
114 June
112 Dec
45
Jan
35 Feb
8734 Feb
10 June
217 Feb
27 Apr
224 Apr
114 Jan
344 June
8412 Mar
Oct
7
3218 July
94 Apr
7 Aug
Jan
6
84 Mar
Jan
70
10312 Nov
214 Mar
2312 Feb
91
Jan
9714 Jan
.10 Dee
2 Apr
1154 Jan
3512 Mar
15 June
:1414 Sept
1 Mar
10512 Jan
115 Jan
Jan
66
278 Dec
16 Aug
912 Bent
50 Jan
Jan
28
83 May
44 July
19
Oct
4012 Jan
61
Jan
10012June
1718 Dee
654 Jan
44 Jan
Jan
45
14
Jan

634 July
2612 Sept
50 Apr
18512 Oct
2712 Nov
UN Dec
12
Apr
2012 Jan
96 Nov
5 Jan
10812 Deo
334 Feb
74 Mar
94 Dec
4814 Dec
106 Dec
15 Sept
287 May
3612 Oct
38 Nov
174 Oct
38 Mar
10914 001
1314 Nov
47
Jan
9534 July
1114 Sept
Jan
10
124 Nov
8178 Nov
116
Oct
438 Ja
33 Dec
10218 Dee
106 Dee
34 Feb
87/ Feb
140 Aug
44 Sept
4238 Jan
1612 Feb
14 Jan
132
Oct
13012 Sept
06 Dee
94 Jan
2112 Nov
1412 Jan
77 Nov
3112 Nov
95 Deo
11
Apr
2712 Feb
6112 Dec
86 Dee

Railroads.
Par. $ Per share
per share $ per share
per share Shares
Per share $ per share 3 per share
100 183 Feb 8
302 Boston & Albany
18312 18418 185 18512
4418312 184 184 18418 44184 18418 184 184
100 9114 Feb 17
1,034 Boston Elevated
95
9512 964 95
96
9634 9634 97
9614 97
9534 96
Preferred
100 100 Feb I
4411)214
4410212 ---- 'x1023,____ *z103 - - *x103 ---100 114 Jan 3
182 let preferred
11618 11632 115 115
116 1164 *116
100 10612 Mar 9
158 28 preferred
108 10834 10812 1084
10712 109
*11071210812 10712 10752 *z10712
100 55 Jan 3
63
1,288 Boston & Maine corn
63
63
63
63
6238 6238 6278 6278 62,4 6214 63
Preferred unstamped_ _100 604 Feb 10
*x65
•/64
_ _ *16414 _ _ *z6414 ---- *.rf15
95 Ser A 1st pref unstamped 100 80 Jan 3
-oo- V690
90 *188
90 4488
90 *288
8978 90 4488
Ser 13 lot pref unstamped 100 130 Jan 9
44130
':130 -Ser C 1s1 pref unstamped 100 114 Jan 4
44120 -- 44125
Ser D 1st prof unstamped 100 15212 Jan 3
114713 150 *1155
44155 -- 44160
- *;ido
Common stamped
100 6012 Jan 5
46214 63
*6214 63 *63 64 *6214 63
*6214 63
Preferred stamped
100 6114 Jan 26
____ *65
4'66
*66
•65
_ *66
257 Prior preferred stamped_ 100 110 Jan 6
111 11112 11113 11112 11112 112 11112 11112 111 111
110 110
325 Ser A lot pref stamped 100 6912 Jan 4
80
83
85
80
80
79
80 447912
80
O:78
80
46 Ser B lst pref stamped _ _100 1064 Jan 3
128 128
.12314 _
122 122 *12234
12314 12314 *12212 _ _
185 Ser C 1st pref stamped _ _100 98 Jan 3
11112 11178
112 112 *11112 113
.112 114 *112 11212 11212 113
18 Ser D let prat stamped _100 135 Jan 4
150 150 *150 160
*155 160 *155 160 *160
•150
•10713 - - 1074 10712
1044 Jan 4
26 Neg receipts 55% paid
*106
*106
*106
*105
Boston & Providence
100 175 Jan 4
180
*z__
180
'z...
'z__.182
182 182
•182
Mass
Street
29 Jan 5
Ewa
Ry
Co_
__100
41
40
339
41
40
38
38
39
40
4012 39
41
41
100 72 Jan 4
248 1s1 preferred
7378 7378 7378 7378 7378 734
*7334 75
7338 7338 734 75
IOU 69 Mar 15
26 Preferred B
72
*69
69
69
*6812 70
70
71
*69
*69
100 53 Feb 24
5412
865 Adjustment
5412 *253
544 544 54
5434 5434 54,2 55
100 59 Feb 15
64
65 Maine Central
64 *r82
64
62
644 62
62 *z62
62
NYNH&
Hartford
100 5934 Jan 16
1,280
827
,
6212
63'8
63
63
,
8
6212
6314
6212 6378 62
63, 64
---30 Northern New Hampshire_100 103 Jan 12
*z105
10512 10512 105 105 *.z105
44105
Norwich & Worcester pref_100 132 Jan 25
•I32 137 *133 137 *133 137 *133 137 *133 137
100 135 Jan 3
298 Old Colony
i:i77T3 138
*6714 6734 13712 138
137 137
137 137
44137
50 6278 Feb 9
6714 6778 6572 6772 6714 6738 6738 6734 674 6778 6712 6778 3,005 Pennsylvania RR
114 Jan 17
Vermont
&
Masaachusetta_1(10
12
11612
120
*z11612
11612
11612
11612
120
4
411612
•111612 120 *.r11612 120

38 338
34 3,4 *314 3,2
338 4,314358
3
2112 2112
2178 *2178 22 z2138 22
2212 21
21
4915 4912
*50 _ _ _ _
"50
4
17934 18012 1794 18118 17978 18034 17838 18034 18018 18114 18034 181-3184 19
184 19
1812 19
19
1912 1912 19
1912 19
*34 338
2212 2212

;ii"

1612
94
*.12 .35
114 114
*412 5
214
442
91
9178
49
50
10214 103
•1234 14
274 280
•3312 35
321•2 3212
19
1912
34
34
1014 102
*9
10
344 35
*95 ____
*914 934
*712 8
110 11112
7914 7914
10312 10312
418
*4

+lo
1612
94149414

;iL- 16-1;

9334 94
9318 9318 9318 94
*.12 .35 *.12 .35 +.12 .35 *.I2 .35
119
119
121
121
115 119
114 115
4
4
438 412. *334 412
414 412
134
112
14
14
2
2
2
2
90
8912 9014
9114 90
90
9114 90
49
4934 4712 4838 49
49
4934 48
104 104
104 104
104 104
103 104
*1234 13
*124 14
+1234 14
+1234 14
271 27712 270 273
271 272
273 280
*3312 35
*3312 35
*34
3412 •3312 35
3612 3534 36
35
35
34
34
33
2138! 21
21
21,4
21
1914 2018 21
34
+3312 3412 34
34
34
344 34
10112 10314 103 10412 10334 10512 10514 10534
912
4952
912
10
9
10
934 94
34
344
3434 36 /3434 3512 3414 35
____ *95
*95 ____ *95 ____ *95
912
*9
9
9
958
914
914 934
"734 8
734 734 *734 8
"734 8
111 11112
11172 112
11134 113
11012 112
7938 794 793g 793
7954 7912 7938 80
10312 10312 *2103 104 •110312 104
10312 104
4
4
4
4
4
4
418 418
2712
2712 *1_.
▪
274 +./._
27
•z26
2712 27
10612 10712
*107
•10612 --- 10612 10612 *107
109 109
10834 1083 *10834 110
•10834 109 *10834 109
•.20 .50 *.20 .50 4..20 .50 .3.20 .35 *.20 .35
4
4
___
412 *4
412 *4
*4
412 "4
138 13812 138 13838 13818 13812 138 13814 138 1384
35
35
35
35
3412 35
354 3478 35
35
20 *____ 20 *____ 20 *-___ 20
•____ 20
1512 154 1538 1538
*21512 16 *21538 16 441538 16
134 134 *1134 - - 44134 _ _ _ _
_
__
*113
4
44134 -- -132 133
132 132
131 131
131 131
131 131
12912 12912 12914 130
130 13012 130 13012 12912 130
9812
98
98
974
1003
4
9934
10112 10112 100 101
112
1
1
114
112
.90
14
•
1912
+.08
18
1818
1912
*218
1.912
*118
1814 19
1334 14
14
1412 1412 14
*14
1478 1412 1478
70
6514 65
6514 /644 6514 65
6518 6514 65
*30
3012 *3012 31 :3018 3018 2938 3018 294 294
98'4 9814
9912 *9812 99
*99
9912 983 9834 *99
10,2 1012
1038 11
11
11
12
114 1138 *11
2238 234 2338 24
72234 23
22
2214 2214 23
7012 71
70
70
67
67
70
*67
*67
70
9234 9234 924 9234 92' 9234
93
*9212 93
93
105 105 44104
•105 10512 10512 10512 105 105
17
.16
17
1534 1534 •16
1534 161
•164 17
171 174
17214 177
17412
174
17212
17012 171 z170
5412 5412 •z644 --- 4./5414 ____
*5512 56 015412
_ •rv5912 -- 44/5918 ___ *55918 --•ry5918
"16
__-- •16
•16
•16
*16
*93

378
51
21
15
•134
.4.75
*64
.65
5414
*10512

112
.0.213
.60
5012
O2614
*AO
•10
*61
*434
1
*.75
9
1412
1238
2612
•172
•.30
•.15
4
•1%
*al
.
.12

*324
51
5052
2114 2034
15,2 15
2
•134
*.50
1
8
*632
.65 *.65
55
55
*10512
•12
*14
•114
•.75
112 •114
.26
.45
.56
.60
504 50
2612
27
.10
.25
*10
20
6112 *61
*434
5
1
1;1',
.99
.99
9
9
•1412
15
1212 1212
2712 27
214 *14
.30
.45'
.35 •.15
412
4
112 *138
114 'al
.20 +.12

51
2078
15
2
.75
.85
5512
214
112
1
134
.26
.56
5012
261'2
.12
20
614
54
1
.99
978
15
13
2712
214
.45
.35
418
112
114
.20

94

94

119 119
315
338
112
112
8912 90
49
49
270 274
-3412 -311-2
34
34
10334 1053
-531.
2 -34-95
95
110l 11053
7934 80
104 104
4
4

133 133
12914 12914
9912 99,2

-68." "7-0-1;
*294
9814
10
2312

30
9814
10
2378

-"Zia

024

1.71- 17112
55
55

Mining.
Arcadian Consolidated
25
---358 --3-34
3,295 Arizona Commercial
5
314 -3-7S
334 3N
Bingham
Mines
395
53
0
58
3
8
8
10
5
:503
8
503
0
3
4
7
852
*5018 5112 51
2112 21
25
2114 2,679 Calumet & Hada
2172 21
2038 2078 21
25
1612 17 z15
1534 2,618 Copper Range Co
1612 17
15
17
300 East Butte Copper MinIng_10
*14 2
134
134 *134 2
*134 2
100 Hancock Consolidated
25
.50 .50
*.50 .75 •.50 .75 •.50 .75
Hardy Coal Co
1
*84 8
+632 8
+632 8
50 Helvetia
25
*
50.45
61
1 5.5
80
*.65 .85 ".65 .85 +.85 .85„
1,548 Island Creek Coal
55
1
55
5512 5434 547s 56
50 Preferred
1
•10.512
106 106 *10512
25
1
14 12N 12
4 1,170 lale Royale Copper
4 1212 12
12 1-2-112
12
Keweenaw
214
300
Copper
25
•14
*14
214
2
2
2
2
112
31 Lake Copper Co
DA
114
25
113 4,114
•114 112 *111
La Salle Copper
•.75
I
25
.75
1
•.75
1 '
I
•75
5
112 112 ---- ----643 Mason Valley Mines
138
14
112 112
Masa
250
Consolidated
25
.35
.26
.35
•.25 .35 •.25 .35 4..25
300 Mayflower-Old Colony
25
.60 .60 *.60 .70 *.60 .75
*.56 .65
52
51
5112 2,330 Mohawk
25
5112 51
50
50
50
205 New Cornelia Copr
Copper
2812 ._ 2622
5
+26
2612 2612 2612 2812 2612 __
_2,000 New Dominion Copper
.10 .10 *.10 .15 *AO .15
20
________ ___ ______ New River Company____ 441
*10
20
20 .10
*10
Preferred
10 Prefeed
61
1I0
6112 61
*61
6112 *61
350 Nipissing Mines
5
5
6
5
434
+44
43
34 5
u
5tittenialining
ng
1
m
*.90
1
2.205
.90 .95 •.90
.90 .99
150 0.1:
11
.,wchy
aB
y
Q
N
:
1
134
14
•.99
25
•.99
.99
.99
•.99
114
25
94 934 1,536 Old Dominion Co
978 •958 034
9
94
9
540 P'd Cr'k Pocahontas Co No par
1314 1334
1414 1 4 ,1 4
1412 14
*14
2
127
25
s
127
1212
4
123
1212 1212 1212
1'57051
9 St Mary's Mineral Land_
25
15
3
2538 *2412 2512 12312 2
2538 25
25
Seneca Mining
No par
*134 212 *134 214
___
_
._
Shannon
10
*.30 .45 *.30 .45 *.30 .45 *.30 .45
Superior & Boston Copper_10
*.15 .35 '
0.15 .35 *.15 .35 •.15 .35
556
Utah-Apex
Mining
4
4
4
4
5
5458's 4,4
4
!..(6
4
230 Utah Metal & Tunnel
112
1
14 14 114 1 114 *114
112
14
200 Victoria
1
25
1
____
1,4
1
*al
1
12 Winona
25
.10 .10 *.12 .25
---•.12 .25

dividend. I New BtOCki
•Bid and asked Mom no Woo on the dm. o Aesownent paid. S Ex-stook




PER SHARE
Range for Previous
Year 1927

3 Jan 3
31 i Mar 21
25038 Mar 22
2014 Jan 10
1412 Mar 14
112 Feb 4
.35 Feb 8
5 Feb 20
65 Jan 21
50 Feb 18
105 Feb 14
:1178 Feb 28
134 Jan 17
I Feb 24
.75 Jan 31
114 Jan 19
.25 Jan 7
.50 Jan 25
4612 Jan 31
2512 Feb 29
.10 Mar 10
____
__
5558Jan 4
438 Mar 2
.90 Jan 6
.60 Feb 24
9 Mar 8
12 Jan 3
1238 Mar 17
12312 Mar 23
3 Jan 3
.25 Mar 8
.15 Mar 12
4 Mar 7
1 Feb 9
.99 Mar 1
.10 Feb 7

538 Feb 24
6 Jan 3
56 Jan 4
234 Feb 7
214 Jan 20
214 Jun 13
.99 Mar 5
12 Jan 14
,85 Feb 25
5578 Jan 4
106 Mar 21
1434 Jan 4
238 Feb 7
134 Mar 3
1 Jan 5
2 Jan 7
.50 Jun 3
.75 Jan 5
52 Mar 22
2912 Jan 3
.15 Mar 12

--672" Jan i§
572 Jan 3
134 Jan 19
.99 Mar 3
1212 Jan 3
1672 Jan 24
1512 Jan 4
3112 Jan 7
3 Jan 3
.65 Mar 9
.35 Jan 30
54 Jan 4
IN Feb 25
124 Feb 1
.30 Jan 6

3 Ex-dividend. I Ex-rights.

4312 Sept
81
Oct
78
Oct
594 Sept
74 Mar
8312 Dee
106 Nov
1464 Nov
13612 Oct
6818 Oct
121 Nov

118 May
2434 Apr
17934 Nov
70 Dec
72 Dec
1812 Nov

314 Dec
July
1014 Jan
July
30 Jan 614 Deo
1418 June 2438 Deo
1178 May 2114 Dec
118 Oct
24 Jan
1 July
.15 Apr
6 Dec 184 Sept
.32
Oct .85 Jan
47 Feb 67 Sept
10412 Sept 107 Apr
16 Deo
9 July
27/ Feb
1 July
3 Dec
Jan
.80
1 Nov
.50 Mar
24 Dec
.70
Oct
Jan
.05 Sept .85
14 Jan
.25 May
344 June 52 Dec
l8' June 3018 Deo
.03 Dec .06 Feb
15 Nov
104 May
56 Nov 75 Feb
1018 Feb
5 Aug
34 Jan
.50 June
114 Jan
.40
Oct
912 Oct 15 Apr
11
Jan
1812 Aug
1918 Apr
1314 July
1812 June 32 Deo
312 Jan
1 July
.16 May .63 Dee
.15 Mar .50 Sept
778 Feb
44 July
2 Feb
Oct
.76
.50 July
2 Aug
.03 Mar .70 June
.20

Ex-dividend and rights,

FINANCIAL CHRONICLE

MAR. 24 1928.]

Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange, Mar. 17 to Mar. 23, both inclusive:
Bonds-

Friday
Last Week's Range Sides
for
of Prices.
Sale
Price. Low. High. Week.

Amoskeag Mfg 65_ _ .1948
Chic Jet Rya US Y 55_1940
1940
45
Chippawa Power 65.._1947
Dixie Gulf Gas 6355._ _1937
Crown Cork & Seal 65_ 1947
East Mass Street R. R1948
41.5s series"A"
1948
5s series"B"
1937
Hood Rubber 75
K C M & IS Inc 55_ _ _ _1934
1931
Maas Gas4Hs
1954
Metr Ice 7s
Mal8 River Power 55_ _1951
New Engl Tel dz Tel 551932
P C Pocah Co 7s deb_ _1935
S Fr Bay TollBge 635s 1951
1945
Seaboard Air 65
So Caro Pow & Lt 643_ _1930
1914
Swift Co 5s
Western Tel & Tel 5s_.1932
Whitenights,Inc 6155_1932

Range Since Jan. 1.
High.

Low.

90)4 9015 91 $38000 90
102% 102 102% 6,000 102
9035 90% 2,000 90
105% 105)4 1.000 105%
99% 99% 5,000 99%
1,000 100
100 100

Feb 95% Jan
Feb 10315 Jan
Jan 90% Mar
Mar 10535 Mar
Feb 99% Feb
Mar 100
Mar

Mar 74
Jan
72
12,000 70
72
83
3,650 77
Jan 8115 Feb
80
1,000 102% Mar 10315 Jan
1023( 10211
Feb 101% Feb
100% 100% 100% 3,000 100
10031 10031 2,000 10031 Jan 1003( Jan
Mar
1,000 100
Mar 100
100
100 100
Jan
3,000 103% Jan 104
104 104
102% 102% 1,000 102% Jan 103% Feb
Mar
4,000 106
Jan 112
111% 111 112
Mar
Mar 100
1,000 100
100 100
86% 86% 2,000 86% Mar 8635 Mar
Mar
Mar 101
1,000 101
101 101
Jan
102% 10215 102% 5,000 101% Mar 103
Mar
13,000 10031 Jan 103
103
10231 103
Mar
Jan 128
9.000 105
126% 128

Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange, Mar.17 to Mar.23, both inclusive,
compiled from official sales lists:

Stocks-

Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.

25
Acme Steel Co
Adams Royalty Co com_.•
All America Radio el A...5
Amer ColortYPe Wm- --•
Am Com Pow 1st pref $7 A
1st preferred 1634 A.._ _
Am Fur Mart Bldg pref 100
Amer Nat'l Gas Corp_
•
American Pub Serv pref 100
Am Pub Util Co prior pf100
Partic. pref
100
American Shipbuilding _100
Amer States Scour Corp A •
•
Class It
Warrants
Armour & Co(Del) pref 100
100
Armour & Co pref
Common el A v t c..25
Associated Investment Co *
Auburn Auto Co corn__ _•
Balaban & Katz v t c_ _ _25
Preferred
100
Bastian-Blessing Co corn *
Baxter Laundries Inc A._5
Beaver Board pref v t 0.100
Bendix Corp el A
100
Borg & Beck corn
10
Brach & Sons(E J) com_ _*
Bunte Bros com
10
Butler Brothers
20
Campbell Wy't & Can Fdy•
Castle & Co (A M)
10
•
Celotex Co corn
100
Preferred
Central Ill Pub Serv pref _•
Central Ind Power pref.
_100
Certifs of deposit_ _ _ _100
Central Pub Serv (Del).
Cent Pub Serv Corp A_ *
Cent States P&L Corp pf _*
Central SW Util corn.- __•
•
Prior lien prof
•
Preferred
Chia City dr Con Ry pt pf_•
Certificates of deposit_ _•
Chic Jeff Fuse & El corn_ a•
Chic N S & Milw corn_ _100
Prior lien pref
100
Preferred
100
Chic Towel co cony pref__*
Club Aluminum Uten Co.'.
Commonwealth Edison_100
Consol Film Ind Inc pref..*
Consumers Co corn
5
100
Preferred
•
V t c pur warr
25
Crane Co corn
100
Preferred
Cutler-Ham Mfg corn._ _10
Decker (Alf) & Cohn,Inc_•
El Household Util Corp _10
Em pireG&FCo7% pf _100
100
8% preferred
Evans& Co,Inc, of A._ _ _ 5
5
Close"B"
•
Fair Co(The)corn
100
Preferred
Fitz Simons & Connel
Dk & Dredge Co com _20
Foote Bros(G & M)Co _ _ 5
Galesburg Coulter-Disc
Godchaux Bug. Inc el"B"•
Gossard Co(H W)corn._.•
Great Lakes D & D....100
Greif Bros Coop'ge A corn •
Grigsby-GrunowCocom _ _•
Hartford Timex part pf _.•
•
Heaney Motor Co
•
Preferred
Hart,Schaffner & Marx 100
25
Illinois Brick Co
Illinois Nor Utilities Pi.100
•
Indep Pneu Tool v t o _
Inland Wire&Cable com .10
ICalamazoo Stove com _._*
Kellogg Switchb'd corn_ _10
100
Preferred
KY Hydro-Elea pi&..100
Kentucky Util Jr cumpf _50
NeystoneSt&Wirecom _100
100
Preferred
_25
Kraft-Phenix Co corn
Kup'himer & Co(B)Inc__ 5
La Salle Ext Univ corn..10
Libby, McNeill & Libby_ 10
10
Lindsay Light corn
McCord Radiator Mfg A..•
•
McQuay-Norris Mfg
Marvel Carburetor(Ind) 10

8531
14
23%
95

108
634
054
34

36%
128
66
10934
34%
26
54
5634
7454
18
2335
22
50
63
100
99
100
8035
10235
40

9731
3635
17911
23
1034
9635
6.4
4535
12035
51%
21
10054
111
7135
7115

68
59
435
51
57
42%
14
44
144

36
118
8%
80
51%
255




46
315
931

6855

Range Since Jan. 1.
Low.

High.

83
21
2
23%
101
95
97%
18%
99
9531
8711
103
4
435
35
87
66%
12%
36
114
5931
101
24
2435
39
SI
66
1611
15
21
38%
42%
49
80
97%
95
94
16
20%
99
76
10335
9935
17%
1435
30
20
97
60
95%
35
165
22
7%
87
311
45
119
48%
25
13%
99
1(1835
55
55
34
107

Jan
Jan
Jan
Feb
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Feb
Jan
Feb
Mar
Feb
Mar
Mar
Mar
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Mar
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan

8634 Mar
2534 Feb
1515 Mar
25;5 Mar
101
Mar
Mar
95
101
Feb
2215 Mar
101
Mar
Feb
100
9631 Mar
11715 Jan
7
Mar
7
Mar
115 Mar
91% Jan
Feb
87
1434 Feb
3934 Jan
13215 Mar
67
Mar
109% Mar
35% Mar
26% :Mar
53
Mar
6015 Jan
8115 Jan
22
Feb
26
Mar
23)1 Feb
4435 Mar
Mar
51
Mar
69
87% Jan
00
Mar
99% Feb
99% Mar
17% Jan
2314 Mar
10015 Jan
Jan
85
Jan
108
10515 Jan
22% Jan
Jan
18
40
Mar
44
Jan
99;5 Feb
65
Jan
100
Feb
39
Jan
189
Feb
25% Jan
11% Mar
96% Mar
5% Mar
47% Jan
12015 Mar
54
Mar
28
Feb
24
Mar
101
Mar
111
Mar
74
Jan
7414 Jan
39% Mar
109
Jan

71
24
46
68
62
20% 21
18%
47%
57
60
4.64
24, 3
43.4
50)5 51
2.33
43
120 245
300 314
40% 40%
500 40%
54
57% 8,300 54
4235 4331
720 393(
1315 14
700 12
4315 45
679 4235
750 134
139 147
41
24
39
41
10 9815
10034 10014
170 47%
48
48%
26
3415 37% 12,25
17,05
65%
109;5 122
3,835
835
815 11
23
75
75
80
2 102
104% 10431
5
50%
5135 51%
4,23 100
250 280
2 100
105 105
97
60%
63
6514
45
46
46
29
3
315 354
84
9
911 9%
13
2
211 2%
40
38
40% 4015
39
1.060 233(
35
7031 4,670 6115
68

Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Mar
Mar
Jan
Feb
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Feb
Jan
Jan

7415
2135
63%
5%
53%
330
4335
57%
44
15%
45
147
42
10034
4815
37%
122
1314
96
104%
5234
280
114
71
50
4
93(
254
4235
40
70%

84)4 86%
2434 25
10% 1534
2335 24
101 101
95
95
9731 9834
21% 22
9914 100
100 100
9415 9435
108 108
634 7
631 7
35
135
8731 87%
74
7835
1334 13%
3615 37%
126 13215
6414 67
109% 109%
33% 3531
2631
51
53
56
57%
7215 76
18
19%
2315 23%
2135 22
42
4215
46
51
59% 69
86
86
99 100
9915 9934
99
9911
16
16
21
2315
99% 100
8015 82
10435 10635
102 10231
18
19
1615 16%
33% 40
20
20
97
9831
60
60
99
97
36
3735
17914 18114
2215 23
10% 10%
9211 96)5
435 5%
45
46%
120% 12035
5015 5211
2634 27
20% 22
100% 101
110 111
70
72
70
72
39
39%
108% 108%

4.605
875
18,260
420
50
300
30
1.250
75
50
10
10
16,105
5.760
6,450
10
860
20
80
37.450
1,060
100
21,750
9,650
95
3,935
14,505
855
100
2,450
550
9,075
1,285
50
355
15
220
50
180
20
965
185
282
640
500
1,595
100
225
160
470
3,920
1,225
835
10,485
1,075
4,100
736
80
10.060
100
4,825
1,09
19
1,280
1,68
510
10

1791

Bales
Friday
Lan Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.

Mar
Mar
Mar
Feb
Feb
Feb
Feb
Mar
Feb
Mar
Mar
Mar
Jan
Mar
Jan
Mar
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Mar
Mar
Feb
Mar
Mar

Meadow Mfg Co com....„• 18
Preferred
50
Mer & Mfrs Sec Co pt pf.25
Middle West Utillties____• 13334
Rights
256
Preferred
100 123
6% cumul preferred_ _ _• 98
6% cum pr lien pref._ •
Prior Hen preferred. _100 12535
Midland Steel Prod com_ •
Midland Util6% pr lien 100 95
7% prior lien
100 10515
Preferred 6% A
100 9034
Preferred 7% A
100
Minneap Honeywell Reg _ * 3254
Preferred
100
MISS Val UM prior lien pf_• 95
Monsanto Chemical Wks.. 4831
Morgan Lithograph com_• 76
Mosser Leather Corp corn • 30
Net Carbon prof
100
Nat Elec Power A part..* 3174
National Leather com _ _ _10
415
National Standard coin...* 54
North American Car com_• 3834
Northena Paper Mills cora•
Northwest Eng Co Corn...* 3234
Nor West Uri pr ln pref_100
7% Preferred
100
Novadel Process Co com_•
Preferred
•
Oklahoma G & El prat_ 100
Penn Gas& Elee"A"cora• 2135
Pick.Barth & Co part pf _.* 21
Pines Winterfront A com _5 7034
Pub Serv of Nor Ill corn __* 17234
Pub Serv of Nor III corn 100 17036
6% preferred
100
7% preferred
100
Q-R-S Music Co corn ____• 6054
Quaker Oats Co corn
• 29734
Preferred
100 115
Reliance Mfg Co pref ..100 103
Ryan Car Co(The) com.25
Sangamo Electric Co
•
Sears, Roebuck corn
• 9631
Shaffer Oil & Rig pref _ _ loo 93
Sheffield Steel corn
• 58
So Colo Pr Elea A corn ..25 2515
So'w G & El Co 7% pf _ _ 100 103
Southwest Pow & Lt pref _* 9114
Steel & Tubed Inc
25
Stewart-Warner Speedom • 8935
Studebaker Mail Ord com 5
954
Swift & Co
100 12915
Swift International
15 30
Thompson (J R)corn _ _ _25
20 Wacker Drive Bldg pt.,•
United Biscuit class A._ _ _• 59
United Light & PowerClass"A"preferred _ _._• 101
Class"B" preferred. •
Common class A new __• 2035
COMX180/1 class B new •
Un Pap Board prof.. -100
U 8 Gypsum
30 72
Preferred
104) 123
Vesta Battery Corp corn-10
Wahl Co com
•
935
Walgreen Co635% pref 100 10415
Corn stk purch warr...._*
1734
Ward(Montgomery)& Co10 13834
Class"A"
•
Warner Gear "A"conv pf25 3535
Williams Oil 0 Mat com_•
7
Wolff Mfg Corp corn
•
Voting trust certificates•
Wolverine Portland Cem 10
6
Woodworth Inc
•
Preferred
• 35
Wrigley(Wm Jr) Co com_• 7715
Yates-Amer Mach part pf• 14
Yellow Cab Co Inc (Chic)* 3115
Zenith Radio Corp. corn.
.
0 5935
BondsAmer,Silica6%s
1943
Bloomington Limest 651942
Cent States Utll 65...1938
Chic City By ctfs of dep '27
Chic City Sc Con Rys 55'27
Chicago0 L & C Co 58 1937
Chicago Railways 59..1927
1st M etf of dep 55.-1927
Commonw Edison 5s..1942
Fed Util(Md) 1st 5%51957
New
3 year 5145
1930
HousG 0 Cos f g 6%51931
Inland G Corp 6155"A'"33
Jewelers Bldg (Chic)651950
Lake St Elev lst 5s. _ _1928
Pub Serv 1st ref g 5s..1956
Sou Unit Gas 1st 65"A"'37
So United Ice 1st 6.5"A"'47
Strauss S D 535s
1943
65 East So Water 615s 1947
St Louis Gas & C 6s._ 1947
Swift & Co 1st s f g 55_1944
United Pub Serv Co15 year 6s"A"
1942
United Pub Util Co1st 65"A"
1947
1st 5359"B"
1947
2 year 5355
1929
Union Gas ULU 6155"A"'37
_
g Os
• No par value.
a Formerly Chicago Fuse

Lose.

High.

