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urnmrrc
financial
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INCLUDING
Railway &Industrial Compendium
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Railway Earnings Section
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SATURDAY,. MARCH 26 1927.
VOL. 124.
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Federal Reserve Policy and Branch Banking
Under the Newly Enacted Law.
Now that the so-called McFadden branch banking measure (though Mr. McFadden had nothing to
do with drawing it up, his name having become associated with it simply because he happened to be
Chairman of the House Committee on Banking and
Currency to whom the bill, as it emanated from the
Comptroller's office during the incumbency of Henry
M. Dawes, was turned over) and the charters of the
Federal Reserve banks have been extended in perpetuity, it behooves everyone to carefully watch the
developments. It has already. become apparent that
in its operation the new Act is going to have farreaching consequences and effects, and not altogether of the nature and character claimed for it by
its sponsors and advocates.
As frequently pointed out in these columns, the
new Act is an omnibus measure containing many
provisions of wide import besides those relating to
branch banking. At the moment many of the daily
papers are actively discussing what may be expected as a result of these other provisions. Some
of the headlines regarding the matter are really sensational. One of these, for instance, tells us that
over $3,000,000,000 will be made available for national bank loans under the provision which allows
national banks to "make loans (for five years) secured by first lien upon improved real estate, including improved farm land, situated within its Federal
Reserve district or within a radius of one hundred
miles of the place in which such bank is located, irrespective of district lines." We make merely inci-
Bank and Quotation Section
Bankers' Convention Section
NO. 3222.
dental allusion to this here and will not attempt to
debate the question of the liquid character of fiveyear loans on farm land at a time when Western and
Southern agriculture is undergoing a period of depression because of the relatively low values which
most of the products of the fail(' are commanding
at the present time. Very likely the national banks
will proceed very cautioUsly in availing of this new
privilege or decide to ignore it altogether, and the
farmer will again have been deluded into thinking
that something has been done for him by the legislative grinding mill.
The newspapers also tell us of the possibilities in
store as a result of the authority given to buy and
sell investment securities. Other departures inaugurated under the new law are likewise being given
prominence—all of which things are mentioned here,
since they received little or no consideration in the
passage of the measure through the two Houses of
Congress. It should perhaps also be noted that
while one of the two Senators from the great State
of Pennsylvania, namely Senator Pepper of the Senate Committee on Banking, insisted on applying
closure to the banking bill in order to prevent
lengthy debate on it which might have prevented a
vote on the bill before the expiration of the short
session on March 4, the other Senator from Pennsylvania, Mr. David A. Reed, actually engaged in
filibustering tactics himself with a view to preventing the passage of a resolution for continuing the
life of the committee headed by James A. Reed of
Missouri which had been investigating campaign
fund contributions, particularly those in Pennsylvania, and was so successful in his filibustering as to
block the passage of vital appropriation bills and
other needful legislation, among them the Second
Deficiency Bill carrying $93,716,753, the Public
Buildings Bill carrying $25,000,000 for Washington
and $100,000,000 for buildings throughout the country, the Alien Property Bill with funds to settle German and American claims, etc., etc.
We aim, however, in this article to direct attention merely to Federal Reserve action with regard
to branch banking which during the consideration
of the bill by Congress commanded attention in Congress almost to the exclusion of everything else.
There was a double purpose in the insertion in the
new Act of the provision with relation to
branch
1724
THE CHRONICLE
[Von. 124.
banking. It was sought on the one hand to give the the applying bank is located. Such application shall
national banks the same privileges in opening branch be for the same amount of stock that the applying
bank would be required to subscribe to as a national
banks as those now possessed by State chartered bank. The Federal Reserve Board, subject to the
banking institutions in the States of their location, provisions of this Act and to such conditions as it
but it was also sought to prevent State-wide branch may prescribe pursuant thereto, may permit the
applying bank to become a stockholder of such Fedbanking such as now obtains in California. The
eral Reserve Bank.
deepest concern, both in and out of Congress, was
"Any such State bank which, at the date of the
approval of this Act, has established and is operatexpressed with regard to the latter.
It was felt that if State-wide banking should gain ing a branch or branches in conformity with the
State law, may retain and operate the same while
a foothold in one State after another it would mean remaining or upon becoming a stockholder of such
the death of unit banking—the ultimate destruction Federal Reserve Bank, but no such State bank may
of the country's thirty-odd thousand of independent retain or acquire stock in a Federal Reserve Bank
except upon relinquishment of any branch or
banks. No bias or prejudice was entertained against
branches established after the date of the approval
the California banking systems, with their numer- of this Act beyond the limits of the city, town, or
ous branches as such. If the people of the State of village in which the parent bank is situated."
It will be seen from the foregoing that it is ex-,
California in their wisdom determined that Statewide banking appeared best adapted to the State's pressly provided—as a policy which must control
needs and requirements in the way of banking facili- for the future—that no State bank may retain or
ties, it was clearly their right and wholly within acquire stock in a Federal Reserve Bank "except
their province to make provision for such a bank- upon relinquishment of any branch or branches
ing system, and it was not for an outsider to inter- established after the date of the approval of this
pose criticism or raise objection. Every State in the Act beyond the limits of the city, town, or village in
Union has full liberty to prescribe the powers and which the parent bank is situated."
In face of this declaration of policy, note now
limits of the banking institutions chartered by itself. But to let the national banks engage in State- what has been going on since the approval of the
wide or nation-wide banking—that is something Act and shortly before. There is one bank in Caliwholly different. Nothing akin to the latter at any fornia that has been more aggressive than any of the
time commanded the slightest favor in Congress, others in its pursuit of State-wide banking and in
either on the part of those advocating the Hull extending its activities all over the State. We refer,
amendment or those opposed to it. It was accepted of course, to the Bank of Italy. This bank, with the
as a foregone conclusion on the part of everyone that energy characteristic of its management, has long
no support of consequence could be found for such been preparing for the enactment of the new law.
Those in control of the bank have not only been aca proposition among the public anywhere.
quiring
new branches at various points throughout
As far as the California banks are concerned, with
their numerous branches scattered all over the State, the State, but have been engaged in taking over
there was no intention to discriminate against them whole systems of previously independent banks—
or leave them on the outside. There was no purpose and not all of them small banks, either, but some of
to .deny them admission to the Federal Reserve Sys- major size, until now, presumably, there is little
tem, or to deprive them of the use of any of its left to acquire, unless it be some other large Califacilities and benefits if they wanted to become fornia bank equipped like itself with numerous
members. But one condition they would have to branches.
The extent to which this has gone should not be
submit to. They might retain the branches they
allowed
to escape attention. About two months ago
located
in
the
matter
where
possessed,
no
already
the
plans
of those directing the affairs of the bank
State, but they must forego the privilege of making
further eitensions in the future—that is of acquir- apparently attained full fruition. On Jan. 28 aning Stilt other branches. In other words, State-wide nouncement came from California that the Liberty
banking, even in California, as far as the national Bank of America, with resources of more than
banks and the Federal Reserve System is concerned, $200,000,000—the latest Gianinni branch banking
was to stoplight here and now and not to proceed to organization in California—had begun business.
The question, of course, is pertinent, what is or was
indefinite length.
The la* as it'has now found its way to the statute this Liberty Bank of America with its huge rebook expresses clearly and unequivocally the inten- sources. San Francisco papers told us that the new
tion in that respect. Section 9 of the new law institution had 136 branches in northern and southamendi the first paragraph of Section 9 of the Fed- ern California and had been formed by the consolidation of the Liberty Bank of San Francisco and the
eral Reserve Ac;t so as to read as follows:
• .:;
American Bank of Los Angeles, both owned by the
• fliee.. 9. Any bank incorporated by special law Bank of Italy through the Americommercial Corof any State,,or organized under the general laws of
any State or of the United States, desiring to become poration. The reader should not fail to notice that
a menther of-the Federal Reserve System, may make the two merged institutions were about 475 miles
application to the Federal Reserve Board, under apart, a day's ride on fast railroad trains, the one
such, rules and. regulations as it may prescribe, for in San Francisco and
the other in Los Angeles?
the right to subscribe to the stock of the Federal
Among
the leading units included in the Libert*
Reserve Bank organized within the district in which
MAR. 26 1927.]
THE CHRONICLE
Bank of America merger, according to the San Francisco "Chronicle," were the following: Liberty Bank
of San Francisco, with 32 branches; Commercial
National Trust & Savings Bank of Los Angel* with
23 branches; Bank of America of Los Angeles, with
22 branches and the newly acquired Southern
Trust and Commerce Bank in San Diego, with 8
branches. San Diego, it should be noted, is another
night's ride from Los Angeles, at the extreme southern end of California. Other individual but smaller
units recently acquired brought the total number
of branches in the merger up to 136.
The San Francisco "Chronicle" in reporting these
facts observed that the action of the House of Representatives at Washington in having in that week
passed the McFadden bill without the Hull amendment was regarded as favorable to the plans of the
promoters of the consolidation. It appears that
sanction of the consolidation of the Liberty Bank
and the American Bank was the first action of Will
C. Wood, the new State Superintendent of Banks
for California, the application for the merger having
been pending, it is stated, for 11 months under the
former Administration—which would seem to show
that even in California sentiment is not altogether
unanimous as to the wisdom of bank amalgamation
on such a huge scale.
All this, however, was preliminary to a still larger
combination. On Feb. 15 news came that Mr. Wood,
the State Superintendent of Banks, had on that day
verbally authorized the purchase by the Bank of
Italy of the newly created Liberty Bank of America,
conditional only upon the sanction of the Federal
Reserve Board at Washington. In making this announcement Mr. Wood was quoted as saying by the
San Francisco "Chronicle":
"I have given verbal approval of the sale of the
Liberty Bank of America to the Bank of Italy with
the understanding that written approval will follow
if the proposed amalgamation of those two banks
shall be approved by the Federal Reserve Board.
The Bank of Italy is a member of the Federal Reserve, whereas the Liberty Bank of America is not,
consequently the approval of the Federal Reserve
Board is necessary if the banks are to remain in the
Federal Reserve System.
"In deciding to approve the agreement of purchase
and sale, I took into consideration the fact that both
the Bank of Italy and the Liberty Bank of America
are now owned by the same people and are all but
technically under the same general management.
Bankers generally are agreed that it is neither good
banking policy nor good public policy to keep banks
separate in operation when the ownership is practically identical."
The "Chronicle" further stated that the enlarged
Bank of Italy would have resources of $650,000,000
and some 270 branches throughout California,"if no
more of the present 106 applications for new
branches now on file for Liberty Bank of America
with the State Banking Department are granted in
the interim."
The officials at Washington proved very accommodating and proceeded with great expedition to
approve the merger of the Bank of Italy with the
Liberty Bank of America. The United States Sen-
1725
ate had on Feb. 16 accepted the branch banking bill
just as it had come from the House of Representatives and then it went to Mr. Coolidge for Executive
approval. The President did not attach his signature to the bill until Feb. 25 and while the bill was
still in his hands, that is on Feb. 21, both the Comptroller of the Currency and the Federal Reserve
Board gave official endorsement to the merger, creating, it is stated, the second ,largest banking organization in the United States, but differing/from
every other banking combination ever devised in tbat
the separate units in it, some at San Francisco, some
at Los Angeles, and some at San Diego, are at their
extremes 600 miles apart. Thereupon (sip) a national charter was granted to the Bank of Italy
with its more than 270 branches under the title of
the Bank of Italy National Trust & Savings Association. In advertising the comprehensiveness of
its facilities the consolidated institution points out
that it has "complete banking establishments in
every important California community from Oregon
to the Mexican border."
In sanctioning this huge State-wide banking consolidation the Comptroller and the Federal Reserve
Board can hardly be said to be carrying out the
spirit of the new law, and it is by no means clear
that they acted within the strict letter of the law.
It was certainly the original design to prevent the
further spread of State-wide banking, even in California, and this intent is expressed in the new law
itself, as we have shown in the extracts from it
which we have given further above, While official
sanction to the merger has served directly to promote its spread. There was great haste in carrying
through the arrangement, as if with the idea of putting it into effect before the limitations of the new
law became operative by Presidential approval. But
it was no part of the duty of the Reserve Board to
fall in with any such plan; and most assuredly they
should not have acted in such a way as to convey the
impression, whether' ill-founded or not, that they
were engaged in circumventing some of the essential
provisions of the new law on the eve of its going into
effect. This impression it is hard to avoid in the
situation as it now exists.
The new law, as we have seen, expressly declares
that no State bank may retain membership in the
Federal Reserve System "except upon relinquishment of any branch or branches established after
the date of the approval of this Act beyond the limits of the city, town, or village in which the parent
'bank is situated." Entirely apart from this, however, the Federal Reserve Board has the widest latitude and discretion in admitting any bank to membership. Section 9 of the Federal Reserve Act, both
as it now stands as amended by the McFadden measure and as it stood before, distinctly says that the
Federal Reserve Board "may" permit-the- applying
bank to become a member and not "shall." The Federal Reserve Board might, in the exercise of its discretion, have allowed the original Bank of Italy to
remain in the system, but have denied admission to
1726
THE CHRONICLE
[voL. 124.
the Liberty Bank of America. As for the Comp- dent. It is probable, however, that under
existing
troller of the Currency, it is difficult to see how, conditions the size and stability of the bank will be
under a strict interpretation of the national bank- maintained at present levels for some time to come."
It should be added that Federal Reserve resources
ing laws regarding consolidations with State bankwere
enlarged through the merger of the Liberty
ing institutions, he was authorized to permit conBank
of America with the Bank of Italy to a suffisolidation of the Liberty Bank of America with the
cient
extent
to warrant mention of the fact in the
Bank of Italy. Under the provisions of the new law
Feb.
23
return
of the Federal Reserve Board for the
a new section is added to the Act of Nov. 7 1918
member
banks
of
the System. As compared with the
regarding national bank consolidations, and this
previous
week,
the
net time deposits of the Federal
reads as follows: "That any bank incorporated
Reserve
Bank
of San Francisco increased from $894,under the laws of any State, or any bank incor419,000
to
$950,838,0
00.
porated in the District of Columbia, may be conBut
the
most
serious
phase of the matter still
solidated with a national banking association loremains
to
be
mentioned
. Those behind the Bank of
cated kt the same county, city, town, or village
under the charter of such national banking associa- Italy are restless and ambitious spirits. They are
tion," but in the present instance we have the case not satisfied with having conquered the whole State
of a bank in Los Angeles County undertaking con- of California, giving them "complete banking estabsolidation with a bank in San Francisco County, lishments in every important California community
and how can the two be regarded as in the "same" from Oregon to the Mexican border." They are
reaching out to acquire a chain of banks in the East.
county?
They
have already acquired the Bowery-East River
Possibly 'the Reserve Board was more influenced
by a desire to further enlarge the resources of the National Bank and they have acquired the CommerFederal Reserve banks than by misgivings regard- cial Exchange Bank of New York. The Bowerying the effects of State-wide banking, but here, East River National Bank also absorbed the Disagain; action is not in accord with the spirit of the count National Bank and now has capital, surplus
new law which, as already stated, aims to prevent and undivided profits of $6,625,000, with total rethe spread of State-wide banking. The Bank of sources of more than $88,000,000. The Commercial
Italy in its original form was already a member of Exchange Bank of New York is successor to the
the Federal Reserve System. The Liberty Bank of private banking business of Lionello Perera and has
• America 'was not, and as this last-mentioned insti- capital, surplus and undivided profits of $2,840,019
tution is reported to have had aggregate resources and aggregate resources of $18,389,965 as of Feb. 19.
in excess of 075,000,000, the inclusion of the latter Control of these affiliated banks is held through a
in the Federal Reserve System naturally would in holding company called the Bancitaly 'Corporation,
turn add that' much to the banking power of the which recently announced a proposed increase in its
member banks of the Federal Reserve. Following capital of $100,000,000. We referred to the plans
human instinct, the Federal Reserve managers have of this holding company in an editorial article in
from the first been reaching out for more and more our issue of Feb. 12 and reprint again the following
powers; and greater resources and mere size still news item which appeared in the New York "Times"
counts for Mach with them. The California papers on Feb. 9, since it indicates so clearly the comprehave*been laying considerable stress upon this point hensive nature of the bank extension program, which
of the eitension of the resources of the Federal Re- is not only designed but in process of being carried
serve Bank. Of San'Francisco in the way indicated. out:
(`The Bancitaly Corporation will ask its shareThus the'•San Francisco "Chronicle" in its issue of
holders in the next few days to authorize an increase
Feb. 22.took 'occasion to say on the subject:
of 1,000,000 shares in capital stock.
"In spite of the fact that Liberty is reputed to
"The 1,090,000 shares for which authority will be
have upWard•of $175,000,000 in deposits the increase asked will represent about $100,000,000, one of the
to the 'Federal Reserve Bank will not be as large as largest pieces of financing effected in this country.
many anticipate, inasmuch as this bank has been a The plan for issuance of this stock is said to comprise
depositor under non-member privileges in the past.
an offer of 450,000 shares to present stockholders at
"Incidentally even a small increase in actual de- $100 a share in the ratio of one share for each five
• posits will mean much to the Federal Reserve Bank held, the balance to be held in the treasury to be
of San Francisco, which ranks with Cleveland as sold when it is deemed advisable.
the third largest unit of the System. The local bank
"Preliminary permission has been obtained from
is surpassed only by the Federal Reserve banks in the State Corporation Commissioner of California,
New'York and Chicago.
where the company is domiciled, to issue the new
"On the other hand, the wholesale purchase of shares. The Bancitaly Corporation controls the
banks by Liberty Bank of America and Bank of Bank of Italy of California and other institutions,
Italy, prior to their merger, has had the effect of among which are the Bowery-East River National
denationalizing a large number of California na- Bank and the Commercial Exchange Bank of New
tional banks and in cutting down the number of York, and is the largest bank stock holding corporaunits in the Federal Reserve Bank. This, however, tion in the world.
has been counteracted by the substantial growth in
"'While it is difficult to employ the additional
resources and deposits of the Twelfth District Bank. capital profitable under investment conditions as
. "When one considers that there are still many they now exist,' President Gianinni said yesterday,
large California banks without the Federal Reserve 'we believe that the money can be used to earn
System and that these may still become members in enough to satisfy the present dividend requirethe future, the -Possibilities of future growth are evi- ments.'"
MAR. 26 1927.]
THE CHRONICLE
1727
Since the foregoing appeared, further steps have a single central bank instead of the group of refinally provided
been taken in development of the ambitious bank gional or district banks which was
But
what will beAct.
Reserve
extension plans of the promoters. The Borough of under the Federal
Brooklyn is now to be entered. In our news col- cdme of the twelve Federal Reserve banks in the
umns on March 5 we reported that negotiations were contingency referred to? The question should not
under way looking towards the consolidation of the be lightly dismissed. A moment's consideration will
•Sessa chain of private banks in Brooklyn with the show that the menace is not imaginary. It is one
Commercial Exchange Bank of New York located at of the things that should have been closely studied
the charters
63 Wall Street. The Sessa banks are said to form and carefully guarded against before
in perextended
were
banks
one of the largest groups of private banks in the city, of the Federal Reserve
having assets of approximately $5,000,000. With petuity and it is one of the things that should not
the Bancitaly Corporation having $100,000,000 of fail to receive immediate attention now that the
new capital available we may expect other similar Reserve banks have been endowed with perpetual
life. It seems to us it constitutes the gravest menmoves in quick order.
This use of the holding company in acquiring ace with which the Federal Reserve System has been
banks in different Federal Reserve districts brings confronted since the inauguration of the System.
The New York Stock Exchange does not admit
to the front some important and very grave problems regarding our Federal Reserve banking system. corporations to membership—and for very good
The Bancitaly Corporation, through the subsidiary reasons. No corporation controlled banks ought to
banks which it controls, already holds membership be allowed to enter the Federal Reserve System—
in the Federal Reserve Bank of San Francisco and and for equally good reasons. And the prohibition
the Federal Reserve Bank of New York. It there- should be contained in the law itself and not left to
fore is in position to avail of the facilities of the the judgment or the dictates of the Reserve officials,
Federal Reserve banks in these districts—that is to never a reliable dependence.
borrow from either one or both of them. How long
will it be before it enters some of the other Federal
The Financial Situation.
Reserve districts and perhaps all of them?
The stock market reaction which began on Friday,
But that is not all. Is it reasonable to suppose the 18th, did not gain much further headway until
that the Bancitaly Corporation will be allowed to Tuesday, when there were many sharp declines, but
remain alone in its endeavor to establish, not merely these were followed in turn on Wednesday, Thursdeal of irregularity, with
State-wide banking, but nation-wide banking? If a day and Friday by a great
whole. Bond prices,
the
on
tendency
great banking organization on the Pacific Coast a recovering
have eased off very
point,
high
new
a
after reaching
reaches out for the Atlantic seaboard through the
of 40 investment
average
ones
Dow-J
The
slightly.
holding company does it not inevitably follow that
and has
December
in
early
96
reached
which
bonds,
the big banking organizations in New York will been pretty steadily climbing since, was reported at
repeat the experiment and in like manner extend 97.04 on Tuesday, March 22. The reaction in stocks
their field of action to the Pacific Coast? In truth, was accompanied by calling of loans in slightly more
will they not be compelled to take such step as a mat- than normal volume and an advance in the call
2%, this rate prevailter of necessity, in order effectively to compete with money rate in New York to 41/
Wednesday and part of Thursthe invader? As a matter of fact, it has been re- ing part of Tuesday,
The Federal Reserve Board on Monday reported this very week that one of the largest of the day.
ported a further advance in brokers' loans to $2,840,New York City banks, or at least those associated
769,000, an increase of $21,658,000 over the loans rewith it, were seeking to gain a foothold on the ported in the previous week, the fourth consecutive
Pacific through a holding company.
advance, bringing the total increase up to U22,135,the
New
York
San
and
banks
the
FranAnd with
000. It remains to be seen whether the reaction of
cisco institution, or institutions, induiiing in na- the past few days has checked this tendency.
Evidence continues to pile up that the slump in
tion-wide banking through the holding company are
a few months
the big Chicago banks likely to lag far behind? And business which seemed to be beginning
car loadings
Freight
far.
very
gone
not
with the movement once started where will it end back has
to 1,005,715,
12
amounted
March
ended
week
for the
and what will be the outcome? Will not the ultian increase of 38,290 over the corresponding week of
mate result be that a few large banks will be oper- 1926 and 10,784 over the preceding week this year.
ating in every one of the twelve Federal Reserve This is the first time that car loadings have passed
districts, availing to the fullest extent of the fa- the million mark so early in the year. Automobile
cilities of the different Reserve banks in borrowing production is also thought to be back in the usual
and in other ways and completely dominating them stride, although the total for the first quarter is not
quarter of
in every way? Is this desirable? Can such a possi- likely to be as great as that of the first
1926, estimates indicating about 1,000,000 machines,
bility be viewed with complacency?
or some 9 or 10%, less than a year ago. There is
Who will say that the picture is overdrawn? Caralso noted increased activity in building and in
ter Glass in the series of articles by him which have many of the retail trades.
recently appeared in the "Evening Post" of this city
All of this great activity is, however, accompanied
takes particular delight in pointing out how he de- by declining commodity prices. The Irving Fisher
feated one alleged scheme after another to establish index of wholesale prices stood at 139.6 for the week
1728
TNT:
CHRONICLE
[Vol.. 124.
ended March 18, a decline during the week of 1.8. rities, making an aggregat
e of $92,006,000, with an
_ This records practically the same level of prices as appraisal value of
$85,374,000. Delaware Lackaprevailed at the bottom of the deflation in 1922 fol- wanna & Western has
only a nominal funded debt
lowing the 1920 inflation, the peak of 1920 being and no preferred stock.
Its capital stock is of $50
247 and the low point in 1922 138. This also com- par, $84,441,100, or
1,688,222 shares outstanding.
pares with the 1925 average of 159.2 and the 1926 The amount of securitie
s turned over to the securiaverage of 151.3. The price decline is pretty gen- ties company, which will
be distributed to stockholderal throughout the world and it is quite possible ers, is equal to $54 per share
on Delaware Lackathat the impetus toward lower prices is greater wanna & Western stock.
abroad than in the United States. A number of
The company has been prosperous for many years
important commodities are at or near their lowest and the stock
has been exceedingly profitable to
levels in the 1922 slump,—copper, pig iron and silk. hold, its history
characterized by extra dividends,
There can be no doubt but that the tendency for stock dividends and other extra
distributions. The
some time past has been downward and no one can Glen Alden Coal Co. was distributed
to stockholdtell how far this will go. Lower prices are normally ers at a nominal cost in 1919, and a 100%
stock diviproduced by increase in efficiency. The present dend paid in 1921. Earnings on the'
stock on its
movement, however, is probably to a large extent a present basis have been $7.33 in 192^, $8.35
in 1924,
continuing post-war adjustment, and which has been $8, 1925, $10.60 1926. The securities to
be turned
in a measure held in check by the inflation produced over yield $3,868,238 income. The rema'ni
ng inby the Federal Reserve System. It should be borne come from the railroad properties on the 1926
basis
in mind that, whatever the causes of the downward would be $8.25 per share. Dividends
have been paid
tendency and over how long a period it may persist during the past two years at $6, with $1 e tra.
It
in general, it is by no means a foregone conclusion would seem reasonable that the $6 rate could
be conthat the recent sharp decline will continue in the tinued after the distribution and perhaps the $7
rate.
immediate future. We notice that the Harvard
The stock on the basis on which it has been since
Economic Committee says there are already signs 1921,sold as low as 108 in 1922 and reached a high of
that prices are stabilizing and some of the more 1531/
2 in 1926. During 1927 the range has been
sensitive prices have advanced during recent weeks. from 140 to 172 and is now near the high. There
is
Quite possibly, some recent declines have gone far- a possioility that the distribution of these
non-railther than necessary in reflecting requirements of road treasury assets foreshadow a merger
involvthe world situation.
ing the company.
One thing is clear in connection with price movements: that the downward tendency which has preAn extremely critical turn was given Chinese
vailed much of the time in recent years has brought affairs Thursday, when a number of foreigners, inabout a spirit of caution in business which has been cluding some Americans, were killed at Nanking.
most salutary. It has produced and perpetuated The incident came as a direct result of the occupathe band-to-mouth policy of purchasing, has reduced tion of the city by the Southern Nationalist forces.
the size of inventories, and promoted the rapidity Rear Admiral Harry H. Hough, ranking America
n
of turnover, besides inducing manufacturers and naval officer at Nanking, said in his official report:
business leaders to look for profits in efficiency and "It is feared that the number of dead is large."
The
volume rather than in speculating in commodities. report added that the missions were looted,
and 155
This is altogether wholesome and has been perhaps Americans, comprising 45 women,
20 children and
the greatest factor in connection with the long con- 90 men, were left in the city with firing
still going
tinued prosperity of recent years. While, therefore, on. The Northern Chinese troops,
says a report of
declining commodity prices are not usually associ- Thusday from Shanghai to the New York
"Times,"
ated with advancing security values, nevertheless were unable to cross the Yangtze River at Nanking
they may have had much to do with the advances and "they were compelled to fight or surrender to
during recent years as the declines have usually not possible decapitation. Consequently the city, inside
been violent and have persisted over so long a period and outside the walls, became a battleground. The
that business is benefiting more through the advan- Northerners pillaged at will, but did not attack the
tages of increased efficiency than it is losing through foreigners. The incoming Nationalists, however, did
declining commodity values.
not hesitate to attack the consulates to-day. They
killed a Briton, Dr. Smith; wounded the British Con• During the week there have been a number of in- sul, Giles, and drove American Consul Davis with
teresting offerings, three important issues in succes- his wife and his children from the American Consulsion by syndicates headed by J. P. Morgan & Co., ate. A small group of foreigners accompanied by a
namely, $20,640,000 City of Tokio External 5y2s, few American sailors who were protecting the
con1961, offered on Monday at 89/
1
2, to yield 6.25%; sulate sought safety in the Standard Oil compound
$12,000,000 Italian Credit Consortium, 1937 and immediately inside the city walls, at a point a few
1947, offered on Tuesday at yields ranging from miles from the river, but they were unable to es7.40% to 7.75%, and $30,000,000 Chicago Burling- cape." These foreigners are reported officially to
ton & Quincy first 4Y2s, 1977, offered on Thursday have been attacked, whereupon the British cruiser
at 97, yielding 4.65%.
"Emerald" and the United States destroyers "Noa"
The directors of the Delaware Lackawanna & and "Preston" shelled the area around the comWestern Railroad Co. have ordered the formation of pound to protect the foreigners. A landing force
a securities company, stocks to be distributed one was sent to bring them off and succeeded in doing
share for two to holders of its own stock. To this so.
company will be turned over $58,500,000 in Glen
A summary of the message from Admiral Charles
Alden Coal first mortgage 4% bonds and other secu- S. Williams, Commander-in-Chief of the Asiatic
MAR. 26 1927.]
THE CHRONICLE
Fleet, was given out by the Navy Department at
Washington Thursday night. Admiral Hough, says
this statement, acting in concert with the British
ranking naval officer on the cruiser "Emerald,"
served an ultimatum on the Chinese General, demanding "first, the immediate protection of all foreigners and foreign property; second, the reporting
on board of the Cantonese General in command at
Nanking before 11 o'clock the night of March 24 to
negotiate respecting the outrages committed; third,
that all foreigners must be brought to the bund
under escort by 10 o'clock the morning of March 25
(Chinese time). If the demands of this ultimatum
were not complied with, Admiral Hough reported
to Admiral Williams, Nanking would be treated as
a military area. This meant, according to naval
officials to-clay, that Nanking could no longer have
immunity from extensive attack under the protection of international law, accorded to unfortified
• cities."
At Washington Secretary Wilbur asserted that
"Admiral Williams has full authority to use all the
forces under his command at his discretion for the
protection ofAmerican lives and property. That I
have probably said before, but I wish to reiterate it
now. He has been given from time to time all the
forces he has requested." Three cruisers were immediately instructed to proceed to Shanghai from
Honolulu to join Admiral Williams's forces. Others
proceeded from Manila. In responsible quarters in
Shanghai the greatest anxiety is felt lest the Nanking outbreak bring on a nation-wide anti-foreignism, says an Associated Press message of Friday.
Consul-General Clarence E. Gauss broadcast a radio
warning to all Americans in the interior to come out
as soon as possible. News of the outbreak was immediately transmitted to treaty ports all over China
and brought about increased tension between the
Chinese and the foreigners. At Hankow, Southern
soldiers began stoning the British and threatening
them with guns. Dangerous indications are also
reported at Shanghai, where the success in eliminating the foreigners at Nanking is likely to stimulate further events.
Of the native developments in China the most
important by far is the fall of the Chinese city of
Shanghai to the Southern forces. The city, says a
report of March 21 to the New York "Times," went
over to the Nationalists to-day at noon, giving them,
without a battle, the greatest victory hitherto won."
Negotiations between the Southerners and the Northern war lord, Chang Tso-lin, are generally credited in
Shanghai with having effected the transfer of the
great port. Shantung troops and other natives in
great numbers immediately besieged the gates of the
foreign concessions, begging for refuge. An Associated Press message of March 21 said that "the
barbed wire barriers in the French conces.qon on
the border have all been closed. The main barriers
of the International Settlement are still open, but
they may be closed at any moment." Some 150,000
industrial workers promptly went on strike and
these, with the defeated Shantung troops were reported on Tuesday to be sacking the Chinese quarter
of Shanghai, a reign of absolute terror prevailing.
After the complete investment of the city by the
Cantonese regulars Tuesday, comparative quiet settled down in the native city. Great parades were
1729
organized by the Nationalist sympathizers, red flags
being prominent all over the quarter. Two Punjab
Indian soldiers of a British regiment were killed and
British troops in turn shot twenty-four Shantung
troops who turned their guns against them when
disarmed on entering the settlement. Fifteen hundred American marines were disembarked and occupied the dangerous mill district of the settlement,
one of the marines being wounded Wednesday. A
few snipers were reported operating in the Foreign
Settlement, according to a New York "Times" dispatch of the same day. A statement by the State
Department at Washington Thursday asserted that
"the Nationalist General Pal Tsung Hsi arrived in
Shanghai on March 22 and has issued a series of
proclamations accepting the responsibility of maintaining public order. The proclamations declare
that the Government will undertake the necessary
negotiations on unequal treaties and that undesirable characters will not be allowed to interfere in
such Governmental functions. The proclamations
also state that there is no intention to recover the
sovereign rights of China by military force or measures endangering foreign life or property." That
the greatest precautions are being taken to protect
the International Settlement against attack is apparent from all dispatches. The correspondent of
the New York "Herald Tribune" reports that the
Settlement is "encircled by twenty miles of trenches
occupied by 10,000 British troops and patroled by
forces of other nations. Shanghai has become a
battle front where must be decided whether the
Western influence in commerce shall be maintained."
The strained relations between the United States
and Mexico give "deep significance" to the announcement, made in Washington Tuesday, that the treaty
between the two countries for the mutual prevention of smuggling will not be renewed when its first
year of existence ends on March 28. The chief intent of the treaty, negotiated originally at the
instance of the United States Government, was to
provide measures for the suppression of liquor
smuggling into the United States from Mexico. The
treaty also provides, as pointed out by the New
York "Times" correspondent at Washington, that
this Government must notify the Mexican Government of shipments of merchandise by land, sea and
air, so that the United States would be bound to
give notice of any shipments of munitions to persons
in Mexico. It is considered, according to this correspondent, that there is a direct connection between the denunciation of the treaty and the possibility of the lifting of the embargo on arms shipments to Mexico now in effect. There have been
hints, the dispatch adds, that the arms embargo
might be lifted, and it has been conceded by many
that this action probably would result in the downfall of the Administration of President Canes.
Additional importance attaches to these developments because of the dispatch on Feb. 25 of a note
to Mexico about which a high degree of secrecy has
been maintained. While public conjecture concerning the note was at its height, the Mexican Ambassador, Senor Manuel C. Tellez, made a hurried trip
to Mexico City, avowedly on personal business. The
Ambassador left Washington March 3 and returned
March 18, the correspondents of American news-
1730
THE CHRONICLE
papers noticing, while he was in Mexico City, that
he held long conversations with President Calles.
On his return to Washington Senor Tellez, on his
own request, conferred with President Coolidge and
Secretary of State Kellogg, the conversation being
described by him afterward as "most pleasant."
Reports from Mexico, meanwhile, indicate an increased spirit of revolt. The important LaredoMexico City train was held up, looted and burned
on March 19, by rebels under General Gallegos. The
religious issue is prominent in the developments, the
bandits frequently soliciting contributions for the
"Catholic Revolution." President Canes, says a
Mexico City dispatch of Monday to the New York
"Times," "has called for a special mobilization to
meet the situation in several States, and General
Amaro, Minister of War, started to-day for the city
of Leon to take personal charge of the campaign
against the rebels." A staff correspondent of the
same newspaper reported unequivocally on March
18 that "Mexico is on the brink of a revolution
which may prove one of the bitterest and bloodiest
in her turbulent history. Both Mexicans and foreigners, who know the situation, thoroughly expect
the revolutionary movement, which already is serious, to reach formidable proportions before long."
President Calles, this correspondent adds, though
he has always professed to be a friend of the Mexican lower classes, has alienated these classes more
than any other by seeking to smash the Catholic
Church in Mexico. An agrarian crisis also has been
precipitated by President Calles and his colleagues
by taking from large landowners huge tracts of land
and handing them over to peons, and it must not be
forgotten, concludes the report, "that many expropriated landowners are Americans, whose voices are
helping to swell the chorus shouting for American
intervention or lifting of the arms embargo."
Mutual recrimination between Italy and Jugoslavia over the small mountain republic of Albania
threatened seriously to disturb European peace
early in the week. The trouble dates back several
years to the time when the Albanian President,
Ahmed Zogu Bey, gained his position as the result
of a revolution organized in Jugoslavia. Despite
this, President Zogu has not been very acceptable
to Jugoslavia, and last November a further revolt
was prepared on Jugoslav territory. Italy, meanwhile, took a deep interest in Albania, as, under the
Fascist expansionist policy, that country provided
the shortest route eastward for Italian aims and
ambitions. Premier Mussolini supported President
Zogu in the revolution of November and thus maintained him in power. The treaty of Tirana was
thereupon negotiated between Italy and Albania.
"That treaty with Ahmed Zogu, who," says a Paris
dispatch of March 20 to the New York "Times,""has
not the support of more than a tenth of the population, marked what may be called the classic opening
of the contest on the Balkan chessboard. By it
Italy guaranteed not only the independence of Albania, but her independence under Zogu, a matter
which is entirely different, for it is believed that
intervention must be a matter of only',a few months,
so detested is the Italian puppet." Such practical
domination of Albania by Italy is looked upon with
great apprehension by Jugoslavia, which borders
[VOL. 124.
Albania. Some indications of the extent of the domination may be gained from a dispatch, printed in.
the New York "Times" of March 6, which quoted
American travelers in Albania as "having found that
country economically absorbed by Italy."
In this situation Italy took occasion on March 18
to inform the British Foreign Office through the
Italian Ambassador in London, that preparations
were being made on Jugoslav territory for an incursion on a formidable scale into Albania for the purpose of overthrowing the present Government at
Tirana. Berlin also was informed, according to a
dispatch of March 19 to the New York "Times,"
and presumably other Governments. This step was
followed on March 20 by concerted action in Belgrade by Italy and England, the Ministers of both
nations protesting jointly, says a Paris dispatch to
the New York "Herald Tribune," against the alleged
concentration of Jugoslav troops on the Albanian
frontier. In Belgrade official" denial of the accusations was made by Foreign Secretary Peritch, and,
says a New York "Times" report of March 20, "he
said further that Jugoslavia would welcome a commission from the League of Nations to investigate
the charges." This suggestion, according to a Rome
dispatch of March 21 to the New York "Times," wasnot well received by the Italian Government, which
apparently thought it wise to deprecate the incident. "The general impression, confirmed also in
political circles," adds the dispatch,"is that if Jugoslavia desists from her warlike preparations and if
nothing unexpected occurs to complicate things
again, Italy will consider herself satisfied and drop
the matter." Nevertheless, an impartial investigation by the League of Nations was proposed, with
the result, says a dispatch of March 23 from Paris
to the New York "Herald Tribune," that Italy, which
first brought the charges, "to-day is in a position
officially of backing water in an attempt to avoid
an investigation of those charges by an international
commission. Baron Avezzano, the Italian Minister.
to France, told Foreign Minister Briand that Italy
was not at all favorable to such an inquiry and felt
that the character of Balkan banditry would prevent ascertainment of the facts. To this M. Briand
replied that it was impossible to dismiss such serious
accusations so lightly and that both France and
Great Britain were absolutely united in a determination to have Jugoslavia's appeal for an inquiry
granted." In any event, the war scare appeared to
have passed definitely by Tuesday, on which day a
Paris dispatch to the New York "Times" reported
that "France, England and Germany, working together through diplomatic channels, have, in Foreign Minister Briand's opinion,for this time at least,
prevented the Albanian incident from becoming a
serious and direct menace to the peace of Europe."
The chief element of danger in the Albanian difficulty is not that of a struggle between Italy and
Jugoslavia for supremacy in the country but thelikelihood of entanglement of the great Powers. In
Italy, according to a report of March 19 from Rome
to the New York "Times," "France is facing far
more unpopularity in this affair than Jugoslavia.
The 'Giornale d'Italia' yesterday and the `Tribuna'
of Rome, the official Fascist organ, to-day, pointed
to France as the source of the present unrest and
anti-Italian machinations in the Balkans. France,
MAR. 26 1927.]
THE CHRONICLE
1731
they recall, immediately after the conclusion of francs and if the Government desired to take over
peace at Versailles organized the Little Entente, giv- the oil business the nation would have had to buy
ing it, they assert, a decidedly anti-Italian bent. this system or duplicate it at even greater cost.
The foreign oil companies, doing about 80% of
When that move failed other means to check Italy's
the oil business in France, would eventually have
growing prestige were sought."
The reaction in Paris is indicated by a report to been forced out of business had the Government atthe New York "World" to the effect that Italy is tempted to set up control of oil. The decision to
subject to "harsh criticism" there. The correspond- postpone the application of the law for two years
ent of the New York "Times" in Paris, treating of therefore comes as a relief to American concerns
the diplomatic moves, said on March 21: "Taking which have invested well over a billion francs in the
for granted that if Mwssolini had a free rein he country. In the opinion of many,the two-year postwould carry out his ambitions toward Albania, and ponement means an indefinite removal of the threat,
taking for granted also that the Serbs might well be as the difficulties in the way will be just as real two
tempted to do something violent about it, one sees years hence as they are to-day.
at once that the sivation depends largely on what
Fighting in Nicaragua was still reported in progFrance and England do. If London and Paris stand
firmly together, as they did when they put Musso- ress early in the week, the revolting Liberals and
lini out of Corfu, they can keep him out of Albania. the established conservatives meeting near Muy
Of that there is little doubt. The big question is Muy. Casualties were few. A new phase of the
whether Paris and London are going to play the situation in the Central American republic came to
peace- game through the League of Nations or other- light when it was reported by the correspondent of
wise, or whether they are going to permit themselves the New York "Herald Tribune" at Managua on
to pursue rival ambitions for preponderance on the March 23 that the United States Government had
Continent. Only a blind man would say France and sold to the Conservative Nicaraguan Government a
England are not rivals in the Balkans and Central supply of arms and ammunition, enabling the latter
Europe. France has her allies, among whom is Jugo- "to prosecute the war against the Liberal forces."
slavia, while London controls Budapest and Athens, The sale was confirmed in Washington on the same
if not Sofia. Certainly there have recently been day, Secretary of State Kellogg issuing a statement
some exchanges of suggestions between Rome and that the War Department had sold to the Diaz reLondon and it is hard to contend that England is gime 3,000 Krag rifles, 200 Browning machine guns
unfavorable to Mussolini's treaty with Ahmed Zogu. and 3,000,000 rounds of ammunition, for a total
Will Rome and London play the Nationalist game, price of $217,718. The sale was made Feb. 25, acor will they play the international peace game? cording to the statement, and the arms are now in
One likes to believe they will play the latter game. Nicaragua. Notes were given in payment, in the
They can stop the half brewing trouble if they see sum of $5,000 each, the first to mature Jan. 31
fit or they can allow it to go much further. A threat 1929 and the others monthly thereafter. The sale,
to either or both Rome and Belgrade of a blockade it is pointed out in Secretary Kellogg's statement, is
and severance of diplomatic relations in the event similar to previous ones made to Nicaragua and to
of war would solve the situation overnight. In the Mexico.
meanwhile there remains the picturesque possibilThe Bank of Finland on March 23 reduced its rate
ity of the Foreign Minister of Germany calling the
2 to 7%, being the first change
discount from 71/
the
of
Council of
League to prevent the start of a war
in territory not so far from Sarajevo."
since Oct. 29 1925. No alteration has been reported
in official discount rates at other leading European
The French Government has decided to postpone centres, which remain at 7% in Italy; 6% in Bel2% in Paris and Denmark;5%
for at least two years the application of the Mar- gium and Austria; 51/
gaine Law, which establishes a State monopoly of in London, Berlin and Madrid;41/2% in Sweden and
gasoline and other oil products from April 1, says a Norway, and 3y2% in Holland and Switzerland.
Paris dispatch of March 22 to the New York Open market discount rates in London were firmer
2%,
"Times." The law was passed with the idea of se- for a time and short bills advanced to 4 7-16@41/
/
8@47-16%, the same
curing additional revenue for France, but Minister although the close was at 43
of Commerce Bokanowski found that it would in as last week, while three months' bills were not
reality cost the Government several billion francs changed from 4 5-16@43
/
8%. Call money at the
in initial expenditure before profitable operation British centre was firm and finished- at 37
/8%, in
could be begun. Faced with this situation, says the comparison with 35
/
8% last week. In Paris and
report, "M. Bokanowski, with the approval of Pre- Switzerland open market discount rates'continue to
mier Poincare, has requested Parliament officially be quoted at 414 and 23
/
4%, respectively, the same
to delay the carrying out of the Margaine measure as a week ago.
until April 1929. No hitch is anticipated in the
A small decline in gold was shown by the Bank of
acceptance of the suggestion by the Chamber and
Senate, if for no other reason than the physical im- England in the return for the week ended March 24,
possibility of creating State control under present namely £11,018. Gold holdings now.stand at“5p,conditions." What the project did not appear to 725,003, against £146,842,803 last year and.£128,619,consider was that American and other foreign inter- 796 the year previous (before the tranger to the
ests have developed an efficient receiving and dis- Bank of England of the 07,000,000 gold formerly
tributing system in France, including storage and held by the redemption account of the Currency
docking facilities in the ports and oil filling stations Note Issue) The reserve of gold arid notes in
and reserve depots in all parts of the country. This, banking department shows an increase of E441,000,
says the dispatch, has cost hundreds of millions of notes in circulation having declined- E452,000. The
1732
THE CHRONICLE
proportion of the Bank's reserve to liabilities advanced to 28.65% from 28.29% last week. Public
deposits decreased £1,787,000, while "other" deposits
gained £1,852,000. Note circulation now stands at
£136,254,000, as compared with £141,617,310 in 1926
and £124,378,215 the year before. Loans on Government securities decreased £1,860,000, while loans on
"other" securities increased £1,502,000. The Bank's
official discount rate of 5% remains the same. Below we give a detailed comparative statement back
to 1925:
[Vol.. 124.
ing paid off the large amount of temporary certificates of indebtedness issued to the Reserve banks
last week pending the collection of the Federal income taxes made on March 15. Total bills and securities (earning assets) hence expanded only
$5,900,000. Additions were also shown in deposits
—$6,300,000--and $5,100,000 in member bank reserve accounts. Gold reserves for the group banks
mounted $9,900,000. As to the New York Reserve
Bank, a gain in gold was indicated of $52,000,000.
Here also large expansion took place in bills disBANK OF ENGLAND'S COMPARATIVE STATEMENT.
counted. Rediscounting of all classes of paper ad1927.
1924.
1923.
1925.
1926.
vanced $91,100,000, while open market purchases
March 23. March 24. March 25. March 26. March 28.
were
augmented $9,500,000. In total bills and secuCirculation
136,254,000 141,617,310 124,378,215 125,402,700 124,436,610
Public deposits
17,396,000 14,405.513 15,488,418 26,983,488 35,677,769 rities there was an increase of $10,300,000. Deposits
Other deposits
102,031,000 108,372,702 105,916,468 100,507,133 97,029,885
Gov't securities
30.798,000 43,585,328 38,798,303 48,167,455 48,354,200 showed an increase of $57,600,000 and member bank
Other securities
74,733,000 72,520,510 76.899,649 75,145,213 79,811,607 reserve accounts of $56,700,000. A decline was reReeerve notes & coin 34.220,000 24,975,493 23.991,581 22,453,123 22.818,552
Coln and bullion-150,725,003 146,842,803 128,619,796 128,105,823 127,505,162 vealed in the amount of Federal Reserve notes in
Proportion of reeve
actual circulation of about $100,000, although in
to liabilities
20.34%
28.65%
%
17.61%
17)4%
Bank rate
5%
5%
4%
6%
3% the statement for the combined System the loss in
a Includes, beginning with April 29 1925, £27.000,000 gold coin and bullion this item was $4,600,000. As to reserve ratios, exPreviously held as security for currency note issued and which was transferred to the
pansion in gold reserves served to bring about ad"tank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for Aprli 29 1925, includes E27,000.000 of Bank vances, regardless of the movement of deposits. The
of England notes issued in return for the same amount of gold coin and bullion
ratio for the banks as a group gained 0.2%, to 79.2%,
Mid up to that time in redemption account of currency note issue.
while at New York the ratio advanced to 83.1%, up
• The major changes in the Bank of France's weekly 0.3%.
Statement were the decrease in advances to the
Last Saturday's return of the New York Clearing
State of 800,000,000 francs, reducing the total
amount owed by the State to 28,100,000,000 francs, House banks and trust companies was featured by a
against 30,000,000,000 francs in 1926 and 21,800,- further addition to surplus of slightly over $15,000,000,000 francs in 1925. Note circulation registered 000, accomplished in spite of heavy expansion in deanother decrease of 361,743,605 francs, bringing the posits, owing to renewed borrowing at the Federal
total to 51,911,606,460 francs. For the same time Reserve Bank. The detailed figures show that loans
last year total notes outstanding stood at 51,491,819,- mounted $192,288,000, indicating borrowing by the
490 francs, and for the previous year 40,892,066,220 depositors for income tax purposes and to pay for
francs. Gold holdings were unchanged at 3,683,507,- purchases of the new Government securities. Net
443 francs, against 3,683,986,154 francs in 1926 and demand deposits were augmented $161,569,000, to
3,081,639,876 francs in 1925. The other changes $4,574,513,000, which excludes $81,139,000 in Govshown in the report were: Silver increased 48,929 ernment deposits, an increase in the latter item of
francs; bills discounted increased 172,223,745 $58,976,000, while time deposits increased $4,951,000,
francs; Treasury deposits rose 46,143,510 francs, to 672,348,000. Cash in own vaults of members of
and general deposits moved up 560,690,900 francs. the Federal Reserve Bank was reduced $2,761,000, to
Advances to trade decreased 38,522,935 francs. Com- $41,122,000; although this does not count as reserve.
parisons of the various items in this week's return Reserves of State banks and trust companies in own
with the statement of last week and corresponding vaults declined $404,000, but the reserve of these
same institutions kept in other depositories rose
dates in 1926 and 1925 are as follows:
$1,326,000. Member banks again added to their
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Bate., as of
reserves in the Federal institution, this time in the
for Week.
Mar.23 1927. Mar.24 1926. Mar.25 1925.
Gold floldtnas—Francs.
sum of $35,302,000; hence the gain in surplus of
Francs.
Francs.
Francs.
In France
Unchanged
3,653.507,443 3.683,986.154 3,681,639,876
Abroad
Unchanged
1.864,320,907 1,864,320,907 1,864,320,907 $15,016,470 in the face of enlarged deposits. This
brings excess reserves up to the huge sum of $75,Total
Unchanged
5,547.828,350 5,548.307,061 5,545,960.784
Silver
The
Inc
48,929
342,155,947
331,150.301
308,787.200 153,260, as against $60,136,790 a week ago.
Bilis discounted„-Inc. 172,223,745 2,895,275,773 3,310,284,477 5,544,620,916
above figures for surplus are on the basis of legal
Trade advances—Dec. 38.522.936 1,897.278,355 2,449.571,291 3.026.463,526
Note circulation—Deo. 361.743,605 51,911,606.460 51,491,819,490 40,892.066,220 reserve requirements of 13% against demand deTreasury deposite_Ino. 46,143,510
66,976.437
13.701.509
31,558,029
General deposits_fnc. 560.690,900 4,456,444,525 2,802,263.162 2.038,600,912 posits for member banks of the Reserve System, but
Advances to State_Dec. 800,000,000 28,100,000,000 35,000.000,000 21,800.000,000
not including the $41,122,000 cash in own vault held
by these member institutions on Saturday last.
Important changes were shown in the Federal
Reserve Banks' weekly statements issued at the
The money market this week again showed a
elbse of business on Thursday. Chief among these trifling tenseness due,in
the opinion of most observers,
were heavy expansion in rediscounts, moderate in- to Government operations in
the market, particularly
crease in open market trading, and additions to the cashing of income tax checks. The
rate for call
gold holdings, both locally and nationally. In the funds ruled at 4% Monday but on
Tuesday the calling
report of the System rediscounting of bills secured of $30,000,000 by the banks sent it
up to 4
at
by Government paper increased $93,000,000 and of which rate renewals were again arranged
on Wednes"other" bills $33,700,000, thus making an increase day. This marked the highest opening charge since
in total bills discounted for the week of $126,600,000. March 1, and heavy selling in the stock market
Holdings of bills bought in the open market gained resulted. About $15,000,000 in loans were called
$12,400,000. Holdings of Government securities de- during the day. Funds were more freely offered
clined $133,000,000, the United States Treasury hay- Thursday and after opening again at 4
the rate
: •
MAR. 26 1927.]
THE C
dropped to 4%,where it ruled most of Friday. ,
3-43/ 0
funds showed no variation, remaining at 4/
all week. A period of ease is looked for in short rm
funds in many quarters as the peak of spring borrowing generally passes in March. A disturbing factor,
however, is the continued increase in brokers' loans
reported by the New York member banks. The
statement as of March 16 showed an advance of
$21,678,000 over the previous week, the total being
$2,840,769,000. The expansion since the middle
of February is about $120,000,000, and the loans
are now higher than they were at this time last year.
Gold movements during the week were practically
negligible.
0
1733
CLE
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
MARCH 25 1927.
Paper Maiming—
After 90 After 6
Days, but
but
Within 6 Within 9
Months. Month'.
Within 90 Days.
FEDERAL RESERVE
BANK.
Conercial Secured
Agric'l dk by U. 8. Bankers' Trade Aprteta.* Agramiel
and
Livestock Govern't Acce9- A ccePand
Paper. Obliga- lances, lances. Livestock Livestock
Paper. Paper.11
lions.
n.e.s.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
4
4
4
4
4
4
4
4
4
4
4
4
•Includi bankers' accep anew d
by warehouse receipts. dot
6
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
for ,
4
4
4
4
4
4
4
4
4
4
4
4
.
a '
4
4
4
4
4
4
4
4
4
4
4
4
4
'
a
4
4
4
4
4
4
4
Referring to money rates in detail, call loans this
week covered a range of 4@41A%,as against 33/2@4%
last week. On Monday only one rate was namedSterling exchange gave a good account of i
Lthis
4%—and this was the figure at which all loans on week and notwithstanding rumblings of possible outcall were negotiated. Tuesday, although renewals breaks in the troubled Balkan States, and the gloom
continued at 4%, there was an advance to 432% that so udavorable a prospect cast, for a time, at
before the close, while the low was still at 4%. In- least, over the leading foreign exchange markets,
creased firmness developed on Wesnesday,so that the
rates for British currency were not only firmlyiheld
ruling rate moved up to 43/2%; this was also the
another fraction over last week's high
high and low for the day. On Thursday 4
was but advanced
4.851
/
1 for demand bills, which is a new
to
still the renewal basis, and this was the high, with record,
4% the low. Friday easier conditions prevailed and high point for the year, though the bulk of the busi/. This is in line with
call funds renewed at 4%; this was again the mini- ness was put through at 4.851
4% the high.
the trend of events noted during the last week or so,
mum quotation, with 41
For fixed date funds the market was dull and fea- but it is worthy of note that good buying developed
tureless. Offerings were fairly liberal and the almost from the start. A number of large banks were
shorter periods, sixty and ninety days, continue to in the market as buyers of round amounts;so much so,
be quoted at 4 8%, with 4%@43/2% the range for that the demand was usually well in excess of offerfour, five and six months' money, the same as last ings; hence the firm tone that pervaded operations.
week. So far as could be learned, no large individual No really adequate explanation was forthcoming for
loans were negotiated.
this sudden accession of buying activity, but the
Mercantile paper rates continue to be quoted at opinion most generally credited was that it represents.
4% for four to six months' names of choice character, the transference of funds from Continental countries
with names less well known still requiring 434%. likely to be involved in the event that military conflict
New England mill paper and the shorter choice names should really break out in either the Balkans or the
remain at 4%, unchanged. A fair degree of activity Far East, to London for safe keeping. •
prevailed and all available offerings were readily abThere were other contributing factors that made for
sorbed by both local and out of town banks. The increased firmness. Money in London continues to.
inquiry, however, was in excess of the supply, so rule firm; economic and financial conditions in Engthat the aggregate turnover was only of moderate land are gaining steadily; the effects of the British
proportions.
coal 3trike are declining, and last but not least, forBanks' and bankers' acceptances remain at the the time being offerings of commercial bills are not
levels previously current. Prime acceptances, how- likely to assume liberal proportions, since the vcilurne
ever, were not in active demand, and the volume of of exports is at low ebb. Furthermore. commercial
business transacted was not large. The tone of the interests, uneasy because of the steady progress
market was steady, with nothing in the way of news toward higher levels, are said to be hurrying to fill
developments to report. For call loans against bank- their summer requirements of sterling before rates go
ers' acceptances, the posted rate of the American any higher.
- .
Acceptance Council remains at 3%%. The AcceptReferring to the day-to-day rates, sterling.exchange
ance Council makes the discount rate on prime bank- on Saturday of last week was firm and rates adianCed
ers' acceptances eligible for purchase by the Federal slightly, to 4.854 (one rate) for demand ,ancl, to
Reserve banks 33
4% bid and 3%% asked for bills .4.855
/á for cable transfers; trading, however,
running 30 days, 60 days and 90 days, VA% bid inactive. On Monday a small accumulation.of,o-fierand 3%% asked for 120 days and 150 days, and ingi sent price 3 down a trifle; demand ranged between
4% bid and 338% asked for 180 days. Open market 4.85 1-16 and 4.853/
8 and cable transfers At "4,8 9-16
quotations follow:
©4.85%. Firmness reasserted itself on Tnesacty and
SPOT DELIVERY.
the only quotation named was 4.85Vsjor .demand
90 Dais.
60 Days.
30 Days.
prIme eligible bills
3/i@8S4
5140)5,1(
354(93% and 4.853
4 for cable transfers; good buying. wal re, FOR DELIVERY WITHIN THIRTY DAYS.
sponsible
for the underlying strength. - Wcdrjaesda.y's
Eligible member banks
3% bid
Eligible non-member banks
IN bid market was strong and rates again adVanoed;
range for demand wa- 4.853'@4.85 3-16'inIfor cable:
There have been no changes this week in Federal transfers 4.855
%@4.85 11-16; trading was brisk with
Reserve Bank rates. The following is the schedule buying sufficient to absorb all offerings 9uiitattibpsof rates now in effect for the various classes of paper were maintained on Thursday on fairly tieiive dealat the different Reserve banks:
ings and demand sold at 4.85 3-16 (one rate) and cable.
1734
THE CHRONICLE
[Von. 124.
for checks and 13.903/8 for cable transfers, which
compares with 13.90 and 13.91 the previous week.
Reichsmarks finished at 23.72 for checks and at
23.73 for cable transfers, the same as the previous
week. Austrian schillings continue to be quoted at
143/8. Italian lire finished at 4.583/ for bankers'
sight bills and 4.593/2 for cable transfers, in comparison with 4.59 and 4.60 a week earlier. Exchange
on Czechoslovakia closed at 2.96% (unchanged); on
Bucharest at 0.65, against 0.60; on Poland at 11.50
(unchanged), and on Finland at 2.521A (unchanged).
No gold was reported this week or engaged for Greek exchange finished at 1.281A for checks and at
either export or import. It is understood, however, 1.293/ for cable transfers, the same as heretofore.
that Japan is sending more of the precious metal
In the group of Continental exchanges, classified
to this country. The SS. Norway Maru is on its
way to the United States with a shipment of $2,000,- as neutrals during the war, the outstanding develop000 in gold for the United States, the second ship- ment of the week was a wild uprush in the rates for
ment during the current month and making a total Spanish pesetas that ,carried the quotation up to
of $14,000,000 from Japan in 1927. The Bank of another new high record level of 17.90 for checks,
England is still exporting small quantities of gold in comparison with the previous high of 17.50,
to Spain and to India.
touched last week. For a short interval uneasiness
over the Albanian-Jugoslavia dispute caused a setMovements in the Continental exchanges were back and the quotation dropped to 17.46; but it was
irregularly weak at the opening, and for a time con- not long before prices were soaring again. Considsiderable nervousness prevailed. Price changes were erable comment was aroused by the rapidity and
frequent, first in one direction, then in the other, facility with which quotations seemed to be able to
particularly in lire, which apparently bore the brunt soar, which was taken to indicate inherent soundness
of the attack, although pesetas and yen were again in the position of the exchanges in question. Later
the 'target of the speculative clique. Early in the firmness was of course in sympathy with the recovery
week alarming reports of the possibility of an actual in lire on receipt of more reassuring news. Trading
clash between Albania and Jugoslavia, bringing in its for a while was very active and excited, with contrain fears that Italy would become involved in any siderable confusion prevailing as a result of the freconflict between these two countries, had an un- quent and erratic fluctuations in prices. Dutch
settling effect and lire suffered severely. Heavy guilders continue to rule at close to 40.00 and Swiss
selling induced a drop from 4.57 (the opening figure) francs at 19.23, or thereabouts, on quiet trading.
to 4.483/2. Subsequently, after considerable backing As to the Scandinavian group, Danish exchange
and filling, there was a sharp rally that sent the quo- continues firm but unchanged, while Swedish crowns
tation up to 4.603/2. But for a good while the range maintained all of the gains made last week, and
of quotations was unusually wide and fluctuations Norwegian currency ruled between 26.09 and 26.14
were inclined to be erratic, indicating the uneasiness all week. Trading in these exchanges was only
felt by speculative holders and the somewhat frenzied moderately active and devoid of special feature.
attempts made to liquidate long accounts. Toward Practically all of the speculative activity has been
the latter part 'of the week, announcement of the confined to pesetas. The reason for this, as has been
successful flotation of a substantial loan herd designed outlined on previous occasions, is that the Spanish
to aid Italian shipping interests, coupled with the unit is almost the only one that has not been stabilissuance of vigorous denials on the part of the Italian ized. It is confidently predicted that once pseetas
authorities that military activities had commenced attain par they will take their place alongside of the
on the Albanian border, had a distinctly reassuring Danish and Norwegian crowns where governmental
effect, and the result was to bring about a recovery restrictions act to prevent the fluctuations which
in quotations of more than 12 points, to the level tend to make speculative transactions profitable.
noted above.
Continued shipment of English gold to Spain served
So far as the other major European exchanges were to stimulate activity in pesetas, and the quotation
concerned, the stirring developments of the week for pesetas rose to the highest point in seven years.
appeared to .have had very little effect. French Moreover, conditions in Spain have greatly imfrancs remained stable and virtually unchanged. proved. The Spanish Premier's position is said to
The same is true of -Antwerp belgas, both of which be a strong one, now that Spain's consolidation of
were dealt in sparingly, while German and Austrian huge floating debt has been accomplished and exexchange was steady and inactive as usual. Greek penditures incidental to the Moroccan campaign
exchange remained all but motionless. The ex- been greatly lightened. Bulgaria came in for some
changes of the minor Central European republics attention this week, it having been announced that
exhibited firmness, but continue to rule at or near the head of the Bulgarian National Bank is on his
the levels of'a week ago, with the exception of Ru- way to London for the purpose of arranging for a
manian lei, which developed strength late in the week foreign loan in order to assist Bulgaria in her return
and closed- at 0.65.
to the gold standard. The Bulgarian leva has been
The London check rate on Paris finished at 124.04, under strict governmental control for some years,
against 124.01 last week. In New York sight bills and it is expected that with the establishment of a
on the French centre.closed at 3.90%, against 3.903/2; stabilization plan a new unit of a higher par value
2, and com- will be selected.
cable transfers at 3.91%, against 3.913/
mercial --sight bills -at 3.89%, against 3.893/ a week
Bankers' sight on Amsterdam closed at 40.00,
ago, :Closing rates on .Antwerp.ibelgas_were_13.893/2 against 40.003/8; cable transfers at 40.01, against
transfers at 4.85 11-16. Friday a renewed tendency
to firmness developed, which caused prices to advance
to 4.85 3-16@4.853 for demand and to 4.85 11-16@
4.85% for cable transfers. Closing quotations were
4.853 for demand and 4.85% for cable transfers.
Commercial sight bills finished at 4.843/
8, sixty days
at 4.813/s, ninety days at 4.79, documents for payment (sixty days) at 4.81% and seven-day grain bills
at 4.84/. Cotton and grain for payment closed at
4.85%.
MAR. 26 19271
TITE CUR ONTCLE
40.011
/, and commercial sight bills at 39.99, against
39.99M a week ago. Final rates for Swiss francs
were 19.23 for bankers' sight bills and 19.24 for cable
transfers, the same as last week. Copenhagen checks
finished at 26.66 and cable transfers at 26.67, against
26.64 and 26.65. Checks on Sweden closed at 26.78
and cable transfers at 26.79, against 26.76 and 26.77,
while checks on Norway finished at 26.08 and cable
remittances at 26.09, against 26.13 and 26.10 a week
earlier. Spanish pesetas closed the week at 17.87
for checks and at 17.88 for cable transfers. This
compares with 17.56 and 17.57 the week previous.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
MARCH 19 1927 TO MARCH 25 1927. INCLUSIVE.
1735
/@56%(unchanged);Bombay 36/@363' against
56]
36@.36 9-16, and Calcutta 36%@36M against 363/i
Q36 9-16.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,769,601 net in cash as a result of the
currency movements for the week ended March 24.
Their receipts from the interior have aggregated
$5,778,601, while the shipments have reached $1,009,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended March 24.
Banks' Interior movement
Country and Monetary
Unit.
Noon Buying Rate for Cable 7•ranafers in New York.
Value in United States Money.
Mar.19. Mar.21. Mar.22. Mar.23. Mar.24. Mar.25.
$
EUROPEAustria, schilling -----14068
Belgium. belga
1390
Bulgaria. lev
007248
Czechoslovakia, kron .029614
Denmark, krone
2664
England, pound ster4 8551
ling
Finland. markka
025206
France. franc
0391
Germany, relchsmark .2372
Greece. d redline_ _. .012899
11. Hand, guilder__ .4001
Hungary. imago _-_ .1750
Italy, lira
0455
Norway, krone
.2613
Poland. zloty
1139
Portugal. escudo
.0514
Rumania. leu
.005980
Spain, peseta
.1756
Sweden, krona
.2675
Switzerland. franc... .1924
Yugoslavia. dinar
.017585
A8I AChinaChefoo, tool
6333
HMI ill tw, tool
6221
Shanghai, Wel_ .6036
Tientsin, tael
.6354
Hong Kong. dollar .4852
Mexican
. .4400
Tientsin or
dollar_-.
Palma
dollar
.4300
.4275
Yuan, dollar
.3633
India. rupee
.4916
Japan, yen
elingapore(E1.81.), dollar .5596
NORTH AMER..999449
Canada. dollar
1.000489
Cuba. peso
.470067
Mexico. peso
Newfoundland, dolls .997063
SOUTH AMER Argentina, peso (gold) .9599
1184
Brazil. milrels
1201
Ch Ile, peso
..._....._.. _
0110
$
.14075
.1390
.007230
.029814
.2664
S
.14089
.1390
.007243
.029817
.2665
$
.14068
.1390
.007235
.029616
.2665
.14070
.14064
1
I .1390
I
.1390
.007250 .007245
.029613 .029616
.2665
1 .2665
4.8.560
4.8553
4.8554
4.8562
4.8565
.025208 .025206 .025199 .025213 .025201
.0391
.0391
.0391
.0392
.0392
.2373
.2372
.2372
.2373
.2372
.012905 .012895 .012895 .012905 .012913
.4001
.4001
.4001
.4001
.4001
.1750
.1750
.1750
.1749
.1749
.0458
.0460
.0452
.0460
.0457
.2610
.2610
.2610
.2610
.2608
.1135
.1135
.1134
.1140
.1147
.0511
.0511
.0512
.0514
.0511
.005991 .005990 .005987 .006088 .006461
.1768
.1779
.1749
.1789
.1782
.2677
.2678
.2678
.2678
.2678
.1923
.1923
.1923
.1923
.1924
.017589 .017593 .017590 .017585 .017590
.6333
.6258
.6070
.6375
.4877
.4419
.6304
.6225
.6005
.6325
.4843
.4388
.6308
.6254
.5996
.6333
.4830
.4378
.6304
.6221
.6016
.6346
.4843
.4388
.6352
.6238
.6053
.6381
.4359
.4422
.4292
.4267
.3632
.4916
.5596
.4283
.4258
.3633
.4912
.5596
.4271
.4246
.3634
.4913
.5596
.4283
.4258
.3634
.4920
.5596
.4304
.4279
.3633
.4919
.5596
.999568
.999858
.470067
.997156
.999568
.999531
.470333
.997375
.999835
.999594
.470667
.997438
.999991 1.000244
.999656 .999656
.470333 .470333
.997750 .998000
.9598
.1186
.1202
.9594
.1184
.1203
.9596
.1184
.1203
.9608
.1184
.1205
.9615
.1184
.1205
1 (1117
111110
1 nr.14
1 11110
1 11111
lnro
Banks.
$5 778.601
Out of
Banks.
I
Oath or Loss
to Banks.
$1 099,000 Gain
4,769.601
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE
grourdao.
Mar. 19.
Monday.
Mar. 21.
Tuesday. Wednesd•v. Thursday, Prides.
Mar. 22. Mar. 23. Mar. 24. Mar. 25.
Aggregate
for Week.
5
$
99.000.000 101 000000 95 000 000 91.000,00083.000.000 91.000.000 Cr. 560.000.000
Note.-The foregoing heavy credits reflect the huge mass of checks which come
to the Now York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
h wever. reflect only a part of the Reserve Bank's operations with the Clearing
House InstItudons. as only the items payable in New York City are represented in
the daily balances. The large volume of checks on Institutions located outside of
New York are not accounted for In arriving at these balances, as such checks do
not paw through the Clearing House but are deo sited 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:
March 25 1926.
March 24 1927.
Banks of
Gold.
Myer.
Total.
Gold.
Slicer.
I
Total.
£1
f
150.725,003148.842.803
146.842.803
England __ 150,725,003
France -..._ 147.340.268 13,680,000 161.020.268 147,359.446 13.240,000 160.549.446
994.590 56.720.650
Germany b 87.095,700 c994.6110 88,090.300 55,726,050
103.415,000 27.566,000 130,981,000 101.475,000 26,462.000127,937,000
Spain
45,752.000 4.242.000 49,994,00030,688,000 3,413.000 39.101,000
Italy
Netherl'd 34,907,000 2,330,000 37.237,000 35,826.000 2.124.000 37.950.000
Nat. Bele_ 17.962,000 1.141.000 19,103.000 10,954,000 3.653,000 14,607.000
Switzerl'd 17.178.000 3.003,000 20.981.000 16,685.000 3,709,000 20.394.000
12,760.000
12,360,000 12,760.000
Sweden... 12.360.000
842,000 12,465,000
834,000 12,036,000 11.623,000
Denmark _ 11,202.000
I 8,180.000
8.180.000 8.180.000
Norway __ 8,180.000,
South American exchange was firm, so far as
I
Argentine pesos are concerned, but inactive and
somewhat neglected. The peso ruled strong and Total week636,916.9711 53.790,600690,707,571 583,119.299 54,437,600637,556,899
Prey. week 631.885,689 53,708 600610 692.289581,360.25.9 54.346.600635,715,859
advanced to a new high point of 42.33 (the close) for a Gold holdings of the Bank of France are elm naive of gold held abroad, amounting
present year to £74,572.866. b Gold holdings of the Bank of Germany are exchecks, while cable transfers closed at 42.38, which the
clusive of gold held abroad, the amount of which the present year Is £4,850.350.
C
As
of Oct. 7 1924.
compares with 42.22 and 42.27 last week. Brazilian
milreis continued virtually pegged at 11.82 for checks
The University Professors and the War Debtsand at 11.87 for cable transfers, as against 11.80 and
Secretary Mellon's Letter.
11.85 a week ago. Chilean exchange was also strorg
on March 11, of a statement
publication,
Since the
and closed at 12.05, against 11.96; Peru was easier
of Princeton University,
Faculty
by members of the
and finished at 3.65, against 3.68 last week.
expressed
by members of the
desire
The Far Eastern exchanges were likewise a centre endorsing the
Science
of
University
Political
Columbia
Faculty
of
of attraction and both the silver currencies and Japanof
the
for
reconsideration
war
settlements,
a
debis
ese yen were dealt in at times heavily. The former
followed the vagaries of the silver market but yen were the literature of the debt controversy has been eninfluenced adversely at first by news of the banking riched by three documents. On March 15 Secretary
trouble in Japan, then much of the losses were re- Mellon, in a letter to President Hibben, traversed in
gained on intimations that the Bank of Japan aided a masterly fashion the allegations and arguments of
by seven of Japan's leading banks had taken steps to the Columbia and Princeton groups. To this letter
end the financial crisis in that country. All things President Hibben, after consultation with some of
considered, the military crisis in China has ceased, his colleagues, replied in a brief statement the folfor the moment, to have any very serious eff( ct on lowing day. On Thursday of this week Professor
the foreign exchange market, although the situation Edwin R. A. Seligman of Columbia, one of the signis being closely watched and large operators as a rule ers of the Columbia pronouncement, made public in
are showing extreme caution in making commit- behalf of his associates a further criticism of Secrements. Hong Kong closed at 48 15-16@493, against tary Mellon's letter. We have already examined at
485A@48%; Shanghai 60%@61 1-16 against 604A, some length (see the "Chronicle" of Dec. 25 1926,
60M; Yokohama 49.20@49.25 against 49.20@49.25; pages 3217-3221) the arguments of the Columbia
/
8@50 against 49 15-16©50%; Singapore professors, and nothing that has occurred in the
Manila 497
1736
THE CHRONICLE
[VOL. 124.
interval has served to modify the adverse opinion had actually sold their own bonds in the American
which we then expressed. Since, however, the mem- market and our Government had endorsed them."
bers of the Princeton Faculty, by giving their hearty If that had been done, "would any one contend,"
endorsement to the Columbia appeal, have in effect Secretary Mellon pertinently asks, "that the sums
made the arguments and assertions of that appeal advanced were intended as contributions to a joint
their own, and Secretary Mellon, in his letter to enterprise rather than loans expected to be repaid?"
President Hibben, discusses in detail the points
Secretary Mellon concedes that there "is merit in
which the Columbia professors urged, the three docu- the contention that the associated Governments
ments now made public may properly be considered might well have joined in pooling their resources in
as a whole.
a common cause, and that even now an argument can
Secretary Mellon, at the beginning of his letter to be made in favor of writing off debts incurred after
President Hibben, expresses surprise that neither our entry into the war to the extent that they were
the Columbia or Princeton professorial groups, "be- incurred for contributions to a common cause,"
fore giving the public the benefit of their conclu- "but," he adds,"and this is an all-important reservasions," "saw fit to make a thorough and first-hand tion, there is merit to such an argument only if the
investigation of data available at the Treasury, or proposed adjustment is to be a mutual one and is to
sought by personal interview to ascertain the views be applied on a strictly equal basis." "This factor,"
of the American officials who negotiated the settle- Secretary Mellon suggests, "is one that seems to
ments." To this Professor Seligman replies with have been completely overlooked by the faculties of
the assurance that he and his Columbia colleagues Columbia and Princeton universities, and by other
"are thoroughly familiar with all the facts," and advocates of debt cancellation urging the common
that "if there is in your files any pertinent informa- cause contribution argument."
tion of a fundamental character which has not been
What actually happened, as Secretary Mellon goes
divulged, and which we ought to have consulted, the on to explain, was this: It was agreed, early in the
statements thus far issued by the Treasury fail to war, that whatever goods or services were purchased
suggest its existence." What "pertinent informa- by one of the Allies in the country of another Ally
tion," if any, of "a fundamental character," relating should be financed by the latter. Under this arto the debt settlements, there may be in the Treasury rangement the United States, when it entered the
files and as yet unpublished, we do not know, but war,furnished the dollars with which Great Britain,
Professor Seligman's contention may be granted France and other Allied Governments bought goods
without in the least improving the position of the or services here, and not only provided the dollars,
professors. The "fundamental" documents in the but loaned them. It is these dollar loans that concase are the debates, proceedings and legislation of stitute.the origin of the war debts. When, however,
Congress, the correspondence between the United the United States bought goods or services abroad,
States and the debtor Governments, and the debt it had to pay cash for them. The Governments that
agreements themselves, all of which have been pub- were borrowing from the American people on the
lished, and none of them, nor all of them collectively, credit of the American Government furnished nothsustain the criticisms of the professors regarding ing free to the United States; the United States paid
the terms of settlement, the way in which they were for every article provided and for every service renarrived at, or the attitude of the American Govern- dered.
ment toward the general question.
What was more, it paid in artificial prices. One
The old and familiar objection that the war debts of the objects for which American credit was adought not to be considered as business loans, but as vanced, and one of the main objects for which it was
"joint contributions to a common cause," is trans- used, was to enable Great Britain and France to peg
muted by President Hibben into the assertion that the pound sterling and the franc at near their pari"to divorce the financial provisions of the loans from ties, thus preventing a currency depreciation which
the moral situation in which they were asked for and would have resulted in an immense inflation of
given is to invent an unreal economic abstraction." prices. It was the artificial prices thus created by
Secretary Mellon wastes no time in debating the pegging the pound and the franc that the United
possible mental or moral reservations of a Congress States had to pay for the goods and services which
which showed that it was "quite willing to loan this it purchased abroad. Precisely how much this
money, even on the assumption that there was a amounted to Secretary Mellon does not say. Profesconsiderable element of risk in so far as ultimate sor Seligman, writing in behalf of Columbia profesrecovery was concerned," but points out that "the sors who are "thoroughly familiar with all the
record indicates beyond dispute that these were facts," asserts that "it is a gross error to say that
loans and not contributions, and, though not in pegging made American purchases in the Allied
form, in actual effect loans from individual Ameri- countries substantially more costly. It was precan citizens rather than contributionsfrom the Treas- cisely the pegging that kept Allied internal prices
ury of the United States." The money which the from soaring. Without the peg the Allied exchanges
United States loaned to the Allies was derived from would undoubtedly have fallen; but Allied prices
the sale of Liberty bonds, the proceeds of such sales would have risen roughly to correspond, as shown by
being invested in bonds of the borrowing Govern- the post-war experience, when the peg was removed.
ments, the foreign bonds to bear the same rate of There would, of course, have been some lag in the
interest as the Liberty bonds and to have the same rise of prices. But the resulting decrease in the
maturities. What was done, in other words, was, in dollar cost to us of Allied goods and services would
effect, to allow the Allies to borrow in the American have fallen far short of offsetting the disastrous conmarket on the credit of the United States. "Looking sequences of a collapse of the Allied exchanges."
at the substance rather than the form of the transFor an eminent economist "thoroughly familiar
action, the situation was no different than if they with all the facts," this seems a singularly inconse-
MAR. 26 1927.]
THE CHRONICLE
1737
quential generality. Mr. Garet Garrett, in a devas- attributed to the French is couched
in language
tating criticism of the Columbia manifesto published needlessly harsh, but, even so,
Professor Seligman
in the "Saturday Evening Post" for Feb. 12, gives has only described the conditions which
obtain whersome figures and summaries which, while we cannot ever open and generous bargaini
ng goes on. The
vouch for their accuracy, apparently represent the creditor, if he is wise and generous
, concedes what
truth of the matter. For the transportation of he thinks is fair and right, at the same
time that he
American troops to France, for example, the United does his best to obtain as much of the
debt as he can.
States paid Great Britain in cash, at the artificial The debtor, in turn, knows that unless
the creditor
price of the pegged pound, $90,000,000. The United is acting as a philanthropist, the amount
which the
States bought nearly $500,000,000 worth of pounds debtor is asked to pay is, as nearly
as possible, the
sterling at the artificial price of $4.76 7-16, at a maximum amount which it is believed
the debtor can
profit to the British Treasury of more than $50,000,- pay.
000. France was paid for transporting American
Both President Hibben and Professor Seligman
troops by rail to their camps or the front; port dues criticize Secretary Mellon for
his reference to repto the amount of $489,000 were paid for the privilege arations, and remind him that
it was the United
of entering American ships in French ports; and States that insisted that the question
s of debts and
$150,000,000 of customs duties was paid on the sur- reparations should be
kept distinct. To assert, as
plus war supplies left in France at the end of the Secretary Mellon does, that
the amounts already rewar, supplies valued at $562,000,000 and later sold •ceived, or to be received in
the near future, by the
to France for about $400,000,000. Approximately debtor Governments,in the form
of reparations from
$1,000,000,000, according to Mr. Garrett, was ex- Germany, is or will
be more than the amount of the
pended by the United States in buying francs at the debt annuities, seems
to them to defend the debt
pegged price, with a profit to the French Treasury settlements by appeal
to an argument which was
of a little more than $250,000,000. It is a pity that ruled out by the United States while
the settlements
Professor Seligman, who has "all the facts," or can themselves were under discussi
on.
get them from his colleagues, did not take the trouble
The discussions that went on in the American
to disprove Mr. Garrett's statements, or similar War Debt Commission, and in
the conferences beones, if they are erroneous, or to answer their logic tween the Commission and the
representatives of
if they are correct.
foreign Governments, have not, as far as we are
The Princeton professors, by endorsing the Colum- aware, been made public. The
documents and other
bia manifesto, thereby give their approval to the material that have been published,
however, make it
Columbia criticism of the principle of capacity to clear beyond reasonable doubt that
what the Ameripay. Secretary Mellon replies by asking the profes- can Government objected to was any
arrangement
sors what they would suggest. The settlement of by which the amount of debts to be paid, or
the time
the debts must proceed upon some principle, or manner of payment, should be made depende
nt
and Secretary Mellon declares frankly that upon the receipt by the debtor Governments
of their
he knows of "no fairer formula than that respective shares of the German reparati
ons. Neither
of capacity to pay generously applied." If the the Commission nor the foreign
representatives
Princeton professors mean that the debtors should needed to be told that reparations,
when paid, would
have been treated on on equality, "does this mean," constitute available funds in
the hand of the Govasks Secretary Mellon, "that the Italian settlement ernments receiving them, or that,
if the amounts
should be raised to a point where it will correspond received happene
d to equal or exceed the amounts
to the British, which, of course, would impose a bur- required for debt payment
s, that fact might some
den impossible of performance by Italy, or do you day be pointed out.
It is this coincidence to which
propose that the British be reduced to 50% and the Secretary Mellon
calls attention. Whether or not,
Italian raised to 50%, which would make an easy for example,
France chooses to earmark its reparasettlement for Great Britain and a still impossible tions receipts
for the reimbursement of expenditures
settlement for Italy? Or do you propose that the made in
the restoration of its invaded departments,
British settlement shall be brought down to the or for other war
losses, is for France to say, but the
Italian 26%, thus imposing no real burden upon fact remains that
the French Treasury, to the extent
England at all?" These are practical questions, not that the reparati
ons payments are received, is to
to be evaded by pleading the "moral situation" in that extent relieved
of the necessity of resorting to
which the debts were contracted, or by conjuring taxes
or loans in order to meet the debt annuities.
the mazes of "an unreal economic abstraction."
It is, in other words, a matter of bookkeeping. As
Professor Seligman, who also attacks the prin- to whether
or not the reparations payments will conciple of capacity to pay, partly because it is not a tinue
at their maximum volume for sixty years, is a
"principle" in the sense of indicating "a just and question
for the future. Meantime, the obligation of
accurate procedure," and partly on the ground that the
debts is in no way connected with the German
no proper estimate of capacity can be made for sixty payment
s, and the obligation would remain unimyears to come, further arraigns the procedure that paired if
the German payments should cease.
has been followed in this respect because of the
The only justification for the controversy to which
different interpretations that have been put upon it these
various pronouncements and letters contribute
in this country and in France. Here, he tells Secis the assumption on the part of the Columbia and
retary Mellon, "you interpret capacity to pay in the Princeto
n professors, clearly stated in terms in Presgenerous sense of reducing payments to what seems ident
Hibben's preface to the Princeton statement,
to you a just and reasonable extent. The French, on "that
the enlightened opinion of the country calls
the contrary,interpret the term, as found in our debt for a
revision of the debt settlements with our for.
agreements, to mean the maximum that the debtor •mer
Allies." In so far as the professors of the two
can possibly be forced to pay." The interpretation universities
in question may be regarded as author-
1738
THE CHRONICLE
ized spokesmen for the circles in which they move,
they are entitled to be heard, but that their opinions
are the opinion of the country there is no proof
whatever. The only body of people in this country
which is entitled in any way to speak for the nation
is the Congress of the United States, and Congress
has approved all of the debt agreements that have
been completed and put into force, and the House
of Representatives has approved the French agree.ment which the Senate, out of deference to the delay
of France, has not yet ratified. The only important
expression of dissent in Congress has been to the
effect that the terms of settlement were too lenient,
sand that too large a part of the financial burden of
the war was being left for the American taxpayers
to bear. The only effect of such opposition as the
Columbia and Princeton professors keep up will be
,to increase misunderstanding of the United States
in Europe, and impede the ratification of the debt
settlement by France. We submit that this is a poor
service for American scholarship to render to the
cause of national integrity and international good
feeling. As Secretary Mellon well says, the debts
have been settled, and a fair trial of the settlements
in practice can now be hand. "A reopening of the
whole question at the present time would do more
to interrupt the steady progress achieved since settlement than might be gained from any ultimate
minor adjustments that can be effected." Unless
the appellants in the case have better arguments to
offer than those which they have thus far adduced,
they should be allowed to withdraw.