6,365
825
60
7,650
26,800
1,385
685
650
284
100
353
207
148
26
1,600
50
65
3,140
2,520
325
70
5,600
4,070
17,900
1,170
20
3.470
50
100
410
295
70
705
111
14.525
245
40
255
20
8,350
820
240
250
650
10
53.000
85
700
305
54
70
125
33,300
450
1,350
3.885
450
130
25

1035
4435
1594
123%
Ian
11635
9335
99
125
88
9434
105
8934
103
30
9734
94
3834
7335
23
138
2735
314
373.4
3234
36
29
9914
9915
1034
28
10835
20
21
5434
15934
15934
110
119
3834
285
111
9836
15
3035
8215
79
4834
25
101
8956
49
7735
9
12435
26
5934
95
59

Jan
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Mar
Feb
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Feb
Jail
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb

18%
55
20
135
2945
12456
100
100
12934
11054
97
10634
92%
105
34
100
9634
50
8035
30
139
3231
435
55
4134
36
3436
105
103
13
32
114
23
22
7435
180
180
115
121
62
312
115
103
2035
3434
9735
93

280
98 101
150
57
57
1,950
1834 2054
800
25
24
60
65
65
72
7434 5,320
25
123 123
150
16
18
415
915 914
10415 10554 1.225
5,150
17.11 1831
138 14015 1.940
15
122 122
3,175
36
35
175
7
754
2,600
2
1
1,600
35 1
100
6
6
225
32
32
285
36
35
19,800
7431 79
1,835
15
13%
3035 3535 16,150
5315 5934 39,950

95
53
14
19
65
72
122
14
9
10034
5
11735
121
32
6%
34
15
535
27
33
6931
1331
3034
3534

Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Feb
Feb
Jan
Jan
Mar
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Feb
Mar
Mar
Feb

101
57
2034
25
68
93
124
24
1234
108
1934
149
128
3831
8
2
1
7
3434
37
79
1734
43
5934

Mat

5.000
24,000
2,000
3,000
2,000
1,000
2,000
8,000
3.000
25,000
10,000
2,000
6.000
10.000
3,000
1,000
2,000
1,000
3,000
15.000
2,000
2,000
1,000

100
97
98
84
65
10454
84
84
10611
94
9634
99
10854
100
99
9954
105
979,4
97
100
100
96
102%

Mar
Mar
Jan
Feb
Feb
Mar
Feb
Feb
Mar
Feb
Mar
Jan
Jan
Feb
Jan
Mar
Mar
Feb
Feb
Mar
Jan
Feb
Jan

100
9934
9834
8714
70
10414
88
8734
109
96
97
9931
117
100
101
9914
10554
98
9734
100
100
98
103

Ma
Jet
Ma
Jar
Fel
Ma
Jai
Jar
Fel
Fel
Ma
Ma
Ma
Fel
Fel
Jar
Jar
Fel
Fel
Ma
Jo.:
Ma
Jar

97

Feb

98

Jar

1734 1834
5334 55
18
20
13115 13434
235 235
122 123
9734 9834
99 100
125 12634
92
92
95
97
10534 10634
8935 9234
10411 105
32
33
99
9914
9415 9535
4835
46
7535 78
27
30
13834 13834
3131 3231
434 435
5011 55
3834 40
36
36
3135 32%
10235 103
10115 10134
1115 12
30
30
11234 11236
2135 2215
21
21
7415
67
172 172
17011 172
11234 115
11934 11931
48
62
295 297
113 115
103 103
1715
15
3134 3131
8835 9715
93
90
55
58
2536
25
102 10354
9034 9134
6735
64
8734 9234
954 934
12934 13034
2931 3054
62
60
9515 96
59
59

100 100
100
99
9834 97
98
98
98
85
85
85
68
68
10435 10434
8531 8531 8511
8415 8415 8434
10835 10834
9535 9435 9531
•634 9635 97
9931 9936 9934
11615 11615
100 100
100
100 101
101
9955 9934
105 10534
98
98
9714 9714
100 100
100
100 100
100
96
96
96
10231 10214
98
101

Retlige Mice Jan. 1.

10015
9731
9954
96

98

1.000

17,000
101
9731 2,000
100
4,000
96
1,000

6136

26
10434
93
6715
9234
954
13234
3431
6234
96
64

Mar
Mar
Mar
Feb
Mar
Feb
Feb
Mar
Feb
Jan
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Feb
Feb
Mar
Jan
Feb
Jan
Mar
Feb
Mar
Feb
Feb
Jan
Jan
Jan
Mar
Feb
Jan
Mar
Feb
Feb
Mar
Feb
Mar
Feb
Mar
Mar
Jan
Feb
Mar
Mar
Mar
Feb
Max
Jan
Mar
Max
Max
Feb
Feb
Feb
Max
Jan
Max

Mar
Mal
Mar
Jar
Jar
Jar
Jar
Jar
Mal
Fel
Jar
Fel
Jar
Mal
Mal
Fel
Fel
Ma
Mar
Fel
Jar
Ma

Fe
9914 Jan 101
9731 Mar 979.4 Ma
97% Mar 10034 Fe
Mar 9731 Jo
96

IOU

Mfg. Co.

Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange, Mar. 17 to Mar. 23, both Inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Stocks-Par.Price. Low. High. Shares.
Am Wholesale pref. _ 100 104% 104;1 104%
Arundel Corp
47%
46
• 46
Atian Coast L(Conn) _ _50
190 190
Baltimore Trust Co
50 159% 15935 159%
Baltimore Tube
10
10
100
Black & Decker corn
•
2635 2634
Preferred
27
27
25 27
Boston Sand & Gravel-100
80
80
Central Fire Ins
4435 45
10
Voting trust certifs.. _10 45
45
45
Ches &Po Tel of Balt p 100 115
115 11534

Range &nee Jan. 1.
----High.
Low.

10 104)5 Mar 107;5
Jan 48
2.435 46
Mar 212
40 190
110 158)5 Mar 165
so 10 Feb 11
Jan 28
60 24
Jan 27
58 28
10 7731 Jan 80
79 4434 Mar 49
Jan 48
50 45
44 11331 Jan 1179.4

Jan
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Jan

1792

Sales
Friday
Last Peek's Range for
veat.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shores.
Citizens National Bank_10
Commercial Credit
•
Preferred
25
Preferred B
25
835% 1st preferred__100
Consol Gas 1 L & Pow_ _ _*
8% preferred ser A__100
835% prat ser C
100
8% preferred ser D__100
5% Preferred
Consolidation Coal_ ___100
Eastern Rolling Mill
•
Fidelity & Deposit
50
Finance Service corn A 10
Preferred
10
Houston Oil pi v t ctfs_100
Hurst(J E)& Co let pfd100
Mfrs Finance corn v t_ _25
1st preferred
25
2d preferred
25
Maryland Casualty Co._25
Merch & Miners Transp__*
Merchants Nat Bank _10
Mono W Penn P P S pt _25
Mortgage Security corn __•
First preferred
50
Mt V-Woodb Mills vi _100
Preferred
100
New Amsterd'm Cas Co_ 10
Northern Central Ry
_50
Penna Water & Power __-*
Silica Gel Corp corn v t
Sun Mtge Co
Un Porto Rican Sus corn _*
Preferred
Union Trust Co
50
United Rys& Electric_ 50
US Fidelity & Guar
50
Wash Bait & Anna')
50
West Md Dairy Inc corn __•
Preferred
•
Prior preferred
50
BondsBaltimore City BondsDock Impt 45
1981
Jones Falls Impt 4/3_1981
Conduit Loan 45_ __1958
Water Loan 48
1958
New Sew Impt 330_1980
1951-1981
48
Belvedere Hotel 1st 68_1932
Black & Decker 8 As_ _ 1937
Central Ry cons 5s_ _ _1932
Commercial Credit 88_1934
5348
1935
Corool G.El & P 4,30_1935
1st ref 68 ser A
1949
Elkhorn Coal Corp 8358 '31
Fairmont Coal 1st 513_1931
Handier Creamery 88_1948
Houston 011634% notes'35
Lexington (sty) St 58_1949
Maryland Electric Ry1st & ref 6%s ser A_ 1957
Md & Patina 1st 48__1951
North Bait Trac 51942
Stand Gas Equip 1st 881929
United Porto Rican Sugar
1937
635% notes
United Ry & E 1st 48_1949
1949
Income 4s
1938
Funding 58
1949
1st Os
Wash Balt Annap 581941
West Md Dairy 8s_ _1948
West Penn Tree 58_ _1960
W Va Ohio Riv Bdg 8358'52

26
2431
72
11134
10435
30
22%
294

187
47
3035
1835

72
9035
71
17
18
41
5031
315
1394
36031
89

10135
100%

10634
99%
10334

51%
7534
94

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Pries. Low. High. Shares.

Range Since Jan. I.
Low.

High.

Mar 54
Feb 2835
Jan 24%
Feb 25
Jan 90%
Jan 73
Jan 12835
Jan 113
Mar 113
Feb 104%
Jan 3331
Mar 2635
Feb 29935
Jan 20%
Mar 1035
Jan 110334
Mar 8834
Mar 2834
Jan 20%
Mar 2031
Mar 191
Mar 4734
Mar 3334
Jan 27
Feb 21%
Jan 84
Mar 22
Jan 98%
Feb 79%
Jan 9035
Jan 7235
Mar 19%
Mar 20
Mar 41
Mar 62
Jan 34234
Mar 2034
Jan 385
Feb
1731
Jan 89
Jan 97
Jan 5534

Jan
Mar
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Feb
Mar
Feb
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Jan

10134
10134
101%
102
9134
10135
10034
108
100
9835
94%
10134
106
9834
99%
9934
10335
103

500 10134 Mar 10334
10135
200 10134 Mar 10234
10135
400 10135 Mar 10235
10134
1,000 102
102
Jan 103
1.700 91
Jan 93
9134
700 10134 Mar 10134
10135
2,000 10034 Mar 100%
100%
4,000 1063,4 Jan 109%
108
1,000 100
100
Feb 100
3.500 98
99
Jan 101
94% 5.000 94
Jan 9931
101% 6,000 100
Feb 101%
10634 10,000 105% Mar 108
70,000 95
97
Jan 9835
1,000 9934 fJan 993-4
993-4
99% 8.000 99
Jan 99%
5,000 10334 Jan 103%
10334
103
2.000 103
Jan 103

Feb
Feb
Jan
Jan
Jan
Mar
Mar
Jan
Feb
Feb
Feb
Mar
Jan
Jan
Mar
Mar
Jan
Jan

9931
88
10034
98

9934
88
10034
98

1,000 9834 Feb 9934
1,000 88
Mar 86
1,000 10034 Mar 101
2.000 98
Mar 101

Jan
Mar
Mar
Jan

99
71%
5134
7534
94
87
10834
96
100

99
7235
5234
80
9435
87
10631
96
100

50
51
2531 2635
2431 2435
25
24
90
9031
70
73
128% 126%
111 111
110 111%
101% 104%
29% 3035
22% 24
290% 295
18
1831
9% 9%
9631 97
88
66
2434 24%
20% 20%
1831 19
18835 188
48% 4735
3034 31
sag 2634
18
19
79
84
1735 1735
9534 9535
74
72
90
9035
8935 71
17
18
1735 19
41
40
49
5034
315 320
13
15%
354 365
9
9
8835 89
97
97
5434 54%

255
2,727
52
125
31
1,054
10
2
28
988
515
957
324
98
90
210
50
49
47
59
118
590
248
10
499
250
130
5
565
115
955
30
55
525
1,262
50
3,946
392
95
89
11
300

50
21%
23
23
8835
8731
12535
11034
110
10034
28
22%
275%
18%
934
95%
66
24%
20
18%
174
45%
3035
25
17%
70
17%
95
71
88
88
17
1735
3835
4834
315
13
34834
9
89%
75
5231

3,000 99
21,000 7134
32,500 51
22.000 7535
7,000 94
13.000 8334
8.100 105
2,000 96
1,000 100

Feb 101
Feb 75
Mar 55
Mar 8434
Mar 98
Feb 90
Jan 107
Mar 96
Mar 10035

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan

•No par value.

Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Mar. 17 to Mar.23, both
inclusive, compiled from official sales lists:

Almar Stores
• 16
Alliance Insurance
• 83
American Stores
• 70
Bell Tel Coot Pa pref__100 11834
Bornat Inc
11
Cambria Iron
50 42%
3135
Camden Fire Ins
Citizens Pass Ry
50
Consol Traction of N J_100 58
235
Cramp Ship & Eng- _ 100
Curtis PublLshing Co com_•
Electric Bonds di Shares......
Electric Storage Batt'y_100
10 725
Fire Association
4
General Asphalt
100
Preferred
100
Giant Portland Cement_50 39
Horn & Hard't(PhIla)com•
Horn & Hard't(NY)corn •
Preferred
100
Insurance Co of N A__ __10 9234
Keystone Telephone- __50
4
Preferred
50
Lake SuperiorCorp-- -100
50 111
Lehigh Coal & Nay
Lehigh Pow Sec Corp com *
10 24
Lit Brothers
Lit SchuylklINavRR&C 50
3835
Manufacturers Cas Ins__
Mark (Louis) Shoe Inc_C* 10
100 75
Preferred
Mlnehill & Schuyl Hav--50 57%
North East Pow
North Ohio Power Co---*
Penn Cent L & P cum pf__• 80
Pennsylvania RR
50
Pennsylvania Salt Mfg_ _50 9734
Phila Dairy Prod prof WW
Phlla Electric of Pa
25 5934
PhIla Elee Pow recta__ 25 25%
Phila. Rapid Transit
50 60
60 6174
7% Preferred
Phila & Read C & I Co__-•
Certificates
Philadelphia Traction__ _50
Phlla & Western Ry pf.b0
Reading Company
50
3134
Reliance Insurance
Shreve El Dorado Pipe L 25 2134
Scott Paper Co pref____100
Stanley Co of America.....*




Low.

2,825 1431 Jan
15% 16
8335 2,650 74
Feb
80
Jan
69% 7234 4,545 84
363 11534 Jan
116 118
520 11
1135
Mar
11
838 42
Mar
43
42
1.390 2735 Jan
32
30
8 189
Mar
189 169
5835
Mar
685 54
58
1% Feb
800
234 231
50 175
Feb
18035 180%
100 9335 Mar
9334 9334
123 6934 Jan
7034 7234
5,525 64% Feb
72% 75
100 8874 Mar
8635 8834
100 134
Mar
134 134
40 31
Feb
39
39
135 215
Jan
234 241
7,465 52
Feb
5834 64
244 108
Mar
109 110
8934 9731 9,755 8434 Feb
100
3
Jan
4
4
8 12
Jan
14
14
3
Jan
634 735 3,050
10834 11235 2,200 10534 Feb
Jan
1,550 20
2534 2831
747 2234 Jan
2435
24
31
43 Mar
43
43
725 2734 Jan
3535 3834
Mar
1234 6,575
9
9
Mar
80 85
85
75
40 57
Feb
5734
57
1,800 2034 Mar
2031 20%
Jan
2735 7,775 18
25
80 7934 Jan
8134
80
Feb
6734 67% 14,100 63
Jan
185 92
97%
94
Mar
275 90
91
90
2,500 5534 Jan
5834 80
Jan
2531 25% 3,500 22
Jan
1,158 55
6034
60
Jan
528 50
6135 6135
300 2834 Feb
3034 3034
Mar
140 30
30
30
306 5834 Jan
59% 60
Jan
10 35
3534 3574
100 10735 Mar
10734 10735
1,525
2834
Mar
33
2934
Mar
1934 21% 3,090 18
31 103
Jan
10935 1093-4
4931 5,050 4734 Jan
48

Range Since Jan. 1.
Low.

High.

Tono-Belmont Devel__ _1
Tonopah Mining
1
331
Union Traction
50 3935
United Cos of NJ
100
United Gas Impt
50 119
United Lt & Pr "A" corn_*
U El Dairy Prod class A__* 55
let preferred
•
Victor Talking Mach corn *
6% cumul pref
*
7% cumul pref
•
Victory Insurance Co
West Jersey & Sea Sh RR50 38
Westmoreland Coal _ __ _50 5435

135
Jan
1
1.11e 2,000
3% 4
2,800
174 Jan
1,284 3735 Jan
3935 40
228 226
108 2253.4 Feb
118% 120% 50,350 11131 Jan
1874 1935 29,500 1535 Feb
55
58
880 3835 Jan
9131 9134
Jan
15 87
Jan
713-4 8835 3,050 53
175 175
100 1093.4 Jan
108 10935
200 10234 Jan
28% 32%
780 2735 Feb
3534 36
220 35
Feb
5435 55
30 5434 Feb

2
434
4035
227
12034
1934
57
9534
8834
175
10934
34
3974
5735

Jan
Feb
Feb
Jan
Mar
Mar
Feb
Feb
Mar
Mar
Mar
Jan
Jan
Jan

BondsElec & Peoples tr ctts 48'45
Keystone Telep 1st 58_1935
LakeSupCorplst5sstpd1929
LehCoal&NavCon4301954
Leh Vali Annuity 138
Phlla Co 5s
1987
Phila Elec(Pa) late 148'88
Ist lien & ref bs
1980
1st bs
1988
lat lien & ref 5 Ms_ _ _1953
Nina Elec Pow Co 5355 '72
PhIla&RclgTermdebbs 1941
UnItedltv&EI(Baltl4s 1949

13234
96%
19
10131
131
100
95
105
10834
10734
108
107
7814

63
82,300 80
9834 3,000 9835
19
1,000 14
101%
1,000 101
131
1,000 131
10034 8,000 9831
95
3,000 92
105
1,000 10431
108%
1,500 108
10735
1,000 10634
106
1,500 105%
107
1,000 107
7814 10 000 6414

63
97
19
10134
131
10035
95
105
109
10734
10634
107
80

Feb
Jan
Mar
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Feb
Mar
Feb

Jan
Jan
Jan
Jan
Mar
Jan
Feb
Feb
Jan
Mar
Jan
Mar
Jan

•No par value.

Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange, Mar. 17 to Mar. 23, both
inclusive, compiled from official sales lists:

Stocks-

Friday
Sales
Last Week's Range for
of Prices . Week.
Sale
Par. Price. Low. High. Shares.

Am Wind GMI ach,com100
Preferred
100
Amer Wind GI Co, pref _100
Arkansas Nat Gas, com_10
Armstrong Cork Co
Blaw-Knox Company_ _.25
Carnegie Metals Co
10
Colonial Trust Co
100
Columbia Gas & Eieo. _ _ _•
Devonian Oil Co
10
Dixie Gas & UM,com_ - •
Preferred
100
First Nat Bank (Pgn)_100
Barb-Walk Ref, com _100
Independent Brewing, p150
Jones & Lau'g'n St. pt 100
Lone Star Gas
25
Marine National Bank_100
Nat Fireproofing, com _ _50
Preferred
50
Penn Federal Corp, cam.*
Preferred
100
Pittsburg Oil & Gas
5
Pittsburg Plate Glass_ _100
Pitts Screw & Bolt Corp..•
Stand PI GI, prior pi...100
Stand Sanitary, corn w I_ _•
Tidal Osage 011
10
Union National Bank_ _100
Union Steel Casting,corn_ _
United Eng & Fdy,com.50
United States Glass
Waverly 011 Wks,class A._
Westingh'se Air Brake new
West Penn Rys, pref._.100
Witherow Steel, pref...100
Zoller (William) Co, corn.*
Preferred
100
Rights.
Armstrong Cork Co
• No par value.

Range Since Jan. 1.
Low.

25
24
25
605 18
42
45
42
175 35
60 84%
8935 89% 90
845
7%
8
7% 8
1,992 6435
8435 67
65
103 10435
660 91
103
17,859 1835
2431 27
28
5 250
250 250
32 90%
92% 9235 9235
885
735 8
735
300
935 10
9
8835 88
425 8035
8835
345 350
350
38 345
192
192 192
314 178
4%
4
4
200
122 122
15 120%
3,185 52%
5335 53% 54
167 188
25 150
425
835
935 931
24
2335 22
2,180 1935
7%
250
7
7
73(
15 97
99% 9935
331
3%
179
331 3%
226
570 210
218 230
5035 am 50% 1,100 48%
45 31
33
34
2,570 34
35
34
34
250 MK
1831 17
19 475
510 510
25 30
30
30
1,200 50
51
50
50
50 13
13
13
13
10 33
33
33
370 46%
52% 54
17 101%
103 103
40 69
70
70
420 2234
40
40
39
100 95
95
95
335

334

4

1,308

Feb
Jan
Jan
Feb
Mar
Jan
Jan
Feb
Feb
Mar
Jan
Feb
Feb
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Mar
Mar
Feb
Mar
Mar
Mar
Sept
Jan
Jan
June
Feb
Jan

335 Mar

High.
25% Mar
45
Mar
90
Feb
935 Feb
Mar
67
105
Feb
2735 Mar
Jan
258
Jan
94
Jan
10
10% Jan
8835 Feb
Jan
360
19234 Mar
4% Jan
Mar
123
55% Feb
Mar
168
Mar
10
Mar
24
7% Jan
99% Jan
Jan
4
Feb
234
Mar
bb
Feb
36
Mar
36
2635 Mar
Mar
510
Jan
34
Jan
81
1531 Jan
43
Feb
58% Jan
Mar
103
June
71
40
Mar
98
Jan
4

Mar

Cincinnati Stock Exchange.-Record of transactions
at Cincinnati Stock Exchange, Mar. 17 to Mar. 23, both
inclusive, compiled from official sales lists:

Range Since Jan. 1.
High.

14445V4a4NKgAgagA44aatt4a5tria5O44ggXAK44WWO4aVAa

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.

.
.
.
.
. .
.. . I
aotowowc.wwatme,
ommoomtawcw.
'' ea m.mo.4.woo-4.40c,
.mww.i...-loo
a.c...4-4a.wom.oc.owco
bawo,o.mc.m..4-404..t.
A.on-acuog,00wwmwo
=== AAAA XAA X= AA AAAA
A
A =
1

Stocks-

[VOL. 126.

FINANCIAL CHRONICLE

Stocks-

Friaay
sates
Las Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.

Am Laundry Mach cora _25
Am Laundry Mach pf _ _100
Amer Rolling M111 corn _ _25
Baldwin corn
100
Buckeye Incubator
•
Burger Bros
•
Carey (Philip) corn
_100
Cary (Philip) pref
100
Conti Brass
100
Cent Ware & Reirlg "A" 20
Central Trust
100
ChampCoatedPappfsew100
Champ Fibre pref
100
Churngold Corp
On Car Co
50
CNO&TP
100
CNO&TPpret
100
Cln Gas & Elec
100
C N & C Lt &Traccom_100
CN&CLt&Tracpref 100
Mel Land
100
Cln Street Ry
51)
Cln & Sub Tel
50
Gin Union elk yards old _
Cin Union Stock Yards_ 100
Cin Postal Term pref _100
City Ice & Fuel
•
Coca Cola"A"
•
Crosby Radio
•
Cooper Corp(new)
_100
Cooper Corp new pt _100
Crown Overall pret
-100
Dow Drug com
100
Eagle-Picher Lead corn_.20
Eagle-Picher Lead pref _100
Formica Insulation
•
French Bros-Bauer pref100
Gibson Art cam
•
Globe Soap 1st pref.---100
Globe Wernicke com_ 100
Preferred
100
Onion Watch tom
•
Preferred
100
Hatfield-Reliance com_ •
Preferred
100
•

101
10031 102
2834 2634 2851
10831 10235 10735
36
39
35
35
38
1434 1434
280 280
12534 126
25% 2534 2534
2%
2% 2%
265 285
108% 106 10835
109 109
48% 4434 48%
30% 3034 323-4
452 452
118 118
9834 98
9834
10034 10034 101
7034 7634 7635
116 119
52%
5234 52
123% 123 12334
21834 21834
44
4434
9234 9234
4231 3834 4234
31
31
31
2831 2534 28%
68
6534
9731 98
103% 103%
3835 3731
1834 18
1834
100 102
102
21
2034 21
9335 9334
4731 4831 4731
60
80
80
90
90
99
99
99
5131 5131
115 115
115
17
17
103 105
103
Anl,

.411/

e1121,

Range Since Jan. 1.
Low.

1,758
369
4,851
100
454
160
13
110
85
50
50
88
2
278
2,348
5
5
534
78
54
219
801
148
55
190
1
368
20
1,088
160
27
2
24
3,142
122
55
1
1.402
5
5
20
25
5
10
118

10031
2434
0934
3531
35
13
250
12434
253-4
2%
280
100
108
42
2934
420
11531
9734
9735
75
110
4534
11834
16235
44
90
3834
3034
25
62
9734
102
38%
153.4
100
20%
90
43
55
90
98
50
11434
15
99

1 5111

LAU

Mar
Jan
Mar
Mar
Mar
Jan
Jan
Feb
Feb
Mar
Mar
Feb
Jan
Mar
Feb
Jan
Jan
Feb
Feb
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Feb
Mar
Feb
Mar
Feb
Jan
Jan
Mar
Mar
Mar
Jan
Jan
Feb
Feb
Jan

mar
Feb
Feb
Jan
Jan

High.
114
2734
120
41
49
1434
270
126
2731
4
269
10635
109
50
3334
452
120
993'(
100
7834
119
55
12834
225
44%
9234
42%
3234
27
0834
103
104
11934
2434
118
26
9334
49
65
9534
101
5431
118
18
109
4914

Jan
Mar
Jan
Jan
Jan

mar
Jan
Mar
Feb
Jan
Jan
Jan
Mar
Feb
Jan
Mar
Jan
Jan
Mar
Mar
Mar
Jan
Jan

mar
Mar
Feb
Mar
Feb
Feb
Mar
Jan
Feb
Jan
Jan
Feb
Feb
Mar
Feb
Mat
Jan
Feb
Feb
Feb
Feb
Feb

Mal

MAR. 24 1928.]

FINANCIAL CHRONICLE

Sales
Friday
Last Veek's Range for
of Prices.
Peek.
Sale
Low. High. Shares.
Stocks (Concluded) Par.
40
Kahn participating
* 4734
Kodel Radio "A"
10 7534
Kroger com
• 28
Lunkeisheimer
100 115
Nash(A)
*
MoLaren Cons "A"
_100
Mead Pulp special pref.
*
Mead common
100 3434
Meteor Motor
10 40
National Pump
Ohio Bell Tel pref
100 11234
Paragon Refining com__25 10
Preferred
100
Procter & Gamble corn_ _20
100
6% preferred
100 98%
Pure 0116% pref
8% preferred
100
Putman Candy corn
*
Rapid Electric
100 49
Rollman pref
100 99
Sabin Robbins
100
U El Playing Card
10 7034
•
U El Shoe com
7
Preferred
100 50
Vulcan Lest corn
100 121

43
•40
4734 48
7534 7634
2734 28
10534 115
1734 1734
10934 109%
71
71
34
35
39% 41
112% 113%
934 10
11734 11734
249% 250
112 11231
9834 99
111 111
15
15
39% 49
99
9934
105 105
703( 75
731
7
48
50
11634 131

110
30
402
50
114
125
20
50
413
362
128
451
19
280
112
212

Range Since Jon. 1.
Low.

40
26
70
2531
100
16%
106%
65
26
37
110
934
106
249
111
96%
111
15 1434
1,45
3434
4
99
2 101
10
64
29
5%
13
45
1,45
60

Jan
Feb
Jan
Feb
Mar
Feb
Feb
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Mar
Feb
Feb
Mar
Jan
Feb
Jan
Mar
Jan

High.
43%
5534
80
2731
11734
19
110
82
36%
42
113
11%
118
275
112%
11134
11334
17
49
9934
105
8334
7
6134
135

Mar
Jan
Jan
Mar
Jan
Feb
Mar
Jan
Mar
Jan
Mar
Mar
Mar
Jan
Mar
Jan
Feb
Jan
Mar
Feb
Mar
Jan
Mar
Feb
Mar

•No par value.

Cleveland Stock Exchange.-Record of transactions at
Cleveland Stock Exchange, Mar. 17 to Mar. 23, both inclusive, compiled from official sales lists:

Stocks-

Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par Pric e.Low. High. Shares,

Amer Multlgraph com___•
Amer Ship Bldg pref _.100
Akron Rubber rec
Allen Industries pref
*
Bess Limest & Cem com-•
Buckeye Incubator corn.
.8
Byers Machine "A"
•
Central Alloy Steel pref 100
City Ice & Fuel corn
Cleve Cliffs Iron corn.
Cleve Elec Ilium corn_ _100
100
Preferred
Cleveland Ry common _100
_10
Cleve Securities pr in pf.
Cleveland Stone common _•
100
Cleveland Trust
Cleve Worsted NI, com _100
Dow Chemical common_ _*
100
Preferred
Elec Control & Mfg coin.*
Faultless Rubber corn...
Federal Knit Mills coin_ *
Firestone Tire & It com_10
100
6% preferred
100
7% preferred
•
Foote-Burt common
General Tire & Rub corn 25
100
Preferred
Goodyear Tire & R pf _ _100
G113850111 Chemical corn 100
100
Preferred
Great Lakes Tow pret_100
Greif Bros C'page corn...*
Guardian Trust
100
100
Halle Bros pref
Hanna(MA)1st prof _ _100
Harbauer common
Harris-Seybold Pot com
India Tire & Rubb com •
Interlake Steamship corn_*
Jaeger Machine common_*
Jordan Motor prat_ _..100
•
Kaynee common
Kelley Isld L & T com.100
LeMur
Metro Paving Brick corn_*
Miller Rubber pref _ _ _ _100
Mohawk Rubber com_.-_*
Preferred
Murray Ohio Mfg corn._ _•
•
Myers Pump
10
National Acme corn
National Refining corn_ _25
100
Preferred
*
National Tile corn
Nineteen IIund Wash corn*
Ohio Bell Telep pref. _100
*
Ohio Brass "B"
100
Preferred
Ohio Seamless Tube corn*
•
Otis Steel corn
*
Packard Electric
8
Packer Corn
Paragon Refining corn_ _25
50
Peerless Motor corn
*
Richman Bros corn
River Raisin Paper corn.
*
Seher Hirst corn
Sandusky Cement coin_ •
Selberling Rubber corn....8
100
Preferred
Sherwin-Williams corn_ _25
100
Preferred
•
Smallwood Stone corn
25
Steel & Tubes coin
Telling-Belle Vernon corn.
Thompson Prod corn.. _100
Trumbull-Cliffs Furn pt100
•
Trumbull Steel corn
100
Preferred
Union Metal Mfg coin_._•
100
Union Trust
White Motor Secur prof 100
*
Wood Chem corn
Youngstn Si & Tu com_ •
100
Preferred

28

36

4234
11234
10634

26
13534
58

1 1034
109
10134
13434
109
108
40
10334
56

24
31
9241
45
153-4
3634
14%

10034
1634
5534
343-f
10
21

4034
67
108
67
2334

45

Range Since Jan. 1.
Low.

High.