Railways in Jugoslavia—Concluding Article.*
By Captain GORDON GORDON-SMITH, Attache of the Legation
of the Kingdom of the Serbs, Croats and Slovenes.
The physical difficulties to be overcome and the consequent heavy cost of construction of the trans-Balkan line
from Prahovo to Kotor may have the effect of adjourning
the construction of the line for a considerable time. As it is,
however, of pressing importance that the existing seaports
on the Adriatic should, until this line is constructed, be
utilized to the fullest extent possible, a supplementary line,
easier and less costly to construct, has been proposed.
This proposed line would increase the usefulness of the
port of Split as a debouche for Jugoslavia's sea-borne commerce. According to the proposition put forward, this line
would run from Split to Omish, thence to Imotski and the
valley of the Neretva to Ivan Planina-Sarajevo-Olovo-Kladanj and Sopotnik. This line would be double-tracked.
At Sopotnik the line would bifurcate, one section running to the point where the rivers Drina and Save come
together and thence to Sid and Batchka Palanka, and the
other via Valjevo to Belgrade. From the capital it would
be prolonged to Panchevo, where it would cross the Danube
on the girder bridge to be built there, thus linking up the
Adriatic with the fertile region of the Voivodina.
A financial group in the Argentine, headed by MM. Baburica, Mihanovitch and Petrinovitch, three Jugoslav millionaire immigrants, has offered to construct this line on condition that it is given the right of exploitation for a period of
75 years. This group is also associated with the great
British firm of Armstrong & Co., of Newcastle-on-Tyne, and
a number of British financiers and contractors. The presence of the South American-Jugoslav group, which represents all that is best of the Jugoslav emigration, is a sufficient guarantee that the interests of the Kingdom will be
duly safeguarded.
Simultaneously with the construction of the railway, the
South American-Jugoslav-British group would undertake
'Nor preceding articles, see issue of "Chronicle" of March 12, pages
1422-1424 and issue of March 19, pages 1579-1580.
[Vox,. 124.
the reconstruction and extension of the port of Split in the
southern bay of Porto Nuovo, thus transforming the port of
Split into a first-class, modern harbor.
The estimated expenditure for the construction of the
railway line and the extension of the port is $100,000,000
and the duration of the work of construction is reckoned at
five years. The work will be begun the instant the Government accords the concession.
The line from Split to Belgrade would have a total length
of 504 kilometres. Express trains would cover the distance
from Split to Belgrade in eight hours and from Split to
Sarajevo in three and a half hours. This new Split-Sopotnik line, with its two bifurcations to Batchka Palanka and
Belgrade and Panchevo would open up trade and commerce
with the Voivodina, Hungary, Czechoslovakia, Poland and
Russia on the one hand and with Southern Serbia, Rumania,
the Near East and the countries of the Mediterranean, especially Italy, on the other.
On Aug. 23 a meeting of the representatives of Split and
all the towns on the route of the proposed line was held at
Belgrade to discuss the project. The meeting was unanimous regarding the necessity and the feasibility of the proposed line and appointed a delegation to communicate their
views to the Prime Minister and the Minister of Communications.
It is expected that the material for the construction of
the bridge over the Danube at Panchevo will be furnished
by the German Government as a part of the war reparations
due by Germany to Jugoslavia. This would mean a considerable diminution in the cost of construction.
At the same time that the new line to Split is being pressed
as the project the most easy to realize, the former scheme
of a trunk line Belgrade-Kotor shows signs of making a
step in advance. A financial group, headed by Mr. MacDaniel, of Belgrade, has, it is announced, made an offer for
the construction of the Kragujevatz-Kraljevo section of that
line on condition that it is given the option to continue the
line later to Mitovitza, whence there will be two bifurcations, one to Skoplje and the other to Cattaro.
Like all the railways in Europe, those in Jugoslavia had
to pass through the post-war crisis, due to the deterioration
of the permanent way and rolling stock, the want of ready
money, the fluctuation of exchange and the general disorganization of international communications. The nation,
however, faced the difficult problem with courage and
energy, and after three years of superhuman effort the State
succeeded, not only in repairing and reorganizing the whole
railway system, but also in reconstructing the 1,600 kilometres of Serbian railways, which had been destroyed by
the enemy. As a result, by the beginning of 1926, the
national railway system was actually in better condition
than before the war.
The conditions in Jugoslavia even compare favorably
with those in other countries, where the operation of the
has
railways, on account of the high cost of exploitation,
passAfter
deficit.
ever-growing
and
constant
in
a
resulted
ing safely through the period of post-war crisis, the Jugoslav railways are to-day operating so profitably that they
the
have actually been able to make certain reductions in
freight tariff.
of
Jugoslavia has now 10,011.30 kilometres of railways
various gauges. These are as follows:
6,756.70 kilometres
1.435 metre guage
Normal gauge
183.50 kilometres
1.00 metre gauge
Narrow gauge
2,528.20 kilometres
0.76 metre gauge
Narrow gauge
kilometres
545.90
gauge
0.60 metre
Narrow gauge
Of these the State exploits 9,053 kilometres, leaving 958
private
kilometres in private hands. The gauges of the
lines are:
16.20 kilometres
Normal gauge -----.1.435 metre gauge
183.50 kilometres
1.00 metre gauge
Narrow gauge
694.90 kilometres
0.76 metre gauge
Narrow gauge
63.40 kilometres
0.60 metre gauge
Narrow gauge
placed under
are
management
State
The railways under
are:
These
Boards.
Operating
five District
MAR. 26 1927.]
THE CHRONICLE
The Belgrade Board, which operates 2,836.10 kilometres of road, of
which 1,655 kilometres are normal gauge, 697.70 of 0.76 metre gauge and
482.50 of 0.60 metre gauge.
The Zagreb Board, which operates 2,104.10 kilometres, of which 2,058
kilometres are normal gauge and 45.80 kilometres of 0.76 metre gauge.
The Subotica Board, which operates 1,972.80 kilometres, of which
1,910.30 kilometres are normal gauge and 62.50 of 0.76 metre gauge.
The Ljubljana Board, which operates 1,134 kilometres, of which 1,114
kilometres are normal gauge and 20.90 kilometres of 0.76 metre gauge.
The Sarajevo Board, which operates 1,005.40 kilometres, of which 2 kilometres are normal gauge and 1,003.40 kilometres of 0.76 metre gauge.
From the time of the foundation of the Kingdom of the
Serbs, Croats and Slovenes in 1919 until March 31 1925 the
balance sheets of these boards have been as follows:
From Jan. 1 1919 to May 31 1920 the Belgrade Board
(whose lines had been completely destroyed by the enemy)
and the Sarajevo Board showed a deficit, the former one of
7,236,000 dinars and the latter one of 1,055,000 dinars.
Credit balances were shown by the Zagreb Board, with
4,709,000 dinars net profit and the Subotica Board with
522,000 dinars net profit.
From June 1 1919 to May 31 1920 the boards showing a
loss were Belgrade, with 81,000,000 dinars; Sarajevo, with
7,215,000 dinars, and Zagreb, with 35,086,000 dinars of
deficit. The only board to show a credit balance was that
of Subotica, which had a surplus of 12,500,000 dinars.
The sudden increase of the deficit was due to the fall of
the currency.
From June 1 1920 to May 31 1921 three of the boards were
again in deficit, Belgrade with 31,368,000 dinars, Sarajevo
with 12,825,000 dinars, and Zagreb with 31,948,000 dinars.
The board of Subotica was again the only one to show a
surplus, of 83,967,000 dinars.
But In the following year, from June 1 1921 to December
31 1921, the results were just the contrary. The Subotica
Board was the only one to show a deficit, 25,707,000 dinars,
while the Belgrade Board showed a surplus of 23,271,000
dinars, the Sarajevo Board one of 1,512,000 dinars, and that
of Zagreb one of 11,958,000 dinars.
By the end of 1921 the Serbian railways, which had been
destroyed during the war, were again in working order and
from that time on the Belgrade Board has always had a
credit balance.
Between Jan. 1 1922 and Aug. 31 1922 the only deficit
shown was by the Subotica Board. This amounted to 33,426,000 dinars. The other boards showed credit balances;
Belgrade 28,911,000 dinars, Sarajevo 11,009,000 dinars and
Zagreb 21,209,000 dinars.
During the period Sept. 1 1922 to June 30 1923 the Sarajevo and Zagreb boards were both in deficit, the former for
6,420,000 dinars and the latter for 108,931,000 dinars. The
other boards showed surpluses, Belgrade one of 74,993,000
dinars and Subotica one of 91,984,000 dinars.
From July 1 1923 to March 31 1924 all the boards had
favorable balance sheets, the total surplus being 524,991,000
dinars. This was contributed as .follows: Belgrade, 175,236,000 dinars; Sarajevo, 20,679,000 dinars; Zagreb, 147,168,000 dinars, and Subotica, 181,896,000 dinars.
In the period between April 1 1924 and March 31 1925 the
only deficit was that of the Sarajevo Board. That deficit
was due to the fact that during the export season, in the
autumn of 1924, a landslide destroyed the large bridge over
the Neretva River, at Mostar, thus cutting Sarajevo off from
all communication with the sea.
The other boards showed good surpluses, Belgrade 284,574,000 dinars, Zagreb 183,628,000 dinars, and Subotica 98,813,000 dinars.
The Ljubljana Board, which was created at the end of
1923 by the purchase of the Southern Railway (Sudbahn),
kept separate accounts up to the time of the voting of the
Budget of 1925 and was consequently not included in the
above figures.
Taking the four Operating Boards of Belgrade, Zagreb
Subotica and Sarajevo, and not reckoning that of Ljubljana,
the total balances read as follows:
1739
From Jan. 1 1919 to May 31 1919 a deficit of 3,059,000
dinars.
From June 1 1919 to May 31 1920 an increased deficit,
due to the depreciation of the currency, of 110,985,000 dinars.
From June 1 1920 to May 31 1921 the operation of the
railways showed a surplus of 7,826,000 dinars.
From that time on, after the Serbian railways which had
been destroyed by the enemy had been repaired, the railways
of Jugoslavia have always had favorable balance sheets.
From June 1 1921 to Dec. 31 1921 the surplus of revenue
over expenditure amounted to 11,016,000 dinars and from
Jan. 1 1922 to June 30 1922 to 27,793,000 dinars. This latter
period witnessed the complete restoration of the Serbian
railway system.
From July 1 1922 to June 30 1923 the surplus amounted to
51,624,000 dinars.
From July 1 1923 to March 31 1924 it amounted to 524,991,000 dinars.
Finally, from April 1 1924 to March 31 1925, there was a
surplus of 557,067,000 dinars. The total surplus of the four
Operating Boards from Jan. 1 1919 to March 31 1925, that is
to say for six years and three months, amounted to 1,066,273,000 dinars. The net income per kilometre last year was
70,354 dinars (6,396 gold dinars or $1,279.20).
These figures show clearly that the Jugoslav railways had
their most dangerous period of crisis during the second half
of 1922, when the Serbian railways were being repaired
and those of the new Provinces put into working order. The
reason why the railways do not yield an even greater income is because the State system is not yet organized as a
whole but is formed of a number of separate systems without proper connection one with the other, so that communications cannot yet be organized in a rational manner.
Thus,for instance, the Province of the Banat of Temesvar,
the granary of Jugoslavia, has no direct communication with
Serbia, and a truckload of wheat coming from Vrshac to
Belgrade, a distance of 83 kilometres as the crow flies, must
make a detour of 416 kilometres to reach the capital.
Lines of transit of the greatest importance to the new
Kingdom were, under the Austrian regime, regarded as
lines of purely secondary importance and were, in consequence, built single track. As a result, the Belgrade-Zagreb
line is crowded, particularly during the export season, with
thousands of trucks which have to wait in the sidings, sometimes for weeks, before their turn for transport comes.
In Bosnia, Herzegovina, Southern Dalmatia and Western
Serbia there is a narrow gauge system (0.76 metre) 1,701
kilometres in length. In this region the traffic is quite
large, but the exploitation of these narrow gauge lines is
very expensive and, therefore, not profitable.
This narrow gauge system connects Sarajevo with the
sea by means of a funicular railway, with a gradient of 60
per 1,000 over the Ivan range of mountains. This line,
which has a total capacity of 500,000 tons net toward the
sea, is unable to satisfy the needs of the traffic on that
route. The State, therefore, contemplates the construction
on this section of a line with a gradient of 15 per 1,000.
The traffic of the normal gauge lines is very much held
up by the 0.60 metre narrow gauge system in Serbian Macedonia, which is 482 kilometres in length and therefore by
no means negligible. These lines were constructed with the
rails and other material left behind in Macedonia by the
enemy after their retreat and their capacity is very small.
One train cannot carry more than 20 tons net and their
operation is very unprofitable, compared with the normal
lines in that region, which are always extremely busy.
The substitution of normal gauge lines for these narrow
gauge lines would do much to improve the balance sheet of
the State railways.
The surplus derived from the operation of the State railways was chiefly used for the completion of the lines under
construction in Serbia at the outbreak of the World War
and for the construction of new lines. The lines thus corn-
THE CHRONICLE
1740
pleted and constructed number 16 in all. The following
table gives the list of the new lines and their cost of construction:
Line—
Vrhovine-Gratchatz, new
Gratchatz-Knin, completion
Topchider-Mala Krona, completion
Mala Krsna-Pejarevatz, completion
Ujitze-Vardichte, new
Veles-Shtip, new
Titel-Orlovat, new
Nish-Knjajevatz, completion
Bossanska-Krupe-Bihatc.h, completion
Lioutomer-Ormoj, new
Nish-Prokupkje, new
Gornji-Milanovatz-Ugrinovtzi, new
Shtip-Kochtane, new
l'aratchin-Stalatch, new
Bossanska-Ratcha-Uglievik, new
Podmolje-Struga, new
Cost in Dinars.
19,100,000
141,800,000
135,500,000
14,400,000
218,000,000
84,800,000
64,000,000
84,500,000
40,400,000
47,800,000
25,700,000
28,000,000
12,900,000
5,800,000
3,100,000
4,700,000
The lines completed and the new lines constructed since
1919 have cost 911,400,000 dinars, or $12,400,000. When it
Is remembered that this program of construction has mostly
been carried out with the current revenues of the country
It will be realized that it represents a very great achievement on the part of the Jugoslav nation.
Bill Buying by Central Banks.
[From the editorial columns of the New York "Journal of Commerce" for
March 24.]
As currency stabilization spreads from country to country,
with the return to some variant of the gold standard, new
elements affecting the demand for commercial bills are
beginning to be felt. Central banks desiring to build up
their reserves do so by purchasing gold bills, often in preference to shouldering the expense of carrying actual metal in
their vaults. So far little attention has been bestowed upon
the effects of this buying for central bank account upon the
international bill market, although it is undoubtedly a factor of great present importance and one likely to figure increasingly in the future. The latest combined Reserve Bank
statement, for instance, contains an item showing a contingent liability exceeding $145,000,000 on bills purchased
for account of foreign correspondents, presumably central
banks desiring to 'invest part of their gold reserves in this
market in easily liquidated forms. In London, too, the foreign demand for sterling bills has been greatly augmented
by buying on the part of the central banks of other European
countries that desire to use bills as a cover for their note
issues.
Speculation as to the further development of this type of
buying suggests a number of interesting possibilities in view
[VOL. 124.
of the debate now going on concerning changes in the note
issue system of the Bank of England. Suppose that institution, following the projected amalgamation of present
bank note and Treasury issues, were to adopt an elastic
system of note issue against a cover of gold and commercial
bills, following Continental and American practice. The
supposition is far from fanciful, since some of Britain's leading bank authorities regard the principles of the Bank Act
of 1844 as hopelessly outmoded. If their point of view were
to prevail, it is evident that the Bank of England might
become a formidable seeker after bills to serve as note cover
at a time when for various reasons the supply of sterling
bills has already become relatively limited in relation to the
demand.
In addition to the pressure exerted by active buying for
foreign account in increasing the demand for bills, poor
overseas trade naturally affects the volume of acceptances
available in the London market. It is not surprising, therefore, that a representative of one of the London discount
houses takes the view that "the addition of a demand for
commercial bills on the part of the Bank of England for
the purpose of note cover would practically deplete the
market." He adds, "even if the new Bank Act compelled
the acquisition by the Bank of England of commercial bills
to the extent of a comparatively small percentage of the
amalgamated note circulation, it would exercise a highly
detrimental effect upon the discount market." There may
be some room for increasing the supply of commercial bills
by reducing commissions on acceptances (as the London
banks have), and some shifts may be made from loans to
bills. To suppose, however, that Interchange is merely a
matter of expense and can be easily effected is to lose sight
of the essential purpose for which acceptance credits are
arranged and to ignore the differences between the financing of domestic and of foreign trade transactions.
Another complication is introduced Into the London and
American bill markets by central bank buying which is not
present in the case of purchasing by private concerns. Central banks are influenced to buy and sell by considerations
of policy as well as with respect to money market conditions.
Their activities may, therefore, on occasions have a disorganizing effect destructive of the freedom and elasticity
which a bill market should possess. The possible difficulties that are ahead may remain largely hypothetical, to be
sure, but the questions raised are worth considering as country after country proceeds to adopt a type of gold exchange
standard which presupposes the substitution of gold bills
for metallic gold.
Indications of Business Activity
THEISTATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Mar. 25 1927.
The weather conditions in this country have been rather
adverse to a revival of trade, what with snow and rain in
some parts and floods in others. This year Easter comes
in the middle of April. That is something of a drawback.
And the grave Chinese situation has had a more or less
sobering effect on some of the markets. It is hoped that
the situation is easing at Nanking, thanks to the firm attitude of the American and British Governments. At best
the situation in the old-time Chinese Empire is more or less
dangerous, however, and it will require the exercise of
mingled firmness and tact perhaps to avert serious trouble.
Of course, in all revolutions the tendency for a time is to
run into excesses, but no doubt this will be corrected as
China realizes its responsibilities to the world at large and
the necessity of making a good name for itself in the family
of nations. Meanwhile prices for grain are steadily declining. They have reached a new low level for the season.
Naturally, this means more or less impairment of the buying power of the grain States. The South is also suffering
from the low price of its principal product, cotton. As the
case stands, spring trade is not so brisk as it might be by
any means, although, as already intimated, this is partly
due to climatic conditions. The textile trades on the whole
make the best showing, after which come the steel, automobile and tire industries. In some parts of the country
building has been more active. In others storms have
delayed it Mail order business has suffered somewhat in
the wheat and corn States, with considerable supplies of
grain still unsold. At the same time the grain acreage in
this country seems to be fully equal to that of last year, if
It is not somewhat larger, despite the recent decline in
prices.
Wheat is some 40 cents lower than a year ago, and corn
somewhat lower. Cotton is 4 to 5 cents lower and the cotton acreage seems unlikely to be reduced much. Meanwhile, too, the outlook seems to promise a bountiful crop
of wheat, so far as can be judged at this time of the year.
The coal trade is quiet, despite some recent decline in
prices. It seems to be accepted as a foregone conclusion
that there will be a bituminous strike on April 1, but the
prospect appears to have no particular effect on business.
Supplies of coal are large. The time is approaching when
the consumption normally decreases. The output of bituminous is still very large and on April 1 the stock may exceed 80,000,000 tons. There is a large business in lumber,
except at the South where weather conditions have been
unfavorable for business. Wool has on the whole been
quiet in this country, though active and strong in England
and Australia. Some of the larger woolen mills are said to
be doing a good business at a better margin of profit. On
the other hand, a number of small woolen mills have been
closed. There is less business in shoe and leather trades.
The demand for furniture is not so good as recently. The
output of automobiles for the first quarter is estimated at
15% smaller than for the like period last year. Gasoline
has declined. There is a brisk business in agricultural implements and tractors and the output is said to be at the
rate of 75 to 100%, the latter on the Pacific Coast, with
MAR. 26 1927.]
TILE CHRONICLE
the demand there mainly for export. The sales of fertilizers are reported well below those of last year, especially at the South, where the farmers' reduced buying
power is made plain by his curtailed purchases of such
material. The minor metals have been declining, with
trade small. Car loadings have been notable for having
crossed the 1,000,000 mark early in March, or 60 days ahead
of last year. It is of interest to notice that Detroit employment of labor is about the same as last week and approximately 50,000 less than a year ago.
Wheat declined 2 cents owing to very good crop reports
and no pressing export demand and Canada having a large
surplus. American prices are now said to be relatively
cheaper than those of America's competitors. Yet for some
reason European buying of wheat in this country does not
increase. The significant rise, however, in European markets recently in the face of big world's shipments is not
forgotten. It may presage larger foreign buying of American hard wheat before long. The fact that some spring
wheat sold to Europe to-day was considered encouraging.
The flour trade at Minneapolis brightened up a little. Indian corn declined 2 to 3 cents with talk of large May
deliveries ahead. The total visible supply, approximating
50,000,000 bushels, is double the average for a decade and a
good cash demand is lacking; cash prices at Chicago are
relatively low, so that other markets outbid her in the
country. A little cash business, however, was done at the
seaboard to-day. To-night Europe was inquiring for all
kinds of American grain, which is interesting. Some export
demand appeared for oats at the week's decline of 1 cent
on some early deliveries. In rye the export buying in two
days is estimated at 1,000,000 bushels. The European demand was evidently stimulated by a drop in prices this week
of 2 to 3 cents, reaching exporters' limits. At the opening
of navigation the shipments of rye are expected to be large.
The decline in grain caused lower prices for a time for provisions, but later came a rise, with packers buying lard and
with hogs up $1 compared with last week. Coffee advanced
owing to the inherently strong position of the spot article.
March to-day was very erratic and at one time much lower,
but on the whole the tone was steady for other months,
which are at so sharp a discount that people think twice
before selling them. With disappearance of March trading,
however, the premium on coffee for near delivery will not
be so striking by any means. Rubber declined sharply in a
dull market, with imports relatively large and some choosing to put a bearish construction on the Chinese situation.
Sugar futures have declined slightly, despite the fact that
Cuban mills are beginning to close, some without having
produced their quota, even on the limited output schedule.
The spot demand for raw sugar has been moderate or small
and the sale of refined sugar is not by any means satisfactory. Cuban supplies are good and refiners are not avid
buyers under the circumstances, especially as their product
Is dull and the season of active consumption some time
ahead. Petroleum is unchanged.
Stocks have been more or less irregular and at times
lower, with the money rate at one time up to 41h%. The
decline was largely due to the ordinary realizing sales
after a period of advances, but the tone was stronger on
standard issues. Bonds have been in brisk demand. Not
much notice has been taken of the Chinese news here,
though in London it has had a tendency to restrict trading.
On the other hand, sterling erchange is up to a new high
level and that naturally cheers London. Financial interests
are, of course, watching the Chinese situation sharply, but
they are not unduly exercised over a situation which may,
after all, prove transient. This afternoon the Nanking
crisis was said to have abated somewhat.
By a vote of 159 to 5 the Massachusetts House of Representatives has rejected the Arkwright Club's bill, which
sought to modify the 48-hour law so that women might be
employed in the cotton mills a maximum of 10 hours a day
and 54 hours per week. In Boston the Naumkeag Steam
Cotton Manufacturing Co. is running at 135% of single
shift capacity at the present time, 1,200 of the 4,000 looms,
together with the preparatory machinery of those looms,
being on night shift at the present time. The company's
sales are 10% larger than a year ago. • Providence, R. I.,
report was that 1,800 workers in Riverside mill of the
American Woolen Co. were notified to prepare for a shut,down. Whether definitely or not was not stated. Pawtucket, R. I., wired that J. & P. Coates Co. operating the
largest thread manufactjuring plant in the world, will oper-
1741
ate 48 hours a week, beginning next week, against 44 hours
for a number of months.
At Manchester, Conn., the Cheney Bros. silk mills have
begun full-time operations in early all departments. The
plant, which employs 4,000, has been on short time for
several months. The mills are now running a six-day week,
including departments which formerly closed on Firdays
and Saturdays. Manchester, N. H., wired that cotton
mills in that State are now operating at 28% of capacity,
it has been learned after a check-up of the cotton situation.
These mills, it is said, are operating at a higher rate of
capacity than for at least four years. A year ago they
were operating at about 70% of normal. Although several
of the mills are running nights, manufacturers are not piling
up stocks and there does not appear to be any greater danger
of overproduction.
Dover-Foxcroft, Me.,reports that the Foxcroft and Brown
mills, which have been inactive for a year or more have
definitely closed down.
At Lewiston, Me., the Mayor says "taxes must be lowered
if we are to keep our mills here. The mills are our real
existence. They do not want to leave Lewiston. And
Lewiston does not wish to lose the mills." Numerous cities
and towns in New England where textiles are manufactured
have already stated that it will be possible to cut the tax
rate this year. Lowell is expected to make a drastic cut and
Lawrence is hoping to lower the rate to help textiles. The
Amoskeag Manufacturing Co. of Manchester, N. H., took
the initiative in warning city officials that strict economy
must be the watchword if textiles are to be given a chance.
The mills of the Consolidated Textile Corporation are said
to be running at 98%.
It was rumored that the American Woolen Co. was curtailing operations at the Baltic and Enfield mills, the former
employing 600. The Tilton mill, which is smaller, will
close when the fabrics in process are sold. All of the American company's mills in New Hampshire operate on a 48-hour
schedule, though a 54-hour week is permitted by law. The
large Dover mill employs 500 operatives, the Riverside 200
and the Mascoma about 230, both at Lebanon. It is supposed that the American contemplates discontinuing operations of 10 or 12 of its smaller units for which business could
not be furnished in the present dull market. Manchester,
N. H., wired that the woolen mills of L. W. Packard & Co.
at Ashland have been closed down by the management for
an indefinite period. These mills have been running on
samples at a reduced capacity. In the past week at least
six woolen mills in New England have closed for an indefinite
period, and in some cases it is believed they have closed
permanently. Later it was wired from Manchester, N. H.,
that the Sawyer mills, owned and operated by the American
Woolen Co. at Dover, N. H., will not be closed.
At Rochester, N.H. work in the N.B.Thayer Shoe Co.'s
factory will be resumed immediately. This plant has been
closed for some time due to lack of orders. About 600
persons are employed. At Little Falls, N. Y. the Phoenix
Manufacturing Co. will move plant from there to Statesville
N. C. as soon as the building can be constructed.
About 12,000 operatives were idle in the Borough of Blackburn in the Lancashire district six months ago, but now
only about 500 owing to a better trade with India. It is
proposed to close for the whole of Easter week the Lancashire
mills using American cotton. Tokio cabled that nine banks
in Tokio and vicinity had suspended payment within a few
days as a result of runs due to general uneasiness in economic
situation. Deposits aggregated 176,000,000 yen. The Leipzig spring fair held from March 8 to March 12, which is observed closely as a barometer of German business turned out
generally satisfactorily this year. Great progress was
noticed in most manufacturing industries, especially in technical lines.
On the 19th inst. it was much colder with rain and snow
in Kansas, Iowa, Nebraska, Colorado and Missouri and
heavy rains in the Ohio Valley. A cold wave was predicted
for Texas, Oklahoma and Arkansas. It was reported that
upwards of 200,000 acres of farm land are under water in
north-central Mississippi; in eastern Arkansas farmers are
fishing in cotton fields. Some backwater will not recede
for 90 days and according to some authorities current
floods will curtail cotton acreage at least 5%.
It was comparatively mild here early in the week, but
has since become colder and more seasonable. New York
on the 24th inst. had temperatures of 29 to 39 degrees and
averaged 14 degrees under last year; Chicago, 34 to 40
Cincinnati, 34 to 50, Cleveland, 34 to 36, Kansas City, 32
1742
THE CHRONICLE
to 52, Milwaukee, 34 to 40, Minneapolis and St. Paul, 30
to 40, Montreal, 10 to 32, Philadelphia, 32 to 38, Winnipeg,
6 to 30, St. Louis, 36 to 48, New Orleans, 50 to 64. To-day
it was 44 at 3 p. m. and the forecast was for cloudy and
warmer weather. It was warmer in the Southwest and
colder in the South Atlantic States.
[VOL. 124.
All districts except the Southern, which showed a small dcrease, reportede
increases in the total loading of all commodities compared with the corresponding week in 1926, while all reported increases over the same week
in 1925.
Loading of revenue freight this year. compared with the two previous
years, follows:
1925.
1927.
1926.
Five weeks in January_
4,456,949
4,524,749
4,428.256
Four weeks in February
3,623,047
3,677,332
3.823,931
Week ended March 5
932,044
965,009
994,931
Week ended March 12
926,119
967.425
1,005,715
Continuance of Downward Price Movement Shown by
National Bank of Commerce in New York.
Total
9,938.159
10,349,326 10.038,022
At 88.8 the price index of the National Bank of Commerce in New York for March shows another decline in the
level of prices. In noting this, the bank, under date of Col. Leonard P. Ayres of Cleveland Trust Co. Finds
March 21, states:
General Business Still Above Normal-Favorable
While the direction of the price movement since mid-February was
Symptoms Outnumber Unfavorable Ones.
still clearly downward, the rate of decline has slackened. Indeed, in the
General business is reported as still above normal by
very important group of non-ferrous metals, there has been a distinct
movement to higher prices. Of the 23 quotations used in this index, Col. Leonard P. Ayres, Vice-President of the Cleveland
however, 13 had moved lower in the 30-day period, while two recorded
Trust Co. of Cleveland, Ohio, whose observations are preno change in either direction.
The outstanding development during the month was the drop of one- sented asfollows in the institutions'"Business Bulletin" issued
third in the price of mid-continent petroleum. All the important prices under date of
March 15:
of domestic farm products used for this study had gone slightly lower.
On the other hand, there has been a fair advance in the rubber market
founded in part on a more optimistic outlook for the consuming industries
and in part on the prospect of further restriction of export under the
Stevenson plan.
WHOLESALE PRICE INDEX OF THE NATIONAL BANK OF COMMERCE
IN NEW YORK.
(Three year average 1923-25 equals 100.)
1925.
1925.
1928.
1927.
1926.
1927.
91.5 July
97.9
January
105.8
107.8
110.9
109.4
89.6 August
97.2
February
109.3
103.1
98.0
88.8 September
109.1
March
107.3
98.8
October
108.0
97.2
101.8
96.3
April
November
110.2
94.4
102.3
94.8
May
December
105.7
93.3
104.8
95.8
June
Monthly Index of Real Estate Market Activity Rises
Ten Points.
Rapid advance in real estate market activity for the month
of February is indicated in the index compiled monthly by
the National Association of Real Estate Boards. The index,
ascertained from official totals of transfers and conveyances
recorded in 41 typical cities, reached 180 for the month just
past, according to the statement issued by the Board on Mar.
22, which further reports as follows:
This is a gain of ten points over the January index and is only five points
under the mark established in February of last year. The monthly average
of transfers and conveyances recorded for the period 1916-1923 is taken as
the norm, 100, in the calculations.
An increase of 3% over January is shown in the building and engineering
contracts awarded during the month of February in the 37 States east of
the Rocky Mountains, according to the F. W. Dodge Corporation's report.
The same totals show a decrease of 3% from February of last year. Contemplated new work reported in February showed a 17% decrease from the
amount reported in January and a 27% decrease from the amount reported
in February of last year.
February is normally the slowest business month of the year, and if that
turns out to be true of 1927 this year will be a relatively prosperous one, for
business was fairly good last month, and has been improving so far in
March. At the present time the favorable symptoms are more numerous
and more impressive than the unfavorable ones. The most important
adverse developments appear to be the continued slowing down in building
construction, some increase in unemployment, and a larger number of business insolvencies. Perhaps the recent considerable declines in the general
price level ought to be added to this list.
On the favorable side the list is longer, and the items more important.
Automobile output is increasing rapidly, despite keen competition and
some price cutting, and the demand from retail buyers is rapidly approaching the figures of last year and the year before. The textile industries are
more active than they have been for a long time. The iron and steel industry is steadily increasing its output, despite some price declines, and its
volume of forward orders is swelling. Traffic on the railroads continues
to exceed the figures of last year, and is growing. The consumption of
copper is increasing. Agricultural conditions are not good, but the outlook
for the cattle business is most promising, and prospective profits should
considerably help out farm incomes. The business of the tire manufaoturers is probably the most prosperous among all the important industries.
The prevailing trend of prices on the security markets continues to be
an advancing one. 13ond prices advanced in February, and the volume of
sales was very largo. The average prices of industrial and railroad stocks
advanced on all but five of the trading days, and reached new high levels
for all time, while the volume of trading was far greater than it has ever
Peen during any previous February. Increases in dividends were more
numerous and larger than decreases.
General business is still above normal. Credit conditions are easy, and
will probably get still easier after the passing of the normal spring demands
for extra accommodations. Employment is good and wages are high.
The present prospects are that business will continue to be good in the
months directly ahead.
February Sales of Ordinary Life Insurance in Canada
Gain 2% Over Year Ago.
Sales of ordinary life insurance in Canada for February
1927 were 2% greater than for February 1926, according to
figures just issued by the Life Insurance Sales Research
Bureau of Hartford, Conn. Companies having in force
84% of the total outstanding business in Canada paid for
$35,525,000 of new business this month. This represents
an i:crease of 8781,000 over last February. The Bureau
adds:
Loading of Railroad Revenue Freight Reaches One
Million Cars a Week-Coal Tonnage Continues Heavy.
The first minion car week so far this year was reported for
the week ended on March 12, the Car Service Division of the
American Railway Association announced on March 22.
Loading of revenue freight for that week amounted to
1,005,715 cars. This is the first time in the history of the
Most of the provinces show gains in sales for this month. The increases
railroads that freight loadings for any one week have been
vary widely, ranging from 54% in Prince Edward Island to 3% in Nova
in excess of one million cars at this season of the year. Scotia. The sales in the first two months of this year are 6% higher than
In 1926, the first million car week was reached in May, in the same period 1926. The greatest gain of 26% is in Nova Scotia,
by Quebec with a 16% increase.
while in 1925 it was not until July. The total for the week followed
Figures for reporting cities show substantial gains for the first two months
of March 12 was an increase of 10,784 cars over the preceding of this year. Vancouver leads both the monthly and year-to-date increases
week, the increase being due principally to the heavier by a wide margin. The average gain of 10% for the Dominion during the
is fairly evenly distributed among the provinces.
loading of coal, merchandise and less than carload freight, twelve months just ended
Quebec leads with an increase of 18%•
and miscellaneous freight. Compared with the same week
last year, the total for the week of March 12 was an increase
of 38,290 cars, while it also was an increase of 79,596 cars Business Summary of Bank of Montreal-Advent of
Spring Stimulates Mercantile and Agriover the same week in 1925. Coal loading for the week of
cultural Activity.
March 5 totaled 220,179 cars, an increase of 31,345 cars
"The advent of springtime, with the season far more adover the same week last year and 69,627 cars above the corresponding week in 1925. Further details follow:
vanced than is usual, has stimulated mercantile and agriculMiscellaneous freight loading totaled 355.957 cars, an increase of 9,161 tural activity and gives promise of a more satisfactory retail
cars above the same week last year and 11.527 cars above the corresponding
trade than is realized when the season is late," says the
week two years ago.
Loading of merchandise and less than carload lot freight for the week "Business Summary," dated March 23, issued by the Bank
totaled 268,788 cars, an increase of 4,457 cars over the corresponding week of Montreal. Further reviewing conditions the bank says:
last year and 8.963 cars above the same week two years ago.
Grain and grain products loading totaled 40,076 cars, a decrease of 169
cars under the corresponding week last year but 2,919 cars above the same
week in 1925. In the Western districts alone, grain and grain products
loading totaled 24,391 cars, an increase of 963 cars above the same week
last year.
Livestock loading amounted to 27,298 cars, a decrease of four cars below
the same week last year and 256 am below the corresponding week in 1925.
In the Western districts alone, livestock loading totaled 20,976 cars, an
Increase of 49 cars above the same week last year.
Forest products loading totaled 70,497 cars, 4,833 cars below the same
week last year and 11,364 cars under the same week in 1925.
Ore loading amounted to 10,840 cars, 416 cars above the corresponding
week in 1926 but 1,191 cars below the same week two years ago.
Coke loading totaled 12,080 cars, a decrease of 2,083 cars under the
same week last year and 629 cars below the same week two years ago.
Resumption of inland navigation will bring to market a large portion
of the grain crop still in store at Western points, and in this connection
it is noteworthy that the stock of wheat in Canada on March 12 was
very slightly less than at the same date a year ago. Mining operations will
also be expedited with the corning of spring. During the month a number
of financial and commercial corporations have published their annual statements, and, with few exceptions, the-se show a satisfactory increase, both
in volume of business and in net profits. The latest available bank statement is the month of January, and an examination of the figures indicates
a fairly general prosperity throughout the country. Note circulation fell
off materially during that month, as is customary, but makes not unfavorable comparison with a year ago, while notice deposits rose nearly $9,000,000 in January and upwards of $65,000,000 on the year. So with current
loans, for while these fell oft somewhat in January, as is not unusual, they
are $93,000,000 higher than twelve months ago.
MAR. 261927.]
THE CHRONICLE
1743
Shipments of gold have been made to New York, the discount on Cana- a better condition than Illinois relative to the employment peak of last fell
dian money making the operation profitable. The movement should be Illinois manufacturers are still employing more nearly the same number of
regarded as an ordinary banking transaction, and it may be added that the men as they did in February a year ago than are New York factory owners.
Increasing employment was not a general thing throughout the State.
story recently current that the export of gold from Canada had been prohowever,and 6 of the 14 cities for which special reports are compiled showed
hibited was promptly denied by the Minister of Finance.
Car loadings continue to show higher figures and have been larger dur- declines. These were Aurora, Cicero, Moline, Peoria, Quincy and Springing the month in respect of grain, coal and general merchandise. Bank field. At East St. Louis and Rock Island no change in factory employment
was reported while Chicago, Bloomington, Danville, Decatur, Joliet and
debits in February showed substantial increase over last year.
Immigration prospects, which were distinctly better at the opening of Rockford reported advances.
The February experience of the Illinois free employment offices is in close
the year, bid fair to be fully realized. Already many settlers are arriving
from Great Britain and Scandinavian countries, and when the movement harmony with the employment situation as reported directly by employers.
is in full awing, a month or more hence, there is reason to believe that it Nine of the 13 offices reported a lower ratio of men to Jobs than in January,
and in the State as a whole, there were 204 applications for every 100 jobs
will exceed any movement in recent years.
The trend of foreign trade remains unchanged, imports steadily rising, open, whereas in January the number was 215. Except for January of this
while exports decline. The total foreign trade of Canada in February, $153,- year. however. the February ratio of men to jobs has not been so high since
240,000, was $5,180,000 less than in the corresponding month a year ago, February 1922, and we have again in that fact a warning against overand while the aggregate trade for the eleven months at $2,066,827,000 optimism as to present or prospective employment conditions.
Building prospects for the State as a whole appear to be satisfactory and
shows an increase of $37,500,000, the whole of the gain is on the import
side of the account, which is larger by $94,000,000. There is, indeed, still for the city of Chicago, exceptionally so. A substantial increase in permits
a fairly substantial favorable balance of trade on the eleven months period, issued, both over January and over February a year ago, is reported for the
namely, $226,000,000, but it is $150,000,000 lees than in the eleven entire State and the increase is well distributed. The combined January
and February figures also show an increase over a year ago, accounted for
months of the preceding year.
An incident of some interest is the further remission of income taxes by entirely, however. by Chicago permits. These building prospects and some
increasing the age of exemption for children from 18 to 21 years, announced increase of actual construction work have already shown their effect in
increasing employment in the brick plants where a rise of 3.7% occurred
by the Minister of Finance.
Commodity prices remain quite steady, little variation being shown. in February. Reports have been received from several points in the State
regarding
resumption of work in closed down brick plants and the expansion
According to the Dominion Bureau of Statistics, the index number of wholesale prices was slightly lower last month at 150.1 as compared with 150.6 of facilities. Road building and road working will provide new employment
for January and 162.2 for February 1926. This stability tends to remove in many parts of the State, although in the areas hit by floods during the
fall and winter, it is reported that county road men are having to be laid
the speculative element from business and to that extent is helpful.
A feature of the month has been the placing of large orders for rolling off due to the exhaustion of funds, which were used up in fighting the
stock by the two major railway systems, which are both building and buy- high water.
Though final figures on Illinois coal production are not yet available for
ing equipment in preparation for traffic growth. These orders have
increased the activity in the iron and steel industries, already busy owing February, the indications are that it held up well. There was practically
to the large amount of structural work and equipment installation under no reduction in January from the high December level. So far as is reported to this Department, the possible closing down of mines did not
way in various parts of the country.
A firm tone has prevailed in the bond market, which otherwise has been develop into a reality of any importance and it now appears that the miners
will be fully employed up to the first of April, when the wage agreement with
featureless. Stock prices as a whole have moved into higher levels.
the operators is ended.
The February turn for the better brought a gain of five-tenths of 1% in
employment in the metals, machinery and conveyances group. The outFertilizers Selling at Lowest Price in 12 Years.
standing gain for this group was made by automobile and accessory plants
Fertilziers are selling on the bargain counter this spring. which added 6.7% more workers to their forces. This brings at least a
temporary respite from the steady decline that has been recorded by this
Their prices are the lowest they have been in 12 years, industry
since last June. Iron and steel plants added 3.3% more workers
although the general price level is 46% above the pre-war to their payrolls. Instrument manufacturers gained 5% in numbers emlevel. Farmers who realize the necessity of lowering their ployed. Cars and locomotive plants lost ground to the extent of 3.8%
of the workers employed in January. Firms manufacturing electrical
costs of production as one means of attaining "farm relief" apparatus
laid off 2.1% of their workers and machinery firms L2%. Nearly
would do well to use extra heavy applications of fertilizers all other industries in this group showed gains of about 1% in employment.
this spring. Fertilizers are the cheapest major supply the The index of employment for this group is now 107.0, compared with the
of 111.2 which obtained in February 1926.
farmer has to buy. So declares Charles J. Brand, of Wash- index
The building materials group is credited with a 1% gain, due entirely to
ington, Executive Secretary and Treasurer of the National accretions in the forces of the brick tile and pottery makers. This industry
gained 3.7% in numbers employed while the other three industries in the
Fertilizer Association. He bases his assertions on a com- group-lime
and cement, glass, and miscellaneous minerals-showed losses.
parison of pre-war prices with current prices of fertilizers,
The trend in the wood products group was mixed, but resulted in a loss
all commodities and farm products. The current retail price of 0.3% for the group as a whole. Saw mills and piano manufacturers conto the drop with losses of 1.4% and 3.3% respectively. Gains
of fertilizer, he says, averages less than 6% higher than tributed
made by furniture factories and household furnishings were not sufficient to
pre-war, whereas the Bureau of Labor Statistics' all-com- offset these other losses.
Furs and leather goods continued the advance of last month with the
modity index, comprising 404 products, is 46% higher than
addition of 0.3% more workers. Tanneries made a gain of 1.5% and boots
pre-war. Mr. Brand's statement of March 21 also says:
and shoes one of 0.6%. These gains more than compensated for the loss
Even the prices of farm products, admittedly low, are 27% higher than
of the workers in the miscellaneous leather goods plants.
pre-war-fully 21% higher than the current average price of fertilizer. of 4.5%
Employment in the chemicals, oils and paints group remained at about
And even cotton, low as it is, is about 4% higher than fertilizer. If ferthe
January
level, with a net loss of only 0.1% for the group as a whole!
tilizers were selling even at prices as high as those received by the farmers
classification adfor their products, the fertilizer bill of America's farmers would be $38,- Paint factories showed a gain of 2.7% and miscellaneous
make up for losses in drugs and
000,000 larger this year than actually will be true. With fertilizer generally vanced 0.5%. These additions did not
chemicals, and at the oil refineries. The index number of employment for
conceded as capable of returning three dollars for each dollar invested in
it, farmers can make no better use of their money than to buy and use this group as a whole is above the index for February 1926.
The printing and paper goods classification is one in which every industry
ample quantities of fertilizer this spring.
gained. The gains ranged from 0.1% in paper box manufacture to 6.3%
in edition bookbinding. Job printing, the most important industry in the
added 0.7% more workers and newspaper publishers took on 3.1%
Industrial Conditions in Illinois During February. group.
more employees. These gains resulted in a net gain of 1.4% for the group.
Gain In Employment After Declines In Previous
bringing the index number to 119.8. This compares favorably with the
118.6 figure for February 1926.
Four.Months.
The textile group was another in which every industry showed an advance
The Bureau of Industrial Accident and Labor Research of over January. The gain for the group was 2.2% and was made up of a
the Illinois Department of Labor reports under date of March gain of 2.2% at the cotton mills, 1.5% at the knitting mills and 5.1% at
mills.
17 that the decreases in Illinois factory employment which theA thread
seasonal pickup in the clothing industry brought an increase of 3.9%
have occurred in every month since last October did not con- in the number of employees. The big men's ready-to-wear houses added
tinue into February. The four month decline, which left 3.9% to their numbers and women's clothing manufacturers, 7.1%.
specialty lines also showed an advance, but men's furnishings,
5.1% fewer workers on factory payrolls in January than there Women's
with the exception of work-clothing manufacturers,lost ground. Millinery
were in September came to a stop in the second month of the continued the upward trend of last month. The index of employment for
new year, and manufacturing establishments employing 260,- this group still lags behind the 1926 figure. It is now 70.8, as against
75.9 for February 1926.
•
000 people reported to the Bureau an increase in their forces
The level of employment in the food group remained unchanged, with
the gains Just compensating for the losses. Slaughtering and meat packing
amounting to six-tenths of 1%.
began its seasonal downward march and will probably show no improvement
The Bureau reports further as follows:
until midsummer. Canning factories and flour mills laid off workers, the
Although the checking of this decline may foretell
greater former 6.8% and the latter
1.3%. Good gains were made by all the other
Improvements as the spring and summer advance,there is no foundation yet
industries in this group, but these were only sufficient to make up for the
for greater optimism as to employment conditions in the State. A rise in losses
in the three industries mentioned above. The index number for firms
Illinois employment from January to February Is a regular seasonal move- In the food
group is slightly lower than it was in February oflast year.
ment according to the 6-year record of the Department of Labor. In all but
one of the 6 years, employers have reported increases for February, and in
The analysis by cities follows:
that year-1922-there was no chature. The current increase,furthermore,
is the least of the five increases that have been registered in the last five
Aurora.-The volume of manufacturing employment at Aurora in Febyears. With the single exception of January of this year, the index number ruary continues the recession that was evident in the two previous months.
of employment, which for February Is 98.4, is still the lowest it has been The decrease of 0.7 of 1% on the basis of reports from 16 firms does not
since September, 1925.
Include all these firms by any means. It may be largely attributed to a very
The February increase, however, from an industrial view-point, is quite marked reduction in one firm of the metal trades. Many of the metals
general in character, 6 of the 9 major groups of industries being affected. industries reported slight increases. Women's clothing firms and textile
The heaviest increases were reported in the textile and clothing trades and factories added workers to their payrolls. The downward tendency howthe only industrial groups showing declines were the wood products and ever,is substantiated by the experlen
,
e of the free employment office which
chemical products groups. Food producing establishments as a whole had a large surplus of labor. The office was able to supply Jobs to less
showed no change in numbers at work. Of the 56 individual industries. 39 than half the people who were looking for them. The ratio of applicants
showed some increase in employment from January to February.
per 100 jobs was 204, as compared to 175 in February 1926. The office
New York factory employment, which has been falling during the fall and expects to place some of this surplus labor in farm jobs in the near future.
winter in close accord with the Illinois movement, has also reported an in- Permits for new buildings had a total estimated value of $138.965. which
crease for February amounting to 1%. While this rise places New York in is $54.870 more than last month but nearly $90,000, less than a year ago.
1744
THE CHRONICLE
[VoL. 124.
Bloomington.-Six out of nine manufacturing establishments at Bloming- group
and in paper and printing could not offset the other losses. The
ton reported additions to their forces from January to February. The
value of building permits issued showed a healthy increase with a total of
outstanding gains were in the metals and machinery group with the manu$121.935 this month as compared with $89,825 in January. This is but
facturers of agricultural implements showing the largest increases. Printing a
fraction however, of the abnormally high'figure of $1,555,560of February
and clothing firms also reported larger numbers at work, and the city as a
1926. A reflection of the change for the worse in employment conditions
whole registered an advance of 15.1% over the January level. The slowIs found in the ratio of job seekers to jobs available at the free employment
ness of farmers in hiring help and curtailed building activity resulted, how- office.
There were 212 applicants for each 100 jobs this month as compared
ever, in an increase in unemployment as registered at the free employment with
only 176 to 100 in January. It is a distinct improvement however,
office.
143 persons applied for every 100 jobs that employers reported over the ratio of
3.3 to 100 which existed in Feb. 1926.
open in February. In January the ratio was 127 and in February 1926, 118.
Quincy.-Factory operations in Quincy were curtailed in February
Building permits totalling $23,500 were well above the January figure but when 15 firms laid off 2.5% of the workers on their payrolls in Janury.
were little less than half the February 1926 figure, $49,000.
Layoffs by firms in the metal and machinery group were responsible for
Chicago.-A slight pick up was evident in industrial employment in the
decline, since the other groups showed slight gains. Shoe factories
February. The gain amounted to only 0.6 of 1% and was not as large and clothing firms
are taking on men. Employment at food plants reas that which occurred in February of last year, but nevertheless it broke mains
unchanged. As was the case in nearly all the other cities, the
the continuity of the general recession of past months. The most pro- month
brought an increase in the value of building permits issued. The
nounced gain was made by iron and steel manufacturers with several total building figure
of $53.905 was 23,6 times the figure of $22,268 for
firms in this group adding 2 or 3 hundred men to their forces. Vehicle January, but
did not equal the $84,940 figure for February 1926. In
and auto accessory firms made a gain. Cars and locomotives, and electric spite
of the decrease in employment the ratio of applicants to jobs at
apparatus showed substantial losses however. Sharp declines in the meat the free employment office
was much more favorable this month than
packing industry augments the losses of last month. The decline here is last. It
dropped from 211 in January to 184 in February.
largely seasonal, however. Small seasonal gains in men's clothing firms
Rockford.-Manufacturing employment is on the up-grade this month
and in job printing concerns brought a temporary turn for the better in with
51 firms reporting a net gain of 1.9% in their aggregate number of
these industries. A gain of $13.000,000 in the value of building permits employees. The
gain was well distributed among all the important inissued in February over January brought the figure for this month to dustries and was especially
evident in the metal and manufacturing group.
$36,287,155. This augurs well for employment in the building trades as The gain at the furniture factories was
not so pronounced but is the besoon as the weather permits extended outdoor activity. The ratio of ginning of the usual
spring expansion. Firms in the leather group and
applicants to jobs at the free employment office dropped from 290 in in paper and printing also showed
slight increases. The city building
January to 264 in February.
inspector reports the issue of 88 permits for new buildings estimated to
Cicero.-Industrial employment In Cicero showed another heavy decline cost $180,250. This is an Increase
of $23,000 over last month but does
from January to February on the basis of reports from 5 manufacturing
not match the total of $336,250 for February 1926. There were 95 job
firms. The metal and machinery group is responsible for this decline which seekers available
for each 100 jobs this month compared with 96 in January
amounted to 10.7%. The De^ember to January decrease was 14.4%. and 94 in December.
Iron and steel and machinery production showed the most severe laying off
Springfield.-Six firms reported 2.5% fewer employees at work than
of help. The surplus of labor at the free employment office which increased
they had last month. Curtailment in operations at the metal plants is
steadily from September to a high figure of 217 in January,showed a slight largely responsible
for this decrease, one firm laying off about 50 men.
falling off in February to 213. A year ago, however, this ratio was only Employment at
other plants remained at about the January level. The
165. A large increase in the amount of new buildings authorized gives value of the building permits issued showed
a good increase, the total
reason to believe that the building trades will very soon absorb some of this month being $262,530, as compared with
$101,490 last month and
the labor surplus. The February figure was $279,808 as compared to $217.730
in February 1926. The number of unemployed as indicated
$162,470 in January.
by the free employment office records fell of slightly with 106 applicants
Danville.-The volume of factory employment at Danville has taken an
for every 100 jobs available compared with 107 in January.
upward turn after a 3 months' decline. Twelve reporting firms show an
increase of 2.7% over the number on their combined payrolls in January.
The increase can be largely accounted for by added workers in the building
Automobile Models and Price Changes.
materials firms, other classifications remaining at about the January level.
A price reduction of considerable importance was made
Declines occurred in parts of the wood products group while the metal and
machinery firms showed a slight tendency upward. More men were looking known on the 21st through an announcement to 'dealers by
for jobs compared to the number of jobs to be had than in January. The
the Ford Motor Co. of a cut in the price of all Lincoln modfree employment office ratio rose from 153 to 163. It is worthy of note,
however, that this figure is well below the February 1926 figure of 199. els of from $100 to $400 per car. The announcement said in
Building permits,issued to an estimated value of $85,000 were about $60,000 part:
higher than in January 1927 or in February 1926.
We want you to understand it is not to be inferred that there will be a
Decatur.-Decatur was exceeded only by Bloomington in the amount
of increase In manufacturing employment from January to February. The price reduction on Ford cars, trucks or tractors, as we are giving no thought
whatever
to such a change.
combined report of 23 firms show a rise of 11.9%. Nearly every important
industrial group shares in this increase. An iron and steel firm, closed
A list of Lincoln prices and models, showing the old and
down in January, has again opened up and others in the group have made
substantial additions to their forces. Women's clothing firms show sub- new list, together with the amount of the reduction on
stantial increases in most instances as do those making wood products. each car, follows:
In food products losses on the part of some firms are more than equalized
ModelNew Price. Old Price. Reduction.
by substantial gains in others. The February pick up shows its effect
$100
$4,700
84.600
in less surplus labor at the free employment office. The ratio of applicants Roadster.2 passengers
4
passenger
sport
phaeton_
4,700
4,600
100
per 100 Jobs open decreased from 227 in January to 194 in February.
passenger
touring
7
4,700
4,600
100
Building permits total $201,800. $70,000 more than January.
4,600
4,700
100
East St. Louis.-No change occurred in factory employment at East 2 passenger club roadster
4,800
4,400
400
St. Louis from January to February according to reports from 18 firms in 4 passenger coupe
4
passenger
sedan
4.800
5,000
200
the representative industries. Increases of importance were registered in
5.000
5,300
300
the building materials group and in chemical products. Conditions among 7 passenger sedan
5,200
5,500
300
the metals and machinery firms were mixed, both losses and gains occurring, 7 passenger limousine
These include the new four-wheel orakes. The limousine Is equipped with
but the more pronounced movements were upward. Increases in these
three groups were exactly equalized by losses in food products, where the the Willoughby body in place of Fleetwood as heretofore.
slaughtering and meat packing firms were laying off men. Along with the
Further rumors concerning the new move by the Ford
no change status of factory employment, the ratio at the free employment Motor
Co. so long expected in the automobile world have
office took a drop. There were in February 134 men registered at the free
employment office for every 100 Jobs whereas in January there were 158. been summarized by the "Wall Street Journal" in its
Authorization for the erection of a $450,000 office building swelled the March 21 issue as follows:
building permit total to $742,750 as compared with $56,036 in January.
The Ford Motor Co.is at last preparing to depart from its hitherto inflexJoliet.-A further gain in aggregate employment in manufacturing
industries was reported by 27 firms. Only 10 firms of the 27 showed ible rule of never changing its famous Model T car.
Plans
and specifications fur the new four-cyllnder car have been completed
declines and these were slight. Consistent expansion was evident in the
metals and machinery group with practically every firm in this classification and the new models should be in production by the opening of summer.
making some additions to their payrolls. Building materials firms also A unique and radical feature will be the inclusion of four sPeeda, a device
showed gains. Lumber and wood products and paper mills did not share popular with foreign cars and used to some extent in this country a number
in the upward trend, the majority of these firms reporting fewer workers of years ago, the effect being to produce a higher rate of speed, of course,
than in January. The coming of spring weather will bring the opening up than with the conventional three speeds forward.
It is understood that the new Ford car will have a wheelbase of 104 inches,
of stone quarry and gravel pit work and this, with the activity in the
building trades. will
Pmployment to many idle men. The ratio of job one inch longer than the Chevrolet, General Motor's biggest unit and Ford's
seekers to be at thefr ait'sos, doyment office reflects somewhat the improve- chief competitor. Price has not been entirely settled upon but presumably
ment in conditions with asdrop from 218 to 213 applicants for each 100 jobs. will be below $500 for a touring car as compared with present Chevrolet
The ratio for Feb. 1926 was 215 applicants to each 100 jobs. Value of build- price of $525 and $380 for present Ford touring cat.
Ford is having the benefit of the best engineering advice available and is
ing permits issued in February totalled $97.450 which is a drop of $55,000
said to have retained C. Harold Wills in a consulting capacity. Wills at
from the figure of $152,900 for January.
one
time was Ford's right hand man, receiving an annual income from the
Moline-Rock Island.-Industrial employment at Moline continues on the
downgrade with a further drop this month of 1.3%. This decline follows Ford organization of $2,000,000. He later formed his own company to
on the heels of a 10.6% loss in January and of 7.5% in December and brings market the Wills-8ainte-clair, production of which has now been disconemployment to a low level. The most severe losses were those in the metal timued.
and machinery group, the automobile accessory firms being again hard hit.
Additional reports given in the March 23 issue of the
Declines were also registered at the agricultural implement manufacturing same newspaper
add the following details concerning the
Island
plants. Employment in Rock
remained at the same level as in
January with slight gains and losses exactly offsetting each other. Food probable design of the new ear:
J:N2
firms showed slight losses and textile mills made small gains. Building
The new Ford car, scheduled to replace the present Model T some time
permits to the value of $42,928 were issed in Moline. This was a gain of this year, will not be a gear shift car as the public now knows it, it is learned
100% over the amount issued in January. Permits issued in Rock Island from a reliable source. It will prooably be a four-speed car, with radical
showed a drop of about $17,000. There was a slight improvement in the changes in mechanical design and appearance, but a modified form of the
ratio of applicants to jobs at the free employment office. The office was planetary transmission will oe retained. The magneto used on Ford cars
able to find work for 389 persons during the month and the ratio of appli- will be replaced by a distributor, and underslung elliptic springs are expected
cants to jobs declined from 139 in January to 138. This compares favorably to replace the present transverse type.
with the 167 to 100 ratio of February, 1926.
The trade does not look for the new Ford car until late in the summer.
Peoria.-Some of the ground gained in the last 2 months was lost in Febru- Ford has never made a change during the peak of the buying season, the
ary when 29 firms reported 1.9% fewer workers on their payrolls than in last change having been made in August. It is also pointed out that since
January. The less was well distributed over a majority of reporting indus- parts are all made in Detroit, it will require at least a month, after productries. Plants manufacturing food products showed a continued downward tion is started, to supply assembly branches throughout the country. Ford
trend. Losses were also sustained by the building materials group, leather has just asked for bids on new machinery. The time required to produce
manufacturers, and chemical plants. Gains in the metal and machinery this machinery after the order is placed, together with necessary plant
THE CHRONICLE
MAR. 26 1927.]
rearrangements, are expected to bring earliest date if production on new
parts to late in the summer.
On March 24 it became known that the Reo Motor Car
Co. would announce on May 6 a new car of a smaller type
and at a lower price than the present !'Flying Cloud" model.
Details have not been verified, but it is understood that the
new car will be powered by a six-cylinder seven-bearing
motor of ample size and power, the bore being 3% inches,
developing 55 actual horsepower. Neither in size nor price
Is the car designed to compete in the small low-priced field.
On the contrary, it is thought that it will be priced at approximately $1,200. While considerably shorter and smaller
than the "Flying Cloud," it will be longer than most cars
selling In the $1,200 class.
-Automobile'Production Still Runs Behind a Year Ago.
February production (factory sales) of motor vehicles
in the United States, as reported to the Department of
Commerce, was 298,359,, of which 260,330 were passenger
ears and 38,029 were trucks, as compared with 234,142
passenger cars and trucks in January and 357,470 in
February 1926.
The table below is based on figures received from 160
manufacturers in the United States for recent months, 54
making passenger cars and 124 making trucks (18 making
both passenger cars and trucks). Data for earlier months
include 92 additional manufacturers now out of business,
while February data for 25 small firms, mostly truck manifacturers, were not received in time for inclusion in this
report. Figures for passenger cars include taxicabs and
those for trucks include ambulances, funeral cars, fire
apparatus, street sweepers and busses. Canadian figures
since January 1926 are supplied by the Dominion Bureau of
Statistics.
AUTOMOBILE PRODUCTION.
(Number of machines.)
United States.
Total.
Canada.a
Passenger
Cars,
Trucks,
Total.
Passenger
Cars.
Trucks.
1745
in the group showed unfilled orders of 244,207,954 ft. last week, as against
238,590,948 ft. for the week before. For the 74 West Coast mills the
unfilled orders were 295,624,117 ft., as against 306,631.701 ft. for 74 mills
a week earlier.
Altogether the 307 comparably reporting softwood mills had shipments
107%, and orders 113%, of actual production. For the Southern Pine
mills these percentages were respectively 101 and 110; and for the West
Coast mills 106 and 108.
Of the reporting mills, the 284 with an established normal production for
the week of 190,521,918 ft., gave actual production 91%, shipments 97%
and orders 103% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of seven softwood, and two hardwood,regional associations,
for the three weeks indicated (000 omitted):
Corresponding
Preceding Week
Week (1926)
(Revised) 1927.
Past Week.
Softwood. Hardwood. Softwood. Hardwood. Softwood. Hardwood.
*Mills
136
352
144
305
135
307
182,393
233,578
24,253
21,036
Production___ _182,352
21,270
24,246
191,290
20,520
Shipments_ _ 195,133
22,723
229,941
Orders(new
206,674
21,090
24,304
233,197
25,159
buslness)_ _ _206,583
* Fewer West Coast mills are reporting this year; to make allowance for this add
29,000,000 to production, 27,000,000 to shipments and 28,000,000 to orders in
comparing softwood with last year.
The following revised figures compare the lumber movement of the same
regional associadons for the first eleven weeks of 1927 with the same period
of 1926 (000 omitted):
Orders.
Production.
Shipments.
Softwood. Hardwood.'r Softwood. Hardwood.
Softwood. Hardwood.
327,963
314,452 2,186,348
2,017,103
324,693 2,023,581
1927
272,487 2,515,737
291,756
280,346 2,414,324
2 318,951
1926
The mills of the California White and Sugar Pine Association make
weekly reports, but not being comparable, are not included in the foregoing
tables. Twenty-one of these mills, representing 66% of the cut of the
California pine region, gave their production for the week as 8,507,000 feet.
shipments 23,674,000 and new business 21,680.000. Last week's report
from 15 mills, representing 45% of the cut was: Production, 5,818.000:
shipments, 16,299,000 and new business 14,764,000.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 74 mills reporting for the week ended March 19, was 8%
above production, and shipments were 6% above production. Of all new
business taken during the week 45% was for future water delivery,amounting to 36,951,350 feet, of which 25,597,427 feet was for domestic cargo
delivery, and 11,353,923 feet export. New business by rail amounted to
41,684,341 feet, or 50% of the week's new business. Thirty-nine per cent.
of the week's shipments moved by water, amounting to 31,506.786 feet, of
which 27,128,143 feet moved coastwise and intercoastal, and 4,378,643 feet
export. Rail shipments totaled 45,680,669 feet, or 56% of the week's shipments, and local deliveries 3,869,593 ft. Unshipped domestic cargo orders
totalled 101,821,370 ft., foreign 70,610,802 ft. and rail trade 123,191,945 ft.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 120
mills reporting, shipments were 0.77% above production and orders 9.63%
above production and 8.80% above shipments. New business taken during
the week amounted to 69,452,150 feet (previous week 68,244,682), shipments 63,835,144 feet(previous week 63,144,027)and production 63,348.315
feet (previous week 65,945,834). The normal production of these mills is
75,819,478 feet. Of the 117 mills reporting running time, 80 operated full
time lE of the latter overtime. Seven mills were shut down, and the rest
operated from two to five and one-half days.
The Western Pine Manufacturers Association of Portland, Ore., reports
Total (year)
4,172,886 3,696,490 476,396 161,385 139,311
22,074 marked decreases in production and new business, and shipments practically
the same as those reported for the previous week.
1926.
The California Redwood Association of San Francisco, California. with
302,741 272,922
January
29,819
15,479
11,781
3,698 one less mill reporting, shows considerable decreases in all three items.
February
357,470 319,763
37,707
18,838
14,761
4,077
The North Carolina Pine Association of Norfolk, Virginia, with seven
March
426,117 381,116
45,001
22,374
17,989
4,385
April
434,469 383,907
50,562
21,502
17,929
3,573 more mills reporting, shows a big increase in production, good increase in
May
421,203 373,140
48,063
24,934
21,429
3,505 shipments, and new business slightly below that reported for the preceding
June
383,902 339,570 44,332
21,751
18,818
2,933
July
356,624 317,006
39,618
15,208
12,953
2,255 week.
The Northern Pine Manufacturers Association of Minneapolis, Minnesota,
August
425,615 380,282
45,333
15,285
12,782
2,503
September
397,309 350,923
46,386
17,495
12,624
4,871 shows production and shipments about the same, and a nominal increase in
October
332,475 289,565
42,910
14,670
10,595
4,075 new business.
November
255,880 219,504
36,376
9,828
6,774
3,054
The Northern Hemlock and Hardwood Manufacturers Association of
165.822 137,361
December
28,461
7,752
6,052
1,700
Oshkosh, Wisconsin, (in its softwood production) with one more mill re4,259,627 3,765,059 494,568 205,116 164,487
Total (year)
40,629 porting, shows considerable decrease in production, shipments about the
same, and some decrease in new business.
1927.
*234,142 196,973 *37,169
January
15,376
11,745
3,631
Hardwood Reports.
February
298,359 260,330
38,029
18,655
14,826
3.829
The Northern Hemlock and Hardwood Manufacturers Association
• Revised. a Reported by Dominion Buerau of Statistics since Jan. 1 1926.
reported from 16 mills, (one more mill reporting this week than for the
preceding week) a big increase in production, a notable increase in shipments, and new business about the same as last week.
Lumber Business on a Par With Last Year.
The Hardwood Manufacturers Institute of Memphis. Tennessee,reported
A study of reports received by the National Lumber from 120 units, a marked increase in production, a satisfactory increase in
shipments, and a big increase in new business. The normal production of
Manufacturers Association from 328 of the leading softwood these mills is 20,160,000 feet.
1925.
January
February
March
April
May
June
July
August
September
October
November
December
232,188 205,550
275,965 243,176
364,291 321,200
424,155 377,747
408,028 366,197
388,618 352,261
389,009 348,984
252,451 216,087
321,857 263,855
438,419 394,096
366,505 328,694
311,400 278,643
26,638
32,789
43,091
46,408
41,831
36,357
40,025
36,364
58,002
44,323
37,811
32,757
9,866
12,472
15,103
17,091
20,239
16,043
12,985
8,916
12,852
15,611
10,978
9,229
8,301
10,779
13,014
15,515
18,351
14,249
11,140
7,430
10,372
13,921
8,741
7,498
1,565
1,693
2,089
1,576
1,888
1,794
1,845
1,486
2,480
1,690
2,237
1,731
mills of the country indicates that the volume of new business,
for the week ended March 19, was equal to that of a year ago.
Because the order file of these lumber mills has heretofore
been smaller, since the beginning of the year, than it was in
1926, the return to par is significant. The week's production
was practically the same as that of the preceding week, and
the same is true of shipments and new business, with a little
edge in favor of last week, in respect to shipments. The
hardwood operations, with eight fewer mills reporting last
week, appear to have about the same volume of production,
a substantial gain in shipments and an even larger gain in
new business. Compared with a year ago, however, new
business appears to have fallen off, the same is true of shipments and also of production, reports the National Association in its weekly review of the industry, from which we
quote the following:
Unfilled Orders.
The unfilled orders of 194 Southern Pine and West Coast mills at the
end of last week amounted to 539,832,071 ft.. as against 545,222,649 ft.
for 194 mills the previous week. The 120 identical Southern Pine mills
West Coast Lumbermen's Association Weekly Report.
Seventy-four mills reporting to the West Coast Lumbermen's Association for the week ended March 12 manufactured 72,418,047 feet, sold 78,320,286 feet and shipped
75,932,546 feet. New business was 5,902,239 feet more than
production and shipments 3,514,499 feet more than production.
COMPARATIVE TABLE SHOWING PRODUCTION. NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
Week EndedFeb. 19.
Feb. 26.
March 5.
March 12.
Number of mills reporting
72
72
73
74
75,386,830
Production(feet)„
78.189.050
74,059,5-5
New business (feet)
79,936,042
74,110,118
72,730,373
78,320,286
77,897,261
72.287 037
Shipments (feet)
63,6(2,892
75,932,546
Unshipped balances:
toofew ell
Rails(feet)
127,887,303 125,268,433 124,391,283 132,120.476
94,868,621
84.311,679
Domestic cargo (feet)_ _ 103,299,332 103,692,423
61,445,371
53,558.542
Export (feet)
75,445,066
52,602,767
Total (feet)
First la Weeks ofAverage number of millsProduction (feet)
New business (feet)
Shipments (feet)
306,631,701 290,406,227 272.818,416 269,034,922
1925.
1924,
1926.
1927.
102
119
130
81
747,180.626 931.751,783 1,002,386,557 1,041,619,201
786,711,280 1,018,450,241 952,291,046 997,471,856
714.856,471 957,535,553 986,280,314 1,026,289,547
1746
THE CHRONICLE
Over Two Billion Yards of Cotton Textiles Sold Since
Last July by Mills Reporting to Association
of Cotton Textile Merchants.
How large a volume of cotton goods has been consumed
since last July is indicated by reports just compiled by the
Association of Cotton Textile Merchants of New York. In
its advices under date of March 22 the Association says:
In the eight months from July to February, inclusive, more than two
billion yards of standard cotton textiles have been sold by mills reporting to
the association. These reports cover the manufacture and sale of more than
200 different classifications of standard cotton cloths representing a large
part of the total production of such goods in the United States.
During this period sales reported to the Association exceeded production
for the period by 21%. Total sales amounted to 2,140,168,000 yards.
Production amounted to 1,763,074,000 yards. Shipments also exceeded
production and amounted to 1,876,217,000 yards. The increase in sales
since last July was also accompanied by a reduction of 37% in stocks on
hand. On July 1 stocks totaled 305,245,000 yards. On Feb. 28 stocks
amounted to 192,392,000 yards.
Unfilled orders increased more than 140% in this period. On July 1
unfilled orders amounted to 187,837,000 yards; at the end of February
they were 451,788,000 yards.
Census Bureau's Final Report on Cotton Ginning.
The Bureau of the Census of the Department of Commerce at Washington issued on March 21 its final report
on cotton ginning (excluding linters). This report shows
that for the present season there were 17,910,258 500-1b.
bales of lint cotton ginned, including 234,041 bales which
ginners estimated would be turned out after the March
canvass. This compares with 16,103,679 bales in 1925,
13,627,936 bales in 1924 and but 10,139,671 bales in 1923.
The present season's final ginnings of 17,910,258 bales
compares with the final estimate made by the Department on
Dec. 8 as to the size of the crop of 18,618,000 bales, and
hence falls 700,000 bales below such estimate. Nevertheless,
the crop is by far the largest on record.
Taking linters into consideration, the aggregate production is likely to be 18,984,879 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 18,984,879 bales as the production of cotton lint and
linters the present season compares with 17,218,556 bales
in 1925, 14,525,311 bales in 1924, 10,808,271 bales in 1923
and 10,369,848 bales in 1922. It is worth noting that while
present final ginning figures are over 700,000 bales less
than estimated by the Department on Dec. 8 last, they are
2,500,000 bales more than the first estimate made by the
Department on July 16. The present report in full, showing
the production of lint cotton by States in both running
bales and the equivalent of 500-1b. bales, is as follows:
REPORT ON COTTON GINNING-CROPS OF 1926, 1925 AND 1924.
Cotton Ginned (Exclusive of Listen).
State.
Alabama
Arizona
Arkansas
California
Florida
Georgia
Louisiana
Mississippi
Missouri
New Mexico.North Carolina
Oklahoma
South Carolina
Tennessee
Texas
Virginia
All other States
Running Bales
(Counting Round as Half Bales)
Equivalent 500-Pound Bales.
1926.
1925.
1924.
1926.
1925.
1924.
1,469.789
119,891
1.511,187
128,588
33,228
1,495,328
824,802
1.853,823
216,059
70,057
1,238.180
1,747.844
1,014,682
441.057
5,456.318
51,095
15,701
1,356,402
115,359
1,594,389
122,260
40.208
1,192,952
912,248
1,985,524
2';2,950
64,706
1.147.340
1.880.304
929,040
513,130
4,098.249
54,016
23,441
985,653
109.950
1.086.814
79,938
19.756
1.030,202
498.386
1,116,350
192,981
55,858
860,147
1,506.077
837.815
355.919
4,850,956
40.180
12,417
1,497.197
122.700
1,545.659
130.935
31,952
1,493,061
828,020
1.883,952
218,162
70.866
1.204,496
1,759,895
997,131
450.520
5,609,301
50.545
15,876
1,356.719
118,588
1,804,628
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
985.601
017,606
1,097.985
77.823
18,961
1,003,770
492,654
1,098,634
189.115
55.243
825,324
1,510,570
808,594
356,189
4,951,059
38,748
12,062
[VoL. 124.
Activity in the Cotton Spinning Industry for
February 1927.
The Department of Commerce announced on March 19
that according to preliminary figures compiled by the Bureau
of the Census 37,244,888 cotton spinning spindles were in
place in the United States on Feb. 28 1927, of which 32,872,102 were operated at some time during the month, compared
with 32,633,550 for January, 32,496,250 for December,
32,586,770 for November,32,592,806 for October,32,134,682
for September, and 33,009,138 for February, 1926. 'Ito
aggregate number of active spindle hours reported for the
month was 8,266,211,131. During February the normal
time of operation was 23 2-3 days (allowance being made for
the observance of Washington's Birthday in some localities)
compared with 253/i for January, 26 for December, 253i for
November, 253j for October and 253/i for September.
Based on an activity of 8.78 hours per day the average
number of spindles operated during February was 39,781,564
or at 106.8% capacity on a single shift basis. This percentage
compares with 102.3 for January, 100.3 for December,
101.2 for November, 98.9 for October, 98.5 for September,
and 103.2 for February 1926. The average number of active
spindle hours per spindle in place for the month was 222.
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
Active Spindle Hours for
February.
State.
In Place
Feb. 28.
Cotton Growing States
New England States
All Other States
Alabama
Connecticut
Georgia
Maine
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Rhode island
South Carolina
Tennessee
Texas
Virginia
All Other States
United States
Active
During
February.
Total.
Avg& Per
Spindle
in Place.
18,042,196 17,545,358 5,295,420,704
17,502.188 13,826,212 2,686,870,055
1,700.504 1,500,532 303,920,372
1.506,422 1,456,168 400.360,735
1,184,572 1,045,790 213,030,352
2,953.916 2,864.536 812,132,264
1,130,576
915.990 183,067.336
11,105,604 8,512,188 1,587,718.835
1,427.862 1,085,628 230,959,370
385,324
60,548,198
415,1304
872,880
737,972 161,584,529
6,113,125 5,947,050 1,879,106,374
123,172
20,382,557
105.544
2,508,866 2,124,078 424,545.084
5,370.921 5,344,750 1,709.713,933
588,644
570,044 162,712,581
72.464,400
267.492 240,956
711.378 691,090 152,729,001
844,994 195,155,582
963,954
294
152
179
266
180
275
162
143
162
146
185
307
185
169
318
276
271'
215
202
37.244.888 32,872,102 8,266,211,131
222
Spindles in South Than in New England-South
Leads in Textiles.
Figures published in the Southern Railway System's"Textile Directory" for 1927, just issued (March 15) show that
there are now more spindles in place in cotton mills in the
South than in New England and that in 1926 Southern mills
consumed more than 70% of all the cotton manufactured into
goods in the United States. The advices to this effect state:
More
While heretofore New England has led all other parts of the United
States in cotton manufacturing equipment, on March 1 1927 there were
184.738 more spindles in the South than in New England mills. In all of
the Southern States there are now 17,936,264 spindles, or 47.95% of all
of the machinery engaged in spinning cotton in the United States.
The continued southward movement of the cotton textile industry is
shown by the fact that there was a net increase of 189,140 spindles in the
South and a net decrease of 656.604 spindles in all other States in 1926.
The number of spindles outside of the South reached a maximum in 1922,
since which year there has been a net decrease outside of the South of 1,512,965 spindles, as compared with a net increase of 1,971.883 spindles in the
South in the same period. Mill construction now under *way and in sight
for 1927 indicates that by the end of the year the south, having already
United States- 17.687.607 16,122,516 13,639,399 17,910,258 16,103.679 13,627,936 passed New England, will have nearly or quite 50% of all of the cotton spinThe statistics in this report for 1926 are subject to slight correction. dles in the United States.
The Directory lists 1,080 textile plants of all kinds in operation at points
Included in the figures for 1926 are 234,041 bales which ginners estimated
operating 13,397,047 spindles, 261,352
would be turned out after the March canvass. Round bales included are served by the Southern on Jan. 1,
looms and 49.567 knitting machines. During the year, including those
656,861 for 1926, 351,121 for 1925 and 314,325 for 1924. Included in the
under construction at the end of the year, 180 additions were made to exabove are 16,226 bales of American Egyptian for 1926, 20,053 for 1925 and
isting plants. Cotton mills at points served by the Southern contain 73.79%
4.319 for 1924.
all of the cotton spindles in the cotton-growing States.
of
The average gross weight of bale or the crop, counting round as half
That cotton manufacturing is profitable in the South under trade condibales and excluding linters, is 506.3 pounds for 1926. 499.5 for 1925 and tions which
compel shutting down or curtailment in other parts of the coun499.6 for 1924. The number of ginneries operated for the crop of 1926 is try, is shown by
the fact that in 1926 Southern mills consumed 4,757,902
15,749. compared with 15.482 for 1925.
bales, or 71.16% of the total consumption of the United States, while mills
Consumption, Stocks, Imports and Exports-United States.
in all other States used only 1,928,562 bales, or 28.84% of the cotton conCotton consumed during the month of February, 1927, amounted to sumed. In 1926 the Southern mills, with 17.936.264 spindles in place,
consuming
establishments on Feb. 28 operated 61,520,349,555 spindle hours, while mills in the other States,
590,447 bales. Cotton on hand in
was 1,933,077 bales, and in public storage and at compresses 5,443,820 with 19.468,208 spindles in place, operated 35.480.024.187 spindle hours.
bales. The number of active consuming cotton spindles for the month In other words, Sauthern mills, with 47.95% of the spindles, worked 63.42%
was 32,872,102. The total imports for the month of February 1927 was of the total spindle hours in that year.
39.702 bales, and the exports of domestic cotton including linters„ were
--- 1,010,507 bales.
Advanced Prices Mark Opening of Women's Wear
World Statistics.
The estimated world's production of commercial cotton, exclusive of
Fall Fabrics by American Woolen Co.
inters, grown in 1925. as compiled from information secured through the
The
opening
by the American Woolen Co. of coatings for
Commerce,
is
Department
of
26,618,000
domestic and foreign staff of the
bales of 478 pounds lint, while the consumption of cotton (exclusive of women's fall wear which occurred on March 22, witnessed
linters In the United States) for the year ending July 31 1926 was approxi- an advance in prices on the fabrics shown as compared with
mately 23.940.000 bales of 478 pounds lint. The total number of spinning
the price lists for the spring of 1927 and the Fall of 1926.
cotton spindles, both active and idle, is about 164,000.000.
MAR. 26 1927.]
THE CHRONICLE
1747
This week's opening was confined to plain piece dye and
fancy weave coatings in wool and cashmere according to the
"Journal of Commerce"from which we take the following:
Mr. Peabody, 85%% of all the mill units in the country have furnished.
the data requested. The detailed report as to fabrics will be issued about
April 1. The preliminary survey issued to the trade is outlined as follows
in this first report of the National Textile Research Office:
No worsteds are being shown at this time, but the dress goods line will be
opened late in July or August. In plain goods the line has been made
smaller by about 25%, while in fancies, which comprise 600 different styles.
the collection has also been narrowed to make them less confusing to the
buyer.
On 18 retained numbers in popular piece dyes, 12 are advanced from 4-10
of 1% on higher priced ranges to 4%% on lower priced goods when compared
with the last spring or fall lists, while 5 numbers are unchanged in price and
1, No. 112 velour, is reduced 3%%,or from $2.25 to $2.17%. This is the
only favored number to show a decline.
The American's popular No. 0923 "Venise," pinpoint all-wool pile sheen,
for which coat manufacturers were paying $1 a yard premiums to jobbers
last year, is priced the same as for spring, $4.62%, at which time it was
advanced 22% cents a yard. No. 0910 "Velsheen," fine bolivia, at $4.20,
shows no change for the last three seasons, while No. 21371 "Ormadale,"
on the same order, is up 223. cents to $5.22%.
Forecast Better Conditions.
"While no deductions of any great value to the individual mill may be
drawn from this information, the data conclusively show that no logical
proposals could have been made to the industry without haNing first taken
this step.
"It is apparent that When the statistical data, according to the principal
groups of fabrics, are obtained showing-(a) Stocks of finished cloth as of
April 1, (b) Production and (c) Billings for April-group meetings of the
mills manufacturing related fabrics will be the means of bringing about a
better condition in the industry next season than has existed for the past
two or three years.
"This information, which has already been brought together, leads to
this positive conclusion-the industry must immediately organize according
to fabric groups and take definite, constructive action on a common sense,
practical basis before the spring openings.
Suedes and Bolivias Stressed.
bolivia, is advanced 23. cents to
No. 21384, "Velverette,"
$5.37% for dark colors and $5.60 for light, and No. 0891 "Duv-Bloom"
a
yard
to
$3.72%.
Several of the cotton warp
luster suede, is up 10 cents
pile sheens are unchanged, including the well known 13686 ($2.20), but
No. 16172 is 5 cents higher than spring, and 15 cents over last fall's level.
One mellon and five velour finishes'show advances of from 5 cents to 10
cents a yard, compared with last fall.
Officials lay particular stress on suede, velour and bolivia coatings this
season "because nothing has yet taken their place," but the careful development of neat patterns in novelty effects reflects their belief in fancy goods
as well. The 600 styles in this department accent double-face goods, one
side being in shadow effects, tweed, check or ombre plaid designs. while the
reverse side shows contrasting colored plaids or other striking patterns.
Chinchillas are also treated in this manner, the idea being that one side
may be used for trimming the other in the garment, thereby offering
additional utility in cutting and at the same time reducing trimming costs.
Shadow effects in chinchillas were said never to have been made before.
Black and white checked or plaided faces have colored plaids on the reverse
side, while tapestry weaves emulate jacquard patterns in colorful combinations. The fancy line, which ranges from $1.60 to $3.72% a yard, includes
small checks, medium and large plaids, plaid-face and plaid-back reversibles,
stripes. ombre effects, &c., in a large variety of patterns and colors.
In the suede family twenty-five numbers are featured, ranging from
$2.623' to $5.97% a yard, including some very fine suedes from the Rochdale Mills in a higher quality than shown in the past. The chinchillas,
both plain and fancy face and back,range from $3 to $4.50; velours, $1.37%
to $2.30; meltons, 31.273. to $1.35; pinpoint bolivias. $4.25 to $7; all-wool
bolivias, $3.57% to $5.373.; cotton warp bolivias, $1.85 to $2.50; broadcloths, $2.17% to $2.77%. A new 17-ounce kasha coating is price at
$2.87% and a new camel's hair polaire, 20-ounce. at $5.77;5•
Survey Nearing Completion.