354 26% Jan 2831 Feb
28
283-4
Mar 110
Mar
34 110
110 110
150 21
Feb 29
Jan
2134 22
343‘
210 3134 Jan 37
Feb
34
35)4 36
170 3534 Mar 3731 Jan
100 34% Mar 49
Jan
37% 3734
15 37
Feb 40
38
38
Jan
93 10931 Jan 112
11034 11034
Mar
3834 43
4,463 3634 Feb 43
Mar
114% 114%
50 104
Jan 120
Mar
410 410
10 355
Jan 410
Feb
11234 113
308 11234 Jan 114
Feb
190 106% Mar 109
10634 1073-f
Mar
234 3
261
134 Feb
3
Jan
79
79
40 70
Feb 79
Mar
400 400
91 359
Jan 400
Mar
2234 26
223 2134 Feb 26
Mar
13534 13534
5 112% Jan 140
Jan
105 105
25 105
Feb 107
Feb
58
58
28 5444 Jan 58
Mar
37
285 37
38
Feb 39% Jan
3334 34%
85 32
Jan 35
Jan
180 192
242 170
Mar 232
Jan
110% 110%
12 109
Jan 111
Jan
10834 109
339 10834 Feb 11134 Jan
25
2534
390 25
Mar 30
Feb
165 165
20 165
Mar 190
Jan
1,190 102
1013-4 103
Feb 10234 Mar
05
95
25 95
Mar 9931 Feb
13434 13434
20 12931 Feb 135
Jan
10734 109
77 10534 Feb 109
Jan
50 108
108 110
Jan 110
Mar
40
40
25 40
Jan 43
Feb
460 465
25 390
Jan 455
Mar
205 102
10334 10334
Jan 10434 Feb
65
56
20 66
Mar 75
Jan
1234 12%
60 123-f Mar 14
Jan
18
18
50 18
Mar 24
Jan
19
19
60 18
Feb 23% Feb
126 126
10 123
Feb 12634 Feb
2834 28%
227 2834 Jan 30
Jan
24
30
70 20
Jan 50
Mar
33
540 3134 Mar .
32
3531 Jan
50
51
694 50
Mar 0534 Jan
32
31
3,335 27
Mar 32% Mar
3734 37%
103 31% Jan 37% Mar
92
9234
230 89
Feb 98
Jan
45
37
615 2934 Jan 45
Mar
75
78
69 55
Jan 80
Feb
15
1534
300 15
Feb 15% Mar
363-4
36
8.50 33
Feb 3731 Feb
12
15
7,533
734 Jan
15
Mar
36% 36%
170 353-4 Jan 39
Jan
135 135
100 135
Feb 135
Feb
3334 33%
275 33
Feb 35% Jan
30
30
520 2834 Jan 3034 Feb
112 112
25 11034 Jan 113% Mar
100 10034
774 9034 Jan 10034 Mar
10734 10734
17 106% Mar 108
Feb
39
39
30 39
Mar 42
Jan
13
1634 1,960 113( Jan 16% Mar
5234 553.4
575 47
Jan 5534 Mar
3434 3434
305 3234 Feb 35
Feb
10
220
10
934 Jan 113( Jan
20% 21
250 17
Feb 2234 Jan
264 267
222 256
Feb 290
Jan
934 log 1,525
Jan 10% Feb
26
26
650 26
8% Feb 27
Jan
19934 200
35
Jan 200
Mar
36
3334 Feb 4434 Jan
4034 1,15 155
10434 10434
2 103
Feb 10634 Jan
67
68
28
Feb 69
Jan
108 10834
65
16 107%
Feb 10934 Jan
30% 30%
25 2934 Jan 32
Feb
64
955
68
Jan 68
Mar
46
47%
230 53
45
Feb
e 48
Jan
2334 24
301 22
Feb 25
Mar
105 105
60 105
Jan 106
Mar
1134 1134
470 10% Jan 13
Feb
97 100
889 8934 Jan 10834 Feb
47
45
90 46
Ma
48
Jan
300 300
51 285
Jan 300
Mar
14 10334 Jan 105
104 104
Mar
26
2631
470 2534 Fe
2634 Mar
9031 90%
100 9034 Ma
soh. Mar
107 107
15 106
Fe 10734 Jan

•.No par value.

San Francisco Stock Exchange.-Record of transactions at San Francisco Stock Exchange, Mar.17 to Mar.23,
both inclusive, compiled from official sales lists:

Stocks-

Sales
Friday
Last Week's Range for
IWeek.
of Prices.
Sale
Par. Price. Low. High. Shares.

134
138
American Company
227
Anglo&LondonPN'IBank_. 229
3834 3734
Atlas Im Diesel En "A" __
185
189
Bancltaly Corporation




Range Since Jan. 1.
Low.

High.

139
15,088 130
Jan 143
Feb
725 225
235
Mar 256
Jan
1,990 31
Jan 39
38%
Mar
194% 73,270 13734 Jan 19634 Mar

1793

Friday
Sales
Last
Veers Range for
Valk.
Sale
of Prices.
Stocks (Concluded) Par. price. Low. High. Shares.
1,080
lank of California. N A ---------310 350
lank of Italy, N T & El A __ 292
292 29734 20,046
165
10634 125
:alamba Sugar com
30
97
97
Preferred
480
:ialifornla Copper
225 250
225
1,895
126 139
;alit Cotton MBEs corn_ _
139
950
3aUtomia Ink
39
38
38
7534 1,204
74
.ialifornia Packing Corp _ _ _
74
275
26
25
.ialifornia Petroleum corn _
25
70,529
66
3aterpillar Tractor
62
65
85
100 10034
Pciast Co Gas& El 1st pfd _
35
3rocker First Nat'l Bank_ _ __ __ _ 400 422
9,160
29
3alry Dale"A"
27% 27
3airy Dale"B"
293-4 24,764
273-4 25
215
Cast Bay Water A pfd
98
97
98
8
%.ast Bay Water B pfd10134 10134
810
iimporlumCorporation,
-The 3334 3234 34
300
300 350
zageol Motors cora
350
4'ederal Brandes
31% 3031 3334 69.550
1,115
122 1247-f
Areman's Fund Insurance_
1634
s'oster & Kleiser cora
1534 1634 4,261
256
3t West Pwr Ser'A'6%pfd 10131 10134 10134
260
3reat Western Power pfd
10534 10431 10534
260
laiku Fruit & Packing pfd
2734 2534 2734
1434 1634 2.335
Haiku Fruit & Pack
16
370
5234 53
HawailanCom'I&Sug,Ltd _
165
Hale Bros Stores, Inc
2834 28
2834
1,640
Hawaiian Pineapple
453-f 443-4 46
1,640
Hawaiian Pineapple
457-4 4434 46
2,422
Home Fire & Marine Ins
4734 4534 48
1,425
37
36
Honolulu Cons Oil
36
856
Hunt BrosPack "A"corn
2334 2334 2334
5
Hutchinson Sugar Planta'n
1534 15%
1,670
Ellinots Pacific Glass"A"
4834 4634 4934
950
1534
bangendorf Baking "A"_ _ _
1534 15
170
L. A Gas &Electric pfd ____ _ ____ _ 107% 1083-4
.74 1.473-4 114,496
41agnavox Co
1.35
1,259
Uagnin, I coin
243-4 24
243-4
40
r08 109
stor Am Investment, coin_ 109
195
100 100
Preferred
700
1034
9
Paauhau Sugar Plantation_
10
Pacific Gas & Elec, com
48
4634 483-f 11,091
' let preferred
2834 273-4 2834 5,410
7434 833-f 35,444
Pacific Lighting Corp, corn 81
477
6% preferred
10334 10434
104
65
Pacific Tel & Tel, coin _ _ _ _ ______ 150 150
150
11834 120
Preferred
10,580
Paraffine do's, Inc, corn
10134 101 103
60
Phillips Petroleum
393-4 3934 393-4
1,225
Pigsty Wiggly West Sts"A" 2634 26
2734
330
1444 15
Pig'n Whistle, pref
85,982
lichfield 011
3134 293-f 32
7.738
3334 36
inns Bros. corn
343-i
170
Preferred
100 1013-4
145
3 J Lt & Pow. pr pref
11634 11634
16
6% prior preferred
10334 10334 10334
3.F Schlesinger, A corn _._
26
26
2635 2,25
365
Preferred
983-4
683-4 67
Shell Union 011, corn
26
2534 2634 6,370
60
Sherman & Clay pr pref
98
9834
98
90
Sierra Pacific Elea, pref
9534 9534 96
110
Southern Pacific
1203-f 12134
655
sperry Flour Co, corn
6434 6034 6434
45
Preferred
10134 10134 10234
80
Spring Valley Water
105 1053-4
105
Standard 011 of California_ 56
5531 5634 17,583
Union 011 Associates
495-4 473-4 50)4 18,090
64,343
Union Oil of Califonila
493-4 4831 51
120
Union Sugar. corn
8
8
145
Wells Fargo Bk & Un Tr
______ 300 340
530
West Amer Finance, pref._
53-4 6
103-4 1134 9,040
Yellow & Checker Cab _ _ _ _
11
Zellerbach Corporation
5234 20,196
51% 50
625
135 13734
6%
iiia
144
1/7
1.
2,1.
41,
1100/ IQK

Range Since Jan. 1.
Loto.
26934
260
97
9134
240
75
30
71
233-4
53
98
365
23
2734
9534
1013-4
32
200
263-4
110
14
9834
10334
23
934
513-4
27
41
41
42
35
233-1
13
4534
12
1053-1
.30
22
105
99
9
4374
2634
7234
10034
148
11334
847-4
353-4
233--I
143-4
2334
31
98
11334
100
2134
92
24
95%
95

1183-4

6034
99%
105
53
4134
4234
7%
295
534
83-4
43
117
120

HOD.

Feb
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Feb
Jan

350
2973-4
125
98
300
152
4034
78
273-4
66
102
450
29
2934
98
110%
3434
300
3334
127
19
10134
10634
2734
1634
5334
31
46
46
4934
38%
25
1534
5334
1634
1093.4
14734
2534
109
102
11
4934
2834
8334
1063(
mu 157
Jan 124
Jan 10534
Feb 4334
Jan 3134
mar 15
Feb 32
Feb 3634
Jan 10134
Jan 118
Jan 105
Jan 2734
Jan 983i
Feb 2634
Jan 99
Jan 9634
Feb1233-4
Mar 6834
Jan 10434
Jan 10734
Feb 5634
Feb 5034
Feb 51
Mar 13
Feb 340
8
Mar
Jan 1134
Jan 54%
Jan 145
Jan 144

Mar
Mar
Mar
Mar
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Mar
Mar
Mar
Jan
Mar
Jan
Feb
Mar
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Mar
Feb
Mar
Feb
Mar
Jan
Mar
Feb
Feb
Feb
Mar
Mar
Feb
Jan
Feb
Mar
Jan
Feb
Jan
Mar
Mar
Mar
Feb
Feb
Mar
Mar
Jan
Max
Max
Jan
Feb
Mar
Jan

Jar

Mai
Mai
Jar
Mal
Fet
Jar
Fet
Fet
Fet

February 28 1928.
Official notice has been given the San Francisco Curb Exchange that the United
Bank & Trust Co. has been succeeded by the Security Bank & Trust Co., into which
it was recently merged. Effective Thursday, March 1 1928, United Bank & Trust
Co. stock was removed from trading on this Exchange and succeeded by stock of the
Security Bank & Trust Co. Stock in the United Bank & Trust Co. will be good
delivery against sales of Security Bank & Trust Co. stock on a share-for-share basis.
The ticker symbol for Security Bank & Trust Co. stock will be "8."

St. Louis Stock Exchange.-Record of transactions
at St. Louis Stook Exchange, Mar. 17 to Mar. 23, both
inclusive, compiled from official sales lists:
Stocks-

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.

Range Since Jan. 1.
Low.

BankBoatmens Bank
100
First Nat Bank
100
Merchants Laclede Nat 100
Nat Bank of Commerce 100

168
331
295
162

168
335
295
164

15
7
5
50

Trust Cohlercantile Truitt Co_ _ _100 542

540

542

12 540

Street RySt L Pub Serv pfd
St. L Pub Serv com

8034
223-f

41
142

66
66
3331 3334
2131 22
23
23
4031 41
40
119
119 119
4831 4834
223-4
22
14
133.4 14
140 140
105
104 105
100
100 100
100
117 117
3031 31
31
3234 3334
1234 1231
40
40
40
23
223-4 23
431 431
7734 78
723-f 7244 73
113 113
100
34
34
34
48
48
100 100
40
40
1931
19
19
45
40
44
42% 45
43
16
1834 19
114% 11531
36
3534 36
3216 33

80
150
350
10
30
10
50
142
267
2
60
10
30
965
142
50
50
500
286
55
1,386
40
120
75
5
2
600
3,042
995
800
10
40
667

•
•

MiscellaneousAnn Credit Indemnity _25
Aloe com
20
Baer St'b'g & Cohen com_•
Best Clymer Co
*
Boyd Welsh Shoe
•
Brown Shoe pref
100
Common
100
Burkart prat
*
Burkart corn
*
Century Elea Co
100
Champ Shoe Mach 61_100
Eisenstadt Mfg., prof
Ely & Walker D Gist p01.
D G common
25
Fred Medart Mfg corn_ •
Fulton Iron Works,corn _ _•
Hu/0MM Raft'. corn
•
Huttig S & D com _____ _ _•
Hydraulic Press Br,com100
Preferred
100
Internat Shoe,com
•
Preferred
Johansen Shoe
•
Johnson El &S Shoe
•
Laclede Chr CI Pr ptcl. _100
•
Meguay Norris
/310-111's Stores,com
•
3
-to Portland cement...._25
paid
25
•
Nat eandy, corn
1st preferred
100
pedigo Weber Shoe
•
Pnlar Wave
•

80
22
66

169
331
295
15734

80
20
65
3331
213-1
2234
3834
119
4734
19
1234
140
100
100
115
30
29
11
34
20
431
7534
62
1093-4
34
48
100
23
17
38
38
1834
..331
3534
32

Mar
Mar
Mar
Mar

High.
172
345
300
169

Feb
Feb
Jan
Jan

Mar 570

Jan

Mar
Jan

Feb
Jan

83
25

Mar 7334 Jam
Mar 3534 Jan
Max
Mar 22
Jan
Jan 26
Jan 4234 Feb
Mar 1203-4 Jan
Mar 503-4 Feb
Jan
Mar 24
mar 173-4 Jan
Max
Mar 145
Mal
Feb 107
Mar
Mar 100
Mat
Jan 117
Jan
Mar 33
Jan 3634 Jar
Mai
Mar 13
Mai
Jan 41
Feb
Feb 27
Feb
Mar
5
Jar
Jan 81
Jan 7434 Fet
Mai
Jan 113
mar 3534 Fet
Mar 553-4 Jar
Mar 100
Mai
Jan 40
Mai
Jan 1934 Mai
Mar 45
Mai
Feb 45
Mai
Feb 2334 Jar
Mar 120
Fel
Mar 3834 Jai
Jan 3434 Pet

FINANCIAL CHRONICLE

1794

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Con.finued) Par. Price. Low. High. Shares.
Rice Stix D G corn
• 22% 21% 22%
lot preferred
10955 113
100
2d preferred
101 10155
100
Scruggs-V-B D U corn. _25 1751
1751 1751
85
1st preferred
83
100
85
86
100
2d preferred
3355
33
Scullin Steel pref
5555
Sheffield Steel common_ _• 55% 55
Sicloff Packing common_ •
1634 17
3755 37%
•
Skouras Bros "A"
So'west Bell Tel pref. _ _100 118% 118% 121
2155
21
St Louis Car common_ _10
100% 10055
100
Preferred
27
2755
Stlx Baer & Fuller
• 27
Wagner Elec common _ _ _ _• 51% 5155 5355
10055 10134
Wagner Elec Corp prat100

1,105
21
15
427
9
30
1.100
25
40
20
433
110
5
465
2,438
20

Range Since Jan. 1.
Low.
20
10955
100
16
82%
80
31
33
1655
37%
11754
16
100
27
3755
96%

High.

Mar
Mar
Feb
Feb
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Mar
Jan
Jan

23
116
104
20
85
85
35
61
18
41
121
2151
10155
31
55
102

Jan
Jan
Jan
Jan
Mar
Mar
Feb
Mar
Feb
Feb
Mar
Mar
Mar
Jan
Mar
Mar

[Vol.. 126.

Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Mining StocksGranite
_ _..10
Consol Lead & Zinc "A" •
Street Ry. BondsCity Public Service_ _1934
United Railways 4s__1934

30c

30c 30e
1155 1155

93
85

92% 93
85
85

2,200
5,145
$11,000
26,000

Range Since Jan. 1.
Low.

30c
11

Mar
Mar

9151 Feb
Mar
85

High.

30c
15

Mar
Jan

Mar
93
85% Jan

Miscellaneous Bonds.
Klnloch Telephone 68_1928 10056 100% mo% 2,000 10055 Mar 100% Mar
Kinloch Long Dist 5s_1929
mow, mosi 3,000 100% Mar 10054 Mar
Houston Oil 655s__ _1935
1,000 10335 Mar 10355 Mar
10355 10355
Scullin 65
10,000 9855 Jan 9931 Jan
1941
9851 99
• No par value.

New York Curb Market-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last(March 17) and ending the present Friday(March 23). It is compiled entirely from the daily
reports of the Curb Market itself, and is intended to include every security, whether stock or bonds, in which any dealings
occurred during the week covered:
Sales
Friday
1,ast Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.

Week Ended March 23.

Range since Jan. 1.

Stocks-

Low.