"It was essential before attempting to obtain operating data from the
mills to know the actual number of mills manufacturing woolen and worsted
piece goods,the exact loomage ofthese mills and the fabrics manufactured.
"Five hundred and eleven wool weaving establishments, representing
*78,541 looms, the total in this country, have received the preliminary
questionnaire.
"Four hundred and thirty-nine mills or mill groups, accounting for
61.245 looms, have so far suomitted the information requested. This
data disclosed the following facts:"
ANALYSIS OF THOSE RECEIVED.
Mills.
Looms.
339 Active mills are equipped with plain looms36,697
Broad
10,445
Narrow
Automatic looms5,372
Broad
116
Narrow
52,630
97 Mills operate irregularly614
18 commission weavers
293
13 consume own product
1,298
28 not making piece goods
1,378
• 10 pile fabrics other uses
3,385
30 out of business
6.876
3 Millsdeclined data
1,739
Increased Rebate Defended.
Terms are 10% off thirty days, with additional rebates ranging from 1%
on purchases of $50,000 net up to 5% for $500,000 or over. The increased
rebate this season to spur a wider distribution of merchandise was defended
by officials in the face of criticism that it may lead to the dangerous practice
of overconunittments on the part of small buyers who may be eager to
take advantage of the $500 or more rebate now in force. On the other
hand, the big company is checking credits very carefully so that it is not
believed excessive purchases would be encouraged.
It was also learned that of the dozen or more mills closed by the company,
or scheduled to be shutdown,only one,the Bay State Mill,at Lowell, Mass.,
which has 140 looms and 10,080 spindles, has been devoted to woman's
goods production. The other mills which have closed or will soon,cease
production have been running on men's goods, it is ascertained.
The American Woolen Co. has developed three separate color lists of
40 shades each for its piece dye suedes, velours and bolivias, comprising
10 tones of medium and bronze browns, 7 light to medium tans, 7 medium
to dark greens.6 light to dark grays,6 bright and medium red and 3 medium
to dark blues, including navy.
*This number of looms includes all mills manufacturing blankets and miscellaneous
fabrics.
COMPARISON ON EIGHTEEN REPEAT FABRICS,
Description.
Wt.-Ozs.
Fall '27. Spring '27.
'26
$4.62
17-18 "Benise" bolivia
$4.62
$1:1Fl%
19-20 "Veisheen" bolivia
SUL
"Ormadale"
bolivia
5.22
16-17
5.35
17-18 "Velverette" bolivia (dark)5.37
5.35
Light colors
5.60
5.57%
5.55
" uv-Bloom" suede
3.72%
14
0891
3.673
Suede coating (dark)
1.46
1.42%
1018-2 20
1.47%
Light colors
1.47%
1.45
1.52%
_
Velour (dark colors)
2.173
12
112
2.25
-- Melton finish
1.27%
13428
18
1.22%
Velour (dark colors)
2.05
13749
20
1.97
2.20
C-W bolivia
13686-2 20
2.20
Velour
1.92l
13776
18
1.90
1.77;5
13777
16-17 Velour
1.70
Velour
2.0715
11178
19
2.00
Light colors
2.17;5
2.10
Velour
2.02%
18
11179
1.92%
Light colors
2.00
1.§o
2.101.85
18-19 C-W bolivia
16172
1.70
Light colors
1.85
1.72%
C-W bolivia
21
16175
2.252.25
C-W bolivia
19
16176
2.17%
27'12%
2.35
19-20 C-W bolivia
16177
2.15
Style.
0923
0910
21371
21384
First Survey of Woolen Industry by National Textile
Research Office-Report Covers 511 Mills Running
78,541 Looms-30 Discontinued.
It is learned from the "Journal of Commerce" that for
the first time in the history of the American woolen and
worsted industry an exact survey has been completed within
the industry, which is now being supplied to the trade by
the National Textile Research Office, of which Herbert E.
Peabody is director, working in collaboration with A. D.
Whiteside, President of the National Credit Office. The
paper quoted says:
The mills have been awaiting this report with keen anticipation as a
means of "clearing the atmosphere that has obscured the producer's vision
of the true conditions in the trade."
The first survey outlines the number of mills in the industry, the number
of looms available for operation, the fabrics woven by each mill, and the
trades for 'which fabrics are manufactured. Thus far, it was stated by
61.245
439
ANALYSIS OF THOSE NOT RECEIVED.
37 Mills
35 Small mills
16,051
1,245
17,296
511
78,541
American Woolen's Constructive Move-To Discontinue
Unprofitable Mills, Bolstering the Cloth Markets.
From the New York "Journal of Commerce" of March 24
we take the following:
No development in years has made such a favorable impression on the
wool goo* market here as the statement of Andrew G. Pierce, President
of the .A.Corican Woolen Co., at the annual meeting in Springfield, that
the leading cloth producer in the world will no longer carry unprofitable
mills as active operating units in the extensive chain of about 55 plants
that have constituted the productive endeavors of this big factor.
Reports as to the number of mills that have already been'shut down or
are scheduled to close as soon as current operations are completed have
varied between 10 and 16, but mainly the smaller works, which have not
given adequate returns and therefore must be placed out of commission
to relieve the financial pressure on the more successful units. Whether
these inactive plants will be disposed of could not be ascertained, but
Mr. Pierce stated emphatically that the company will not run unprofitable
ones.
Larger Mills Profitable.
Mr. Pierce reported to the stockholders that the larger mills have been
operating profitably. The liquidation at Shawsheen has relieved a certain
portion of financial pressure and it was reported that the unprofitable
Webster Mill, which is equipped with 347 broad and 6 narrow looms,
19.960 woolen and 6.600 worsted spindles, 38 sets woolen and 7 worsted
cars and 6 worsted combs, making men's woolens and worsted dress goods,
may also be shut down shortly.
The American Woolen Co.'s total equipment has been placed at 10.459
looms. 1.151 sets cars, 417 combs and 781,926 spindles. The survey of
the National Textile Research Office just completed shows that a total
of 511 mills in the country aggregates a loomage cf 78,541. Thus, controlling 10% of the mills in the country, the company has approximately
13.3% of the available looms, though its production has been in excess
of this average in ratio to the rest of the industry.
In the local cloth trade selling agents make no effort to hide their pleasure
over the newly adopted policy of the company to discontinue the unprofitable mills. While no estimate of the number of looms to be put
out of commission could be given, some factors think it will take from
10,000,000 to 20,000.000 yards of goods off the market, principally men's
wear fabrics.
Urge Restricted Production.
Mill agents assert that the importance of this restrictien of production
cannot be over-emphasized, that with the leading factor showing the
way, independent interests will be greatly heartened to take similar constructive steps to avert the large oversupply of cloth that has oeen dragging
down the market in recent years. Authorities now question whether
this development will not prove to be a turning point in the market. Overproduction during the last six or seven years has made it a buyer's market,
and the severe competition occasioned by overproduction has been the
real reason for lack of profits, and, in most instances, losses to the mills.
Mr. Pierce states that the American Woolen Co.'s distribution is now
the largest in the company's history, and, while he was not inclined t
make promises, he thought that the outlook was fair despite an unfavorabi
year. He mentioned that the late arrival of Easter has been a little deterrent to normal merchandising. Mr. Pierce did not hesitate a moment
to answer any question show at him by stockholders, several of whom
praised him and the board for the record made by the company "in view
of general business conditions."
1748
THE CHRONICLE
Replying to a question as to the value of national advertising for the
Company, Mr. Pierce said: "We are trying to interest the buyer. We
are taking a flyer and the expense is not so great. We want to see if we
have been wrong. If you stockholders will write to us in Boston we will
try to tell you more about this plan."
[Vim. 124.
At Cleveland on March 21 the Standard Oil Co. of Ohio
reduced the price of gasoline and kerosene 1 cent a gallon.
One development in connection with the overproduction of
crude oil has been the reduction of "cracking" operations by
Standard of New Jersey, according to reports published in
the New York "Times" of March 22, which said:
New York Building Profitable.
Questioned about the American Woolen Co. Building. at 225 Fourth
Ave., Mr. Pierce explained that it is a paying proposition; it not only
offered adequate space to its selling offices at less cost than could be realized
The Standard Oil Co. of New Jersey is now operating only about 80
In other favorable locations, but the building is realizing a profit of from of the 180 "cracking" units at near-by refineries. "Due to the large
$150,000 to $200.000 yearly and the company had recently received an production of crude oil and the increased production of gasoline," sand
offer for it that would have shown a tidy profit. Mr. Pierce also dis- an announcement by this company, "the company has found it necessary
closed that the Shavrsheen Mill notes were carrying 7% interest charges to curtail the running of 'cracking' equpiment, and, to some extent, the
and the Webster Mill notes 6%.
methods employed in running crude cil. This has resulted in a reduction
Mr. Pierce denied the statement of a stockholder that the company's at Bayonne and Bayway refineres.
overhead is as heavy as any time in the Wood regime." He said the
"The completion of construction program at both plants has also
overhead charges are less than they ever were. He explained that they resulted in decreases of construction forces. The company is not bringing
were buying wool very conservatively, though they had to anticipate to naphtha from California to New York."
some extent. "There is no question but that we made a manufacturing
From Louisville, Ky., on March 22 it was reported that
profit last year," he said. "Our loss was on shrinkage. I do not see
how the demand for wool will permit of much shrinkage In 1927. The the Standard Oil Co. of Kentucky has reduced tank wagon
wool market is very firm abroad and buyers even now have bought wool and
service station prices of gasoline 1 cent a gallon in
still on the sheep's hack at high prices."
The 51 stockholders present at the annual meeting, representing about Kentucky, except Louisville and Lexington and a few other
534.888 shares, gave a quick vote of ratification to the officers and directors towns where tank wagon prices were already below 15 cents.
by re-electing Mr. Pierce President; Frank H. Carpenter. Vice-President;
On March 23 press dispatches from Los Angeles, Cal.,
Wheaton Kitt,ridge, Second Vice-President; Parry C. Wiggin. Third VicePresident; William H. Dwelly. Treasurer; Willard A. Currier, Assistant declared that as a result of a bitter price war between the
Treasurer: A. P. Pousland, Second Assistant Treasurer; C. A. Hardy, larger companies in that territory, the Pan-American
WestThird Assistant Treasurer; and James G. Hill, Fourth Assistant Treasurer.
ern Co. on that data ordered a cut of 2 cents a gallon in
The directors were re-elected for three years.
the retail quotation on gasoline, to 14/
1
2 cents. That cut
brought the price of gasoline down to the lowest level
quoted in that section since war days. A general reduction
by the leading refining companies has brought the retail
price down from 18,
1 cents to 16/
1
2 cents a gallon. The
California Petroleum Corp. took the lead in making that
cut and was followed by all of the other major refining companies in the State. The reduction by the Pan-American
company applies only to the area in the State lying south of
Santa Barbara. The new price of 14% cents a gallon includes the State gasoline tax of 2 cents a gallon. None of
the other companies has yet followed the Pan-American's
cut. It was indicated that, if they do so, the reductions will
be regional.
Reports from Denver, Colo., on March 23 declare that the
Continental 011 Co. has reduced the retail price of gasoline
2 cents a gallon throughout the Rock Mountain region,
making the price in Denver 19 cents a gallon, including the
State tax of 2 cents a gallon.
Rumors of an agreement in the so-called "price war" in
California are indicated in the following report published In
"The Sun" of the 24th:
It is understood that the leading California oil companies have agreed
H.Schniewind Jr. Elected President of Silk Association
of America, Inc.
H. Schniewind Jr., President of the Susquehanna Silk
Mills, was elected President of the Silk Association of
America, Inc., at the annual meeting on March 23 of the
board of managers held at the association rooms, 468 Fourth
Ave. Mr. Schniewind, who succeeds George A. Post, was
the association's Vice-President from 1910 to 1920; and a
member of the board from 1908 to 1923, to which office he
was again elected in 1924. The Vice-Presidents were returned to office,as was also the fifth member of the executive
committee. These are in the order named: E. J. Stehli,
Robert J. F. Schwarzenbach, Albert Forsch and H. Morton
Merriman. Eight members of the board to succeed those
whose terms expire were elected according to the recommendations of the nominating committee as follows: Albert
Forsch, Thomas B. Hill, C. Muller, Lionel F. Straus, H.
Schniewind Jr., E.J. Stehli, A.D.Walker,and M.K.Yorks.
Reviews of the silk business for the year were presented by
members engaged in various divisions such as raw silk importing, throwing silk, silk manufacture, dyeing and factoring; the majority of them giving constructive views on avoidput an end to the price war in gasoline. A uniform price of 17c. a
ing the overproduction of 1926. The improvement in indus- to
gallon at service stations in northern California and one of 16c. in Los
trial conditions was outlined by Secretary Ramsay Peugnet Angeles Is the basis of the reported agreement with a 4c. differential in
in his report showing the association's achievements in wholesale prices. The companies which previously allowed a Sc. differential
to dealers have reduced that differential to 4c. The major companies
giving to the trade, tests and grades for raw silk qualities; have not met
the second cut to 14Mc. a gallon made in Los Angeles by
preparing formulas for washing silks and testing washfastness; the Pan-American Western Co.
the formation of rules governing commission throwing and
Further details concerning the Pacific Coast gasoline
specifications on domestic raw silk waste; and in improving market are given in the same Issue of "The Sun," from
silk raising in the East and Europe. Five new members were which we quote:
elected to the association: Newark Silk Co., Long Island
The oil and gasoline market in California is so distinctly separated
Yarn Co., McGill's Express, Majestic Silk Mills, Inc.; from the market east of the Rocky Mountains that oil men in the East
profess
to know little about it except that it reflects a general condition
Morgan-Kunze, Inc.
in
Crude Oil Prices Remain Unchanged—Gasoline Prices
Are Reduced in Several Sections.
Crude oil prices remained stable at their recent low points
throughout the week just ended. The sustained high production in the Seminole, Okla., field continues to bring the
output up to around 2,300,000 barrels per day and the price
reductions so far have had no noticeable effect in checking
the over-production. Gasoline prices, which began to recede
last week as a result of cheaper crude oil, continued their
downward trend, most of the reductions being made in the
Western States.
The Standard 011 Co. of California on March 21 announced at its New York office that in order to meet prices
offered by competitors, it had reduced the list price of gasoline 2 cents a gallon.
According to available information, a factor in the California price reductions is the advance in tank steamer
rates in the coastwise trade. The rates advanced approximately 50% last year. As a result, shipments of crude oil
from the Pacific Coast to Atlantic seaboard points declined.
On March 21 the Standard 011 Co. of New Jersey cut the
export price of gasoline 1 cent a gallon. The new price is
24.65 cents a gallon in cases. Refined oil for export was
reduced half a cent to 17.05 cents in cases. Water white
kerosene was cut half a cent to 18.15 cents.
the industry. The opinion was expressed here to-day that the price
war on the Pacific Coast is a local affair. The business is largely in the
hands of eight companies. Those in the order of their standing last year
are the Standard Oil Co. of California, the Shell Union 011 Co., the Richfield 011 Co., the Union Oil Co. of California, the California Petroleum
Corp., the General Petroleum Corp. of California and the Pan-American
Western Petroleum Corp.
The Pan-American Western Is a newcomer in the gasoline trade in
California. It is an offshoot of the old Pan-American Transport & Petroleum Co., baying taken over the California properties of the original
Doheny company when that company was split up. The Pan-American
Western has been in the refining business in California for about two years.
A survey of conditions In the industry as seen by Mr.
Walter C. Teagle, President of the Standard Oil Co. of New
Jersey was published by "The Sun" on March 24. Price
slashing has not yet had any noticeable effect in checking
over-production in the oil industry in the opinion of Mr.
Teagle, who has just returned from a trip to the Southwest,
where he inspected the great Seminole field and the large
producing areas in western Texas., "The Sun" further
quotes from this summary of conditions as follows:
''There is still too much crude oil being currently produced, and there is
too much crude oil and finished gasoline being held in storage.
"Of course, it is too soon to expect a radical change in the volume of
crude oil produced, for the reason that a large number of wells which had
started drilling oefore recent price reductions were made are being carried
on to completion. At the same time, the prevailing prices for crude oil
should have the effect of materially reducing the number of new wildcat
wells started.
"Aside from the large current daily production both in the Seminole and
west Texas areas. there Is considerable production which is shut in, but the
actual amount is difficult to estimate. The west Texas district, considered
as a whole, will produce a great deal of crude oil, for it covers a large area."
MAR. 261927.]
THE CHRONICLE
Mr. Teagle declined to venture an opinion as to whether the present level
of prices represents the botton of the downward movement, or as to how
soon an important change Is the production picture as a result of lowering
prices might be anticipated.
Mr. Teagle said that he regarded as much more important than the
Immediate situation as to prices and overproduction the possibilities of an
improvement in the basic position of the industry.
"In the past few years," he said, "the average cost of producing oil has
been steadily increasing. This has been due to the payment of excessive
bonuses for acreage, the drilling of too many wells in proven fields and too
much wildcatting. With a little thought production costs could be materially reduced. Producers should realize that until there has been a material
draft on existing stocks their own best interests will be served by limiting
wildcat operations.
"These stocks of some 53,000.000 barrels should be reduced, regardless
of the fact that for the most part the oil in storage cost more money than
current production. It Is estimated that, adding the yearly cost of carrying
these stocks to the price as originally paid, the average cost of oil now in
storage is about $2.30 per barrel. It is a great economic mistake to regard
this oil as locked away until new production is selling for as high a figure.
"The industry is meeting an annual bill of around $130,000,000 for the
privilege of carrying these stocks above ground. There is less need of large
reserves now than was the case a few years back, because of the greatly
increased amount of gasoline represented by each barrel of crude now in
storage. The cracking process, operating on stocks that were formerly
considered of value only as fuel, has in effect doubled the yield of gasoline
which can be obtained from a gallon of oil.
"I would wish nothing that I have said to be misunderstood as indicating
any loss of faith in the stability and ultimate prosperity of the industry.
The point that I have tried to emphasize is that the business will be on a
sound basis much sooner than otherwise if we learn to depend upon stocks
to tide us over temporary shortages in production instead of bidding up
the posted prices."
1749
Small Increase Reported in Production of Crude Oil.
The American Petroleum Institute this week estimates
that the daily average gross crude oil production in the
United States for the week ended March 19 was 2,463,450
barrels as compared with 2,461,050 barrels for the preceding
week, an increase of 2,400 barrels. The daily average
production east of California was 1,818,850 barrels, as compared with 1,822,550 barrels, a decrease of 3,700 barrels.
The following are estimates of daily average gross production
by districts for the weeks indicated:
DAILY AVERAGE PRODUCTION.
(In Barrels)Mar.19'27. Mar.12'27. Mar. 5 '27. Mar.20'26.
Oklahoma
708,850
706,900
701,400
451.350
Kansas
116,350
116,000
116,400
102.850
Panhandle Texas
130.350
125,800
128,200
5.700
North Texas
91,400
90,150
91,500
77,550
West Central Texas
174,250
178,250
174,850
78,000
42,600
East Central Texas
43,000
43,450
58.950
Southwest Texas
37,100
36,900
37,500
40.100
North Louisiana
49,750
52.400
52,550
48,700
Arkansas
124,950
124,050
125,650
165,100
141,000
Coastal Texas
141,050
139,950
83.100
13,400
Coastal Louisiana
13,800
14,200
11.350
Eastern
104.000
105,000
106,000
97,500
Wyoming
64,250
59,050
56,750
73,050
14,550
Montana
13.600
13,550
17,450
Colorado
7,850
7,950
8.350
7,250
New Mexico
4,950
5,300
4,750
3,950
644,600
California
638.500
645,600
607,000
2,463,450 2,461,050 2,464,050
Total
1,928,950
The estimated daily average gross production of the Mid-Continent field
The Standard Oil Co. of New Jersey on March 25 re- including Oklahoma, Kansas, Panhandle, North West Central, East
Central and Southwest Texas. North Louisiana and Arkansas, for the
duced the price of United States Navy gasoline for export week ended March 19 was 1,468.750 bbls., as compared with 1,476,900
bbls.
one-quarter cent a gallon in cases.
for the preceding week, a decrease of 8.150 bbls. The Mid-Continent
Smackover,
excluding
production,
Arkansas,heavy
oil,
was
1,369.750
bbls.,
Wholesale prices in the Chicago market were quoted as
as compared with 1,377,850 bbls., a decrease of 8,100 bbls.
follows on March 25: United States motor grade gasoline,
In Oklahoma production of North Braman is reported at 6,600 bbls.,
6/
1
2@6%c.; kerosene, 41-43 water white, 4%@5c.; fuel oil, against 7,200 bbls.; South Braman 4,150 bbls.,against 4.400 bbls.; Tonkawa
24,650 bbls., against 24,600 bbls.; Garber 17,900 bbls. against 18,500 bbls
24-26 gravity, $1.17%@$1.20.
Burbank 47,550 bbls., against 48,150 bbls.; Bristow-Slick 27,300 bbls.,
Late dispatches on March 25 announce that the F. B. Rae against 27.350 bbls.; Cromwell 13,700 bbls., against 13,500 bbls.; Papoose
Co., Rochester, N. Y., put its product on sale at 14 cents per 7,200 bbls., against 7,500 bbls.; Wewoka 18,300 bbls., against 18,200 bbls.;
276,850 bbls., against 282,350 bbls., and Earlsboro 32,600 bbls.,
gallon and the Larkin Co. immediately dropped to 15 cents. Seminole
against 26,900 bbls.
These were reductions of 1 cent each. The companies are
In Panhandle Texas, Hutchinson County is reported at 108.850 bbls.,
bbls., and Balance Panhandle 16.950 bbls., against 17.600
independents. Other companies were selling at prices rang- against 112,750
bbls. In East Central Texas, Corsicana Powell 19,900 bbls.. against
ing from 16 to 22 cents. For more than a year the price has 20,000 bbls.; Nigger Creek 5,950 bbls., against 6,000 bbls.; Reagan County,
approximated by 25 cents a gallon here, filling station West Central Texas, 27,500 bbls., against 27,650 bbls.; Crane and Upton
Counties 45,000 bbls., against 43,500 bbls.; Brown County 34,000 bbls..
proprietors having agreed on a 4 cents a gallon profit.
against 35,000 bbls., and in the Southwest Texas field, Luling 18.300 bbls..
against 18,000 bbls.; Laredo District 14,350 bbls., against 14,650 blots.;
Lytton Springs 2,400 bbls., against 2,100 bbls. In North Louisiana,
Crude Petroleum Prices Near Low Levels of 1923- Haynesville is reported at 7,950 bbls., no change; Urania 9,300 bbls.,
against 11,950 bbls., and in Arkansas, Smackover light 11,800 bbls., against
Average Price of Mid-Continent Oil $1.35 a
11,850 bbls.; heavy 99.000 bbls., against 99,050 bbls., and Lisbon 4,650
Barrel, Against $1 in 1923.
bbls., no change. In the Gulf Coast field, Hull is reported at 16,400 bbls.,
The following is from the "Wall Street Journal" of no change; West Columbia 10,250 bbls., no change; Spindietop 60,500 bbls.,
no change, and South Liberty 3,600 bbls., against 3,900 bbls.
March 24:
In Wyoming, Salt Creek is reported at 46,400 bbls., against 41,400 bbls.,
Average price of mid-Continent crude oil is now $1.07 less than the and Sunburst, Montana, 12,000 bbls., against 11,000 bbls.
high of 1926. Average crude is about 37 degrees gravity, now selling
In California, Santa Fe Springs is reported at 44.000 bbls., no change;
for $1.30 a barrel, against $2.37 at the high last year.
Long Beach 93,000 bbls., against 92,000 bbls.; Huntington Beach 78,000
Contrasted with November 1923, when prolific Los Angeles basin pro- bbls.. against 75,500 bbls.; Torrance 24,500 bbls., against 25,000 obis.:
duction broke the crude oil markets, average grade of mid-Continent Dominguez 18,000 bbls., no change; Rosecrans 11,000 bbls., against 11.500
crude is 30c. a barrel higher. In 1921 all grades of mid-Continent pro- bbls.: Inglewood 38,000 bbls., no change; Midway-Sunset 89,000 bbls.,
duction were posted as low as $1 a barrel, compared with $1.30 at present no change; Ventura Avenue 48.900 bbls., against 50,300 bbls., and Seal
for average grade in the mid-Continent.
Beach 29,700 bbls., against 24.200 bbls.
Present prices of typical mid-Continent crudes compare with
1926
high and low, 1923 low and 1921 low as follows:
• Degrees
Gravity.
Present.
$1.10
1.16
1.20
1.22
1.26
1.30
1.36
1.40
1.46
1.56
1.60
1....-oNNMNNMMM
Below 28
30 to 30.9
82 to 32.9
33 to 33.9
35 to 35.9
37 to 37.9
40 to 40.9
42 to 42.9
45 to 45.9
50 to 50.9
52 and above
High
1926.
Low
1926.
a$1.07
1.31
1.47
1.55
1.71
1.87
2.11
2.27
b2.43
- - --
Low
1923.
Below 33
$0.75
33 to 39.9
$1.00,
40 and
Shove
$1.25
Low
1921.
All
grades
51.00
$1.00
•Crude below 28 degrees priced 50 less for each degree below 28. a Crude below
28 degrees priced 8c. less for each degree below 28. I Highest gravity
In this
schedule was 44 degrees and above, $2.43 a barrel.
Current low prices in tho mid-Continent reflect the sustained high
yield of the Seminole district, Oklahoma. which is chiefly responsible
for maintenance of domestic crude production at a figure above 2.300,000
barrels daily since November 1926. As the major portion of this production is light refinable crude, this grade has borne the brunt of the
series of reductions which started in November 1926, resulting in total
declines of 40c. to $1.97 a barrel and a cut in the differential from Sc. to
2c. for each degree of gravity above 28.9.
Disparity between consumption of oil and new supply Is indicated by
comparison of Government figures over the past few months. In November 1926 with total new supply of 2,538.000 barrels daily, excess over
total demand was 41,400 barrels daily; in December, with total new supply
of 2.528,000 barrels daily, excess over total demand had increased to
110,500 barrels daily, and in January 1927, with total new supply of
2,499,000 barrels daily, excess was 228,000 barrels daily. This spread
was further increased in February and March, as domestic production
rose to new peak of 2,486,000 barrels daily in week ended Feb. 26 and
has averaged over 2.450,000 barrels daily since Feb. 1. With imports,
averaging 200,000 barrels daily, this has meant total new supply of about
2,650.000 barrels daily, compared with total demand during this period
estimated at about 2,300,000 barrels daily. Current surplus of about
350,000 barrels daily,,which must be stored, at average posted price of
$1.35 a barrel, means an investment of about $472,500 daily, plus about
50c. a barrel for steel tankage, which must be provided by the oil industry.
Zinc Stocks in Hands of American Producers Increased
3,026 Tons Between Feb. 1 and March 1.
According to figures made public by the American Zinc
Institute, zinc stocks in the hands of American producers
increased from 29,912 tons on Feb. 1 to 32,938 tons on
Feb. 28. The Institute's statement of March 9 follows:
ZINC, ALL COMPANIES, FEBRUARY 1927 (TONS 2,000 LBS.).
Stock Feb. 1
29,912
Produced
51,341
Shinned
81,253
48,315
Stock, Feb. 28
32,938
Shipped from plant for export
4,780
Stores for customers
531
Retorts operating, Feb. 28
85,838
J. H. Wadleigh, "Joplin Globe," reports: "Stocks zinc end February,
29,202 tons; 22,000 tons sold.
Commenting on the figures, and making comparisons with
previous months, the "Wall Street Journal" says:
Stocks of zinc in hands of American producers, March 1, of 32,938 tons,
compare with 29.912 tons Feb. 1, 21.887 Jan. 1.14.481 Dec. 1 1926, 15,909
Nov. 1. 15,699 Oct. 1, 18,164 Sept. 1, 22,986 Aug. 1, 25,760 July 1, 29,934
June 1, high of 1926, and 9,295 tons Jan. 1 1926, low for last year.
Shipments of 48,315 tons in February compare with 48.873 tons in
January, 49.978 in December and 56,490 tons in November, second highest
peace-time shipments, and were lowest since May 1926. Shipments in
October came to 54,769 tons, in September 54.609; 56.583 tons in August.
peace-time high, 51,177 in July, 52.400 in June, and 49,759 in May. Low
for 1926 was 47.196 tons, shipped in February. Total shipments in 1926
came to 625,941 tons, monthly average of 52.161 tons, compared with
50,270 tons in 1925 and 45,934 in 1924.
Export shipments of 4,760 tons in February compared with 2,989 tons in
January, with 3,387 tons in December.3,171 in November,4,160 in October,
4,225 in September. 4,397 in August, 4,587 in July. and 6.239 in June,
1750
THE CHRONICLE
[VOL. 124.
Price concessions have not disappeared. They occur particularly in
tons, monthly
high for 1926. Export shipments in 1926 totaled 42,140
sheets, which show production in the last two months 8% above both sales
in 1924.
average of 3,511 tons, compared with 5,428 in 1925 and 6,572
tons and shipments. A marked increase in demand for automobile body sheets
Domestic shipments of 43.555 tons in February compare with 45.884
Is offset by only moderate activity in the commoner grades, and the latter
domestic
highest
November,
in
tons
53,319
In January,46,091 in Decemoer,
50,384 in with 35 makers actively seeking business naturally exhibit irregularities.
October,
in
tons
50,609
the
industry.
of
history
in
shipments
Some second quarter covering of bars, plates and sheets is in part the
46,590 in July,
September, 52.186 in August, second highest shipment.
Not much bar
in 1926 was 43,971 result of urging to prepare against coal strike eventualities.
and 46,161 tons in June. Low for domestic shipments
tonnage will be carried over from the present quarter, as contract buying
monthly
tons,
583.801
totaled
1926
in
tons in May. Domestic shipments
was not heavy. Mills are not a unit on commitments for the full period,
39,362 in 1924.
average of 48.650,compared with 44,808 tons in 1925 and
have been sold
56.898 tons in a number wafting to gage the effect of the strike, yet bars
Production of 51,341 tons in February compares with
$2 below
tons in Novem- at 1.80c., Pittsburgh basis, as have some large lots of plates, or
January, 56,884 tons in December. highest in 1926, 55,062
the general quotations.
in
48,043
August,
in
51.761
September,
ber, 54.979 in October, 52,144 in
Four more blast furnaces are in blast .n the broad Pittsburgh region than
second highJuly and 48.226 in June, with January output of 56,389 tons,
Steel Co.
monthly average on March 1, the latest additions being a stack of the Pittsburgh
est last year. Production for 1926 came to 638,533 tons,
and a Bethlehem furnace az Johnstown.
tons in 1924.
of 53,211 tons, compared with 49,244 In 1925 and 44,654
other
and
including
busy,
are
Tractor and threshing machinery builders
with 88,908 at
Retorts operating at end of February, 83,836, compared
and agricultural machinery makers, the farm implement industry generally is
October,
87.028
30,
Nov.
88.076
1926.
end of January, 88,668 Dec. 31
on a 70% manufacturing basis. The textile industry is taking cold finished
96.229 Jan. 31, high of last year.
steel in good volume, balancing spare buying from the oil industry and steel
jobbers; the result is that the increasing demand from automobile plants
the cold finished steel business on its level of a year ago.
World Zinc Stocks Unchanged in March-Sharpe puts
Rail mills are operating at an 85% rate, but within a few weeks several
Tons
50,800
at
1
March
Stocks
World
Estimates
contracts will be completed. Production of spikes. bolls and angle bars
averages about 60% and tie plates about 85%. Orders for track accessories
European Consumption and Output Increasing.
are being quietly placed in round lots.
American
of
Secretary
Foreign
Honorary
A.J. M.Sharpe,.
Railroad orders include 300 automobile cars for the Denver & Rio Grande
at
1
March
zinc
of
Western and 200 ballast cars for the Ncrthern Pacific. The 11. C. Frick
Zino Institute, estimates world stocks
Co. contracted for 1.254 mine cars. The Pennsylvania RR. will take
50,800 metric tons of 2,204.6 pounds each, compared with Coke
bids March 30 on about 25.000 tons of finished steel for second qua ter.
being
month
the
during
changes
50,800 tons Feb. 1, the only
The largest items are 15,000 tons of plates and 5,500 tons of bars. The
in the distribution of this zinc among the several countries Chesapeake & Ohio has asked for prices on 3,000 tons of plates, shapes and
of the world. The "Wall Street Journal" of March 19,from bars.
Included in 80,000 tons of structural steel work under most active negotiawhich we quote, adds:
tion is a 20-story warehouse, covering three city blocks In Chicago, which
1,
31.500
Dec.
33.100
tons,
will take 40,000 tons. A newspaper building in Chicago will require 11,000
World stocks Jan. 1 1927 came to 43.600
July 1,49.200
tons. Orders of the past week call for 28.500 tons. For some time
Nov. 1,30,100 Oct. 1, 83.200 Sept. 1,37,200 Aug. 1,40,600
1
1924,
53,050
Jan.
and
26,130.
1925.
1
Jan.
2,150;
fabricated steel bockings have been swelled by numerous unusually large
June 1; Jan. 1 1926.
metric to
projects, with the result that the smaller fabricators find it difficult to run
zinc
of
estiaaates
Following table gives in metric tons, Mr. Sharpe's
their shops beyond a 25 to 35% rate, though larger ones are at 60%•
An advance of $9 a ton in the base price of large rivets is fairly general,
stocks in the various countries:
1926- 1925.
1927
but reduced extras of the new price lists mean a net reduction in some
.
July 1. Jan. 1.
Mar. 1. Feb. 1. Jan.
or more.
8,450 instances. Cap and set screws have been reduced 5%
14.200 23,400
1..
30,000 27,200 19,800
United States
Compared with blue sheets, buying of black and galvanized sheets is
1,200
2,100
2,200
3.200
3,300
3,200
Canada
2,000 relatively light. In the East 3.65c., Pittsburgh, has again been done on
2,200
2,200
2,400
2,400
2,400
Australia
6,500 10.400 the galvanized product. and 2.65c. and 2.70c. on steel barrel stock, though
5.000
9,500
9,000
7,500
Germany & Poland
1,800
1,800
2,100
4,000
4,200
3,300
Belgium
800 2.75c. to 2.80c. is the common range on black sheets.
1,200
1,000
1,500
1,200
1,100
France
300
Tin plate mills have dropped only to a 90% operating rate, but many are
1,200
1,000
1,000
1,300
1,100
Great Britain
200 rolling against May quotas.
200
200
200
200
200
Scandinavia
200
500
500
500
500
500
Expectations of further advances in Valley pig iron have passed with
Far East
6,000
1,500
1,500
1,500
1,500
1,500
Elsewhere
fresh weakness in coke. Contracts for furnace coke for the second quarter,
placed at 35c. to 50c. a
50,800 50,800 43,600 30,100 40,600 26,150 covering about 70.000 tons a month, have been
Total
tun below recent asking prices. In most other districts pig iron buying Is
says:
Mr. Sharpe in reviewing the world zinc situation as on March 1
at 35.000 tons, exceeded
Cleveland,
at
there on,a diminishing scale, although sales
"Consumptive demand broadened perceptibly in February, and
the previous week by 5.000 tons. In Michigan considerable Iron is being
confidence
As
the
market.
in
sentiment
of
revival
was consequently a
price have been few and
on the bought by the automotive industry. Changes in
began to be regained, so did prices move upwards, the quotation
Alabama furnaces have opened
on Feb. 4. the tendency is toward greater firmness.
last day of the month of al a ton contrasting with .C28 18.s. 9d.
at $18, base Birmingquarter
and, of their books on foundry iron for the second
Expansion In consumption is pretty general throughout Europe,
ham,the price that has ruled for some time. At Chicago a merchant furnace
British
spring.
of
approach
near
to
owing
Course, is uot unexpected,
come, and, al- has been blown In.
will
galvanizers are expecting to be busier for many mcnths to
March deliveries of Indian iron at San Francisco and Los Angeles
of Indian buying on
though there are stories every week of the absence
figuring prominently along
of small orders for total about 5,000 tons, but foreign iron is not
iron,
any scale, it is apparent that there must be a galaxy
low
phosphorus
of
shipment
galvanizers the Eastern seaboard. A 2.200 ton
will
shipment to that country, as it is unbelievable that British
however, the first to come from England since the British coal strike,
are conducting operations on a scale which entails carrying of stocks of reach Philadelphia next week after the higher pig iron duty goes into effect.
yards.
their
in
goods
melting
finished
Following the activity In the Pittsburgh scrap marget, heavy
revival
"Improvement in the zinc situation on the Continent is due to
on consumer
February steel has advanced 50c. a ton at CIO% ela nd and 25c. at Chicago
In demand for sheets. Rollers steadily booked orders throughout
At Cincinnati also that grade is 50c. higher.
purchases.
least,
at
them,
of
some
that
result
with
months,
three
for delivery over next
The "Iron Age" composite prices are unchanged from last week, that for
early June. It
steel at
are unable to accept fresh business for delivery before
receive a pig iron remaining at $19.04 per gross ton, and that for finished
would seem that building and construction on the Continent will
in price, thus 2.367c. per lb., as shown in the following tables:
fillip this year on account of raw materials having declined
time since
Pig Iron.
Finished Steel.
permitting of new buildings being constructed cheaper at any
March 22 1927, 819 04 per Gross Ton.
March 22 1927. 2.387e. per Pound.
$1904
the war.
ago
week
One
2.367c.
week
ago
One
Into swing
18 96
"As regards production: British smelters are gradually getting
2.367c One month ago
From One month ago
21 63
2.431c. One year ago
One year ago
again and accounted for an output of 3,380 long tons in February.
15 72
exceeds
average
pre-war
production
year
monthly
10
until
1.6890.
average
10-year pre-war
now on there should be a steady increase
Based on average of basic iron at ValBased on steel bars. beams, tank plates.
smelter at Avonmouth will
irons at Chicago.
7,000 tons, as there is little doubt that the new
foundry
and
furnace
ley
black
pipe
rails,
wire,
open-hearth
plain
Last year dearth of Australian
Birbe brought into commission at an early date.
and black sheets. constituting 87% of Philadelphia, Buffalo, Valley and
these works, arid the United
mingham
States output,
concentrates prevented commencement of smelting at
Low.
High.
1926
as
far
so
head
Low.
the
on
nigh.
afterwards the coal strike knocked the proposal
Jan. 4: 81896, Feb. 15
be delivered to 1927..2.453c., Jan. 4: 2.367c , Feb. 21 1927..$l971.
was concerned. Now that no further Australian ore has to
ig 1926_ 21 54, Jan. 5; 1946. July 13
smelters 1928..2.453c., Jan. 5:2 403c., May
British
for
supply
adequate
Jan. 13: 18110. July 7
50.
an
be
will
22
there
1925._
18
contract,
Aug.
1925_ _2 580c., Jan. 6:2 396c.,
Belgium under
that required 1924...2.789c., Jan. 15: 2 460c., Oct. 14 1924_ 2288. Feb. 26: 1921. Nov. 3
for the time being, as all the Broken Hill output other than
Mar.20: 2077. Nov.20
3080.
1923._
2
smelters
Jan.
2.4460.,
British
for
1922..2.824c.,
24;
Apr.
for the electrolytic works at Risdon will be available
until June 1930.
approximate
producers
steel
Operating rates of finished
"Now that ore is forthcoming from various parts of the world in sufficient
on last those of last March, which was the best steel production
quantities for European production of slab zinc to be maintained
output of
market summary issued
year's scale, there Is no reason to anticipate any falling away In
somewhat month in history, declares the
metal, and, If anything, there Is likely to be produced In 1927 a
Yet, industry as
Review."
Trade
correbe
"Iron
should
the
24
by
March
consumption
However,
year.
greater quantity than last
spondingly better, so that the position will balance, and it means that, a whole is coming down to the end of the month with order
unless at any time the St. Louts price Is below London parity, there is little books slightly heavier than at the start. Sentiment within
likelihood of any shipments being made from North America to Europe
the industry continues better than that without and a
other than high grade zinc.
"Popularity of high grade. 99.9% metal Is increasing, and there Is rarely number of factors are developing which promise to mitigate
B., or
any glut in the supply. A few months ago the premium over G.0.
seasonal decline in production from March to April. Tho
prime western, dwindled to 30s. a ton. but It is now increased again to 505."
open spring augurs well for road construction, developing a
month ahead of last year and accelerating demand for
Steel Shipments Continue to be Heavy-Pig Iron structural steel and reinforcing. Bars, outdoor work generTrade Good-Prices Remain Unchanged.
ally, in fact, is broadening unusually early, states the
Production of steel remains at a high level. In large part "Review" in its resume of the situation, from which we add:
Is being stepped
it is going directly into consumption. Only here and there
Save for two Important interests automobile production
carry over into April in many
are any buyers stocking, and the impending coal strike is up and the March momentum seems likely to are
more deferred to which
finished steel lines. Deliveries
still a minor factor, according to observations made by the Important.
Increased warehouse business attests.
au
with
interests at Detroit
market,
"Iron Age" in its market review issued March 24. ShipSheets present a mixed
'remium for carloads
sheets to p
ments continue to exceed bookings, with the margin smallest sufficiently hungry for full finishedvalley
mills booked four weeks ahead
of warehouse and Ma honing
in the Chicago district. General demand is not expanding, out
a
on this grade of production. All districts are soldPat higher than
reductions
show
month
this
far
so
orders
mill
of
to stand Ztti‘ 2.98c. Pittsburgh.
attempting
backlogs
and
week ago. Some makers are
and 2.20c. to 2.25c. for blue annealed for
equal to those of the same period of February, declares the for black. 3.75. for galvanized are
being shaded by Mahoning Valley mills
second quarter, but these levels
"Age," adding:
MAR. 26 1927.]
THE CHRONICLE
who bid 2.75 on small lot businees in black sheets and by some 3.65c. is
regarded as the top on galvanized.
Second quarter steel requirements of Eastern railroads are coming out.
The Pennsylvania has asked bids on 15.000 tons of plates. 5,500 tons of
bars and 1.000 tons of shapes and other materials. The Norfolk & Western
Is in the market for 2,000 tons of finished steel and the Chesapeake & Ohio
for an unstated tonnage.
Pig iron prices are firmer at Buffalo and Chicago. A merchant stack has
been blown in at Chicago and another will be lighted early in April. Some
producers of beehive furnace coke are asking $4.25 for second quarter, but
contracts are being negotiated at $3.50 to $3.75. The minimum on spot
furnace coke remains $3.25, but on spot foundry coke it has been lowered
25c. to $4.
Oil tankage continues to provide the bulk of incoming plate business at
Chicago, bookings the past week having run 10,000 to 12.000 tons with
inquiry estimated at 13,000 to 15,000 tons. Impassable roads in the Southwestern oil country have dampened demand for line pipe, but more seasonable weather is expected to modify this situation.
The "Iron Trade Review's" composite price on 14 leading iron and steel
products this week is $36.87. This compares with $36,87 last week and
$36.79 the previous week.
1751
400 Companies.
About 400 coal companies belong to the association. They employ 50.000
men.
The operators meeting in Columbus approved the action of the wage
scale committee representing operators, meeting with union mine officials,
in rejecting a renewal of the Jacksonville scale.
If the Ohio mines reopen it will be on a competitive basis, it was asserted by operators. The Jacksonville scale calls for $7.50 a day for day
labor. This, the operators, claim, cannot be met when there are nonunion mines operating in near-by districts that can market their coal for less
because of a lower wage scale.
In each man's pay envelope of the Rail & River Coal Co. there was inclosed a slip which read:
As no contract has yet been agreed upon, the mines of eastern Ohio
will cease to operate with the close of the present month and there will be
another period of idleness for the mines and for their employees.
Which character of a scale is best, one with so high a rate that all the
business will go to other fields cr one of a competitivo character that will
insure steady employment and good earnings under the present scale.
West Virginia coal can be delivered at competitive points at from 35 cents
to 50 cents per ton less than Ohio can. This condition Is something for us
all to think about.
Others Expected to Follow.
This is the first company in Ohio actually to serve notice on its employes
as to what can be expected. Within the week other companies will do the
same thing, it was indicated. It was also asserted that the operatcrs were
never, at any time, as united and determined as to the course they would
follow.
Failure to negotiate a wage scale may possibly result in union officials
calling out the 165,000 members of the central field, an Associated Press
dispatch from Indianapolis said. This is only tentative as the policy committee of the United Mine Workers meeting the latter part of this month,
may reaffirm that policy or may vote to call out all of the 360,000 soft coal
workers in the thirty-one states and two Canadian provinces in the union's
jurisdiction.
Burns Bros. Announce Reduction in Anthracite Coal
Prices—New Prices Range from 50 Cents to $1.00
per Ton Below Current Prices—D. L. & W.
Price Reductions.
Sanders A. Wertheim,President of Burns Bros. announced
on March 18 a drastic reduction in the retail prices of anthracite coal. The reduction which ranges from 50 cents to $1.00
per ton below current prices, became effective Monday,
March 21. The new schedule of prices which covers deAssociated Press advices from Indianapolis had the
liveries to all points in Manhattan, Bronx, Yonkers and Mr. following to say regarding the possibility of a strike:
Vernon follows:
With the climax of the coal drama almost at hand, silence cloaks the
Broken anthracite, $13.50 per ton, against $14.25 per ton now quoted;
egg, $13.50 per ton, against $14.50; stove, $13.75. against $14.75; nut,
$13.50, against $14.50. and pea, $10.25, against $10.75.
The Delaware, Lackawanna & Western Coal Co.,according
to the "Times," announced on March 12 a reduction in the
mine price of egg coal from $8.75 to $8.25; of stove coal from
$9.25 to $8.75, and of chestnut coal from $9.25 to $8.75,
a ton, effective April 1. The "Times" also said:
The trade was advised at the same time that prices would be advanced
25 cents a ton on June 1 and 25 cents a ton on Sept. 1.
This is a change in the practice of previous years when Spring reductions
were made, the advances then being 10 cents a ton at various times until
the normal price level was again reached.
The "Wall Street Journal" of March 19, noting that little
now buying has followed the price reductions, said:
Immediate response to the reduction in prices for domestic sizes of
anthracite by the large companies and independent operators has been
negative so far as substantial fresh buying is concerned. Desire of the
dealers to know now what the mine price basis would be this spring has
been answered, but instead of merely announcing their prices at this time.
effective April 1, the producers went one better and made them effective
at once.
Some of them would have preferred the other course, but it is doubtful,
had it been taken. if the effect on trade would have been different. Individual operators have been underselling the old company circular and
dealers likewise have been cutting retail prices, and the dealers have much
the same opportunity as before to work off their higher price coal between
now and April 1. If competition becomes too severe retail prites may be
reduced further in the next two weeks. Dealers would still have a fair
margin between cost and selling price of coal.
In recent weeks dealers have been able to pick up independent tonnage
at $8.15 to $8.40 a ton for egg, stove and chestnut, and in many cities
retailers could very well slice off $1 to $1.25 a ton, it is asserted.
Average pig,e reduction on companies like the Reading, consisting of
18% egg, 20% stove and 22% chestnut is about 78 cents a ton.
egg and chestnut having been reduced by this company. 90 cents and stove,
55 cents. Some dealers are now filling bins of consumers to be paid for at
April 1 retail prices.
Confronted by a slow market, mine prices of the various producers are
closer together than for a long time. Of the half a dozen large anthracite
companies, ail but one are quoting $8.25 for egg and chesnut and the other
Is only 10 cents higher. On stove there is a variation of only 10 cents a ton,
$8.75@i$8.85. Independent operators are virtually on the same price basis
as the large companies. On pea and buckwheat, however, each producer
Is going his own gait, the new quotations varying 50 cents a ten, at
$6@S6.50.
Bituminous run-of-mine is still moving heavily on contract, but there
is no life to trade and prices are barely steady.
Pittsburgh district, including Fairmont, promises to be a storm center
of the expected strike. While many Central Pennsylvania operators may
try to operate on basis of Jacksonville wage scale after April I. the trade
doubts if they will continue long in view of expected light demand because
consumers are so heavily stocked. Non-union operators on lower wage
Beale, in West Virginia and Kentucky may as usual reap the benefit from
shutdown condition of union mines.
headquarters of the United Mine Workers here. Officials today declined
to comment on the possibility of a strike in the industry after March 31.
On that date the wage agreement between union operators and miners of
the bituminous fields will expire. All efforts to effect a general settlement
of differences have failed.
John L. Lewis, President of the miners, had "nothing to say""to all
queries as to what progress has been made toward temporary agreements in
districts outside the central competitive field where, in event of a walkout,
the miners would establish strike headquarters and what will be considered
by the miners policy committee when it meets here March 28.
It is known that efforts have been made outside of Indiana, Illinois, Ohio
and Western Pennsylvania to bring about a tentative agreement pending
permanentsettlement. The extent oftheseseparate agreements.it is known,
will govern the final decision of the policy committee, upon whose shoulder's
rests the responsibility of directing the union affairs should a walkout be
called. It is believed that if an appreciable number of districts outside the
central competitive field report operators in their territory willing to continue temporarily the present wage scale a strike will be declared In the central field alone.
This would affect 160,000 miners in Indiana. Illinois, Ohio and Western
Pennsylvania. There are approximately 185,000 union miners in the outlying districts.
If, however, the outlying districts report failure to negotiate agreements.
a general strike of bituminous workers on Arril 1 is I aevitable, it is believed.
Operators of Iowa and Illinois mot today and those of Indiana assemble
tomorrow at Terre Haute. It has been unofficially reported that Indiana
operators will consider a separate agreement but spokesmen for the mine
owners would not discuss tomorrow's meeting.
From Chicago we quote the following Associated Press
advices March 23:
Facing almost certain suspension of Illinois mining April 1, the Executive
Committee of the Board of Directors of the Illinois Coal Operators' Association held a conference here today, decided it was for the miners to make the
next move and adjourned until next Wednesday.
Rice Miller, Chairman of the Illinois operators, tonight drew some encouragement for the Illinois operators from a message he received from the
Iowa operators, meeting in Des Moines. It read: "Iowa operators unanimously agreed today to refuse to continue operation under the present wage
scale."
"That will strengthen our position," Mr. Miller said. "There is nothing
we can do but wait. We didn't talk much at our meeting today because
we had nothing new to talk, and I can't promise definitely that we will
have anything by next Wednesday, but I am hopeful. One thing is certain,
and that is the mining industry in Illinois cannot continue operating indefinitely at the present wage scale. It is economically wrong, both for
operators and miners."
Pennsylvania Coal Field to Stay Open Pending Further
Negotiations.
Altoona (Pa.) advices (Associated Press) on March 12
said:
Fears of a strike in the Central Pennsylvania competitive coal field at
the expiration of the Jacksonville wage contract on April 1 had been dispelled
to a great extent today by the action of the operators and mine workers.
The Association of Bituminous Coal Operators of Central Pennsylvania
voted to accept proposals of the United Mine Workers to continue operations
until a new wage pact is negotiated. No one was prepared today to say
when another joint meeting of operators and miners would be held in an
effort to negotiate an agreement.
Threatened Coal Strike In Bituminous Mines.
According to the Cleveland "Plain-Dealer" a general
shutdown of Ohio union coal mines is expected April 1 folBituminous Markets Show Little Effect of Impending
lowing a meeting on March 10 of the Ohio Coal Operators
Strike Beyond Some Price Cuts Due to Heavy
when
the
Columbus,
operators
at
Association
declared they
Production—Anthracite Quiet.
were getting ready to close their mines. The item went on
Record production and receding price levels tell the story
to say:
the country as the day set
Operators of the Rail & River Co. mines in Belmont county served no- of the bituminous coal markets of
tice on their employes when paying them that they would close in the absence for the suspension of production in the Central Competitive
of a wage agreement being reached, according to a dispatch from Bellaire.
Field draws nearer, the "Coal Age" reports this week. EviClosing the mines of eastern Ohio would mean approximately 20,000
is not to be had. The soft coal
men would be out of work in Belmont. Harrison and Jefferson counties. dence of consumer anxiety
mines continue to pour out tonnage at a rate which promises
This field alone produces about 20,000,000 tons annually in normal years.
1752
to place the stockpiles of the consumers on April 1 at the
highest point in history. Eighty million tons has become
a conservative estimate. Production during the week ended
March 12 was estimated by the Bureau of Mines at 13,800,000 tons-the largest outturn for any week this year, states
the "Age," which then adds:
The effect of the heavy production upon price levels is seen in a further
decline in the "Coal Age" index of spot bituminous prices. On March 21
the index number was 169,and the corresponding wieghted average price was
$2.05, a decline of 2 points and 2 cents from the levels of last week. Striking evidence of consumer indifference is to be found in the course of prices
In the Central Competitive Field. In Illinois there have been some sharp
open reductions in steam sizes, including Farnklin County screenings, and
the entire price structure is weak.
Reductions in the circular prices on domestic anthracite failed to stimulate
activity in the market. In general retail distributors are more interested in
cleaning up old stocks than in adding to their inventories and the weather
has not prodded the householder into action. Production continues well
below normal. The steam market no longer commands attention.
After the announcement that came from the Central
Pennsylvania coal fields that work would continue after
April first at the rate prescribed in the Jacksonville agreement, there was a period of uncertainty caused by the suggestion that agreements might be made elsewhere that would
mean a general success of the union miners' cause, declares
the "Coal and Coal Trade Journal" on March 24. This
uncertainty, as a matter of fact, still exists to some extent,
but it is not as great as it was immediately after the Altoona
Conference ended. At this moment of writing it would
appear as if there was a strong tendency on the part of the
operators to resist any compromises that would allow of a
continuance of the wage scale that Jacksonville decreed,
continues the "Journal" from which we quote further as
follows:
Reports from all along the line show that the owners are standing by their
determination to begin a new era in their mines with the beginning of the
next month. They are not questioning the union chiefs or making threats.
They simply say that they will not continue to pay the old figure to union
minors, or others, because they believe they cannot do so and pay the
expenses of working their properties. One large company, however, has
put it in a different form, which is simply that on April second, their mines
will be open to any miners willing to work at a lower rate, and that thereafter forever the union will not enter into the question at all.
It is hard to see how any other stand can be well taken. Either the long
preparation for an inevitable situation has been properly carried out, or
an unexpected de2,ree of incompetence on the part of the operators has
developed. For months now, reserve stocks have been accumulated,
the temper of the non-union miners has been gaged, and the industries and
the public service corporations have been encouraged to set their yards in
order.
The best understanding has been that this preparation has been well
done, and that the first of April may arrive under the worst possible conditions without fear to the operators or the public.
In other words, the stage has been set for a strike of union miners. That
has become the expected thing. Anything else would be the unexpected
and that which was not prepared for. Why any large breakdown of
this position should occur would be hard to understand.
Everything has occurred according to schedule; that is, everything but
the rift in Central Pennsylvania. If the mine owners generally were capable
of being stampeded by this incident, their strength was not such as was
expected. It can be fairly said that the Ohio operators and some others
are clearly demonstrating to all the ability that was expected of thorn in
this line.
Naturally, there is a general air of dullness in the bituminous world at
this time. It is not the moment to do much trading. If there is any inclination to enter into contracts on the part of the buyers, the sellers are
likely to discourage their being brought to a conclusion. This is not the
time to look far ahead, no matter how clear we believe our vision is. After
all, a strike in a certain portion of the field is practically inevitable.
In some sections there has been an increase of coal movement in the
past week. This is noticeable on the edges of the Great Lakes where the
resumption of vessel movement is under way. There is much coal ready to
move, and the season is propitious for an early and busy start. Elsewhere
the transportation of coal is going on in a satisfactory way. So far as one
coming event can be overlooked, the general situation is normal, and the
outlook for immediate business good.
Independent anthracite prices sagged a little, after the big drop announced
by the companies. This early announcement was very much desired by
retail dealers, but having it "effective immediately" was not so pleasing,
as a lowered retail price meant a loss to dealers who were well stocked.
However, dealers in the larger centers are passing the cut along to their
customers,with the admonition to buy early,as an advance is surely coming.
Country's Foreign Trade in February-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on March 15 issued its statement on the
foreign trade of the United States for February and the
two months ending with February. The value of merchandise exported in February 1927 was $373,000,000, as compared with $352,905,000 in February 1926. The imports
of merchandise are provisionally computed at $312,000,000
in February 1927, as against $387,306,000 in February the
previous year, leaving a trade balance in favor of the United
States on the merchandise movement for the month of
February 1927 of $61,000,000. Last year in February there
was an unfavorable trade balance on the merchandise
movement of $34,401,000. Imports for the two months of
1927 have been $669,268,000, as against $804,058,000 for
the corresponding two months of 1926. The merchandise
For,. 124.
THE CHRONICLE
exports for the two months of 1927 have been $793,005,000,
against $749,741,000, giving a favorable trade balance of
$123,737,000 in 1927, against an unfavorable trade balance
of $54,317,000 in 1926. Gold imports totaled $22,302,000
in February 1927, against $25,416,000 in the corresponding
month in the previous year, and for the two months they
were $84,254,000, as against $44,767,000. Gold exports in
February 1927 were $2,414,000, against $3,851,000 in
February 1926. For the two months of 1927 the exports of
the metal foot up $17,304,000, against only $6,938,000 in
the two months of 1926. Silver imports for the two months
of 1927 have been $9,010,000, as against $13,621,000 in
1926, and silver exports $13,621,000, as against $17,515,000.
Following is the complete official report:
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
(Preliminary figures for 1927, corrected to March 12 1927.)
MERCHANDISE.
2 Mos. End nu February.
February.
1927.
1926.
Inc,.(+)
Deer.(-)
1926.
1927.
1,000 Dols 1,000 Dols. 1,000 Dols. 1,000 Dols. 1,000Dole
373,000
352,905
793,005
749,741 +43,264
312,000
387,308
689,268
804,058 -134,790
Exports
Imports
Excess of exports
Excess of Imports
61,000
123,737
34.401
54.317
EXPORTS AND IMPORTS OF MERCHANDISE. BY MONTHS.
1927.
1926.
1925.
1,000
1,000
Dollars. Dollars.
Exports.
1924.
1923.
1,000
1,000
Dollars. Dollars.
January
420,005 396,836
February
373,000 352,905
March
374,406
April
387,974
May
356,699
June
338,033
368,317
July.
August
384,449
September
448,071
October
455,301
November
480.300
December
485,389
446,443
370,678
453.653
398,255
370,945
323,348
339,660
379,823
420,388
490,587
447.804
488,306
1922.
1,000
1,000
Dollars. Dollars.
395,172 335,417
385,782 308,957
339,755 341,377
346,936 325,492
335.089 316,359
306,989 319,957
276,649 302,188
330,860 310,966
427,460 381,434
527,172 399,199
493.573 401,484
445,748 428.668
278,848
250,620
329,980
318,470
307,589
335,117
301,157
301,775
313.197
370,719
380,000
344,328
2 mos.end. February 793,005 749,741 817.119 780,954 642,374 529,468
8 mos. end. February 3,394,811 3,296,269 3,318,380 2,982.888 2,853,548 2,480,022
12 mos.end.December
4,808,860 4,909,848 4,590,984 4,167,493 8,831,777
ImportsJanuary
February
March
April
May
June
July
August
3eptember
Dctober
November
December
357,268
312,000
418.752 346,165
387,306 333,387
442,899 385,379
397.912 346,091
320,919 327,519
338.251 325,216
338,959 325,648
336,477 340,086
343,202 349,954
376,833 374,074
373,919 376,431
359,462 396,640
295.508 329,254
332,323 303,407
320,482 397,928
324,291 364,253
302,988 372,545
274,001 320,234
278,594 287,434
254,542 275,438
287,144 253,645
310,752 308,291
296,148 291,333
333,192 288,305
217,185
215,743
256,178
217,023
252,817
260,461
251,772
281,376
298,493
278,104
291,805
293,789
2 mos.end. February 669,268 804,058 879,552 627,829 632,661 432,928
8 mos. end. February 2,798,120 2,988,891 2,439,924 2.332,275 2,326,000 1,621,600
12 mos.end.December
4,430,891 4.226,589 3,809,963 3,792,066 3,112,747
GOLD AND SILVER.
2 Mos. End. February.
February.
1927.
GoldExports
Imports
1926.
1927.
1926.
Incr.(+)
Dec,.(-)
1,000 Dols. 1,000 Dols. 1,000 Dols. 1,000 Dols. 1,000 Dols.
2,414
3,851
17,304
6,938
+10,366
22.302
25,416
84,254
44,767
+39,487
Excess of
Excess ofexportsimports
19,888
66,950
37,io
21,565
SilverExports
Imports
7,752
8,836
13,621
9.010
17,515
14,628
-3,894
-5,616
2,380...._ _
____
1,111
4,811
2,889
-- --
6,233
3,853
Excess of exports
Excess of imports
-----
EXPORTS AND IMPORTS OF GOLD AND SILVER.
Silver.
Gold.
1927.
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1926.
1,000 1,000
Dols. Dols.
14,890 3,087
2,414 3,851
4,225
17,884
9,343
3,346
5,069
29,743
23,081
1,156
7,727
7,196
1925.
1924.
1927.
1926.
1925.
1,000 1,000 1,000 1.000 1,000
Dols. Dols. Dols. Dols. Dols.
281 7,388 7,963 11,385
73,526
50,600
505 8,233 7,752 6,833
____ 8,333 7,917
25,104
817
____ 7,612 9,323
21,604 1,391
-___ 7.931 6,538
13,390
593
---- 7,978 8,522
288
8,712
---. 7,921 8,349
327
4,416
__-_ 8,041 8,285
2,136 2,397
__-_ 7,243 7,487
6,784 4,580
____ 7,279 8,783
28,039 4.125
____ 6,794 8,118
24,380 8,689
5,610 7,589
____
39,675
5,988
1924.
1,000
Dols.
8,209
8,877
8,355
7,802
9,887
8,648
9,190
8,632
10,345
9,485
9,401
11,280
788 13,621 17,515 18,218 17,086
2 mos. end. Feb_ 17,304 6,938 124,126
8 mos. end. Feb. 91,278 78,641 181,919 7,138 58.509 68,128 78,531 64,294
____ 92,258 99,128
12 mos. end. Dec
____ 115,708 282,840 61,648
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December
61,952 19,351
22,302 25,418
43,413
..___ 13,116
--- _ 2,935
18,890
19,820
_
11,979
15,987
8,857
18,738
17,004
5,038
3,803
7.337
8,870
11,393
4,428
10,204
4.882
4,128
50,741
10,456
7.216
45,136
35.111
34,322
45,418
41,074
25,181
18,834
18,150
8,656
19,702
19,882
10.274
5,157
3,853
____
__ - ____
____
-___
____
--__
-_-____
--...
5,783
8,863
5,539
6,322
4,872
5,628
5,949
5,988
7,203
5,098
3,941
4,430
7,339
4,929
6.861
4,945
3,390
4,919
5,238
7,273
4.504
5,602
4,049
5,747
5,980
7,900
6,221
3,908
5,640
4,870
7,128
7,042
7,083
5,829
6,481
5.884
a mos. end. Feb_ 84,254 44.767 8,841 80,247 9,010 14,626 12,268 13,880
3 mos. end. Feb_ 174,638 132,374 102,119 271,030 41,619 47,039 51,894 59,301
____ 69,598 84,595 73,945
l2 mos.end. Dec
____ 213,504 128,273 319,721
MAR. 26 1927.]
THE CHRONICLE
Large Gains in Output of Bituminous Coal and
Anthracite-Coke also Increases.
The output of bituminous coal increased during the week
ended March 12 from 13,262,000 net tons to 13,800,000 net
tons, or a gain of 538,000 net tons over the preceding week
declares the U. S. Bureau of Mines. Anthracite, too,
showed a good increase in tonnage, rising from 1,211,000
to 1,488,000 net tons during this period. A gain was also
registered in the output of coke, which rose to 195,000 net
tons, continues the Bureau, from which we add:
The total production of soft coal during the week ended March 12 is
estimated at 13,800.000 net tons. This is the highest weekly figure recorded
since Dec. 11 and far exceeds the production at the corresponding season
of any earlier year. Compared with the preceding week, an increase of
538,000 tons, or 4.1%, is shown.
Estimated United States Production of Bituminous Coal (Net Tons) Including Coal
Coked.
1926-1927
1925-1926
Coal Year
Coal Year
Week.
to Date.
Week.
to Datem
Feb. 28
12,763,000
539,412,000
10,890,000
491,106,000
Daily average_
2,163,000
1,929,000
1,846,000
1,758,000
March 5_b
13,262,000
552,674,000
10,460,000
501,566,000
Daily average_
2,210,000
1,935,000
1,743,000
1,758,500
March 12_c
13,800,000
566,474,000
10.690,000
512,256,000
Daily average_ _ _ _ 2,300,000
1,943,000
1,782.000
1,757,000
a Minus one day's production first week in April to equalize number of days
in the two years. b Revised since last report. c Subject to revision.
The total production of bituminous coal during the present coal year
to March 12 (approximately 292 working days) amounts to 566,474.000
net tons, against 512,256,000 during the corresponding period in 1925-26-a gain in the present year of 54,218,000 tons, or 10.6%. Figures for other
recent years are given below:
1919-20
424,485,000 net tons 1923-24
494,153,000 net tons
1920-21
484,887.000 net tons
1924-25
to
412,170,000 net tons
1921-22
373,725,000 net tons 1925-26
512,256,000 net tons
ANTHRACITE.
Anthracite production showed a decided increase during the week ended
March 12. The total output is estimated at 1,488,000 net tons, a gain
of 22.9% over the preceding week.
1753
Production of Beehive and By-Product Coke in 1926.
The production of by-product coke in 1926 set a new record
and the production of all coke-beehive and by-productnearly equalled the high marks of 1918 and 1923, reports the
United States Bureau of Mines on March 19. The output
of by-product coke was 44,550,000 net tons, as against
39,912,159 tons in 1925, an increase of 12%. The production of beehive coke is estimated at 11,486,000 tons, or 1%
greater than that of 1925. The production of all coke
showed an increase of 4,769,000 tons, or 9.3%,and amounted
to 56,036,000 tons, according to the statistics compiled by
the Bureau, from which we quote further as follows:
The figures for by-product coke are based on monthly reports from each
producer, received currently, and are subject to very slight revision in the
light of final detailed reports for the year as a whole. The figures for beehive coke are estimates based on shipments reported by 23 of the principal
railroads serving beehive coke ovens.
The year 1926 was further notable for the high percentage of the total
output coming from by-product ovens. In spite of the heavy demand for
coke, the proportion contributed by the beehive ovens was the lowest on
record-only 20.5% of the total. This is a remarkable shift since 1918.
when 54% of the supply came from beehive ovens, or even since 1923, when
they furnished 34%. In a year of active demand the beehive ovens supplied
even less than they did in 1921, a year of acute depression.
PRODUCTION OF BY-PRODUCT AND BEEHIVE COKE IN THE UNITED
STATES-1913-1926.
Net Tana Produced.
Year.
By-Product
1913
1915
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
Beehive
Total
12,714,700 33,584,830 46,299,530
14,072,895 27,508,25541,581.150
22,439,280 33,167,548 55,606,828
25,997,580 30,480,792 56,478,372
25,137.621 19.042,936 44,180,557
30,833,951 20.511,092 51,345,043
19.749,580 5,538.042 25,287,622
28,550,545 8,573,467 37,124,012
37,597.664 19,379.870 56,977,534
33,983,588 10,286,037 44,269,605
39,912,159 11,354,784 51,266,943
44,550,000 11.486,000 56,036,000
Per Cent of Total Output.
By-Product
Beehive
Total
27.5
33.8
40.4
46.0
56.9
60.0
78.1
76.9
66.0
76.8
77.8
79.5
72.5
66.2
59.6
54.0
43.1
40.0
21.9
23.1
34.0
23.2
22.2
20.5
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
Estimated United States Production of Anthracite (Net Tons).
The monthly trend of production in 1926 is shown in the following table.
--1926-1927
-1925-1926
Coal Year
Coal Year
Its course tends to follow the production of pig iron, but the influence of
Week EndedWeek.
to Date.
Week
to Date.a
the demand for household fuel caused by the anthracite strike is evident in
Feb. 26
1,374,000
86,182,000
1,609,000
42,652,000 the record
for January, February and March.
Mar. 5
1,211,000
87,393,000
1,789,000
44,441,000
Mar.12
1,488,000
88,881,000
1,966,000
46,407,000 ESTIMATED MONTHLY PRODUCTION OF BY-PRODUCT AND BEEHIVE
COKE AND OF PIG IRON IN 1926.
a Minus one day's production first week in April to equalize number of days in
the two years.
By-Product Coke Beehive Coke
Pig Iron a
BEEHIVE COKE.
Month.
(Nei Tans)
(Net Tons) (Gross Tons)
The output of beehive poke increased from 187,000 net tons to 195,000
Monthly average 1924
2,832,000
857,000
2,592,000
net tons,or a gain of 8,000 net tons during the week as shown in the following Monthly
average 1925
3,326,000
946,000
3,034.000
table:
1926-January
3,811,000
1,380,000
3,316,000
Estimated Production of Beehive Coke (Net Tons).
February
3,506,000
1,402,000
2,923,000
Week Ended
1927
1926
March
3,787,000
1,158,000
3,442,000
Mar. 12 Afar. 5 Afar. 13
to
to
April
3,618,000
982,000
3,450,000
1927.b 1927.c
1926.
Date.
Date.a
May
3,739,000
887,000
3,482,000
Pennsylvania and Ohio
157,000 150,000 201,000 1.505,000 2,666,000
June
3,628,000
811,000
3.235.000
West Virginia
17,000 18,000 18,000
170,000
173,000
July
3,786,000
787,000
3,223.000
Ala., Ky., Tenn.& Georgia
5,000
6,000 22,000
62,000
215,000
August
3,757.000
752.000
3,201,000
Virginia
7,000
7,000 10,000
72,000
109,000
September
3,654,000
820,000
3,136,000
Colorado and New Mexico
4,000
3,000
7,000
42.000
58,000
October
3,814,000
867,000
3,334,000
Washington and Utah
5,000
3,00
4,000
41,000
40,000
November
3,744,000
860,000
3,237,000
December
3,706,000
780,000
3,091,000
United States total
195,000 187,000 262,000 1,892,000 3,261,000
Daily average
33,000 31,000 44,000
31,000
53,000
Total 1926
44,550,000
11,486,000
39,070,000
Avprsara
a Minus one day's production first week in January to equalize number of days
3.712000
957.000
3 25f1 nnn
. n the two years. b Subject to revision. c Revised since last report.
a Figures from the "Iron Age."
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on March 23, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Reserve banks combined, shows an increase for the
week of $126,600,000 in holdings of discounted bills and of
$12,400,000 in acceptances purchased in open market, as
compared with declines, of $85,400,000 and $45,800,000,
respectively, the week before. Government security holdings declined $133,100,000, the redemption of temporary
Treasury certificates issued by the Treasury to the Federal
Reserve banks on the previous report date having been
partly offset by additional purchases of securities in the
open market. Cash reserves increased
,400,000 during
the week and Federal Reserve note circulation declined
$4,600,000. After noting these facts, the Federal Reserve
Board proceeds as follows:
Most of the Federal Reserve banks report larger aiscount holuings, the
principal increases for the week being: New York $91.100,000, San
Francisco $13.200,006, Philanelphia 511,700.000. and Boston $6.000,000.
The New York bank also shows an increase of $9,500,000 in open-market
acceptance holdings, and Chicago an increase of $8,600,000. Total
holdings of Treasury notes and of United States bonds were $10.300,000
and $3,600,000. respectively, above the previous week's total, while
Treasury certificates declined $147,000,000 or $30,000.000 less than the
amount of temporary certificates held by the Federal Reserve banks on
the previous report date.
The principal changes in Federal Reserve note circulation during the
week were decreases of $2,900,000 and $2,300,000, respectively, reported
by the San Francisco and Philadelphia Reserve banks.
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 1788 and 1789.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
March 23 1927 is as follows:
Increases(+1 or Decreases(-)
During
Week.
Year.
Total reserves
+58,400,000 +5243.500.000
Gold reserves
+9,900,000
+232,200.000
Total bills and securities
+5,900.006
-157.200.000
Bills discounted, total
+126,600.000 -160,400.000
Secured by U.S. Got.obligations...._ +93,000,000
-72.100.000
Other bills discounted
+33.600.000
-88,300.000
Bias bought in open market
+12.400,000
-21,000.000
U. S. Government securities, total
-133.100.000
+34,0(0.000
Bonds
+3,600.000
-1,900,000
Treasury notes
+10,300,000
-49.600.000
Certificates of indebtedness
+85.500.000
-147,000,000
Federal Reserve notes in circulation
-4,600,000
+42,600,000
Total deposits
+6.300,000
+15,700.000
Members' reserve deposits
45,100.000
+82,400,000
Government deposits
-63,200.000
+2,900,000
The Member Banks of the Federal Reserve System*__.
Reports for Preceding Week-Brokers' Loans
in New York City.
Partly as a result of Government financial operations as
of March 15 1927, the Federal Reserve Board's condition
statement of 674 reporting member banks in leading cities
on March 16 1927, shows increases of $105,000,000 in loans
1754
THE CHRONICLE
and discounts, $290,000,000 in investments, $305,000,000
in net demand deposits,$252,000,000 in Government deposits
and a reduction of $76,000,000 in borrowings from the
Federal Reserve banks. Member banks in New York City
reported increases of $47,000,000 in loans and discounts,
$123,000,000 in investments, $146,000,000 in net demand
deposits, $75,000,000 in Government deposits and a decline
of $61,000,000 in borrowings from the Federal Reserve bank.
Loans on stocks and bonds, including U. S. Government
obligations, were $70,000,000 above the March 9 total. Of
this increase 5,000,000 was in the New York district and
$10,000,000 and
,000,000 in the Cleveland and Boston
districts, respectively. "All other" loans and discounts
increased $35,000,000, an increase of $20,000,000 in the
New York district and smaller increases in the Boston,
Kansas City, Chicago and Minneapolis districts being offsel
in part by a decline of $8,000,000 in the San Francisco
district. Loans to brokers and dealers secured by stocks and
bonds, made by reporting member banks in New York City
were $22,000,000 above the previous week's total, loans for
their own account and for account of out-of-town banks
having increased $19,000,000 and $29,000,000, respectively,
while loans for others declined $26,000,000. As explained in
the footnote to this article, the figures for these member
banks are always a week behind those for the Reserve banks
themselves. The statement goes on to say:
Holdings of U. S. Government securities were $267.000,000 more than
on March 9, increases being shown for all districts except Minneapolis.
Holdings of other bonds, stocks and securities increased $23.000,000 during
the week, principally in the Cleveland. Philadelphia and Atlanta districts.
Net demand deposits were $305.000,000 above the previous week's
figure, the principal increases including $152,000.000 in the New York
district, $70,000,000 in the Cleveland district, $37,000,000 in the San
Francisco district, and $25,000,000 and $10,000.000 in the Chicago and
Boston districts, respectively. Time deposits declined $31,000,000, an
increase of $24,000,000 in the New York district partly offsetting a reduction of $53,000,000 in the Cleveland district. Government deposits
increased $252,000,000, banks in all districts except Minneapolis reporting
larger amounts than a week ago.
Borrowings from the Federal Reserve banks were $76,000,000 below the
amount reported on March 9, the largest reductions being $64,909,000 in
the New York district and $15,000,000 and $9,000,000 in the Chicago and
Boston districts, respectively.
[VOL. 124.
GREAT BRITAIN.
The financial markets have been slightly depressed by the developments
in China and by apprehensions concerning the forthcoming budget.
The Government's motion picture bill is meeting with increased opposition from renters and exhibitors. It is reported that a company capitalized
at £1,000,000 and to be known as the British Incorporated Pictures
(Ltd.) has been organized for the purpose of producing Empire films. An
ambitious program for Empire film expansion is announced for the undertaking. There has been little change in the British coal situation. Demand
continues irregular. Output during the week ended March 5 totaled 5,318,600 tons with 1,015,000 miners employed, as compared with 5,371,000 tons
and 1,012,700 miners during the previous week. On March 16 the retail
prices of gasoline were reduced twopence a gallon.
The number of workpeople appearing on the unemployment registers on
March 7 was 1,144,100, as compared with 1,169,500 one week before.
FRANCE.
M. Poincare has reaffirmed that present franc exchange rates must be
maintained for a prolonged period in order to attenuate economic difficulties. He added that the Bank of France will apparently be able to
prevent fluctuations.
Imports during January and February were valued at 8,859,000,000
francs and exports at 9,306,000,000 francs. February trade shows an
import balance of 183,000,000 francs, the first unfavorable balance since
last July.
Total tax returns under the general budget for the first two months of
the year totaled 5,832,000,000 francs, of which 5,721,000,000 francs were
from normal and permanent sources. Independent receipts of the Autonomous Office amounted to 903,000,000 francs.
BELGIUM.
Following seasonal inactivity, which was accentuated by the resumption
of industrial production in England and by local uncertainty regarding
the after effects of stabilization, a general revival of activity is now apparent in Belgium trade and industry. The outlook has been readjusted to the
customary British competition and the conviction is spreading that difficulties in connection with stabilization are over. As a result, the confidence which has existed for some time is now assuming tangible form in
heavier commitments against future trade in all directions. The Government is advocating and encouraging trade combinations and co-operation
between various exporting groups, and there is a keener realization of the
necessity for increasing and improving foreign trade. A wide extension
of the commercial intelligence service abroad is also promised.
AUSTRIA.
There exists at present in Austria a strong tendency towards consolidation among industries. Recent reports indicate that the Austrian locomotive and car building works are considering some working agreement
for the division of orders among themselves; the textile printing establishments likewise have a working agreement under consideration. Provisional figures show that the Federal revenues in 1926 amounted to 949,740,000 schillings (1 schilling equals $0.1407), while expenditures for current
adminitsration totaled 844,800,000 schillings, thus leaving a current surplus
On a subsequent page—that is, on page 178e—we give the of 104,860,000 schillings; as expenditures on account of capital investments amounted to 135,580,000 schillings, there was, therefore, a net
figures in full contained in this latest weekly return of the deficit
of 30,720,000 schillings in place of an anticipated deficit of 142,member banks of the Reserve System. In the following is 300,000 schillings.
NETHERLANDS.
furnished a summary of the changes in the principal items as
Business operations were, in general, rather well sustained through
compared with a week ago and with last year:
February, notwithstanding the failure of trade to register improvement
Increase (±) or. Decrease (—)
to the extent which was expected after the first of the year. Commodity
Durzng
markets have been quite firm and the turnover good. Retail trade in conWeek.
Year.
Loans and discounts, total
+$105,000,000 +$441,000,000 nection with the annual clearance sales was satisfactory. There has been
Secured by U. S. Govt. obligations_ _
—3,000,000 —12,000,000 a moderate improvement in industry, but no unusual activity is anticipated.
Secured by stocks and bonds
+73,000,000 +227,000,000
All other
+35.000.000 +226,000.000
DENMARK.
Investments, total
+290,000.000 +260,000,000
The hoof and mouth disease, following a period of steady decline, is now
U. S. securities
+267,000,000 —56,000,000
Other bonds, stocks and securities
+23,000,000 +316,000.000 spreading again, at the rate of about 100 new cases per week. From
Reserve balances with F. R. banks
+47,000,000
+20,000,000 October 1924 until the end of 1926 the hoof and mouth disease cost the
Cash in vault
—16,000.000 —18,000,000
Net demand deposits
+305,000,000 +220.000,000 Danish State aboat 11,000,000 crowns. There were about 97,000 cases
Time deposits
—31,000.000 +534,000.000 during 1926 and the resulting loss to Danish agriculture was at least 100,Government deposits
+252,000,000 —34,000,000 000,000 crowns. The labor situation remains very uncertain, and if a
Total borrowings from F. R. banks
—76,000,000 —103.000,000 settlement is not made in the relatively near future, it is quite probable
that a slow improvement in consumer demand will not materialize during
*It is not possible for the Federal Reserve Board to issue the weekly the early spring, as anticipated. Consequently, the business outlook is
returns of the member banks as promptly as the returns of the Federal not, in general, very bright Several Danish industrial concerns made a
Reserve banks themselves. Both cover the week ending with Wednesday's
business, and the returns of the Federal Reserve banks are always given considerable profit during 1926.
out after the close of business the next day (Thursday). The statement
NORWAY.
of the member banks, however, including as it does nearly 700 separate
The outstanding problems in Norway are the exchange rate and the labor
institutions,cannot be tabulated until several days later. Prior to the statement for the week ending May 19 1926. it was the practice to have them situation. Financial opinion is divided on the advisability of an early
ready on Thursday of the following week and to give them out concurrently return to par, but it is agreed that another drop in the value of the crown
with the report of the Reserve banks for the next week. The Reserve
authorities have now succeeded in expediting the time of the appearance should not be permitted. The labor market is very disturbed. Negotiaof the figures, and they are made public the following week on Monday tions continue in the paper and pulp industry and in many other trades;
instead of on Thursday. Under this arrangement the report for the week the result is very much in doubt. Many existing agreements expire on
ending March 16 was given out after the close of business on Monday of the
April 1 and negotiations have not been undertaken as yet. The conflict
present week.
in the iron and metals, mining, footwear and textile industries, which
started Feb. 14, still continues, mediation having been unsuccessful. The
Summary of Conditions in World's Market According recommendation that the dispute be submitted to voluntary arbitration
was favorably received by the employers, but the workers refused. The
to Cablegrams and Other Reports of the
labor situation for 1927 is extremely doubtful, as the agreements that
Department of Commerce.
have been closed are of short duration.
The Department of Commerce at Washington releases for
publication to-day (March 26) the following summary of
conditions abroad, based on advices by cable and other
means of communication:
CANADA.
General trade is improving. The iron and steel market is experiencing a
more active demand from the manufacturers of agricultural implements,
wire goods, railway equipment and various metal products. The outlook
for sales of structural steel and builders' hardware is encouraged; building
permits granted in the Dominion in February totaled 9% over the figure
for this month of last year, the largest gain having been made in Ontario.
Northern Ontario mines are placing good•sized orders in Toronto. Newsprint mills operated at 86% of capacity during the month, with a total
output of 150,773 tons.
Money continues easy and new bond issues are quickly absorbed. It is
estimated that over $75,000,000 will be distributed in dividends and interest during the current quarter. The savings deposits of chartered banks
on Jan. 31 1927 amounted to $65,000,000 more than a year ago.
Complete returns indicate that railway freight traffic, in 1926 was
the largest in history, exceeding 107,000,000 tons.
SWEDEN.
Economic conditions in Sweden were seasonally quiet during February,
although the volume of imports was considerably higher than during the
corresponding month of last year. Owing to the prevalence of mild weather,
it is probable that the exporting season will start earlier this year than
usual. The general outlook in Sweden at present is somewhat better than
a year ago, as evidenced by the pronounced rise in industrial and banking
share quotations.
POLAND.
The reduction of the official discount rate twice within less than a
month, coupled with the continuing improvement in the money market,
resulted in a drop in the private discount rates to 1i,1%% per month for
commercial paper issued in dollars, and to 14-2% per month for zloty
paper, as compared with 2-3% per month two months ago. The stability
of the zloty for the last several months has practically eliminated the
wide spread—from /
1
2% to 1% per month—in the discount rates for dollar
and zloty paper.
LATVIA.
The dull business conditions which prevailed at the end of the year grew
slightly worse during January. The credit and money situation became
more strained than during preceding months. A slight strengthening of
MAR. 26 1927.]
THE CHRONICLE
flax and timber prices gives rise to the hope that these two most
important
items in local trade may return to a more satisfactory basis. Many important firms, however, are reported to be threatened with some
financial
difficulties because of the continued commercial stagnation, and the
beneficial results of a possible improvement of flax and timber will not be
felt
until some time later.
GREECE.
The Greek Government has extended the legal moratorium for
six months
as from March 15. The Government has also issued a decree
reducing
its visa fee to $2 for all countries which grant a reciprocal reduction.
In
the case of tourist parties of 25 or more the fee will be $1 after
April 1,
regardless of any reciprocal arrangement. Registration figures
for Jan. 1
show 155 American automobiles in Athens and vicinity, as
against 45 of all
other countries. Business continues quiet, with exchange
steady. The
Minister of Finance announces that the budget estimate
still shows a
deficit of $2,000,000.
EGYPT.
The business depression in Egypt is increasing as
the full effects of
low cotton prices are being felt. The country districts
are the hardest hit,
as they are more dependent upon the cotton market
than are the towns.
The Government is considering measures looking toward
the
of the advances made to cotton growers. Imports in Januaryreimbursement
amounted to
$23,187,000 and exports to $24,018,000, with American products
well maintained. There is a considerable decline in the demand
for luxury articles.
HAWAII.
According to a cable from the Honolulu Chamber of
Commerce, the Hawaiian sugar cane harvest, which is now nearing its
peak, shows an average
tonnage yield of cane, but the sugar content is
slightly below normal. It
is expected, however, the Chamber says, that
the output will equal that
of last season. The pineapple outlook still continues
favorable. Well-distributed rains during the month have improved
the outlook for all crops.
In a message to the Legislature the Governor
of the Islands pointed out
that for the past two years the Territory has
been free from any physical
or economic disaster and that territorial and
municipal
ensnent have kept expenditures well within the limits branches of the Govof normal revenue.
PHILIPPINE ISLANDS.
Though business in February showed increased
activity, the month did
not average as well as the corresponding period
last year. Lower attendance than expected at the Manila carnival and
the fire of Feb. 23, which
destroyed the principal business block of Manila,
were factors adversely
affecting retail trade. Beginning with March,
however,
lines improved and the immediate outlook is satisfactory. business in most
Improvement in the cotton goods market was the
outstanding feature of
the import trade. Automotive and tire sales
activity
Sugar grinding proceeded favorably, with increased was well sustained.
exports. Copra and
abaca trades were only fairly active. Cigar
exports, though slightly
heavier, were still abnormally low.
CHINA.
The general trade situation in North and South
China has shown improvemeqt. There has been a slight improvement around
Hankow also, following the conclusion of a definite agreement between
the
the British authorities with regard to the administratio Nationalists and
n of the British
concessions at Hankow and Kiukiang. Yangtze steamers
control have resumed operations, but the 12 Chinese-owne under British
d steamers of
the China Merchants Steam Navigation Co. have
been withdrawn from
traffic in fear of military complications.
Silver exchange continues favorable to export, hence less
favorable to
Import. The steam filature silk market is quiet,
with
Bristles are in somewhat more demand, with Shungkings in demand slack.
small scattered
lots coming down the Yangtze. The egg produce
market is greatly
impeded by military operations throughout the
Yangtze. Flour stocks in
Shanghai are declining due to the failure of the wheat
to come from the
interior, and the price has increased; but no
immediate purchases of
American wheat are considered likely in view of
unfavorable exchange and
the nearness of the local new crop season.
JAPAN.
The slightly improved economic conditions in Japan
have created a more
optimistic feeling in trade circles, and certain markets
are showing renewed
activity. During February exports of cotton yarn and
textiles were satisfactory. Shipments to India were also satisfactory,
notwithstanding the
agitation in that country against Japanese textiles.
Activity was noted in
the canning and can making machinery market, as well as
other machinery
lines. The demand for heavy electrical equipment was
very good, but
automotive sales were below expectation.
Financial conditions were quiet during the month with
money relaxed.
Increases were noted in exchange, stock and bond flotations,
and specie
shipments.
The general tone of the raw silk market is stronger,
owing to the
stabilization of prices at the present level. During February
exports of
raw silk declined slightly.
There was more activity in the cotton yarn market
during the month,
both production in the association mills and exports having
increased.
Warehoused stocks of raw cotton also increased.
NETHERLANDS EAST INDIES.
Some reaction has been felt in Netherlands India from
the unrest in
China, but not enough to affect basic conditions. Increased
activity occurred in February and early March in most trades and the
native New
Year celebrations, beginning in April, are expected to further
stimulate
retail buying. Reports of favorable business activity in the Outer
Possessions continue to be received.
Leading crop forecasts, especially rice and sugar, are excellent.
As a
result of greater confidence hi the cotton price situation, the textile
trade
has recovered from the dulness of recent months, with importers
replenishing stocks.
BRITISH MALAYA.
British Malayan February trade fell to the lowest monthly values
since
1925 and was 14% under that of the previous month. The decline is attributed to effects of the recent floods in the Malay Peninsula and to
falling
rubber prices.
Speculative buying of rubber for forward shipments increased
in February, on the assumption that rubber prices will advance materially in
the
latter part of the year. The average February price was 65% Straits
cents (about $0.37 a pound).
Tin prices, because of small stocks of the commodity, rose from
the
low level of the previous month to an average of 154.25 Straits dollars
($88.30) per picul of 133 1-3 pounds. Exports of tin for the month fell
to a total of 4,447 long tons, of which 68% went to the United States, 24
to Great Britain and 6 to Continental Europe.
1755
With greater activity in the rice trade, general business of February
was good compared with the trend of recent months. The present
crop
outlook is for a good average year.
Increased orders from Japan, Shanghai and Hongkong resulted in larger
exports of rice in February than in any month since May last. Total shipments of all grades amounted to 119,716 metric tons, of which 3,140 tons
consisted of white rice for Hongkong.
The tendency of rice prices was upward, with first quality rice offered
on Feb. 28 at ship side in gunnies, at 10.70 piasters per hundred kilos, or
slightly over 2% cents a pound.
INDIA.
'India's foreign trade outlook has benefited greatly in the past month by
important legislation. The rupee has been stabilized at 18 pence and announcement of another surplus budget indicates a healthy financial condition which will tend, with prospects of lowered tamale, to brighten the
trade outlook.
The cotton mill situation is improving, although Japanese competition
is keener. The increase in Lancashire piece goods prices has benefited
importers by enabling then] to dispose of recent commitments.
Shellac is steady, with jute and hessians pointed higher.
AUSTRALIA.
Sugar cane losses resulting from the cyclone and floods in Queensland are
now estimated locally to be only about 10% of the total crop. The wheat
market has been quiet during the month, with little burliness at present
being transacted. Labor is normal.
January trade figures show increased imports as compared with January
of last year, while exports have declined. All principal items of import
except timber, unmanufactured tobacco, printing paper and cotton and
linen piece goods registered increases. The decline in exports was due
largely to lighter shipments of wheat, butter, flour and greasy wool.
PORTO RICO.
Business conditions in Porto Rico during the week ending March 18
show a slight recession from the seasonal improvement of the preceding
weeks, although commercial transactions approximated those of the corresponding period of 1926. Retail trade was about normal in San Juan, but
the activity in other towns was somewhat less. An acceleration in business
and improved collections are expected in April, when important sales of
tobacco begin, particularly if prices are good. A local report indicates
that the quality of the tobacco is better than was expected and that the
crop will be large, although slightly less than the preliminary estimate of
51,000,000 pounds.
Sugar prices weakened and prices of pineapples,
oranges and grape fruit declined slightly.
BRAZIL.
Brazilian coffee markets showed a slightly favorable trend, with prices
remaining firm during the week ended March 18. An unexpected dulness
in many lines of business created a slight depression. thirds exchange continues steady at $0.1183 to $0.1187, which is slightly lower than muchdiacussed stabilization rate of approximately $0.1197. The Sao Paulo
State railroads were authorized by the Government to increase their tariffs
10%, the additional sum'thus realized to be used for the,purchase of material and new rolling stock. Accordingly this went into effect on Mar. 10.
ARGENTINA.
There has been no important change in the general economic situation of
Argentina. Exchange is still quoted above par, while export(' continue to
be strong and imports weak, but the latter situation shows signs of improvement as the fall season advances. Figures just made available show
that the building trades in the city of Buenos Aires were less active in
1926 than in 1925, the sum spent amounting to $84,018,000 and $58,166,000, respectively (converted at the average rate of $0.402 for 1925 and
$0.407 for 1926 per paper peso).
URUGUAY.
France paid the seventh quota of its debt to the Republic of Uruguay on
March 17, a sum of 1,650,000 pesos, leaving a balance of 4,350,000 pesos
yet unpaid. The last previous payment was made on Sept. 17 1926, the
amount paid at that time being 1,687,500 pesos. (Cable from Commercial
Attache L. B. Clark, Montevideo, March 18.)
PERU.
As a result of charges that local manufacturers whose products are protected against foreign competition by a high tariff are profiteering at the
expense of the consumers, the Peruvian Senate passed a bill authorizing
the Executive to penalize such local manufacturers by lowering import
duties levied on imported goods, similar to those manufactured by them.
The bill is reported to be popular, and consequently promulgation by the
Executive is said in Peru to seem assured.
J. P. Morgan's Gift of $200,000/to [Medical/Center as
Memorial to His Wife—Fund to be Devoted/to
Study of Sleeping Sickness.
The following am eared in the "Wall Street Journal" of
March 22:
A service, the first of its kind, for research, study and treatment
of
encephalitis, commonly called "sleeping sickness," Is to be a part of the
new hospital to be erected by the Neurological Institute at the Medical
Centre. This has been made possible by r gift of $200.000 from J. Pierpont
Morgan for the construction and equipment of a complete hospital floor
containing 48 ward beds which is to be designated as a memorial to his wife,
the late Jane Grew Mcrgan.
Dr. Walter Tirnrae, Chairman of the Joint Finance Committee of Trustees
and Medical Staff of the Neurological Institute, said at a meeting Monday
afternoon that Mr.Morgan's gift "places unparalelled facilities for Investigating sleeping sickness at the disposal of the medical profession and'orill
enable the Neurological Institute to bring to bear upon this problem the
combined resources of the entire Medie,a1 Centre."
Japanese Banking Troubles—Passage of "Earthquake
Bills" Eases Situation—Bank of Japan Lends
Assistance.
Uneasiness said to have developed from debates invthe
Diet over bills which had been introduced to guarantee the
bank securities which were lost in the Japanese earthquake
1756
THE CHRONICLE
[VoL. 124.
'of 1923 resulted in runs on several banks and caused the
Bill In British Parliament Changing Status of India
closing of 12 banks in Tokio and the vicinity. Regarding
to Self Governing Dominion.
the difficulties, which have since been stayed, officials of
A
bill
has
been introduced into the British parliament
the Japanese Financial Commission in New York on March
22 made public the following advices from the Treasury which, if it becomes a law, will change the status of India
from that of a British colony to that of a self-governing
Department of Japan:
On March 15 the Watanabe Bank suspended payment, and was followed dominion, giving to India, according to advices received by
on March 19 by the Nikal Bank. Both are third-rate banks, with long the Bankers Trust Company of New York through its
unfavorable reputations, therefore no serious effect to the general financial
British Information Service, the same status as that of the
circle is expected. The Government and the Bank of Japan will do everyother self-governing dominions such as Canada, Australia,
thing in their power to avert any future trouble.
A meeting was held on March 19 at the Bank of Japan, attended by rep- New Zealand and the Union of South Africa. The trust
resentatives of seven of the largest Tokio banks, at which the following
understandings were reached: First, in case there arises any uneasiness in company's advices, dated March 21, adds:
Bythe terms ofthis bill,the Council ofIndia is-abolished and the Secretary
of State for India will in future have the same relation to the Commonwealth
of India as the Secretary of State for the Colonies has to the governments
ofthe dominions. The Viceroy and Provincial Governors of India will have
cabinets to advise them consisting of a Prime Minister and a number of
Ministers, the minimum to be prescribed by statute. This cabinet will be
collectively responsible to the legislatures constituted entirely on an elective
basis. The proposed constitution is of a federal type with autonomous
provinces and the powets of the Commonwealth and Provincial Legislature
defined. The budgets, both of the Commonwealth of India and of the proIt was announced in the New York "Times" of March vincial governments, will be subject to the vote of the legislatures, except a
24 that the Japanese Financial Commission had received certain minimum for defence to be prescribed by a commission appointed
word by cablegram that the so-called Earthquake Notes for five years which will be an obligatory charge upon the revenues of the
Commonwealth of India. The Viceroy will have full power over the defence
Readjustment bill had been passed by the House of Peers forces, but should the budget estimates
exceed the minimum limit, the sancon March 23, and that its passage had improved sentiment. tion of the Commonwealth Legislature will be necessary. This reservation
will disappear as soon as the Commonwealth Legislature passes an Act with
The "Times" added:
the approval of the Defen.ce Commission expressing its readiness to accept
Bankers in New York said that the situation caused by a run on some full responsibility for defence.
of the minor banks in Japan was being rapidly righted and cables indiThe communal and special representation is abolished, but as a temporary
cated that normal conditions would be in force by to-day.
measure, the number of seats reserved for Mussalmans and Europeans will
London Associated Press advices, March 23, stated:
be maintained for a period of five years. The rights of minorities are proA ToIrk) dispatch to the Exchange Telegraph says that the Japanese tected by a provision to the effect that legislation dealing with such matters
Government has stemmed the money panic by giving assurances of un- should lapse for a period of a year if it is opposed by a majority of the repreconditional support for all banks.
sentatives of the particular interest or interests concerned. There will be a
A timely Japanese bond subscription in the United States, it adds, has Supreme Court of India in addition to the existing High Courts.
tended materially to reassure the public.
financial circles or a run on banks due to suspension of payment by these
two banks, the Bank of Japan will extend all possible facilities to aid tLe
situation. Second, the other seven banks will co-operate with the Bank of
Japan in giving every possible help to relieve the situation.
Owing to the temporary deadlock in the Upper House of the so-called
"earthquake bills," many rumors have been circulated causing more or less
uneasiness among the public. However, the bills are expected to pass the
House shortly, which will do much toward relieving the public worry and
stabilizing the financial world.
On March 24 the New York "Times" reported the followNew Rupee Rate Helps Cotton—Bombay Enabled Now
ing from Tokio (copyright):
to Buy in American Market—Indian Council
• Runs on smaller banks have ceased since the Bank of Japan made it
known that it would assist all threatened banks which showed solid assets.
of State Fixes the Stabilization.
Twelve banks altogether closed their doors, the last four being small country
From London yesterday (March 25) the "Sun" announced
institutions which succumbed to the rush before assistance could reach
them. The share market, which was temporary depressed, has recovered the following cablegram (copyright):
its tone.
There never was any general alarm, as it was well known that the banks
which fell first had long been in difficulties, owing to earthquake liabilities.
The Peers have now passed the Earthquake Notes Adjustment bill and
extension of the troubles is unlikely. Clearing House figures indicate that
much of the money withdrawn by alarmed depositors was re-invested in
stronger banks.
Earlier in the week (March 22) a cablegram (copyright)
to the "Times" from Tokio said:
The Indian Council of State approved to-day the rupee rate bill which
passed the Legislature Assembly on Tuesday, thus stabilizing the rupee
at one shilling sixpence, instead of one shilling fourpence as it was rated
heretofore.
Other bills will be introduced during the course of the year authorizing
the Indian Government to dispose of silver and freeing it from the present
obligations regarding the conversion of notes into silver. Thus a long
dispute between representatives of Indian agricultural interests and the
interests of Bombay merchants and English manufactures has ended
in favor of the latter.
Officials of the India Office state that the new bill will have beneficial
results for India's economic life. The primary aim of the new bill is to
popularizethe note issue against the use of silver currecny and thus reduce the amount of silve, held by the Government in reserve against the
notes. It is emphatically stated, however, that it is not intended to
demonetize the silver rupee, which still remains legal tender.
Indian Nationalists, however, complain that it will take a long time
before home trade will be able to arrange prices to meet the new situation
and consequently are afraid of an economic crisis. How well founded
are these fears is illustrated by the fact that the bill was passed by a majority
of only five. The Natolnalists complain that rupee stabilization will be
beneficial only to English manufacturers. The following illustration is
given:
India holds a world monopoly for jute. Last year exports to England
amounted to 647,000 tons at 450 rupees a ton. The new rate of exchange will bring down the price of jute to 400 rupees per ton. Indian Jute
growers losing on this transaction about $2.500,000.
On the other hand, with the rupee at one shilling sixpence. Bombay
merchants will be able to purchase American instead of Indian cotton,
since American cotton, with the new currency, will be some 21.54% cheaper.
Three hundred thousand bales of American cotton already have been
ordered by Bombay mill owners. In order to compete with American
cotton Indian growers will be compelled to reduce prices by at least
four cents.
British manufacturers hall the new measures as a life saver for British
Industry, since all British manufactured products will be available in
India at a lower rate than previously.
Four of the smaller Japanese banks, namely, the Mural, Nakazawa.
Eighty-fourth and Soda banks, closed their doors to-day. Four others,
the Watanabe Nakai, Akaji and Hirobe, suspended last week. All are
officially described as "second class," but several were fairly large and
well-known institutions.
These eight suspensions within a week have alarmed small depositors and
runs are reported on other banks, but the Bank of Japan has decided to
assist the menaced institutions and the Vice-Minister of Finance announces
that the Government will intervene to prevent more suspensions.
The total deposits in the eight banks amounted in February to about
$85,000,000, the Mural being the largest defaulter with $30.000,000, the
Watanabe second with $1,650,000, and the Nakai third with $1,250.000.
The banks which finance the bulk of Japanese trade are not affected.
The run from which these banks suffered is due to the Legislature's delay
In passing the so-called earthquake notes readjustment bill now before the
Diet. After the 1923 earthquake the Bank of Japan, acting under imperial
ordinance, undertook to discount certain specified bills in order to relieve
firms during the post-quake period.
The Government pledged itself to make good the losses incurred thereby
up to $50.000,000. The total of such notes discounted amounted to $215,000,000, of which $1,035,000 are still outstanding. This outstanding
emergency paper is held by eight of the larger and eleven of the smaller
banks.
The run was started when Finance Minister Kataoka, questioned in
House, divulged that the Watanabe Bank was one of the eleven.
Owing to the Government's action, further extension of the scare is not
expected and, as it now appears certain that the peers will speedily pass
the earthquake notes bill, the panic will doubtless subside.
The principal feature of the Government relief bill is the advance through
the Bank of Japan of Government 5% bonds, such bonds being regarded
Bill Before British Parliament Stabilizing Date of
as a loan repayable in a decade.
LEaster.
Of the total of $1,035,000 outstanding about half is held by the Banks of
Taiwan and Chosen, two semi-official institutions. Only three concerns,
A bill has been introduced in the British Parliament to
according to the Government, have more than 85,000,000 worth of outstanding notes, namely the Suzuku Shoten, Kuhara Gomeu and the Yama- stabilize the date of Easter Day or days or other periods or
moto Shoten. Firms involved by endorsements and otherwise number occasions depending thereon, according to information
about 10.000.
Trust Co. of New York through
The present trouble is thus part of the deferred liquidation of the 1923 received by the Bankers
earthquake losses and, it is probable, that the crashes would have been its British information service. In its advices, issued
avoided had the Government's relief bill not encountered unexpceted oppo- March 18, the trust company says:
sition in the Diet, instigated to some extent by firms which had paid their
Instead of the date of Easter being governed as it is now by the moon's
earthquake notes and objected to other firms being relieved from the phases, it is proposed that hereafter the first Sunday after the second
Exchequer.
National
Saturday in April shall be observed in England as Easter and that any
Order-in-Council, order, regulation, by-law, deed, notice, or other document whatsoever referring to Easter Day or to a day or other period or an
Use of Hongkong Bank Notes by Foreigners
occasion whose date depends on Easter Day shall be deemed a reference
Prohibited.
to the day as fixed by this new law and that all courts, meetings, assemblies
of any bodies politic or corporate, and all markets, fairs and marts and
A Hongkong message, March 12, to the New York News courts thereunto belonging, which by any law, statute, charter or usage
said:
News,
are appointed, used or accustomed to be held and kept at any moveable
Bureau from the Central
The Kwantung provisional government has announced that the use of time or times depending upon the time of Easter Day, shall be held and
the notes of the Hong Kong Bank has been prohibited to all foreigners and kept upon such days and at such times whereon the same shall respectively
happen or fall according to this new regulation.
that Chinese must use central bank notes in business transactions.
MAR. 26 1927.]
THE CHRONICLE
1757
better than those offered by the Reich on time and only considered German
goods when cheaper, though the credit privilege always was exercised.
Last year's exports to Russia from Germany amounted to 265.000.000
The sinking of the Spanish vessel Cabo Hatteras on March 6 on her way marks,86% of which were manufactured goods. It is believed that private
from Spain to the United States resulted in a sensational advance of $9 in business deals concluded on a cash basis will amount to practically the same
quicksilver prices here last week and has brought the price of a seventy-six- sum and without the costs incident to extending long-term credits.
Russia in trying to make a new agreement for credit extensions also wants
pound flask to $115, the highest since the wartime peak of $140.
It was known when the vessel sank that she was bringing a supply of longer terms of credit, which Germany feels to be impossible.
quicksilver, but it was only yesterday that it was learned she had about
700 flasks on board. News of the size of this loss had been fairly well
German Banks Plan Credits to Rumania.
restricted to trading circles until the details were learned from the steamship
agencies.
Berlin
advices March 18 published in the New York
The loss ofso large a supply of quicksilver is reported to have embarrassed
some consumers, who had depended on the safe arrival of the Cabo Hatteras "Journal of Commerce," state:
to'supply their manufacturing wants.
Heavy credit advances to Rumania for the purchase of German goods
are planned by a syndicate of German banks, according to announcement
here. Most of the funds advanced, it is stated, will be used for the purchase
German Reichstag Committee Endeavors to Devise of material and equipment for Rumanian railways
A large amount of railway material has already been supplied under the
Means to Raise 900,000,000 Marks for Home Use.
reparationsdeliveriesin kind. A recent agreement between Germany and the
A Reichstag committee composed of the representatives Rumanian railways included sales of 41,000,000 marks,of which 32,000,000
of various political parties began its session on March 16 marks were to be made by reparations deliveries. Since Rumania's share
of reparations receipts in the last year was
9,000,000 marks, this
under the chairmanship of Chancellor Marx, to find ways involves a German Government guarantee ofonly
reparations payments for a
and means of raising 900,000,000 marks, which is required number of years in advance unless German banks undertake to finance a
large part of the order.
in addition to the estimates
Price of Quicksilver Soars on Loss of Cargo at Sea.
The following is from the "Times" of March 22:
of nearly 10,000,000,000 marks
for 1927, which are now under Parliamentary discussion.
The foregoing is from advices (copyright) from Berlin, Appeal of German Minister of Agriculture for Agrarian
March 16, to the "Times," from which it is also learned:
Import Duties.
This sum of nearly a billion marks, which is almost double the Dawes
A
copyright
cablegram,
March 20,from Berlin to the New
Plan requirements for this year and which seems to create very little perturbation among the Deputies and the German population, is needed to York "Times," stated:
cover anticipated expenditures for increasing old-age pensions, providing
for unemployment doles, building program, veterans' pensions and a handsome sum for the various Federal States in addition to their present allowance.
Though the budgets for the various Ministries are still being debated,the
committee plans to submit new supplementary estimates as a separate bill.
Since the question taking up the gigantic program for building canals
and other public improvements as a means of reducing unemployment is
still unsettled, the budget estimates make provision for jobless doles and no
money is available for these payments after April I. For this reason the
new estimates include 250,000,000 marks for meeting these demands.
One of the proposals for raising additional money is to increase the turnover tax by h of 1%, which is strongly opposed by industry.
Another proposal to increase various taxes on the workers by 25% also
meets disapproval. An internal loan is not considered feasible because it is
believed that it would adversely affect the money market and precipitate
a drop in stocks and bonds.
The committee reached no conclusions in its first session.
Minister of Agriculture Schiele made a strong speech in the Reichstag
last week in favor of agrarian import duties. He declared that "food
Imports mean the lockout of German labor."
Further, he pronounced it impossible for Germany to pay permanently
for foreign food in view of her liabilities to foreign countries for reparations
and German loans
Closes Negotiations for Loan of
2,000,000 Egyptian Pounds.
The following Washington adviees are from the "Wall
Street Journal:"
Sudan Government
Sudan government has closed negotiations for a loan of 2,000,000 Egyptian
pounds, approximately $10,000,000, the proceeds to be used principally
for railway extension, Commerce Department is advised. Loan will be
guaranteed by the British government. In addition: the British government
is understood to have agreed to remit the payment of 2-5ths of the interest
of the loan for the first three years of its duration, this being in the form
of a subsidy from the government, department states
Berlin's City Debt Reaches $250,000,000—Loans and
Deficits Are Steadily Rising, Though Slate Was
Italy Plans Export Trade Loans.
Clean Three Years Ago.
The"Times" of March 22 reported that the Italian finance
From the "Times we take the following copyright advices
officials have recently enacted or are considering several
from Berlin March 12:
The city of Berlin is contracting financial obligations like a drunken sailor measures which are expected to further the Fascist policy
with an installment house mall-order catalogue, some Berlin finance experts
defined in last year's decrees instituting currency and credit
assert.
Although virtually all debts were wiped out by the Reich's money infla- deflation and improvement of the country's payment balance,
tion, and the city started with clean books only three years ago, the mu- according to cables received in Wall Street
by the Italian
nicipal treasury now is faced with practically $250,000,000 indebtedness
Government's financial representatives here. The "Times"
through loans and budget deficits.
Berlin's portion of the burden of valorization of pre-inflation of savings goes on to say:
accounts will cost nearly $200,000,000 and last year's budget showed a deficit
of $25,000,000 more. The city's undertakings in civic improvements and
building new transportation systems will require large bond issues also.
Under the Reich's present financial policies it will be difficult for the municipality to get foreign loans in addition to the one obtained from America
soon after the currency was stabilized, but with the present fluidity of money
it is believed necessary loans can be floated internally at a reasonably low
rate, probably around 7%.
The Government Is considering the constitution of a stock company
under the patronage of the Export Institute which would grant commercial
credits to exporters.
At the last Cabinet meeting it was decided to develop the use of postal
checks to increase the speed and elasticity of the circulating media and to
reduce the number of bank notes. Postal checks will ti the means for
payment of taxes and for dues for public services.
By a decree of Feb. 10, designed to stimulate and safeguard savings deposits, ordinary savings banks with capital below a certain medium are
required to consolidate with other banks, while consolidation of larger
Postpone Payment on Creek Bonds.
savings banks will be optional.
Italian statistics show that the economic consequences of the deflation
An Athens cablegram March 21 to the New York News
policy have not presented the difficulties which were expected in some quarBureau from the Central News, says: w-$b..
ters. The Bank of Italy's latest statement shows that loans ano discounts
The Greek government is awaiting nomination by the international
have declined only about 400,000,000 lire from a total of over 10.500,000,000
financial control, of an arbitrator to collaborate with the government's
lire in the past two months. New investments in Italian stock companies
nominee to decide the dispute between the government and the control.
remain in normal volume.
regarding the manner of converting the drachma to gold currency for
In February 193 new companies were formed, with a total capital of 63.payment of the coupons on the guaranteed bonds. Meanwhile payment of
641,950 lire, and 110 companies increased their capital by 299,675,500 lire,
the April 1 coupons has been postponed.
making the amount of gross new investments 363,317,450 lire. Net
new investments were reduced to 241,408,170 lire by liquidation of 68 companies, with total capital of 57,680,280, and reduction of capital by 64.229,Germany Will Not Renew Credits to Russia—Arrange- 000 lire by 20 companies.
ment Made With the Soviet Is Found to Be
Unsatisfactory.l
Italy Regulates Exchange—Concentrated Supervision
Germany will not renew her agreement to extend to Russia
Arranged for Future Transactions.
300,000,000
marks
on purchases of
credit to the extent of
Under the above head the "Times" of March 20 stated:
German goods, according to the belief of the Vossische
On the basis of official declarations of the Italian Government it is stated
Zeitung. A copyright message to the New York "Times" that
the "National Institute for Foreign Exchanges," at Rome. has been
from Berlin, March 18 in stating this adds:
reorganized as an autonomous office under the supervision of the Ministry
The present compact expires March 31.
The reasons given for the Government's action, which might at first be
regarded as a blow to industry, are:
1. Question of guarantees of payment were not answered by the Soviets
to the satisfaction of Germany.
2. Noteworthy changes in the development of Russia's economic situation
and in her commercial policies have taken place.
3. The past few months show a slowing up of Russia's orders from foreign
firms.
4. Disinclination of insurance companies to assume risk on these credits
owing to the Soviet's monopoly of commerce.
In addition German industrialists are dissatisfied because it is reported
that Russia has boaght for cash in other markets when prices were a shade
of Finance. On Feb. 24 Count Volpi presided at the installation of the new
Board of Directors, whose Chairman is Commissioner Stringher, General
Director of the Banca d'Italia. The Institute will do all the foreign
exchange transactions for account of the Italian Treasury, including the
payment of the war debts, and will carry out foreign trade operations in
the national interest.
It is taken for granted that its reorganization under the leadership of$
Banal d'Italla will have as a result a unity of direction as regards not
circulation, credit and foreign exchanges, in view of the fact that the so'
right of issuing bank notes had already been centred on the Banca d'Il
together with the supervision of credit operations, and now the purcha
and sale of foreign currency for account of the State is entrusted to th
National Institute for Foreign Exchanges.
1758
THE CHRONICLE
Italian Debt Reduced Despite Conversion—Arrangements Which Have Now Made the National Obligations More Manageable.
Official statements of the Italian Treasury, says the New
York "Times" of March.20, show that, as compared with
the end of the last fiscal year, on June 30, there is still, in
spite of the funding of the floating debt and the raising of
fresh money by the issue of the loan, a reduction in the
volume of
debt of some 485 million lire. The "Times"
further says:
It is doubtful whether the subscriptions to the loan from Italians abroad,
[VOL. 124.
BondsToffReliublieof"Peru Oversubscribed Six Times.
An Associated Press dispatch from Washington, March 19,
says:
The Peruvian loan of $15,000,000, floated simultaneously Wednesday
in
New York, London, Amsterdam and Zurich, has been oversubscribed
six
times, the Peruvian Embassy has been advised by the Lima Government.
The offering was referred to in these columns March 19,
page 1607.
Offering of $12,000,000 Bonds of Italian Credit Consortium for Public Works—Issue Oversubscribed.
which are still to be entered, and the further addition to the
On Tuesday of this week a syndicate headed by J. P.
debt which
may be involved by the optional conversion of nine-year
Treasury bonds Morgan & Co.and including I he First National Bank and the
will reach that total, so that when the full issue of the Littorio
loan is National City Co.,
offered and sold an issue of $12,000,000
recorded in the Treasury statement it is likely that the figure of
the national
internal debt will show a total almost equal to the one outstanding on
June external loan sinking fund 7% secured gold bonds,comprising
30 1926, with the difference that the floating debt will be practically wiped $4,500,000
series A 10-year bonds, due March 1 1937, and
out, and of the debt, aggregating, roughly, 91,000 million lire,
at least $7,500,000 series
B 20-year bonds, due March 1 1947. The
five-sixths will be in the form of perpetual and irredeemable obligations.
The service of the foreign war debts, which were settled in
Washington series A bonds were offered at 96% to yield 7.50% to
and London in October 1925, and January 1926. is provided for by a
special maturity, and approximately 7.75% to the average maturity
department with the proceeds of reparations receipts. The only
other date. The
series B 20-year bonds were offered at 95M%
outstanding State liability consists of the Government loan issued in
New
York in November 1925, for a capital amount of $100,000,000,
the service to yield over 7.40% to maturity, and approximately 7.50%
of which involves a yearly outlay of 36.3 million gold lire, which, at
the to the average maturity date.
peasant rate of exchange, is equal to about 163 million paper lire.
The approximate sterling equivalent of 82,500,000 series A
bonds and of 85,500,000 series B bonds, in sterling form,
French Bank Crosses Off Russian War Debt—Adjus
ts
was offered in London by Messrs. Morgan, Grenfell & Co.,
with Government the Book Entires of the
Hambros Bank, Ltd., and N. M, Rothschild & Sons,
Defaulted War Loans.
From the New York "Times" of March 20 we take the resulting in an aggregate dollar and sterling issue equivalent
to approximately $20,000,000. According to cable adviees,
following:
The Paris financial tress states that the French Ministry of Finance has the London issues were also oversubscribed.
placed before the Chamber the draft of a bill concerning c convention
The Credit Consortium for Public Works is an Italian
concluded on Feb. 3 between the Bank of France and the State, the object
of public body established in 1919 for the purpose of financing
which is the definite settlement of the question of items in the books of
the
bank relating to Treasury bills remitted during the war to the Russian public works by granting loans to provinces, municipalities
Government, which bonds the bank discounted without having received
the and groups of private borrowers. As security for such loans,
interest. The capital amount of this debt, originally 3.240,504,737
francs, the borrowers hypothecate to the Credit Consortium annuities
has increased by the addition of interest to 5,624,000.000. This
item will
be closed from the day on which Parliament will have voted the
convention payable by the Italian Government or special assessments
of Feb. 3, and henceforth will yield an interest of only 1%.
of which 0.50% (in the nature of taxes) levied in respect of the improvements
will go to the benefit of the bank and 0.50% will be reserved for
amortiza- to be financed. Further data
in connection with the
tion.
The bank is to pay into the amortization account the difference
between offering are given in our "Investment News Department",
that which It is supposed to have received theoretically and
what it would page 1834.
have received since Jan.
29 1918, if It had been credited with only 0.50%
interest, viz.: about 111.000,000 francs. In future the
French Treasury
will show an annual charge of slightly over 56,000,000
francs, which would
be provided in the current expenditure.
Purchase of Bonds of Hungarian-Italian Bank by
Banking Syndicate.
A banking syndicate headed by P. W. Chapman & Co.,
Swiss Gold Is Still Put into Circulation.
Inc., and A. M. Lamport
Co., Inc., has purchased and
1%781773s National Bank in its current aruival report will offer next week a new &
issue of five-year secured 7.20%
comments as follows on the attitude of Switzerland regarding gold bonds of the Hungarian-Italian Bank (Magyar-Clasz
gold and silver coinage:
Bank Reszvenytarsasag). The Hungarian-Italian Bank, with
The policy of our establishment in respect of the issue of
gold MIMI has its principal
office in the City of Budapest, is said to be one
not changed since the previous report; on demand the bank
continues to
put into circulation the gold coins paid in over the counters.
The stability of the largest and most important banks in Hungary, and
of the Swiss franc in the immediate proximity of the dollar parity
prevented was formed by the consolidation of three important and
large international arbitrage operations in gold. Imports of
bar gold do
long-established Hungarian banks. This institution, having
not enter into this category of operations, and imports of gold
coins, more
or less used, from countries of the Latin Union have not quite
eight branch offices in the city of Budapest and nine branch
ceased.
The great event of the year in respect of the gold circulation
was the offices in other important communities in Hungary, conducts
dissolution of the Latin Monetary Union brought about by its
denunciation
a general commercial and mortgage banking business. The
last year by Belgium. In consequence of this dissolution the
gold currencies of other countries of the union are no longer legal tender in
Switzerland, Banca Commerciale Italiana, Milan, one of the leading
where certain of these coins have circulated since 1860. These coins having
been withdrawn, our monetary circulation will be completely nationalized, banks in Europe, reporting for the year 1925 capital and
These measures are of particular importance because they mark the
reserves of over 850,000,000 and assets of over $650,000,000,
end of a
period of more than three-quarters of a century of the Swiss monetary owns a majority
of the stock of the Hungarian-Italian Bank
history. Since tho unification of our monetary system, effected in
1850,
our circulation was supplemented in various degrees by foreign coins. Since and controls its activities through representation on the
the establishment of the Latin Union, In 1865, our monetary rights
have Board of Directors. In the year 1926 the Bank reported
been settled on an international basis.
capital stock and reserves amounting to 14,000,000 pangos,
To discuss the Latin Union and its merits would exceed the scope of
this or,at the current
rate of exchange,approximately $2,450,000,
report. It departed this life without a struggle, after its sixty-two
years
of existence, and without having fulfilled all that was expected of it.
and since its organization has paid dividends regularly.
Notwithstanding the period of economic depressing following
Brazil to Fix Dollar Rate of Milreis at Twelve Cents— the war, the bank's deposits have steadily increased, being
Initial Step in Stabilization Program Will Be
approximately $6,749,400 in 1925 and over $11,000,000 in
Taken Next Week.
1926.
Associated Press advices from Rio de Janeiro, March 22,
are published as follows in the "Herlad-Tribune":
Kingdom of Norway 6% Internal Loan of 1921-31
The Brazilian currency stabilization plan will take its initial
step next
Called for Redemption.
week, it was learned to-day at the stabilization department, where it
was
The Guaranty Trust Co. of New York, as depositary, has
said that the dollar rate would be fixed at 12 cents per mllrels.
There have been many rumors in the local market that the Government been informed that the entire outstanding issue of Kingdom
is continuing arrangements to carry out the financial reform measures which
were in President Luis's platform when he took office, but it was impossible of Norway 6% internal loan, 1921-1931 bonds has been
called for redemption on April 1 1927, at par and accrued
to obtain details of these steps.
Unofficial information obtained to-day said the Government Is obtaining interest to the date of redemption; and notice has been
the latest financial statements of the various States concerning their foreign
loans. It is understood that the national government is planning to offer given by the Depositary that all their Deposit Certificates are
to lake over these loans, especially from those States which are having likewise called for redemption on the same date at their
difficulties in meeting their obligations.
principal amount and accrued interest to the date of redemption. Holders of Deposit Certificates may present them for
Payments by France and Italy to British Government redemption to the Guaranty Trust Co. at its Corporate
on Account of War Debts.
Trust Department, on and after April 1 1927 with Interest
The French and Italian Governments each paid £2,000,000 Warrants due Oct. 1 1927 and subsequent attached. Into.the British Government on March 15 on their war debt Interest warrants due April 1 1927 are to be detached and
accounts, according to Associated Press cablegrams from presented for payment in the usual manner. Warrants due
London.
after April 1 1927 shall be null and void.
MAR. 26 1927.]
THE CHRONICLE
Offering of $20,640,000 City of Tokio 53' % External
Gold Bonds—Books Closed—Issue
Oversubscribed.
A group consisting of J. P. Morgan & Co., Kuhn, Loeb &
Co., the National City Co., the First National Bank and the
Yokohama Specie Bank, Ltd., offered on March 21 at 891A%
and accrued interest, to yield about 6.25% to maturity,
$20,640,000 City of Tokio external loan of 1927 sinking fund
5%% gold bonds. The books were opened at 10 a. m. and
were closed at 10.30 a. m. the same day, the bonds, it is announced, having been oversubscribed. The issue is unconditionally guaranteed by the Imperial Japanese Government
as to principal, interest and sinking fund by endorsement
on each bond. The proceeds of the loan are to be used in
completing the city's general reconstruction work, as laid
out after the earthquake of 1923, and in refunding shortterm loans raised for similar purposes. A cumulative sinking fund of 1% per annum, payable semi-annually, calculated to be sufficient to redeem the entire issue on or before
maturity, is to be applied to the purchase of the present issue
of the bonds if obtainable at or below 100% and accrued
Interest, or, if not so obtainable, to the semi-annual redemption, commencing Oct. 1 1927, at 100% and accrued interest,
of bonds called by lot. The bonds will also be redeemable
In whole or in part, at the option of the city, on April 1 1942
or on any interest date thereafter prior to maturity, at 100%
and accrued interest. The issue is in the form of coupon
bonds in denomination of $1,000. The bonds will be dated
April 1 1927 and will run until Oct. 1 1961. Principal and
interest (April 1 and Oct. 1) will be payable in New York
City at the office of The Yokohama Specie Bank, Ltd., in
United States of America gold coin of the present standard
of weight and fineness and without deduction for any Japanese taxes present or future. Kengo Mori, Financial Commissioner of the Imperial Japanese Government in London,
Paris and New York, in a letter to J. P. Morgan & Co., under
date of March 19 1927, with reference to the city's finances
and the purposes of the loan, says in part:
that with the completion of reconstruction in 1929 the city will again be
in a position to cover its ordinary expenditures entirely from its normal
sources of revenue.
Guaranty of Imperial Japanese Government.
All the bonds of this loan will be unconditionally guaranteed by the
Imperial Japanese Government as to the payment of principal, interest
and sinking fund, by endorsement on each bond.
The gross direct debt of the Japanese Government, outstanding on Dec.
31 1926, amounted to $2,573,385,321, of which $736,717,654 was external
debt. The Government's contingent debt, represented by its guaranty of
loans of the South Manchurian Railway Co., the Oriental Development Co.,
Ltd., the Industrial Bank of Japan, Ltd., the City of Tokio, and the City
of Yokohama amounts to approximately $103,800,000. The population of
Japan proper is over 60,000,000 people.
Over one-quarter (about $660,000,000) of the Government's total debt is
self-supporting, as it has been incurred in connection with the construction,
purchase and improvement of the State Railway System. The State Railways, comprising, as of March 31 1926, 7,837 miles of line (out of the
total railway mileage in Japan of 10,884 miles), represent a total capital
investment of over $1,246,000,000. In each of the past 15 years the State
Railways have earned substantial profits after the payment of all expenses
and interest charges on the Government's debt contracted for railway purposes. The net profits for the fiscal year ended March 31 1926 amounted
to $71,629,000.
In every year since 1881-1882 the ordinary revenues of the Japanese
Government have exceeded its ordinary expenditures. By statutory sinking fund provisions, at least 1.16% of the Government's funded debt must
be retired each year. By recent amendment, the fixed amortization payment must be increased in each year by an amount equal to one-quarter of
the Government's net budget surplus in the second preceding year. Under
these provisions, the total amount to be provided for the amortization of
Government debt in the fiscal year ending March 31 1928 will be not less
than $49,000,000.
All figures in this letter, originally stated in Japanese currency, have
been converted into United States gold dollars at par of exchange (i. e.,
1 yen equals $0.4985 U. S.).
Application will be made by the City of Tokio, in due course, for the
listing of these bonds on the New York Stock Exchange.
Punpose of Loan.
The proceeds of the present issue are to be used in completing the city's
general reconstruction work, as laid out after the earthquake of 1923,
including the reconstruction of its self-supporting undertakings referred to
below, and in refunding short-term loans raised for similar purposes. The
general program of reconstruction of municipal property involved a total
expenditure of $312,414,735, of which only $69,622,114 was to be raised
directly by the City of Tokio, the Imperial Japanese Government undertaking to bear over one-half of the expense of the reconstruction, and, in
addition, to advance $85,721,054 to the city to be repaid (free of interest
as to an amount of $64,912,108) within 30 years after the completion of
reconstruction.
. The reconstruction of municipal property is to be completed by March 31 1929 and the city's share of the cost thereof has been
met in part by the issuance in London in October 1926 of the £6,000,000
/
2% Loan of 1926, guaranteed by the Imperial Japanese
City of Tokio 51
Government, and the balanre will be provided by this issue and by utilizing
the city's domestic resources.
City Properties.
The city owns and operates the street railway system and the water
which
are
free
from
works,
competition by private companies. The city
also owns and operates an electric light and power system, which does approximately one-quarter of the electric light and power business of Tokio,
the balance being done by private companies. All of these municipal undertakings are normally self-suppirting, their net revenues being sufficient to
cover interest and sinking fund charges on the municipal debt contracted
for their purchase, construction and improvement.
The total value of the assets of the city, consisting of the abovementioned undertakings, and of land, buildings, securities and cash, was estimated at $233,745,529 as of NOv. 30 1920.
Debt of the City.
The city's debt as of Jan. 31 1927, giving effect to the issuance of the
present loan, and to the retirement of certain short-term loans from the
proceeds thereof, may be stated as follows:
Internal
$93,012,741
External
70,087,192
Total
$163,099,933
The external debt of the city is comprised of this issue, the £6,000,000
1926,
a
5%
Sterling
Loan
of
6%% Loan of
1906, a 5% Sterling Loan of
1912 and a 5% Franc Loan of 1912. The three latter loans are secured
by general charge on all the revenues of the city and by special charges on
certain specific revenues, but are not guaranteed by the Imperial Japanese Government.
City Finances.
The Imperial Japanese Government exercises supervision over municipal
finances; the borrowing powers of the municipalities are limited and
subject to the approval of the Government.
The City of Tokio obtains its revenues from taxes and from the operation
of the municipal utilities. Tax revenues are derived both from taxes
levied directly by the city and from the city's share in certain taxes levied
by the central and the prefectural Governments. As the capital of Japan,
and as a city with increasing population, Tokio is favorably situated with
respect to taxable resources.
Before the earthquake of 1923 the ordinary revenues of the city normally exceeded its ordinary erpenditures. Following the earthquake, there
was necessarily a temporary decrease in tax receipts and in the revenues of
the municipal utilities. Tax receipts have since recovered substantially,
however, and the earning power of the municipal undertakings has been
virtually restored by the reconstruction already effected. It is expected
1759
The amounts due on allotments will be payable at the
office of J. P. Morgan & Co., in New York funds to their
order, and the date of payment (on or about April 5 1927)
will be stated in the notices of allotment. Temporary bonds
or interim certificates, exchangeable for definitive bonds
when received, are to be delivered.
Offering of $400,000 5% Bonds of Greenbrier Joint
Stock Land Bank.
C. F. Childs & Co. offered on March 15 a new issue of
$400,000 Greenbrier Joint Stock Land Bank of Covington,
4 and accrued interest, to
Va., 5% farm loan bonds at 1031/
yield about 4.59% to redeemable date, 1937, and 5% thereafter. The bonds, dated March 1 1927 and due March 1 1967,
are exempt from all Federal, State, municipal and local
taxation and are subject to approval by the Federal Farm
Loan Board. The bonds are redeemable at par and accrued
interest on March 1 1937 or on any interest date thereafter.
In coupon form, in denominations of $1,000 and $500, they
are fully registerable and interchangeable. Principal and
interest (March 1 and Sept. 1) will be payable at the
Chatham Phenix National Bank & Trust Co., New York, or
at the Greenbrier Joint Stock Land Bank, Lewisburg, W. Va.
The Greenbrier Joint Stock Land Bank operates under
Charter No. 69, dated Dec. 7 1922. Loans of the bank are
confined to the "Blue Grass" region of Virginia and West
Virginia, comprising 49 counties and including the famous
Shenandoah Valley. The bank has a capital of $250,000;
surplus and profits of $44,805, and reserve (legal) of $12,000. It reports farm loan bonds outstanding of $2,100,000.
An analysis of the bank's loans as of Feb. 21 1927 follows:
$2,357,050.00
Total loans-621
853,538.84
Principal payments
86,510,553 95
Appraised value of land and buildings
93,755
Total acres mortgaged
83,800.00
Average amount loaned per farm
160
Average number of acres per farm
$69.00
Average appraised value per acre of land and buildings__
$25.14
Average amount loaned per acre
Percentage of amount loaned to appraised value of land
27.6%
and buildings
Offering of $500,000 5% Bonds of Union Joint Stock
Land Bank of Detroit. •
On March 11 C. F. Childs & Co. announced an offering of
$500,000 5% farm loan bonds of the Union Joint Stock Land
Bank of Detroit (Mich.). The bonds were offered at 104
and accrued interest, to yield about 4.50% to the redeemable
date and 5% thereafter. They will be dated Jan. 1 1927,
will mature Jan. 1 1957 and will be redeemable at par and
accrued interest on Jan. 1 1937 or on any interest date thereafter. The bonds are in coupon form in denominations of
$1,000, $5,000 and $10,000, fully registerable and interchangeable. Principal and interest (Jan. 1 and July 1) will be
payable at the Guaranty Trust Co., New York, or at the
Union Joint Stock Land Bank, Detroit, Mich.. The Union
1760
THE CHRONICLE
Joint Stock Land Bank of Detroit operates under Charter
No. 79, dated May 9 1923, making loans in Michigan and
Ohio. The majority of loans made in Michigan have been
made in the southern and eastern half of the State. No
loans have been made in northern Michigan. Loans made in
Ohio have been made in the northern and western half of
the State. An analysis of the bank's loans as of Jan. 31
1927 follows:
Total loans-1,631
Appraised value of farms mortgaged
Total acres mortgaged
Average amount loaned per farm
Average number of acres per fami
Average appraised value per acre
Average amount loaned per acre
Percentage of amount loaned to appraised value
$7,158,700.00
$20,619,678.00
179,055
$4,391.84
109
$115.16
$39.98
34.72%
The capital is $500,000; surplus and profits, $132,808; reserve (legal), $23,500. The farm loan bonds outstanding
amount to $6,450,000.
Control of New York Joint Stock Land Bank Sold to
Cleveland Interests.
Information to the effect that control of the New York
Joint Stock Land Bank, for some time owned by Guy Huston and the Guy Huston Co., had been sold to Cleveland
interests, became public yesterday (March 25). The assets
of the New York bank approximate $11,000,000, making
it
the largest joint stock land bank east of Ohio. This bank
is chartered to operate in the States of New York and
Pennsylvania, about 80% of its loans being in New York.
The
announcement regarding the change in control says:
Samuel
[VoL. UM.
relieved of all the difficulty they have heretofore
experienced with respect
to the payment ofadditional charges growing out of underchar
ges discovered
after delivery of the property.
This legislation was passed by the last Congress
and signed by the
President on March 4.
Committee Named to Investigate Feasibility of
Inclusion by New York Cotton Exchange
of Trading in Wool Futures.
Vice-President John W. Jay of the New York Cotton
Exchange announced on March 23 the appointment of a
committee of eight. members to investigate the feasibility
of the exchange trading in wool futures. The committee
will organize immediately and map out plans for a survey
of the wool industry from the viewpoint of the adaptability
of that commodity to the operations of a futures market.
Leon B. Lowenstein, of L. B. Lowenstein & Co., is Chairman of the committee, and the other members are T. Lurelle
Guild, Edward K. Cone, Thomas J. Beauchamp, J. Victor
di Zerega, Max Greeven, Alden H. Vose and Lothrop M.
Weld.
It was announced that the committee would welcome any
suggestions or information from persons engaged in the wool
business which would throw light on the practicability of
trading in wool futures. The committee later on willinvite
leading authorities in the wool industry to appear at its
hearings. It is realized that trading in wool futures, on a
basis similar to that in which cotton is now traded, presents
several new problems, and it will be part of the committee's
task to determine, if possible, how these can be solved. The
Exchange also states that there is reason to believe that the
wool trade, after its adverse experience of the last few years,
will be sympathetic to any plan which would lessen the hazard
of carrying wool by giving the merchant and manufacturer
an opportunity to hedge his commitments against possible
future losses.
The "Journal of Commerce," in referring on March 24 to
the appointment of the committee, said in part:
L. McCune of Cleveland, Ohio, organizer and President
of the
Ohio-Pennsylvania Joint Stock Land Bank, will succeed
Guy Huston, who
now resigns as President of the New York bank.
The two banks will be
operated as separate units, with Mr. McCune serving as
President of both.
Other officers of the bank elected at a special
meeting of the board of
directors are A. H. Seibig, President of the United
Banking & Trust Co.
of Cleveland, Vice-President; O. M. Hinman, New
York representative of
the Pure Oil Co., Vice-President; H. C. Holmes
of New York, Secretary
and Treasurer. The purchasers were represente
d by James P. Wood of
the law firm of Tolles, Hogsett 8; Ginn of Cleveland.
The new management has had wide experience in
the development of
Individual members of the committee, including its'chairman
joint stock land banks and the Ohio-Pennsylvan
, stated it
ia Bank has assumed a will begin its work in the full belief
that none of the obstacles to be overcome
high rank in the Federal Farm Loan System.
Its board of directors will prove insuperable. It was recalled
that in 1890 a similar committee
includes Myron T. Herrick, present Ambassador to
France, who was chiefly reported unanimously that a similar
general proposal would not be practiresponsible for legislation having to do with farm
credits. The New York cable. That, however, was thirty-sev
en years ago, it was pointed out.
Joint Stock Land Bank under substantially the
same management, will The number of exchanges was small, their
operations narrow. In the
give to agriculture in the States of New York, Pennsylva
nia and Ohio a Interval it is the feeling that there has been widesprea
satisfactory and efficient organization for the handling
d education in the
of farm credits, value of exchange trading in basic commodities, and
it was said at Washingthe combined assets of the two banks being in excess of $23,000,0
00.
ton that general recognition has been accorded to the economic benefit
of
exchange trading in future contracts conducted along sound principles
of
Elmer S.Landes Resignsfrom Federal Farm Loan Board. trade.
Members of the committee also pointed out that the same
which
It was announced on March 24 that Elmer S. Landes has concentrated trading in wheat, corn, oats, rye and barleyreasoning
futures on the
floor of a single exchange should, and doubtless will,
eventually result in
presented to President Coolidge his resignation as a mem- bringing trading
in cotton, wool and silk also to one conunon'trading floor.
ber of the Federal Farm Loan Board. Mr. Landes has The organization of the Board
of Managers of the New York Cotton Exaccepted the presidency of the Wayne County National change is believed best adapted to accomplish that result.
The proposal advocating the appointment of a committee
Bank in his home city, Wooster, Ohio. His resignation from
by the Exchange to study the question of wool futures was
the Farm Loan Board will take effect May 1.
mentioned in our issue of a week ago, page 1615.
President Coolidge Signs Bill to Aid Shippers—Consignee No Longer Legally Liable for Excess Charges.
Regarding a bill signed by President Coolidge on March 4,
under which a consignee is no longer liable for transporation
charges beyond those billed against him at the time of
delivery, we quote the following from the "Journal of
Commerce" of March 23:
For many years merchants receiving shipments
on consignment and
having no beneficial title in the property have been called
upon to pay undercharges on consigned shipments in many cases
several years after the
transaction had been completed and the shipper had
received payment for
the goods shipped on consignment. The result has
been that it was often
Impossible for the commission merchant to recover
the difference in freight
from the shipper, and the transaction instead
of resulting in a profit to
the commission merchant in many instances
resulted in his having to pay
for the privilege of selling the goods for the shipper.
Many efforts were made to correct this situation
without success because
of the difficulty of framing legislation that would relieve
only the merchant
to whom the goods were consigned in cases where
his only interest was that
of a commission man. The chief difficulty lay in the
fact that many commission merchants are also direct purchasers and in
such cases they are
responsible for the legal freight charges.
Bill Rectifies Drawback.
The Merchants' Association, co-operating with other
organizations,
caused to be introduced in the last Congress a bill providing
that a consignee shall not be legally liable for transportation charges beyond
those
billed against him at the time of delivery, which may be
found to be due
after the property has been delivered to him, if the consignee
is an agent
only and has no beneficial title in the property, and If prior to
delivery of
the property he has notified the delivering carrier in writing of
the fact of
such agency and the absence of beneficial title.
If a shipment has been re-consigned or diverted to a point other
than that
specified in the bill of lading he must notify the delivering carrier in
writing
of the name and address of the beneficial owner of the property.
Difficulty Now Removed.
If merchants who receive shipments on consignment will take the
necessary precaution to inform the carrier in writing of their interest
in the
property before paying freight and accepting the shipment they
will be
Research and Service Program Developed by
Department of Agriculture.
A cotton research and service program aimed at the
better co-ordination of cotton supply and demand and for
the purpose of increasing cotton consumption in the United
States, has been put into operation by the Bureau of Agricultural Economics, United States Department of Agriculture. "There is reason to believe," according to Bureau
economists, "that if all the possible new uses for cotton
were taken advantage of, the consumption of cotton in
the
United States might be increased about 2,000,000 bales
a
year."
An outstanding feature of the program is the collection of
production and consumption data on cotton grades,
staple,
and character under the direction of Dr. H. B. Killough
of Brown University, who has been placed in charge of the
Bureau's cotton utilization work. In announcing
this
March 80the Department says:
Cotton
This year typical samples of cotton grown in different parts
of the belt
will be gathered, and estimates will be issued periodical
ly during the
marketing season on the grade, staple and character of
cotton produced.
These estimates will indicate the relative scarcity or abundanc
e of cottons
of particular types, and by indicating whether cotton Is
high or low in
grade and quality, the facts will be disclosed as to what
part of the crop is
tenderable and what part is untenderable.
A number of studies of cotton marketing are under way,
the principal
project being a study of cotton quotations, the factors
influencing them,
and how they are actually made in both futures and spot
markets. The
bureau plans ultimately to study the marketing process all the
way through
from producer to spinner.
Doctor Killough made a preliminary survey last summer
of the utilization
of cotton In the manufacture of basic fabrics. This work
is to be continued for the purpose of listing the basic fabrics
made of cotton and their
customary uses, and the grade, staple and character of
the cotton used in
the manufacture of the warp and filling yarns entering into
these basic
MAR. 26 1927.]
THE CHRONICLE
ifabrics. Information on the quantities of basic fabrics annually manufactured and of the cottons entering into them will be obtained.
Experiments are to be made to determine whether cotton can be substituted for jute in the manufacture of cord, twine, burlap, bags of different
kinds, and bagging for cotton bales. Cotton bagging of different types is
to be developed, placed on different lots of cotton, and the bales so covered
passed through the channels of trade to spinners in foreign markets to
determine how the different types of cotton bagging stand up against the
Tough handling in loading,unloading and conveying to and from warehouses.
Approximately 700,000,000 pounds of jute fabrics and bagging was imported by the United States last year. Presuming a spinning waste of
12%% in the manufacture of cotton into substitutes for jute, say Bureau
economists, and that as many pounds of cotton would be required in the
manufacture of these substitutes as is consumed in the form of jute, there
would be required to replace three of our principal jute imports, about
1,700,000 bales of cotton.
The Bureau is promoting interest in a plan to develop increased wear
and increased uses of cotton for clothing. Studies now under way in the.
Bureau of Home Economics of the Department of Agriculture, it is believed
will yield valuable suggestions as to new types of fabrics which might be
created by expert designers and manufacturers. Two opportunities seen
by the Bureau in the case of men's wear are the manufacture of shirtings
to compete with those of foreign manufacture so extensively worn in this
• country, and summer Killings.
A comprehensive analysis of the annual demand for cotton stated in terms
• of grade, staple and character should tend to make prices reflect values
more accurately, in the view of Bureau economists. The work undertaken
by Doctor Killough is planned to serve as a basis for extending existing uses
of cotton and creating new uses; and to be used in assisting producers to
•supply the grades, staples and characters of raw cotton which manufacturers can spin, weave and otherwise fabricate most effectively in supplying
the consumer, industrial and other demands for cotton goods.
The work is intended'to assist producers of the several growing regions
to select varieties of cotton that will produce readily marketable fiber and
that are best adapted to their soil, climate and other growing conditions,
• and will be employed for measuring the demand for cotton, and assist
growers to stabilize production adequately to meet these demands with
minimum losses of productive effort.
Doctor Killough was raised on a cotton farm in southwest Texas. He
worked two years in farm management extension at the Agricultural and
Mechanical College of Texas, and was an instructor one year at the University of Minnesota. He was farm management specialist for a year at
Michigan Agricultural College, and has held several appointments in the
Bureau of Agricultural Economics as associate agricultural statistician,
agricultural economist, and consulting specialist.
1761
delegates to the Universal Cotton Standards Conference at
Washington, D. C., on March 16. The conference, which
opened March 14, was held for the purpose of approving
60 sets of the Universal Cotton Standards for use by the
Department of Agriculture and the arbitration boards of
cotton exchanges here and abroad during the two years
beginning Aug. 1 next. Secretary Jardine in addressing the
conference said:
Standardization has gonefarther in connection with cotton in international
trade than in the case of any other farm product. It provides a universal
measuring rod which is commonly understood everywhere.
Some of the most vital problems in American agriculture relate to the
merchandising of our crops, and we can not merchandise effectively without
standards. The universal use of standards would keep on the farms much
of the unmarketable products which now enter trade channels.
A committee of six was appointed by the delegates to
safeguard the original cotton standards taken from Treasury
Department vaults for use during the conference.
The Department on March 14 issued a statement saying:
The Washington Conference on the Universal Cotton Standards opened
at the Department of Agriculture March 14 and was adjourned immediately
to 10 a. m. March 15, pending the arrival of the European delegates.
Mr. Tenny [of the Bureau of Agriculture Economics, Department of
Agriculture] declared that any consideration of recent proposals to admit
Japan a party to the International agreements, to provide physical representation for strict low middling spotted and middling gray cotton, and to
consider the addition of extra white cotton to the Universal standards
would be apart from the main purpose of the conference.
The Department on March 18 announced as follows the
approval of the 60 sets of the Universal Cotton Standards:
Approval and allotment of 60 sets of copies of the Universal Cotton
Standards for use in international cotton trade during the two years beginning Aug. 1 1927, has been completed by American and European delegates
to the International Cotton Conference at the Department of Agriculture
Washington, D. C.
To-morrow morning, March 19, the Committee appointed to guard the
original cotton standard during the conference will seal and return the
standard to the Treasury Department vault at Washington.
The question of admitting Japan as a party to the Universal Cotton
Standards agreement Win be referred by the Department of Agriculture to
the European cotton exchanges and association which are parties to the
present agreement for their consideration.
The question of making physical representation of standards for strict
low middling spotted, and middling gray cotton, was decided unanimously
by the delegates that the Department of Agriculture prepare and distribute
unofficial boxes of these grades to the American and foreign trade for
examination and possible later adoption.
L. L. Winters of Chicago Board of Trade Approves
Suggestions of Secretary Of Agriculture Jardine for
Improving Condition of Farmer.
Numerous suggestions to improve the condition of the
'farmer have been made during the past few years, says
The Washington correspondent of the New York "Journa
L. L. Winters, chairman of the Business Conduct Committee
of the Chicago Board of Trade. "But Secretary Jardine of Commerce" had the following to say on March 18 regardmust not be given credit for making the most cmstructive ing the conference:
The delegates to the International Cotton Standards Conference, which
'suggestion to that end heard so far." Mr. Winters pointed
has been in progress this week at the United States Department of Agrito the Secretary's talk before the Universal Cotton Standard culture, today selected the two key sets, representative of the standards
Conference in which Mr. Jardine said:
which are to govern classifications during the next two years, and tomorrow
Until the farmers can standardize farm products so that waste can be
eliminated, the agricultural situation must continue acute. Some of the
most vital proolerns in American agriculture relate to the merchandising
of our crops, and we cannot merchandise effectively without standards.
The universal use of standards would keep on the farm much of the unmarketable products which now enter trade channels. Standardization
has gone further in connection with cotton in international trade than in
the case of any other farm products. It proves a universal measuring rod
Which is commonly understood everywhere.
will deposit one of these in the vaults of the Treasury Department. This
latter action will bring the conference to a close, the entire sixty-two sets of
universal standards having been selected during yesterday and today.
Complete harmony marked the entire conference and because of this the
work was'oompleted in record time. During the comparatively few, hours
devoted to passing on the 1.200 boxes which comprise the sixty sets, the 0.
K. of the delegates seemed to be forthcoming without desire to criticise the
preliminary work that had been done by the experts of the cotton division of
the Bureau of Agricultural Economics.
"Secretary Jardine," said Mr.Winters,"has spoken wisely.
Take the case of the present corn market. It is a wellknown fact that a preponderance of poor quality grain always depresses the entire price structure, while a preponderance of good quality grain invariably sustains and advances
price levels. The flood of poor quality corn which has
been shipped to Chicago and other terminal markets the
past year has swamped the corn market, and prices even for
deliverable grades have been seriously depressed." Mr.
Winters added:
Middling Grades Considered.
At a meeting today, presided over by Lloyd S. Tenny,chief of the Bureau
of Agricultural Economics the question of making physical representations
of standards for strict low middling spotted and middling gray cotton was
taken up. It was decided unanimously that it is desirable that the Department of Agriculture prepare and distribute unofficial boxes of these grades
to the American and foreign trade for examination.
The meetings of the delegates have been executive in character, admission
to which was by pass only. It is understood, however,that Mr. Tenny told
the delegates that the department contemplated as a result of the desires
voiced by them,distributing a relatively large number of boxes of these types
in order that the trade may become acquainted with them and particularly,
that the quotation committees in this country can each have a box in front
of them, permitting them to give more attention to the question of quoting
differences.
Mag Distribute Boxes.
Apparently the whole crux of the matter is whether this cotton—middling
gray and strict low middling spotted—will be in value below the tenderable
grade. It was the opinion both of the American and foreign delegates that
it would be desirable to distribute the boxes as finally agreed upon so that
people can do business on them, using them in place of private types. They
will not in any sense have any official place in the existing system of standards for the time being and will continue to be on a descriptive basis.
There is said to have been considerable discussion on the part of the representatives of the American trade as to whether this sent might not con plicate the situation—making them tenderable on contract. Some of the
American delegates, particularly those rei resenting the New York Cotton
Exchange and the Southeastern trade, it is understood, were very much
afraid of having the Department do anything to make these grades tenderable until it could be seen whether or not they will always be equal to or
above low middling.
Question of Tenderability.
The opponents of the plan to make these two grades tenderable thought
that perhaps the situation might arise where they would be above one day
and below on another. Under the law, even though the cotton had previously been certificated by the Department of Agriculture, if these types
fell below they would become under-tenderable automatically. Nothing
below low middling is tenderable. It was suggested that the Department
of Agriculture might pass, say, 50,000 bales of cotton of these types when
there might be found to exist a great supply thereof, and then it might be
that the commercial value would sink below that of low middling and the
middling gray and strict low middling spotted would lose their character
of tenderability.
Sorting the corn, building narrow cribs to dry it on the farm,and shipping
only the good product to terminals would go a long way toward correcting
farm depression. This would entail some labor and expense, but the
labor and expenditures involved would return handsome dividends, and
would pay far better than the present method of shipping poor wet corn
to be cured and dried and sold at terminals.
The ideal method of marketing corn is to feed it to hogs and cattle, and
to ship only the surplus, but there are many farmers who do not raise hogs
or cattle, and produce corn only to be shipped and sold. Such farmers are
inefficient and unintelligent and their operations spoil the game for the
• entire farming fraternity. These incompetent farmers should give up
farming, and take jobs in the cities at day labor; such jobs require the minimum of intelligence and yet return a good wage under present conditions
with immigration restricted.
A campaign to teach the farmer the benefits derived from marketing
good quality products should be started. The policy of shipping only good
quality, and disposing of poor quality products at home, would go a long
• way toward bring the relief which it was mistakenly hoped the impossible
McNary-Haugen Bill might accomplish.
Universal Cotton Standards Conference at Washington—Secretary Jardine Says Standardization of
Farm Products Would Eliminate Waste.
Standardization of all farm products would eliminate
much of the present waste in agricultural marketing and
help farmers to merchandise their crops more efficiently,
Secretary Jardine of the Department of Agriculture told
1762
THE CHRONICLE
Thus the American trade wants to see what will happen in the future before agreeing to the acceptance of the proposed new physical standards.
A new supplemental agreement embodying the proposals of the Japanese
cotton associations will be prepared by the Department of Agriculture and
submitted to the European cotton exchanges and associations, parties to
the present agreements, for their consideration. This is a matter which is
of greater interest to the Europeans than to the Americans. since the former
must divide their voting powers with any newcomers.
International Dinner Given by New York Cotton
Exchange.
The low price of America's record cotton crop has greatly
stimulated buying by consumers abroad, it was stated on
March 21 at the international dinner given by the New
York Cotton Exchange at the Ritz Carlton Hotel to representatives of the industry from seven leading European
nations—England, France, Germany, Italy, Holland, Belgium and Spain. Samuel T. Hubbard Jr., President of the
Exchange who was toastmaster,spoke briefly of the problems
which confronted the industry in America as a consequence
of our overproduction of cotton this year, and called upon the
foreign guests to describe trade conditions in their respective
countries. The opinion was general that more cotton was
being used abroad as a result of its cheapness. The Crystal
Room,in which the dinner was held, was decorated with the
flags of the nations represented, and the orchestra played
the various national airs. Toasts were drunk to the rulers of
the different countries and to President Coolidge. On
Tuesday afternoon, March 22 the foreign cotton men left
New York for the annual convention of the Texas Cotton
Association in Dallas. They were accompanied by a number
of members of the New York Cotton Exchange.
The foreign guests, in whose honor the dinner was given,
included:
(VOL. 124.
force should the courts decide the amendment exempting Philadelphia
banks is unconstitutional.
Objection to the bill was voiced at a hearing Feb. 22 by Philadelphians.
representing 37 banks operating 79 branch offices. They maintained that
Philadelphia should be allowed to continue its present practice of extending
the services of banks to their customers in a manner consistent with the
shifting of business centres.
They favored a bill corresponding to the branch, bank clause of the McFadden-Pepper Act, which permits national banks to maintain branches
in the limits of a municipality in which a bank has its main office.
In the State House on March 23 a bill intended to overcome
the opposition to the Leslie Anti-Branch Bank bill, as passed
by the Senate, was introduced by Representative Sowers
of Philadelphia. Harrisburg advices to the Philadelphia
"Ledger" state:
This bill permits the operation of branch banks already in existence and
does not contain the provision, objectionable to Philadelphia bankers.
making the sections of the Act severable for the purposes of constitutional
construction by the courts.
Although the bill of Senator Leslie has been messaged to the House, the
Committee on Banks and Banking of the House has not officially received
the bill.
"I have not signed up for the bill as yet," said Representative Bald!,
Philadelphia Chairman of the Committee to-day. "I have a hearing this
afternoon and there is not a chance I will find time to got the bill this week."
Chairman Heidi said that, so far, he has not received any applications
for a hearing on the bill. He said he believed the bill had been given sufficient hearings in the Senate. He and other Philadelphia members of the
House were not at all sure that the Leslie measure had much chance of
passing if the Committee decided to report it out affirmatively. No time
has been set for a meeting of the Committee.
The Sowers bill provides that "hereafter no bank,banking company, banking institution,savings bank or trust company, whether incorporated under
the laws of this State or any other State, or of the United States, and no
individual, partnership or unincorporated association shall establish, maintain and operate any branch bank, sub-office or sub-agency for the transaction of any of its or his business except in counties of the first class of this
Commonwealth."
The second section provides:
"All branch banks, sub-offices and sub-agencies legatly established by
banks. baking companies, banking institutions, savings banks and trust
companies, or for which buildings were in the course of erection, or for
which leaseholds or freeholds were taken prior to the passage of this act,
C. S. Hannay, President and A. C. Nickson. Secretary of the Liverpool may hereafter be maintained and operated in the same manner as prior
to the passage of this Act; but such branch banks, sub-officers and subCotton Association.
shall not be relocated without the consent in writing of the Secretary
J. B. Kershaw and Arthur Morris, of the Manchester Cotton Association. agencies
or Banking.
Jacques Roederer and Pierre du Pasquier, of Syndicat du Commerca des
The
third
and last section of the bill repeals all acts and parts of acts
Cotons au Havre.
Heinrich Westerschulte and Messrs. Knempers, Furst and Schier, of Inconsistent with the other rrovisions of the measure and specifically repeals
an Act of July 28 1917, which permits the creation and maintenance of
Bremen Baumwoliborse.
Aldo Scaravaglio and Rodolfo Kronauer, of Associazione Cotoniera sub-offices or sub-agencies of banking institutions.
To-day was the last day for the introduction of bills in the House.
Italians.
Robert Pflieger and Harold Veesaert, of Marche de Coton a Band, of
The Philadelphia "Inquirer," in its advices from HarrisGhent.
burg on March 21 relative to the passage of the Leslie bill,
Jose M. Esteve and Pedro Marques, of Centre Algodonero of Barcelona.
Georg H. Hoyer and I. J. Kalmon of Vereniging Voor Katoenhandel, said:
The action of the Senate is generally accepted as voicing the wishes of
of Rotterdam.
Joseph Wild of Federation of Master Cotton Spinners Association, Ltd. the Mellon State leadership. The sponsor of the measure, Senator Leslie,
Is from Allegheny County, the home of the Melons, and the Mellon floor
of Liverpool.
of the Senate. Bonbrooke, of Franklin was among those backing
The following representatives of the American Cotton leader
up the proposition.
Shippers Association were also vests at the dinner: Messr.F.,
The advocates of the measure make no secret of the fact that its purpose
Neale, Dickerson, Iumau, McCuen, Weil, Safford, Reed, Is to nullify the anticipated enforcement of the McFadden-Pepper bill
which permits establishment of branches of national banks where there
Anthony, Locke, Harris, S. Y. West, Hubbard, Brooks and Is
no State statute that conflicts with this national enactment.
A. M. West.
Representatives of Philadelphia banking interests who have been opposing the Leslie bill from the outset intend to continue their activities,
and will seek to have the measure amended in the House.
John II. Mason, Chairman of the Legislative Committee of the Quaker
Call Money Market.
City bankers,and James H. Wilcox,one of his colleagues on that committee.
The following are the daily statements issued this week and their attorney, Morris Wolf, were in the Senate when the bill was
by the New York Stock Exchange regarding the call money called up.
Six Philadelphia Senators voted against the bill. They are Aron.
market:
Dalt, Frazier, Hunsicker, Krause and Woodward. McDade of Delaware
County and Kitts of Erie also voted against the measure.
CALL LOANS ON THE NEW YORK STOCK EXCHANGE.
Senator Salus, after speaking against the bill, voted for it. Senator
Mar,21—Renewal, 4%; high. 4%; low, 4%; last, 4%. Money more
Vare joined him in the affirmative side.
freely offered. Turnover light.
Salus explained that they voted for the bill in order to be in a position
Mar.22— Renewal, 4%; high, 4,J6%; low. 4%; last. 4%. Return Of to
sponsor a motion for a reconsideration of the vote should the opportunity
Income tax checks caused advance to 4 %.
present itself.
Mar.23—Renewal,454%; high. 4% %;low, 43.6%; last, 434%. Moderate
All the other Senators—there being no absentees—voted for the bill.
turnover. Funds freely offered all day at the renewal rate.
Hot Debate on Measure.
Mar.24—Renewal, 434%; high, 434%;low, 4%; last, 4%. Light volume
Passage followed heated debate and defeat of a motion by Senator
and free offerings brought about decline in rate to 4%.
Mar. 25—Renewal,4%; high, 434%;low,4%;last. 434%. Light volume. Dix of Philadelphia to recommitt the bill for purpose of amendment. The
motion to recommit was defeated 41 to 9. The nine voting in favor of
Late demand brought about advance in rate to 434%•
recommital were Aron, Dix, Frazier, Hunsicker,Salus, Vare and Woodward
Statements of previous weeks have appeared weekly in of Philadelrhia,
McDade of Delware and Rites of Erie. Senator Krause.
our issues since July 10 1926; the last statement will be of Philadelphia voted against reoommital.
Purpose of recommittal. Dabs explained after this motion had been
found on page 1615 of our issue of March 19.
defeated, would have been to eliminate one word.
The bill as passed provides that no bank or trust company shall "estabmaintain or operate" branches. He sought to have the word "main.
Pennsylvania Senate Passes Leslie Anti-Branch Bank lish,
tam" deleted from the bill, but declined Leslie's offer to attempt the
Bill—Bill Introduced in House to Overcome
amendment from the floor.
Objections of Philadelphia Bankers.
"If this word were eliminated it would pacify all regarding legality and
satisfactory provisions of the bill," Dais said.
The Pennsylvania Senate, by a vote of 42 to 8, passed on
"If the amendment is pertinent let it be made on the floor of the House,"
March 21 the Leslie bill prohibiting the establishment of answered Leslie. "Let the Senate pass this bill in the form it Is in."
Baldwin. of Potter, opposed delaying the bill for the amendment.
branches of banks and trust companies, but carrying an
amendment excluding from its provisions all such branches
now in operation or for which buildings were under construction prior to Feb. 1 last. The latter amendment,
which was incorporated in the bill on March 16, was inserted
at the insistence of Philadelphia bankers; it is pointed out
in Philadelphia advices, March 16, to the New York "Journal
of Commerce" that in another provision, however, the
Philadelphia bankers lost. That account went on to say:
The amended bill includes a paragraph providing for severance of sections
of the bill if court action should declare them unconstitutional. The
effect of this section might be to keep the bill abolishing all branches in
Salta Hits at Allegheny.
"It may be proper for this amendment to be made," he said. "Further
amendments, however, should be made in the House, for it is getting close
to the end of the session."
Senator Salus poured hot shot at the Allegeny County Senators when he
spoke in opposition to the bill.
"I arise only to pay my respects to the chameleon and kaleidoscopic
nature of the representation in the Senate from Allegeny County," he said.
"They are urbanites when they want Philadelphia help and suburbanites
when they want help from the rural members.
"I hope that some time in the distant future—I know it will not come in
my lifetime—our friends from the suburbs will realize that Philadelphia is
a part of Pennsylvania. We know our suburban friends will pull us into
the provisions of this bill, although we want to be let out of it."
MAR. 26 1921.]
.THE CHRONICLE
1763
Leslie retorted that he never canvassed the Senate for any bill in which
WyominglNew SavingsiLoanTAct.
he was interested.
Special advices to the "Wall Street Journal" from
"You'll wait as long as you live and I'll never solicit your vote," he
shouted,turning on Salus. "I am not speaking for the people of Pittsburgh. Cheyenne, March 23, state:
0111
Wyoming's new Savings Loan Act makes drastic changes. Under the
I am speaking for the people of all of Pennsylvania."
and
loan
companies
operating
in
.
savings
Wyoming
Leslie
said.
"does
not
exist
new
law,
non-resident
which
Salus
referred,
The kind of dealing to
must deposit with the State Treasurer $50.000 in securities. Home comin the Senate and I hope it never will."
panies must permit withdrawals after eighteen months from the signing of
the contract, and the stock may not carry a "load" of more than 3%,
Leslie Defends Bill.
"We are not legislating here for or against Philadelphia, nor in favor of which must cover all fines, forfeitures and withdrawal costs.
All companies desiring to sell contracts in Wyoming must first be examPittsburgh or any other community," Leslie continued. "We are legislating
This is a bill that will affect and conserve the interests ined and approved by the State's Banking Department.
for the whole State.
of the whole State. This is a protective bill. If you are interested in the
Government, if you are interested in its future, you will pass the bill. I Resignation of H. E. Scott as Ohio Superintendent of
want to see as much consideration for banks in other places as in PhiladelBanks.
phia, and this bill gives that consideration."
Senator Daix, asking re-commital for amendment to permit branches to
Donahey of Ohio on March 10 accepted
Governor
A.
V.
be "maintained," cited the investment of Philadelphia in branch banks.
He cited that forty-eight Philadelphia banks operate seventy-six branches, the resignation of H. E. Scott as State Superintendent of
with an investment of close to $100,000,000, and with several million Banks, and appointed E. H. Blair, Brown County, to be
depositors.
Acting Superintendent temporarily, to succeed him. Mr.
"When voting on this bill remember it can wipe out all ofthis investment,"
Scott resigned to become Vice-President of the Bankers
he said.
"It will do nothing of the kind," rejoined Leslie. "The banking business Trust Co., of Toledo. The change became effective March
can be continued in the other institutions. It will not even affect the value
15. The Associated Press advices from Columbus,Moron 10;
of the real estate, for your sites and buildings will still be there. You will
said:
lose nothing tangible."
Mr. Scott, a Republican, was an appointee of former Governor Harry L.
Leslie charged attempts to amend the bill at this time were not in good
Davis, but has been retained in office for more than four years by Governor
faith.
Donahey.
Plea Made to "UP-Stale."
In his letter of regisnation Mr. Scott said to the Governor: "1 wish to
"The bill has been before the Senate since Feb. 1." he said. "A hearing
express to you my deep appreciation of the exceedingly courteous co-operawas held Feb. 22, and today Is March 21. Amendments were made to
tion I have at all times received from you in my entire official service."
exempt Philadelphia, and still Philadelphia is not satisfied. Let this bill
"You retire with the distinction of having served longer than any prepass as a Senate bill, and if other amendments must be made, they can
decessor, and I wish you every success in the future," the Governor replied.
be made in the House.
"I don't believe in the history of the Senate there has been a bill, possibly
with exception of workmen's compensation,that has occupied so much time Former Comptroller of Currency Henry M. Dawes
as this bill. It protects every dollar ofinvestment and every dollar of profit.
Reviews Provisions of McFadden Banking Act.
"No bill has ever been giyen greater thought, nor its opponents greater
consideration. We have gone so far that this is now a compromise oill.
An article by Henry M. Dawes, formerly Comptroller of
Any learned lawyer can see that by merely reading the bill."
reviewing the features of the McFadden
Daix appealed to the "gentlemen from up-State" not to interfere with the Currency,
Philadelphia banking investments, especially as the desires of rural bankers Banking Act, and particularly its provisions governing
are fully met in the bill. By deleting the provision regarding maintenance branch banking, appeared in the Magazine section of the
of branches, he said. Philadelphia bankers Would be given equal consider"Herald Tribune" of March 20. The article is presented
ation.
The movement to make the amendment which Daix proposed to-night will under the caption "a Square Deal For Banking" and Mr.
be continued before the House committee, which will receive the bill to- Dawes is described in the head lines as "the man who started
morrow.
the fight for it (the measure) and who, like his brother,
Vice-President Dawes, is a banking authority." Both
New York Stock Exchange Rescinds Call for Daily
statements are true and the bill in the first instance
these
Reports from Members on Position in Remingoriginated in the Comptroller's office during the incumton Typewriter Securities.
brency of Mr. Dawes. We reproduce the article herewith:
Under date of March 14 Secretary E. V. D. Cox of the
If one were to make the statement that the McFadden-Pepper banIsing
New York Stock Exchange issued the following notice to bill, signed by Calvin Coolidge on February 25 is the most important piece
of legislation enacted in recent years it would probably be greeted with
members:
a`tolerant smile on the part of the average citizen. There is nothing in
Gentlemen, The Committee on Business Conduct directs me to advise
you that it will not be necessary for you to submit further reports covering
your position in the Remington Typewriter Co. securities.
The co-operation which has been received from our members on this
subject has been most gratifying to the committee.
Reference to the fact that daily statements had been
called for when a corner in the stock seemed imminent was
made in our issue of Feb. 26, page 1160.
Branch Banking Bill Introduced in California Senate.
According to San Francisco advices published in the "Wall
Street Journal" of March 24, Senator J. W. McKinley of
Los Angeles has introduced a bill in the California State
Senate to write into the California Banking Act a provision
analogous to the now defunct de novo rule of the last banking
administration, preventing granting of permits to State
chartered banks for branches outisde their headquarters
cities. The advices note:
The rule was abandoned as contrary to the intent of the law by the present
banking administration. The measure is put forward at the instance of
the California League of Independent Bankers, and is understood to
have the sanction of the legislative committee of the California Bankers'
Association. Will C. Wood, State Superintendent of Banks, indicates
that his department will take a neutral position on the measure.
Governor Moore of New Jersey Signs Bills Regulating
Issuance and Sale of Stock.
Governor Moore of New Jersey on March 17 signed the
Abell measures, Senate 21 and 22, designed to regulate the
sale of stock. The first measure prohibits the sale or issuance
of stock under false pretenses and gives the attorney-general
authority to prosecute offenses, according to the Newark
"News," which adds:
The companion measure make it a misdemeanor for persons examined by
the attorney general concerning the issuance of stock, to disclose the names
of other witnesses or to divulge any information obtained.
Authority is given the attorney-general to designate assistants to enforce
the new law, but it has not yet been determined whether this will necessitate
an increase in the State's legal staff. Richard Hartshorne of Newark is
an applicant for the position in the event that a special designation is made
by the attorney-general. Under the law an assistant might be appointed
to handle prosecutions in the northern counties and another in the southern
Neaten of the State. Attorney-General Katzenbach has not yet decided
what if any, additional help will be needed"!
the least dramatic about it. But its passage will definitely establish practices and principles which affect the daily life of every citizen of the United
States.
Superficiallyconsidered, it seems to be a schedule of technical details for
the control of routine operations of banks chartered under national law.
Fundamentally,it registers a decision that the national government wilLnot
surrender the only direct control which it has over banking.
The bill was prepared in the office of the Comptroller of the Currency and,
after exhaustive study by banking and legal authority, was presented in
virtually its presentform to the chairman of the Banking and Currency Committee of the House almost four years ago. It has been passed upon by the
House three times and by the Senate twice. The hearings on it in the Banking and Currency Committee of both the House and the Senate would fill a
number of good-sized volumes. It has only just been enacted into law because of a difference of opinion on one point which was not in the original
bill and which to many seems to be more academic than actually important.
The question of branch banking which is involved in the bill is one involving a great financial and social issue. The other points are, in their
cumulative effect, equally important because they involve the preservation
of the national banking system. But, in a word, they may be described as
nothing more than the grant of the right to do those things which'are
necessary to meet the competition of the state banks and which are essential
If the national banks are to be permitted to render the service to which their
customers are entitled.
For example, the national bank charters only run for ninety-nine years,
quite a considerable period, but they are called upon frequently to handle
perpeutal trusts. There seems to be a legal question as to whether an institution with an expiring charter could do this. This does not seem an important matter, but that charter limitation has resulted in the withdrawal
of some of the very largest national banks in the system.