Indus. Sc Miscellaneous.
Acetol Products, Inc. A_ • 30
25
Acme Steel,co m
•
Aero Supply Mfg cl A_
• 1255
Class 13
50 176
Ala Gt Sou RR ord
50 17534
Preferred
Alles & Fisher Inc
• 30
Alliance Insurance Co_ _10
Allied Packers corn
854
100
Prior preferred
Allison Drug Store Cl __A• 17
Class B
Alpha Portland Cern corn.*
• 12534
Aluminum Co, corn
100 10855
Preferred
100 6134
American Arch Co
Amer Bakeries. class A_ •
Am Brown Boveri El Corp.;
Founders' shares
* 40
Amer Chain Co corn
100 14251
Amer Cigar com
•
Amer Colortype com
Amer Cyanamid corn el B20 4055
100
Preferred
Amer Dept Stores Corp.• 1855
American Hawaiian SS_ _10 1954
•
Am Laun Mach corn
Amer Mfg Co. com_ _100 6151
•
American Meter Co
Amer Rayon Products_ _ _• 1491
Amer Rolling Mill, com_25 10555
100
Preferred
Am Solvents & Chem,v t c• 1755
Cony partio preferred..' 28
American Thread pref. _ _5
American Trading CoAmerican shares
Atlantic Fruit & Sugar--• 85c
• 72
Atlas Plywood
Atlas Portland Corn com-• 43
Auburn Automobile, com_• 12791
Axton-Fisher Tob com A 10
Babcock & Wilcox Co_ 100
Bancitaly Corporation__25 18834
Barker Bros common
4034
10355
Preferred
Bastian-B lessIng Co
*
Baxter Laundries com A _25 2635
Beatrice Creamery com_50
Beaver Bd Cos pref_ _ _ _100 55
Benesch (I) & Sons Inc pf25
Benson & Hedges com--• 24
Bliss(E W)& Co com____* 1631
Blumenthal(S)& Co com_.
Blyn Shoes, Inc, corn__ _10
454
Bohack (II C) com_ _100
Bohn Aluminum & Brass_• 5835
Botany Cons Nillls com •
Bridgeport Mach corn._ _..'
Brill Corp. class A
Class B
Brill° Mfg.corn
• 31
Class A
Brit-Amer'Fob ord bear_£1 2755
Ordinary registered _ _ _ £1
Broadway DeptSts 1st pf100
With warrants
Brockway NJ ot Trk, corn.' 50%
Budd (E (3) Mfg corn
•
Bullard Macb Tool
• z60
Buzza Clark, Inc. corn_ _ -• 1855
Camp. Wyant & CannonFoundry
• 4255
Canadian Indus Alcohol. _• 4155
Carnation Milk Prod com25
Casein Co. of America._100 19655
Case Plow Wks,cl B v t c_•
555
• 6534
Caterpillar Tractor
Celanese Corp of Am,cona• 93
100 170
First preferred
New preferred
108%
Celluloid Co.corn
• 115
$7 preferred
• 93
>totes Co,common
• 63
100
7% preferred
Central Aguirre Sugar_ 50
Centrifugal Pipe corp .._-• 1051
Checker Cab Mfg new corn • 2334
Chicago Nipple Mfg cl A 50
Class B
50
allies Service,common _ _20 5955
100 9855
Preferred
Preferred B
10
955
Preferred BB
100
Bankers shares
City Ice & Fuel (Cleve)...• 43
Clark Lighter cony A _ _ _ _• 3291
Club Aluminum Utensil_ _• 36
Cohn-Hall-Marx Co
•
Colombian Syndicate_ _ - -Pr.
Columbia Graph Ltd. rcts_
4655
:Ions o Dairy Products_ --• 3056
Consol Film Indus. corn..'
$2 cum pante pre/
• 23
Consel Laundries
• 17%
Consumers Co
20 II




2954 3034
8555
85
17% 1755
1155 1255
172 179
17091 178
30
30
80
80
154
151
855
855
1734
17
10
1155
373.6 373.4
125 12691
10734 10834
52
6134
54
54
534
40
1423.1
24
4091
9591
1855
1855
9991
6191
1 1791
1455
10155
111
1536
2654
355

2955
83
14
851
162
162
2991
7535
1
7
15
10
3754
120
10591
52
49

Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Mar
Jan

3151
86
1735
1255
179
178
34
80
135
855
2134
1591
4491
136
10891
70
58

Feb
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Jan
Jan
Mar
Feb
Mar
Jan
Jan

655
900
455
4291
900 39
14234
25 132
100 2335
24
5,700 39
4291
25 9555
9551
19
7,000 1335
2051 7,700 1591
25 9934
99%
62
100 5954
50 11455
11755
1491 2,000 14
10734 24.500 95
111
10 109
17% 10,100 1154
2854 4,500 2555
334
700
251s

Feb
Mar
Mar
Feb
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Jan

95.4
45
147
2555
4891
9834
20
283.4
108
8091
w123
1791
114
11194
1755
2835
354

Jan
Jan
Jan
Mar
Jan
Feb
Mar
Mar
Jan
Jan
Feb
Jan
Jan
Feb
Mar
Mar
Jan

4055
72o
z633.4
38
115
49%
11734
138
40
10291
28
25
59
39
28
1955
1634
2655
354
230
3355
331
2
29
1135
14
2535
2591
2554

Mar
Jan
Jan
Feb
Feb
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Feb
mar
NIar
Mar
Jan
Jan
Jan
Oct
Mar
Mar
Jan
Mar
Jan
Jan

4355
1
7255
4451
13334
5055
12455
19855
4134
10355
35
2655
69
56
28
24
2034
359-4
474
300
5955
455
555
3191
1655
3131
2955
28
2754

Jan
Jan
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Feb
Mar
Jan
Jan
Mar
Jan
Mar
Mar

125 n10531 Jan 112
6,400 43
Jan 5291
100 28
34
Feb
1,700 43
Jan 6155
Feb 2051
1,200 16

Jan
Mar
Jan
Mar
Mar

407.4 4035
1
84c
6734 7231
42
43
127 13391
4991 5055
120 120
18534 18851
4151
40
10251 103%
35
35
2655
25
59
59
5334 58
28
28
24
23
1691 1755
2655 27
455
4
270 271
543-6 5936
455 454
3A
335
30%
30
13% 1355
3151
25
2535 2855
2755 28
2755 2731
110
4955
28
05835
18

1,500
200
200
1,500
940
430
200
50
100
100
900
400
100
2,600
2,700
1,300
100

Mon.

110
50%
28
6155
19%

4134 42 76
40
4191
35
34
185 226
455 5%
623-4 6654
82
957-4
166 170
10734 108%
115 117
93
93
68
59
85
85
13255 135
1054 1155
2255 27
5
5
23-1%
2
5835 5955
9855 99
955 955
04
94
293,6 2956
3855 43
3255 33
37
038
27
27
179
151
453-4 48
2594 3255
1634 1731
2231 2354
18
17
II
11

200
12,700
3,200
800
17,700
900
50
89,400
4,900
1,200
100
1,000
25
1,500
200
3,500
600
300
2,000
60
20,500
200
100
300
300
8,100
300
1,300
900

8,000 39
1,000 3651
800 30
1,780 156
4,000
355
1,300 53
16,300 7036
3,400 z104
1,700 107
900 100
200 89
1,650 49
50 80
1.250 11691
2,100 105i
6,050 2035
300
455
100
1%
69,300 54
4,100 9455
87-6
900
100 88%
600 2754
1.100 3635
3,200 3255
2,100 3434
100 2355
11,800
1%
8,200 3455
26,000 21
1,100 16
4,200 2234
7,500 01454
100 10

Jan
Feb
Jan
Jan
Mar
Jan
Mar
Feb
Mar
Jan
Jan
Feb
Feb
Feb
Feb
Mar
Mar
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Mar

45
Mar
4154 Mar
3815 Jan
226
Mar
17 . Feb
6634 Mar
10091 Jan
18535 Jan
Feb
112
122
Feb
9794 Feb
Mar
68
8755 Jan
13634 Jan
123.4 Jan
Mar
28
6
Jan
5
Feb
5955 Mar
star
100
955 Mar
95
afar
2955 Mar
Mar
43
afar
33
3854 Jan
2955 Jan
1351. Jan
star
48
3251 Mar
1934 Feb
24
Jan
1951 Feb
Mar
11

Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Copeland Products Inc1031 1156
Class A with warrants.' 1191
il 44% 4155 44%
Courtaulds, Ltd
Crow. allIner & Co. com_• 5335 5151 5455
23
23
Crown Will'te Pap v t c..•
49
49
49
Cuban Tobacco v t c
4691 4755
10
Cuneo Press com
101 101
655% pf with warr .100
180 1803.1
•
Curtis Publishing com_
118 118
87 cum
pref•
• 3735
Davega.Inc
3734 3891
15
Davenport Hosiery
_• 1191 10
Debenhams SecurItles
Co_Ltd
5135 5134
Amer shares rep ord stk. 5191
Deere & Co, common_ _100 298
27891 298
291 291
De Forest Radio. v t e____•
2% 251
Vol tr ctf elf of dep.._ _*
190 190
Dixon (Jos) Crucible_ _100
• 2434 20
Doehler Die-Casting
2591
Dominion Stores, Ltd_ _ _.• 11734 114 12091
251 3
Dubllier Condenser Corp_•
955 1151
Durant Motors, Inc..-. IOU
Durham Dup Raz pr pre-f
5555 5555
With cl B corn stk pr wr•
*
Eastern Dairies corn
4091 4055
2254 2255
Eastern Rolling Mill
*
3535 37
Eltingon Schild Co.com _ • 3655
105 107
635% cony 1st prat_ _150 105
22
22
Electric House Utilities _ _ _
131 454
Estey-Welte Corp cl A...'
355
•
3% 500
355
Class B
72
Evans Auto Loading cl A.5 7134 69
7254
5 7155 69
Clam 15 common
3%
3
Fageol Motors Co com__10
354
me 15934 159 160
Fajardo Sugar
38
4034
Fan Farmer Candy Shops • 39
1654
15
Fansteel Products Inc _ _ _ _• 1555
29%
Fedders Mfg Inc class A_ • 29% 29
Federated Metals st tr eti• 1534
1531 1551
76
Fire Association of Phila 10 7235 72
124 124
Firemen's Fund Ins___100
180 194
Firestone T & R com___10
10855 109
7% preferred
100
20
Foote Bros Gear & M corn •
20
Ford Motor Coot Can_100 581
550 605
Forhan Co class A
• 2651 2634 2755
Foundation CoForeign shares class A__• 17
1534 1751
Fox Theatres class A com_• 1855
1855 1891
Franklin(II MN!fg com 100
1391 1455
Preferred
8755 89
100
2
251
Freed-Eiseman Radio__ _ _*
French Line. _ _ _600 francs
Amer shs rep corn B stk. 7054 7094 7134
Freshman (Chas) Co
655 755
735
•
• 2855 273.4 3155
Fulton Sylphon Co
55
59
Galesburg Coulter Disc..' 59
•
Gamewell Co corn
MS
67
General Amer Investors _ _•
58
59
General Baking new
851
8
855
• 7951 7151 8234
Preferred
Can't Bronze Corp com___• 4451 4434 46
102 104
General Fireproofing com _• 102
General Ice Cream Corp_ _• 6455 637-4 643.6
2255 2355
Gen'l Laundry Mach corn • 23
955 1055
C G Spring & Bumper com• 1055
• 155
Glen Alden Coal
152 159
Gobel (Adolf) Inc corn___•
8355 85
Gold Seal Electrical Co__• 1254
855 1234
Gorham Mfg common__ •
50
55
126 12635
Preferred
160
Grand 5-10-25c Store news 6555 8055 68
1 1534 116
Grant(WT)Co of Del.coms
Greenfield Tap & Die_ _ _ _•
10
10
Graff (I.) & Bros pf el X 100 104
10274 106
Hall(CM)Lamp Co _ _ _ • 1151
1155 1255
Hall(W F)Printing__ _lo
2555
26
26
Happiness Candy St el.
555
5% 6
A.•
Hartford Times panic pref* 429-4 4255 43
Hart Schaff & Marx
14455 1443.4 144%
•
10
Hazeltine Corp
1056
Hannay Motors corn
1354 1334
•
Hercules Powder pref _ _100
11954 1194
Hayden Chemical Co._ _.•
8
8
834
Hires(Chas E) CIA com _ _•
2155 2155
Holland Furnace Co
42
43
•
Home Fire & Marine _ _ _ _10 4731 48
485.5
Hood Rubber
36
3735
•
Horn & Hardart corn_
59
64
•
Preferred
109 109
100
Huyler's of Del 7% pf_.100
1023110294
HYgrade Food Prod corn_• 29% 28
29%
Imp Tob of Canada
894 855
5
Imp Tob of GB & Irel _ _ £1 2694 2574 26%
Industrial Rayon class A.' 1754
1755 18
Insur Co of North A mer_10 9355 8754 98%
125 12534
Interlake Steamship
•
97
Internat Cie Nfach'y
97
•
international Shoe corn._•
73
73
Interstate Dept. Stores_ __ _
44% 4394 45
7% cum pref with warr. 113
113 11456
Joake Bros Co corn v t c__•
39
3991
Kalamazoo Stove
• 11951 11851 12051
17
17
Keiner-Williams Stng- •
Kellogg SwItchb & Sup new
955 10
Kemsley, Millhourn & Co• 17
16% 1755
260 271 I
Keystone St & Wire com__•

Range Since Jan. 1.
Low.

3,400
751
1,600 38
4,100 341.4
300 16
100 48
200 40
200 101
125 17851
100 118
1,600 37
400 10

High.