It has become recognized that a bank must buy and sell investment
securities on a considerable scale if it is to serve its customers and perform
Its normal functions in the community. The handicaps in doing this are
largely removed.
Under the old act a national bank could not be incorporated in a city of
over 50,000 with less than $200,000 capital. The change in the development of our great cities has resulted in the establishment of many community centers where the financial situation is analagous to that of an independent community and where it is now practical to charter a bank of as
large a capital as $200,000. The bill will permit the establishment of banks
in these districts with a capital of $100,000.
The national banks have been tremendously handicapped in the matter
of real estate loans, on the theory that it Is not a liquid form of investment.
The new act provides that the amount which may be loaned on real estate
should bear a certain relationship to the amount of time deposits, and that
loans on city real estate with a maturity of five years may be made.
Under the old law these loans were limited to one year, leaving a necessity
of renewing them from time to time. The five-year limit givesthe bank
paper which can be sold to the general public on account of its longer maturity and which therefore as a matter of fact produces a mucktmore liquid
condition than was the situation under the one-year law.
It is not likely that this will involve the national banks in the real estate
business any more than they have been in the past, but it will remove
another of the handicaps under which they labor in meeting the competition
1764
VTR CHRONICLE
[Vol,. 124.
of the State banks and In caring for the legitimate needs of their customers.
The national banks on the other hand, are the creatures of Congress
It would be beyond the scope of this article and the ability of the writer
and are carried on under the supervision and direction of a Government
to detail the changes which have been made in the law as regards the
official, the Comptroller of the Currency.
handling of warehouse receipts and shipping documents representing the
Since,therefore, the Federal Reserve could not have been created without
control of readily marketable staples. This section of the law determines
coercive power over the national banks since without the national banks the
the abilities of the banks to meet the necessities of handling livestock,
Government has no direct control over banking and since they afford almost
wheat, cotton and staples of this nature and facilitates the movement of
the entire rural representation in the Federal Reserve System, it does not
crops. The provisions covering this previously were indefinite and obseem to me to be a radical statement to say that without the national
banks
scurely expressed, and while adding no element of security to operations
we would have no Federal Reserve System.
of this kind, severely cramped the freedom of action of the banks in comThe banking bill was necessary to preserve the national banking system,
munities where these operations were a N ital matter.
the national banking system is necessary to the Federal Reserve system,
These are only a few of the modernizing and liberalizing features of the and
the Federal Reserve system is the alternative between a condition of
bill. The others are mostly concerned with technical operations and relieve
financial anarchy in the United States or an autocratic control of banking in
the banks from unnecessary restrictions which were imposed in the original
the hands of a few individuals, which nobody wants and which the public
laws to meet conditions which have not existed for many years.
would not permit.
The bill provides that from the date of its passage the Federal Reserve
Since the organization of the Federal Reserve system few very large banks
banks shall operate on an indeterminate charter. Under the old law the
have felt that they could safely carry on their operations without the back
charter expired in nine years. The effect of this change will be to hisure
ground of the protection of the system. Moreover, except in exceptions
the perpetuation of the system so long as it serves the purpose for which it
was established. It will doubtless have a very important influence in circumstances, it is extremely doubtful if they would be able to satisfy their
customers if they attempted to do this.
removing the system from demagogic attacks.
The only way in which the Federal government could impose a policy upon
The branch banking features of the new Act have been and still are very
the state banks would be to say that unless they conformed to its policies
generally misunderstood. The bill has at various times been called a
they would not be permitted to join the system. This is precisely what is
branch banking bill and at others an anti-branch bill. It has frequently
done in the new banking bill. The government says to the state banks that
been violently attacked by large branch banking interests at the same time
they may take advantage of the Federal Reserve system, provided they
that the anti-branch bankers were directing their shafts at it.
agree to establish no more branches beyond the limits of a single city.
,This misconception is probably due to the fact that under some conditions
There are some states which have laws which would permit the estaband in certain localities national banks are permitted to operate offices in
lishment of branches almost adlibitum, but there is no probability that any
the town in which the parent institution is located. This produces a simibank will ccntinue to do this on any large scale if it can only be done at
larity to branch-banking which is a matter of form rather than substance.
the price of withdrawal from the system. If the premise that memberThe essential principles of branch banking, meaning thereby the expanship in the Federal Reserve system is essential to the operation of a big bank
sion of banking ownership to communities remote from the location of the
Is correct, it follows of necessity that this bill will prevent branch banking.
principal offices, are prohibited by the new law to all banks in the Federal
There is a form of banking, however, to which the term "branch bankReserve System, whether State or national.
Unless this law is repealed ing" is applied that is essentially
different from this. The tremendous terit will mean that so long as our Federal Reesrve System occupies its present
ritorial extension of our cities has resulted in a development of business
predominant position in banking there can be no development of branch
zones, some of which are many miles removed from the financial center of
banking that is at all analogous to that practiced in England. Canada and
the city.
most of the British Commonwealth of Nations.
In the endeavor to meet the convenience of their patrons certsin states
It should be remembered that the Federal government has no coercive
have permitted their state banks to establish offices in different parts of the
power over the State banks. They operate under the laws and supervision
same city. Where this has been done the ordinary business man will patronof the individual States. It is, therefore, possible for any State to pass laws
ize the institution which brings its facilities to -his door. Since under the
which would permit its State banks to establish branches in every hamlet
old law the national banks could not meet the competition of the state
and crossroads in a State, and the national government could do nothing
banksin thisrespect a condition has resulted where thereis only one national
about it directly.
bank left in
Except for the Federal government's relations with the national banking Cleveland. the large city of New Orleans, three in Detroit and three in
system and the Federal Reserve system,control over banking rests with the
Many of the oldest and the most outstanding national banks in the City
forty-eight different States. Except for this restraining influence, it Would
of New York have been ccmpelled to leave the national banking system in
be possible for a State to pass such laws as would, for example, permit the
order to give their patrons the same convenience of access that the state
establishment of banks with so many branches that the entire financial
banks do. The situation in California is even more serious.
resources of the State would be concentrated in the control of a few indiTo remedy this situation the law provides that where the states permit
viduals. That might produce a situation which would make difficult
their banks to establish branches within the limits of one city the national
effective co-ordination in time of emergencies such as war and financial
banks may do so.
panics.
It is perfectly consistent to permic branches within one city but to proIt is perfectly natural and very human that the average business man
hibit their estaolishment beyond its limits. In the one case it is merely a
should think of banking laws as a matter of little interest to him and conmatter of convenience. In the other case a question of absentee control of
cerned primarily with the technique of a complicated business which is
local finance is involved and the possibility of almost unlimited concentration
carried on by a group of semi-professional experts. In thinging of the
unavoidable. The new law then provides that no members of the Federal
problems of discount rates. international exchange, par clearance, d.c., is
Reserve system may establish any branches beyond the limits of the town
they appear in a general way to be matters with which he, has no direct
in which they are located, and then only when permitted by state laws.
concern—rather complicated abstractions that have nothing to do with the
The government has thus disposed of an issue which is much more imprice of butter and eggs.
• portant in its broad public aspects than it is from the narrow financial
viewThe idea that the banks are nothing more or less than the trustees of all
the funds of all the people is not very clearly or firmly fixed in his mind. point. The establishment of a system of branch banks which is comparable
to that of Canada and Great Britain would mean that the financial indeIn fact, except in the midst of political campaigns, he is usually at first
pendence of the small American community would be forever ended.
shocked and then amused at the grotesque cartoons of the money power and
The local customer of a small bank meets as his banker his fellow citizen.
the banking interests which are pushed before him by the demagogues.
The stock in the bank is owned by his neighbors and the interests of the manExcept in times of acute crises he does not realize that the whole theory
agement are the interests of the community from which it derives its reupon which his daily business is conducted, and his independence of action
sources. In making a loan the banker will have constantly in his mind what
is dependent upon the manner in which the banking operations of the
is best for the district he serves; he will be able to judge from intimate knowlcountry are conducted.
edge of the moral character of the applicant for loans and direct his resources
Yet It does not take a very smart man to realize that, in the first place,
with safety to the encouragement of individuals of character and enterprise.
no one is ever entirely independent, either socially or financially, and,
If in the place of the independent unit banks, branch banks were to be
further, that financial independence is the first and the essential step
substituted in the United States as they have been In Canada it would kill
necessary to secure the greatest possible independence in all the other
character as collateral. It is not possible in the operation of a great system
relationships of life. Since this is true, any law vitally affecting the manner of branch
banks to permit the exercise of very wide discretionary authority
In which the control and operation of the banks of the country are exercised
by the local managers. The relations between the branch bank and the
is of the most intimate concern to every citizen.
ordinary customer would,in the nature of the case, be pretty closely analogThere is no stronger instinct in this country than that for local self ous
to that of the average shipper to his local railroad agent.
government. It is the glory of America that, in spite of the determination
Nothing has done more to develop the resources of America than the deto secure this, our people are willing to exercise that self restraint which the
velopment of a system of unit banks under national and state supervision.
Federal government must impose for the general good.
A system of branch banks might be superior to the present independent
The American banking system has been built on this theory of local indesystem, but the cost to the country in the monopolistic control of its financial
pendence and national co-ordination. This has resulted in two systems of
resources and the deadening effect on enterprise and initiative would be a
banks, one chartered under national laws, the other under State laws, both
calamit.
co-ordinated through the Federal Reserve System. The banks of both sysIt is not too strong a statement to say that the effect of this law will be
tems operate perfectly independently in their own communities, but in times
to stop branch banking, that it will'preserve the unit banking system and inof necessity, through the Federal Reserve System, can almost instantly
sure the perpetuation of the benefits of mobilization and control realized
mobilize their resources. This system is the result of a combination of farthrough the Federal Reserve system.
sighted statesmanship and the force of gradual evolution.
It was an extremely difficult thing to bring about the relationship between
three elements—the Government,the national banks and the State banks—
which is accomplished in the Federal Reserve System. There is a very gen- Regulations Governing Operation of Havana Agency
eral and proper feeling against extreme centralization which runs parallel
of Federal Reserve Bank of Atlanta.
with the instinct for local self-government and against over federalization.
Effective Jan. 1, the Havana (Cuba) Agency of the
The establishment of the twelve Federal Reserve districts helped to meet
this difficulty, and the final success of the plan was due to the fact that Federal Reserve Bank
of Boston was discontinued and the
co-ordination, rather than centralized control, was emphasized.
duties previously performed by the latter in Havana were
There cannot, however, be effective co-ordination without a measure of
control. This was clearly demonstrated when the Federal Reserve law was assumed by the Federal Reserve Bank of Atlanta. In its
framed. The Federal Government had no control over the State bankers, March "Bulletin" the Federal Reserve Board publishes the
who showed no disposition to join. The system, therefore, originally was
regulations governing the operation of the Havana Agency
composed entirely of the national banks, not because they desired to become
a part of it, but because they were told to and had the option of with- by the Atlanta Reserve Bank, and we give the same heredrawing from the national banking system or joining the Federal Reserve with:
System.
The following resolution was adopted by the Federal Reserve Board at
In the stress of war-time emergency the State banks were invited to join. a meeting on
Jan. 27 1927:
They did this reluctantly, but under the pressure of patriotic appeal most
"Whereas, By a resolution adopted at a meeting held on June 27 1923.
of the larger institutions came into the System. Except to a very limited and amended at a meeting held on July 30 1923, the Federal Reserve Board
extent, the smaller ones have not done so and, in my opinion never will. authorized the Federal Reserve Bank of Atlanta and the Federal Reserve
P At its very inception, therefore, the Federal Reserve System was de- Bank of Boston to establish separate agencies in Habana, Cuba, subject
pendent on the coercive power of the Federal Government over the national to certain terms and conditions defining the respective rights and powers
banks for its creation. The Federal Reserve System has no control over the to be exercised by each such Federal reserve bank through such
agencies:
State banks at the present time,and under the Constitution probably never
"Whereas, Pursuant to such authority, the Federal Reserve Bank of
can have, except such as they voluntarily assume as a condition of member- Boston and the Federal Reserve Bank of Atlanta each established an agency
ship, from which they can withdraw on short notice.
in Habana, Cuba, which agencies were opened for business on Sept. 11923;
MAR. 26 19271
PflE CTIROistiCtE
"Whereas, By a resolution adopted at a meeting held on Dec. 22 1926;
and becoming effective on Jan. 1 1927,the Federal Reserve Board authorized
the Federal Reserve Bank of Boston to discontinue its agency in Habana,
Cuba, and authorised the Federal Reserve Dank of Atlanta to assume,
exercise, and perform, in its own right and on its own behalf, through its
agenc) in Habana, Cuba, all of the duties, functions, rights, powers, and
privileges previously performed or exercised by the Federal Reserve Bank
of Boston through its agency in Habana. Cuba, in addition to the duties,
functions, rights, powers, and privileges then being performed or exercised
by the Federal Reserve Bank of Atlanta through its agency in Habana.
Cuba;
"Whereas, Effective Jan. 1 1927,the agency of the Federal Reserve Bank
of Boston in Habana, Cuba, was discontinued and the duties, functions,
rights, powers, and privileges previously performed or exercised by the
Federal Reserve Bank of Boston through such agency were assumed by the
Federal Reserve Bank of Atlanta and have since been exercised and performed by the Federal Reserve Bank of Atlanta through its agency in
Habana, Cuba;
"Whereas, It now appears desirable to change in some respects the duties,
functions, rights, powers, and privileges to be exercised by the Federal
Reserve Bank of Atlanta through its agency in Habana, Cuba: Now.
therefore, be it
"Resolved by the Federal Reserve Board, That, effective March 1 1927, the
Federal Reserve Bank of Atlanta is hereby authorized to maintain and
operate its agency in Habana, Cuba, suoject to the following terms and
conditions:
"(I) The Federal Reserve Bank of Atlanta is authorized to exercise the
following powers in Habana, Cuba, through such agency—
(a) To buy, sell, and collect prime bankers' acceptances and prime bills
of exchange, which acceptances and Dills are payable in dollars, arise out
of actual import or export transactions, bear the signatures of two or more
responsible parties, bear a satisfactory bank indorsement, have not more
than 90 days to run, exclusive of days of grace, and are secured at
the time
of purchase by shipping documents evidencing the
actual import or export
and the actual sale of goods and conveying or securing
title to such gocds;
"(6) To buy from,or sell to,the Republic Cuba
of
or any banking institution doing business in Haoana, Cuba,cable transfers to
or from any banking
institution located in any city in the United States in
which there is located
a Federal Reserve Bank or a branch of a Federal
Reserve Bank, charging
therefor a commission at the rate of El per
$1,000, provided that no such
cable transfer shall by its terms be for credit to
the account of any third
Party;
(c) To pay out Federal Reserve notes or
other currency of the United
States in such denominations as may be
demanded in payment of cable
transfers to Habana, or in payment of cable transfers,
bankers'acceptances.
or bills of exchange purchased in Habana,
the kinds of currency paid out to
be discretionary with the agency:
"(d) To accept any and all kinds and denominations
of United States
currency, including Federal Reserve notes, in payment
for cable transfers,
bankers' acceptances, or bills of exchange sold by it in Habana;
"(e) To make direct exchanges in like denominatio
ns and amounts of
new or fit currency for mutilated or unfit currency tended
by the treasury
of the Republic of Cuba or by any banking institution
doing business in
Habana, charging for such exchanges a commission at the rate
of $1 per
$1,000; and
"(f) To exercise only such incidental powers as shall be necessary to the
exercise of the above powers.
"(2) The maintenance and operation of such agency in Habana, Cuba,
by the Federal Reserve Bank of Atlanta and the exercise of the above
powers through such agency shall be subject to such changes and such
further rules and regulations as the Federal Reserve Board may prescribe
from time to time.
"(3) The Federal Reserve Board expressly reserves the right to revoke
at any time its consent to the continuance of such agency by the Federal
Reserve Bank of Atlanta, to require the discontinuance of such agency, or
to authorize the establishment of new agencies whenever in its discretion
it considers it desirable to do so. Be it further
"Resolved, That, effective March 1 1927, this resolution shall supersede
the resolution on this subject adopted by the Federal Reserve Board on
June 27 1923, and amended on July 30 1923, and the resolution on this
subject adopted by the Federal Reserve Board on Dec. 22 1926."
Reference to the discontinuance of the Cuban Agency of
the Federal Reserve Bank of Boston appeared in these
columns Dec. 11 1926, page 2992.
Walter Lichtenstein,of First National Bank of Chicago,
on "McFadden Act and Real Estate
Broadening of Savings Deposit Business of
National Banks Looked for.
The provision in the McFadden Banking Act permitting
national banks to invest a part of their funds in five-year
real estate mortgages formed the subject of an address by
Walter Lichtenstein, Executive Secretary of the First
National Bank of Chicago and First Trust & Savings Bank,
before the Chicago Mortgage Bankers Association on March
22. In his remarks Mr. Lichtenstein incorporated an analysis of this provision made by Kiplinger, Babson & Jacobs,
of Washington, in which the statement is made that this
section for the first time specifically empowers national
banks to receive savings deposits and to pay interest on the
same. "Having thus recognized the right of national banks
to do a savings business," it says, "Congress in this Act
logically followed it by granting to national banks the right
to make loans upon first mortgages upon improved city
property to an aggregate amount equal to one-half of the
total savings on deposit. Such loans may run for five years
but the total amount of each loan must not exceed 50% of
the value of the property." It is further stated therein that
"the savings deposit business of national banks will receive
a great impetus from this law. Upon the present status of
savings in national banks this Act will release for first mortgage city property loans of more than $3,000,000,000.,
1765
Mr.Lichtenstein in his comments on the provision governing
real estate loans says:
There is, of course, no logical reason why the bond department of a
national bank should not be able to deal in real estate bonds as freely as it
deals in other bonds, but I think it will be some time before the Comptroller
will permit this and that he will hold such action as being in conflict with the
section limiting real estate to 50% loans and to five-year periods. National
banks will, of course, begin to purchase five-year 50% loans for their own
investment, but the security for these loans must be within the Federal
Reserve district of the bank or within a one hundred-mile radius. Such
loans are already legal investments for trust funds and the issues are rapidly
absorbed through present outlets. The first ,effeet on mortgages of this
character will be to reduce interest rates to bring them in line with thoseof other national bank investments.
We quote below his remarks on the subject:
As indicated several times, in my opinion the branch banking features of
the new Act are not the most important ones. In general, if I were asked
what does the new Act do, I should reply that it modernizes the National
Banking System. Aside from other reasons, this is of importance because
without such modernization more and more banks would tend to leave
the National Banking System and thus deprive the Federal Reserve System
of its compulsory members. As you probably are aware, State banks may
become members but are not compelled to do so, while national banks
must be members of the Federal Reserve System, so we find that of approximately 9,300 banks in the Federal Reserve System, nearly 8,000 are
national banks. The Federal Reserve System would certainly be very
much weakened if national banks were to become so few in number as no
longer to furnish an adequate membership for the whole system.
In discussing any Federal banking legislation, it must be borne in mind
that what is true of our Federal Constitution as contrasted with our State
constitutions is also true of our Federal banking legislation compared with
State banking legislation. In the case of all Federal banking laws, the rule
holds that banks operating under such laws can only perform those functions
which are specifically permitted, while in the case of State banks the reverse
is true, namely that they can do everything that is not specifically forbidden
bylaw. This alone is a serious handicap for national banks and has resulted
in the desire to extend, Insofar as this can be done bylaw, the functions
of
national banks so that they may perform those duties usually supposed to
be part of a regular banking business. You will have to bear these facts
in
mind in construing any of the legislation which we are discussing.
If,
before the passage of the Federal Reserve Act, the laws governing national
banks had been strictly interpreted and enforced, no national bank
would
have been able to do the business usually conducted by foreign
departments in banks, and in fact there have been times when we, for
example,
have been tempted to transfer our foreign department from
our national
bank to our State bank.
Some of the more important provisions extending the powers
of the national banks are:
I. The Act renews for an indeterminate period the
of the Federa
Reserve banks. By doing so, it takes the.questioncharters
of the renewal of the
Federal Reserve System out of the realm of political dickering
and prevents
the Federal Reserve System from meeting the fate of
the first and second
Ranks of the United States. If amendments to the Federal
Reserve Act
are proposed, they will have to be considered on their own
question of the renewal of the charters of the Federal Reservemerits and the
banks cannot
be used as an object of political barter.
2. National banks are granted indeterminate charter .in
place of the
present ninety-nine year charters which makes it simpler for
them to conduct trust company business.
3. National banks are permitted to invest a part of their funds
in fiveyear real estate mortgages.
4. National banks, under certain conditions, will be allowed
to deal in
securities. This merely legalizes an existing practice.
5. National banks will be allowed to declare stock dividends
and issue
shares of less than one hundred dollars par value.
The feature in which you are especially interested is, of
course, the one
relating to the granting to national banks the right to engage
hereafter in
the mortgage business. It ought to be noted at the outset
that even prior
to the passage of the McFadden Act, national banks were
allowed to lend
money on farm land and other real estate, under Section 24
of the Federal
Reserve Act. This section provides that:
"Any national banking association not situated ix a
may make loans secured by improved and unencumberedcentral reserve city
farm land situated
within its Federal Reserve district or within a radius of
of the place in which the bank is located, irrespective ofone hundred miles
district lines, and
may also make loans secured by improved and unencumber
located within one hundred miles of the place in which such ed real estate
bank is located,
Irrespective of district lines; but no loan made upon the security
of such
farm land shall be made for a longer time than five years
and
upon the security of such real estate as distinguished from farmno loan made
made for a longer time than one year nor shall the amount of land shall be
any such loan,
whether upon such farm land or upon such real
exceed 50% of the
actual value of the property offered as security. estate,
Any such bank may make
such loans, whether secured by such farm land or such
real estate, in an
aggregate sum equal to 25% of its capital and surplus or to
time deposits, and such banks may continue hereafter as one-third of its
heretofore to receive time deposits and to pay interest on the
same."
You will notice immediately that in the first
place, national banks
located in the central reserve cities of New York.
Chicago or St. Louis, cannot make real estate loans under this Section 24 of
the Federal Reserve
Act. Furthermore, such loans, if made upon the
security of real estate
which is not farm land, cannot run for a longer time
than one year. Finally,
the national banks could not make loans upon farm
land or other real estate
for more than an aggregate sum equal to 25% of
the capital and surplus of
the lending bank or if it preferred, more than
one-third of the time deposits
of the bank. Generally speaking, national
banks have not taken advantage
of the provision of the Federal Resreve Act
which I have just cited. They
found that the regulations of the Comptroller
of the Currency were too
onerous and the liquidity of the mortgages too
uncertain.
The new law provides in Section 15 that
hereafter "any national banking
association may make loans secured by first
lien upon improved real estate,
Including improved farm land, situated
within its Federal Reserve District
or within a radius of one hundred miles of
the place in which such bank is
located, irrespective of district lines."
The aggregate amount which a
bank may lend, whether directly or indirectly,
must not exceed 25% of the
capital and surplus of the bank or, if it prefers, one-half
of its savings deposits. There has been considerable misunderstanding
as to what this
enactment actually does provide. Let me cite an analysis of
this provision which appeared in a pamphlet published by Messrs.
Riplinger,
Babson & Jacobs of Washington, D. C.:
"It does not permit national banks to tie up their commercial
deposits
In long-term real estate loans. It does not change
the old law as to loans
by national banks upon farm property. For the past
years national banks have been permitted to make five-year loansfourteen
on improved farm
property.
This section, however, goes for the first time specifically empower national banks to receive savings deposits and to pay interest on
the same.
Heretofore national banks could legally receive time deposits but
this was
construed by many to mean commercial time deposits, since national
were primarily commercial banks. National banks may now freely banks
go into
1766
THE CHRONICLE
the savings bank business and set up savings departments. Many national
banks are now doing a savings business under the guise of issuing certificates of deposit while ethers issue the usual savings pass book. The Comptroller of the Currency w1,1 no doubt now class all such deposits as savings
and may require certificates of deposits to be used solely for commercial
time deposits.
"Having thus recognized the right of national banks to do a savings business. Congress in this Act logically followed it by granting to national banks
the right to make loans upon first mortgages upon improved city property
to an aggregate amount equal to one-half of the total savings on deposit.
Such loans may run for five years but the total amount of each loan must
not exceed 50% of the value of the property.
"The savings deposit business of national banks will receive a great
impetus from this law. Upon the present status of savings in national
banks this Act will release for first mortgage city property loans more than
$3,000,000,000. It has the great advantage of enabling national banks
to invest their customers' savings in local real estate for home building and
business structures instead of being compelled to go far afield to seek investments in unknown securities.
"This section also defines a loan upon the security of real estate. The
Purpose of the definition is to clarify the situation with reference to real
estate bonds. Under the old law, which nowhere made a clear distinction
between a loan and an investment, if the Comptroller found in the possession of a national bank a bond secured predominantly by real estate, he
held tbat the transaction by which the bond was acquired constituted a
loan and not an investment. Being, therefore, a loan upon the security of
real estate it could not run for more than one year. This restriction DA to
term automatically made the purchase of all such bonds Illegal and ultra
'sires. The bonds here referred to are those issued upon apartment houses,
hotels, office buildings, auditoriums, and the like.
"The definition now made automatically excludes real estate bonds from
the loans of a national bank. The new law requires, in the case of a real
estate loan, that the entire obligation be taken by the bank. The only
way, therefore, by which real estate bonds may now find their way into a
national bank is through the channel of investment securities. They must
now, if they can, qualify under the investment securities provisions of this
Act. There they must meet requirements not primarily concerned with
the character of the security but requirements as to lieukitty marketability, ready salability at a known price and the like. The definite terms
which must be met will depend upon the frothcoming regulations on invmtment securities which the Comptroller of the Currency is required now by
law to make."
You will notice that the analysis which I have quoted states that real
estate bonds must qualify under another provision of the new Act, namely
Section 2 (b). Quoting again from the published analysis:
[VOL. 124.
United States Supreme Court Interprets Moneyed
Capital Coming into Competition with National
Banks—State Laws Taxing Shares of Latter
Higher Than Moneyed Capital Held
Discriminatory,
The United States Supreme Court handed down on March
21 three decisions involving the interpretation of moneyed
capital coming into competition with national banks, and
held that State laws imposing a higher rate of tax on shares
of national banks than is assessed on competing moneyed
capital are a discrimination against national banks not permitted by the Federal Act. The laws of Wisconsin, Kentucky and Minnesota were passed upon by the Supreme Court
and in summarizing the three opinions handed down, the
"United States Daily" says:
The first of these opinions is that of the First National Bank of Hartford.
Wis., plaintiff, plaintiff in error, vs. City of Hartford and State of Whi..
No. 186. Writ of error to Supreme Court of the State of Wisconsin. The
case was argued with Nos. 78 and 245 on Dec. 13 1926.
This case raised the question of the validity of the tax imposed on the
shares of the stock of the plaintiff. The lower State Court construed the
local taxes discriminatory, which was reversed by the Supreme Court of
Wisconsin. The Supreme Court of the United States pointed out that the
fact that the Wisconsin statutes were discriminatory was not enough to
dispose of the case, but it must be shown that favored capital was In competition with national banks.
The judgment of the State Supreme Court was reversed. The Supreme
Court of the United States found the taxes to be disr riminatory.
The next opinion read was that of the State of Minnesota. petitioner.
vs. the First National Bark of St. Paul, No. 245. Writ of certiorari to the
Supreme Court of Minnesota.
This suit was brought to recover taxes assessed against the shareholders.
"This provision, while regulatory in form, is in fact a complete recognition by Congress of the legal right of national banks to engage affirmatively The trial Court gave jodgment for the retitioner. The judgment of the
In the business of buying and selling investment securities. The only trial Court was reversed by the State Supreme Court. The Supreme Court
pre-existing legal basis for these operations was in the original grant of
Minneauthority in 1863 to discount and negotiate 'other evidences of debt.' of the United States affirmed the judgment of the Supreme Court of
The Comptroller of the Currency by many precedents recognized this sota. The taxing statutes of Minnesota were found to be discriminatory.
buying
of
for
and
selling bonds
various kinds.
language as a sufficient basis
The final case of this series was Georgetown National Bank, plaintiff in
"The new language, however, is specific for a,1 future operations. In
Scott County, Kentucky, et al..
the first place, every such investment security must be a 'marketable error, vs. 011ie McFarland, Sheriff of
obligation.' It may be in the form or a bond, note or debenture evidencing No. 78. Writ of error to the Court of Appeals of Kentucky.
indebtedness. Congress does not undertake to define the term 'marketable
This case involved a similar question to that in the two preceding cases.
obligation,' but recognizes that a definition Is necessary. Authority, There was a similar examination of the evidence. The judgment of the
therefore, is conferred upon the Comptroller of the Currency to make by
regulation a further definition of the term 'investment securities' not highest Court of Kentucky upholding the tax was afifrmed.
inconsistent with the express terms of the Act. This is one of the most
The Washington dispatch to the "Times" March 21
difficult responsibilities imposed upon the Comptroller by the Act. It
is understood that he will not draft any such regulation until after he pointed out that practically the same questions of law and
has freely conferred with the interests to be affected. These regulations
together with the provisions of the Act will constitute, in effect, a Federal fact were presented in each case, hinging on the point
Blue Sky Law for national bank investments.
to Section 5,219 of
"This provision was under discussion for about four years and the form whether the State laws were repugnant
in which it here appears represents the final draft which was arrived at the Revised Statutes, which provides that national banks,
something over a year ago.
"There has been considerable speculation as to the relationship of real their property and shares, cannot be taxed under State
estate bonds to this provision. Will they become eligible for investment
only in
for national banks? They will if they are able to qualify before the authority except as Congress consents, and then
Comptroller as Investment securities. Under the old law they were conformity with restrictions attached to its consent. It
excluded from the national banks under a ruling of the Comptroller of
the Currency who held that any such purchase by a national bank was added:
not an investment but a loan upon the security of real estate and, therefore,
In the Wisconsin case, where the Supreme Court of the State upheld the
was governed by Section 24 of the Federal Reserve Act which limited such
law Imposing the higher rate of taxation, a reversal of the judgment below
loans to a terra of one year."
was ordered. Justice Stone pointed out that the Wisconsin court admitted
I might add to this the thought tatif the Comptroller of the Currency the local tax statutes were dIscrimluatery,but apparently, he said construed
in future will permit banks to submit to him for his decision under this the decision of the United States Supreme Court as requiring equality In
provision the status of bona about to be issued, that is, if the Comptroller taxation only of moneyed capital invested in businesses substantially idenwill give an opinion before the bonds are actually placed upon the market, tical with the business carried on by natioral barks.
then we shall probably find in the future bonds being advertised as belonging
"Consequently," Justice Stone continued, "since that class of business
to those which national banks may buy for investment purposes, much must, under the Wisconsin statutes, be carried on in corporate form, and
as we find advertisements to-day stating that certain issues are eligible capital invested in it Is taxed at the same rate as national bank shares, other
for investment by New York or Massachusetts savings banks. Un- moneyed capital, as defined by Section 5.219, within the State, it thought,
doubtedly, this will stimulate the sale of bonds thus approved.
was not favored.
In my opinion the Comptroller of the Currency is going to classify bonds
"Under this view, if logically pursued, capital invested in business enwhich are entirely secured by real estate as real estate mortgages and limit gagea in some but not all of the activities of national banks, as well as that
that
national banks
national banks to 50% loans, though it may be ruled
employed by individuals in investment and reinvestment in securities such
have the right to hold real estate bonds for selling purposes, but they will as we have described, could not be considered in determining the question
probably have to be written down to a point where the bonds only re;resent of competition. But this Court has recently had occasion, in reviewing
50% of the value of the real estate. There is, of course, no logical reason the earlier decisions dealing with this subject, to point out that the rewhy the Bond Department of a national bank should not be able to deal in quirement of approximate equality in taxation is not limited to investment
real estate bonds as freely as it deals in other bonds, but I think it will be of moneyed capital in shares of State banks or to competiting capital emsome time before the Comptroller will permit this and that he will hold such ployed in private banking.
action as being in conflict with the section limiting real estate to 50% loans
"The restriction applies as well where the competition exists only with
and to five-year periods. National banks will, of course, begin to purchase respect to particular features of the business of national banks, or where
the
but
security for these
five-year 50% loans for their own investment,
moneyed capital 'is employed, substantially as in the loan and investloans must be within the Federal Reserve District of the bank or within a ment features of banking, in making investments by way of loan, discount
100-mile radius. Such loans are already legal investments for trust funds or otherwise, in notes, bonds or other securities, with a view to sale or reand the issues are rapidly absorbed through present outlets. The first payment and reinvestment.
effect on mortgages of this character will be to reduce interest rates to bring
The "Herald-Tribune" notes that in the Kentucky case
them in line with those of other national bank investments.
it must be clear to you who are so much more familiar with the real the court held that the evidence failed to prove that there
estate loan business than I am that the McFadden Act, even now, does
were substantial amounts of moneyed capital in competition
not put the national banks upon a parity with State banks as far as real
In
the
converned.
and
other
first
many
States
are
with national banks and therefore sustained the State tax.
estate loans in Illinois
place, national banks will only be allowed to lend up to 50% of the appraised The Supreme Court's findings in the Minnesota case are
value of the property and that only within a certain district as defined by
taken as follows from the "United States Daily":
the Act, while State banks in Illinois are not limited as to the amount which
Petitioner, vs. First National Bank of St. Paul;Supreme
they may lend provided the loan is within the limits fixed for a loan of any State of Minnesota,
States, No. 245.
United
of
Court
based
is
upon
estate.
productive
real
loan
Secondly,
the
kind and provided
national banks within the
Minnesota statutes, assessing upon shares of
national banks will not be allowed to split up mortgages unless the Compthe tax assessed on competing money ed capital of
than
higher
a tax
troller of the Currency approves the issue of the bonds as being suitable State
whose business competes
individuah; invested in shares of corporations
under the McFadden Act for investment by national banks. Thirdly.
held, by the Supreme Court of the United States
were
banks,
with
national
a
of
loans
building
which
do
character
while
not
there are every once in a
in
on writ of certiorari to the Supreme Court of Minnesota, discriminatory
fit into any specific provision of the Act, but which State banks can make
of Section 5219, Revised Statutes.
violation
do
can
anything
banks
germane
banking
to
State
explained,
as
because,
as follows:
Mr. Justice Stone delivered the opinion of the Court
business which Is not specifically forbidden to them.
suit in the district court
The State of Minnesota, the petitioner, brought
Undoub.:edly, the limitations to which national banks will be subject
the
from
First
National Bank of
recover
Ramsey County, Minnesota,to
even under the McFadden Act will not be such as to compel a national bank of
the
Paul. the respondent, taxes assessed against its shareholders for
St.
a
thereof
accept
place
State
charter,
in
and
charter
national
its
to surrender
the tax on the
longer to found a years 1921 and 1922. Respondent resisted the payment of
nor is it likely that a national bank will feel compelled any
the assessment was at a higher rate than that on moneyed
State bank as a subsidiary, as was done in former years by some of the ground that
employed in competition with national banks and hence prohibited
national 12anks in Chicago. But whether the McFadden Act offers suffi- capital
the United States. The trial
Section 5219 of the Revised Statutes of
cient inducements for a State bank to convert into a national bank or a by
by
gave judgment for petitioner. On appeal judgment was reversed
national bank to surrender the charter of its subsidiary State institution, court
Supreme Court of Minnesota and a new trial ordered. 204 N. W.874.
these are questions which can only be answered by actual experience and the
court
first,
district
the
of
the
Upon the second trial, had upon the record
into the discussion of which I need not enter at this time.
MAR. 26 1927.1
THE CHRONICLE
held that at the time of the assessment of the taxes in question"a substantial
and relatively material portion of the money and credits so listed and
assessed In said Ramsey County consisted of moneyed capital in the hands
of individual citizens of said county, coming into competition with the
business of national banks in said county, and with the business of said
defendant." Judgment in resopndent's favor was affirmed by the Supreme
Court of Minnesota. 205 N. W. 375. This Court granted certiorari. 269
U. S. 550; Jud. Code. Section 237 (b).
Similar to Hartford Case.
The questions raised are similar to those considered in First National
Bank of Hartford vs. City of Hartford, decided this day, and may be
disposed of by the application to the present facts of the principles there
considered.
Under the Minnesota statutes, shares of national banks and the moneyed
capital of banks or mortgage loa.) companies organized under the laws of
the State are assessed and taxed at 40% of their full value in the district
where located. Gen. Stat. 1923. Section 2023; Laws of 1921, C. 416. Money
and credits are taxed at the rate of three mills on the dollar of their full cash
value and are exempt from all other taxation. Gen. Stat. 1913. Section 2316;
Laws of 1911. c. 285. Mortgages upon real estate and executory contracts
for the sale of real estate are sep..rately taxed at a lower rate; 15 cents per
one hundred dollars where the period to run is for five years or less, and
25 tents per one hundred dollars on mortgages and contracts for a longer
period. Gen.Stat. 1913, Section 2301, et. seq.; Laws of 1921, c. 445. Money
is defined as gold and silver coin, all forms of currency, and all deposits
subject to withdrawal on demand. Credits include every demand for
money or other valuable thing. Gen. Stat. 1923, Section 1980; Laws of 1917.
c. 130. Under these statutes money and credits, as defined, are taxed at
the three-mill rate and mortgages on real estate at a lesser rate.
It appears that the tax assessed upon the shares of respondent was sixtyseven mills in 1921 and sixty-one and one-half mills in 1922. Although
based upon a 40% valuation, toe actual rate upon the shares was higher
than the prescribed tax of three mills per dollar of full valuation of money
and credits and therefore was discriminatory. Petitioner argues that in its
actual operation, the tax on national bank shares is no greater than the tax
on credits, since under the statute individuals are taxed at the rate of three
mills upon the full value of their credits without deducting their liabilities,
whereas in taxing bank shares, the liabilities of the banks are deducted from
their assets in ascertaining the 40% valuation of their shares. Therefore,
it is urged, if bank shares were Lazed at the same rate without deducting
the bank's liabilities in ascertaining the value of their shares, the amount
of the tax would be approximately the same. This argument ignores the
fact that the tax authorized by Section 5219 is against the holders of the
bank shares and is measured by the value of the shares, and not by the
assets of the bank without deduction of its liabilities, Des Moines National
Bank vs. Fairweather, 263 U. S. 103. and that the bank share tax must be
compared with the tax assessed on competing moneyed capital of individuals
invested in credits, or the tax on capital invested by individuals in the shares
of corporations whose business competes with that of national banks.
Mercantile Bank vs. New York, 121 U. S. 138, 156. 157; First National
Bank vs. Anderson. 269 U. S. 341. 348. Thus compared, the actual tax
imposed upon the shares of respondent, like the tax imposed upon credits
in the hands of individuals, is assessed without deducting the liabilities of
their individual owners, but at different rates. This discrimination is
prohibited by Section 5219 if moneyed capital in the hands of individuals in
Minnesota is employed in substantial competition with national banks within
the State.
The evidence shows that there were money and credits listed for taxation
in the entire State during each of the years in question in excess of $400,000,000, exclusive of municipal bonds and recorded real estate mortgages, and
in Ramsey County alone, where respondent conducts its banking business,
there were like money and credits in excess of $83,000,000, all of which
were subject to the three-mill tax. The evidence shows that in Ramsey
County there were listed for taxation for 1921 in the hands of individuals,
promissory notes amounting to $2,481,446, and bonds, exclusive of tax
exempt bonds and real estate mortgages to $7,595,975; for 1922. notes to
$1.648.810. bonds to $9,931,955. There was invested in those years in
real estate mortgages in Minnesota over $185.000,000 annually. The
investment of national banks in Minnesota in those years in real estate
mortgages was in excess of $19,000,000; in United States Government
bonds in excess of $41,000,000, and in other securities $33,800,000. The
share value of national banks in Minnesota in those years, not including
real estate, was a little more than $60,000,000, and less than two-thirds of
their toial investment in the securities mentioned.
It is said also that the evidence as to individuals was that large amounts of
credits, including bonds, mortgages and notes, were acquired by individuals
by loan or purchase in the State and county, but that there is no evidence
tending to show that any of these securities were held or employed by individuals in banking or investment business or in any other business. But as
we have held in First National Bank of Hartford vs. City of Hartford, the
competition guarded against by Section 5219 may arise either from the
employment of capital invested in a business, even though the competition
be with some but not all phases of the business of national banks, or It may
arise from the employment of capital invested by Institutions or individuals
in particular operations or investments like those of national banks.
It is also urged that the record does not admit of a finding that the funds
Invested in these credits came into competition with national banks within
the meaning of Section 5219. To this it is answered by respondent that the
Court is required to take judicial notice of general conditions to which the
law applies and that the taxing laws of Minnesota construed in the light
of conditions generally known show upon their face that they create a discrimination against national banks not permitted by the Federal Act.
But it is unnecessary for us to enter upon the field of judicial notice, for
it clearly appears from the evidence, as the Court below found, that a large
proportion of these investments consisted of investments of individuals out
of surplus funds which they were investing and reinvesting in bonds, mortgages and other evidences of indebtedness and that these transactions or
continued activities are such as normally constitute an important part of
the business of banking as conducted by respondent and other national
banks in Minnesota. There is direct evidence also that the investments or
individuals in this type of security aggregating large amounts lessens the
'opportunity for the investment of capital by national banks. The oily
witnesses called by petitioner admitted that to some extent such competition existed. In this state of the record we think thefindings ofthe State
Court are supported by the evidence.
That capital of individuals thus seeking investment and reinvestment in
competition with the capital in national banks is moneyed capital coming
into competition with the business of national banks within the meaning
of Section 5219 is the effect of our decision in First National Bank of Hartford vs. City of Hartford, supra, and other cases there considered.
Judgment affirmed.
March 21 1927.
Brokers Sell Paper.
Note brokers within the State in those years made loans to their customers
upon paper which they sell to banks and other investors, amounting to as
much as $100.000,000 annually. Much of this paper is sold outside of the
State, but the amount sold to banks and to individuals within the State is
substantial. One class of this paper known as "cattle loan paper" exceeded
$22,000,000 annually in the years in question, and of this $13,000,000 was
sold to banks, corporations, firms and individuals in Minnesota. The
amount shown to have been sold to individuals approximated $1.000,000.
Eleven business concerns to whom respondent made loans, borrowed from
their own officers and employees in one of the years in question about
$1,500.000.
Individuals and corporations using substantial capital are engaged within
the State in business as investment houses, dealing in bonds and mortgages,
such as normally enter into the business of banking. Two such corporations
in Ramsey County had a capital aggregating $2.250,000. One of them sold
$13,000,000 of bonds in Minnesota in 1922, and had sold prior to May 1,
1921, mortgages which were still outstanding aggregating more than $25.000.000.
Taken as a whole, the evidence tends to show without material contradiction that there is a large amount of moneyed capital in the State employed in normal banking activities such as loans, purchases and sale of
notes. bonds and real estate mortages, and that large amounts of capital
are invested and reinvested in such securities by individual investors within
the State.
But petitioner asserts that it does not appear from the record whether
those engaged in the business of note brokers or in the business of acquiring
and selling securities are individuals or corporations, and the amount of
capital employed by any of them is not indicated. While this assertion is
not borne out completely by the record, in the view we take, its truth is
not of controlling consequence. The businesses and activities described
could not be carried on in the volume indicated without the employment
of large amounts of capital and in fact some corporations engaged in these
activities were shown to have a large capitalization. It was not necessary
That capital. if invested in the
that the particular amounts be specified
business of individuals, is moneyed capital in the hands of individual citizens
within the meaning of Section 5219. If Invested in corporations, as appears
in some instances, the share capital in the hands of shareholders is likewise
moneyed capital within the meaning of that section.
1767
Secretary Mellon Sails for Europe—Ogden L. Mills
Acting Secretary—Debt Controversy Closed.
On the eve of the departure of Secretary of the Treasury
Mellon for Europe it was stated by the Washington correspondent of the New York "Journal of Commerce" that
Mr. Mellon had indicated in leaving Washington on March
24 that he does not propose to prolong the controversy incident to theAllied war debt agreements. The correspondent
said further:
It is understood that the letter made public in New York by Edwin A.
Seligman, professor of political economy at Columbia University, criticizing
the Secretary for his retort to the Hibben letter, has reached the Department. Treasury officials were disinclined to discuss the charge that the
Secretary is guilty of an evasion of the moral issue or any other of the assertions contained in the Seligman missive. This fact gives rise to the assumption that no answer will be forthcoming, at least at this time, and to the
further thought that the Treasury does not believe that there is anything
new in this letter that requires an answer.
The letter of Professor Seligman is given elsewhere in our
issue to-day. Secretary Mellon who is a passenger on the
Olympic which sailed yesterday (March 25) will visit his
daughter in Paris and expects to be back at his desk about
the middle of April. During his abs3nce Ogden L. Mills,
Under-Secretary, will be Acting Secretary of the Treasury.
Subscriptions of $1,354,611,650 Received for Treasury
Notes Offered in Exchange for Second Liberty
Loan 4% Bonds.
The Treasury Department's offer to exchange Second
Liberty Loan Converted 41/
4% bonds for 3/
1
2% five-year
Treasury notes resulted in the tender of a total of $1,354,611,650 of the bonds. The amount of Second Liberty 41/
4%
bonds outstanding on Dec. 31 1926 was $3,083,671,700. The
bonds are callable any time after Nov. 15 next. Their maturity date is 1942. The issuance of Treasury notes in exchange for the bonds was detailed in these columns March
12, page 1457, and a further reference thereto appeared in
our issue a week ago, page 1617. Secretary Mellon in announcing on March 23 the amount of bonds offered in exchange for the notes said :
In accordance with the recent announcement, subscription books on the
offering of 33 % Treasury notes of Series A-1930-32 in exchange for Second
Liberty Loan 43 % bonds closed at the close of business Tuesday, March 22.
The total amount of subscriptions received by the Federal Reserve banks
and the Treasury Department was over $1,350,000,000, which represents
nearly 44% of the total amount of Second 43 % bonds outstanding on
March 8, when the exchange offering was first announced.
The subscriptions by Federal Reserve districts, together with those received direct by the Treasury Department, are set forth below. These
figures are subject to a slight increase due to the belated receipt of any subscriptions which were in the mails or otherwise in transit before midnight
on March 22.
Federal Reserve
Total Amount of Federal Reserve
Total Amount of
District.
Subscriptions.
District.
Subscriptions.
Boston
$72,848.900 St. Louis
$44,918.950
New York
755.527.150 Minneapolis
23,138,800
Philadelphia
68,984.650 Kansas City
27,754,450
Cleveland
68.571.600 Dallas
15.350,350
San
Richmond
30.718,400
Francisco
52.589,450
Atlanta
4.351.500 Treasury
35.053,250
Chicago
154,804,200
Total
$1,354,611,650
The Treasury Department had looked for total exchanges
of $1,500,000,000. In addition to the statement quoted
1768
.THE CHRONICLE
[VOL. 124.
above, the following statement was issued by the Department earlier in the week calling attention to the closing of
the books on March 22:
exchanges would undoubtedly have fallen, but Allied prices would have
risen roughly to correspond, as shown by the post-war experience when the
peg WPS removed. There would, of course, have been some lag in the rise
of prices. But the resulting decrease in the dollar cost to us of Allied goods
The subscription books on the offering to holders of Second Liberty Loan and services would have fallen far short of offsetting the disastrous conbonds to exchange such bonds for five-year 31,5% Treasury notes sequences of a collapse of the Allied exchanges.
Second, in estimating the present value and real burden of the debts,
of Series A-1930-32 will close at the close of business on Tuesday, March 22
1927. Subscriptions placed in the mall or otherwise in transit by midnight you continue to take the rate of interest at 5%,and that, too, at the very
time
when the American Government is borrowing money in this country
March 22 will be accepted. While bonds tendered in exchange upon such
subscriptions should be surrendered on or before March 22, the Federal Re- at 33 % or even less. To use the higer rate of interest greatly exaggerates
serve banks have been instructed in special cases where the circumstances the real reduction in the debts which this country has granted. It is
preclude surrender by such date, to grant an additional limited period no answer to say that the debtors themselves must still pay 5% on their
current borrowings, since the present values of the debts, in the calculation
during which such surrender may be made.
of which the interest rate is here used, are values to the United States.
not to the debtors.
Capacity to Pay.
Treasury Department to Take Care of Unconverted
Third, you object to criticism of the principle of capacity to pay, but
4% Second Liberty Loan Bonds at Callable
you fail to realize its essential weakness as a criterion. It is conceivable
Date in November.
that an entire nation's capacity to make payments abroad can be estimated for the present and the immediate future; but it is obviously imAccording to press advices from Washington, March 21, possible
to make such an estimate,
fair and scientific basis, for
the unconverted Second Liberty Loan 4% bonds will be so long a period as the next 60 yearsonto any
come. In point of fact, the use
taken care of by the Treasury Department when the loan of the "principle" cannot denote a just and accurate procedure. It can
been a cloak for bargaining and compromise. Moreover, the
reaches its callable date on Nov. 15 next. There are only only havehas
proved to involve a confusion between the idea of maximum
about $20,000,000 of these bonds outstanding. The adjust- limits and the idea of minimum limits. You interpret
capacity to pay
In
the
generous
sense of reducing payments to what seems to you a just
ment of interest on the unconverted bonds in the exchange
and reasonable extent. The French, on the contrary, interpret the term,
operation, it is said, was based on the 414% rate and dis- as found in our debt agreements, to mean tbe
maximum that the debtor
position of unconverted 4s was postponed until such adjust- can possibly be forced to pay. To refer objective action to a principle
which
is
open
to
such
contradictory
interpretations is unfair and misleading.
ment would be unnecessary.
Again, you rebuke the Columbia and Princeton groups for failing to
suggest some other formula than capacity to pay. They have offered
rigid percentage basis for calculating the payments, because they
Columbia University Through Professor Seligman no
tidy k no such basis is applicable. Instead, they urge a procedure which
Declares Secretary Mellon Ignores Moral and Other
will take detailed account of the varying origin and nature of the debts
themselves. The procedure followed by the United States treats all
Aspects of Allied Debt Payments.
the debts except that of Belgium as essentially commercial obligations.
Through Prof. Edwin R. A. Seligman, an answer in behalf
Purchase of Supplies.
of the faculty of Columbia University has been made to
You advert to the dollars which the United States spent in purchasing
Secretary Mellon's letter of a week ago criticising the argu- supplies and services for the Allies. Of course we spent a great deal of
in Europe, but what we spent ran in terms of hundreds of millions,
ments of both the Princeton and Columbia faculties for money
whereas the debts run in terms of billions. These are precisely among the
reconsideration of the Allied war debt settlements. Professor considerations, ignored in its public pronouncement by the Debt ComSeligman in asserting that "the question will not be finally mission, which a revision would make it necessary to examine and to take
settled until we reach an adjustment that is morally, de- into account.
Reparations and Debt Payments.
fensible as well as economically sound," declares that Mr.
The most perplexing errors, however, are found in the manner in which
Mellon's letter fails to meet the moral issue. Professor you link up the debt payments with German reparations. It does not allude
to the point so well emphasized by President Hibben that you are here
Seligman also maintains that the entire argument of Secretary completely
reversing your former attitude; an attitude which, until your
Mellon "connecting debt payments with reparations places recent letter, always disclosed an adamantine refusal to admit that
debts
the United States in a very ambiguous position" and he had anything to do with reparations. This is illustrated by the persistent
refusal of the Debt Commission to allow the French to insert the "safeguard
goes on to say that "I do not believe that the citizens of this clause" based on reparations, a clause which probably
would have ensured
country can contemplate with easy conscience a situation the acceptance of the Berenger agreement. I call attention only to the
in which the chief beneficiary of the German 'reparation' following points:
You assume that reparations will continue to be paid in the ascending
payments will be, not the Allies, but the United States, amounts contemplated
in the Dawes plan, and during as long a term as
which suffered none of the destruction resulting from in- sixty-two years, the term fixed in our debt agreements. Of this there is of
course
no
guaranty
whatever,
and indeed much expert opinion now regards
vasion." Professor Seligman concludes by stating that it as
impossible of accomplishment. Should the payments from Germany
"my purpose in this letter has been merely to call attention fail to be made in the
scheduled amounts over sixty-two years, your whole
to various economic errors which seem to me to obscure a argument on this head breaks down.
I come next to an error which rankles deep In the hearts of our French
proper understanding of this vital issue." We give his friends.
You assert that the debt payments will not require the Allies
letter herewith:
to undergo great additional burdens of taxation, because they will receive
from reparations more than they pay to us. You entirely overlook the
Honorable Andrew W. Mellon, Washington,
My dear Mr. Secretary,—Your open letter to President Hibben on the fact that France has already spent on restoring the devastated regions all
debt settlements was so temperate and courteous, and recognized so clearly and more than all, of the sums that on any reasonable probability she will
the legitimacy of a serious discussion of this important question that the ever receive from Germany. These prospective receipts are not a free
signers of the Columbia statement of last December, to which you so fund or a surplus which can be used to pay the debts due to this country
frequently refer, have authorized me to make a few observations. Following without affecting the French taxpayers. They already have been mortgaged to the full. The same considerations apply in greater or less degree to
your example, I am at the same time offering this letter for publication.
I should like to call your attention to what I conceive to be various errors most of the other Allies.
Finally your entire argument connecting debt payments with reparations
of fact and interpretation in your letter. These fall into two groups, one
affecting the Columbia and Princeton statements, the other relating to places the United States in a very ambiguous position. I do not believe
your own positive contentions on certain economic aspects of the question. that the citizens of this country can contemplate with easy conscience a
In the first place, when you speak of the loans as investments, throughout situation in which the chief beneficiary of the German "reparation" payyour entire argument, you pass over in silence those moral aspects of the ments will be, not the Allies but the United States, which suffered none of
debt situation which formed the principal basis of the Columbia and the destruction resulting from invasion. Do we not stultify ourselves
Princeton statements. The question will not be finally settled until we by allowing a situation to develop in which the moneys paid over to the
reach an adjustment that is morally defensible as well as economically sound, Allies by Germany, in order to repair the devastation of the war, will flow
but it would be idle for me to attempt here to add anything to the analysis into our coffers, leaving the Allied taxpayers to carry virtually the whole
of the moral phase of the subject. I desire only to point out that your letter burden of Allied reconstruction, which the reparations payments were
especially designed to meet?
falls to meet this issue at all.
You intimate, in the second place, that our statement was based upon an
I have not commented on certain other aspects of the situation ignored
inadequate knowledge of the facts. I assure you that we are thoroughly in your letter. They turn in part on the possible unfavorable effects of the
familiar with all the facts that have been made public by the Treasury debt receipts upon economic conditions within the United States itself, and
Department. If there is in your files any pertinent information of a funda- If included here would serve to strengthen materially the plea for a reconmental character which has not been divulged and which we ought to have sideration of the entire debt question.
consulted, the statements thus far issued by the Treasury fail to suggest
My purpose in this letter has been merely to call attention to various
its existence. Has not the time now come when any such information should economic errors which seem to me to obscure a proper understanding of this
issue.
vital
public?
made
be
Faithfully yours,
You intimate also that the Columbia statement was calculated to imperil
the acceptance by France of the debt agreement. It is true that when the
EDWIN R. A. SELIGMAN,
statement was issued there appeared to be some basis for this anxiety, but Columbia University, March 23 1927.
I submit that events have since shown that France was able to balance her
The proposals of the Columbia Professors for a review
budget and to arrest the fall of the franc without the aid of that American
loan, the desire to secure which was the only strong argument for ratification of the Allied debt payments were referred to in these columns
put forward by any responsible French statesman. Evidently the Columbia Dec. 25, page 3253. The views of the faculty of Princeton
statement had no substantial effect on the action of France in reference to
University appeased in our issue of a week ago, page 1609.
ratification.
I come now to what seems to me the errors involved in your contentions
in the strictly economic field.
4n%
Pegging of Exchanges.
First, it is true that American dollars enabled the Allies to peg the
exchanges, that is, to keep the exchanges close to the pre-war levels. This
procedure rendered it possible for the Allies to purchase goods in the United
States without putting an exorbitant strain on their domestic finances.
But it is a gross error to say that pegging made American purchases in the
Allied countries substantially more costly. It was precisely the'pegging
that kept Allied internal prices from soaring. Without the peg the Allied
Rodman Wanamaker Says Discussion of War Debts at
This Time Is Uncalled for—Advises Colleges to
Confine Themselves to Training of Students—
Policies of President and Secretary
Mellon Upheld.
In a statement on "College Presidents and World Politics," given out at Philadelphia on March 18, Rodman
MAR. 26
1927.]
THE CHRONICLE
1769
Wanamaker criticises the action of the faculties of Colum- said he had asked the British Foreign Office to ascertain
bia and Princeton Universities in advancing the proposal for exactly what Mr. Mellon said and until a report was received
a revision of the European war debts. Mr. Wanamaker says: he would not assume that the cabled summary of Mr.
After a period of mutual understandings it seems uncalled for at this Mellon's statement was necessarily correct. In indicating
time to bring up for further synthetic analysis the serious question of atti- what Mr. Churchill had to say further in the matter, the
tudes formed by different minds of what this country should or should
not do in reference to financial settlements that are thoroughly understood New York "Times" (copyright advices from London) stated:
by those capable minds in this and foreign countries who know the basic
facts and principles far better than can be comprehended by those who
have no first-hand or reliable knowledge and are only guided by their
own opinions based on personal views and sentiment.
It would be far better for all universities, colleges,institutions and schools
to implant in the minds of the coming generations what they should know
by careful, unbiased training as real workers with body, mind and soul,
able to cope with situations that will become more and more evident in this
great growing nation.
This country was built up by the help of God and the brawn of the
working man. The more it moves away from the education of the working
man the more it will tend to decline.
We do not need to many kinds of books or system, as we must have home
training, obedience and thoroughness which inspire confidence, the loss of
which no nation can survive.
America will always respond where duty calls us. It is time to stop all
carping and criticising on both sides of the water. If there is political stability the finances of the country cannot help steadily improving. No
country in the world has a greater source of stability than France, and all
that is needed is the faith of the world in her ability to find the way triumphantly out of the difficulties into which the country entered as a result of conditions surrounding it at the time.
Patriotic service is something deeper and broader than political parties,
and commercialism means much more than merely making money.
The United States has illustrious, prudent, anxious, true men at the helm.
President Coolidge and Secretary Mellon, under every circumstance that
has been most trying in these troubled times, have done wonders with their
steady, comprehensive, careful understanding and wise judgment, as is
continually proven by the position this country holds to-day in the minds
of the world.
President Coolidge in Accord with Secretary Mellon on
War Debt Stand—Regards Letter to Dr. Hibben as
Adequate in Explaining Situation.
It is observed by the Washington correspondent of the
New York "Journal of Commerce" that President Coolidge is
not disposed to make any comment upon the suggestions recently made by the faculty of Princeton University for the
revision of the debt settlements with the former associates
of the United States in the World War. The correspondent,
under date of March 18, added.
He[Mr. Churchill] asserted emphatically, however, in reply to questions,
that Britain, at least, would not be able to discharge her war debt to
America out of reparation money.
"This year," said Mr. Churchill, "British receipts from reparations will
represent about one-third of our payments to the United States. During
the calendar year of 1927 Britian should receive £12,750,000 in German
reparations, including the Belgian war debt, and E9.500,000 in Ally war
debts—E22,250,000 in all—and will pay £33,000,000 to the United States
Government.
"From 1929 onward our receipts would be sufficient, on the assumption
that it is found possible to transfer the full Dawes annuities, to cover payments to the United States Government, which rise in 1933 to nearly
£38,000,000.
"But even if the full Dawes payments are received each year for sixty
years from now our receipts from reparation and Allied war debts would not
be sufficient on the basis of present values to cover our payments to the
United States, including those made in the past before we received anything
from our debtors."
Mr. Churchill also stated that the Government still recognizes as binding
the undertakings assumed in the Balfour note, that whenever the aggregate
receipts from reparations and the Allied war debts exceed the British payments to America,including those made in the past,a rebate will be made.
Replying to further questions, Mr. Churchill said that he had a definite
agreement with the French Government regarding war debt payments in
the present year, though the French debt funding agreement was not
ratified.
Lieut.-Col. Howard Bury, Conservative, asked whether Mr. Churchill
Would "see these facts were circulated to all foreign nations so as to overtake
misleading statements made by Mr. Mellon."
"I do not think we ought to assume the statements misleading," said
Mr. Churchill, "until an actual report has been received in this country of
what was said. When I am in pocsrssion of this, I dare say, it will be
possible to make a statement on whether any ground of divergence occurs.'
Secretary of the Treasury Mellon commented thereon in detail in a letter
to President Hibben of the University. That the Administration is in accord with what the Secretary said on that occasion was indicated to-day by
the White House spokesman.
Be explained that Mr. Mellon's letter gave some of the reasons why such
suggestions do not appear to be wise to the Administration and he added that
there are many more reasons that might be given. Because these reasons
seem to be Gwent and to cover the situation at the present time the spokesman suggested that nothing more need be said by the Administration.
Observers Critical.
Observers of international affairs outside official circles are extremely
critical of the recommendations made by the faculties of Columbia and
Princeton universities, although little is being said here on the subject at
this time, probably for the reason that the remarks of the latter have been
overshadowed by the stir created by the former. The Mellon letter, however, is said to have put a new slant on the views heretofore expressed by the
Administration that the German reparaticns have nothing to do with the
debt situation as it involved the United States and its European debtors.
Supporting the assertion that it is either our people or the people of the
debtor nations that must pay these debts due the United States and covered
by settlements already entered into. Secretary Mellon emphasized the
fact that these European nations would receive from Germany under the
Dawes Plan more than they would have to contribute to the United States
in curtailing their debts, while at the same time the totals of the debts had
been scaled down materially in arriving at a settlement.
Remarks Significant.
It is thought possible that the remarks of Secretary Mellon may at this
time have particular significance, especially in view of the assertions made
by high German officials that their country could not continue to pay the
allotments to the various Allied nations in the years to come.
It is pointed out that there is no indication that France, Italy or any of
the others which would benefit by the reconsideration and revision of the
debts due the United States are anxious or desirous of according similar
treatment to Germany, nor that the proponents of cancellation by the
United States would be willing financially to aid the Government by similar
forgiving the United States cf any obligation the Government might be under
at some time to redeem Liberty bonds which they may be holding, or to
accept a higher levy in income taxes to raise the money to pay what now
is Europe's war debt.
Winston Churchill, British Chancellor, in Answer to
Secretary Mellon, Declares Reparation Payments
Do not Cover British War Payments to
United States.
The remarks last week of Secretary of the Treasury Mellon
to the effect that all of the principal debtors of the United
States "are already receiving from Germany more than
enough to pay their debts to the United States," has brought
a rejoinder from the British Chancellor of the Exchequer,
Winston Churchill. The statement of Secretary Mellon was
contained in his letter to President Hibben of Princeton
University, given in our issue of a week ago, page 1610.
Mr. Churchill disputed Secretary Mellon's statement on
March 22, when in addressing the House of Commons, he
According to the copyright advices to the "Herald Tribune" on March 22, the debt question was also mentioned
in the House of Lords by the Earl of Oxford and Asquith,
when he demanded drastic measures of economy on the
part of the Government. He said that England's debt
burden was £168 per head, compared with £34 in the United
States, and that English taxation was £34, compared with
£16 in the United States. The same advices state:
The former Prime Minister demanded that four "needless" ministries be
abolished, naming the Ministry of Labor, the Mines Department, the
Ministry of Transport and the Department of Overseas Trade.
Among the newspaper comments in Great Britain which
the statements by Secretary Mellon have occasioned, the
London "Daily News" is quoted as follows in the London
cablegram (copyright) to the "Herald Tribune" March 18:
Reversing the usual anti-American sentiments and favoring a more reasonable attitude regarding the entire debt question, the Liberal "Daily
News" in its leading editorial to-morrow will say: "The sooner the debtors
that have been importuning, cursing. bewailing and evading settle down
quietly to the grim business of meeting their debts, according to the bond,
the better it will be for the financial stability of Europe and for its peace of
mind."
Taking sharp issue with the rabidly anti-American "Westminster Gazette"
"The News" remarks: "The perpetual revision of these plans only embarrasses the well meaning efforts of our European and American sympathizers. Impetus for the reconsideration of war debts must come from the
American side."
The newspaper assails those accusing the United States of "Shylockism."
holding that any revision must be the result of economic reasons rather than
on moral grounds, and "certainly not because Europeans keep on talking
in terms of reproach or disgust of 'the pound of flesh.'"
"The News" feels that the European trusts now organizing to compete
with American industries in the American markets may probably bring
about a change in the debt situation. "For an international trust, like
money, talks," the "News" concluded.
We likewise quote from the New York "Times" cablegram (copyright) the following from London, March 18:
One statement contained in Secretary Mellon's letter to President Hibben
of Princeton on the subject of war debts has provoked criticism and contradiction here, and that is his assertion, according to a cabled summary
that all the principal debtors already are receiving from Germany more
than enough to pay their debt to the United States.
The figures supporting this statement given by Secretary Mellon are
challenged by the London "Times" financial editor, who writes:
"We are not receiving and are not likely to receive more from all our
European creditors than we have to pay the United States. According
to detailed figures for the financial year 1925-1926 Great Britain paid
America £28,314,000 for interest and £4,953,000 in repayment of capital.
In the same period this country received from Germany in reparation
payment £10,250,000 and from our Allies £4,464,000. Thus we received
considerably less than one-half the amount we paid America.
"In the financial year ending this month we shall have paid again more
than £33,000,000 to America and will have received from Germany and
other European debtors a little more than £20,000.000.
"Further, it is important to note that before we received any regular
reparation payments from Germany and before any Allied war debts were
settled, Great Britain paid upward of £100,000,000 to America in respect
of debts.
"All indications at present point to the fact that when all our debtors
have settled our claims there will remain every year a substantial deficit
on the sum actually paid by Great Britain to the United States."
Under the heading,"Mr. Mellon's Slur," the "Daily Chronicle" charges
the Secretary of the Treasury with mis-statement and showing lack of
generosity to Britain.
"It is a pity," it says, "when Mr. Mellon writes on this topic that he
is not more careful over facts and suggestions. Last July on an occasion
Which evoked Mr. Churchill's retort, he was shown to be guilty [in regard
to our borrowing to supply India with silver] of a plain and inexcusable
mis-statement of fact.
1770
THE CHRONICLE
"His suggestion now in regard to Great Britain is that she Is profiteering
on her debt settlements and will receive substantially more from her
debtors than she pays the United States. She will not, and we wants
Mr. Mellon's figures with interest.
"But even suppose him right for this or that year; he knows that taking
the whole payments we do not stand to gain, but very much the reverse,
even though, like other European nations, we lay the whole of our German
reparation at America's feet. Knowing this, is not Mr. Mellon a little
ungenerous to suggest the opposite/ Great Britain, one might have
thought, deserved rather well of the 'United States. The course with
Which she shouldered an unprecedented and well-nigh insupportable load
and the punctuality with which, despite bad trade and other disasters,
she has so far paid her huge installments in full have compelled the admiration of all good Judges.
"She surely now merits fair play, and it seems surprising that any one
in Mr. Mellon's position when he puts his pen to paper should continue
not to give it to her."
(You 124.
convention are already, it is said, the largest in six years, in
response to a rising interest in foreign trade indicated by
our 1926 foreign trade tonnage of 94,183,000 tons, the greatest volume of international commerce in our history.
Savings Increasing at Faster Rate than Income,
According to National Industrial Conference
Board, Inc.
Evidence of rapid growth of thrift among the people of
the United States is found by the National Industrial Conference Board, 247 Park Avenue, New York, in the fact that
savings have been increasing at a much faster rate than
Incomes. New annual savings, as represented by savings
deposits in banks, by payments to building and loan associations and by life insurance premiums paid, according to the
Conference Board's analysis in 1926, were nearly five times
as great per capita as they had been in 1914, having increased from $6.71 per capita in 1914 to about $33 per capita
In 1926, an increase of about 390%. Personal incomes, as
reported to the Federal Government, complete statistics of
which are available only for 1918-1924, in 1924 were only
3.3% greater per average return than in 1918, the average
income per return in 1924 being $4,146.50, as against
$4,010.24 in 1918. Savings per capita of population in 1924,
however, says the Board, were $30.95, or more than double
the amount saved' per capita in 1918, which was $12.68.
Average "real weekly earnings" of industrial workers, that
is their actual earnings in relation to living costs, a cardinal
factor in measuring the maximum that it is possible to save,
in 1926 were 29% greater than in 1914, the Conference
Board points out, while the amount of money saved per
capita of population in 1926 was 390% greater than in 1914.
Total annual new savings above referred to in 1914 amounted
to $656,900,060 and in 1926 about $3;892,000,000, while the
population increased from 97,927,516 in 1914 to 117,136,000
in 1926.
Foreign Traders to Take Up Farm Exports—Detroit
Foreign Trade Convention Offers Business
Collaboration on "Surplus Crop"
Problem.
The farmers' problem in foreign trade will occupy a prominent place on the program of the Fourteenth National Foreign Trade Convention to be held at Detroit, Mich., May
25-27 next, according to 0. K. Davis, Secretary of the National Foreign Trade Council, who made public the convention's preliminary program March 12. Two of the important speeche already arranged for the Detroit convention
on this topic include addresses by ex-Governor James P.
Goodrich of Indiana on "Some Hopeful Aspects of Agriculture" and the opening address of the convention by Julius
H. Barnes, President of the Barnes-Ames Co., New York,
grain commission and shipping merchants, and former President of the Chamber of Commerce of the United States, on
"The World's Trade To-day—and To-morrow."
"The problems of agriculture and raw materials are a
vital part of our foreign trade," said Mr. Davis, "and we
feel the time has come when business men should make
known to farmers and other producers of the crops which
bulk so large in our exports that we all have a common
Interest in the same things, and that foreign trade is just as
vital to agriculture as to industry. The agricultural States January Railroad Earnings at the Rate of 4.20% per
Annum on Investment.
showed their predominant interest in the subject by the
nation-wide issue they have raised over the McNary-Haugen
Class I railroads in January had a net railway operating
farm relief bill. It is now certainly apropos for business income of $61,578,697, which for that month was at the
men and farmers to collaborate on some solution for agri- annual rate of return of 4.20% on their property investment,
cultural exports which will satisfy the economics as well as according to reports filed by the carriers with the Bureau of
the politics of the national emergency."
Railway Economics and made public on March 15. •In 1926,
Another important address at the convention will be the their net railway operating income amounted to $65,761,272
closing speech of the gathering on "The Foreign Trade Bal- or 4.59% on their property investment. The statement goes
ance," by James A. Farrell, Chairman of the National For- on to say:
Property investment is the value of road and equipment as shown by the
eign Trade Council. Attention will also be concentrated at books
of the railways, including materials, supplies and cash. The net
Detroit on the export problems of smaller manufacturers, railway operating income is what is left after the payment of operating
who make up 40% of our exports to-day out of tens of thou- expenses, taxes and equipment rentals but before interest and other fixed
charges are paid.
sands of articles no one of which equals 1% of the total.
This compilation as to earnings in January is based on reports from 189
Other topics include "Michigan's Vital Interest in Foreign Class I railroads representing a total mileage of 237,901 miles.
Gross operating revenues for the month of January amounted to $487.Trade Progress," "Foreign Uses of American Capital" and
004,335, compared with $481.418,187 in Jan. 1926 or an increase of 1.2%.
an extensive foreign trade discussion promoted by the auto- Operating expenses in January this year
totaled 8387,489,361 compared
motive industries. The general sessions of the convention With $378,933,304 in the same month last year or an increase of 2.3%•
Class I railroads In January paid $29,338,230 in taxes, an increase of
will be held in Detroit at the Masonic Temple, accommodat- approximately
8677,000 or 2.4% over the same month last year.
ing 4,000 people, and on the evening of the first day, May 25,
Thirty eight Class I railroads operated at a loss in January, of which
fifteen
were
in
the
Eastern,three in the Southern and twenty in the Western
"a distinguished speaker," whose name will be revealed
District.
shortly, will, it is said, focus national attention on the conNet railway operating income by districts in January with the percentage
vention's activities. Group sessions will be held by the of return based on property investment on an annual basis follows:
National Council of American Importers and Traders, the New England Region
$2,158,061
4.91%
Great Lakes Region
9.570,682
4.04
National Association of Credit Men, the Export Managers' Central
Eastern Region
12.649.610
4.46
Pocahontas
Region
6.265.620
Club of New York, the American Manufacturers' Export
8.04
Total Eastern District
30.644.873
4.77
Total Southern District
Association, foreign trade banking officials and export
9,851.105
4.27
Northwestern Region
1.517,108
0.91
groups of the national advertising associations. A new Central Western
Region
12.390,609
4.67
Region
7,175.002
4.46
session on Export Merchandising, under the auspices of the Southwestern
Total Western District
21.082,719
3.56
American Exporters and Importers Association, held for the United States
61,578.697
420
Owing to the fact that railway business and earnings fluctuate from
first time at these conventions, will outline means by which
year to year, only the showing of results over a period of years can indicate
the export commission merchants can get closer co-operation the real trend of railway returns. The rate of return on property investfrom manufacturers and other producers engaged in foreign ment for the five years ended with the month of January has averaged 4.52%
trade.
Eastern District.
The net railway operating income of the Class I railroads in the Eastern
The newly-established Canadian Board of Trade has decided to collaborate with the convention in organizing an- District in January was $30,644,873, which was at the annual rate of
return of 4.77% on their property investment. For the same
in
other Canada Day, featured for the first time last year. 1926, their net railway operating income was $30,144,163 or 4.80%month
on their
The speakers at this session, on May 28, will all be Cana- property investment. Gross operating revenues of the Class I railroads in
January totaled $246,780,367, an increase of 4.5% over the corresponding
dians, who will address the entire body of delegates on the period the
year before, while operating expenses totaled $198,844,239, an
kindred issues of American and Canadian foreign trade and increase of 4.5% over the same period in 1926.
the means by which closer business co-operation can be obSouthern District.
Class I railroads In the Southern District in January had a net railway
tained between the two countries. Reduced railway fares
operating
income
of $9.851,105, which was at the annual rate of return
have been granted by the passenger associations of the difof 4.27% on their property investment. For the same month in 1926
ferent railroad districts of the country, as well as in Can- the net railway operating income amounted to
$12.939.628, which was
ada, assuring to all delegates round trip fares to Detroit at the annual rate of return of 5.86%. Gross operating revenues of the
I
Class
railroads in the Southern District in January totaled $68.035.630,
at one and one-half the regular rate. Registrations for the
a decrease of 8.8% under the same month in 1926, while operating
expenses
MAR. 26
19271
TUE CHRONICLE
1771
example of the Bank of Italy, as far as it is now permitted
by law.
State-wide branch banking for State banks is, of course,
only possible at present on the Pacific Coast. In California
a noteworthy recent development since the passage of the
McFadden Act has been the stimulating effect of the organization of independent State institutions. This movement,
while regarded as a natural sequel to the McFadden bill,
comes rather sooner than expected. However, it is recognized that banking development in the State, outside of
CLASS I RAILROADS—UNITED STATES.
growth
of the present systems, must now lie largely in the
1927.
1926.
Month of January—
$487,004,235 $481,418,187 direction of independent enterprise, as national or State
Total operating revenues
487,489,361 378,933,304
Total operating expenses
29,338,236
28,660,890 member banks can open no more branches there outside of
Taxes
61,578,697
65,761,272 home towns.
Net railway operating income
78.71%
79.57%
Operating ratio
4.20%
4.59%
In other parts of the country where the Bank of Italy exRate of return on property investment
pansion idea has been studied, notably in the East, attention is being paid more particularly to the plan of building
Possible Manner of Bank Expansion—Bank of Italy up extensive bank connections through stockholding conPlan and Methods Being Studied by Other
cerns. These connections do not necessarily mean actual
Institutions.
stock control of the various banks. It has been found in
[From the "Wall Street Journal" of March 18 1927.1
such operations that effective influence can be exercised by
There is a general belief in banking circles that American careful purchase of minority stock in co-operation with other
banking is on the threshold of far-reaching developments important holders.
in the next few years, more or less incidental to the passage
An instance of this development in this vicinity is seen in
of the McFadden Act. While that measure liberalized the the recent reported acquisition of a number of banks in
banking laws by granting national and member banks addi- Westchester County by certain New York bankers and finantional powers, it cannot be said to be altogether responsible ciers.
Establishment of a trust company in Florida a short while
for the present broader prospects. There were certain
expansion tendencies already under way, such, for instance, ago jointly by the Farmers' Loan & Trust Co. and the Cenas the increasing number of branches, which were inde- tral Union Trust Co.of this city shows how extension of direct
pendent of the pending legislation. In fact, as is known, interest outside the State is feasible as far as State banking
the McFadden bill sought to restrict the spread of branch institutions are concerned.
banking by prescribing it only to city limits for national and
Whether these proposed banking connections through
member banks. In some respects, therefore, it might be stock holding concerns will mark an improvement over the
said that the expansion contemplated seems to be despite the usual chain systems that have been established from time to
restraining influence of the McFadden law.
time in certain parts of the South and West remains to be
Success of the Bank of Italy of California in building up seen. A striking illustration of the possible danger of such
a great branch banking system throughout the State, the systems was afforded last year in the collapse of a string of
largest in the country, prior to taking out a national bank banks in Georgia.
There is inherent weakness also where stock purchased in
charter, has created widespread interest in banking circles.
Nor is the Bank of Italy influence confined to the State. one bank is made the basis for a loan with which to acquire
Its powerful affiliate, the Bancitaly Corp., hold stock in a other stock, and so on.
Although the McFadden Act confines branch banking by
large number of banking institutions in the country and
abroad. In some cases, as in certain instances in New national and member banks to city limits, there is a vagueYork City, the corporation owns a controlling interest in ness in the law as to these limits which is said to offer possithe banks. The ramifications to these investments represent bilities of liberal construction in the future. It is admitted
the largest chain system of its kind in the United States, by high banking officials, Some close to Washington circles,
and is regarded as the most significant individual develop- that the natural evolution of bank expansion will include
ment in American banking to-day.
greater branch facilities even if this must be carried on under
Bancitaly Corp. was organized in June 1919 as a holding the subterfuge of holding companies.
company for a diversified group of bank stocks. The
It is almost forgotten to-day that the national banking
company began business with capitalization of $5,000,000. law originally forbade the "establishment" of branches.
Capital has been increased almost annually from $14,000,000 Even as late as May 11 1911 the United States Attorneyat the end of 1924 to $29,585,826 in Jan. 1926 and to $43,- General pointed out that branch banking by national banks
750,000 in April 1926. Authorized capital at present is was illegal. In later years, however, a more liberal view
$100,000,000. Surplus account has been augmented corre- was taken of national bank powers in this connection. By
spondingly and on Dec. 31 last total invested capital, includ- absorbing State banks having branches and by other rounding capital, surplus and undivided profits were $92,636,352. about methods it was found possible for national banks to
Earnings for 1926 amounted to $9,307,854 and compare with acquire city branches. On Oct. 3 1923 another Attorney$6,583,000 in 1925. Dividends have been paid continuously General ruled that the Comptroller of the Currency could
since organization, beginning at the rate of 6% in 1919 and authorize national banks to open additional offices or
gradually increasing to 9% in 1925, in which year an extra "tellers' windows" in other parts of the city and a number
disbursement of $3 was made. In April 1926 stock was split of such offices were opened. These additional offices became
on a four for one basis, and par value reduced to $25. New to all intents and purposes branches and functioned as such.
stock was placed on a $2.24 annual basis.
Through these subterfuges, therefore, branch banking
Bank of Italy National Trust & Savings Association, as became an established fact for national banks in cities long
the bank is now called, has built up a capital account of before the McFadden Act actually legalized them. Compe$105,000,000. It has 279 branches throughout California. tition between the national and State banks was the motive
Its deposits are close to $600,000,000 and resources $650,000,- behind the expansion in previous years. Bankers say they
000, the largest banking institution outside of New York have no doubt that competition also will be the force that
City.
will cause extension of branch banking beyond the present
The profitable results of these operations have caused prescribed limits by new and extraordinary methods, to be
many bankers to study the Bank of Italy plan and methods evolved as time goes on. These developments, they say,
of operation with the idea of launching similar organizations. must proceed with due regard for the traditional opposition
At the same time there is some feeling at what is regarded to branch banking in this country.
as the inconsistency of a situation which allowed a bank to
come into the national system after establishing 279 branches
throughout a State, while denying the opportunity for Subscriptions to United Hospital Fund Reported by
Bankers' and Brokers' Committee.
similar expansion hereafter to other member banks. The
James Speyer, Chairman, and Walter E. Frew, Treasurer,
activities of the Bank of Italy in building up this huge
system of branches duringithe several years the McFadden of the "Bankers' and Brokers' Committee" of the United
banliing bill was under discussion were a matter of general Hospital Fund of New York, announce that the total subknowledge. Hence it is pointed out that it is not unreason- scriptions for this year amount to over $95,000, which is the
able that some bankers, in and out of the Federal Reserve largest amount raised in any one year by this committee.
System, are looking about with the idea of following the The committee reports the following additional subscriptions
totaled $53,258,427, which was a decrease of 3.7% under January last
year.
Western District.
Class I railroads in the Western District in January had a net railway
operating income of $21,082,719, which was at the annual rate of return
of 3.56% on their property investment. In January 1926 their net railway operating income was $22,667,483, which was at the annual rate
of return of 3.89% on their property investment. Gross operating revenues
of the Class I railroads in the Western District in January totaled $172,188.338, an increase of nine-tenths of 1% over January 1926, while operating
expenses totaled $135,386,695, an increase of 1.6% compared with the
same month last year.
1772
T H lii CHRONICLE
[vol.. 124.
of $100 and over received to date (March 21) for this year's Curran, consideration $170,000.
Last preceding sale $180,collection:
000.
81.000.
Equitable Trust Co.
Joseph P. Grace.
8500.
"A Friend."
Mr. and Mrs. Eugeee Meyer.
C.E. Mitchell.
Alex. L. Sinshetmer.
$400.
Newburger, Henderson & Loeb.
$350.
F.B. Keel,& Co.
$250.
Continental Bank of New York.
Empire Trust Co.
Dr. Ernest Fahnestock.
Freeman & Co.
H. Pendleton Rogers.
8229.92.
Manufacturers Trust Co. employees.
$200.
George V. Coe.
James C. Colgate.
Charles E. Doyle & Co.
J. F. Feder.
Anonymous.
Arthur Lipper & Co.
8.W.Straus.
Gates W. McGarrah
$187.50.
South Brooklyn Savings Institution employees.
$134.
Bank of New York & Trust Co. employees.
$113.
Seaboard National Bank employees.
$100.
Abraham & Co.
Christian Arndt.
Bank of United States.
Benedict, Drysdale & Co.
Willis H. Booth.
Simon Borg & Co.
Carlisle, Mellick & Co.
George C. Clark Jr.
Colonial Bank.
Alan L. Corey.
E. Hayward Ferry.
Arthur E. Frank & Co.
Homans & Co.
G. Beekman Hoppin.
Kidder, Peabody & Co.
C. Lewis.
F. J. Lisman & Co.
Otto S. Loeb.
George McNelr.
S. Cliffton Mahon.
The Morris Plan Co.
"Anonymous."
"Anonymous."
Redmond & Co.
J. K. Rice Jr. & Co.
Harold C. Richard.
Col. Henry H. Rogers.
Kenneth B. Schley.
Samuel Sloan.
Harold Stanley.
E. Vail Stebbins.
Taylor, Thorne & Co.
Lawrence Turnure dr Co.
Elisha Walker.
Maurice Wertheim.
Blair S. Williams.
H. D. Williams dr Co
Samuel Woolverton.
Two New York Cotton Exchange membershipiXwere
reported sold this week, that of George T. Patterson to
George H. Hutzler, for another, consideration, $27,700;
that of William H. Judson to Paul Schwarz, for another,
consideration, $28,000. Last preceding sale, $27,000.
The Greenwich Bank of this city,after operating as a State
bank for rinety-seven years, became a national bank on
March 24 under the name of the Greenwich National Bank.