Feb
12
Jan
Feb 4455 Mar
Jan 5455 Mar
Feb 2491 Mar
Jan 4934 Feb
Feb 4951 Jan
Jan 10255 Feb
Jan
Feb 189
Jan 11951 Feb
Jan
Feb 51
Mar 1855 Jan

5,200 5134 Mar 5191
3,550 22091 Jan 298
5
400
155 Jan
4
Jan
300
1
194
17355 Jan
20
10,000 1591 Feb 2555
3,700 10434 Jan 12755
600
234 Jan
351
30,900
991 Mar 1291

Mar
Mar
Jan
Jan
Feb
Mar
Jan
Jan
Jan

Jan
49
4091 Mar
22
Feb
Jan
35
Mar
105
Mar
16
Feb
1
Jan
500
5591 Jan
5355 Feb
155 Jan
15055 Feb
303-4 Jan
Feb
12
2754 Feb
14
Mar
Feb
65
11455 Feb
mar
166
Feb
108
Jan
19
Jan
510
Jan
23

59
47
2691
37
107
22
454
354
7535
7554
334
160
4455
35
3031
20
76
12851
238
112
21
605
29

Feb
Jan
Jan
Feb
Mar
Mar
Mar
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Mar
Mar
Jan

Jan
Mar
Mar
Feb
Feb

1736
22
164
89
254

Jan
Jan
Jan
Mar
Jan

Mar 7135
1034
Feb
Mar 4434
Jan 67
Feb 67
Feb 6834
9
Mar
Mar 84
4851
Jan
Feb 104
Jan 654
Jan 243-4
Mar 1155
Mar 169
Jan 8955
Mar
17
Feb 58
Feb 12635
Jan 68
Mar 125
1255
Mar
Feb 106
1255
Jan
Mar 20
755
Feb
Mar 43
Jan 14455
Feb /1
Mar 1355
Feb 121
9
Feb
Feb 23
Jan 4355
Mar 4855
Mar 46
Mar 64
Mar 110
Mar 10255
3154
Jan
1054
Mar
2635
Feb
221.4
Mar
Feb 0855
Mar 126
Jan 10355
Feb 7454
Feb 47
Feb 11454
Mar 43
Feb 12051
Feb17
Mar 10
173.4
Jan
Jan 271

Mar
Jan
Feb
Mar
Mar
Jan
Feb
Feb
Mar
Mar
Mar
Mar
Jan
Jan
afar
Jan
Feb
mar
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Mar
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Jan
Jan
Feb
Jan
Mar
Jan
Mar
Mar
Jan
Feb
Mar
Mar
Min
Mar
Mar
Mar
Jan
Mar

300
25
400
1,400
4,100
200
8,900
11,400
2.200
12,550
6,300
510
600
2,500
400
100
700
100
1,675
200
200
500
1,200
8,900
2,400
500
225
300

10
1854
1334
86
154

3,100
2.600
4,500
400
300
400
17,500
6,800
1,100
700
1,600
4,300
1,400
1,700
2,000
12,700
600
loo
8,700
300
750
1,300
4,400
1,600
2,800
700
50
700
100
70
300
100
1,900
2.100
100
2,300
100
700
10,300
100
700
5,100
9,700
200
100
200
2,300
1,100
500
450
100
200
6.000
30

7051
655
2755
4755
62
5655
8
7934
3594
100
5854
20
951
15155
65
8
50
112
46
115
10
9751
9%
2335
53.4
42%
132
855
1355
11835
455
2191
4156
4455
36
5254
10731
10035
2555
891
2454
1754
8334
125
95
69
37
10851
39
10954
1651
955
1554
175

MAR. 24 19281

FINANCIAL CHRONICLE

Friday
Sales
Last Week's Range for
of ?rites.
Sale
1Week.
Stocks (Continuded) Par. Price. Low. High. Shares.
Kinnear Stores Co com___• 3414 31
3534
Kruskal & Kruskal 1n0__* 1734
1634 1711
Lackawanna Securities_ _
52
5134 5234
Lake Superior Corp__ _ _100
7
7
714
• 17
Land Co of Florida
17
17%
Larrowc Milling
25
25
2514
Lefcourt Realty pref
• 3715 3711 3714
Lehigh Coal & Nay
_60 112
10834 11254
Lehigh Port Cern, corn_ _50 5214 505-1 554
Lehigh Yal Coal Ws new.. 2831 2834 2914
Lehigh Val Coal Sales_ _60
52
524
LeMur Co corn
31
32
Libby. McNeil & Libby_10
914 914
Libby Owens Sheet Glass 25 120
110 122
Magnin (I) & Co corn_ * 24
24
24
Manning Bow'n & Co cl
x11% 1114
Marmon Motor Car com_• 4394 41
464
Marvel Carburetor
10 6911 68
71
Maryland Casualty
25 187
186 1884
Mavis Corporation
• 2514 2134 26
Mavis Bottling Co of Am.. 1714 1614 189-4
May Drug Stores Corp_ _ _• 2231 22
23
May Hosiery Mills $4 pf_ •
47
47
McCord Rod & Mfg v t C.
22
22%
McKeesport Tin Plate_.• 61
60
63
A1cLellan Stores Cl A
6134 z60
62
Mead Johnson & Co cona-• 584 574 5834
Meadows Mfg corn
* 1834 18
18.1"•
Melville Shoe Co corn__ • 176% 172 180
Mengel Company
ioo
5431 55
Mercantile Stores Co_ _100
110 111
Mesabi Iron
*
2
2
2
Metropol Chain Stores_ _.• 56
5414 5615
Met 5& 50c Stores cl A. •
511 54
Class B
•
414 414,
Preferred
100 58
58
50
Midland Steel Prod
•
94
94
Midvale Co
• 4
4114 4
MonsantoChem.Wks.com• 48
453-4 48
Moore Drop Forg class A_*
3634 3634
Mu Rod Radio Corp_ _ _•
3
214 3
Murphy (G C) common.
.5 6494 6411 65
National Baking corn_ _ __•
634 734
Nat Food Products cl B..*
10
9
934
National Leather
10
414
41i 44
Nat Sugar Refg
134 140
100 140
Nat Trade Journal Ino__• 3334 3314 3311
Neisner Bros Inc corn__ _• 6334 6214 6311
Preferred
100 11534 11534 11534
Newberry (J J) pref._ _100
107 1074
New Alex & Ariz Land...!
814 811
New On Gt Nor RR..100 3714 25
3815
Newport Co prior com_100 140
138 141
N Y Merchandise Co_
*
3334 3313
Niagara Share Corp
•
12% 13%
Nichols & Shepard Co____• 4434 43
4411
Stock purch warrants_ _ _
2594 2314 253.4
Niles Bement-Pond C0111-• 3735 32
374
North Amer Cement
•
11
11
Northwest Engineering..• 324 3114 3214
Novadel Process Corpcom
12
: 1,13L
g i
1234
Ohio Brass class B
100 10034
Ovington Bros partic pf_..•
7% 814
735
Pac Coast Biscuit prat_
*
48
49
Page-Hershey Tubes corn.
93
93
Palmolive Peet Co corn_ _• 90
88
90
Prwaffine Cos
10014 102 1024
Park, Austin & LipscombPartic preferred
27
27
Parke Davis & Co
41
41
•
Pander(D) Grocery CIA.
4914 50
Penney (J C)Co CIA p1100 1034 z103 105
Pennsylvania Salt Mfg_ _50
96
95
Peoples Drug Stores
• 564 5331 5731
Phelps Dodge Corp_ _ _ _100 1229-1 121% 122%
Philip Morris Inc corn...*
6
6%
611
Class A
i5
94 9%
Pick (Albert). Barth & Co
10
10
Common vol tr ctfs___I 10
2011
20
Pref class A (panic Pi)-• 20
1634 16%
Pierce, Butler & Pier Co_25
Pierce Governor Co
• 2134 2114 22%
Piggly Wiggly Corp corn.• 2594 2414 2611
Pines Winterfront Co Cl A 5
6915 70%
Pitney Bowes Postage
9
•
Meter Co
9
9
Pitts & L E RR com____50 1444 14414 148
220 228
Pittsburgh Plate Glass_100
814 83-4
•
Potrero Sugar corn
•
54
Pratt & Lambert
5614
Procter & Gamble tom_ _20 249
249 249%
Prudence Co 7% pref_ _100
106 10635
Pyrene Manufacturing_ _10
711
7% 9
112% 115
100 115
Quaker Oats pref
• 62
49
Q-R-S Music
62
Realty Associates com_ _.• 315
315 318
5 970
90c
Repeal Inc
131
2
Republic Motor Trk v t c..*
2
•
265 267%
Richman Bros Co
20
Richmond Radiator, corn... 2035
214
•
37% 37%
7% prat
Rolls-Itoyce of Amer p1_100 4334 42% 47%
Royal Bak Powd corn_ _100 24915 243 250
Preferred
107% 10714
100
100 10334 9614 x105
Ruberold Co
Safety Car lItg & Ltg 100
163 163
Safe-T-Stat Co common_ _• 214 20% 22%
410 460
• 455
Safeway Stores corn
• 5931 5831 60%
Bt Regis Paper Co
235
23031 235
Sanitary Grocery
•
124 124
Savannah Sugar Ma
•
30
30
Schiff Co common
100 121
121
121
7% cony pref
Schulte Real Estate Co_ __* 2314 2331 2315
1831 1935
Schulte-United 5c & $1 Sts' 1934
93
Preferred part paid..100 9234 92
4931 49%
25
Scovill Mfg
33
33
Scullin Steel prof
4514 474
Seeman Bros common._ _ ..• 46
&Welling Rubb Co corn_ _• 3934 35% 4015
Selfridge Prov Stores Ltd
414
fl
Ordinary
414 411
Serval Inc(new co) v t c_ *
611
631 7
24
too
25
Preferred v t
schesocr(WA)Pen new.• 5234 52 53
66, 6714
Sher-Williams Co corn....25 66
17
17
17
Silica Gel Corp,com v t C.
5111
Silver (Isaac) & Bros com_• 5034 49
490 455
Singer Manufacturing _ _100
gl
634
611 635
Singer Mfg Ltd
89
89
Smith (A 0) Corp corn_ •
Stria Viscose Ltd 200 lire
7% 8%
711
Dep rcts Chase Nat Bk _
2731 28%
Southern Asbestos Co _ _ _• 28
3231 3331
•
Sou Groc St° cony cl A
Southern stores Corp CIA • 3934 3211 39%
18
18
Southern Ice & Util corn A*
147 162
Bpalding(A C)& Bros com • 155
33%
Spang Chalfant & Co Inc__ 3334 31
414 511
534
Span & Gen Corp, Ltd__ CI
61
62%
Sparks-Withington Co _ _ _• 61




194

194

Range Since .lan. 1.
Low.

Mph.

1,900 29
Feb
35%
1,500 13% Jan
18%
2,000 5014 Feb 55%
314 Jan
1,600
814
Mar 25%
600 16
Mar 2511
200 25
500 374 Jan 38%
2,100 10514 Mar 126
8,100 48
Mar 5594
5,300 28% Feb 39
Mar 6634
225 50
1,100 14% Jan 32
9
Jan
700
9%
2,650 109
Mar 128
Feb 2414
300 23
914 Jan
500
11%
1,800 38% Feb 47
Jan 71%
750 62
750 1754 Mar 191
15,900 20% Feb 26
29,700 15
Jan 1814
1,800 20
Jan 26
Feb 4811
500 47
Jan 22%
400 19
3,100 60
Jan 63%
Feb 62
700 55
4,300 53% Feb 69
1811
800 14% Feb
Jan 187%
2,500 111
Fe
350 49
58
Jar 120
200 97
2
Mar
314
400
Jan 63
3,600 64
511 Mar
8
100
614
44 Jan
100
Jan
59
200 44
100 86 . Feb 112
Jan 44;4
100 39
1,200 38% Jan 49
100 35% Mar 45
Jan
231
5,900 10c
200 6214 Jan 73
6% Mar 10%
1,000
8,300
Jan
6
10
3% Jan
30
44
Feb 140
1,15 119
33% Feb 34%
90
60% Jan 80
30
25 110% Jar 118%
10 10611 Jan 106%
600
8% Mar
10
25
2,90
Mar 384
40 114
Jan 14931
20
3311 Mar 35
12% Ma
90
13%
2,00
30% Jan 45%
1,300 16% Feb 28
7.200 28
Jan 4234
6
Jar
200
13
800 29% Feb 35
1,700 1114 Feb
14
750 89
Jan 100%
7% Mar
700
8%
300 48
Ma
514
50 90
Jan 100
800 (1)85% Fe
9511
350 99% Mar 1044
100 2614
100 38
400 49
1,100 z103
25 92
1,600 47
200 117
64
1,600
500
911

Jan
Jan
Jan
Mar
Jan
Mar
Feb
Mar
Mar

2.100
4,100
100
2,800
1,70
400

Jan
Feb
Mar
Feb
Mar
Jan

50
1,25
150
10
1,40
120
7
1,50
5
1,100
90
2,700
100
50
2.600
100
500
100
50
2,750
25
26,500
1,170
0,500
410
10
500
50
200
1,00
700
150
100
4,300
2,900

10
20
16%
1834
23%
6614

714 Jan
144
Mar
210
Feb
8% Ma
51% Jan
247
Feb
102% Jan
7% Mar
109
Jan
38% Jan
270% Jan
50c
Fe
1 14 Ma
256
Feb
20
Mar
37% Feb
40
Mar
236
Jan
104
Jan
814 Jan
135
Jan
18% Mar
310
Jan
50
Jan
215
Jan
III
Feb
26
Jan
11014 Jan
17
Jan
1814 Mar
92
Mar
48
Feb
33
Feb
33 ' Jan
33% Feb

28
44
d5015
10511
100
68
1294
10
14

Mar
Feb
Jan
Feb
Feb
Mar
Mar
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Mar
Feb
Jan
Jan
Feb
Mar
Mar
Feb
Mar
Mar
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Mar
Feb
Jan
Mar
Jan
Mar
Feb
Jan
Feb
Feb
Jan
Mar
Feb
Jan
Mar
Mar
Mar
Jan
Feb
Feb
Jan
Mar
Mar
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan

11% Jan
22% Jan
2214 Feb
24
Mar
2814 Jan
70% Mar
10%
155
234
14%
5711
265
1064
9%
115
62
3284
1 14
3
288
27%
40
52%
287
108%
107
170
2231
423
61
242
129
30
123%
29%
22
10014
53
34
47%
44

Jan
Jan
Feb
Jan
Feb
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Mar
Feb
Feb
Jan
Feb
Mar
Jan

431
800
11,900
44
300 23
4,200 4014
150 6514
20
17
1.10
39
50 428
30
5%
10
86

Jan
4%
Jan
7%
Feb 31
Jan 55
liar 6714
Feb
19%
Jan 5314
Jan 455
Feb
5,4
Ala 103

Jan
Feb
Jan
Afar
Mar
Jan
Mar
Feb
Jan
Jan

30
714
4,900 2314
35
32%
2,90
24
100 18
1.04 1125
14,600 27%
231
50,100
5.700 30

Feb
994
Jan 29%
Mar 3711
Jan
39%
Mar 18
Jan 162
Mar 33W
Feb
534
Jan 64

Jan
Jan
Feb
Mar
Mar
Mar

mar

m ar
Feb

1795

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Stand Investing 514% pref.
Stand Sanitary Mfg new_
Stanley Co of Amer
•
Stein-13inch Co 7% pf_ _100
Stinnes(Hugo) Corp
•
Stroock (S) & Co
Stutz Motor Car
•
Sullivan Machinery
•
Swedish Amer Invest pf 100
Swedish AIatch cl A(100 kr)
Swift & Co
100
Swift International
15
Syrac Wash Mach B corn.*
Timken-Detroit Axle_..10
Tishman Realty dc Constr •
Tobacco Prod Exports_ __•
Trans-Lux Pict Screen
Class A common
•
Trico Products Corp corn_*
Trumbull Steel corn
25
Corn ctfs of dep
25
Truscon Steel corn
10
Tubize Artificial Silk c113.•
Tung-Sol Lamp Wks cl A.
United Biscuit class A._ _*
Class B
•
United El Coal Cos v t C.
Unit Piece Dye Wks corn.
635% Preferred
100
United ProfI t-Shar corn..
United Shoe Mach com _ _25
U S Dairy Prod class A_ •
U S Finishing Co corn_ _100
U S & Foreign Sec corn....
6% preferred
U S Freight
•
U S Gypsum common_..20
S L Battery corn
•
7% pref class B
10
Universal Pictures
•
Van Camp Pack pref. ..50
Waitt & Bond Inc al A...
Class B
Walgreen Co corn
Warner Bros Pictures...
Watson (Jno Warren) Co."'
Wesson Oil& SD corny t c•
Preferred
Western Auto Supply pf..•
West Point Mfg
100
Wheatsworth Inc corn_
•
Winter (Ben)) Inc corn _*
Wire Wheel Corp corn new.
Woodworth Inc corn
•
Worth Inc cony class A._•
Young(LA)Sp & Wi corn *
Cony. pref
•
RightsAssociated Gas & Elec....
Borden Co
Celanese Corp
Cities Service
Dominion Stores
Flat
Loew's Inc
Middle West Utilith
Southern Calif Edison
Union Nat Gas, Canada_

3435

39
1411
132%
128%
30
22
1311
4111
3%

100 100
344 35
494 4911
9914 101%
911 911
39
4134
14,31 1534
50
50
130% 132%
101% 101%
1284 13031
29% 31
2414
22
13% 1311
40
41%
311 3%

Range Since Jan. 1.
Low.