This is in furtherance of the plans whereby the bank will be
absorbed by the Hanover National Bank. At a special
meeting of the directors of the Hanover National yesterday
(March 25) the proposed merger was approved. The
stockholders will ratify the plans on April 25. As a result
of the consolidation the Hanover National Bank will enter
the field of branch banking, since it will continue the operation of the eleven branches of the Greenwich Bank.
The approval of the stockholders of the Greenwich Bank
to convert the bank into a national bank was noted in our
issue of March 12, page 1465.
Celebrating sixty years of continuous service with the
Seamen's Bank for Savings of this city, Mahlon B. Smith,
who has handled hundreds of millions of dollars in his capacity
as teller for the institution, was honored on March 24 at a
dinner of the Seamen's Bank Club in the new bank building
at 74 Wall Street. Although he will be eighty years old
next October, Mr. Smith put in an active day at the bank
before taking his place as guest of honor at the dinner.
President Herbert K. Twitchell, on behalf of the officers and
staff of the bank, presented him with a loving cup, and the
executive committee passed the following resolution:
Another Florida Bank Fails and One Suspends Pending
Reorganization—Winter Residents Pledge $400,000
to Help Small Depositors.
Advices by the Associated Press from Tallahassee, Fla.
on March 18, appearing in the New York daily papers of
March 18 and March 19, reported that the Seminole Bank
at Stuart, Fla., an institution capitalized at $50,000, had
closed on that date as a result primarily of the financial
On March 24 1867 Mr. Mahlon B. Smith entered the employ of the
difficulties experienced recently by the banking institutions
Bank for Savings and the members of the executive committee,
of West Palm Beach. A notice posted on the bank's door, Seamen's
being desirous of recognizing his long and
service to the instithe dispatches said, stated that recent heavy withdrawals tution, hereby extend to him on his sixtiethcontinuous
anniversary of his employment
beginning after the failure of the Farmers' Bank & Trust their appreciation of such service, together with their congratulations and
Co.of West Palm Beach had precipitated the closing. There best wishes for continued health and happiness."
During his sixty years in Wall Street Mr. Smith has seen
had been no concerted "run". The institution's deposits
the deposit accounts of the bank grow from 24,000 to 82,000
were given as $1,287,124.
A later dispatch from Tallahassee, March 23, printed in the and the amount owed depositors expand from ,565,000 to
"Wall Street News" of the same date, stated that tho Bank of $85,000,000. On some of the oldest accounts he paid out
Orange & Trust Co. at Orlando, Fla. (the capital of which, interest at the rate of 10 and 12%.
it is understood is $200,000) had suspended operations on
George W. Loft, candy manufacturer, has entered the
March 22, pending the reorganization of the institution.
That a group of financers passing the winter in Palm Beach banking field as the organizer of the Emerald National Bank
had on March 22 pledged approximately $400,000 to be lent & Trust Co. of New York; application for a charter for the
to small depositors of four of the Florida banks which institution was made to the Comptroller of the Currency on
closed recently, namely the Farmers' Bank & Trust Co., March 15. It is proposed to form the institution with a capthe First-American Bank & Trust Co. and the Northwood ital of $750,000 and surplus of $250,000. The bank will
Bank & Trust Co., all of West Palm Beach, and the First locate at 33rd Street and 7th Avenue,in the quarters formerly
Bank & Trust Co. of Palm Beach, was reported in Associated occupied by the Brotherhood of Locomotive Engineers' CoPress dispatches from Palm Beach on March 22,printed in the operative Trust Co. The building, it is said, was recently
New York daily papers of March 23. Mayor Cooper C. purchased by Mr. Loft and the low price offered to him for
Lightbown of Palm Beach, it was stated, was a member of the bank fixtures prompted him, it is reported, to make use
the committee in charge of the fund, as also were John S. of them for a banking venture of his own.
Phipps and Edward Shearon, New York financiers. Money,
An application to organize the Prudence National Bank of
it was furthermore stated, would be lent from the fund at
this city was received by the Comptroller of the Currency on
2% interest on amounts less than $1,000.
Our last reference to the failure of Florida banks appeared March 18. It is planned to establish the institution with
a capital of $200,000.
in last week's issue, page 1620.
George V. McLaughlin, Commissioner of Police, will be
guest of honor at a luncheon of the Bond Club of New
the
Bill Permitting Bank of Manhattan Co. of New York
York, to be held at the Bankers Club on Wednesday, March
to Change Par Value of Its Stock Passed by
30, at 12:15, according to an announcement by Medley
New York State Legislature.
G. B. Whelpley, President of the Club.
The bill permitting the Bank of Manhattan Co. of New
York to increase or decrease the par value of the stock of
An application to organize a new financial institutionjin
the bank and to increase or decrease the number of shares
city under the name of the Stuyvesant National Bank
this
was passed by the New York State Senate on March 22.
York was received by the Comptroller of the CurNew
of
It has also passed the Assembly and is now in the hands of
rency on March 18. It is proposed to organize the bank with
Reference
to
the
Governor.
measure
the
appeared in our a capital of $1,000,000.
issue of Saturday last, page 1616.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Four New York Stock Exchange memberships were
reported posted for transfer this week as follows:•Henry W.
Warner, deceased, to James B. Barry, consideration $172,000; William Curzon Taylor to Waldo I.Shurman,consideration $185,000; Harry A. Levy to Willis D. George, consideration, $170,000; Isaac N. Spiegelberg to William G.
At a meeting this week of theidirectorslof theNarfield
National Bank of New York the following officers were
elected: George G. Milne Jr., Vice-President and Trust
Officer; Ralph T. Thorn, Cashier, and Frank J. Irving,
Assistant Cashier. These elections occur as a result of the
death"of A. W. Snow, formerly Second Vice-President and
Cashier of the bank. Mr. Snow'sideathiwasinoted in our
issue of March 12, pa.g41465.
mommilow.•
•
•
MAR. 26 1927.]
THE CHRONICLE
g-Rising from the ruins;of theAoldaMechanics &I-1\7177s
National Bank Building at 20 Nassau St. is a solid mass of
concrete, iron bars and steel plates which constituted the
safety deposit vault of the now razed bank building. The
building is being demolished to prepare the site for the new
34-story headquarters of the Chase National Bank. For
seven weeks the vault has resisted every method known to
modern wrecking science, the use of which circumstances
would permit. Another week or two will be required for
the destruction of the vault, according to Harry A. Biesantz, chief engineer in charge of the work. The vault was
built into the Mechanics & Metals National Bank Building
about five years ago, before the merger of that institution
with the Chase National Bank had been foreseen. It is
thus of fairly modern construction and was built to defy
any conceivable attack. It is what is known as a composite
safe, two stories in height, with heavy reinforced walls,
outside plates of non-burnable metal anchored with bolts,
and with interior chrome steel plates, known as finishing
plates, one-half inch thick. The thirty-four ton door of
solid metal, 30 inches thick, required three weeks for removal. The outside, or masonry wall, is thirty inches
thich, and the two steel linings add another five inches to the
total thickness. The whole was electrically protected and
was both burglar proof and mob proof. In the new Chase
National Bank Building to be erected on this site, vaults of
the most modern construction, heavier and stronger than
the one in process of destruction, with many improvements
in operation and of larger dimensions, will be installed.
1773
for the!new7stock!on the basis of two-thirds of the amount of their present
holdings cf stock. at $300 per share of $100 par value. Of the $1,200.000
derived from the sale of the new stock at this rate, $400,000 will be applied
to the capital account and $800,000 lie the surplus account.
Subscriptions to the new stOck were required to be paid by
March 22. An item regarding the proposed increase appeared in our issue of Feb. 5, page 745.
At a meeting of the board of directors of the Commercial
Trust Co. of New Jersey, Jersey City, on March 22, the
regular quarterly dividend of 4% and an extra dividend of
1% were declared, payable April 1 to stockholders of record
of March 26.
Charles H. James has retired as Vice-President of the
First National Bank of Philadelphia after a service covering
a period of forty-two years. He entered the bank in a
clerical capacity in 1885, was elected Assistant Cashier in
1892 and Vice-President in 1920. Mr. James's special
hobby is to travel in foreign countries. In recent years he
has taken two trips around the world, from east to west
and from north to south, visiting practically all the nations
of the world, as far north as North Cape and as far south
as Australia and New Zealand. At the present time he is
in the Hawaiian Islands.
The board of directors of the Pennsylvania Trust Co. of
Pittsburgh on Mar. 17 declared a dividend of 2M% out of
the earnings of the company, payable April 1 1927 to stockholders of record at the close of business March 31 1927.
• -I
The Corn Exchange Bank announces that its 64th branch
office in Greater New York will be located at 167 Fifth St.,
New Dorp, S. I., and will be open for business on Monday,
March 28. The Corn Exchange Bank was established in
1853 and is the pioneer of branch banking in Greater New
York.
The new bank building erected by the Chelsea Exchange
Bank at 3819 Third Ave., which will house its new Bronx
Branch, will be opened on April 1, Edward S. Rothchild
announces. William Fuelling Jr. is Manager of the branch.
The 20-ton door which has been set in the modern vault
erected in the new building has a unique history, according
to Mr. Rothchild, who states that the door was originally
set in 1902 in the vault at its old 34th Street Branch, where
it stood for approximately 25 years. Recently it was
necessary to move the 34th Street Branch to 36th Street
and Eighth Ave., and demolish the building which housed
the old branch. The directors decided, because of its history,
to have it moved to the new Bronx building. The task of
moving the door took the time of eight men for 10 days,
at the cost of $1,500.
A. W. Rice was appointed on March 21 Assistant Agent
of the Dominion Bank of Canada at its New York agency.
On March 13 the stockholders of the Bank of Farmingdale of Farmingdale, L. I., approved of a plan to increase
the capital of the bank from $25,000 to $50,000. The new
stock was offered to the original holders at $100 a share,
and the new capital became effective March 17.
111
The stockholders of Bankers Trust Co. of Philadelphia
at a special meeting on March 21 voted,I13,873 shares,
with none against, to ratify and confirm the action of the
board of directors taken on Jan. 10 to double the capital
to$2,000,000,and the surplus to $500,000. Accordingly there
will be issued 20,000 shares additional stock, par $50, at
$62.50 per share, which stockholders of record March 23
will have the privilege to subscribe for pro rata by paying
$12.50 a share on or before March 31, and the balance in
four like installments, one at the end of each succeeding
month. Those who do not make payment within the time
set will lose their subscription rights. References to the
plans to increase the capital appeared in these oolumns
Jan. 15, page 333, and March 12, page 1466.
•
Charles H. Diefendorf, Assistant Vice-President, in charge
of the bond department of the Marine Trust Co. of Buffalo,
N. Y., has been promoted to the office of Vice-President,
according to announcement made by George F. Rand, President of the institution. Mr. Diefendorf is highly regarded
among bond men for his judgment and knowledge of securities. He has been with the bank for 20 years. He was
Stockholders of the Roxborough Trust Co., Roxborough
made Assistant Treasurer in 1921, and Assistant Vice(Philadelphia), Pa., on March 22 voted to increase the
President in 1926.
bank's capital from $150,000 to $300,000 and its surplus
Edward I. Edwards, United States Senator from New from $200,000 to $400,000, according to the Philadelphia
Jersey, former Governor of the State of New Jersey, and "Public Ledger" of March 23. The new issue, consisting of
Chairman of the First National Bank of Jersey City, N. J., 3,000 shares of the par value of $50, will be offered to stockwas re-elected a director of the Trust Company of North holders of record April 15 at $100 per share in the proportion
of one share of new stock for each share held, payable in
America at the regular monthly meeting of directors.
installments before Sept. 1 1927.
The West Side Trust Co. of Newark, N. J., has increased
Effective at the close of business March 18, the First
its capital from $600,000 to $1,000,000 (effective March 22),
and its surplus to $1,500,000. The increase in capital was National Bank of Scottdale, Pa., took over all the assets
voted at a special meeting of the stockholders on March 22. and real estate of the Scottdale Trust Co., according to
special advices from that place on March 18 to the Pittsburgh
A letter to the latter on March 1 said:
As voted at the special meeting of the stockholders, the stockholders of "Post." As a result of the consolidation, it was stated, the
record as of the close of business on March 1 1927 are entitled to subscribe First National Bank has resources aggregating $7,800,000,
1
The proposed consolidation of the Excelsior Trust Co. of
Philadelphia with the Colonial Trust Co. of that city, to
which reference was made in our issue of Jan. 15 1927,
page 333, and in several subsequent numbers, was oonsummated on March 21. A majority of the stook of the Excelsior Trust Co. was already owned by the Colonial Trust Co.
through the recent merger (Feb. 14) with the latter of the
People's Bank & Trust Co. of Philadelphia. As of March 14
last, a consolidated statement of the Colonial Trust Co.
showed combined capital, surplus and undivided profits of
$3,628,194, deposits of $33,951,531 and total resources of
$38,047,321. The main office of the institution is at
20 South 15th St., while branches are maintained at 13th
and Market streets, 17th and Walnut streets, 7th and Wolf
streets, Lehigh and Germantown avenues, 5th and Bainbridge streets and 7th St. and Girard Ave. The personnel
of the institution is as follows: WilliamPulton Kurtz,
President; Anthony G. Felix, Henry B. Reinhardt, Frank
C. Eves, Henry R. Robins, Vice-Presidents; Walter T.
Grosscup, Vice-President and Treasurer; William M. West,
Vice-President and Title Officer; George E. Lloyd, Trust
Officer, and I. H. Davidson, Jr., Secretary.
1774
THE CHRONICLE
making it one of the largest banking institutions in Western
Pennsylvania outside of Pittsburgh.
That the interests of the First National Magruder Bank
of Port Clinton, Ohio, which closed on Dec. 23 1926, had
been taken over by the Port Clinton National Bank, a newly
organized institution which would open for business on
Wednesday, March 16, was stated in a dispatch from Port
Clinton on March 15, appearing in the Toledo "Blade" of
the same date. The new bank, according to the advices, is
capitalized at $100,000 with surplus of $25,000 and has resources of approximately $1,500,000. Much of the stock,
which has all been placed, has been taken by former stockholders of the First National Magruder Bank, the dispatch
said. The personnel of the new organization is as follows:
President, Charles H. Graves; Vice-President, James A.
Hopfinger; Cashier, W. E. Irwin, and Assistant Cashiers,
D. L. Mackey and Ralph Wheaton. President Graves, according to the dispatch, is a member of the law firm of
Graves & Duff of Port Clinton; he Is a former Secretary of
State for Ohio and is well known in Ohio banking circles,
having been connected with banking interests in Oak Harbor, Ohio, for many years.
[vol.. 124.
turing Co., French Investment Co.; Paul R. Gray, Gray Estate Co.; P. H.
Grennan, Purity Bakeries Corp.; George H. Hebb, Evans-Winter-Heob,
Inc.; William R. Hales, Whitehead & Hales Co.; Charles A. Kanter, Griswold-First State Bank; George H. Kirchner, Griswold-First State Bank;
George H. Klein, Clark, Emmons. Bryant & Klein; Edward A. Loveley,
Stormfeltz-Loveley Co.; F. L. Lowrie. F. L. Lowrie Lumber Co.; Calvin
H. Newman. Griswold-First State Bank; Herbert S. Reynolds, Peoples
National Bank, Jackson; A. A. Schantz, Detroit & Cleveland Navigation
Co., Detroit Creamery Co.; Cramer Smith, Pontiac Commercial & Savings
Bank; Oscar W. Smith, Parke, Davis & Co.; John N. Stalker, Union Trust
Co., Union Title & Guaranty Co.; B. F. Stephenson. real estate; Luther
D. Thomas, the Fidellty Trust Co.; George W. Trendle, John H. Kunsky
Theatrical Enterprises, Inc.; Carl B. Tuttle, S. S. Kresge Co.; M. B.
Whittlesey, Whittlesey, McLean & Co.; C.C. Winningham,C.C. Winningban, Inc.; L. A. Young,L. A.Young Industries, Inc.
We referred to the proposed consolidation of these important banks in the "Chronicle" of Feb. 5 and Feb. 12,
pages 747 and 881, respectively.
A special dispatch from Denison, Iowa, on March 14 to
the Des Moines "Register" reported the proposed opening
for business the next day (March 15) of the Crawford
County Trust & Savings Bank of Dennison, a new institution
representing a reorganization of the Crawford County State
Bank, which closed the latter part of December 1926. In
order to make the reorganization possible, the dispatch
stated, depositors had waived 50% of their deposits, which
are to be placed in a trust fund with the new bank as trustee. The other 50%, it was stated, is guaranteed by the new
bank and is payable one-third each year for three years.
Officers of the new organization were given as follows:
Dr. C. W. Carr, President; H. E. Qualheim, Vice-President,
and M. L. Runge, Cashier. Dr. Carr, according to the dispatch, has been a resident of Crawford County for the past
forty years; he is a large land owner in the county and one
of its best known business men.
According to a special dispatch from Mansfield, Ohio, on
March 11 to the Cleveland "Plain Dealer," the Lexington
Savings Bank of Lexington, Ohio, was closed by State bank
examiners on that day and William Lingley, the Cashier of
the institution, arrested and lodged in the county jail for
alleged embezzlement of from $75,000 to 000,000 of the
bank's funds. Lingley, it is stated, had made a voluntary
statement of his misappropriations to Prosecutor George
H. Blecker in the presence of the examiners. The bank, it
According to special advices from Cedar Rapids, Iowa,
was furthermore stated, which was organized In 1910, was
capitalized at $25,000, with surplus of $10.000; its deposits on March 24 to the New York "Times," the Cedar Rapids
National Bank and the Security Savings Bank of that city,
were $250,000 and its resources $282,000.
with combined deposits of $14,500,000 and combined reA dispatch by the Associated Press from Kokomo, Ind., on
March 10, printed in the New York "Times" of March 11,
reported that the First State Bank at Galveston, Ind., had
failed to open on that day.
sources of approximately $16,000,000, were merged on that
day under the title of the former, consummating one of
the largest financial deals in eastern Iowa in recent years.
Ralph Van Vetehen, who is also President of the State
Bank of Chicago, will continue as Chairman of the Board of
Closing of the Angola Bank & Trust Co. of Angola, Ind., the enlarged bank, it is understood, while Glenn M. Averill,
was reported in the following Associated Press dispatch will continue as President. E. M. Scott, former President
from Indianapolis on March 15, appearing in the New York of the Security Savings Bank has been elected a Vice"Evening Post" of the same date:
President of the amalgamated bank, which is capitalized at
The Angola (Ind.) Bank & Trust Co. was closed pending a consolidation
$700,000, the dispatch states.
that will protect depositors, the State Banking
Commissioner announced.
It was the fourth bank closed in Indiana within the last few weeks.
The proposed union of the Griswold National Bank of
Detroit and the First State Bank of that city—one of the
largest financial consolidations in the history of Detroit,
involving $50,000,000—was effected last week and the
resulting institution, the Griswold First State Bank, with a
`combined capital and surplus of $7,500,000, opened for
business on Monday of this week (March 21) in the First
State Building at Lafayette Avenue and Griswold Street.
According to the Detroit "Free Press" of March 19, the
union was completed at stockholders' and directors meetings'
held Wednesday (March 16), which were marked by the
unusual attendance of 98% of the stock of the First State
Bank and of 75% of the Griswold's. The new institution
will operate 17 branches, located, it is said, as follows:
Advices from McAlester, Okla., on March 15 to the
"Oklahoman" stated that on the previous day the McAlester
Trust Co., which in the early part of February, when its
reserves became low, had turned its affairs over to the State
Bank Commissioner, had completed plans for reorganization. Continuing the dispatch said:
All stock of the reorganized bank has been placed and depositors will
be credited with 50% of their accounts at once, and with the remainder as
paper held by the Commissioner is realized upon. John W. Rooks is expected to be chosen as President of the reorganized firm
The closing of the McAlester Trust Co. was reported in the
"Chronicle" of Feb. 12, page 882.
The proposed increase of $1,000,000 in the capital stock
of the American Trust & Savings Bank of Birmingham,
Ala., was authorized by the stockholders at a special meeting
Grand Boulevard at Cass; Gratiot St Hastings; Chene at Gratiot; Mack held on March 21, according to the Birmingham "Ageat Mt. Elliot; Joseph Campau at Newton; Woodward at Elliot; Hamilton Herald" of March 22. The increased capitalization becomes
at Webb; Ferndale at Springwells; St. Clair at Mack; Forest at Van Dyke; effective
April 1. Simultaneously the board of directors
Linwood at Vicksburg; Grand River at Virginia Park; Scotten at Buchanan;
Shoemaker at Montclair; Charlevoix a. Drexel; Canfield at McDougall. of the institution declared a stock dividend of 25% in favor
and Gratiot at Park Grove.
of stockholders of record March 31. Following the stockCalvin H. Newman, former President of the Griswold holders' meeting the bank issued a formal statement as
National Bank, heads the new institution, while George H. follows:
Kirchner, former President of the First State Bank, is
At the special meeting of the stockholders of the American Trust &
Savings Bank held to-day (March 21) to take action upon the recommendaChairman of the executive committee. The other officers tion
of the board of directors relative to the increase of capital stock in the
are as follows: Charles A. Kanter, Charles A. Kinney, SUM of $1,000.000, the proposal was approved and the necessary authority
Ira F. Acheson (and Cashier), Scott Carperter and Julius given the management to carry into effect the increase of stock. In
with this action by the stockholders the board of directors
Rubiner, Vice-Presidents; Mark B.Peck and R.John Heber, accordance
declared a stock dividend of 25% in favor of the present holders of record
Assistant Vice-Presidents; Leo J. Coleman, Harry J. Miller, at the close of business March 31 1927.
The legalities incident to the increase of the bank's capital stock by the
H. R. Wilkin (and Supervisor of Branches), Oscar J. Miesch
Issuing of a further million dollars par value, now fully approved both by
and Carl F. Tresselt, Assistant Cashiers; A. A. Chapp, directors
and stockholders, will become effective April 1 1927.
Auditor, and L. B. Mallery, Manager of the foreign departUpon completion of the various details in accordance with the proposal
ment. A list of the directors of the consolidated bank, as the American
Trust & Savings Bank will within a few days have completed
given in the Detroit "Free Press" of March 20 follows:
this further step for the enlarged service of the community.
John A. Bryant, Bryant & Detwiler Co.; A. H. Buhl, Buhl Sons Co..
Reference was made to the proposed increase in the
Buhl Land Co.; G. W. Carter, Detroit Insurance Agency; Horace J. Caulldns Jr., the Production Tool Co. of America; Aaron DeRoy, Aaron DeRoy capitalization of this bank in an item appearing in the
Motor Car Co.; 'I'. R. Donovan. Donovan Building Co.. First National "Chronicle" of Feb. 19 last, page 1009, in which it was said:
Bank. Birmingham; John W. Finkenstaedt, Harris, Small & Co.: Adolph
Finstervrald. Finsterwald Clothing Co.; John H. French. Briggs Manufao-
The approval of the stockholders will result in the increase of the present
capital stock from $1.000,000 par value to $2,250,000 par value and an
MAR. 26 1927.]
T-FrE CHRONICLE
increase of $1.000,000 in surplus resulting from the premium paid the bank
by the underwriters of the proposed new issue. The quarter-million dollar
stock dividend to be declared will be charged to the present undivided profits
of more than $500,000, thus bringing the total of capital and surplus to a
figure in excess of $4,000,000.
The San Francisco "Chronicle" in its issue of March 16
stated that, according to an official announcement made by
Willard F. Williamson, control of the United States Bank &
Trust Co. of that city had been sold the previous day
(March 15) by Rudolph Spreckels, its President, and his
associates to a syndicate headed by Mr. Williamson. The
deal, it was stated, involved securities valued at $3,000,000,
or at a consideration of $175 per share. Mr. Williamson,
a director of the institution, would not divulge his principals, it was said, but it was intimated that the stock would
subsequently be distributed by the syndicate. We take the
following from the paper mentioned:
Plans under contemplation by the controlling interests call for the expansion of the bank on a far wider scale than heretofore, with establishment
of branches in all principal cities of the State.
Identity of the new President and new directors was undisclosed last
night, but the reorganization meeting has been called for the first of next
week.
It was also understood that possibly one or two Bay City banks might
be included in the deal, although nothing definite has been concluded
In this regard.
"Rudolph Spreckels, due to his building Federal-Brandes. Inc., into a
large and nation-wide organization, has found it impossible to devote his
fullest attentions to the bank." Williamson said.
"Other members of the board of directors, learning this, felt that it would
be best for the bank to retain control within the Bay region and in private
hands, rather than to permit this block of stock to fall into Eastern or large
Western banking institutions. The purchase of the stock was consequently
negotiated.
"It Is my bellef that Mr. Spreckels will devote most of his time to the
telegraph company in the future, and will be called more frequently to
New York. It is his plan, however, to retain his home in San Francisco."
United Bank & Trust Co. was formed March 14 1923 as a merger institution. It combined the Merchants' National Bank of San Francisco, the
Union National Bank of Fresno and the Sacramento-San Joaquin Bank of
Sacramento with headquarters in San Francisco and branches at Sacramento, Stockton, Fresno, Oakdale, Modesto and Oak Park.
The bank has a capital of $4,500,000. which would have a market value
of 87,875,000 on the basis of the price paid for the Spreckels block. The
surplus, as of Dec.31 1920, totaled $1,202,686 and total resources amounted
to nearly $50,000.000.
Directors of the bank include Spreckels, James D.Phelan, W. O. Miles.
Wyatt H. Allen, B. C. Brown, 0. K. Cushing, William J. Hotchkics,
W. S. Kendall, T. K. Kevrin. A. A. de Ligne, Louis R. Lurie, R. D. McElroy, Kenneth Walsh. Robert Oxnard, E. C. Peck, John M. Perry,
C. R. Puckhaber, Arthur E. Rowe, Frederick F. Sayre, Adolph P. Scheid,
Howard Spreckels, Ellety W. Stone, W. T. Summers, Hilliard W. Welch,
Williamson and Robert R. Yates.
According to the "Wall Street Journal" of Thursday,
March 24, control of the United Bank & Trust Co. was
purchased by the California Bancfactors Corp., a holding
company. The "Journal," said:
Walter P. Dickey, Western representative of the Chase National Bank,
has resigned to become executive Vice-President of the California Bancfactors Corp., a holding company which recently purchased control of
United Bank & Trust Co. from Rudolph SpreckeLs and associates. United
has resources of about $50,000,000 and price paid for the control was said
to be in the neighborhood of $3,000,000.
Earlier dispatches from San Francisco stated that the purchase was
effected by Willard Williamson. representing an "unnamed syndicate,"
and that Chase National Bank interests were involved in the transaction.
But this was denied by the bank here. It was subsequently stated that a
merger had been arranged between the United Bank & Trust Co. and the
French-American Bank,the latter a part of the Bancitaly Corp. affiliations.
The two banks together represent resources of $75,000,000. Bancfactors
Corp. is one of a number of holding concerns said to be organizing in
different parts of the country to acquire interest in banks along the lines of
the Bank of Italy and Bancitaly organizations.
The American Trust Co. of San Francisco has obtained
permission from the New York State Banking department
to maintain a trust company in this city at 51 Broadway on
and after April 15. The new institution will be known as
the Pacific Coast Trust Co. and will be capitalized at $1,000,000 with surplus of $250,000. It will have ownership identical
with the San Francisco company and will take over the
business previously handled by the New York office of the
American National Co., formerly the Mercantile Securities
Co., the investment banking subsidiary of the American
Trust Co. E. H. Clark, Jr., and P. A. Kinnoch, VicePresidents of the American Trust Co. of San Francisco, are
in New York at present, it is understood, attending to the
organization details.
In reporting the establishment of the Pacific Coast Trust
Co. in New York, the New York "Times" of yesterday
(March 25) also had the following to say with regard to the
recent sale of control of the United Bank Sr Trust Co. of
San Francisco by President Spreckels and his associates:
Coincident with this entrance of Western capital into New York, a flow
in the opposite direction became known with the resignation of Walter P.
Dickey as Western representative of the Chase National Bank to become
executive Vice-President of the California Bancfactors Corp., a holding
company. It was reported that interests connected with the Chase National
Bank were associated with the new holding company and it was understood
1775
that it would have New York backing. The holding company recently
purchased control of the United Bank & Trust Co.from Rudclph Spreckels
and his associates, and subsequently it was reported that this company
was to be merged with one of the Bancitaly organizations.
That Frank H. Wilson, President of the Dinuba National
Bank, Dinuba, Calif., had on March 18 announced the
merger of his institution with the Pacific-Southwest Trust
& Savings Bank of, Los Angeles, effective at the close of
business on Saturday, March 19, was reported in exclusive
advices from Dinuba on that date (March 18) to the Los
Angeles "Times." The Dinuba institution, it was stated,
would become a branch of the Pakific-Southwest Trust &
Savings Bank, remaining in charge of the same officers and
the same employees who have operated the bank in the
past. Mr. Wilson would become Chairman of the executive
committee, while W. J. Waldron (heretofore Vice-President
of the acquired bank) would become a Vice-President in
Dinuba of the Pacific-Southwest Trust & Savings Bank and
Manager of the new branch. Continuing the'dispatch said:
The coming of the Pacific-Southwest banking group, with total resources
of more than $324.000,000. into Dinuba does not in any way tend toward
the centralization of the control of Dinuba deposits, since the policy of the
Pacific-Southwest Bank is fixed and is known to be that of local management and local control of all community funds, with the parent organization
standing in support.
The Standard Bank of Canada (General Manager's office,
Toronto, Ont.) announces on March 23 that the bank has
declared a dividend for the current quarter ending the 30th
of April 1927, at 3%, being at the rate of 12% per annum,
upon the paid up capital stock of the bank, and which is
to be payable on and after May 2 1927, to shareholders of
record as of April 16.
R. H. Tennant, formerly Deputy Chairman, has been
elected Chairman of the Westminster Bank, Ltd., of London, succeeding the late Walter Leaf.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Notwithstanding the occasional unsettlement Lnd variability in the trend of the market during the present week,
the movement of prices has, on the whole been toward
higher levels. Railraod shares have made further progress
upward and in several instances have broken into new h gh
ground. Steel industrials have been moderately strong
though specialties and oil stocks have made little progress.
The market was irregular and price changes in the active
list were unimportant in the brief session on Saturday.
Some individual issues, including Houston Oil, moved
sharply downward while on the other hand Delaware Lackawanna & Western moved sharply forward and closed with a
net gain above 6 points. Railroad stocks assumed the leadership of the upward swing on Monday, the market closing
strong after particularly heavy selling in the early trading.
Houston Oil had another of its spectacular movements and
at one time sold as low as 97% but regained some of its loss
later in the day, closing at 102%. Railroad shares improved
with Atchison selling above 178, a gain co! more than 5 points,
while Norfolk & Western shot forward more than 3 points.
Delaware Lackawanna & Western had another run up of
mcre than 2 points to a record high at 167 and Chesapeake
& Ohio and Southern Pacific were also in strong demand at
improving prices. United States Steel common slipped back
a point in the first hour but gained 2 points in the afternoon
rally, making a net gain of 1 point. Other strong stocks
included Commercial Solvents B and National Lead.
The stock market turned downward on Tuesday, the selling becoming particularly heavy at times, though a few of the
more active speculative issues rallied briskly toward the end
of the session. Delaware Lackawanna & Western was the
outstanding strong stock of the day and moved briskly forward 6 points to a new high at 169y2. Atchison lost 3 points
and Wabash dropped back about 2 points. Baldwin Locomotive was,especially weak and yielded more than 10 points
to 1773
4. Notable among the stocks in the sharp downturn
were du Pont, General Motors, Houston Oil, United States
Cast Iron Pipe & Foundry, Sloss-Sheffield and Commercial
Solvents "B." The brisk drive against the motor stocks
was the outstanding feature of the market on Wednesday
and in the early trading several issues in this group fell back
from 3to 5 points. Large blocks of Dodge Brothers were sold
at new low prices and Hudson lost about 4 points. Baldwin
broke badly early in the session but recovered somewhat later
in the day. Lackawanna made a further advance of 7 points
to a new high at 173 and Chesapeake & Ohio ended the day
with a gain of 2 points.
1776
THE CHRONICLE
[Vol,. 124.
Under the leadership of United States Steel common, from 55% to 5538, then down to 543
4,with the final transwhich spurted forward to its highest top on record, the main action to-day at 5478. Durant Motors was a strong feature,
body of stocks moved briskly forward on Thursday. Practi- advancing from 73'I to 113
4,the close to-day being at 11%.
cally every important industrial issue advanced and several American Arch dropped from 101% to 85 and ends the week
of the more active stocks reached new high ground for the at 90. Centrifugal Pipe was off from 16 to 14%, the final
year and for all time. Motor shares were not especially transaction to-day being at 15. Estey-Welte class A destrong in the early trading, but their recovery was particu- clined from 12 to 7% and ends the week at 8. Ford Motor
larly noteworthy in the afternoon, when General Motors sold of Canada lost 15 points to 439 and sold finally at 441. Fox
as high as 1763j. Nash Motors, Chrysler and Mack Trucks Theatres after fluctuating during the week between 205
also moved vigorously forward to higher levels. The early and 22% jumped up to-day to 2578, the close being %
at
trading was notable for the sharp rise in Delaware Lacka- 243.4• Goodyear Tire & Rubber common lost over
53's
wanna & Western shares, whih moved forward to 1683' at points to 36, the final transaction to-day being at
38%•
its high for the day, followed by numerous other issues. Johns-Manville common sold down from 673
4 to 65, then
Reading was also a prominent feature of the group, making up to 697, the close to-day being at 69. Rand-Kardex
a gain of 4% points to 110% and then losing about half of Bureau declined from 73 to 70%,recovering finally to 727
8.
its advance. Other conspicuously strong stocks included Remington-Rand when issued was off from 37%
3 to 35, the
New York entral, Atchison, Pittsburgh & West Virginia close to-day being at 364. Among utilities Empire Power
and Chesapeake & Ohio. American Telephone & Telegraph sold up from 325
3 finally. Movements
% to 37% and at 37%
shares were 'in strong demand at improving prices, and in Standard Oil shares were mixed, though a number of issues
closed with a net gain of 23's points. New peaks for the show substantial increases. Buckeye Pipe Line moved up
year were also reached in Youngstown Sheet & Tube and from 47 to 50% and closed at 503'. Humble Oil & Refining
Vanadium, while further progress upward was made by ran up from 553
4 to 613
4,reacted to 58 and ends the week
Crucible and Sloss-Sheffield. In the final hour the market at 587/s. Illinois Pipe Line fell from 140 to 1373 and sold
again turned downward and many of the strong stocks lost finally at 138. Indiana Pipe Line rose from 643 to 673
4.
their early gains.
A complete record of Curb Market transactions for the
Week end realizing sales in the late afternoon caused some week will be found on page 1806.
recessions from the early highs on Friday, but the market
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
on the whole displayed a healthy tone and many of the more
active issues closed the session with substantial advances.
STOCKS(No. Shares).
BONDS (Par Value).
Week Ended March 25.
United States Steel common maintained its leadership and
Ind&Mtsc
OB.
Mining. Domestic. For'n Govt.
again moved into new high ground at 165% though it slipped Saturday
75.315
40,590
18,835 $1,390,000 8390,000
back to 164 in the final hour. Railroad stocks moved into Monday
113,851
82,525
49,465 2,237,000
283,000
Tuesday
170,855
96,670
83,150
2,964,000
427,000
the foreground early in the day with New York Central as Wednesday
175,710
105.555
55,835 2,619,000
180,000
Thursday
177,090
98.160
59,325 3,286,000
292,000
the feature of the buying and St. Louis-San Francisco came Friday
194,003
107,645
41,100 2.381,000
157,000
into the front with a net gain of more than a point. SubTotal
906,824
531,145
307.710 14,877,000 $1,729,000
stantial advances were recorded by many issues of the socalled specialty-type, including such stocks as Universal
COURSE OF BANK CLEARINGS.
Pipe, General Railway Signal, Union Carbide and Pressed
Bank clearings the present week will again show an
Steel Car. Commercial Solvents, B, moved forward more
than eight points. Motor stocks improved and substantial increase compared with a year ago. Preliminary figures
gains were scored by General Motors, Studebaker and Dodge compiled by us, based upon telegraphic advices from the
Bros. Houston Oil sold as high as 107, but slipped back to chief cities of the country, indicate that for the week ending
104 at the close, making a net gain of 73 points. The final to-day (Saturday, March 26) bank exchanges for all the
cities of the United States from which it is possible to obtain
tone was good.
weekly returns will be 2.3% above those for the corresponding
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
week last year. The total stands at $10,115,325,111, against
$9,883,586,152 for the same week in 1926. At this centre
Stocks,
Railroad,
State,
United
there is a gain for the five days of 2.7%. Our comparative
Week Ended March 25. Number of
dbc.,
Municipaland
States
Shares.
Bonds.
Foreign Bonds.
Bonds.
summary for the week is as follows:
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Ezchange.
84,814,000
6,665,000
7,250,000
7,188,000
8.272,000
6,581,000
81,671,000
2,625,000
3,063,500
2,453,000
2,585,000
1,648,000
2737,800
1,952,500
1,516,350
878,050
1,349,000
575,000
10.542.241
840.770.000
814.045.500
37.008.700
Week Ended March 25.
1927.
Stocks-No, of shares_
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad & misc. bonds
Total bonds
907,380
1,838,300
1,917,631
2,269,305
1,874,425
1,735,200
1926.
Jan. 1 to March 25.
1927.
1926.
10,542:241
10,146,896
118,471,317
117,833,848
$7,008,700
14,045,500
40,770,000
$5,999,950
11,106,000
36,347.500
$80,765,700
242,208,200
573,180,200
872,105,250
145,933,850
546,917,050
$61,824,200 853,453.450
$896.154,100
3764,956,150
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week Ended
March 25 1927.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Boston.
Philadelphia.
Baltimore.
Shares. Bond 'tale,. Shares. Bond Sales. Shares. Bond Sale:.
13,936
24,024
27,485
29,676
29,281
9,680
$12,500
2,110
32,750
25,200
5,900
21,000
11,804
24,195
23,998
34,098
42,322
21,693
828,000
125,500
31,200
51,100
22,300
17.000
134,082
899,460
158,110
8275,100
2.398
$19,100
2,664
35,000
3,074
51,300
1,043
45,000
1,750
26,700
Holt day
10,838
8177,100
8115,700 138,386 $194,800
13,207
•In addition, sales of rights were: Tuesday, 500 Wednesday, 500.
8239,600
Prey, week revised
159,657
THE CURB MARKET.
Selling pressure in the fore part of the week served to
depress Curb Market prices this week and stocks continued
to move to lower levels until to-day when there was a rally
in which practically the whole list participated. A feature
was the beginning of trading in the new bonds and stocks
of the Chicago Milwaukee & St. Paul Ry. "when issued."
The common stock sold up from 203" to 20/
58, then down
to 20; the preferred declined from 28% to 277 but recovered
to 29. The 5% bonds ranged between 92/
5s and 93, nlosing
to-day at 923
4. The convertible adjustment bonds sold up
Clearings-Returns by Telegraph.
1Yeek Ended March 26.
1927.
1926.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$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
66,181.842
58,049,692
$4,709,000,000
500,276,237
474,000,000
350,000,000
110,225,553
123,100,000
149,969,000
140,736,000
146,698,604
148,651,432
86.539,399
72,956,022
55,411,444
+2.7
+8.3
-9.9
+14.6
+2.8
-1.3
+1.9
+56.1
+5.6
-2.9
+7.9
-9.3
+4.7
Thirteen cities, 5 days
Other cities, 5 days
87.330,277,618
1,099.159,975
$7,067,563,691
1,000,981,720
+3.7
+9.8
Total all cities, 5 days
All cities, 1 day
$8,429,437,593
1,685,887,518
38,068,545,411
1,815,040,741
+4.5
-7.1
$10,115,325,111
89,883.586,152
+2.8
Total all cities for week
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 March 19. For
that week there is an increase of 13.3%, the 1927 aggregate
of clearings being $12,233,478,850, and the 1926 aggregate
$10,797,553,069. Outside of New York City the increase is
only 0.6%,the bank exchanges at this centre having expanded
20.9%. 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) there is an improvement of 20.6% and in the
Boston Reserve District of 12.3%, but the Philadelphia
Reserve District shows a loss of 7.3%. In the Cleveland
Reserve District the totals are larger by 10.0%, but in the
Richmond Reserve District there is a falling off of 5.6% and
in the Atlanta Reserve District of 16.6%, the latter due
mainly to the decrease at the Florida points, Miami reporting
a loss of 69.2% and Jacksonville of 32.9%. The Chicago
Reserve District has a gain of 8.2% and the St. Louis Reserve
District of 1.9%, while in the Minneapolis Reserve District
the totals are 7.9% smaller. In the Kansas City Reserve
District there is an increase of 4.7%, in the Dallas Reserve
District of 2.4% and in the San Francisco Reserve District
of 4.8%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Mar. 191927.
•
THE CHRONICLE
MAR. 26 1927.]
1927.
1926.'
Inc.or
Dec.
1925.
1924.
S
$
$
%
$
Federal Reserve Diets.
487,669,505
519,453,957
561.669,998 +12.3
631,000,897
let Boston._ _12 cities
7,704,522,953 6,385,968,875 +20.6 5,943,135,277 4,761,143,171
Ind New York _11 "
552,355,922
615,227,291
692,527,004 -7.3
641,375,361
3rd Philadelphial0 ••
384,871.771
405,697.898
401,615,235 +10.0
441,691,243
Ath Cleveland._ 8 "
186,503,129
-6.6
198,348,554
210,471,047
193,730.388
"
6
_
Richmond
5th
193,730,735
247,642,674
271,193,995 -16.6
226,122,715
6th Atlanta. .13 "
961,934,187 +8.2 1,001,664,855
895.702,983
1,040,641,944
7th Chicago __ _20 "
221,484,131
233,216,709
+1.9
248,047,581
252,697,800
"
8
8th St. Louis _116,741,568
145,159,295
129,796,457 -7.9
119,488,013
9th Minneapolis 7 "
227,898,165
266,098,339
263,094,571 +4.7
275,589,987
10th Kansas City12 "
67,872,100
86,700,626
82,187,877 +2.4
84,141,153
5 "
11th Dallas
487,394,104
614,992,000
589,046,251 +4.8
617,476,396
12th San Fran..17 "
129 cities 12,233,478,850 10,797,553,069 +13.3 10,176,337,475
Total
4,561,967,176 4,533,070,317 +0.6 4,344,381,734
Outside N. Y. City
8,583,367,374
3,932,830.046
nrs..4 mc 'wen
...,••• eIl me.
1777
SEIWeekiEnding March 19.
Clearings as
1927.
1926.
Inc. or
Dec.
1925.
1924.
Seventh Feder al Reserve D strict-Ch icago
300,999
334,017
254,422 +9.3
278,180
Mich.-Adrian _ _
896,581
734,763
978,736 +13.1
1,106,956
Ann Arbor__ -187,519,053 184,445,373 + 1.7 176,858,101 176.825,497
Detroit
6,827,507
7,273,155
8,976,730 -7.1
8,341,755
Grand Rapids_
2.470,053
6.900,000
2,500.000 +5.8
2,644,000
Lansing
1.962,592
2.661,515
2,535,956 +20.6
3,059,627
Ind.-Ft. Wayne
17,242,000
15,092,000
+6.8
20,909.000
22,339,000
Indianapolis_ _ _
2,257.500
2.423,700
2,856,700 +11.6
3,189,900
South Bend_ _ _
5,525.885
5,017,211
4,777,340 +17.0
5,587.992
Terre Haute...
36.945,048
39.559.366
43,063,506 +4.0
44,799.242
Wis.-Milwaukee
2,266,321
2,568,058
2,604.023 -0.8
2.583,521
Iowa-Cad. Rap_
10,294,078
11,151,019
10,048,329 -0.7
9,975.661
Des Moines...
6.863,553
7.986.708
7,539,240 -11.0
6,712,459
Sioux City _ _
1,416,062
1,313,440
1,093.952 +21.2
1,326,471
Waterloo
1,650,288
1,794,174
1,800,564 +0.6
1,810,837
10.-Bloomingt'n
726,068,203 655,151,602 +10.8 708,298,467 611.074,573
Chicago
a
a
a
a
a
Danville
1,132,941
1,411,986
1,205,895 +20.0
1.445,687
Decatur
4,522,663
4,665,372
5,298,340 +1.5
5,377,639
Peoria
2.547,532
3,134,845
2,934,951 +15.5
3,388,638
Rockford
2,681,310
2,486,958
2,959,528 +4.3
3,087,123
Springfield..
Total(20 cities) 1,040,641,944 961.934,187 +8.2 1,001,664,855 895,702,983
Eighth Fedora Reserve D1s trict-St. Lo uis5,004,769
6,141,985
4,981,644 +15.6
5,760,233
150.400,000
Mo.-St. Louis.. 163,400,000 162,300,000 +0.7 152,300,000
32,654,497
36,423,269
38,167,799 +10.2
42,070.117
Ky.-Loulsville
415,677
458,630
352,789 +20.6
425,349
Owensboro_ _ _ _
20.079,846
22.727,597
24,684.512 -5.3
23,372.966
Tenn.-Memphis
11,345,360
13,258,925
+2.4
15,421,633
15,790,493
Ark-Little Rock
280,897
407,944
357,090 +7.0
382,092
III .-Jacksonville
1.303,085
1,498,359
1,782,114 -16.0
1,496,550
Quincy
1.9 233.216,709 221,484,131
+1,,
Total(8 cities). 252,697,800 248,047,581 ap.
Ninth Federal Reserve Die trict-Minne
6,024,936
9,014,821
6,437,957 -7.3
-5,969,799
Minn.-Duluth..
67,879,271
94,611,697
80,874,622 -10.4
72,387,772
Minneapolis_ _ _
We now add our detailed statement, showing last week's
37,467,820
34.980,122
-2.7
35,383,989
34,441.568
St. Paul
1.763,425
1,709,146
1,747,865 +12.3
1.974,258
No. Dak. Fargo
figures for each city separately, for the four years:
1,116,770
1,550,344
1,655,127 -31.9
1,127,878
S. D.-Aberdeen.
360,676
469,715
507,080 +2.1
517,738
Mont.-Billings
2,128,770
2,763,450
Week Ending March 19.
3,189,817 -3.8
3,069,000
Helena
Clearings al
Inc. or
Total(7 cities). 119.488,013 129,796,457 -7.9 145,159.295 116.741.568
1924.
Dec.
1925.
1926.
1927.
Teeth Federal Reserve Die trict- Kane as City417,908
461,886
378,681 +0.9
d381,986
Neb.-Fremont..
421,102
533,021
626,261 -26.8
458.750"
Hastings
3,678,862
+14.3
4.889,840
First Federal Reserve Dist rict-Boston
4,487,617
5,127,686
Lincoln
630,146
550,972
40,750,854
594,321 +19.2
45,865,468
708,286
Me -Bangor.. _
47.466,371 -9.4
42,999,061
Omaha
*2,500,000
2,725,594
2,753,511
2,942,190 +13.7
3,144,604
3,346,588
Portland
3,323.823 -16.5
d2,774,165
Kan.-Topeka _ _
6,872,079
7,757,389
Mass.-Boston _ 578,000,000 510,000,000 +13 3 470,000,000 442,000,000
7.603.115 -0.5
d7,564,715
Wichita
1,960,465
2,599,003
1,934,294 -1.7
1,901,255
Fall River_ _
155,600,709 140,979,441 +10.4 144,136,996 122,536,149
Mo.-KansasCity
a
a
a
7,621,005
a
8.308,063
a
8,054,154 -9.8
Holyoke
d7,264,722
St. Joseph _ _ _ _
1,180,337
a
a
1,074,838
1.080,542 +29.9
a
1,403,500
•a
Lowell
a
Okla.-Muskogee
a
a
a
21,518,535
29,589,675
a
a
Lynn
29,442,684 +10.0
City
d32,388.400
Oklahoma
1,372,321
a
1,600,506
+4.2
a
1,224,316
a
1,276,044
a
New Bedford..
a
Tulsa
5,153,698
953,821
5,105.011
1,370,721
5,486,899 -1.1
5.428,052
1,057,281 +11.2
Springfield_ _ _ _
1,175,466
-Col. Spgs.
3,585.000 Colo.
19,523,745
3.301,000
18,992,539
3,196,506 +10.6
3,534,099
+0.6
18,555,112
Worcester
18,654,428
Denver
11,239,843
878,511
12.853,181
1,048,137
15,463,869 -8.1
14,212,572
1,120,031 +7.1
Conn.-Hartford
1,199.899
Pueblo
6,179,455
6,899,123
6,883,566 -0.6
6,845,223
New Haven...
11,118,300
12.106,700
+12.1
227.898,165
+4.7
266,098,339
12,209.700
13,688.400
R.I.-Providence
Total(12 cities) 275,589,987 263,094,571
749,940
610,112
653.795 +0.5
656,878
N.H.-Manche'r
Eleventh Fade rat Reserve District-Da has1.657,462
3,073,985
1,431,559 +7.8
1,543,370
Texas-Austin _
44,773,007
487,669,505
54,141,310
54,477,401 +1.3
55,169,033
Total(12 cities) 631,000,897 561,669,998 +12.3 519,453,957
Dallas
9,425,330
12,552,774
11,781,297 +3.2
12,161,437
Fort Worth_ _ _
7,368,143
11,317,390
8,301.000 +9.0
Second Feder al Reserve D strict-New York
9.878,000
Galveston
7,484,892
a
a
5,971,785
6,244,627 -9.9
a
5,626,755
a
a
N. Y.-AlbanyHouston
839,800
4,648,158
5,615,167
860,300
-13.1
980,400 +10.7
1,085,900
6,196,620
Binghamton...
5,389,313
47,830.092 La -Shreveport.
48,836,715
52,683,893 +3.4
54,486,151
Buffalo
682,657
67,872.100
871,537
86,700,626
915,038 +5.9
969,509
82,187,877 +2.4
Elmira
84.141,153
Total(5cities)
1,080,767
1,383,577
1,661.105 -12.4
1,368,348
Jamestown_ _ _ Twelfth Feder al Reserve 13 strict-San Franc'sco47,501.439
46.656,898
58,638,572 -1.0
New York_ _ - - 7,571,511,674 6,264,482,752 +20.9 5,831.955,741 4,650,537,329 Wash -Seattle.. 57,545,681
10,288,085
12,451,000
13,292,000
10,402,717
11,335.288 +16.9
13,252,881
Rochester
14,020,000 +7.7
15,107,000
Spokane
a
4.238,375
+12.7
a
4,681,008
5,231.242
5,898,314
a
a
Syracuse
a
Tacoma
3,156,610
1,398,784
1,715,437
2,925,351
3,033.341 +8.6
c3,295,003
Conn.-Stamford
1,537,326 + 12.7
1,732,979
Yakima
408,386
38,670,624
425,742
38,577,967
547.085 +43.0
782,540
--1.5
N. J.-Montclair
41,131,786
40,511,326
34,596,179 Ore -Portland..
14,245,708
38,954,104 +18.7
15,479,091
33.820,804
46,245.878
Northern N. J.
17,041,788 +1.8
17,347,626
Utah-S. L. City
a
a
a
a
a
Nevada-Reno._
4,761,143,171
a
+20.6
a
6,385,968,875
5,942,135,277
7,704,522,953
(11
cities)
Total
a
a
a
Ariz.-Phoenix..
2,536,889
2,859,980
3,839,000 -4.3
3,635,422
-Fresno.
Cal.
8.394,357
7,371,824
-5.6
Third Federal Reserve Dist rict-Philad elphia
7,949,514
7,506,262
Long Beach_
1,407,046
1,538,444 +1.7
1,336,675
1.564,433
pa.-Altoona..__
210,394.000 188,081,000 +11.8 160,814,000 157,940.000
Los Angeles..
3,739,119
15.911,760
4,032,501 +4.6
4,447,732
4.217,028
20,336,185
Bethlehem _ _ _ _
23.713,764 -2.1
23,227,546
Oakland
1,251,929
6,403,792
1,529,485 -15.2
1,294,757
1,297,773
7,338,839
Chester
6,986,54 + 19.3
8,336,034
Pasadena
2.781,147
8.056,065
2,166,468 -5.7
3,210,552
2,043.157
6,900,412
Lancaster
+0.1
8,155,96
8.167.308
Sacramento...
3,782,273
610.000.000 662,000,000 -7.9 585,000.000 524,000,000
5.083,347
Philadelphia__
-14.6
6,428.04
5,490,467
San Diego_ _ _ _
3,061,632
3,683,779 +15.1
3,415.909
4.241,8(39
Reading
201,467,000 +4.0 179,962,746 162,500,000
209,586,000
Francisco_
San
5.573,926
5,970,709 +5.7
6,216,678
6,312,962
2,430,823
1,794,286
Scranton
-20.2
3,006,73
2,399,178
San Jose
3,550,568
3.800.776 +12.7
3,992,960
4.285,290
1,156,981
1,261,417
Wilkes-Barre_
1,978,63 -26.7
1,449,938
Santa Barbara_
1,590,954
1,684,843 -0.7
1.673,323
1,796,266
2.314,337
2,023,234
York
+4.6
2.219,57
2,322,229
Monica_
Santa
5,399,601
6,119,999 -6.2
4,515,762
5,739,526
2.235,800
2,887,800
N.1.-Trenton..
2,851,000
2,717,400
Stockton
a
a
a
a
a
Del.-Wilming'n
487.394,104
Total(17 cities) 617.476,396 589,046.251 +4.8 514.992.000
Total(10 cities) 641,375,361 692,527,004 -7.3 615.227.291 552,355,922 Grand
total (129
3.367,374
10176337.47518,58
+13.3
10797553,069
12233478.8513
cities)
Fourth Feder al Reserve D Istrict-Clev eland7,522,000
5,906,000 -0.9
5,000,000
Ohio-Akron.... d5,856,000
+0.64,344.353,7343.932,830,045
4,533,070,317
4,561,967,176
NewYork
Outside
5,015.674
4,391,398 +2.0
4,958,281
4.480,510
Canton
74.911,434
77,995,029 +1.1
81,686.196
78,815,905
Cincinnati -Week Ended March 17.
134,046,576 118,902,639 +12.7 116.794,254 113,583.416
Cleveland
_
12,170,500
15,819,400 +6.9
16,905,000
12,306,100
Columbus
Inc. or
a
a
a
a
a
Dayton
1924.
1925.
Dec.
1926.
1927.
a
a
a
a
a
Lima
1,77303
2.394,163
2,459,716 -2.7
2,588,466
Mansfield
$
$
%
$
Pi
Canadaa
a
a
8
los
a
a
Springfield_ _ _ _
82,748,538
78,553,272
96,987,321 -1.1
95,957,703
a
a
Montreal
a
a
a
Toledo
81,830,431
85,233.708
+ 17.2
86,777,845
.101,674,663
Toronto
3,393,776
4.951.839
+8.2
4,052,048
5,360,132
Youngstown__
66,072.143
37.993.247
47.973.855 +2.9
49,351,912
a
a
Winnipeg
a
a
a
Pa.-Erie
15,262,358
14,076,904
15,672,602 +1.2
15,868.973
Pittsburgh.... 193,832,957 181,189,205 +7.0 178,312,553 166,501.278 Vancouver
5,875,361
5,729.465
6,033,457 -0.2
6,022,586
Ottawa
4.847.128
4,387,096
+11.6
4,714,935
5,263,452
Total(8 cities). 441,691.243 401,615,226 +10.0 405,697,898 384,871,771 Quebec
2,294,079
3,135,585
2,633,135 +4.8
2,758,157
Halifax
4,365,411
3,974,177
4,337,18 +18.3
5,131,245
Hamilton
Fifth Federal Reserve Dist Het-Riches ond6,153,291
8,037.620
+4.1
10,131,42
10,552,314
1,943,691 Calgary
1,511,644 +9.7
1,614,383
1,658,547
W.Va.-Hunt'g'n
2,475,755
2,498,264
-12.1
2,532,289
2,226,238
8,056.805
John
St.
27.0
8,358,979
8,378,760
d6,104,030
Va.-Norfolk._ _
2,512,725
1,635.348
1,649,682 +39.3
2,297,463
50,383,000 Victoria
50,143,000 +1.7
54,387,000
51,023,000
Richmond _
2,285,319
2,335,901
2,100,413 +40.0
2,940.125
2 .855,221
3,167,718 London
2.654,699 -15.
d2,241,870
S.C.-Charleston
3,875,863
3,979.722
-6.4
4,648,500
4,351,861
105,095.956 101,081,226 Edmonton
111,163,418 120,193,308
Md.-Baltimore
2,870,314
3,107.192
+17.2
3,260,916
3,822.722
21,870,779 Regina
27.609,417
26,017,234
26,539,523
D.C.-Washing'n
467,277
505,150
451,299 --0.8
' 447,902
Brandon
421,173
439.397
-11.9
515,422
353,973
Total(6 cities). 198,730,388 210,471,047 -5.6 198,348,554 186,503,219 Lethbridge
1.485.830
1,341.764
1,597,947 -4.5
1,526.127
Saskatoon
1,010.077
1,043,85
+31.5
875.535
1,151,817
aJaw
Moose
Sixth Federal Reserve Dist act-Atlant
786,771
822,292
899.143 +14.7
6,695,746 Brantford
1,031,269
9,259,798 -4.2
7,608,439
d8,871,486
Tenn.-Chatt'ga
723.216
647.627
548,233 +57.8
3,121,565 Fort William_ _ _ _
864,892
3.143.563
3,096,997 +3.3
*3,200,000
Knoxville
660,786
512,848
-7.9
759,533
699,631
24,583,692
21,754,584 New Westminster
25,694,037 -1.3
25,363,697
Nashville
282,688
267.605
287,296 -11.7
57,688,602 Medicine Hat_ _ _
253,574
68,758,393
79,887,183 -28.4
57,189,878
Georgia- Atlanta
708.965
748,808
743,548 -1.5
1,595,071 Peterborough_ _ _ _
732,418
2.222,312
2,228,009 -6.2
2,089,768
Augusta
698.140
785.973
+28.5
703,708
1,222,522 Sherbrooke
904,245
1,644,489
1,575.837 +13.2
2,098,826
Macon
894,494
831.330
868,029 +18.8
a
a
a
1,031,284
a
a
Kitchener
Savannah
2,478,415
2,636,834
3,475,015 +30.8
16,502,373 Windsor
4,545.552
39,037,395 -32.9
26,949,092
26,195,000
Fla.-Jack'nville
367.480
308,057
351,320 +3.5
363,650
18.762,003 -69.2
15,797.866
Prince Albert_ _
7,657,95
Miami
651.010
730,441
766,935 -7.8
706,648
28,063,215 Moncton
27,288.065
28,537,668 -9.3
25,896,54
Ala -BirmIng'm
515,604
547,518
+12.5
577,866
650,385
1,747,068 Kingston
1,969,739
2,213,710 -8.7
2.043,34
Mobile
1,222,652
1,558:419
2.060.000 -13.5
1,781,519
Miss -Jackson..
267,541.766
+6.8
294,925,959
302,874,392
286.243
326,542
368,809 +0.4
Total(29 cities) 323.582.721
370,42
Vicksburg
53,833,094
58,472,549 +8.4
65.792,063
63,364,28
La.-New Orleans
to requests for figures. c Week
a No longer report clearings. b Do not respond
Week ended March 18. •Estimated
Total(13cities) 226,122.715 271,193,995 -16.6 247.642,674 193.730.735 ended March 16. d Week ended March 17. e
ell .1•101.•
net" can 174,1
'WI 0.1 .2.e.
_L, a
1778
THE CHRONICLE
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date
of
Mar. 9, 1927:
tVot. 124.
The silver quotations to-day for
cash and two months' delivery are
respectively Md. and 7-16d. below
those fixed a week ago.
ENGLISH FINANCIAL MARKETS-PER
CABLE.
GOLD.
The daily closing quotations for securities,
The Bank of England gold reserve against
&c., at London,
notes amounted to £148,as reported by cable, have been as follow
771,775 on the 2d inst. as compared with
£148,830,980 on the previous
s the past week:
Wednesday.
London,
Sat.,
Mon., Tues., Wed., Thurs., Fri.,
Gold valued at £840,000 became available
Week Ended March 25.
in the open market yesterday,
At
ar
.19.
Mar
.21. Mar.22. Mar.23. Mar.24. Mar.25.
and of this amount £764,000 was secured for
a destination not disclosed. Silver. per oz
d 259-16 2514
257-16 257-16 2514
The balance was divided between India
25 1146
and the Home and Continental Gold, per fine ounce
s
84.1114
84.1114
84.1014 84.1114 84.1114 84.1114
Trade.
Consols, 234 per cents ______ _
54 13-1654 13-16 5431
549-16
The following movements of gold to and from
5414
the Bank of England have British 5 per cents
10114
10114
10134
been announced:
10114
10114
British 434 per cents
96
96
96
96
96
Received. Withdrawn. French Rentes (in Paris)_fr. _ _
54.20
March 3
54.45
54.90
54.90
55.95
nil
£62,000 FronchWarLoan(InParls) fr.. ____
68
March 4
68.80
69.55
70.10
70.30
£198,000
nil
Silver In N.Y., per oz.(cts.):
March 5
nil
nil
Foreign
March 7
5534
5534
55
55
5534
5534
£500,000
nil
March 8
nil
£10.000
March 9
nil
£44.000
The receipt of £198,000 on the 4th was in the
form of bar gold the origin
of which was not stated, and that of E500,00
0 on the 7th consisted of
sovereigns "released from set aside on account
Breadstuffs figures brought from page 1868.
of the South African Reserve
-All
Bank." Ofthe withdrawals £110,000 was in soverei
gns destined as follows: the statements below
regarding the movement of grainUruguay, £62,000; Spain, £24,000. and India, £24,000
. The net receipt receip
ts,
during the week under review was £582,000, decreasing
exports, visible supply, &c., are prepared by us
the net efflux this
year to £664,000. According to the daily bulletins
at the Bank, the net from figures collected by the New York Produ
ce Exchange.
efflux since the restoration of an effective gold standar
d now stands at First we give the
receipts at Western lake and river ports
£5.988,000.
for the week ending last Saturday and since
United Kingdom imports and exports of gold
during the week ended
Aug. 1 for
the 2d inst. were:
each of the last three years.
Imports.
Exports.
Belgian Congo
£39,280
Receipts at- Flour.
Germany
Wheat,
Corn.
£14.190
Oats.
Barley.
U. S. A
Rye.
10,309
France
30,800
British West Africa
bbls.196Ibs bush.60 lbs.bush.50 lbsbush.32 lbs
34,325
Switzerland
ush.481bs.bush.561bs.
13,750 Chicago
256,000
357,011
British South Africa
786,000
963,000 118,000
3.440
Spain
22,000
1,251,000
31,700 Minneapolis
131,000
236,000 144,000
Other countries
Duluth
28,000
1,637
Italy
484,000
2,000 Milwaukee- -32,000
19,000
183,000
29,000
Austria
23,000
71,000
246,000 169,000
5,500 Toledo
26,000
212,000
71,000
Egypt
69,000
2,000
10.310 Detroit
49,001
65,000
18,000
Indianapolis_ _
U. S. A
18,000
26,III
585,000 St.
423,000
172,000
Louis.-- 123,000
Gibraltar
419,000
334,000
444,000
3.000 Peoria
2,000
64,000
13,000
British India
258,000
172,000
31,000
98,524 Kansas City_
753,000
156,000
68,000
Other countries
414 Omaha
161,000
292,000
133,000
St. Joseph_
73,000
81,000
£88,991
60,000
£795,188 Wichita
233,000
9,000
4,000
Sioux City_
SILVER.
6,000
36,000
122,000
During the period that the Indian Currency Bill
was recently in suspense Total wk.'27_
472,000
4,060.00
0
2,713,00
0 2,739,00
the market fluctuated without a decided tendenc
483,000 279,000
y either way This uncer- Same wk.'26. 421,000 3,495,000 4,792.000 2,745,0000 673,000
243;000
tainty was justified oy the news made public yesterd
411,000 3,860,000 3,922,000 2,853,000
ay afternoon that the Same wk.'25_
647,000 171,000
bill had been passed by a narrow majority of3 votes
-68 against 65. Indian Since Aug.1official circles must have been gratified by this decision
1926
, which relieved the
15,589,000263,967,000 161,999,000 103,438,
13,912,000 23,614,000
Viceroy from considering whether he should certify
1925
14,996,000266,486,000 167,884,000 l67,763.000
this important currency
00059.699,000 19,010,000
last
llt RAO nnn 192 Ain IVY)127 AAA 111111
enactment in the event of its rejection by the
ne fr129 Ann A9 04,1 moat)
020 nnn
Legislature. Presumably
the other two bills, which are really corollar
ies of that which has now
Total receipts of flour and grain at the seaboard
become law, will be similarly Passed.
ports for
The sharp fall in prices to-day of Md. arising mostly
the week ended Saturday, March 19, follow:
from the pressure
of China sales, betrayed the anxiety with which
the prospect of Indian
Government sales at some future date is
Receipts atFlour.
regarded by dealers in the silver
Wheat.
Corn.
Oats.
Barley.
Rye.
markets of the world.
Barrels.
The immediate surplus of silver coin to be
Bushels.
Bushels.
Bushels. Bushels. Bushels.
taken over by the Indian New York_ -- 210,000 1,490,00
0
Government from the Indian Currency Reserve
78,000
126,000 141,000 228,000
s is equal to about half of phuadelphia_.
31,000
710,000
22,000
28,000
she world's annual production, and exceeds the
3,000
e....
26,000
525,000
largest annual Indian Baltimor
72,000
11,000
8,000
31,000
Newport New
consumption, though it has been exceptionally
2,000
good in the last two years. New Orleans.
75,000
183,000
Serious apprehension therefore is natural,even
90,000
42,000
though the shadow thrown Galveston....377,000
2,1 I I
last year of the impending drastic change in the
17,011
Indian currency system Montreal _ _ _ _
108,000
5,000
70,000
5,000
caused the event to be heavily discounted in
St.John,N.B
55,000 1,291,000
advance.
47,000 103,000 180,000
Boston
Now that the situation is defined, bears will
35,000
3,000
19,000
be encouraged and bulls
1,000
discouraged, so that the market will tend to be
one-sided, and after some Total wit. '27 451,111 4,684,000
272,000
331,000 257,000 443,000
covering by bears (whose liabilities are moderat
Since
Jan.1'27
4,874,000 50,952.000 2,634,000 3,803,000 9,632,00
e at the present time),
0 2,832,000
prices may be inclined to sag until the Indian
Government discloses its Week 1926_ _ _
508,000 1,767,00
hand as to the disposition of its hoard of silver
136,000
766,000 508,000 177,000
coin and bullion, or until Rhine Jan.1'28 5.627.000 32.311.0000 5.534.00
0 6.840.000 6.195.000 1.486.0110
production falls off.
* Receipts do not include vain passing
United Kingdom imports and exports of silver
through New Orleans for foreign ports
during the week ended on through bills of lading.
the 2nd inst. were:
The exports from the several seaboard ports for the
ImportsExports-week
ending Saturday, March 19 1927, are shown
France
£65.000 Austria
in the annexed
£60,500 statement:
United States of America-- 62,318 British India
82,798
Irish Free State
10,000 Other countries
7,607
Other countries
Exports from7,770
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels.
Total
Bushels. Barrels. Bushels. Bushels. Bushels.
£145,088
Total
1,104,628
£150,905 New York
97.484
527,242 110,082
Boston
INDIAN CURRENCY RETURNS.
9.000
Philadelphia
226,000
1,000
(/n lace of rupees.)
Baltimor
e
447,000 99,000
Feb. 15. Feb. 22. Feb. 28.
11.000
21,000
Notes in circulation
25,000
Norfolk
2,000
18157
18213
18274 Newport News
Silver coin and bullion in India
2,000
10191
10247
10309 New Orleans
64,000 102,000
Silver coin and bullion out of India
21,000
1,000
Galveston
321,000
Gold coin and bullion in India
140,001)
St. John, N.B
1,291,000
2255,000 47,000
32
2232
18,000 103,000
2232
Gold coin and bullion out of India
Total week 1927 ... 3,453,628 201,000 198,484
Securities (Indian Government)
69,000 545,242 378,082
4977
4977
4978 Annift week 1928._ 1.972.323 228.024 174.307 602.691
Securities (British Government)
34.440 604.730
557
557
557
Bills of exchange
The destination of these exports for the week and
200
200
200
since
No silver coinage was reported during the week ended
July 1 1926 is as below:
the 28th ultimo.
The stock in Shanghai on the 5th inst. consisted
of about 62,500,000
ounces in sycee, 81,700,000 dollars, and 9,100
silver bars, as compared
Flour.
1Vheat.
Cons.
with 61,000,000 ounces in sycee, 82,100,000 dollars,
for 1Veet
and 8,780 silver bars Exports
and Since
on the 26th ultimo.
Week
Since
Week
Since
Week
Since
July 110'Mar.19 July 1
Mar. 19
Statistics for the month of Feb. 1927 are appended:
July 1
Mar. 19
July 1
1927.
1926.
1927.
1926.
1927.
1926.
-Bar Silver. Per Oz. Std.Bar Gold,
Barrels. Barrels.
Bushels.
Cash
Bushels. Bushels. Bushels.
Two Months
Per Oz. Fine United Kingdom_ 98,725 3,284,768 1,311,97
8 80,516,148
Highest price
22,000
28d.
865,858
Continent
2714d.
80,759
848.
4,575,08
2,077,65
7
1114d.
0 138,290,824
77,000
Lowest price
636,976
Cent. Amer_ 7,000
So.&
2614d.
25%el.
395,980
84s. logd. West Indies
3,906,46
7
62,000
1,422,00
0
Average
12,000 470,000
26.854d.
26.653d.
25,000 40,000 1,123,000
848. 11.1d. Brit. No. Am.Col.
Quotations during the week:
Other countries_ _ _
._ _ _
523,627
64,000 1,244,350
March 3
25 11-16d.
25 7-16d.
84s. 1114ci.
Total 1927
4
2514cl.
198,484 9,249,462 3,453,628 223,982,789 201,000
25 9-16d.
84s. 1014d.
Total
1926
174.307 8.166.325 1.972.323 171.217.855 226.024 4,047,834
5
26d.
25 1346d.
10.233.235
84s. 1014d.
7
254cl.
25 11-16d.
84s. 10d.
The visible, supply of grain, comprising the stocks
s
26 1-16d.
25Md.
in
845.
1014d.
9
25 9-16d.
2514d.
84s. 1014ci. granary at principal points of accumulation at lake and
Average
25.823d.
25.625d.
84s. 10.7d. seaboard ports Saturday, March
19, were as follow
Sounrcercial andMiscenaneonsgpws
s:
1779
THE CHRONICLE
MAR.26 1927.]
San Francisco Stock and Bond Exchange.-Record of
GRAIN STOCKS.
Barley, transactions at San Francisco Stock and Bond Exchange
Rye.
Oats.
Corn.
Wheat.
bush
bush.
bush.
bush,
bush,
United StatesMar.19 to Mar. 25, both inclusive, compiled from official
319,000
810,000
89,000
354,000
New York
lists:
sales
"'"""
6.000
24,000
5.000
4.000
Boston
oucS
.1' TWIry
42,000
68,000
175,000
56,000
197,000
Philadelphia
Range Since Jan, 1.
Last Week's Range for
178,000
6,000
68,000
333,000
1,154,000
Week.
ofPrices.
Baltimore
Sale
114,000
Low.
High.
113.000
246.000
708,000
Par. Price. Low. High. Shares.
StocksNew Orleans
102,000
89,000
912.000
Galveston
Feb
190 300
Jan 398
365 372
369
American Trust Co
3,000
1,286.000
35.000
262,000
1,203,000
Fort Worth
Jan 380
Mar
5 338
380 380
Calif Trust Co
278,000
100,000 Anglo
Feb
195
232
40
2,314,000 4,446.000 4,147,000
Jan
219
219
219
Buffalo
Bank
NI
Anglo & Lon P
6,730 8934 Jan 11434 Feb
110 111
441,000
110
547,000
Bancitaly Corp
" afloat
270
Feb
Jan
250
5
254
254
254
A
N
Calif
of
Bank
261,000
10,000
1.000
292,000
2,175,000
Toledo
Jan 68234 Mar
680 68254 2,115 528
682
Bank of Italy
239.000
141,000
Feb 7134 Jan
10 70
71
" afloat
71
Calamba Sugar corn
92,000
2,000
Jan
35 82
36,000
Jan 84
83
242,000
83
Detroit
Preferred
Jan
5
Feb
4
350
4.75
4.75 4.50
195,000 California Copper
2,538,000 23,277,000 6,276,000 1,226,000
Chicago
10434 Jan
Jan
10254
40
1034
103
10354
prof
Pow
Oregon
Calif
495,000
345,000 1,588,000
" afloat
Jan
64
6934
Mar
2,170
6554
84
6,534
Packing Corp
382,000
107,000 California Petroleum
120,000 1,996,000 1,619,000
Jan
Milwaukee
corn_ 2854 264 2854 6,093 284 Mar 33
California
Feb
30
Feb
520,000
2634
4,435
568,000
29
1,204,000
28
219,000
2854
Tractor
afloat
"
Caterpillar
Jan 96
Feb
46 94
441,000 Coast Co Gas & El 1st pfd NH 9454 944
16,000 7,575,000 7,227,000
7,065,000
Duluth
Jan 984 Feb
265 98
East Bay Water "A" pref_ 9734 9734 98
393,000
Mar
" afloat
Mar 39
510 34
Emporium Corp, The.... 3554 354 3834
Jan
7
Jan
5
120
10,450,000 1,698,000 11,945,000 3,597,000 2,183,000 Fageol Motors prof
634 634
654
Minneapolis
14
Feb
Mar
934
12,960
14
11,000
2.000
248,000
1034
14
329,000
332,000
Brandeis
Federal
Sioux City
Jan
9234
Mar
88
735
7,000
469,000
82,090 Fireman's Fund Insurance 894 89.4 90
2,497.000 2,401,000
St. Louis
640 1254 Feb 134 Jan
124 1254 124
174,090
702,000
6,000 Foster & Kleiser corn
10,024,000 4,923,000
103
Kansas City
Mar
Mar
10434
69
1034
103
103
pref
Power
Great Western
15.000
10 3434 Mar 3654 Jan
30,000
2,743,000
3454 3454 344
Wichita
Hale Bros Stores
Jan
200 4834 Feb 50
4834 4854
29,000
956,000
663,000
Hawaiian Com'l & Sugar
St. Joseph, Mo
4934 Feb 5534 Feb
225
50
5034
Hawaiian Pineapple
316,000
685,000
12,000
Peoria
Feb
140 4054 Jan 42
4134 4154 4134
Sugar
Hawaiian
229,000
711,000 1,183,000
Indianapolis
240 2854 Mar 3234 Jan
294
294 29
Home Fire & Marine Ins
1,225 3554 Mar 424 Feb
131,000
10,000 Honolulu Cons 011
3756 3536 38
2,090,000 2,786,000 1,838,000
Omaha
200 2434 Mar 264 Jan
25
244
244
corn
"A"
Pack
107,000
Bros
Hunt
85,000
On Canal and River
255 324 Jan 3454 Jan
34
33
Illinois Pacific Glass "A"
Jan
Feb 65
20 40
40.
40
Total Mar. 19 1927..._51,845.000 48,837,000 40,314,000 14,464,000 3,386,000 Key System Transit pr pref
Mar 314 Jan
250 14
17
14
Preferred_
Total Mar. 12 1927_ _52,475,000 48,822,000 41.215.000 14,470,000 3.527,000 Langendorf
115 1254 Jan 1234 Mar
1254 1254
__
Baking
195 9834 Jan 10054 Feb
Total Mar. 20 1926_ ..35.444,000 36.845,000 55,371,000 13,953,000 5,422,000 LA Gas & Elec profleo
9954 uxi
Feb
Jan .75
1,200 .40
.40 .40
Nob -Bonded grain not included above: Oats, New York. 11,000 bushels; Buffalo, Magnavox Co
530 2554 Jan 2834 Jan
2654 284 264
30,000; Duluth, 29,000; total, 70.000 bushels, against 788,000 bushels in 1926. Magnin I corn
Mar
9454
Jan
9234
10
9454
9434
Duluth,
Buffalo,
66,000;
133,000:
Baltimore,
bushels;
533,000
Nor Am Investment prof.
Barley, New York,
Feb
4354 3934 4354 5,190 3954 Mar 48
61,000: Fairport, afloat, 67,000; total, 860,000 bushels, against 1,595,000 bushels in North American 011
Jan 3754 Ma
70 35
37
3754
1926. Wheal, New York, 2.128,000 bushels; Boston, 419,000: Philadelphia, 1,386,- Oahu SugarFe .
4234
Jan
40
240
4134
41
afloat,
Duluth,
319,000;
Fairport,
1,689.000;
Onomea Sugar
000; Baltimore, 1,420,000; Buffalo,
Feb 9954 Ma
60 97
984 9834
314.000; Chicago. 150.000; total. 7,825,000 bushels, agalast 8,972,000 bushels in 1926. Pat Light Corp 6% pref._ _ -__
Mar
Jan
123
139
550
12754
125
127
corn...
Tel,
&
Tel
Pacific
CanadianMar 11454 Feb
434 102
104 1054
Preferred
2,045,000
362,000 1,207,000
1,718,000
Montreal
1,285 11054 Jan 13934 Mar
13454
130
130
corn
Inc,
Cos.
Parafflne
5,056.000
2,805,000
2,286,000
Ft. William & Pt. Arthur_40,534,000
Feb
121,000
102.000 Phillips Petroleum, corn... 5034 49H 5034 2,070 49% Mar 5954
7,813,000
" afloat
25 1954 Jan 2054 Feb
2054 204
2,495,000
109,000
365,000 Piggly Wiggly W StatesA
6,702,000
Other Canadian
150 1554 Jan 1634 Feb
18
18
Pig'n Whistle, mei
1434 2034 77,002 1434 Mar 2654 Jan
18
7,345,000 2,858,000 6,730,000 Richfield Oil
Total Mar. 19 1927.._56,267,000
205 10634 Jan 10954 Feb
7,489,000 2,867,000 6,457,000 8 J Lt & Pr, prior pref.... 10756 107 10754
Total Mar. 12 1927_ _55,418,000
Jan 9934 Feb
10 97
97
97B 8% preferred
121,000 10,189,000 1,971,000 8,323,000
Total Mar. 20 1926._ _56,540,000
Jan
725 2034 Mar 23
2134
21
(B F), Acorn.. 21
Schlesigner
Jan
Summary105 8934 Feb 92
9054
9034
9054
Preferred
51,845,000 48,837,000 40,314,000 14,464,000 3,386,000
Feb
Mar
28
3134
American
6,990
2954
28
29
7,345,000 2,858,000 6,730,000 Shell Union Oil, corn prof.
56,267,000
Jan
75 934 Jan 96
Canadian
66
95
96
Sherman & Clay. 7%
Jan 9234 Feb
30 87
91
90
Sierra Pacific Electric, pref 91
Mar
228 1064 Jan 113
Total Mar. 19 1927...108.112,000 48,837,000 47,659,000 17,322,000 10,116,000 Southern Pacific
1114 11234
9,986,000
Mar
Jan 51
340 44
50.4
Total Mar. 12 1927...107,896,000 48,822,000 48,684.000 17,337,000
45
Sperry Flour Co. coin.
Mar
25 9254 Jan 97
Total Mar. 20 1928_ 91,984,000 36,966.000 65,560,000 15,924,000 13,745,000
9334 95
95
Preferred
195 10154 Jan 1084 Mar
103 104
Spring Valley Water
Jan
14,440
5554
8054
Mar
57
5534
by
as
corn,
furnished
and
5834
Calif
wheat
Standard Oil of
The world's shipments of
Telephone Invest Corp.... ...._ 2734 2754 1.000 2554 Jan 274 Mar
.95 Feb
.50 Jan
Broomhall to the New York Produce Exchange,for the week Texas Consolidated 011_ __ _ .50 .50 45.55 2,800
7,376 4234 Mar 5634 Jan
444 4254
011 Associates
ending Friday, March 18, and since July 1 1926 and 1c.25, Union
Union Oil of California_ _ _ _ 4534 4234 4554 19,655 4254 Mar 5654 Jan
Jan
105 16
Jan 19
17
17
corn
Union Sugar,
are shown in the following:
Mar
58 2654 Jan 27
264 27
27
Preferred
Mar
Jan 190
861 149
174 190
United Bank & Trust Co __._
2
1.6754 Jan
3,000
Corn.
1.90 2
1.95
Wheat.
U S Petroleum
Jan
385 3734 Jan 41
3834 39
39
Waialua Agricuit Co,Ltd
Mar
295
Jan
270
20
1926-27.
1925 26.
280
280
1925-26.
1926-27.
Tr
Un
Wells Fargo Bk &
954 Jan
Jan
9
100
9
9
West Amer Finance, pref._
954 Jan
Week
Since
834 Mar
Since
Since
Since
Week
Yellow & Checker Cab__
Feb
July 1.
260 9554 Feb 98
Mar. 18.
July 1.
9754
July 1.
July 1.
Mar. 18.
Zellerbach Paper,6% pref. 974 97
21%O MAI.
Jan
510 22
Sal.' 211
on'.'
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
• No par value.
162,000 3,517,000 8,559,000
North Amer_ 8,662,000 367,259.000284,486,000
544.000 38,436,00 20.248,000 994,000 24,852,000 21,636,000
Black Sea.._
58,727,000
2,696,000180,820,000
109,452,000
National Banks.-The following information regarding
Argentina... 7,622,000 67,862,000
Australia.... 4,448,000 58,264,000 55,567,000
banks is from the office of the Comptroller of the
national
5,768,000
4,416.000
India
0th. countr's 320,000 18.625.000 1,040,000 128,000 2,416,000 33,850,000 Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
425,836.000 3,980,000211,605,000 173,497,000
1,196,000552,862
Total
Capital.
$100.000
Mar, I5-The Plainfield National Bank, Plainfield, N. J
N. J.
Plainfield,
Pond,
H.
Harry
Correspondent,
Pittsburgh Stock Exchange.-Record of transactions Mar. 15-The Emerald National Bank & Trust Co.of New York,
N. Y
at Pittsburgh Stock Exchange Mar. 19 to Mar. 25, both
Correspondent. George W.Loft, 400 Broome St., New
Inclusive, compiled from official sales lists:
York, N. Y.
50.000
Mar. -The Security National Bank of Montevideo, Minn_ _ _
Sales
Friday
Correspondent, C. A. Fosnes, Montevideo, Minn.
Range Since Jan. 1.
Last Week's Range for
25.000
of Cardwell, Mo
Bank
National
Citizens
-The
Mar.
Week.
ofPrices.
Sale
Correspondent, R. W. Waldrep, Cardwell, Mo.
Low.
High.
Par, Price, Low. High. Shares.
Stocks30.000
Mar. I8-The First National Bank of Glen Head, N.Y
Correspondent. Cornelius H. Luyster, Glen Head,N.Y
23
Mar 27
23
Jan
23
Amer Vitrified Prod corn 50
200.000
Prudence National Bank of New York, N. Y
-The
I8
Mar.
Feb
734
734
84
754
74
Jan
Arkansas Nat Gas com_100
45th
Correspondent, James J. McCormack,
175
Jan 200
Feb
200 200
Bank of Pittsb (N A)_ 50
St., New York, N. Y.
1064 Jan 108
Jan
10634 10654
Byers(AM)Co pref. _100
Bank of New York, N. Y.-National
Stuyvesant
-The
Mar.
Jan
834
Feb
9154
5354 87
Columbia Gas & El com..• 87
Correspondent, Paul A. Zizelman, 42 Broadway, New
994 Jan 104
Mar
104 104
100
Preferred
York, N. Y.
103
Mar 105
Jan
103 103
Conley Tank Car pref. _100
60.000
First National Bank of Long Beach, N. Y
-The
19
Mar.
254 Jan
3
3
3
Jan
50
Consol Ice common
Correspondent, Francis J. Hogan, 517 Washington
124 Mar 15
Jan
124 1254
10
Devonian Oil
N. Y.
Beach,
Long
Boulevard,
115
Mar
11654
Jan
1154
1154
Duquesne Lt 7% pref_100 1154
APPLICATION TO ORGANIZE APPROVED.
6
Feb 104 Mar
• 104
854 1034
Houston Gulf Gas
118
Jan 120
Jan Mar. 18-The Sunrise National Bank of Baldwin, N. Y
1194 120
$50.000
Jones& Laugh'n Steel pf 100
374 Jan 4654 Mar
4054 434
25 41
Correspondent, John W. Lacey, Baldwin, N. Y.
Lone Star Gas
8
Jan
9
Feb
834 834
834
Nat Fireproofing com_100
CHARTER ISSUED.
27
Jan 304 Mar
100 304 2954 3056
Preferred
2054 Jan 23
Feb Mar. 15-13050-The Sheridan National Bank, Sheridan,In. $40,000
2154 22
Okla Nat Gas ctfs of dep.. 22
Phil
Hare.
President,
354
44
Mar
Jan
354
34
common.50
PIttab Brewing
104 Mar 1136 Jan
CIIANGE OF TITLE.
1054 1054
50
Preferred
334 Jan
336 Feb Mar. 17-11858---Beach Haven National Bank. Beach Haven, N. J., to
356 354
5
Pittsburgh Oil& Gas
239
Feb 270
"Beach Haven National Bank and Trust Company."
Jan
248 249
Pittsburgh Plate Glass_100
Feb
734 Mar
8
74 754
Salt Creek Consol 011...10
VOLUNTARY LIQUIDATIONS.
Jan
834
Mar
8200,000
9234
8534
25
8334
corn
8354
Mfg
Sanitary
Stand
Mar. 14-The Waxahachie National Bank, Waxahachie, Texas
22
Jan 264 Max
23
23
100 24
Tidal Osage 011
Effective Mar.
1927. Liquidating agents, 0. B.
Feb
3254 Jan 36
36
36
Union Steel Casting com •
Dunaway. 0. H. Chapman and R. E. Edmondson,
240
Mar 24034 Mar
Washington Trust Co._100 2404 24054 24054
Waxahachie, Tex. Absorbed by The Citizens Nation42
Jan 43
4254 4254
Feb
Waverly Oil Wks class A.*
al Bank of Waxahachie, No. 3212.
134
Jan
157
151
Mat
150
100,000
50
Brake
West Air
Mar. 14-The Farmers National Bank of Alexandria, Minn.__
Jan
9754 Mar 100
974 98
100 98
West Pa Rya pref
Effective Mar. 1 1927. Liquidating Committee:
George Susens, A. L. Warner and J. J. Volker, AlexanBondsdria, Minn. Absorbed by The Farmers National
Tar
7S If
Mar
74
74
74
1CIAA
v...... Ta.aarInts fla
Bank in Alexandria. No. 12864.
100,000
Mar. 14-The First National Bank of Manteca, Calif
C.
* No par value.
Effective Feb. 24 1927. Liquidating Agent, Edw.
Liberty
by
Absorbed
Calif.
Francisco,
San
Nole.-Sold last week and not reported: 35 Duquesne Light, pref., at 11556
Aldwell,
This bank
Bank of America, San Francisco. Calif.
25 Waverly 011 Works, class A, at 4231.
was later taken over by the Bank of Italy, which latter
Correction.-Range on Blair-Knox, common, last week should have read 71 low,
of Italy
"Bank
into
1927
1
Mar.
was converted on
7154 high on Independent Brewing, pref. sales at 554. not 5; Houston Gulf Gas
National Trust and Savings Association,' San Franlad week should have read 734 low, 9 high; Oklahoma Gas, ett. of dep., all sales
Calif.
cisco,
at 2134.
750.000
E
WV.0104,414.0.NWQ,O
NOCR.,10.0.4.0000
P
a
WON.0.4opo...0wwcw
OONNO^00000.0001G.
18
18
117 W.
1,000,000
18
7
1780
THE CHRONICLE
Mar. 15-The First National Bank of Newsome, Tex
Effective Feb. 12 1927. Liquidating Committee: Roy
C. Truitt, G. C. Cowley and W. W. Loftis, Newsome,
Tex. Absorbed by First State Bank of Pittsburg, Tex.
Mar. 17-First National Bank in Monrovia. Calif
Effective Mar. 7 1927. Liquidating Agent. Edw. C.
Aldwell, San Francisco, Calif. Absorbed by Bank of
America, Los Angeles, Calif., which association was
consolidated with the Liberty Bank. San Francisco,
under the title Liberty Bank of America of San Francisco. The latter association consolidated with the
Bank of Italy, San Francisco, and that bank was converted into a national bank under the title "Bank of
Italy National Trust and Savings Association."
Mar.
The First National Bank of Arcadia, Calif
Effective Mar. 8 1921. Liquidating Agent, Edw. C.
Aldwell, San Francisco, Calif. Absorbed by the Bank
of America, Los Angeles, Calif., which association was
consolidated with the Liberty Bank, San Francisco,
under the title Liberty Bank of America of San FranCisco. The latter association was consolidated with
the Bank of Italy, San Francisco, and that bank was
converted into a national bank under the title "Bank
ef Italy National Trust and Savings Association."
Mar
-The First National Bank of Roseville, Calif
Effective Mar. 10 1927. Liquidating Agent, Edw. C.
Aldwell, San Francisco, Calif. Absorbed by the Liberty Bank, San Francisco, Calif., which association
was consolidated with the Bank of America, Los Angeles, under the title Liberty Bank of American of San
FrallaSCO. The latter association consolidated with
the Bank of Italy, San Francisco, and that bank was
converted into a national bank under the title "Bank
of Italy National Trust and Savings Association."
Mar.18-The United States National Bank of Saw telle, Calif__ _
Effective Mar. 8 1927. Liquidating Agent, Edw. C.
Aldwell, San Francisco, Calif. Absorbed by Bank of
America, Los Angeles, Calif., which association was
consolidated with the Liberty Bank, San Francisco,
under the title Liberty Bank of America of San Francisco. The latter association consolidated with the
Bank of Italy. San Francisco, and that bank was converted into a national bank under the title "Bank of
Italy National Trust and Savings Association."
Capital.
25,000
50,000
25.000
50.000
Shares. Stocks.
$ Per oh. Shares. Stocks.
per share.
10 Broad Street Trust Co.. Par $50100 Phila. Life Ins. Co.. par $10___ 1455
45 Lancaster Ave.Title & Trust Co. 75
30 Manufacturers Casualty InsurPar $50
91
ance Co., par $10
29
5 Manufacturers Title & Trust Co.,
6 Frankford & Southwark Pass. Ry_235
par 350
60
200 Tonopah Belmont Devel't Co
2
10 Allegheny Title & Trust CO.. Par
50 Horn & Hardart Bak.Co.,Phila_230
$50
60% 48 Phila. Bourse, cons., par $50___ 2154
10 Peoples Bank & Trust Co., par
3 Phila. Bourse, pref., par $25_
2434
$50
185
710 Old Colony, Inc., pref., par $10
5.5
29 Aldine Trust Co
2524 71 Old Colony, Inc.. corn., par $10
55
4 Fidelity-Philadelphia Trust Co..700
824
Valley
Smokeless
Coal
Co...
.350
lot
5 Bank of North Amer.& Trust Co.396
5 Phila. Sub. Mtge. Guarantee_ __ _141
1 Chelten Trust Co
2404 1 Hartford Fire Insurance
500
I Ocean City National Bank, N.5.233
10 Commonwealth Trust
57551
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:
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
$persh.I Bonds.
Per Cent.
250 Lane Bryant Inc.. common,
100 Brown Wire Gun Co
$10
no par
$5000 1 Tabard Inn Book Co., pref.,
250 Lane Bryant Inc., pref
lot
Par $10
3,000 Consol. Cortes Silver Mines
8(25 Tabard Inn Book Co.,
Co.. par Si
common, par $10
7,800 Candelaria Silver Mines,
$500 Amer. Real Estate Co., Inc.,
Par $1
6% gold bond. reg., due Feb. 15
600 Divide Ext. Min. Co., par 10c. 5600
1921. Aug. 15 1916 and sub20 Acme Coal Mining Co.. par $10
lot
sequent coup. attached. Bond $32
50 Hudson 011 Col., par $1
stamped to show payment of six
lot
1,000 Knox Divide Mining Co.,
dividends in distribution, aggrePar 10c
gating 30% of the claim repre1,000 Goldsone Divide Mining
sented hereby
Co., par 10c
$200 Amer. Real Estate Co.. Inc..
6% gold bond, reg., due Mar. 17
1921, Sept. 17 1916 and subsequent coupons attached. Bond
stamped to show payment of six
dividends in distribution, aggregating 30% of the claim represented hereby
By R. L. Day & Co., Boston:
Shares. Stouts.
$ Per oh.. Shares. Stocks.
$ per oh.
60 Waltham Nat. Bank, par 575...132% 150 Cambridge Gas Lt. Co., par $25
994
2 Merchants Nat. Bank, New Bedf.363
50 New Bedford Gas& Edison Light
13 Fitchburg Bank & Trust Co_ _1454
Co., par $25
914
&
div.
38 Springfield Safe Dep.& Tr. Co..390
35 Merrimac Chemical Co., par $50 82
2 Naumkeag Steam Cotton Co.
100 Brockton Gas Light Co.. v. t. c.
1704, ex-div.
par $25
57-5754
4 Pepperell Manufacturing Co____ 14% 2,000 National Tin Corp., par 50c$101
lot
40 Gosnold Mills Co., pref
' 28% 128 Lowell Gas Light Co., par 525- 70
500 Hamilton Mfg. Co
16c.-24c. 3 units Mutual Finance Corp
68
60 Ludlow Mfg. Associates____1794-180 74 Fall River Elec. Light Co.
par
15 West Point Mfg. Co
141 & div. $25
63%,ex-eliv.
10 Lockwood Co., Waterville, Me_ 63
61 New Bedford Gas& Edison Light
6-8 Pepperell Mfg. Co
144-144
Co., Par $25
9154, ex-div.
130 Springfield Railways Co., pref. 6254 5 Nor. Boston Ltg. Prop., corn_
_176%
8 Boston Revere Beach & Lynn RR. 70
65 Fall River E. L. Co., par $25___ 63%
40 Hood Rubber Co.,74% pf_984-984 25 United Electric Light
co.,SPring60 New Bedford Gas& Edison Light
field, par 325
126
Co., par $25
9154 & div. 15 Blackstone Valley Gas & Electric
10 Mass,L.Cos.,8% pf_11654, ex-div.
Co., corn., par 850
1094
6 Mass, Ltg. Cos., com__ - _864, ex-div. 5 Hershey Manufacturing Co
100
6 Mass. Ltg. Cos., corn
87, ex-div. 25 No. Boo. Ltg. Prop.,com 17754-1774
67 Special units First Peoples Trust 5
30 New England Pow.AssoMates,pt 90
20 Plymouth Cordage Co
123
By Wise, Hobbs & Arnold Boston:
Shares. Mocks.
$ per oh. Shares. Stacks.
$ per oh.
8Atiantic National Bank
265 ex-div. 9 No. Bost. Ltg. Prop., pref
1164
55 Ipswich Mills, corn
48-494 4 New Engl. Pr., 6% pref._ _105 ex-div.
10 West Boylston Mfg. Co., pref.__ 30
5 units First Peoples Trust
68
24 Pepperell Mfg. Co
1124 18 Haverhill G.Lt. Co., par 25.63 ex-div.
6 Ludlow Mfg. Associates_ _17954 ex-div. 6 units Commercial
Finance Corp-- 47
25 Nashua Mfg. Co.. corn
49
10 North Boston Ltg. Prop., pref.-1163j
30 Wm. Whitman Co., Inc., pre6 units First Peoples Trust
ferred
80-8054 ex-div. 2 Mutual Finance Corp., pref.. 60
2 Vermont& Mass.KR
112 ex-div.
par 350
34
Brockton
Gas Light Co., v.t.c.,
15
25 Western Mass. Cos.(W.I.)
554
par 325
57á 15 Springfield G. Lt., par $25_644 ex-rts.
2 units Mutual Finance Corp
68
11 No. Boston Lt. Prop., pf_1164-11654
10 Blackstone Val. G. & El. Co.,
2 units Mutual Finance Corp
68
common, par $50
1094 59 No. Boston Lt. Prop. pref
116
Commercial
Finance Corp., pref.
3
27 Merrimac Chemical, par 5r,0 82 ex-div.
Par $50
234 68 Fall River Electric Light Co..
2 units Commercial Finance Corp.- 47
Dar $25
63-63% ex-div.
10 New Bedford Gas & Edison Lt.
2 Mutual Finance Corp., pref.,
Co., par $25
914
par $50
34
100 Brockton Gas Light Co., v.t.c.,
Bonds.
Per cent.
Par $25
574-574 $12,000 St. Johnsbury & Lake
1 unit Commercial Finance Corp__ 47
Champlain RR. 55, March 1944- 85
Per
When
Cent. Palmate
Books Closed.
Days Inclusive.
Railroads (Steam).
Minn.St. Paul & 8.5. M.leased lines_ _ _ 2
Apr. 1 Holders of rec. Mar. 19a
Missouri-Kansas-Texas, pref. A (quar.).
155 May 2 Holders of rec. Apr. 15
Norfolk & Western, adj. pref.(guar.). _ _ *1
May 19 *Holders of rec. Apr. 30
Pennsylvania Company (quar.)
*155 Mar. 31 *Holders of rec. Mar. 23
Reading Company, corn. (quar.)
*31
May 12 *Holders of rec. Apr. 13
Wabash Ry., pref. A (quar.)
*134 May 25 *Holders of rec. Apr. 16
Public Utilities.
Brooklyn Borough Gas, corn. (quar.)411.50 Apr. 11 *Holders of rec. Mar.31
Brooklyn-Manhattan 'Fran., corn.(qu.)- $1
Apr. 15 Holders of rec. Apr. 1
Buff. Niagara & East.Pow.,com.(qu.)- *25c. Apr.
1 *Holders of rec. Mar. 15
Preferred (quar.)
*40c. Apr. 1 *Holders of rec. Mar. 15
Central & Southwest Util., corn.(quar.) *75c. Apr. 15 *Holders
of rec. Apr. 1
Ctn. Newport& Cov.L.& Tr.,coin.(qu.) 14 Apr. 15
Apr. 1 to Apr. 17
Preferred (quar.)
14 Apr.
Apr. 1 to Apr. 17
Commonwealth Power,common (quar.). 500. May 15
2 Holders of rec. Apr. 7
Common (extra)
50c. May 2 Holders of rec. Apr. 7
Preferred (quar.)
155 May
Holders of rec. Apr. 7
Consolidated Gas (N.Y.), $5 pref.(MO • 61e. May 2
1 Holders of rec. Mar. 3I0
Old pref. (quar.)
*8754r May 1 *Holders of rec. Mar. 15
Consumers Power. 6% pref. (guar.)._ _ _ 14 July 1
Holders of rec. June 15
6.6% preferred(quar.)
1.65 July 1 Holders of roe. June 15
Seven per cent preferred (quar.)
154 July 1 Holders of ree. June 15
Six per cent preferred (monthly)
50e. May 2 Holders of rec. Apr. 15
Six per cent preferred (monthly)
50c. June .1 Holders of rec. May 16
Six per cent preferred (monthly)
500. July 1 Holders of rec. June 15
6.6% preferred (monthly)
55c. May 2 Holders of rec. Apr. 15
6.6% preferred (monthly)
5150. June 1 Holders of rec. May 16
6.6% preferred (monthly)
55e July 1 Holders of rec. June 15
Federal Water Service, pref.(quar.)$1.75 Apr. 1 Holders of rec. Mar. 19
Foshay(W.B.) Co.. common (monthly) 67c. Apr. 10 Holders of rec.
Seven per cent preferred (monthly).- 58c. Apr. 10 Holders of rec. Mar.31
Mar.31
Preferred A (monthly)
67c. Apr. 10 Holders of rec. Mar.31
Elmira Water, Light & RR,1st pt.(qu.) 14 Mar.31 Holders of
rec.
Mar.
18
Second preferred (quar.)
154 Mar.31 Holders of rec. Mar. 18
Houston Gas & Fuel, pref.(quar.)
14 Mar. 31 Holders of rec. Mar. 17
Massachusetts Gas Cos., corn. (quar.)__ *$1.25 May 2 *Holders of rec.
Apr. 15
Mississippi River Power, pref. (quar.)
*134 Apr. 1 *Holders of rec. Mar. 15
Missouri Gas & Elec., prior lien (quar.). *$1.75 Am. 15 *Holders of
Mar.31
rec.
Montreal Lt., Ht.& Pow., corn.(quar.). 500. Apr. 30 Holders of rec. Mar.
31
Montreal Telegraph (quar.)
2
Apr. 16 Holders of rec. Mar. 3I0
Municipal Service, preferred (quar.)
50e. Apr. 1 Holders of rec. Mar. 15
Nevada-Calif. Elec. Corp., pref.(quer.). *154 May 2 *Holders of rec.
Mar.30
New England Power Co., pref. (guar.)._ $1.50 Am. 1 Holders of rec.
Mar. 19
New Haven Gas Light (quar.)
*6255e Mar.31 *Holders of rec. Mar. 16
New Orleans Public Serv., pref.(quar.)_ 14 Apr. 1 Holders of
rec. Mar.21
Peoples Light & Power,corn. A (m'thly) 20c. Apr. 10 Holders of rec.
Mar. 31
Seven per cent preferred (monthly)... 58e. Apr. 10 Holders of rec. Mar.
31
Phila. & Camden Ferry
$2
Apr. 11 *Holders of rec. Mar.26
Philadelphia Company, common (quar.) $1
Apr. 30 Holders of rec. Apr. 1
Common (payable in common stock) _ - (s) Apr. 30 Holders of roe.
Apr. 1
Preferred
$1.50 May 2 Holders of rec. Apr. 1
Phila. Rapid Transit, common (quar.)_ _ $1
Apr. 30 Holders of rec. Apr. 15
Preferred
$1.75 May 2 Holders of rec. Apr. 1
Phila.& Western Ry., pref.(quar.)
58234e Apr. 15 *Holders of rec. Mar.31
Porto Rico Railways, pref. (quar.)
*154 Apr. 1 *Helders of rec. Mar. 19
Quinte& Trent Val. Pow., Ltd., pt.(c1U.) 154 Apr. 1 Holders of
rec. Mar.24
San Diego Cense'. G.& E., pref.(WO
*14 Apr. 15 *Holders of rec. Mar.31
Southern Calif. Edison, orig. pref.(qu.) 50c. Apr. 15 Holders
of
rec.
Mar.20
Southern Indiana Gas & EL.7% pt.(qu.) 154 Apr. 1 Holders
of rec. Mar.25
Six per cent preferred (quar.)
14 Apr. 1 Holders of rec. Mar.25
5.6% preferred (quar.)
1.65 Apr. 1 Holders of roe. Mar.25
Southern Wisconsin Elec., pref. (quar.). *14 Apr. 15 *Holders of
rec. Mar.31
Trinidad Electric Co., Ltd.(quar.)
154 Apr. 10 Apr. I to
10
West Kootenay Pow.& Lt., pref.(quar.) 154 Apr. 1 Holders of rec. Apr.
Mar.28
Name of Company.
50,000
[vol.. 124.
Banks.
American U111311 (quar.)
Colonial (quar.)
Eastern Exchnroce (quar.)
First National (Brooklyn)(quar.)
Franklin National (quar.)
Garfield National (quar.)
Municipal (Brooklyn) (quar.)
Nassau Nattmal (Brooklyn) (quar.) _ _ _ _
Peoples (Bronklyn)(mar.)
Washington Heights (Bank of) (quar.) -
14
3
134
254
1
3
2
3
3
134
Apr. 1
Mar.30
Mar.25
Mar.28
Mar.28
Mar.30
Apr. 1
Mar.29
Mar. 30
Apr. 1
Holders of rec. Mar. 190
Mar. 20 to Mar. 31
Mar. 21 to Mar. 25
Holders of rec. Mar. 18
Holders of rec. Mar.21
Mar. 26 to Mar. 30
Mar.20 to Mar. 31
Holders of rec. Mar.260
Holders of rec. Mar.22a
Holders of rec. Mar.30a
Trust Companies.
American (quar)
Corporation (quar.)
Federation Bank & Trust Co.(guar.)...
United States Mtge. dc Trust (quar.).
134
4
2
4
Mar.31
Mar. 26
Apr. 1
Mar.30
Holders of rec. Mar. 21a
Holders of rec. Mar. 260
Holders of rec. Mar. 310
Holders of rec. Mar. 28
Miscellaneous.
Abraham & Strauss, Inc., pref.(quar.) _ •134 May 1 *Holders
of rec. Apr. 15
Acre Supply Mfg., class A (quar.)
373.4e Apr. 1 Holders of rec. Mar.28
Alles & Fisher (quar.)
.50e. Apr. 1 *Holders of roe. Mar. 19
Amerada Corporation (quar.)
*50c. Apr. 30 *Holders of rec. Apr. 15
Amer.Brown Boveri Elec.,7% pf.(qu.) •134 Apr. 1 *Holders of
rec. Mar.25
American Coal (quar.)
$1 May 1 *Holders
Amer. Credit Indemnity (St. Louis)(MO $1 Apr. 1 Holders of rec. Apr. 1
of
rec.
Mar. 15
Amer. Fork & Hoe, pref.(quar.)
14 Apr. 15 Holders of rec. Apr. 5
Amer. Horne Products (quar.)
20e. May 2 Holders of rec. Apr. 15a
Anrcrlean ice. common (guar.)
2
Apr. 25 Holders of ree. Apr. 13
Preferred (quar.)
134 Apr. 25 Holders of rec. Apr. 13
Amer. Rolling Mill, pref.(quar.)
•14 Apr. 1 *Holders of rec. Mar. 15
By Barnes & Lofland, Philadelphia:
American Screw (guar.)
155 Apr. 1 Holders of rec. Mar.21a
Shares. Stocks.
Shipbuilding, common (quar.). _ 2
per th. Shares. Stocks.
May 2 Holders of rec. Apr. 15
$ per share. Amer.
Preferred (quar.)
10 Nat. Bank of Commerce
285
3 Overbrook National Bank
154 May 2 Holders of rec. Apr. 15
183
Anaconda Copper Mining (quar.)
16 National Bank of Commerce_ 285 6 Southwark National Bank
75c. May 23 Holders of rec. Apr. 16
401
50 Union National Bank
Arundel Corp. (quar.)
250
11 Drovers & Merchants Nat. Bank220
*50o. Apr. 1 *Holders of rec. Mar. 28
10 Drovers & Merchants Nat.Bank.218
Associated Dry Goods, common (quer.). 620. May 2
1 Drovers & Merchants Nat. Bank_220
Holders of rec. Apr. 9
8 West Jersey & Seashore RR., par
First preferred (quar.)
1 Southwark Title & Trust Co_
154 June 1 Holders of rec. Apr. 30
326
Second
$50
preferred
(quar.)
46% 15 Phila. Co. for Guar. Mortgages_22134
154 June 1 Holders of rec. Apr. 30
8 Victory Insurance Co., par $10.. 2155 2 Perma. Co. for Ins. on Lives,&c
Atlas Powder, pref.(quar.)
155 May 2 Holders of rec. Apr. 20a
891
10 Fire Assn. of Phila., par $10_ _ _ _ 514 I Penna. Co. for Ins. on Lives,
Baer,Sternberg sk Cohen, 1st pref.(qu.). 154 Apr.
1 Holders of rec. Mar.24
&O-890
10 John B.Stetson Co.,com.,no par 97
Second preferred (guar.)
56 Republic Trust Co., par $50...-159
2
Apr. I Holders of rec. Mar.24
10 John B.Stetson Co.,com.,no par 96
Bancltaly Corporation
30 Mutual Trust Co., par $50
*56e. Apr. 1 *Holders of rec. Mar. 15
158
47 Continental Passenger Ry
Bankers
Capital
Corp., pref. (guar.)._
50 Mutual Trust Co., par $50
67
158
32
Apr. 15 Holders of rec. Mar. 31
Preferred (quar.)
30 13th & 15th Streets Pass. Ry
20 Mutual Trust Co., par $50
155
158
$2
July 15 Holders of rec. June 30
4 2d & 3d Streets Pit88. Ry
Preferred (quar.)
155
5 Lancaster Ave. Title & Trust Co ,
$215 Holders of rec. Sept.30
1 Corn Exchange National Bank_ _735
Preferred (quar.)
par 350
$2 Jan1e'28 Holders of roe. Doe. 31
91
Name of Company.
1781
THE CHRONICLE
MAR. 26 1927.]
When
Per
_Cent. Payable.
Books Closed.
Days Inclusive
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days IssaintIsa.
. Viscellaneour (Concluded).
Miscellaneous (Continued).
*10c. May 2 *Holders of roe. Apr. 15
WrIglft Hargreaves Mines
Barnet Leather, pref. (quar.)-------- • 134 Apr. 1 Holders of iec. Arne:31
A'ffitfican Macigne, part. pr. (wit.)1.65c. Apr. 1 *Holders of roe. Mar.21
Ya
30c Apr. 1 Holders Of rec. Mar:21
Berry Motor (quar.)
'234 Apr. 1 *Holders of roe. Mar.18
*25c Apr. 1 *Holders of rec. Mar.220 Young (J. T,) Co., corn.(guar.)
Bliss(E. W.) Co., corn. (quar.)
Apr. 1 *Holders of roe. Mar.18
Preferred (guar.)
Apr. 1 *Holders of rec. Mar.22a
$1
First preferred (quar.)
'
8734c Apr. 1 *Holders of rec. Mar.220
Second preferred, class A (quar.)
in previous weeks
announced
dividends
the
give
we
Below
22a
Mar.
rec.
of
*Holders
1
Apr.
*15c
(quar.)
B
class
Second preferred,
*25c Apr. 1 *Holders of rec. Mar. 15
This list does not include dividends anpaid.
yet
not
and
Bohn Aluminum Ac Brass (guar.)
Apr. 30 *Holders of rec. Apr. 15
"31
Bon Ami Co., class A (quar.)
nounced this week, these being given in the preceding table.
*50c Apr. 1 *Holders of rec. Mar 30
Class B (quar.)
750 Apr. 1 Holders of rec. Mar.24
Boyd-Welsh Shoe (quar.)
Books Closed.
Per
When
50c Apr. 18 Holders of rec. Mar. 31
Brompton Pulp & Paper (guar.)
Days Inclusive.
Cent. Payable.
Name of Company.
621,4c Apr. 1 Holders of roe. Mar.21
Bruce(E. L.) Co.. coin.(quar.)
134 Apr. 1 Holders of rec. Mar.21
Preferred (quar.)
250 Apr. 1 Holders of rec. Mar.21
Brunswick Site Co.(quar.)
Railroads (steam).
June 15 Holders of roe. Apr. 23
$1
Buckeye Pipe Line (quar.)
Apr, I Holders of roe. Mar. 8a
3
Alabama & Vicksburg
Apr. 1 *Holders of rec. Mar.19
$3
•
(quar.)
common
old
Bucyrus Co.,
750. Apr. 1 Holders of rec. Mar. 154
Aroostock, Common (quar.)
&
Bangor
1
Apr.
to
Apr. 1 Mar.22
$I
Bulkley Bldg., pref. (quar.)
Apr. I Holders of rec. Mar.154
154
(quar.)
Preferred
*1)( May 2 *Holders of rec. Apr. 15
Byers (A. M.) Co., pref. (quar.)
34 Apr. I Holders of roc. Mar.150
Beech Creek (quar.)
50e Apr. 15 Holders of rec. Apr. 1
Canada Dry Ginger Ale (guar.)
Mar.31
1 Holders at rec. Feb. 28
2
&
Boston
Albany
(quar.)
250. Apr. 15 Holders of rec. Apr. 1
Extra
Holders of rec. Mar. 154
1)4 Apr.
Boston Revere Beach & Lynn (quar.)_ _ _
32c. Apr. 15 Holders of rec. Mar.31
Canadian Industrial Alcohol (quar.)- 2)4 Apr. 1 Holders of rec. Mar. la
com. (quar.)
Pacific.
Canadian
*134
20
May
rec.
of
*Holders
1
June
Century Ribbon Mills, pref.(quar.)--Holders of roe. Mar. 1
1
Apr.
2
Preference
'134 Apr. 25 *Holders of roe. Apr. 15
Chicago Pneumatic Tool (quar.)
Apr. 1 Holders of rec. Mar. 80
2
Chesapeake dr Ohio, com. (suar.)
Apr. 1 Holders of rec. Mar. 21
Cleveland Union Stock Yards (quar.)_ _ _ 2
of rec. June 84
Holders
1
July
314
Preferred
234 Apr. 25 Holders of rec. Apr. 15
Consolidated Royalty Oil (quar.)
Chicago Rock Island & Pacific, com.(qu.) 1)4 Mar.31 Holders of res. Mar.114
May 2 *Holders of rec. Apr. 2
*$1
Copper Range Co
1% Apr. 20 Holders of roe. Mar.314
_
(quar.)
On.
com.
L.,
Cleve.
St.
&
Chic.
4
Apr.
rec.
of
*Holders
20
Apr.
4,50c.
Corn Products Refg., com (quar.)
1% Apr. 20 Holders of rec. Mar.314
Preferred (quar.)
Apr. 15 *Holders of rec. Apr. 4
Preferred (quar.)
1)4 Apr. 1 Holden ef rec. Mar. 104
Consolidated Mts. of Cuba. pref. (qu.)
Apr. 15 Holders of rec. Apr. 5
$1
Cudahy Packing, corn. (quar.)
pref.
Gulf
Northern.
&
(quar.)
Mobile
134 Apr. 1 Holders of re*. Max 174
21
3)4 May 2 Holders of rec. Apr.
Seven per cent preferred
Mar.31 Holders of rec. Mar. Sa
2
(quar.)
Hocking
Valley
May 2 Holders of rec. Apr. 21
3
Six per cent preferred
154 Apr. 4 Mar. 25 to Apr. 4
Joliet & Chicago (qua:.)
31
Mar
rec.
of
*Holders
15
Apr.
*1)4
Detroit Motor Bus,common (quar.)
15 Holders of rec. Mar.314
Apr.
1
(quar.)_
pref.
Southern.
City
Kansas
June 15 *Holders of rec. May 31
•2
Diamond Match (quar.)
8734 Apr. 1 Holders of rec. Max.124
Lehigh Valley. common (quar.)
Mar.31 Holders of rec. Mar. 21
2
Dixon (Joseph) Crucible (quart)
Apr. 1 Holders of rec. Mar.124
$1.2
Preferred
(guar.)
21
Mar.
rec.
Mar.31 Holders of
5
Extra (Centennial dividend)
$1.25 AM. 13 Holders of res. Mar. 314
Midland Valley, common
Apr. 1 Holders of rec. Mar.25
2
Dominion Engineering Works
134 May 2 Holders ef rec. Mar.31a
New York Central RR.(quar.)
Eatan Axle & Spring, corn (quar.)
*50e. May 1 *Holders of rec. Apr. 15
(qua:.)
com.
Louis,
St.
&
Chicago
Y.
234 Apr. 1 Holders of sec. Feb. 154
N.
1)4 Apr. 1 Holders of rec. Mar. 19
Edwards(Wm.)Co.. pref.(quar.)
Apr. 1 Holders of roe. Feb. 154
1%
Preferred (qua:.)
Apr. 1 Holders of rec. Mar.21
2
Elder Manufacturing, let pref.(guar.). _
New York Lackawanna & Western (an.) 1% Apr. 1 Holders of rec. Mar. 14a
Elgin National Watch (guar.)
'6234e May 2 *Holders of rec. Apr. 15
May 2 Mar. 13 80 Air. 12
1)4
(quar.)
Northern
Pacific
Elyria Iron & Steel, pref.(quar.)
134 Apr. 1 Holders of rec. Mar.25
154 Apr. 1 Holders of roe. Mar. 121
Old Colony RR. (qua:.)
Mar.31 *Holders of rec. Mar.21
Farr Alpaca (quar.)
*2
Apr. 1 Holders of roc. Mar.I44
134
common
(qua:.)
Marquette,
Pere
Federal Knitting Mills, corn.(guar.). _ _ 6234eApr. 15 *Holders of rec. Apr. 15
Apr. 1 Holders of res. Mar. 144
2
Common (extra)
Preferred (quar.)
*$1.75 Apr. 1 *Holders of rec. Mar.21
134 May 2 Holders of req. Apr. 14a
preferred
Prior
(qua:.)
21
Mar.
Filing Equipment Bureau, pref. (quar.).. $1.75 Apr. 1 Holders of rec.
May 2 fielders of roe. Apr. 14a
1%
(quar.)
Preferred
Flint Mills (qua:.)
'134 Apr. 1 *Holders of rec. Mar. 18
750. Apr. 1 Holders of roe. Mar. 15
Pittsburgh Bessemer & Lake Erie,com
Formica Insulation
•250. Apr. 1 *Holders of rec. Mar. 15
1 Holders of roe. Mar. 104
Apr.
I%
(quar.)
corn.
Chic.,
&
Wayne
Ft.
Pittsb.
Extra
•10e. Apr. 1 *Holders of rec. Mar. 15
154 Apr. 5 Holders of roe. Mar. 10a
Preferred (guar.)
Apr. 1 *Holders of rec. Mar. 23
General Fireproofing, corn. (quar.)
*$1
500. Apr. 14 Holders of roe. Mar.214
prof. (guar.)
2d
Co.,
Reading
23
Mar.
rec.
of
Preferred (quar.)
*31.75 Apr. 1 *Holders
154 Apr. I Holders of roe. Mar.155
St. Louis-San Francisco, common (qu.)
General Refractories (quar.)
*75c. Apr. 15 *Holders of rec. Apr. 7
250. Apr. I Holders of rec. Mar.150
Common (extra)
Gibson Art,common (quar.)
*65c. Mar.31 *Holders of rec. Mar. 18
134 May 2 Holders of roe. Apr. 94
Preferred
(quar.)
Preferred (quar.)
•134 Mar.31 'Holders of rec. Mar. 18
1)4 Aug. 1 Holders of rec July 15a
Preferred (guar.)
Gotham Silk Hosiery, pref. stks. (qu.)_ _
134 May 2 Holders of rec. Apr. 15
134 Nov. 1 Holders of roe Oct. 15a
Preferred
(guar.)
21
Mar.
rec.
of
*Holders
Great Lakes Steamship (quar.)
•$1.50 Apr. 1
1% Mar.31 Holders of rec. Mar. lla
pref.
Southwestern,
(guar.)
Louis
St.
Great Northern Ore Properties
•75c. Apr. 30 *Holders of roe. Apr. 9
(quar.)
Co.
134 Apr. 1 Holders of req. Feb. 250
Southern Pacific
Apr. 1 Holders of rec. Mar. 15
Greening (B.) Wire, Ltd., pref.(quar.)_
134 May 2 Holders of rte. Apr. 20
Southern Railway, com. (guar.)
75c. Apr. 1 Holders of rec. Mar.21
Harris-Seybold-Potter Co
134 Apr. 15 Holders of Tee. Mar.220
Preferred
(guar.)
Hazel-Atlas Glass (quar.)
*500. Apr. 1 *Holders of rec. Mar.22
Apr. 1 Holders of rec. Mar.154
Ry., M.& O.stk. tr.ctf.(No.1) 5
Southern
26
Mar.
rec.
of
Holders
pref.
Co.,
&
31
Mar.
Heath (D. C.)
(guar.)
234 Apr. 1 Holders of roe. Mar. 1
(quar.)
com.
Pacific,
Union
Herring-Hall-Marvin Safe, corn. (cm.). _ '1)4 Apr. 1 *Holders of rec. Mar.23
1 Holders et roe. Mar 1
Apr.
2
Preferred
*334 Apr. 1 *Holders of rec. Mar.23
Common (extra)
234 Apr. 1 Holders of rec. Mar. So
Vicks. Shreve. & Pac., cora, and prof.
Hibbard, Spencer, Bartlett Co.(weekly) 300. Apr. 29 Holders of rec. Apr. 22
Apr. 1 Holders of roe. Mar.19
5
pref. B_
convertible
Railway,
Wabash
30c.1 May 27 Holders of rec. May 20
Monthly
$1 .50 Apr. 1 Holders of res. Mar.I54
West Jersey & Seashore
30e. June 24 Holders of rec. June 17
Monthly
Western Pacific RR.Corp.. pref.(quar.) 1% Apr. 6 Holders of res. Mar.254
334 Apr. 1 Holders of rec. Mar.25
Holmes(D.II.) Co., Ltd.(quar.)
154 Apr. 1 Holders of rec. Mar.25
Hibernia Securities. pref.(quar.)
Public Utilities.
Hoover). Owens, Rentschler Co.,pf.(qu.) 134 Apr. 1 Mar.21 to Mar. 31
$1.75 Apr. 1 Holders of res. Max.15
Alabama Power,$7 pref. (quar.)
37)0 Apr. 1 Holders of rec. Mar. 19
Huttig Sash & Door, com.(quar.)
$1.50 Apr. 1 Holders of rem. Mar.15
$6 preferred (quar.)
of
19
Holders
1
Mat.
rec.
Apr.
1)(
Preferred (quar.)
134 Apr. 14 Holders of res. Mar.315
America
Cables
All
(guar.)
Apr. 1 Holders of rec. Mar. 15
Ideal Financing Assn., pref. (guar.)._ _ $2
Power. pref.(quar.) $1.75 Apr. 1 Holders of res. Mar. 154
Foreign
&
American
134 Mar.31 Holders of rec. Mar.25
Imperial Royalties (monthly)
43)40. Apr. 1 Holders of roe. Mar. 155
25% paid
Pref. allotment
Co.,
Securities
(quar.)
Inc.
3)4
25
Holders
1
Mar.
Apr.
rec.
of
Insurance
Apr. 13 Holders of res. Mar.314
2
(N. J.) (qua:.)
American Gas Co.eds..
41 .75 Apr. 1 *Holders of rec. Mar.28
Jordan Motor Car. prof. ((War.)
25c. Apr. I Holders of rec. Mar.14
Amer.Gas& Electric,common (quar.)
Apr. 1 Holders of rec. Mar.21
Laclede-Christie ulay rrou., of.(qu.)
134 May 2 Holders of res. Apr. 9
Preferred
(guar.)
(quar.)
*750. Apr. 1 *Holders of rec. Mar.21
Landers. Frary & Clark
134 Apr. 1 Holders of roe. Mar. 12
May 2 Holders of rec. Apr. 186 American Power & Light, pref.(quar.)
2
Lord & Taylor, 2d pref.(quar.)
134 Apr. 1 Holders of rec. Mar. 15
Amer. Public Service. pref.(quar.)
Manufactured Rubber, pref.(quar.)_ _ l'1A Apr. 11 *Holders of rec. Mar.31
Apr. 1 Holders of roe. Mar. 15
$1.75
Prof.
prior
Utilities,
(guar.)
Public
Amer.
134 Apr. 18 Holders of rec. Apr. 3
Maple heat Milling. prof. (guar.)
Apr. 1 Holders of rec. Mar. 15
$1.75
Participating Preferred (quar.)
McCall Corporation, common (guar.)._ *50c. May 1 *Holders of rec. Apr. 20
Corp.
Superpower
Amer.
1
2
Apr.
Holders of rec. Mar.21
Medart (Fred) Mfg., pref. (quar.)
300. Apr. 1 Holders ef roe. Mar. 1
Common class A dr B (quar.)
1)4 Apr. 1 Holders of rec. Mar. 19
Mill Factors Corp. (quar.)
$1.50 Apr. 1 Holders of roe. Mar. 1
First preferred (quar.)
1
Apr. 1 Holders of rec. Mar. 19
Extra
2)4 Apr. 15 Holders of rec. Mar.154
&
Telep.
Teleg.
(guar.)
American
Mar.31 Holders of rec. Mar.23
2
Mortgage-Bond Co. (quar.)
154 Mar.28 Holders of reo. Mar. 18
Amherst Gas Co.(quar.)
Apr. 1 Holders of rec. Mar.24
Nashua Manufacturing, prof. (quar.)_
Apr. 1 Holders of rec. Mar. 9a
12e.
Gas
Natural
(quar.)
Arkansas
1
May
(quar.)
'$1.50
2
common
May
*Holders of rec.
National Casket,
Apr, 1 Holders of roe. Mar. 15
$1.75
(qu.)_
pref.
$7
Light.
&
Power
Arkansas
$1.75 Mar.31 *Holders of rec. Mar. 17
'
Preferred (quar.)
187;40 Apr, 1 Holders of rec. Feb. 28
Associated Gas & Elec.. orig. pt.(qu.)
154 Apr. 15 Holders of rec. Mar.31
National Fireproofing, pref. (quar.)_ _ _
112%c Apr. 1 Holders of rec. Feb. 28
Original series preferred (extra)
•25e. Apr. 1 *Holders of rec. Mar.23
Newark Yellow Cab (quar.)
181.75 Apr. 1 Holders of rec. Feb. 28
$7 dividend series (qua:.)
15e. Apr. 20 Holders of rec. Mar.31
Niplasing Mines (guar.)
May 2 Holders of rec. Mar. 31a
tc62)4e
Class
A
(Qum.)
$1.50
15
Apr.
(quar.)
pref.
31
Holders
Mar.
&
of rec.
Otis Elevator, com.
r$134 June 1 Holders of roe. Apr. 306
$6 preferred (guar.)
Overman Cushion Tire, Inc., com. (qu.) 134 Apr. 1 Holders of rec. Mar. 25
ral)4 June 1 Holders of roe. Apr. 306
$634 preferred (quar.)
$1.75 July 1
Preferred (quar.)
Bangor Hydro-Elec.,6% pref. (quar.).. 134 Apr. 1 Holders of roe. Mar. 10
50. Apr. 1 *Holders of rec. Mar.31
Peabody Coal, common (monthly)
134 Apr. 1 Holders of roe. Mar. 10
Seven per cent preferred (quar.)
*580. Apr. 1 *Holders of roe. Mar.31
Preferred (monthly)
Apr. 15 Holders of rec. Mar.23
Bell Telephone of Canada (qua:.)
Apr.
62)40
1
of
Holders
rec.
(guar.)
25
Shoe
Mar.
Pedigo-Weber
prof.
of
Telephone
6
Pa.
%
Si
Bell
(quar.) 1)4 Apr. 14 Holders of roe. Mar. 19a
Apr. 1 Holders of roe. Mar.25
Petroleum Royalties Co., lot p1.(m'thly)
Bhaghamton L., H.& P.. $6 prof.(guar.) $1.50 Apr. 1 Holders of roe. Mar.15
54 Apr. 1 Holders of rec. Mar. 25
First preferred (bonus)
Birmingham Electric Co., prof. (quar.) $1.75 Apr. 1 Holders of rec. Mar. 15
Apr. 1 *Holders of rec. Mar. 15
*$1
Pie Bakeries of Amer.,class A (guar.)_
134 Apr. 1 Holders of rec. Mar.106
Boston Elevated Ity.. com.(qua:.)
Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
3% Apr. 1 Holders of rec. Mar.10a
Second preferred
'1)4
Apr.
20
&
empl.stk.
corn.
'Holders
(q11.)
of
Cordage,
rec.
Plym'th
Apr. 1
1)4 Apr. 1 Holders of rec. Mar. 15
(qua:.)..
pref.
&P.,
L.
Tr.
Brazilian
no. Apr. 15 *Holders of rec. Apr. 6
Portland Gold Mining (quar.)
Bk1n.-Manh:Transit, pref.ser. A (quar.) 1)4 Apr. 15 Holders of rec. Apr. 1
2
Apr. 16 Holders of rec. Mar.31
Prudence Plan of N. Y., pref.(quar.)
Apr. 1 Holders of roe. Mar.110
$1
Union
Brooklyn
GELS
(quar.)
*25c.
1
May
*Holders of rec. Apr. 5
Richfield Oil(quar.)
Capital Traction, Wash.. D. C.(quer.). 1;•I Apr. 1 Holders of rec. Mar. 14
Richmond Radiator, old pref. (guar.)_*$ 1.091-3 Apr. 15 *Holders of rec. Mar.31
Carolina Power dr Light, 37 prof.(qua:.) $1.75 Apr. 1 Holders of rec. Mar.15
*87)40 Apr. 15 *Holders of rec. Afar. 31
New pref.(par $50),(quar.)
$1.50 Apr. 1 Holders of rec. Mar. 15
$6 preferred (quar.)
Rogers(Wm.H.),pref.(acct.accum.divs.) *NM Apr. 1 *Holders of rec. Mar. 15
Central Illinois Light,6% pref.(quar.)-- 1A Apr. 1 Holders of roe. Mar. 15
*2
Apr. 1 !Holders of rec. Mar.24
Ross Stores, 1st pref. (quar.)
154 Apr. 1 Holders of rec. Max. 15
preferred
cent
per
(guar.)
Seven
2
1
Apr.
(quar.)
Holders of rec. Mar.25
Sandusky Cement
Central Illinois Pub. fiery.. pref. (quar.) $1.50 Apr, 15 Holders of roe. Mar.310
*75c. Apr. 1 *Holders of rec. Mar.21
Scoville Mfg.(quar.)
00 Apr. 20 Holders of roe. Mar.31a Central States Elec. Corp.,coin.(quar.)_ 250. Apr. 1 Holders of rec. Mar.10
Seagrave Corp
154 Apr. 1 Holders of rec. Max. 10
Preferred ((mar.)
6234c. Apr. 1 Holders of rec. Mar.21
Securities Inv., corn.(com.)
Chit). Nor.Shore & Milw., prior lien(qu.) 154 Apr. 1 Holders of rec. Mar:15
2
Apr. 1 Holders of rec. Mar. 21
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar.15
(qua:.)
Preferred
500.
2
May
corn.
(quar.)
of
Inc.,
Holders
rec. Apr. 15
Seeman Brothers,
Chicago Rapid 'Fran.. prior pref.(Wally) 650. Apr. 1 Holders of rec. Mar,154
'134 Apr. 1 *Holders of rec. Mar.22
Sefton Manufacturing pref.(quar.)
650. May 1 Holders of rec. Apr. 196
Prior preferred A (monthly)
*2
Apr. 7 *Holders of rec. Mar.24
Sharon Steel Hoop, pref. (quar.)
650. June 1 Holders of rec. May 17a
Prior preferred A (monthly)
Apr. 1 Holders of rec. Mar.22
Sharp & Dohme, Inc., pref.(quar.)
60e. Apr. 1 Holders of rec. Mar.154
Prior preferred B (monthly)
Silver King Coalition Mining (quar.)_. _ •25c. Apr. 1 *Holders of rec. Mar. 21
600. May 1 Holders of roe. Apr, 19a
(monthly)
B
preferred
Prior
25c.
1
(guar.)
Apr.
of
Tobacco
Holders
Commercial
rec.
24
Mar.
Standard
600. June 1 Holders of reo. May 170
Prior preferred B (monthly)
2
Apr. 1 Holders of rec. Mar.21
Standard Screw,corn.(quar.)
Cincinnati Street Ry.(qua:.)
*6214 Apr. I 'Holders of rec. Mar.25
30e. May 2 Holders of rec. Apr. 15
Telaughtograph Corp., common
$1.11 Apr. 1 Holders of rec. Mar. 19
_
Bell
Sub.
&
(quar.)__
Telep.
Cincinnati
*2
1
Apr.
*Holders of rec. Mar.28
Textile Banking (quar.)
2h Apr. 15 Holders of rec. Mar. 31
Cleve. Elec. Ill., com. (qua:.)
$115 Apr. 1 Holders of rec. Mar. 19
Thayer-Foss Co.. pref. (quar.)
June 1 "Holders of rec. May 16
1.1
(guar.)
Preferred
1
14
Apr.
Holders
of
(quar.)
con).
31
Mar.
Tobacco,
rec.
Tuckett
rec. Mar. 12
Cleveland Railway (guar.)
134 Apr. 1 Holders of
134 Apr. 14 Holders of rec. Mar. 31
Preferred (quar.)
1,‘ Mar. 31 Holders of rec. Mar. 15
Coast Valleys Gas Jr Elec. 7% Pf.(qu.)
*25c. Apr. 1 *Holders of rec. Mar. 23
Tulip Cup Corp.(quar.)
rec. Mar. 15
of
Holders
31
Mar.
1)4
cent
per
Six
1
Apr.
50c.
preferred (attar.)
Holders of roe. Mar. 23
Union Metal Mfg.(quar.)
Columbus Elec. & Pow., corn. (qtlar.)-- 500. Apr. 1 Holders of rec. Mar. 86
260. Apr. 1 Holders of rec. Mar.23
Extra
of rec. Mar. 84
Holders
1
Apr.
S1.7
B
Preferred
(guar.)
1
Apr.
(quar.)
A
$1.75
pref.
Holders
of
256
Service,
Ice
rec.
Mar.
United
1.6234 Apr. 1 Holders of rec. Max. 86
Preferred C(quar.)
*S1.75 Mar.31 'Holders of rec. Mar.20
U. B. Bond & Mortgage (quar.)
$1.75 Apr. 1 Holders of rec. Mar. 84
Apr. 1 'Holders of rec. Mar. 15
Second preferred (quar.)
*810
(1.5. Foil, corn. 13 (payable in stcck)
62 Me Apr. 1 Holders of rec. Mar.15a
com.(qu.)
Balt.,
Como'.
Gas,
Apr.
(quar.)
P.,
&
*50e.
L.
E.
1 *Holders of rec. Mar. 15
U.S. Light & Heat, com.
Apr. 1 Holders of rec. Mar. 15a
2
'
8% preferred series A (qua:.)
1734c Apr. 1 *Holders of rec. Mar. 15
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar. 154
1)4 Apr. 1 *Holders of rec. Mar. 19
'
7% preferred series B (guar.)
U.S. Lumber (guar.)
Apr. 1 Holders of rec. Mar. 15a
1%
•1
8 A % preferred series C (quax.)
Apr. 1 *Holders of rec. Mar. 19
Extra
1% Apr. 1 Holders of rec. Mar. 15a
Apr. 1 *Holders of rec. Mar. 21
6% preferred series D (guar.)
U. S. Printing & Lithographing, Pf.(qu.)
Apr. 1 Holders of rec. mar. 15
134
(quar.)..
pref.
(quar.)
'173.4eMar.
31
Consumers Power,6%
'Holders of rec. Mar. 18
Utah-Idaho Sugar, pref.
1.65 Apr. 1 Holders of rec. Mar. 16
6.6% preferred (quar.)
•8734cMay 1 *Holders of rec. Apr. 15
Vick Chemical (quar.)
1% Apr. 1 Holders of rec. Mar. 15
7% preferred (quar.)
154 Apr. 1 Holders of rec. Mar.21
Wagner Electric, pref. (quar.)
50c. Apr. 1 Holders of MC. Mari 15
• 6% preferred (monthly)
Waltham Watch, prior pref. (guar.). _ _ '$1.75 Apr. 1 *Holders of rec. Mar. 8
554. Apr. 1 Holders of rec. Mar. 15
154 Apr. 15 Holders of rec. Mar.31
6.6% preferred (monthly)
Western Grocers, prof.(guar.)
*144
154
154
144
154
*134
154
•134
1782
THE CHRONICLE
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
[VOL. 1J4.
When
Per
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Public Utilities (Continued)
Public Utilities (Concluded)
Continental Gas & Elec., corn.(guar.) 41.10 Apr. 1 Holders of rec. Mar. 11
Ohio Oil & Gas(guar.)
"250. Apr. 15 *Holders of rec. Apr. 1
Prior preference (guar.)
ul% Apr. 1 Holders of rec. Mar. 11
Ohio Pub. Service, let pf. A (qu.)
581-50 Apr. 1 Holders of rec. Mar. 15
Participating preferred (guar.)
ul% Apr. 1 Holders of rec. Mar. 11
Ottawa Light, Heat& Power(guar.) _
134 Mar.31 Holders of rec. Mar. 150
Participating preferred (extra
u34 Apr. 1 Holders of rec. Mar. 11
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 15a
Preferred (guar.)
u134 Apr. 1 Holders of rec. Mar. 11
Ottawa-Montreal Power. pref. (guar.)-- 134 Apr. 15 Holders of rec. Mar. 310
Denver Tramway. pref.(guar.)
134 Apr. 1 Holders of rec. Mar. 150 Ottawa Traction (guar.)
1
Apr. 1 Holders of rec. Mar. 150
Detroit Edison (guar.)
2
Apr. 15 Holders of roe. Mar. 210 Pacific Gas & Elec.. cam. (guar.)
Apr. 15 Holders of rec. Mar.310
2
Diamond State Telephone, pref.(guar.)- .1.134 Apr. 14 'Holders of rec. Mar.
Pacific Telep. & Teleg., common (guar.) 154 Mar.31 Holders of rec. Mar. 260
19
Duke Power Company (guar.)
1
Apr. I Holders of rec. Mar. 15
Preferred (guar.)
13.4 Apr. 15 Holders of rec. Mar.310
Duluth-Superior Tract., pref. (guar.)
1
Apr. 1 Holders of rec. Mar. I50 Panama Power & Light. pref.. (guar.) -134 Apr. 1 Holders of rec. Mar. 15
East Bay Water, preferred B (quar.)_ _ •134 Apr. I *Holders of rec. Mar. 31
Penn-Central Light & Power. Prof. (qu.) $1.25 Apr. 1 Holders of rec. Mar. 150
Eastern Mass. St. By.. adj. stock
Holders of rec. Mar. 15a Penn.-Ohio Pow. dr Lt.,8% pref. (qu.). 2
234 Apr.
May 2 Holders of rec. Apr. 20
Eastern Texas Elec. Co., pref.(guar.).- 134 Ayr.
Holders of rec. Mar. 4
Seven per cent preferred (guar.)
134 May 2 Holders of roe. Apr. 20
Easthampton Gas Co. (guar.)
234 Mar.2 Holders of rem Mar. 18
7.2% preferred (monthly)
60e. Apr. 1 Holders of rec. Mar.21
Elec. Bond & Share, pref.(guar.)
134 May
Holders of rec. Apr. 12
7.2% preferred (monthly)
60c. May 2 Holders of rec. Apr. 20
Elec.Bond & Share &your.((war.)
250. Apr. 1 Holdeneof rec. Mar. 16
6.6% preferred (monthly)
55e. Apr. 1 Holders of reo. Mar.21
Elec. Lt. & Pr. Co. of Abington &
5.6% preferred (monthly)
55e. May 2 Holders of rec. Apr. 20
Rockland (guar.)
50o. Apr.
Holders of rec. Mar. 160 Pennsylvania Gas& Elec., pref(guar.)
.1,134 Apr. 1 *Holders of roe. Mar.21
Electric Power & Light, pref.(guar.)... $1.75 Apr.
Holders of rec. Mar. 110 Penna. Power & Lt. $7 pref. (guar.)._ $1.75 Apr. 1 Holders of reg.
Mar. 15
Allotment certificates (full paid)
Holders of roe. Mar. 1la
134 Apr.
$6 preferred (guar.)
31.50 Apr. 1 Holders of rec. Mar. 15
Allotment certificates(40% paid)__. _ 70e. Apr.
Holders of rec. Mar. ha Pennsylvania Water & Power (quar.)
2
Apr. 1 Holders of rec. Mar.180
Electric Public Service. pref.(guar.)__
134 Apr.
Holders of rec. Mar.21
Peoples Gas Light & Coke (guar.)
Apr. 18 Holders of rec. Apr. 40
2
El Paso Elec. Co., pref. ser. A (quar.)-- 134 Apr. 1 Holders of rec. Apr. la Philadelphia
Traction
$2 Apr. 1 Holders of rec. Mar. 100
Preferred series B (guar.)
134 Apr. 1 Holders of rec. Apr. la Portland Electric Power, prior prof.
(qu.) 134 Apr. 1 Holders of rec. Mar. 15
Empire Gas& Fuel. 7% pref.(monthly)- 58 1-3e Apr.
Holders of rec. Mar. 150
First preferred (guar.)
134 Apr. 1 Holders of
Mar. 15
Eight per cent pref. (monthly)
662-3c Apr.
Holders of roe. Mar. 150 Power Corp. of Canada, 1st pref. (qu.). 134 Apr. 15 Holders of rec.
rec. Mar. 31
Seven per cent preferred (monthly) 58 I-30 May
Holders of rec. Apr. 156 Providence Gas (guar.)
Apr. 1 Holders of rec.
*$1
Eight per cent preferred (monthly)__ - 662-30 May
Holders of roe. Apr. 15a Public Sere. Corp. of N.J., cam.(guar.) 500. Mar.31 Holders of rec. Mar. 15
Mar. 40
Empire Power Corp.,$6 pref. (quar.)$1.50 Apr.
Holders of roe. Mar.23
Seven per cent preferred (guar.)
144 Mar. 31 Holders of the. Mar. 40
Participating stock (quar.)
50e. Apr.
Holders of rec. Mar.23
Eight per cent preferred (guar.)
Mar.31 Holders of rec. Mar. 4a
2
Engineers Public ServiceSix per cent preferred (monthly)
50o. Mar. 31 Holders of rec. Mar. 4a
$7 pref. and pref. allotment certifs.- _ $1.75 Apr.
Holders of rec. Mar. 40 Public Serv. Elec. & Gas,7% pref.(qu.) 154 Mar.31 Holders
of rec. Mar. 4a
Federal Light & Traction. corn. (quar.)- 200. Apr.
Holders of rec. Mar. 15a
Six per cent preferred (quar.)
1y4 Mar.31 Holders of rec. Mar. 48
Common (payable In common stock). (15c. Apr.
Holders of rec. Mar. 150 Public Service of Oklahoma, corn.(qu.). 2
Apr. I Mar. 25 to Apr. 1
Florida Power A Light, pref.(guar.) _ _ _ $1.75 Apr.
Holders of ree. Mar. 15
Prior lien stock (guar.)
154 Apr. 1 Mar. 25 to Apr. 1
Florida Public Service, pref.(guar.).... 134 Apr.
Holders of rec. Mar. 15
Puget Sound Pow.& Light. pref. (guar.) 134 Apr. 15 Holders of rec. Mar.210
Frankford & Southwark Pass. By.(qu.) 34.50 Apr.
Mar. 2' to Apr. 1
Prior preference (quar.)
13.4 Apr. 15 Holders of rec. Mar. 210
Gas & Electric Securities, corn. (mthly.)
34 Apr.
Holders of rec. Mar. 150 Quebec Power (guar.)
154 Apr. 15 Holders of rec. Mar.31
Common (payable in common stock)_ f34 Apr.
Holders of rec. Mar. 15a Radio Corp. of America, pref. A (guar.) 8733e
Apr. 1 Holders of rec. Mar. la
Preferred (monthly)
7-12 Apr.
Holders of roe. Mar. 15a Savannah El. dr Pow., deb. ser. A ((u.). 2
Apr. 1 Holders of rec. Mar. 15a
General Gas& Elec. Corp.corn. A (gu.). 837330 Apr.
Holders of rec. Mar. 150
Debentures series 13 (guar.)
Apr.
1 Holders of rec. Mar. 15a
134
$8 preferred class A (guar.)
Apr.
$2
Holders of rec. Mar. 150
Preferred
Apr. 1 Holders of rec. Mar. 15a
3
$7 preferred class A (quar.)
$1.75 Apr.
Holders of rec. Mar. 150 Second & 3d Sts.Pass. Ry..
(qu.). 83
Mar. 2 to Apr. 1
1
Ayr.
Phila.
Preferred class B (guar.)
$1.75 Apr.
Holders of roe. Mar. 150 Shawinigan Wat.& Pow., new.com.(qu) 50e.
Apr. I I Holders of rec. Mar. 25
Gold & Stock Telegraph (gear.)
Apr.
Holders of rec. Mar.316 South Pittsburgh Water, pref.
(quar.)- 134 Apr. 15 Holders of rec. Apr. 2
Greenfield Elec. L.& Pow., corn.(qu.)
231 Mar.2 Holders of roe. Mar. 18
Southeastern Power & Lt., corn.(qual.). 250. Apr. 20 Holders of rec. Mar.
Employees'stock (guar.)
31
25e. Mar.2 Holders of rec. Mar. 18
$7 preferred (guar.)
81.75 Apr. 1 Holders of roe. Mar. 15
Preferred (guar.)
380. Mar.2 Holders of rec. Mar. 18
afi preferred (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 15
Hackensack Water, pref. A (guar.)
4334e Mar.3 Holders of rec. Mar. 150
Participating preferred
Apr. 1 Holders of roe. Mar. 15
$1
Haverhill Gas Light (guar.)
560. Apr.
Holders of rec. Mar. 180 Southern Canada Power,(guar.)
134 Apr. 15 Holders of rec. Mar.250
Illinois Bell Telephone (guar.)
Mar.3 Holders of rec. Mar.300 Southern New England pref. (quar.)_
2
Telep.(quar.)._
Apr. 15 Holders of rec. Mar. 31
2
Illinois Northern Utll.. pref.(guar.)
•114 May
*Holders of roe. Apr. 15
Southwest Power. preferred (quar.)Holders of rec. Mar. 15
154 Apr.
Illinois Power & Light part. pref.(gu.)
1% Apr.
Holders of rec. Mar. 10
Southwestern Bell Telep., pref.(quar.)..
Holders of rec. Mar. 19
154 Apr.
Seven per cent preferred ((war.)
1% Apr.
Holders of roe. Mar. 10
Southwestern Glia dr Electric. COM.(qu.) '2
Apr.
*Holders
of rec. Mar. 15
Six per cent preferred (guar.)
134 Apr
Holders of rec. Mar. 10
Seven per cent preferred ((war.)
•134 Apr.
*Holders of rec. Mar. 15
•s 34 Apr.
Illinois Traction, pref. ((uar.)
'Holders of rec. Mar. 19
Eight per cent preferred Mara
.2
Apr.
*Holders
of
rec. mar. 15
Indianapolis Power & Light, pref. ((lu.). 154 Apr.
Holders of roe. Mar. 10
Springfield Ry.& Light, pref.(guar.).
Holders of rec. Mar. 15
154 Apr.
Indianapolis Water Co., Pref. (quar.).
I
1 3e Apr.
Holders of roe. Mar. 16a Standard Gas & Elec.. cons. (quar.).,.
8734c Apr. 25 Holders of reo. Mar. 310
Indianapolis Water Works, pref
334 Apr.
Holders of roe. Mar. 12
Prior preference (guar.)
134 Am. 25 Holders of roe. Mar. 31
Internat. Telep. & Teleg. (guar.)
Apr. 1 Holders of rec. Mar.280 Superior Water Lt.& Pr., pref.
((lust.).. 154 Apr.
Holders of rec. Mar. 15
Interstate Power. pref.(guar.)
$1.75 Apr.
Holders of roe. Mar. 10
Tennessee Elec. Power,6% 1st pf.(qu.) 133 Apr.
Holders of rec. Mar. 15
Jamaica Public Service. pref. (guar.)... $Les Apr.
Holders of rec. Mar. 15
Seven per cent first preferred (guar.)
Apr.
Holders
134
of rec. Mar. 15
Central
prof.
Pow.
Jersey
& Lt..
(MO
1% Apr.
Holders of roe. Mar. 17
7.2% first preferred (guar.)
1.80 Apr.
Holders of roe. Mar. 15
Kansas City Pow.& Lt., 1st pf. A (qu.) $1.75 Apr.
Holders of rec. Mar. 140
Six per cent first preferred (monthly). 50e. Apr.
Holders of rec. Mar. 15
Kansas Electric Power. pref.(guar.)
% Apr.
Holders of roe. Mar. 15
7.2% first preferred (monthly)
60o. Apr.
Holders of roe. Mar. 15
Kansas Gas dr Elec. CO.. Pref.(quar.)
1% Apr.
Holders of rec. Mar. 15
Texas-Louisiana Power Co., pref. (qu.). 154 Apr.
Holders of rec. Mar. 15
Kansas Power & Light. Cl. A pf.(qu.) *81.50 Apr.
*Holders of roe. Mar. 14
Toledo EdIsen, prior preferred (quar.).
2
Apr.
Holders of rec. Mar. 15
Kentucky Securities Corp.. corn. (guar.) 1% Apr.
Holders of res. Mar. 150 Turners' Falls Pow.& Elec., corn.(qu.)_ 2
Mar.28 Holders of rec. Mar. 18
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. I80
Employees' stock
200. Mar. 28 Holders of rec. Mar. 18
Lone Star Gas (quar.)
50c. Mar.3 Holders of rec. Mar.21
Twin City Rapid Transit, MinneapolisLong Island Lighting, pref., ser. A(gu.)- 134 Apr.
Holders of rec. Mar. 17
Common (guar.)
Apr. 1 Holders of rec. Mar. I5a
1
Preferred, series B (guar.)
134 Apr.
Holders of rec. Mar. 17
Preferred (guar.)
154 Apr. 1 Holders
AlaIkay Companies, common (quar.)..
jes Apr.
Holders of rec. Mar. 50 United Gas & Elec. Corp., pref.(guar.). 134 Apr. 1 Holders of rec. Mar. 150
of rec. Mar. 16
Preferred (guar.)
1
Apr.
Holders of rec. Mar. 5a United Gas Improvement ((war.)
Apr. 14 Holders of rec. Mar.3I0
Manhattan Ry.,7% guar.(guar.)
134 Apr.
Holders of rec. Mar.21a United Light & Pow,new corn.A&B(gu.) $1
12e.
2
May
Holders
of
rec. Apr. 15
Modified guar
1% Apr.
Holders of rec. Mar. 150
Old corn. class A & B (guar.)
600. May 2 Holders of rec. Mar. 15
Manila Electric Co.. corn
6234c May
Holders of rec. Mar.
Preferred class A (guar.)
$1.63 Apr. I Holders of roe. Mar. 15
Massachusetts Lighting Cos., cons. (qu.) eeee, Mar.3 *Holders of rec. Mar. 310
Preferred Class Ii (guar.)
21
Apr. 1 Holders of rec.
$1
Six per cent pref. (guar.)
Apr. 1 Holders of roe. Mar.25
Utah Gas& Coke,Prof.& panic. pf.(qu.) $1.75 Apr. 1 Holders of roe. Apr. 16
Mar. 15
Eight per cent pref. (guar.)
2
Apr. I Holders of rec. Mar.25
Utah Power & Light. pref.(guar.)
Apr.
1 Holders of rec. Mar. 10
154
Memphis Power & Light, pref.(guar.).- $1.75 Apr.
Holders of rec. Mar. 19
Utilities Power & Light, cl. A (qual.).. y50e. Apr. 1 Holders of
rec. Mar. 70
Metropolitan Edison. $7 pref.(guar.).- $1.75 Apr.
Holders of rec. Mar. 15
Class 13 (quar.)
y25e. Apr. 1 Holders of rec. Mar. 70
$6 preferred ((uar.)
81.50 Apr.
Holders of rec. Mar. 15
Preferred (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 70
Michigan Bell Telephone (guar.)
Mar.3
*2
Virginia Public Service. pref. (quar.).... 134 Apr. 1 Holders of
rec. Mar. 17
Middle West Ufa. pref.(quar.)
134 Apr. 1 Holders of rec. Apr. 1
Washington Water Power,Spokane(qu.) 2
Apr. 15 Holders of rec. Mar. 25
Midland Utilities, pref., class A (qu.)
Holders of rec. Mar.22
134 Apr.
West Penn Elee. Co.,class A (guar.).
81.75 Mar.30 Holders of rec. Mar. 150
Prior lien stock (guar.)
134 Apr.
Holders of rec. Mar.22
West Penn Power Co.,6% pref.(quar.). 134 May 2 Holders of
roe. Apr. 50
Minnesota Power & Light, pref.(guar.)- 134 Apr.
Holders of rec. Mar. 15
Seven per cent preferred (guar.)
134 May 2 Holders of rec. Apr. 50
Mohawk dc Hudson Power.2d pref
581.75 Apr.
Holden' of rec. Mar. 19
Western Power Corp., pref. (guar.)._- 134 Apr. 15 Holders of rec. Mar.
31a
Mohawk Valley Co.(quar.)
50e. Apr.
Holders of rec. Mar.2I0 Western States Gas & El.. Prof.
lunar.). 134 Apr. 15 Holders of rec. Mar.31
Monongahela West Penn.P.8.. pf.(qu.) 4331o. Apr.
Holders of no. Mar. 15
Western Union Teleg.(guar.)
2
Apr. 15 Holders of rec. Mar.250
Montana Power, common Mat.)
134 Apr.
Holders of rec. Mar. 110 Winnipeg Electric, pref.(guar.)
I% Apr. 1 Holders of rec. Mar. 15a
Preferred (guar.)
134 Apr.
Holders of rec. Mar.Ila York Railways. corn. (quar.)
75e, Apr. 15 Apr. 6 to
Apr. 14
Mountain States Power. Pref.(guar.)... 134 Apr. 2 Holders of rec. Mar.31
Preferred ((war.)
6234e Apr. 30 Apr. 21 to Apr. 29
Municipal Gas Co.(of Texas). pf.(CPO - $1.75 Apr.
Holders of rec. Mar.15
Municipal Service, cum.corn. pref.(qu.) 50c. Apr.
Holders of rec. Mar.15
Banks.
National Electric Power.7% pref.(qu.). I% Apr.
Holders of reo. Mar.21
National Fuel Gas(guar.)
234 Apr. 1 Holders of roe. Mar.31
America, Bank of (quar.)
Mar.28 Holders of rec. Mar.21a
3
National Power dr Light, pref. (quar.)_
81.75 Apr.
Holders of rec. Mar. 15
Bowery & East River National(guar.)
334 Mar.30 Mar.24 to Mar.30
Nat.Pub.Sere., pref. A & partic. Pf.(qu) $1.75 Apr.
Holders of rec. Mar.17
Capitol National (guar.)
Mar.30 Holders of rec. Mar.21a
134
New Eng. Power Assn., corn. (guar.)._ 373.4e Apr. 1 Holders of rec. Mar.31
Chase National (guar.)
334 Mar.28 Holders of rec. Mar. 120
Preferred (guar.)
Holders of roe. Mar.d19
134 Apr.
Chase Securities Corp.(guar.)
Mar.28 Holders of roe. Mar. 124
$1
New England Public Service,corn.(qu.)- 45e. Mar.3 Holders of rec. Feb. 280 Chatham & Phenix
Nat. Bk.& Tr.(qu.) 4
Mar.30 Mar. 17 to Mar.29
New England Telep.& Teleg.(guar.)_
Mar.3 Holders of roe. Mar. 10
2
Chelsea Exchange (qual.)
Apr. 1 Holders of rec. Mar. 180
2
New Jersey Power & Light,$6 pref.(qu.) 1.50: Apr.
Holders of rec. Mar. 15
Commerce(Nat. Bank oh ((war.)
Apr. 1 Holders of rec. Mar.18a
4
N.Y.Central Elec. Corp.. pref.(guar.). 154 Apr.
Holders of roe. Mar. 17
Commercial Exchange (guar.)
234 Apr. 1 Holders of rec. Mar. 15
N.Y.Steam Corp.,$7 pref. A (guar.)- - $1.75 Apr.
Holders of rec. Mar. 150 Fifth Avenue
Apr. 1 Holders of rec. Mar.310
6
$8 preferred (guar.)
$1.50 Apr.
Holders of rec. Mar. 150 First National(guar.)
Mar.28 Holders of rec. Mar.26a
((uar.)
0
New York Telephone,634% pref. (qu.)_
134 Apr. I Holders of rec. Mar. 19
First Security Co. (quar.)
Mar.28 Holders of reo. Mar.260
25
Nlagara Falls Power, corn.(quar.)
60e. Mar.3 Holders of rec. Mar. 150 Hanover National
Mar. 30 Mar. 20 to Mar.29
6
(guar.)
Preferred (guar.)
4334e Apr. 1 Holders of roe. Mar.3.10 Manhattan Co.,
Apr. 1 Holders of rec. Mar. 184
2
lgiag. Lockp.& Ont.Pow., corn. (guar.) 750. Mat,3 Holders of rec. Mar. lta Mutual (guar.) Bank of the(quarJ
Mar.28 Holders of roe. Mar.14
$3
Preferred (guar.)
134 Apr.
Holders of rec. Mar. 158 National City (Interim)
1 Holders of rec. Mar.190
Apr.
2
North American company. corn. (guar.) e234 Apr.
Holders of rec. Mar. 5a National City Co. (interim)
134 Apr. 1 Holders of rec. Mar. 19
Preferred (quar.)
750. Apr.
Holders of roe. Mar. 50 Park, National (guar.)
*6
Mar. 28 Holders of roe. Mar. 18
North Amer. Light & Power, pref.(all.)- •134 Apr.
*Holders of rec. Mar. 19
Public National (qual.)
Apr. 1 Holders of rec. Mar.21
4
North West Utilities, prior lien stk.(qu.) $1.75 Apr.
Holders of roe. Mar. 15a Seaboard (guar.)
Mar.28 Holders of tee. Mar.210
4
Northern Canada Power, prof. (qual.)
*144 Apr. 1 *Holders of rec. Mar. 25
Standard (guar.)
1 Holders of rec. Mar.256
Apr.
3
com_
_
1
Northern Mexico Power & novel..
Apr. 1 Holders of rec. Mar.31
Standard National Corp., COM. (guar.). $3
Apr. 1 Holders of roe. Mar. 250
134 Apr.
Preferred (qUar.)
Holders of roe. Mar.22
Preferred (guar-)
154 Apr. 1 Holders of roe. Mar.28a
Northern Ohio Pow.& Lt.. 6% pt.(qu.) 1.34 Apr.
Holders of rec. Mar. 15
State (quar.)
4
Mar.28 Holders of rec. Mar. 18a
134 Apr.
Seven per cent pref. (guar.)
Holders of roe. Mar.15
United States, Bank of (guar.)
3
Mar.30 Holders of roe. Mar.21
Apr. 1 Holders of rec. Mar.31
Nor. Ontario Light & Pow., Ltd.(qu.)-- 1
Northern Penna.Power,$7 pref.(quar.) $1.75 Apr.
Holders of rec. Mar. 150
Trust Companies.
$1.50 Apr.
Se preferred (guar.)
Holders of rec. Mar. 150
Northern States Power,COM.Cl. A (qu.). $2 May 42 Holders of rec. Mar.31
American Exchange Irving Trust (guar.) 334 Mar.28 Holders of rec. Mar. 15a
134 Apr. 2 Holders of rec. Mar.31
7% preferred ((uar.)
Bankers (qual.)
5
Mar.28 Holders of rec. Mar. 11
134 Apr. 2 Holders of reo. Mar. 31
6% preferred (guar.)
Bank of New York & Trust(guar.)
6
Mar.30 Holders of roe. Mar. 180
134 Apr.
Northport Water Works. pref. (guar.)_ _
Holders of rec. Mar. 17
Brooklyn (guar.)
6
Mar.28 Holders of rec. Mar. 19
2
Mar.3 Holders of rec. Mar.290 Central Union (guar.)
Northwestern Bell Telep., corn. (qu.)
7
Mar. 28 Holders of rec. Mar.190
154 Apr. 1 Holders of ree. Mar.19a Empire (guar.)
Preferred (guar.)
3
Mar.30 Holders of rec. Mar. 190
Holders of tee. Mar.21
134 Apr.
Ohio Bell Telephone, pref. (guar.)
Equitable (guar.)
g
Mar. 29 Holders of rec. Mar.180
Holders of roe. May 16
134 June
Ohlo Edison, 6% pref. (qual.)
Europe (Bank of) Trust Co.(guar.).-- 2)4 Mar.28 Mar. 20 to Mar. 28
Holders of rec. May 16
1.65 June
6.6% preferred (quar.)
Fidelity (guar.)
234 Mar.28 Mar. 19 to Mar. 31
Holders of rec. May 16
7% preferred (qual.)
154 JUDO
Fulton(guar.)
2% Mar.28 Holders of rec. Mar. 21
Soc.
Apr.
Holdere Of rec. Mar. 15
6% preferred (monthly)
Guaranty (guar.)
4
Mar.28 Holders of roe. Mar. 18
Holders of rec. Apr. 15
50c. May
6% preferred (monthly)
Manufacturers (qual.)
5
Mar.30 Holders of roe. Mar. 15a
Holders of rec. May 16
6% preferred (monthly)
50e. June
New York (guar.)
5
Mar. 31 Holders of rec. Mar. 19a
Holders of rec. Mar. 15
6.6% preferred (monthly)
55e, Apr.
Title Guarantee & Trust (guar.)
4
Mar,30 Holders of roe. Mar.22
Holders of rec. Apr. 15
6.6% preferred (monthly)
550. May
Extra
5
Mard30 Holders of rec. Mar.22
Holders of rec. May 10
6.6% preferred (monthly)
550. June
United States(guar.)
1234 Apr. 1 Holders of tee. Mar.2111
Name of Company.
Name of Company.
1783
THE CHRONICLE
MAR. 26 1927.]
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
194 Apr. 1 Holders of rec. Mar. 15a
Burns Brothers, preferred (guar.)
May 2 'Holders of rec. Apr. 15
Prior preferred (guar.)
Bush Terminal Co.,7% deb. stk.(guar.) 134 Apr. 15 Holders of rec. Apr. la
144 Apr. 1 Holders of rec. Star. I5a
Bush Terminal Bldg., pref. (guar.)
50c. Star. 31 Holders of rec. Mar. 15a
Butte & Superior Mining (guar.)
Miscellaneous.
By-Products Coke, preferred (guar.) _ _ _ _ $2.25 Apr. 1 Holders of rec. liar. 21a
Holders of rec. Mar. 19
Apr.
Abitibi Power & Paper, pref.(guar.).$1.50 Mar. 21 Holders of rec. Mar. 5a
(guar.)
Mining
Calumet & Arizona
'Holders of rec. NIar. 21
*6234e Apr.
Acme Steel (guar.)
Apr. I Holders of rec. Mar. 150
31
$1.50 Mar.3 Holders of rec. Mar. 150 Cambria Iron
Adams Express (guar.)
194 Apr, I Holders of rec. Mar. 15
(qu.)
B
pref.
&
pref.
lot
Bread,
Canada
166
Holders of rec. Mar.
500. Apr.
Adams Royalty Co. (guar.)
135 Apr. 16 Holders of rec. Mar. 31
Canada Cement (guar.)
144 Mar,3 Holders of rec. Mar. 21
Aeolian Company, pref.(quar.)
134 Apr. 1 Holders of rec. Mar. 15
Canada Steamship Lines. pref. (guar.).Aeolian, Weber Piano & Pianola, pf.(qu.) IA Mar.3 Holders of rec. Mar. 21
1
Apr. I Holders of rec. Mar. 19
Holder sof rec. Mar. I6a Canadian Canners, pref. (guar.)
25c. Apr.
Aetna Rubber, common (guar.)
18% Apr. 9 Holders of rec. Mar.25
Holders of rec. Mar. 166 Canadian Car & Foundry, pref. (quar.)_
51.75 Apr.
Preferred (quar.)
1
Apr, 1 Holders of rec. Mar. 15
partic.pf
Mills,
Cot.
Canad.-Connecticut
256
Mar.
rec.
of
Holders
734e. Apr.
Ahumada Lead Co.(guar.)
Apr. 4 Holders of rec. Mar. 25
2
Holders of rec. Mar. 25a Canadian Cottons, Ltd., corn. (qu.)
Sc, Apr.
Extra
Apr. 4 Holders of rec. Mar. 25
135
(guar.)
Preferred
310
Mar.
Holders
I
Apr.
rec.
of
$1.25
Air Reduction (guar.)
Apr. 15 Holders of rec. Mar. 31
(guar.)
pref.
Fairbanks-Morse,
134
Canadian
Mar. 31
Albany Pert. Wrap. Paper. com. (qu.) _ _ 50c. Nlar. 3 Mar. 24 to
Canadian General Electric, pref. (guar.) 144 Apr. 1 Holders of rec. Mar. 15
194 Mar.3 Mar. 24 to Sian 31
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 20
134
_
_
_
(guar.).
pref.
Locomotive.
Canadian
11
Mar.
rec.
Holders
Apr.
of
134
Allied Chemical & Dye, pref.(guar.).- Apr. 1 Holders of rec. Mar.24
2
Holders of rec. Mar. 240 Canadian Salt, Ltd. (guar.)
134 Apr. 1
Allis Chalmers Mfg., pref. (guar.)
to Apr. 4
Mar. 31 May. 21
135
(guar.)
common
011,
Canfield
150
Mar.
rec.
of
Holders
Apr.
135
(guar.)
pref.
America,
Aluminum Co. of
30 'Holders of rec. June 20
June
•135
(guar.)
Common
Holders of rec. Mar. 31
Amer. Art Works,Inc., com.& Pt. ((111.)- 135 Apr. 1
•134 Sept. 30 "Holders of rec. Sept. 20
Common (guar.)
Holders of rec. Mar. 176
50c. Apr.
American Bank Note. corn.(guar.)
•135 Dec. 31 'Holders of rec. Dec. 20
Common (doar.)
Holders of rec. Mar.170
750. Apr.
Preferred (guar.)
to Apr. 4
144 Mar. 31 Mar. 21
Preferred (guar.)
Holders of rec. Mar 20
144 Apr.
Amer.Bond & Mtge. Co., pref.(quar.) _ _
•1% June 30 'Holders of rec. June 20
Preferred (guar.)
Amer. Brake Shoe & Fdy., com.(guar.)- $1.50 Mar.3 Holders of rec. Mar. 25a
.
of
*Holders
rec. Sept.20
30
Sept.
154
(guar.)
Preferred
250
194 Mar.3 Holders of rec. Mar.
Preferred (guar.)
'134 Dec. 31 "Holders of rec. Dec. 20
Preferred (guar.)
Holders of rec. Mar. 16a
144 Apr.
American Can, preferred (guar.)
Mar. 31 Holders of rec. Mar. 150
(guar.)
pref.
134
Mfg.,
(Philip)
Carey
11a
Mar.
of
Holders
rec.
Apr.
(qu.)
common
$1.50
American Car dr Foundry,
$1.50 Apr. 1 Holders of rec. May. 140
Holders of rec. Mar. Ila Case (J. I.) Thresh. Mach.. COM
144 Apr.
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 140
Preferred (guar.)
American Chain,8% pref. class A (qu.) 50c. Mar. 3 Mar. 22 to Mar. 31
Apr. 1 Holders of rec. Mar. 15a
750.
(guar.)
corn.
Co.,
Celotex
15
Mar.
Holders of rec.
75c. Apr.
American Chicle, com.(guar.)
Apr. 1 Holders of rec. Mar. 15a
$1.75
Preferred (guar.)
Holders of rec. Mar. 150
194 Apr.
Prior preferred (guar.)
Apr. 1 holders of rec. Mar. 21
$1.50
(guar.)
Sugar
Aguirre
Central
15
Mar.
rec.
of
Holders
Apr.
135
(guar.)
American Cigar, preferred
Apr. 10 Holders of rec. Star. 250
50e.
(guar.)
corn.
Steel,
Alloy
Central
Holders of rec. Mar. 15
Amer. Cyanamid, common A & B (qu.)_ 20e. Apr.
194 Apr. 1 Holders of rec. Mar. 133
Preferred (guar.)
Holders of rec. Mar. 15
10c. Apr.
Common A & B (extra)
194 Apr. 1 Holders of rec. Mar. 15s
(guar.)
preferred
Electric,
Century
15
Mar.
rec.
of
Holders
Apr.
135
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 15a
Holders of rec. Mar. 110 Certain-teed Products Corp., corn. (qu.) 31
51.50 Apr.
American Express (guar.)
194 Apr. 1 Holders of rec. Nlar. 150
First and second preferred (guar.). _ _
Holders of rec. Mar. 21
Am. Furn. Mart. Bldg. Corp., pf. (qu.) 144 Apr.
Apr. 1 Holders of rec. Mar.213
6235c
(qu.)..
pref.
Motor,
Chandler-Cleveland
156
Holders of rec. Mar.
20c. Apr.
American Home Products(monthly)_ _
liar. 31 Holders of rec. Mar. 103
$1
Apr. 4 Holders of rec. Mar. 150 Chesebrough Mfg. Consol. (guar.)
American International Corporation_ _ _ _ $1
Apr. 1 Holders of rec. Mar. 16
6234c
(guar.)
Fuse
Chicago
I50
Mar.
rec.
of
Holders
1
Apr.
1.44
Amer. La France Fire Eng.,Inc.,p1.(qu.)