100 100
1,000 34
50 48
500 98
94
300
850 38
1,800 50
50 14%
200 127%
100 95
850 125
9,100 25%
600 143.4
1,700 11%
7,800 33
1,500
34

Feb
Mar
Feb
Jan
Jan
Feb
Mar
Mar
Jan
Alar
Jan
Jan
Jan
Feb
Jan
Jan

Yigh.
102
36
54
10134
10%
4334
50
IS%
134
101%
133
344
2511
13%
42%
4%

Feb
Mar
Jan
Star
Jan
Star
Mar
Jan
Jan
Mar
Feb
Feb
Mar
Afar
Mar
Feb

314 Mar
2,800
4
331 4
4ji Feb
303.4 x3031 3114 7,400 2831 Jan 31% Jan
400 1014 Jab
12
13
12
Feb
1,200 1114 Feb
1111 12
13
Feb
210 33% Jan 40% Jan
36
36
2,280 450
Feb 610
Mar
600 z599 610
1,700 19% Feb
2114 Jan
2034 21%
Mar 66
58
100 58
58
Jan
58
SOO 1314 Feb 21% Jan
1394 1434
139-6
3511 417-4 29,400 2614 Feb 41% Mar
41
2,400 5214 Feb 64
Star
5814 64
59
1,900 1054 Feb 10831 Feb
10794 107 108
9
Mar 12% Feb
800
9%
914
9
200 6311 Jan 6714 Star
6731
66
1.400 40
Jan 57
54
5611
Feb
50 79
Slar 85
8415
80
Jan
2174 203.6 2174 1,700 2034 Mar 25% Feb
700 98% Mar 10011 Feb
9811 99
4,900 70% Feb 8414 Jan
77
7631 79
Feb 92
500 72
Jan
7211 7235 7535
8734 10434 17,700 6734 Jan 104% Mar
104
200 10
1011
Jan
10% Feb
10
Mar 24% Jan
100 22
22
22
22
735 Mar 11
200
Jan
73.1 731
600 24% Jan 254 Feb
2531
2514 25
15% Feb
18
1,20
Jan
1531 1594 16
39
2,60
Mar 44
Mar
39% 44
44
13% Jan 20% Afar
1911 2,90
IS
19
1311 Jan 20
Jan
1511
1531 164 3.00
67
2,30
Feb 73
Jan
71
6931 71
Jan 106
10 102
Mar
105% 10514
2731 Jan 344 Mar
60
31% 3414
Mar
80 14734 Feb 159
15334 159
154
34% Jan 40
30
Feb
39%
39
Mar 134 Mar
13
1234 1311 6,300 12
27% Mar
27% 19,200 2031 Ma
26% 23
3214 3111 323-4 3,000 2615 Jan 334 Mar
2314 Afar
2,800 2211 Jo
2294 2296 2394
3631 36% 3894 3,700 31% Mar 38% Mar
36% 3611 383-1 6,100 3631 Mar 38% Mar
63c
5
80e
111r.
9%
231.1
1731
251•
23-4
Jur

16,200
4,300
36,400
10,800
1,100
500
7,725
13,800
60,200
20

50c
411
64c
I%
8%
291
11%

9% 10
914
6611
66
61
13914 137 140
10831 109
19431 189 195
114 114
20% 20% 2131
106% 10431 106%
100 100
4131 3831 4131
4334 40% 4311
103% 102% 104
30
30
49
4831 48
163% 168
165
1644 168
165
65% 6514 65%
514 6%
896
38% 3414 3831
3611 3134 36%
2614 26%
214 2435
24
10231 102%
46
46
43
113% 11131 114
9831 9834 98%
10715 10735 10714
71% 72
180
180 18331

24,20
2,30
11,40
1,00
1,20
2
7,80
8,75
2
46.60
19,700
700
200
7,600
1,450
1,200
200
30,800
7.900
8,000
100
7,000
50
300
950
600
300
250
340

8%
5711
11734
10631
170
114
1831
104
9834
37
3731
10111
28%
46%
13234
132
65%
5
30%
31
26
1011
102%
30
10414
9534
1054
66
167

10431 10311 104%
72
70% 73%
107% 10711
108 108
1211
12
4434 44% 45
1531 1531 1591
10911 109% 110
91% 91
93%
47
45% 48%
10311 103% 103%
18%
1831 19%
711 731
11074 10931 11094
10031 100% 100%
32%
32
31
3331 3331 3371
105 105
35%
34
2111 1931 21%
106
10535 106
47% 46% 4731
9
711 9%
99
99
99%
14
1434
26
2534 26%
110% 11115
611
59,1 8
1415 1431 17
13415 133 134%
98
9835
12334 122 12311
125% 12511
30
3031
3034
106 106
106
4714 4715
17
17%
17%
3035 3251
108% 109

2,400 10211
3,900 6714
50 10631
50 108
2,100 II%
1,20
4431
1,300 1534
1,200 10874
23,600 76
40,000 4014
900 x102
6,400 1331
631
100
2,900 1089-6
1,600 9914
204
7
26
2;10
00 3

50c
50c
431
80c . 73e
111
Pra
814
2314
15
1531
231
234
2
21ri
113re

Mar
Feb
Mar
Mar
Mar
Mar
Feb
191 Feb
13-4 Star
1% Feb

63c Mar
6
Jan
88c Mar
I% Star
9% Mar
211 Jan
1711 Star
23r5 Mar
2% Mar
lurs Mar

Public UtilitiesAmer & Foreign Pow warr_
Participating pref
Amer Gas & Elec corn....'
Preferred
Amer Lt & Trac com_ _ _100
Preferred
100
Amer Nat Gas corn v t c__•
Am Pow & Light pref _ _100
Amer Pub Util prior pfd 100
Amer Superpower Corp A •
Class B common
•
First preferred
•
Partic. pre(
25
Assoc Gas & Elec cl A_ _ _ _•
13Iackst Val G E com _ _50
Stock trust Ws
Bridgeport Gas Light__ •
Brooklyn City RR
too
Buff Niag & East Pr corn.'
New class A w I
Preferred
25
Central Pub Serv Cl A
Cent & S W Util 7% pfd_ •
Cent State El corn
•
7% preferred
100
Cities Serv Pr & Lt $6 pf_•
7% preferred
100
Columbus Elec & Pow corn•
cem'w'Ith Edison Co ..100
Com'wealth Power CorpPreferred
100
Con Gas E L & P Balt com•
Cont'l G & E 7% pr p1.100
6% partic. prof
100
Eastern States Pr corn I1_•
Eastern Utilities Assn, corn
Cony. preferred
Else Bond & Sh pref_ __100
Elec Bond & Sh Secur _ _ _ _•
Elec Invest without war..
Elec Pow & I.t 2d pref A..*
Option warrants
Elec Railway See
•
Empire Gas & F 8% p1.100
7% preferred
100
Empire Pow Corp part stk•
Federal Water Serv Cl A _ _•
Florida Pow & Lt $7 pref •
Gav.&1Ioust El Co,cornlOu
General Pub Serv core _ _.
Ga Pow (new corp)
Intermit Util class A
•
Class 11
•
Participat pref
K C Pub Serv corn v t c_ •
Lehigh Power Securities..
Long. Isld Ltg 7% pf_..100
Marconi Wirel T of Can..
Marconi Wirel Tel Lond _ El
Middle West Util corn__.•
•
$6 Preferred
7% preferred
100
Prior lien stock
100
Mohawk & rind Pow Corn •
2d preferred
•
Mohawk Valley Co
Municipal Service
•
Nat Elec Power class A_ •
Nat Power & Light pref._•

100 1044
14
%
16
200 3
8,000
1.400
000 10331
45
21,100
33-4
350 97
200
9
3%
4
2,40
70
0 1104
769
7:5
%00

9
34

Feb
Feb
Jan
Jan
Jan
Ma
Jan
Fe
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Fe
Ma
Jan
Jan
Jan
Jan
Jo
liar
Jan
Jan
Jan
Jan
Jan
Jan

10
66%
145
109
195
116
2131
10934
10331
41%
43%
104
3011
51%
16931
168
6631
38%
36%
2614
24%
105
46
114
100
107%
72
188

Star
Mar
Mar
Jan
Mar
Feb
Mar
Jan
Feb
Feb
Mar
Mar
Mar
Feb
Mar
Mar
Jan
Jan
Mar
Mar
Feb
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Feb

Jan 10
14
:
5
Jan
Fjjjanananeb
Star
ar
Jran
Ma 1107103"1:
Jan
Ma
Mar
4
16
5
591 Is
Jan 10
1
NI‘Jilaarar
n
Jan
Star
Jan
1110
10
4
0 01 14
8
70
171::
14 N
Jan 1
SI,Jitia
anrI.
Mar
Jan
Feb
Jan
7
Feb
Fe
Feb
.4.
. 3534
35% Jan
Feb
Jan
35% Mar
a
11.1160
2131 Mar
Jan
Jan 106
5111 Jan
Fe
Jan
Fe 10%
AFan
.Tie:
15% Jan
Jan 27% Jan
1123.4 Feb
Nl
.
far
Feb
jan 138
531 a

1,900 123
Jan
Jan
300 94
350 11751 Jan
400 a12511 Jan
4,100 2934 Jan
Jan
25 105
Jan
400 46
1,800 134 Jan
1 3e0 2794 Jan
- • 10834 Mar

Feb
99% Feb
132
Mar
1284 Feb
108 'Jan
3
51
0%
4 F
jan
eb
17% Mar
32% Feb
111
Feb

Sale
Friday
Last Week's Range for
Week.
of Prices.
Sale
Public Utilities (Cowl.) Price. Low. High. Shares
Nat Pub Serv corn class A • 2531
Common class B
•
Warrants
Nev-Calif El Corp, corn 100
NY Telep 616% pref_ _100 114%
Nor-Am UtIlSer, nom_ _ _ _•
8
1st preferred
•
Northeast Power com
. 2131
Northern Ohio Power Co_. 26%
Nor States P Corp corn_100 135%
Preferred
100
North Tex El Co, corn _100
Ohio Pub Serv 1st pf A 100 111%
Pacific Gas dr El 1st pf__25 28%
Pacific Lighting, corn _ _ _ _•
Penn-Ohio Ed corn
38
7% prior pref
100 108%
$8 preferred
100 94%
Option warrants
16%
Penn Ohio Secur Corp.....' 13%
Pa Gas & Elec class A_
Pa Power dr Lt $7 pref_100
Pa Water& Power
70%
Portland Elec Power_ _.100 5031
Power Securities corn
13
Second pref
•
Providence Gas Co
50 129
Puget Sound P & L corn 100 53%
6% preferred
100 98%
7% preferred
100 109%
Rhode Island Pub Serv, pi.
Sierra Pacific El com 100
Preferred
100
Sou Calif Edison pref B_25 26%
Sou Cities Utll corn A_ _ _
38
Preferred
100
Sou Colo Power class A_ _25 2535
Southeast Pow & Lt corn.' 4636
Corn vot tr ctfs
• 4531
110
$7 preferred
1331
Warr'ts to pur corn stk. _
Southwest Bell Tel p1._100
Stand Gas & El 7% 01_100
Standard Pow & Lt com_25 3931
Preferred
• 10615
Tampa Elec Co
65
Union Nat Gas(Canada).
United Gas Impt
50 118%
United Lt & Pow corn A._• 19%
Common class B
• 26
Pref class A
•
Preferred class B
•
Un Rys & El Bait com_ _ 50 15
Util Pow & Lt class B. _• 2331
Util Shares Corp corn_ _ _ _• 12
Western Power, pref....100 104%
Former Standard 011
Subsidiaries.
Anglo-Amer Oil (vot eh)£1
Vol share ctf dep
LI
Non-voting shares.._t
Non-vot ohs ctf dep._£1
Borne Scrymser Co_
_100
Buckeye Pipe Line
50
Chesbrough Mfg Co_
_25
ContinentalOilv t c_ _ _ _10
Cumberland Pipe Line_100
Eureka Pipe Line
100
Galena-Signal Oil com_100
Preferred new
100
Humble Oil& Refining_ _25
Illinois Pipe Line
100
Imperial 011 (Canada)_ __•
Indiana Pipe Line
50
National Translt____12.50
New York Transit
100
Northern Pipe Line_
100
Ohio 011
25
Penn-Mex Fuel
25
Prairie Oildt Gas
25
Prairie Pipe Line
100
Solar Refining
100
Southern Pipe Line
50
South Penn 011
25
So West Pa Pipe Lines.100
Standard 011 (Indiana)_ _25
Standard 011 (Kansaa)._25
Standard 011 (Kentucky)25
Standard 011 (Neb)
25
Standard 011(0) corn.. _25
Preferred
100
Vacuum Oil
25

20%

65%
17
100
70%
734
35
6331
202
5931
8236
27%
60
42
48%
219
169
3811
7431
1811
12631
42
7131
11836
14211

25% 27%
27
27
1
1
3731 38
114% 11516
731 8
92%
92
20% 21%
25
2716
13234 13631
109% 10915
19
19
111% 111%
27% 28%
8251 8251
38%
38
107 10855
9431 95
1436 1655
13% 13%
21% 21%
x110 110
6831 7134
50% 51%
12% 13
74
65
129 130
5311 6336
9851 99
109 109%
31% 31%
35% 3535
95
95
26% 2631
38
36
8531 86
25% 2531
4311 48
46%
42
10934 110
15% 1531
120 120
114 114Y
3911 42
106 108%
65
64
35% 38
117 121
1831 2051
26
25
100 101%
5711 58
14% 15
23% 2434
1131 1251
10431 104%

Range Since Jan. 1.
Low.

High.

5,100 22
Jan 2731 Mar
Feb
100 24% Jan 30
1
Feb
211 Feb
100
Feb
300 3311 Jan 42
75 11336 Jan 115% Mar
Jan
9
Feb
1,100
7
Jan 94
Feb
500 92
14,700 1931 Jan 23
Feb
64,000 18
Jan 2731 Mar
8,500 0123
Jan 13834 Feb
200 10811 Feb n10931 Feb
Mar
Jan
19
100 18
60 109
Jan 111% Mar
2,200 2831 Jan 28% Feb
100 82% Mar 82% Star
2,100 3231 Jan 3831 Mar
Jan
190 10631 Feb 109
Jan
370 93% Feb 98
Jan
1,600 11
16% Mar
2,500 13
Jan
Feb
14
Jan 2331 Feb
100 20
Feb
50 109% Jan 111
1,200 68
Jan
Jan 73
Feb
1,300 42% Jan 52
800 1131 Feb
1331 Jan
Mar
400 60% Feb 74
Mar
50 117
Jan 130
6,630 3431 Jan 6331 Mar
760 92
Jan 9911 Mar
Mar 112
Jan
00 109
100 30% Jan 3131 Mar
100 29
Jan 38% Feb
20 594
Feb 95
Jan
1,400 25% Jan 2711 Jan
100 30
Mar 36 [Mar
Star
75 75
Jan 86
100 25
Jan 2631 Jan
37,600 4151 Feb 48
Mar
2,700 4031 Feb 46% Mar
Mar
500 10836 Jan 110
8,600 1231 Feb
1511 Mar
50 11715 Feb 120
Mar
400 11036 Jan 11434 Star
3,500 2931 Jan 45
Mar
250 10331 Jan 10631 Mar
700 62
afar
Jan 65
1,000 2831 Jan 38
Mar
26,200 11111 Jan 121
Mar
159,600 1331 Jan 2051 Mar
200 20
Mar
Jan 26
300 9435 Jan 101% Mar
400 62% Jan 58
Mar
300 14361 Mar 20
Jan
3,500 1835 Jan 2611 Mar
1,800 11
Feb 12% Feb
100 103 11Jan 104% Mar

2031 10,500 1835 Jan 22%
20
100 19
20
20
Feb 2131
100 17% Jan 20%
1911 1951
100 18% Jan
19
19
1931
52
50 50
52
Star 56
1,100 58
66
65
Jan 67
100 11731 Jan 14931
137 137
16% 17% 19,300 16
Feb 23
1,600 88
993,6 102
Mar 105
150 6431 Jan 7231
7011 7031
500
755 75,5
4% Jan
8
40 27
39
35
Jan 40
63% 8,200 59% Feb 68
63
1,100 17651 Jan 206
19911 202
5831 5936 3,100 56% Feb 65%
1,400 74% Feb 8411
8231 84%
27% 29% 9,000 2035 Jan 2911
550 3811 Jan 56
56
55
100 94
Jan 116
112% 113
59% 6031 1,600 58% Feb 8831
3915 4211 3,200 29
Feb 4431
7,800 4731 Feb 5051
4831 49
2183i 22035 2,900 184
Jan 223
500 169
169 174
Mar 178
700 21
Jan 3356
29% 30