Chic. Jct. Rys. & Stock Yds., corn.(qu.) *234 Apr. 1 'Holders of rec. Mar. 15
June 1 Holders of rec. May 23
Amer. Laundry Machinery, corn. (gu.). 31
•][
Apr. 1 Holders of rec. Mar. 15
Preferred
0134
(quar.)
15
Mar.
rec.
of
*Holders
1
Apr.
preferred
(guar.)
cent
per
Seven
IA Apr. 1 Holders of rec. Mar. 23a
Chicago Mill dc Lumber, pref. (guar.)._
134 Apr. 1 Holders of rec. Mar. 18
American Linseed, preferred (guar.). - Mar.31 Holders of rec. Mar. 110 Chicago Railway Equip., corn. (guar.) _ _ 75c. Mar.31 Star. 20 to Mar. 31
American Locomotive, corn. (guar.). _ $2
194 Mar.31 Mar. 20 to Mar.31
Preferred (guar.)
134 Mar.31 Holders of rec. Mar. 116
Preferred (guar.)
33 I-3e Apr. 1 Holders of rec. May. 21a
135 Mar.31 Holders of rec. Mar. 16a Chicago Yellow Cab Co.(monthly)
American Mfg. Co., corn. (guar.)
33 I-3c May 2 Holders of rec. Apr. 200
Monthly
135 July 1 Holders of rec. June 160
Common (guar.)
33 I-3c June 1 Holders of rec. May 200
Monthly
135 Oct. 1 Holders of rec. Sept. 160
Common (guar.)
135 Dee. 31 Holders of rec. Dec. 160 Childs CompanyCommon (guar.)
Apr, 1 Holders of rec. Feb. 250
stk.)
corn.
11
par
no
In
(payable
Common
16a
31
Mar.
Mar.
of
Holders
rec.
13.4
Preferred (guar.)
July 1 Holders of rec. Slay 270
Common (payable in no par corn. stk.) fl
134 July 1 Holders of rec. June 16a
Preferred (guar.)
Oct. 1 Holders of rec. Aug. 26a
Common (payable in no par corn. stk.) fl
134 Oct. 1 Holders of rec. Sept. I66
Preferred (guar.)
Dec. 30 Holders of rec. Nov 250
Common (payable in no par com.stk.) ft
134 Dec. 31 Holders of rec. Dec. 160
Preferred (guar.)
6235c Apr, 1 Holders of rec. Mar. 4a
Chili Copper Co.(guar.)
23.4 Apr, I Holders of rec. Mar. 15
American Plano, com. (guar.)
75c. Mar,31 Holders of rec. Mar. 150
(guar.)
corn.
Corp.,
Chrysler
15
Mar.
Holders
1
Apr.
rec.
of
,f23.5
_
_
stock)
common
in
(payable
Common
liar. 31 Holders of rec. Mar. 15a
$2
Preferred A (guar.)
194 Apr. I Holders of rec. Mar. 15a
Preferred (guar.)
June 30 Holders of rec. June I5a
$2
Preferred A (guar.)
'$1.75 Mar.31 "Holders of rec. Mar. 22
Amer. Pneumatic Service, lot pref
Sept. 30 Holders of rec. Sept. 15a
$2
(guar.)
A
Preferred
22
31
Mar.
Mar.
*Holders of rec.
"50e.
Second preferred (quar.)
Jan 3'28 Holders of rec. Dec. 150
$2
Preferred A (guar.)
$1.25 Mar.31 Holders of rec. Mar. 156
American Radiator, corn. (guar.)
34 Apr, 1 Holders of rec. Mar. 15
common
(monthly)
Service.
Cities
150
Mar.
of
Holders
31
Mar.
.
rec
$1.50
(guar.)
American Railway Express
May 2 'Holders of rec. Apr. 15
Common (monthly)
75c. Apr. 1 Holders of rec. Mar. 100
Amer. Safety Razor (guar.)
Apr. 1 Holders of rec. May. 15
Common (payable In common stock)._
Apr. 1 Holders of rec. Mar. 106
1
Stock dividend
May 2 Holders of rec. Apr. 15
stock)._
common
in
(payable
Common
15
Mar.
Apr. 1 Holders of rec.
El
American Sales Book, corn. (guar.)
34 Apr. 1 Holders of rec. Mar. 15
Preferred and preferred B (monthly)._
75e, Apr. 1 Holders of rec. Mar. 15
American Seating, corn.(guar.)
A Apr. 1 Holders of rec. Mar. 15
Preferred BB (monthly)
25e. Apr. 1 Holders of rec. Mar. 20
Common (extra)
Preferred & preferred 13 (monthly) - •34 May 2 'Holders of rec. Apr. 15
25e. July 1 Holders of rec. June 20
Common (extra
34 Apr. 1 Holders of rec. Star. 15
Cities Service bankers' shares (mthly.)-25c. Oct. 1 Holders of rec. Sept.20
Common (extra)
35 Apr. 1 Holders of rec. Mar. 15
Bankers' shares (payable in stock)
Apr. 1 Holders of rec. Mar. Ila
3
American Snuff, common (guar.)
50c. June I Holders of rec. May 100
135 Apr. 1 Holders of rec. Mar. lla City Ice dr Fuel (guar.)
Preferred (guar.)
50e. Sept. 1 Holders of rec. Aug. 10a
Quarterly
la
Apr.
15
Apr.
rec.
of
Holders
750.
(quay.).
common
Foundries,
Amer. Steel
144 Apr. 1 Holders of rec. Mar. 28
144 Star. 31 Holders of rec. Mar. 150 City Investing pref. (guar.)
Preferred (guar.)
50c. June 15 Holders of rec. June ba
Cleveland Stone (guar.)
American Stores Co., common (quar.)_ _ 50c. Apr. 1 Mar. 22 to Apr. 1
Sept. 15 Holders of rec. Sept. ba
50c.
Quarterly
la
Mar.
2
Apr.
134
of
Holders
rec.
(guar.).
American Sugar Refining, corn.
194 Apr. 1 Holders of rec. Mar. 210
144 Apr. 2 Holders of rec. Mar. la Cluett, Peabody & Co., pref. (guar.).
Preferred (guar.)
$1.75 Apr. 1 Holders of rec. Mar. lba
$2.50 Mar. 31 Holders of rec. Mar. I9a Coca-Cola Co. (guar.)
American Surety (guar.)
75c. Apr. 1 Holders of rec. Mar. 15a
Extra
135 Apr. 1 Holders of rec. Mar. 96
American Tobacco. pref. (guar.)
el00 Apr. 25 Holders of MC. Mar. ISa
Stock dividend
Apr. 15 Holders of rec. Apr. 53
2
Amer. Type Founders. corn. (quar.)_
Apr. 1 Holders of rec. Mar. 15a
$2.50
(guar.)
International
Coca-Cola
53
Apr.
15
Apr.
194
rec.
of
Holders
Preferred (guar.)
25e. Mar. 31 Holders of rec. Mar. Ila
(guar.)
com.
Credit,
American Wholesale Corp., pref. (quar.) 194 Apr. 1 Holders of rec. Mar.206 Commercial
43 As llar,31 Holders of rec. Mar. 110
Seven per cent preferred (guar.)
194 Apr. 1 Holders of rec. Mar. 21
Am. Window Glass Mach., pref. (qu.).500. Mar.31 Holders of rec. Mar. Ila
Eight per cent preferred (guar.)
Apr. V Mar. 12 to Mar.23
American Woolen, preferred (quar.)_ _
134 Mar. 31 Holders of rec. Mar. Ila
634% first preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 17
Arlington Mills (guar.)
90c. Apr. 1 Holders of rec. Mar. 15a
(guar.)
com.
Trust,
Invest't
Commercial
100
Apr,
(quay.)
1
Mar.
194
Holders
pref.
rec.
of
(Illinois).
Co.
Armour &
141 Apr, I Holders of rec. Mar. 150
(guar.)
First preferred
Armour & Co. of Delaware, pref. (guar.) 144 Apr. I Holders of rec. Mar. 106
145 Apr, 1 Holders of rec. Mar. 15a
635% first preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 18
Armstrong Cork, corn. (guar.)
Apr. 1 Holders of rec. May. 18a
$2
(guar.).13
class
Solvents,
Commercial
1
18
Apr.
Mar.
144
Holders
of rec.
Preferred (guar.)
Mar.30 Holders of rec. Mat. lba
$1
75e. Apr. 1 Holders of rec. Mar. 180 Congress Cigar (guar.)
Art Loom Corporation, corn. (quar.)
Star. 31 'Holders of rec. Mar. 21
"2
__
(guar.)
Car,
preferred
Tank
Conley
31
210
Mar.
div.)
Mar.
25c.
Holders
(adj.
rec.
of
Construction
Metal
Art
Apr. 1 Holders of rec. Mar. 21a
$1.75
(guar.)
corn.
Cigar,
Consolidated
194 Apr. 15 Holders of rec. Mar,31
Asbestos Corp., pref. (guar.)
25c. Apr. 1 Holders of rec. Star. 15
40c. Apr. 25 Holders of rec. Mar. 50 Consolidated Lead & Zinc, cl. A (:111.)
Associated Oil. extra
Apr. 1 'Holders of rec. Star. 31
1)
(No.
(qu.)
pref.
prior
'154
Co..
Consumers
1
21
Apr.
Mar.
$1
rec.
of
Holders
(guar.)
Auburn Automobile
Apr. I Holders of rec. May,243
Continental Baking, class A corn. (qu.)_ $I
Apr. 1 Holders of rec. Mar.20
Babcock & Wilcox (guar.)
Apr. 1 Holders of rec. Mar. 240
2
25c. Apr. 1 Holders of rec. Mar.21
Preferred (quar.)
Balaban & Katz. com.(monthly)
Apr. 1 Holders of rec. Mar. 180
144
(guar.)
preferred
Can,
Continental
194 Apr. 1 Holders of rec. Mar.21
Preferred (guar.)
4.1
Apr. 1 *Holders of roe. May. 16
Cornell Mills (guar.)
Mar. 26 Holders of rec. Mar. 18
Baltimore Brick, lot pf. (acct. accum.)_ 53
Mar.31 Holders of rec. Mar.21a
$1.25
(guar.)
Inc.
Coty,
3
Mar
Mar.
6230
.31
Co.,
Sons
Holders
corn.
dr
rec.
of
(qu.)
Bancroft(Joseph)
Creamery Package Mfg., corn. (guar.)._ •50c. Apr. 9 "Holders of rec. Apr. 1
Barnhart Bros. & Spindler9 "Holders of rec. Apr. I
Apr.
'134
2
May
*Holders
(guar.)
(guar.)
'134
rec.
of
Preferred
23
pref
Apr.
second
and
First
6235c Apr, 5 Holders of rec. Mar. 21a Cresson Consol. Gold Min. & Mill. (qu.) be. Apr. 10 Holders of rec. Mar. 31
Darnsdall Corp., class A & 13
"$1.75 Apr. 1 "Holders of rec. Mar. 20
•194 Apr. 15 "Holders of rec. Mar. 31
Crown Finance, pref. (guar.)
Bayuk Clgars, 1st pref. (guar.)
"1.94 Apr. 15 'Holders of rec. Mar.31
Crown Willamette Paper, lot pref. (qu.) $1.75 Apr. 1 Holders of rec. Mar. 150
Convertible 2d preferred (guar.)
135 April30 Holders of rec. Apr. 150
Apr. 15 'Holders of roe. Mar. 31
Crucible Steel, common (guar.)
Eight per cent 2d preferred (guar.)._ _ *2
1 A Mar.31 Holders of roe. Mar. lba
Preferred (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 19
Beatrice Creamery corn. (guar.)
Apr. 1 Holders of rec. Slur. 46
25c.
(quar.)..._
corn.
1
Apr.
Sugar,
194
Holders
ot rec. Mar. 19
Cuban-American
Preferred (guar.)
194 Apr. 1 Holders of rec. Mar. 4.0
60c. Apr. 9 Holders of rec. Mar. 256
Preferred (guar.)
Beech-Nut Packing, corn. (guar.)
15 Holders of rec. June 1
June
$1
15
la
(guar.)
A
Apr.
Apr.
class
144
Press,
Holders
Cuneo
rec.
of
Preferred (guar.)
194 Apr. 1 Holders of rec. Mar. 20
Belding-Iletninway Co., corn. (quay.). _ 50c. Apr. 1 Holders of rec. Mar. 210 Curlee Clothing, pref. (guar.)
144 Apr. 1 Holders of rec. Mar. 18
135 Apr, 11 Holders of rec. Mar. 31
Curtis Publishing, pref. (guar.)
Belgo-Canadian Paper, corn.(guar.)._
Cushman's Sons, Inc.134 Apr. 1 Holders of rec. Mar. 4
Preferred (guar.)
Common (payable in $8 pref. stock). u$1.50 Sept. I Holders of rec. Aug. 150
Bendix Corporation, class A (guar.). _ _ _ 50c. Apr, 1 Holders of rec. Mar. 15
134 Apr. 1 Holders of rec. Mar. 19
194
1
Apr.
Holders
Dalton Adding Mach., com.(guar.)._
ba
(guar.)
Mar.
rec.
of
pref.
Steel,
Bethlehem
1734 Mar.30 "Holders of rec. Mar.24
'
144 Apr. 1 Holders of rec. Mar. 19
Preferred (quar.)
Big Lake Oil
Alm. 5 Holders of rec. Mar. 216 Davis Mills (guar.)
1
Mar.26 Holders of rec. Mar. 12a
$1
Bingham Mines Co. (guar.)
2
75c,
21
Apr, 1 Holders of rec. Mar. 15
Navigation
May
Apr.
20c.
rec.
Cleveland
of
&
Holders
Detroit
(quay.)
(guar.)Blaw-Knox Co., com.
194 Slay 2 Holders of rec. Apr. 21
Devoe & Raynolds, Inc., corn. A&B (qu) 60c. Apr. 1 Mar.22 to Mar.31
First preferred (guar.)
First and second preferred (quar.)_ _ _ _
144 Apr, 1 Mar.22 to Star. 31
Bloch Bros. Tobacco. common (guar.)-- 3735c. May 15 Holders of rec. May 10
Dodge Bros.. Inc., pref.(guar.)
51.75 Apr. 15 Holders of rec. Mar. 280
3734e. Aug. 15 Holders of rec. Aug. 10
Common (guar.)
3735c. Nov. 15 Holders of rec. Nov. 10
Dominlon Stores (guar.)
60c. Apr, 1 Holders of rec. May 16
Common (guar.)
135 Mar. 31 Holders of rec. Mar. 26
Dominion Glass, common (guar.)
144 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
194 June 30 Holders of rec. June 25
Preferred (guar.)
194 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
30
Sept.
135
Dominion
25
Apr. 1 Holders of rec. Star. 15
.
Sept
Textile,
Holders
common
$1.25
_
rec.
_
_
of
(quar.)_
(guar.)
Preferred
135 Dec. 31 Holders of rec. Dec. 26
144 Apr. 15 Holders of rec. Mar 31
Preferred (quay.)
Preferred (guar.)
Apr. 1 Holden of rec. Mar. 18
Douglas-Pectin Corporation (quay.)
$1
_ 50c, Mar,31 Holders of rec. Mar. la
Borg & Beck (guar.)
Apr. 15 Mar. 27 to Apr. 14
Extra
25e. Mar. 31 Holders of rec. Mar. la
$1
Borne Scrymser Co
Apr. 1 *Holders of rec. Mar. 21
75c. Apr. 15 Mar. 27 to Apr. 14
Dow Drug. com. (guar.)
*S2
Extra
Preferred (guar.)
'194 Apr. 1 *Holders of rec. Mar. 21
Bowman-Biltmore Hotels, 1st pf. (qu.). 134 Apr. 1 Holders of rec. Mar. 16
Mar,31 Holders of rec. Mar. 5
I
Apr.
$,1
134
Holders of rec. Mar. 1
Draper Corporation (guar.)
Brandram-Henderson, Ltd., prof. (au.)$1.75 Apr. 1 Holders of rec. Mar. 20
Dunham (James II.) & Co., corn.(guar.) 135 Apr. 1 Holders of rec. Star. 156
Bridgeport Machine, preferred (guar.)
Apr. I Holders of rec. Mar. 190
135
1
Apr.
Holders
15
Mar.
$1
of
First
1)
(No.
rec.
A
class
preferred (guar.)
Brill Corporation,
134 Apr. 1 Holders of rec. Mar. 193
Second preferred (guar.)
Brill° Manufacturing, class A (quar.)_ _ _ 500, Apr, 1 Holders of rec. Mar. 153
Mar.31
DuPont (E. I.) de Nemours & Co.
British-Amer. 011, new stock (No. 1)___ 20e. Apr. 1 Mar. 15 to
135 Apr. 25 Holders of roc. Apr. 90
Debenture stock (guar.)
British-Amer.Tub.,ordinary (interim). _ 10d Mar. 31 xlielders of coup. No. 117
135 Apr. 1 Mar. 29 to Mar. 31
Eagle Warehouse & Storage (guar.).
Brunswick-Balke-Collender, pref. (qu.). 144 Apr. 1 Holders of rec. Mar.20
Apr. 1 Holders of rec. Mar. 20a
6235c
1
190
Apr.
75e,
Holders
(guar.)
Mar.
of
&
Early
(guar.)
common
rec.
corn
Daniels,
Incubator
Buckeye
25e. Apr. 1 Holders of rec. Star. 200
Apr. 1 Holders of rec. Mar. 193
2
Common (extra)
Preferred (guar.)
6235c July 1 Holders of rec. June 200
Common (guar.)
Bucyrus Co., new common (au.)(No. 1) 75e. Apr. 1 Holders of rec. Mar. 19
250. July 1 Holders of rec. June 200
194 Apr. 1 Holders of rec. Mar. 19
Common (extra)
Preferred (guar.)
6230 Oct. 1 Holders of rec. Sept. 200
Common (guar.)
Buffalo General Laundries Corp., part pt. 750. Apr, I Star. 21 to Mar. 31
250. Oet. 1 Holders of rec. Sept. 200
150
31
Mar.
Mar.
750,
(qu.).
Holders
Corn.
Of
Machine,
roe.
Common
(extra)
Burroughs Adding
Fire Insurance.
Home (quarterly)
Roasts (guar.)
United States (guar.)
Apr. 11 Holders of rec. Mar. 5
5
134 Apr, 1 Holders of rec. Mar. 156
May 2 Holders of rec. Apr. 256
8
134
134
134
'134
1784
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
[VOL. 124.
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Early & Daniels (Concluded)Hall(C. M.) Lamp
Common (guar.)
*250. Apr. 15 *Holders of rec. Apr. 1
6214c Jan 1'28 Holders of rec. Dec. 200 Hamilton Bank Note
Common (extra)
6e. Aug. 15 Holders of rec. Aug. 1
25c. Janl'28 Holders of rec. Dec. 200 Hamilton-Brown Shoe
Preferred (guar.)
(monthly)
250. Apr. 1 Holders of rec. Mar. 23
$1.75 Apr. 1 Holders of rec. Mar.200 Hamilton United Theatres
Preferred (guar.)
334 Mar 31 Holders of rec. Feb. 28
$1.75 July 1 Holders of rec. June 200 HammermIll Paper. pref. (Can.), pre!_ _
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar.210
$1.75 Oct. I Holders of rec. Sept.200 Hanes(P. H.) Knitting, (guar.)
pref.(guar.)_
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar.21
$1.75 Jan 1'28 Holders of rec. Dec. 200 Harbauer Co., com.
(guar.)
Eastern Rolling Mill(guar.)
25e. Apr. 1 Holders of rec. Mar.21
3734c. Apr. 1 Mar. 16 to Apr. 1
Preferred (guar.)
Extra
1226c. Apr. 1 Mar. 16 to Apr. 1
Harbison-Walker Refrac., pref. (guar.). *S1.75 Apr. 1 *Holders of rec. Mar.21
Eastern Steamship Lines, 1st p1.(1111.)-- *124 Apr. 1 *Holders
134 Apr. 20 Holders of rec. Apr. 90
of rec. Mar.24
Hartman Corporation, class A (guar.). 500.
Preferred (quar.)
June 1 Holders of rec. May 170
8766c Apr. 15 Holders of rec. Apr. 6
Class B (guar.) in
Eastman Kodak. com.(guar.)
(o) June 1 Holders of rec. May 170
21.25 Apr. 1 Holders of rec. Feb. 280 Hathaway Baking. class A stock
A (guar.)
Common (extra)
*2
Apr. 15 *Holders of rec. AM'. 1
75e. Apr. 1 Holders of rec. Feb. 280 Helme (George W.)pref.
Co., com.(guar.)._ 21
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 14e
134 Apr. 1 Holders of rec. Feb. 280
Preferred (guar.)
Economy Grocery Storm, com. (guar.). *25c. Apr. 15 *Holders
134 Apr. 1 Holders of rec. Mar. 140
of rec. Apr. 1
Hillcrest Collieries, corn.(guar.)
Eisenlohr (Otto) & Bros.. pref.(quar.).
Apr. 15 Holders of rec. Mar.31
134
1% Apr. 1 Holders of rec. Mar.210
Preferred (guar.)
Electric Auto-lite, corn. (guar.)
134 Apr. 15 Holders of rec. Mar.31
$1.50 Apr. 1 Holders of rec. Mar. 15a Holly 011 (guar.)
Electric Controller & Mfg. (guar.)
25c. Mar. 31 Holders of rec. Mar. 15
$1.25 Apr. 1 Holders of rec. Mar. 190 Holt Renfrew Co., pref.
Electric Storage Battery. corn.& pf.(qu.) 21.25 Apr. 1 Holders
134 Apr. 1 Holders of rec. Mar.25
of rec. Mar. 70 Hood Rubber Co.. com.(guar.)
(quar.)
Electric Vacuum Cleaner, corn.(quar.)-- 21
$I
Mar.31 Mar. 22 to Mar. 31
Apr. 1 Mar.21 to Apr. 1
Howe Sound Co.(guar.)
Common (extra)
21
Apr. 15 Holders of rec. Apr. la
Apr.
1 Mar. 21 to Apr. 1
$1
Hudson Motor Car (guar.)
Preferred (guar.)
8734 Apr. 1 Holders of rec. Mar. 150
1% Apr. 1 Mar. 21 to Apr. 1
Hudson
River
Navigation
Elliott-Fisher Co.
Preferred (guar.)
Common and series B common (guar.) $1.50 Apr. 1 Holders of res.
2
Apr. 1 Holders of roe. Mar.25
Mar. 18
Humble Oil& Refining (guar.)
Preferred (guar.)
30c. Apr, 1 Holders of rec. Mar. 11
134 Apr. 1 Holders of rec. Mar. 18a
Extra
Emerson Elec. Mfg., pref.(guar.)
20c. Apr. 1 Holders of rec. Mar. 11
1% Apr. 1 Holders of rec. Mar.20
Hussrnann (Harry L.)
Empire Safe Deposit(guar.)
2
Mar.30 Holders of rec. Mar.240 Hydraulic Press Brick,Rein,com.(qu.)_ 6226c. Apr. 1 Holders of rec. Mar. 19
Endicott Johnson Corp., com.(guar.)
114 Apr. 1 Holders of rec. Mar. 24
$1.25 Air. 1 Holders of rec. Mar. 180 Illinois Brick (guar.) pref.(quar.)
60e. Apr. 15 Apr. 5 to Apr. 15
Preferred (gw.)
134 Apr. 1 Holders of rec. Mar. 180
Quarterly
Equitable Office Building. coin. (guar.)
60o. July 15 July 3 to July 15
21.50 Apr. 1 Holders of rec. Mar. 15
Quarterly
Preferred (guar.)
600. Oct. 15 Oct. 5 to Oct. 18
1% Apr. 1 Holders of rem Mar. 150 Illinois Wire & Cable
(No. 1)
Erupcion Mining (guar.)
50e. Apr. 1 Holders of roe. May. 150
*766c. Apr. 2 *Holders of rec. Mar.25
Imperial Tobacco of Canada, pref
Eureka Vacuum Cleaner3
Mar.31
Ordinary
Common (payable in common stock)
114 Mar.30
15
Aug. 1 Holders of rec. July 20a Independent Oil &
Gas(guar.)
Evans Auto Loading, class A and B
25c. Apr. 1: Holders of rec. Mar.31
750. Apr. 1 Holders of rec. Mar. 18
Independent
Pneumatic
Falr (The)(monthly)
Apr. 1 Mar.22 to Mar.31
20c. Apr. I Holders of rec. Mar. 210 India Tire & Rubber. Tool (guar.)._ $1
common (guar.).- 62240 Apr. 1 Holders of rec. Mar.
Monthly
'
20c. May 2 Holders of rec. Apr. 204
21
Preferred (guar.)
•134 Apr. 1 *Holders of rec. Mar.21
Preferred (guar.)
134 May 2 Holders of rec. Apr. 20a Indian Motocycle,
pref.(guar.)
Fairbanks, Morse & Co., coin.(guar.).- 750. Mar. 31 Holders of roe.
134 Apr. 1 Holders of rec. Mar.210
Mar. 15a Indiana Pipe Line (attar.)
Common (guar.)
$1
May
14 Holders of rec. Apr. 22
75e. June 30 Holders of rec. June 150 Industrial Aceep.
Corp.. 1st pref.(guar.) $1.75 Apr. 1 Holders of roe.
Preferred (guar.)
134 June 1 Holders of rec. May 14a
Mar. 18
Second preferred (guar.)
Famous Players-Lasky Corp., corn.(qu.) $2
$2
Apr, 1 Holders of rec. Mar. 18
Apr. 1 Holders of rec. Mar. 154 Industries Developmen
t,
pref.
(guar.).Preferred (guar.)
*2
Mar. 31 *Mar. 27 to Mar.31
2
May 2 Holders of roe. Apr. 150 Inland Steel.
preferred (guar.)
Fanny Farmer Candy Shops, pf.(guar.). 600. Mar.31 Mar. 16 to
1% Apr.. 1 Holders of res. Mar. 16a
Mar.31
Inspiration Consol. Copper (guar.)
Fansteel Products Co.. new stock
250. Apr. 4 Holders of rec. Mar. 170
750. May 17 Holders of rec. Apr. 29
Intercontinental Rubber
Old common (Payable in common stk.) •1300
25e. Mar.31 Holders of rec. Mar. 19a
*Holders of rec. Feb. 21
Interlake
Steamship (guar.)
Faultless Rubber, com. (guar.)
Apr. 1 Holders of rec. Mar. 16
50c. Apr. 1
Mar. 16
Internat. Business Machines (quay.).... 21.50
Preferred (guar.)
21 Apr. 11 Holders of rec. Mar.230
134 Apr. 1
Mar. 16
Int. Button Hole Sewing Mach.(gmar.). 15e. Apr.
Federal Motor Truck (guar.)
1 Holders of rec. Mar. 15
20e. Apr. 1 Holders of reo. Mar. 190 International
Cement, common (guar.). $1
Stock dividend
Mar.31 Holders of rec. Mar. 150
234 Apr. 6 Holders of rec. Mar. 19.2
Preferred (guar.)
Federal Terra Cotta, pref
134 Mar.31 Holders of rec. Mar. 150
82
Mar. 31 Holders of rec. Mar. 21
Internationa
l Harvester com. (guar.)
Feltman & Curme Shoe, class A
134 Apr, 15 Holders of rec. Mar.260
6236c Apr. 1 Holders of roe. Mar. 1
Internat. Match. pude. pref. (guar.).- 800.
Preferred (guar.)
Apr. 15 Holders of rec. Mar. 250
134 Apr. 1 Holders of roe. Mar. 1
International
Fifth Avenue Bus Securities (guar.)._
50c. Mar.31 Holders of rec. Mar. 17
160. Apr. 16 Holders of rec. Apr. 20 International Nickel, corn. (quay.)
Paper, 7% pref. (guar.).- I% Apr, 15 Holders of
Finance Co. of America (Baltimore)roe. Apr. la
Six per cent preferred (guar.)
Common A and B (guar.)
116 Apr. 15 Holders of rec.
1226e. Apr. 15 Holders of rec. Apr. 5a Internat. Projector
Corp., corn. (guar.). 25o. Apr. 1 Holders of rec. Apr. la
Seven per cent preferred (quar.)
4324 Apr. 15 Holders of rec. Apr. 5a
Mar.21
$7 preferred (guar.)
Financial & Industrial Sec.. corn.(guar.) *50c. Apr. 1 *Holders of rec.
21.75
Apr.
1 Holders of rec. Mar.21
Mar. 17
International Salt (guar.)
Common (extra)
Apr. 1 Holders of rem Mar. 154
134
*250. Arp. 1 *Holders of rec. Mar. 17
Internationa
l Shoe, com.(guar.)
Preferred (quar.)
$1.75 Apr. 1 Holders a rec. Mar. 150
*134 Apr. 1 *Holders
Preferred (monthly)
Financial Investing of New York. Ltd_ _ 250. Apr. 1 Holders of rec. Mar. 17
% Apr, 1 Holders of rec. Mar. 150
of rec. Mar. 1
International Silver, preferred (guar.)._
Extra
124 Apr. 1 Holders of reo. Mar. 15a
15e. Apr. 1 Holders of rec. Mar. I
Intertype Corporation. Prat pref.(guar.) 22
Firestone Tire & Rubber, corn.(guar.)_ - *21.50 Apr. 20 *Holders
Apr. 1 Holders of roe. May. 23
of
rec.
Apr.
10
Island
Creek
Coal.
corn.
(guar.)
Six per cent preferred (guar.)
$1
Apr. 1 Holders of rec. Mar. 240
*134 Apr. 15 *Holders of rec. Apr. 1
Preferred (guar.)
21.50 Apr. 1 Holders of rec. May.240
Seven per cent preferred (guar.)
•134 May 15 *Holders of rec. May 1
Jewel Tea, preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 170
First Federal Foreign Investment Trust_ $1.75 May 15 Holders
of rec. May 5
Preferred (account accum. dividends). 87
First National Pictures. pref. (guar.)
Apr. 1 Holders of rec. Mar. 17a
2
Apr. 1 Holders of rec. mar. 150 Johns-Manville Corp.,
Corn.
(guar.).First National Stores, com.(guar.)
75e.
Apr, 15 Holders of rec. Apr. la
3734e Apr. 1 Holders of rec. Mar. 16a
Preferred (guar.)
First preferred (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 19a
$1.75 Apr. 1 Holders of rec. Mar. 160 Jones dr Laughlin
Steel, pref. (guar.)... 194 Apr. 1 Holders of rem Mar
Preferred (guar.)
*2
Apr. 1 *Holders of rec. Mar. 16a Kalbfleisch Co., preferred
15a
Flelschmann Co.. corn. (quar.)
(guar.)
124 Mar.31 Holders of rec. Mar. 19
75e. Apr. 1 Holders of rec. Mar. 14a Kaufmann
Dept. Stores, pref. (guar.)._
Flour Mills of Amer., pref., ser. A
194 Apr. 1 Holders of rec. Mar.21
Apr. 1 Holders of rec. Mar. 15
22
Kaynee Co., corn.(guar.)
Foote Bros. Gear & Mach.. corn.(gu.)
50c. Apr. 1 Holders of roe. Mar. 21
300. Apr. 1 Mar.20 to Mar.29
Preferred (guar.)
Common (quar.)
134 Apr, 1 Holders of rec. Mar.21
30c. July 1 June 21 to June 30
Kayser (Julius) & Co., com.(guar.)._ 21
Common (guar.)
May 2 Holders of rec. Apr. 15a
300. Oct. 1 Sept. 21 to Sept.30
Preferred (quar.)
Common (guar.)
Apr, 1 Holders of roe. Mar. 16a
22
30c. Jan1'28 Dec. 21 to Dec. 30
Kelley
Island
Lime
&
Transp..
com.(qu.) 2
Preferred (guar.)
Apr, 1 Mar. 22 to Apr. 1
134 Apr. 1 Mar.20 to Mar. 29
Kelsey
Wheel, com. (guar.)
Preferred (guar.)
136 Apr. 1 Holders of rec. Mar. 210
124 July 1 June 21 to June 30
Preferred (guar.)
Preferred (guar.)
194 May 1 Holders of rec. Apr. 300
124 Oct. 1 Sept.21 to Sept. 30
Kennecott
Copper Corporation (guar.)._ $1.26 Apr. 1 Holders of roe.
Preferred (guar.)
134 Jan 1'28 Dec. 21 to Dec. 30
Mar. 4a
Kerr Lake Mines. Ltd
Forhan Co., common (guar.)
603. Apr. 15 Holders of roe. Apr. 1
250. Apr. 1 Holders of rec. Mar.150 Keystone Watch
Clara A (guar.)
1
Apr. I Holders of rec. Mar. 190
40e. Apr. 1 Holders of rec. Niar. 150 King Philip MIII Case (guar.)
(guar.)
Foster(W.C.) Co., pref.(guar.)
•134 Apr. 1 *Holders of rec. Mar. 19
134 Apr. 1 Holders of rec. Mar. 21
Kirby Lumber, common (guar)
Fox Film Corp., com. A and B (guar.)._ $1
134 June 10 Holders of rev. May 31
Apr. 15 Holders of rec. Mar. 30
Common (guar.)
Fraser Companies, Ltd., com. (guar.)._
194 Sept. 10 Holders of rec. Aug. 31
26 Apr. 1 Holders of rec. Mar. 25
Common (guar.)
Preferred (guar.)
134 Dec. 10 Holders of rec. Nov.30
134 Apr. 1 Holders of rec. Mar. 25
Kirschbaum
(A.
B.)
Co..
Fulton Sylphon, common (guar.)
Pref. (quar.).... 134 Apr. 1 Holders of tee. Mar. 210
8734c Apr. 1 Holders of rec. Mar. 18
Knox Hat, Inc.. prior pref.(guar.)
Preferred (quar.)
$1.75 Apr. 1 Holders of roe. May. 15
*21.50 Apr. 1 *Holders of roe. Mar. 18
Prior Preferred (guar.)
Gabriel Snubber Mfg.. corn. A & B (qui 8734e Apr. 1 Holders of rec.
$1.75 July 1 Holders of rec. June 15
Mar.
120
Prior
preferred
(guar.)
General Amer.Tank Car. 1st pref.(go.)- 134 Apr. 1 Holders of
$1.75
Oct. 1 Holders of roe. Sept. 15
rec.
Mar. 150
Second preferred
General Baking, class A (guar.)
$3.50 Aug. 1 Holders of rec. July 15
$1.25 Apr. 1 Holders of rec. Mar. 19
Korach (S.) Co., class A
Preferred (quay.)
21
Mar. 31 Holders of rec. Mar. 25
2
Mar.31 Holders of rem Mar. I90 Kraft Cheese (guar.)
General Cigar, com.(guar.)
3766o Apr, 1 Holders of roe. Mar. 100
$1
May 2 Holders of rec. Apr. 200
Stock dividend
Preferred (guar.)
el% Apr. 1 Holders of rec. Mar. 100
134 June 1 Holders of rec. May 240 Kresge (S. S.) Co.,
corn.
Debenture preferred (quar.)
(guar.)
300. May. 31 Holders of rec. Mar. 160
1% Apr. 1 Holders of rec. Mar. 240
Preferred (quay.)
Debenture preferred (guar.)
194 Mar. 31 Holders of rem Mar. 160
134 July 1 Holders of rec. June 240 Kresge
Dept. Stores, pref.(guar.)
General Electric (guar.)
2
Apr. 1 Holders of rec. Mar. 254
750. Apr. 28 Holders of rec. Mar. 150 Kruskal & Kruskal,
Special stock (guar.)
I50. Apr. 28 Holders of rec. Mar. 15a Lambert Company Inc. (ouarterly)._ _ 500. May 16 Holders of rec. Apr. 290
(quay.)
General Ice Cream
$1.25 Apr. 1 Holders of roe. Mar.21
21
Apr. 15 Holders of rec. Apr. 1
Lamson
&
Hubbard.
pf. (acct. ace. cliv.) 814
General Motors Corp.. pref. (quar.)
Apr. 8 Holders of rec. Apr. 1
134 May 2 Holders of rec.
Six per cent debenture stock (quar.)... 134 May 2 Holders of rec. Apr. 9a La Salle Extension University. com.(qu.) 15e. Apr. 1 Holders of rec. Mar. 22
Apr. 90
Preferred (guar.)
Seven per cent debenture stock (guar.) 134 May 2 Holders of
194 Apr. 1 Holders of rec. Mar.22
rec. Apr. 9a Laurentlde Co. (guar.)
General Outdoor Advertising. corn. (gu.) 50e. Apr. 15 Holders of rec.
134 Apr. 2 Holders of rec. Mar. 17
Apr. 5a Lawyers Mortgage (guar.)
General Railway Signal, com.(quar.)- _ $1.25 Apr. 1 Holders
334 Mar.31 Holders of rem Mar. 21
of rec. Mar. 100 Lawyers Title & Guaranty
Preferred (guar.)
236 Apr. 1 Holders of rem Mar. 19a
134 Apr. 1 Holders of rec. Mar. 10a Lehigh Valley Coal
Sales (guar.)
General Tire & Rubber. pref. (quar.)
Apr. I Holders of roe. May. 17
22
124 Apr. 1 Holders of rec. Mar. 19
Leonard, Fitzpatrick, Mueller
Gimbel Brothers. pref.(guar.)
Stores,
*134 May 2 Holders of rec. Apr. 16
Preferred (guar.)
C. G.Spring & Bumper, pref.(guar.)... 2
Apr.
$2
1 Holders of rem Mar.21a
Apr. 1 Holders of rec. Mar. 10
Liberty Baking
Glidden Co., com.(guar.)
124 Apr. 1 Holders of rec. Mar. 20
500. Apr. 1 Holders of rec. Mar.210 Life Savers. Inc.Corp., Pref. (quar.). Prior preferred (quar.)
400. Apr. 1 Holders of rec. Mar. 14a
134 Apr. 1 Holders of rec. Mar. 210 Liggett & Myers (guar.)
Tobacco, pref. (gust.).. 124 Apr. 1 Holders of roe. Mar. 154
Goodrich (B.F.) Co.. preferred (guar.) 194 Apr. 1 Holders
of rec. Mar. 150 Lion 011 Refining, corn.
Preferred (guar.)
500. Apr. 27 Holders of rec. Mar. 310
(guar.)
124 July 1 Holders of rec. June 15a
Common (extra)
Goodyear Tire dv Rubber, Can.. Id.(au.) 134 Apr. 1 Holders
250. Apr. 27 Holders of rec. Mar.31a
of rec. Mar. 15a Loew's, Incorporated
Prior pfeferred (guar.)
Mar.31 Holders of rem Mar. 190
50o.
(gear.)
134 Apr. 1 Holders of rec. Mar. 15a Long Bell Lumber, class A
Goodyear T.& R.,8% prior Prof.(quar.) 2
Mar.31 Holders of roe. Mar. lla
21
(gar.)
Apr. 1 Holders of reo. Mar. 130 Loose-Wiles BiscuitSeven per cent preferred (guar.)
194 Apr. 1 Holders of rec. Mar. la
Old corn.(one share of new no par corn) 25 July 1 Holders of roe.
Gossard (H. W.) Co.. corn.(monthly)_ 33 1-3c Apr. 1 Holders
June la
of roe. Mar.20
New no par common (gear.)(No. 1)- *400. Aug. 1 Holders of
Preferred (guar.)
rec. July 11
134 Apr. 1 Holders of rec. Mar.20
First preferred (guar.)
124 Apr. 1 Holders of rec. Mar.210
Gotham Silk Hosiery. COM.(guar.)
6236e Apr. 1 Holders of rec. Mar. 150
Second
Preferred
(guar.)
134 May I Holders of roe. Apr. 180
Goulds Pumps, Inc., corn.(guar.)
2
Apr, 1 Holders of rec. Mar. 19
Lord & Taylor, common (quar.)
234 Apr. 1 Holders
Preferred (gear.)
154 Apr. 1 Holders of rec. Mar. 19
Lorillard (P.) Co.. com.(stock dividend) (s) Apr. 1 Holders of roe. May. 17
Grassed! Chemical, com.(guar.)
of roe. Mar. 150
2
Mar.31 Holders of rec. Mar. 150
Preferred
(gmar.)
154 Apr. 1 Holders of rec. Mar. 150
Preferred (quar.)
134 Mar.31 Holders of rec. Mar. 150 Lowenstein (M.)
&
Sons,
1st
Mar.
*154
31
Pf.
Holders
Great Lakes Towing, Cora.(guar.)
(MO
of
rec. Mar. 31
134 Mar.31 Holders of rec. Mar. 150 Ludlum Steel,
50e. Apr. 1 Holders of rec. Mar.
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 150 MacAndrews cOtn. (guar.)
& Forbes, com. (quar.).... 650. Apr. 15 Holders of rec. Mar.226
Great Western Sugar. common (qua?.)
22
31a
Aron 2 Holders of raze. Mar. 150
Preferred (guar.)
1)6 Apr. 15 Holders of rec. Mar. 31a
Preferred (guar.)
134 Apr. 2 Holders of rec.
$1.50 May.31 Holders of rec. Mar. 150
Greenfield Tap & Die. 6% pref. (guar.) 134 Apr. 1 Holders of rec. Mar. 150 Mack Trucks, common (guar.)
Mar. 15
First and second preferred (guar.)_- 134 Mar.31 Holders of
Eight per cent preferred (guar.)
rec. May,15a
2
Apr. 1 Holders of roe.
Macy (R. H.) & Co., corn.(No.
$1.25 May 16 Holders of roe. Apr. 29a
Greif Bros. Cooperage, class A (quar.). 80c. Apr. 1 Holders of roe. Mar. 15
1)
Mar. 15
Madison Square Garden Co.(guar.)-Group No. 1 011
- 250. Apr. 15 Holders of roe. Apr. 5
$750 Apr. 26 Holders of rec. Mar.250
Quarterly
250. July 15 Holders of rec. July
Guantanamo Sugar, pref. (guar.)
Apr. 1 Holders of rec. Mar. 15a
2
5
Quarterly
25c. Oct. 15 Holders of rec. Oct. 5
Guenther Publishing Co., pref.(guar.)-- 5
may 20 Holders of rec. Jan. 20a
Magma Copper (guar.)
760. Apr, 15 Holders of rec. Mar.314
Quarterly
Aug.
20 Holders of rec. Jan. 20a Mallinson (H. R.)
5
124
dr
Inc.,
Co.,
Apr.
Pf.
1
Wm./Holders of rec. May,2Ia
Quarterly
Nov.20 Holders of rec. Jan. 200 Manhattan
5
Electrical Supply (gust.).... 21.25 Apr. 1 Holders of rec.
Gulf 011 Corporation (guar.)
37240 Apr. 1 Holders of rec. Mar. 19
Mar.
Manhattan Shirt.
1% Apr. 1 Holders of rec. Mar.210
(quay.)
Gulf States Steel, common (guar.)
136 Apr. 1 Holders of rec. Mar. 150 Manning, Bowmanpref.
170
Co.,
&
class A
3734c Alm. 1 Holders of roe. May. 19a
First preferred (guar.)
124 Apr. 2 Holders of rec. Mar. 150 Manning. Maxwell
dr Moore (guar.)---- *116 Apr. 2 *Holders of rec. Mar. 31
First preferred (guar.)
194 July 1 Holders of rec. June 150 Marland 011
$1
(guar.)
May.
31
First preferred (guar.)
Holders of rec. Mar. 190
134 Oct. 1 Holders of rec. Sept. 151 Marlin-Rockwell
Corp. (guar.)
50c. Arm. 1 Holders of rec. Mar. 25a
First preferred (guar.)
124 Jan.E28 Holders of rec. Dec. 15a
Extra
25e. Apr. 1 Holders of rec. Mar. 25a
I
MAR. 26 1927.]
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
1785
Per
When
Name of Company.
Books Closed.
Name of Company.
Cent. Payable.
Days Ipscimiot.
Miscellaneous (Continued/.
Miscellaneous (Continued).
Mathieson Alkali Works, cow.(quar.)__ $1 Apr. 1 Holders
of rec. Mar. 18a Provincial Paper Mills, corn.(quar.)___
Preferred (quar.)
134 Apr. 1 Holders of rec. May. 15.
15( Apr, 1 Holders
Preferred (guar.)
May Department Stores, pref. (quar.)-- 15( Apr, 1 Holders of rec. Mar. 180
134 Apr. 1 Holders of rec. May. 15
McCord Radiator & Mfg., class A (qu.)_ 750. Apr. 1 Mar. of rec. Mar. 150 Q. R. S. Music, corn.(monthly)
•15c. Apr. 15 *Holders of rec. Apr. 1
19
to
Mar.31
Monthly
McCrory Stores, preferred (guar.)_
•15c. May 15 *Holders of rec. May 1
134 May 2 Holders of rec. Apr. 20a Quaker Oats, com. (guar.)
Preferred (guar.)
$1
Apr. 15 Holders of rec. Apr. 1
154 Aug. 1 Holders of rec. July 20a
Common (extra)
Preferred (quar.)
$5
Apr. 15 Holders of rec. Apr. 1
15( Nov. 1 Holders of rec. Oct. 20a
Preferred (guar.)
McLellan Stores, corn. A and B (No. 1) 25o. Apr. 1 Holders
May
134
Holders of rec. May 2
of rec. Mar.21
Rand-Kardex Bureau, Inc., corn. A (qu.) 75c. Apr. 31
Common A and B (quar.)
1 Holders of rec. Mar. 150
25e. July 1 Holders of rec. June 20
Preferred (quar.)
Common A and B (quar.)
134 Apr. 1 Holders of rec. Mar. 15a
25e. Oct. 1 Holders of rec. Sept.20
Real Silk Hosiery Mills, Inc., com.(qu.) $1
Common A and 13 (guar.)
Apr. 1 Holders of rec. Mar. 15a
25e. Jan 2'28 Holders of rec. Dec. 20
Preferred (quar.)
Common A & B (pay,in corn. A stock) e5
$1.75 Apr. 1 Holders of rec. Mar. 15.
Apr. 15 Holders of rec. Mar.21
Reece Button Bole Mach. (quar.)
MeQuay-Norris Co
350. Apr. 1 Holders of rec. Mar. 15
400. Apr. 1 Holders of rec. Mar. 22
Reece Folding Mach. (guar.)
Mead Johnson & Co.. corn. kquar.)
Sc. Apr. 1 Holders of rec. Mar. 15
75c, Apr. 1 Holders of rec. Mar. 15
Regal Shoe. pref.(quar.)
Merchants & Mfrs. Securities, com.(qu.) 23,4 Apr. 1 Holders of
*1% Apr. 1 *Holders of rec. Mar. 19
rec. Mar. 15
Reid Ice Cream, corn. (quar.)
Participating pref.(quar.)
The.
Apr. 1 Holders of rec. Mar. 194
63.4c Apr. 1 Holders
Merchants dr Miners Transport'n (quar.) 6234c Mar. 31 Mar. 10 of rec. Mar. 15a Reis(Robert)& Co..flrst pref.(quar:)
154 Apr. 1 Holders of rec. Mar. 176
to Mar. 16
Reliance Manufacturing. pref. (quar.)
Merck & Co.. preferred (quar.)
134 AM. 1 Holders of rec. May.21a
$1
Apr. 1 Holders of rec. Mar. 17
Remington-Noiseless Typew., pi. (rm.). 15( Apr.
Mergenthaler Linotype (quar.)
15 Holders of rec. Apr. 1
$1.25 Mar.31 Holders of rec. Mar. 50 Remington-Rand.
Inc., corn. (No. 1)
Extra
40e. Apr. 4 Holders of rec. Mar.24
250. Mar.31 Holders of rec. Mar. 5a
Common (payable in common stock)_ _ fl
Merrimac Chemical (quar.)
Apr. 30 Holders of rec. Apr. 11
$1.25 Mar.31 Holders of rec. Mar. 120
First preferred (quar.)
Metropolitan Paving Brick, pref.(quar.) 15( Apr. 1 Mar.
$1.75 Apr. ell Holders of rec. Mar.24
16 to Mar. 31
Second preferred (guar.)
Mexican Petroleum, corn. (quar.)
$2
Apr. 44 Holders of rec. Mar.24
$3
Apr. 20 Holders of rec. Mar. 310 Remington
Typewriter. corn. (quar.)
Preferred (quar.)
.25 Mar.31 Holders of rec. Mar. 124
$115(
$2
Apr. 20 Holders of rec. Mar. 31a
First
preferred
(quar.)
Mid-Continent Petroleum (quar.)
Apr. 1 Holders of rec. Mar. 15a
75c. May 1 Holders of rec. Apr. la
Second preferred (quay.)
Midland Steel Products, corn.(quar.)_ _ _ $1
2
Apr. 1 Holders of rec. May. 156
Apr. 1 Holders of rec. Mar. 180 Reo Motor Car (quar.)
Common (extra)
20e. Apr. 1 Holders of rec. Mar. 1541
48c. Apr. 1 Holders of rec. Mar. 180 Republic Iron
dr
Preferred (quar.)
$2
Apr. 1 Holders of rec. Mar. 180 Reynolds(R.J.) Steel, preferred (quar.)- 15( Apr, 1 Mar. 14 to Apr. 13
Preferred (extra)
51
Apr. 1 Holders of rec. Mar. 180 Rice-Stix Dry Tob..com.& com.B(qU) $1.25 AM. 1 Holders of rec. Mar. 18a,
Goods, corn. (guar.)
Midvale Co.(quar,)
3754c. May 1 Holders of roe. Apr. 15
25e, Apr, 1 Holders of rec. Mar. 15
First and
Miller Rubber, corn.(quar.)
15( Apr. 1 Holders of rec. Mar. 15
50c. Apr. 25 Holders of rec. Apr. 50 Rich'son dr second pref.(quar.)
Boynton
Co.. part. pref.(qu.) 75c. Apr, 1 Holders of rec.
Missouri-Illinois Stores. corn. (guar.)
20c. Apr. 1 Holders of rec. Mar.21
Mar. 15
Richman
Bros.
Co.. corn. (guar.)
Montgomery Ward et Co.. coin.(quar,)$1.50 Apr. 1 Holders of rec. Mar. 19
May 16 *Holders of rec. May 5
Royal Baking Powder, corn. (quer.)
Class A (guar.)
_ 2
Mar.31 Holders of rec. Mar. 154
$1.75 Apr. 1 Holders
Preferred (quar.)
Morgan Lithograph, common (guar.)._ $1.25 Apr. 1 Holders of rec Mar 210
13,4 Mar.31 Holders of roe. Mar. 160.
of rec. Mar. 180 Ryan Car, preferred (guar.)
Motion Picture Capital Corp., pref.(qu.) 50e. Apr. 15
Mar.31 *Holders of rec. Mar. 15
Holders of rec. Apr. 1
Safety Cable Co.(quay.)
Moto Meter, class A (quar.)
Apr. 15 Holders of res. Mar.31
90e. Apr. 1 Holders of roe. Mar. 14a Safety Car Heating
&
Ltg.(quar.)
Class B (guar.)
2
Apr. 1 Holders of rec. Mar. 17
25e. Apr. 1 Holders of rec. Mar. 140 Safeway
Stores, common (guar.)
Mountain dr Gulf 011 (guar.)
$2.50 Apr. 1 Holders of roe. Mar.20
2
Apr, 15 Holders of rec. Mar. 31
Preferred (guar.)
Extra
81.75 Apr. 1 Holders of rec. Mar.20
1
Apr. 15 Holders of rec. NIar. 31
St. Joseph Lead (quar.)
Mountain Producers(quar.)
50e. June 20 June 10 to June 29
65e. Apr. 1 Holders of rec. Mar. 15a
Extra
Mount Royal Hotel Co.,Ltd.pref.(quar.) 134 Apr, 1 Holders
25e. June 20 June 10 to June 20
of rec. Mar.21
Quarterly
Murray-Ohio Mfg., pref.(quar.)
50o. Sept.20 Sept. 10 te Sept.20
2
Apr. 1 Holders
Extra
$5 participating preferred (quar.)_ _ _ _ •100. Apr. 1 *Holders of rec. Mar.21
Sept.20 Sept. 10 to Sept.20
25e.
Quarterly
National American Co., Inc.(qu.) (No.1 1•750. May 2 *Holder of rec. Mar. 21
500. Dec. 20 Dec. 10 to Dec. 20
s of rec. Apr 15
Extra
National Biscuit, common (quar.)
250. Dec. 20 Dec. 10 to Dec. 20
$1.25 Apr. 15 Holders of rec. Mar. 31a St. Louis Nat.
Stock Yards (guar.)
National Breweries, corn.(quar.)
*2
Apr. 1 *Holders
roe. Mar.25
$1
Apr. 1 Holders of rec. Mar. 15
St. L. Rky. Mt.& Pac. Co., corn.(qu.). t•-1 Si Mar.31 Holders of rec.
Preferred (quar.)
15( Apr. 1 Holders
of
Mar. 15a.
Preferred (quar.)
National Cash Register, class A (quar.) 75e. Apr. 15 Holders of rec. Mar. 15
31 Holders of rec. Mar. 15.
Mar.
Si
of rec. Mar. 30a St. Maurice Valley Corp., pref.
National Dairy Products, corn.(quar.)
(quar.)
134
Apr. 1 Holders of roc. Mar. 15
75c. Apr. 1 Holders of rec. Mar.210 St. Regis Paper
Co., corn. (quar.)
Preferred A and B (quar.)
50c. Apr, 1 Holders of rec. Mar.20
15( Apr, 1 Holders of rec. Mar.21
Preferred (guar.)
Nat. Enamel & Stamping, pref. Muer.)- 134 Mar. 31 Holders of
134 Apr. 1 Holders of rec. Mar.20
rec. Mar. 110 Salt Creek Consol 011 (quar,)
National Lead, corn. (guar.)
20e. Apr. 1 Holders of rec. Mar,15
2
Mar.31 Holders of rec. Mar. 11
Savage Arms, first preferred (quar.)
National Licorice, preferred (quar.)
'13,4 Apr, 1 *Holders of rec. Mar.15
134 Mar.31 Holders of rec. Mar. 15
Second preferred (quar.)
National Refining, preferred (quar.)...
*134 May 16 *Holders of rec. May 1
2
Apr, 1 Holders of rec. Mar. 15
Convertible preference(No. 1)(qu.)
National Standard Co.(guar.)
75c. Apr. 1 Holders of ree. May.15
75e. Apr. 1 Holders of rec. Mar. 180 Sayers & Scoville
(quar.)
National Sugar Refining (quar.)
•$1.50 Apr, 1 *Holders of ree. Mar.19
15( Apr. 2 Holders of rec. Mar. 7
Extra
National Supply, preferred (quar.)
*51
Apr. 1 *Holders of rec. Mar. 19
154 Mar.31 Holders of rec. Mar.210
Preferred (quay.)
National Surety (quar.)
'114 Apr. 1 *Holders of rec. Mar.19
234 Apr. 1 Holders of rec. Mar. 18a Schulte Retail Stores,
common (quar.)
National Tea, common (quar.)
87140 June 1 Holders of tee. May 150..
$1
Apr. 1 Holders of rec. Mar. 19a
Common
(quar.)
Naumkeag Steam Cotton (quar.)
875ic Sept. 1 Holders of MO. Aug. 15a.
3
Apr. 1 Holders of rec. Mar. 17
Common (guar.)
8714c Dec. 1 Holders of rec. Nov. 15a.
Nelson (Herman) Corp. (guar.)
3130. Apr. 1 Holders of rec. Mar. 17
Preferred (guar.)
2
Apr. 1 Holders of rec. Mar.12a.
Stock dividend
el
Apr. 1 Holders of rec. Mar. 17
Schulz Baking, prof.(quar.)
15( Apr. 1 Holders of rec. Mar.15
Quarterly
30e, July 1 Holders of rec. June 20
Schwartz (Bernard) Cig., cl. A pf. (qua *50c. Apr. 1 *Holders of
Stock dividend
rec. Mar. 15
el
July 1 Holders of rec. June 20
Segal
Lock
Hardward.
&
(quer.)
pref.
__
13,4 Apr. 15 Holders of rec. Feb. 28
Quarterly
30e. Oct. 1 Holders of rec. Sept.4
Selberling Rubber, pref.(quar.)
Apr. 1 Holders of rec. Mar. 19
Stock dividend
el
Oct. 1 Holders of rec. Sept. 19
Shaffer
Oil&
Refg.,
(guar.)
pref.
15(
Apr.
25 Holders of rec. Mar.31
Nevada Consol. Copper (quar.)
373,4e. Mar.31 Holders of rec Mar. 17a Shanklin Manufacturing. Cl.
A ((Nara
50c. Apr. 1 Holders of rec. Mar.22
New Bradford 011 (quar.)
1234c Apr, 15 Holders of rec. Mar.31
Preferred (quar.)
$1.75 Apr. 1 Holders of rec. Mar.22
New England Fuel 011
25e. Apr. 1 Holders of rec. Mar. 18
Shattuck
G.)
(F.
Co.
(quar.)
50e. Apr. 11 Holders of rec. Mar.21a
Newmont Mining Corporation (quar.)_ _ 600. Apr. 15 Holders of rec.
Mar.31
Shawmut Mfg., pref. (quar.)
15( Mar.31 Holders of rec. Mar.21a
Newton Steel, common (quar.)
*50c. Mar.31 *Holders of rec. Mar.20
Sheffield Steel, corn. (quay,)
50e. Mr. 1 Holders of rec. Mar. 21
Preferred (quar.)
•154 Mar.31 *Holders of rec. Mar.20
Union
011, corn.(quar.)
Shell
35c. Mar,31 Holders of rec. Mar. la
New York Air Brake (quar.)
750. May 2 Holders of rec. Apr. 70 Sherwin-Willi
ams
Co.,
corn.
Can.,
(qu.)
Mar.31 Holders of rec. Mar.15
134
New York Title & Mortgage (quar.)_ _ 5
Apr. 1 Holders of rec. Mar.24
Preferred (quar.)
15( Mar.31 Holders of rec. Mar.15
Extra
1
Apr. 1 Holders of rec. Mar.24
Shredded Wheat, corn. (guar.)
75e. Mar.31 Holders of rec. Mar.21
New York Transportation (quar.)
50e. Apr. 15 Holders of rec. Apr. la Shreveport Eldorado
Pipe lane (quar.)
Niagara Share Corp., pref.(quar.)
50e. Apr. 1 Holders of rec. Mar. 150,
$1.50 Apr. 1 Holders of rec. Mar. 19
Sieloff Packing, corn. (quar.)
30c. Apr. 1. Holders of rec. Mar.21
North American Car Corp.(quar.)
623.4c Apr. I Holders of rec. Mar 430
Simmons
Company.
corn.
(quar,)
North American Provision. pref. ((Mara
50c. Apr.
Holders of rec. Mar. 15a
15( Apr. 1 Holders of rec. Mar. 10
Simms Petroleum ((Nara
North Star 011 & Refining Co., Ltd., pref 15( Apr. 1 Holders of
37Sic Apr. 1 Holders of rec. May. 15a
rec.
Mar. 15
Singer Manufacturing (guar.)
Norwalk Tire dr Rubber, pref. (quar.)_
134 Apr. I Holders
23,4 Mar.31 Mar. 11 to Mar.31
Extra
Novadel Process Co., preferred (guar.) *500. Apr. 1 *Holders of rec. Mar.250
334 Mar.31 Mar. 11 to Mar.31
of rec. Mar.25
Sloss-Sheffield Steel dr I., pref. (quay.).... 13,4 Apr. 1 Holders
Ogilvie Flour Mills (quar.)
$1.25 Apr. 1 Holders of rec. Mar. 23
of rec. Mar.21a
Smith (Howard) Paper Mills, prof.(qu.) 2
Ohio Brass, common (quar.)
Apr. 11 Holders of rec. Alan 31
$1
Apr. 15 Holders of rec. Mar. 31
South
Penn
011
(quar.)
Common (extra)
50c. Mar.31 Holders of rec. Mar. 15a
$1
Apr. 15 Holders of rec. Mar. 31
South Porto Rico Sugar,corn.(quar.)_
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 10a
13,4 Apr. 15 Holden( of rec. Mar. 31
Preferred (quay.)
Ohio Seamless Tube. pref.(quar.)
2
Apr. 1 Holders of rec. Mar. 100
$1.75 Apr. 1 Mar. 16 to Mar.3
South West Pennsylvania Pipe Lines(qu) $I
Oil Well Supply Co.. corn.(quar.)
Apr. 1 Holders of rec. Mar. 15
50e. Apr. 1 Holders of rec. Mar. 150 Southern
Baling, pref.(quay.)
Preferred (quar.)
$2
Apr. 1 Holders of rec. Mar.18a
15( May 2 Holders of rec. Apr.
Southern
15a
Stores
Corp..
class
A (No. 1)
Omnibus Corporation, pref. (quar.)_ _
50e. Apr. 1 Holders of rec. Mar.28
2
Apr. 1 Holders of rec. Mar. 18a Sparks-Within
gton Co., corn,(quar.).__ 25e. Mar.31 Holders of
Orpheum Circuit. corn.(monthly)
162-3c Apr, I Holders of roe. Mar.
rec. Mar. 190
19
Preferred (guar.)
Preferred (quar.)
15( Mar.31 Holders of rec. Mar. 1116
2
Apr. 1 Holders of rec. Mar. 15o
•15.1 Apr. 15
Otis Steel, prior pref. (quar.)
154 Apr. 1 Holders of rec. Mar. 19a Spear & Co., 2d pref.(guar.)
*Holders of rec. Apr. 1
Owens Bottle, corn,(quar.)
2
Apr. 1 Holders of rec. Mar. 19a
750 Apr, 1 Holders of rec. Mar. 16a Spicer Manufacturing, pref. (quar.) _ _
Standard Fruit & Steamship, first pref
Preferred (quar.)
15( Apr. 1 Holders of rec. Mar.16a
$3.50 Apr. 1 Holders of rec. May.15
Pacific Steel Holler (quar.)
25e.• Apr. 15 Holders of rec. Apr. la Standard Milling, common (quar.)
13,4 Mar.31 Holders of rec. May. 18a
Preferred (quay.)
Packard Motor Car, monthly
20e Mar.31 Holders of rec. Mar. 15a
11,4 Mar.31 Holders of rec. Mar. 180
Standard 011(Kentucky)(guar.)
Monthly
20e Apr. 30 Holders of rec. Apr.
$I
Mar.31 Mar. 18 to Mar.31
15a
Extra
Monthly
50c. Mar.31 Mar. 16 to Mar.31
20e May 31 Holders of rec. May 14a
Standard
Oil
(Ohio).
con.((Nara
Page-Hershey Tubes. com. (guar.)
75e
Apr. 1 Holders of rec. Mar. 19a Stanley
234 Apr. 1 Holders of rec. Mar. 15
Company (guar.)
Preferred (quar.)
75e. Apr. 1 Mar. 6 to Mar.31
144 Apr. 1 Holders of rec. Mar. 19
Stock dividend
Palge-Detrolt Motor. pref. (quar.)
•141 Apr. 1 *Holders of rec. Mar.
*20
Apr. 9 *Holders of rec. May. 5
15
Stanley Works, corn. (guar.)
Pan American Petroleum & Transport.
234 Apr. 1 Holders of rec. Mar. 12
Preferred (quar.)
Common and common B (quar.)
$1.50 Apr. 20 Holders of rec. Mar. 31a
15( May 16 Holders of rec. Apr. 30
State
Theatre
Paraffine Companies. corn. (quar.)
(Boston),
pref.(quara
*2
Apr. 1 *Holders of rec. Mar.
$1.50 Mar.28 Holders of rec. Mar. 17a
Steel Co.of Canada,corn.& ord.(au.)-Stock dividend
13,4 May 2 Holders of rec. Apr. 29
•f20
7
Stern Bros., class A (guar.)
Parke, Davie dc Co.(quar.)
250. Mar.31 Mar. 11 to Mar. 31
$1
Apr. 1 Holders of rec. Mar.21
Sterling
011
&
Special
Development
10c. Mar.31 Mar. 11 to Mar.
100. Apr. 5 Holders of rec. Mar.
31
304
Extra
Park-Utah Consol. Mines (quar.)
100. Apr. 5 Holders of rec.
20e, Apr. 1 Holders of rec. Mar. 15a
Mar.
Stone(H 0.) & Co., corn.(quay.)
Penick dr Ford, Ltd., common (guar.)._ 25e. Apr. 1 Holders of
$1.25 Apr. 1 Holders of rec. Mar.30a
rec. Mar. 151
Preferred (guar.)
Preferred (guar.)
15( Apr, 1 Holders of rec. Mar. 15
134 Apr. 1 Holders of rec.
15
Pennsylvania-Dixie Cement, coin. (qu.) 80e. Apr. 1 Holders of roe. Mar. 15a Stromberg Carburetor (quar.)
50e. Apr. 1 Holders of rec. Mar. 144
Mar. 15a
Pennsylvania Salt Mfg.(quar.)
$1.25 Apr. 15 Holders of rec. Mar. 31a Stroock (S.) & Co., Inc. (qua!'.)
75c. Apr. 1 Holders of rec. Mar.
15
Sullivan Machinery (guar.)
Peoples Drug Stores, Inc., corn.(No. 1)
$I Apr. 15 Apr. 1 to Apr. 14
Swedish-Amer. Invest., part. pref. (qua
(quar.)
250. Apr. 1 Holders of rec. Mar.
144 Apr. 1 Holders of roe. Mar.
8
15
Swift & Co. (quay.)
Pet Milk, common (quar.)
750. Apr. 1 Holders of rec. Mar. 11
2
Apr. 1 Holders of rec. Mar. 10
TelautograPh Co., Pref.(QUM%)
Preferred (quar.)
151 Apr. 1 Holders of rec. Mar. 11
15( Apr, 11 Holders of rec. May. 31
Telling-Belle
Vernon Co., common (qua .$1
Pettibone-Mulliken Co., 1st pref. (qu.). 15( Apr. 1 Holders of roe.
Apr, 1 *Holders of rec. Mar.21
Mar.21a
Preferred 13(quar.)
Second preferred (quar.)
•15( Apr. 1 Holders of rec. Mar.21
•154 Apr. 1 *Holders of rec. Mar.21
Texas Company (quar.)
Phelps Dodge Corporation (quar.)
$1.50 Apr, 2 Holders of rec. Mar.22
75e. Mar.31 Holders of rec. Mar. 44
Texas
Corporation (quar.)
Phillips Petroleum (quar.)
75c. Apr. 1 Holders of ree. Mar. 14a
75e. Apr. 1 Holders of rec. Mar. 44
Stock dividend
Pick (Albert) & Co.. pref.(quar.)
10
•154 Apr. 1 *Holders of rec. Mar. 21
Apr. 2 Holders of rec. Mar. 46
Pierce-Arrow Motor Car. pref. (quar.)_
Apr. 1 Holders of rec. Mar. 150 Texas Pacific Coal & Oil(quay.)
2
15e. Mar.31 Mar. 11 to Mar.31
Texon Oil & Land (quay.)
Pioneer Petroleum. pref
173,4o Apr. 30 Holders of rec. Apr. 15
200. Apr. 26 Holders of rec. Mar.254
Thompson
(John
Pittsburgh Plate Glass (quar.)
ft.)
Co.
(monthly)
Apr. 1 Holders of rec. Mar. 15
2
30c. Apr. 1 Holders of rec. Mar.23a
Monthly
Pittsburgh Steel Foundry. pref. (guar.). IS( Mar. 31 Mar. 21 to
30c. May 2 Holders of rec. Apr. 22a
Mar. 31
Monthly
Plymouth 011
*500. Mar.31 *Holders of rec. Mar. 24
30e. June 1 Holders of rec. May 23a
Thompson
froducts,
Prairie Pipe Line (quar.)
corn.(guar.)
$2.50 Apr. 30 Holders of rec. NIar. 31
3
Apr. 1 Holders of rec Mar. 19
Thompson -Starrett Co., pref
Pratt dr Lambert,coin.(guar.)
750. Apr. 1 Holders of rec. Mar. 15
4
Apr, 1 Holders of rec. May. 19
Pratt & Whitney, common
$60 Mar.31 Holders of rec. Mar. 17a Tide Water-Associated 011, pref.(qua
Apr. 1 Holders of rec. Mar. 11
134
Tide-Water
011 (Oust.)
Preferred (quar.)
13i e'er. 31 Holders of rec. Mar. 170
31 Holders of rec. Mar. 11
Mar.
3734c.
Timken-Detroit Axle, corn.(quay.)
Premier Gold Mining, Ltd
80. Apr. 4 Holders of rec. Mar. 15
150. Apr. 1 Mar. 22 to Apr. la
Common (extra)
Pressed Steel Car, preferred (quar.)
Sc. Apr. 1 Mar. 22 to Apr. 1
154 Mar.31 Holders of rec. Mar. la Tobacco
Products Corp., conc. (quar.)
Price Brothers, dc Co., Ltd.,com.(quar.)
Si Apr, 1 Holders of rec. Mar. 15
81.75 Apr. 15 Holders of rec. Mar.256
Tonopah Mining of Nevada
Preferred (quar.)
154 Apr. 1 Holders of rec. Mar. 15
7 Ke. Apr. 21 Apr. 1 to Apr. 7
Procter & Gamble,8% pref.(quar.)
2
Apr. 15 Holders of rec. Mar. 250 Tooke Bros.. Ldt.. preferred(
134 Apr, 15 Holders of rec. Mar. 31
(
Nar).Torrington Co. (quar.)
Pro-phy-lac-tic Brush, common (quar.)_ 500. Apr. 15 Holders of rec.
75e. Apr. 1 Holders of rec. Mar. 18
Apr.
la
Traveler
Shoe
(guar.)
Pure 0118% preferred (quar.)
2
Apr. 1 Holders of rec. Mar. 10a
37
Sic. Apr. 1 Mar. 10 to Mar.22
Trumbull-Cliffs Furnace, pref. (quar.)_
6% preferred (guar-)
13,4 Apr. 1 Holders of rec. Mar. 10
13,4 Apr. 1 Holders of rec. Mar. 19
Underwood Typewriter, corn.(quar.)
534% preferred (quar.)
154 Apr, 1 Holders of rec. Mar. 10
$1 Apr. 1 Holders of rec. Mar. 5a
Preferred (quay.)
134 Apr. 1 Holders of rec. Mar. 5a
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
$1.50 Apr. 1 Holders of rec. Mar. 4a
Union Carbide & Carbon (quar.)
62340 May 10 Holders of rec. May la
Union Storage (quar.)
6234c Aug. 10 Holders of rec. Aug. la
Quarterly
62Sic Nov. 10 Holders of rec. Nov. la
Quarterly
50e. Mar. 31 Holders of rec. Mar. 100
United Cigar Stores of America, com._
1134 Mar. 31 Holders of rec. Mar. 100
Common (in common stock)
United Drug, corn. (quar.)
234 June 1 Holders of rec. May 16a
May 2 Holders of rec. Apr. 15a
First pref. (quer.)
1M Apr. 1 Holders of rec. Mar. 15a
United Dyewood, preferred (quar.)
Apr. 1 Holders of rec. Mar. 50
$I
United Fruit(quar.)
$1.50 Apr. 1 Holders of rec. Mar. 5a
Extra
Apr. 30 Holders of rec. Mar. 3Ia
5
United Profit-Sharing, preferred
United Shoe Machinery, com. (quar.)_ _ 62Sic. Apr. 5 Holders of rec. Mar. 15
37 Sic. Apr. 5 Holders of rec. Mar. 15
Preferred (quar.)
United Verde Extension Mining (quar.)_ The. May d2 Holders of rec. Apr. 6
14 Mar. 31 Holders of rec. Mar. 9
U.S. Bobbin & Shuttle, pref.(quar.)..
U.S. Can, pref. (quar.)
134 Apr. 15 Holders of rec. Mar. 31
U.S. Cast Iron Pipe dc Fdy.. corn.(qu.)_
234 June 15 Holders of rec. June la
Common (quar.)
234 Sept. 15 Holders of rec. Sept. la
Common (quar.)
234 Dec. 15 Holders of rec. Dec. is
14 June 15 Holders of rec. June la
Preferred (guar.)
14 Sept. 15 Holders of rec. Sept. la
Preferred (guar.)
Dec. 15 Holders of rec. Dec. la
Preferred (quar.)
40c. Mar. 31 Holders of rec. Mar. 15
U.S. Gypsum, corn.(quar.)
Mar. 31 Holders of rec. Mar. 15
134
Preferred (quar.)
May 2 Holders of rec. Apr. 150
U. S. Industrial Alcohol, com. (guar.)._
134 Apr. 15 Holders of rec. Mar. 3Ia
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 2
$1
U. S. Playing Card, new common
50c. Apr. 15 Holders of rec. Apr. 1
U. S. Radiator, corn. (quar.)
134 Apr. 15 Holders of rec. Apr. 1
Preferred (quar.)
United States Steel Corp., corn. (quar.). 14 Mar.30 Holders of rec. Feb. 28a
Subj. to tockholders'meet.Apr.18
Common (payable in common stock). _ .40
75e. Apr. 1 Holders of rec. Mar. 146
United States Tobacco, corn
14 Apr. 1 Holders of rec. Mar. 146
Preferred !quar.)
Mar. 30 *Holders of rec. Mar. 17
U. S. Trucking, pref. (acct. accum.div.) *059
Universal Leaf Tobacco, corn. (quar.) _ _ 756. May 1 Holders of rec Apr. 15a
Apr. 1 Holders of rec. Mar. 19a
2
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 21
Universal Pictures, Inc., 1st pref.(quar.) 2
Universal Pipe & Radiator, pref.(quar.) 14 May 2 Holders of rec. Apr. 150
14 Aug. 1 Holders of rec. July 156
Preferred (quar.)
14 Nov. 1 Holders of rec. Oct. 156
Preferred (quar.)
$1.50 Mar.31 Holders of rec. Mar. 17a
Utah Copper Co.(quar.)
Apr. 1 Holders of rec. Mar. 18
2
Valvoline Oil, pref. (quar.)
1% Apr. 1 Holders of rec. Mar.22
Van Dorn Iron Works, pref. (guar.) _ _
Apr. 1 Holders of rec. Mar. 18
Venezuelan-Mexican Oil Corp., pref _ _ _ 4
Apr. 15 Apr. 1 to Apr. 15
Vipond Consol. Mom, Ltd. (Interim)... 3
75e. Apr. 15 Holders of rec. Apr. la
V. Vivaudou, Inc., corn. (quar.)
14 May 2 Holders of rec. Apr. 156
Preferred (quar.)
14 Apr. 20 Holders of rec. Apr. 140
Vulcan Detinning. pref. (quar.)
Apr. 20 Holders of rec. Apr. 14a
52
Preferred (account accum. div.)
151 Apr. 20 Holders of rec. Apr. 140
Preferred A (guar.)
Apr. 2 Holders of rec. Mar. 15
$1
Wabasso Cotton (quar.)
50c. Apr. 2 Holders of rec. Mar. 15
Bonus
Wahl Company. pref. (acct. accum.)_ h$L75 Apr. 1 Holders of rec. Mar. 25
37 Mc Apr. 1 Holders of rec. Mar. 190
Waldorf System, common (quar.)
20e. Apr. 1 Holders of rec. Mar. 19
Preferred (quar.)
75e. Mar.31 Holders of rec. Mar.21
Walworth Co., preferred (quar.)
Apr. I Holders of rec. Mar. 150
$2
Ward Baking, class A (quar.)
14 Apr. 1 Holders of rec. Mar. 150
Preferred (quar.)
50e. Ain. 2 Holders of rec. Mar. 160
Warner-Quinlan Co.(quar.)
Apr. 1 Holders of rec. Mar. 210
$1
Warren Bros., common (quar.)
75e. Apr. 1 Holders of rec. Mar. 21a
First preferred (quar.)
Second preferred
87340 Apr. 1 Holders of rec. Mar.21a
6234c Apr. 1 Holders of rec. Mar. 150
Waukesha Motor, corn. (guar.)
*75c. Apr. 1 *Holders of rec. Mar. 21
Waverly 011 Works, class A (guar.)
Mar. 30 Holders of rec. Mar. isa
$1
Weber & Hellbroner, com.(Oust.)
it' June 1 Holders of rec. May I60
Preferred (quar.)
Wellman-Seaver-Morgan, pref. (quar.)_134 Apr. 1 Holders of rec. Mar. 21
Mar. 30 Holders of rec. Mar. 15
$1
Wesson 011 de Snowdrift, cora. (quar.)
$1.50 Apr. 5 Holders of rec. Mar. 210
West Coast 011(quar.)
Apr. 5 Holders of rec. Mar. 210
$3
Extra
Apr. 1 Holders of rec. Mar. 15
2
West Point Manufacturing (quar.)
Western Auto Supply, Panic. pref. (qu.) 50c. Apr. 1 Holders of rec. Mar. 21
*52.50 Mar.31 *Holders of rec. Mar. 26
Western Electric (quar.)
$1.75 Apr. 30 Apr. 1 to Apr. 12
Westinghouse Air Brake(quar.)
Apr. 30 Holders of rec. Mar. 31a
Westinghouse Elec.& Mfg., corn.(quar.) $1
Apr. 15 Holders of rec. Mar. 316
$1
(quar.)
Preferred
$1 Apr. 1 Mar. 25 to Apr. 1
Westmoreland Coal(quar.)
Weston Elec. Instrument, el. A (quar.)_ 500. Apr. 1 Holders of rec. Mar. 250
Apr. 1 Holders of rec. Mar. 12
2
Wheeling Steel Corp., cl. A pref. (qu.).._
h60c. Apr. 1 Holders of rec. Mar. 12
Class A pref. (acct. accum. dive.)
1 Holders of rec. Mar. 12
Apr.
(quar.)
234
B
Class preferred
5750. Apr. 1 Holders of rec. Mar. 12
Class B pref. (acct. accum. divs.) _ _
14 Apr. 1 Holders of rec. Mar. 20
Whitaker Paper, pref. (quar.)
50c. Apr. 20 Holders of rec. Mar. 31a
White Eagle 011 dc Refining (quar.)
Mar. 31 Holders of rec. Mar. 15a
$1
White Motor Co. (quar.)
pref.
_
_
(quer.).
134 Mar. 31 Holders of rec. Mar. 15
Securities,
White Motor
White Rock Mineral Springs, com.(qu.) 50c. Apr. 1 Holders of rec. Mar. 26
Apr. 1 Holders of rec. Mar. 26
First preferred (guar.)
234 Apr. 1 Holders of rec. Mar.28
Second preferred
Whitman (William) Co., Inc., pref.(qu.) 15.1 Apr. 1 Holders of rec. Mar. 17
Apr. 1 Holders of rec. Mar. 15
2
Will & Baumer Candle, pref.(quar.) _ _ _
134 Apr. 1 Holders of rec. Mar.220
Willys Overland. pref. (quar.)
50c. Mar. 30 Holders of rec. Mar.21
Wolverine Petroleum Corp. (quar.)
15c. Mar.31 Holders of rec. Mar. 15
Woodley Petroleum (quar.)
1 M Apr. 1 Holders of roe. Mar. 21
Woods Manufacturing. Pref. (quar.)
Apr. 1 Holders of roe. Mar. 206
25e.
(monthly)
Co.
&
Jr.
Wrigley (Wm.)
250. May 2 Holders of rec. Apr. 20a
Monthly
250. June 1 Holders of rec. May 20a
Monthly
250. July 1 Holders of rec. June 200
Monthly
Apr. 1 Holders of rec. Mar. 100
31
Yale & Towne Manufacturing (quar.)
$1.25 Apr. 1 Holders of rec. Mar. 15
Corp.
Taxi
Y.)
(N.
Yellow
(quar.)
Yellow Truck & Coach, pref. (quar.)-- - 134 Apr. 1 Holders of rec. Mar. 150
Youngstown Sheet & Tube, corn. (quar.) $1.25 Apr. 1 Holders of rec. Mar. 14a
Apr. 1 Holders of rec. Mar. 14
I
Preferred (Uaar.)
•From unofficial sources. f The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. f The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable In stock.
/Payable in common stock. g Payable in scrip. 11 On account of accumulated
dividends. m Payable in preferred stock.
p Seagrave Co. dividend is 30c. cash or 234% In stock.
Philadelphia Co. stock dividend is one one-hundred-twentieth of a share of
common stock.
r Payable either in cash or class A stock.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Mar. 19. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers (000) omitted.)
New
Reserve
Capital. ProfUs. Loans,
Net
Time Bask
with
Discount, Cash
Week Ending
De- CircaLegal Demand
in
Mar. 19 1927. Nat'l, Dec. 31 InvestState, Nov.16 ments, Vault. Deposi- Deposits. peseta. tales.
tortes.
&c.
(000 omitted.) Tr.Cos. Nov.15
Members of Fed. Res. Bank.
Bank of N Y &
$
Trust Co__ 4,000 13,354
Bk of Manhat'n 10,700 15,854
6,500 5,286
Bank of Arneric
National City__ 75,000 65,829
Chemical Nat__ 4,500 19,061
Nat Bk of Com_ 25,000 42,479
Chat Ph N13 dr T 13,500 13,329
Hanover Nat_ 5.000 26,605
Corn Exchange_ 10,000 16,174
National Park__ 10,000 24,319
Bowery & E R. 3,000 3,524
First National_ 10,000 77,448
Am Ex Irving To 32,000 28,808
Continental__ __ 1,000 1,269
Chase National_ 40,000 38,221
500 2,985
Fifth Avenue__
740
800
Commonwealth.
Garfield Nat'l__ 1,000 1,830
Seaboard Nat'l_ 6,000 11,007
Bankers Trust_ 20,000 35,540
U S Mtge & Tr_ 3,000 4,965
Guaranty Trust 25,000 25,202
Fidelity Trust... 4,000 3,235
New York Trust 10,000 21.813
Farmers L dc Tv 10,000 19,908
Equitable Trust 30,000 22,907
Payable either in cash or in stock at rate of 2 7-100ths of a share of class A stock
for each share of original pref. and 4 72-100ths of a share of class A stock for each
share of $7 dividend series preferred stock.
quarterly
u Declared dividend for full year 1927 on all classes of stocks. payable In
Installments as above, first payment to be made April 1.
Payable In common stock at rate of one-fortieth of a share for each share held.
of
ts Payable in either cash or class A stock at rate of one-fortieth of a share
class A stock for each share of common.
received In order In London on
z Dividend Is 10 pence per share. All transfers
of dividend to transferees.
er before March 3 will be in time for payment
take
additional
class A stock at rate of
may
cash
y Class A stockholders In lieu of
B
a
one-fortieth of a share for each share held and class stockholders one-fortieth of
share of class 13 stock.
held.
stock
common
for
shares
100
each
of
shares
two
Is
EP. Lorillard stock dividend
Average. Average Averag
78,666
169,111
75,692
782.316
136,128
371,693
220,863
121,562
206,092
164,366
68.278
301,319
424,778
7,864
569,869
25,602
13,108
17.831
125,572
349,248
.59,624
469,531
42,564
169,459
145,927
277,952
501
2,954
1,067
4,046
1,071
809
2,538
581
4,689
841
1,789
550
4,108
125
6,739
683
440
483
848
930
755
1,474
657
681
540
1,706
8,006
17,383
11,067
81,775
16,269
42,200
22,655
13,791
24,573
16,914
6,786
27,594
50,632
876
66,748
3,685
1,318
2,508
15.798
35,297
7,458
51,723
4,811
18,169
14,384
30,506
Average. Average Avgs.
59,335 9,165
128,030 25,522
83,830 3,674
*817,763137,237
122,544 3,195
318,487 25,220
168,066 44,673
105,826
171,993 31,344
129,851 6.457
46,616 20,905
209,825 10,629
379,777 40,321
,
*528,632 37,783
2
55
88
5:8
28
4,5ia
783
17,184
120,828 2,919
*295,490 45,250
56.772 4,852
*462,283 63,370
36,179 4,173
131,237 24,556
*110,241 20.255
*318,576 30,891
____
95
347
_
6:138
4,705
2,981
8,468
2,470
47
- --- --_-_--
Total of averages 361,500541,7015,395,015 41,605592,924 c4,392,561597.980 23,251
Totals, actual condition Mar.195,457,0971 41,122667,704 e4,420,8851598,074 23,266
Totals, actual co nditIon Mar.10,268,920 43,883632,402 e4,262,234593,054 23,202
Totals, actual condition Mar, 515,237.678 42,438560,724c4,219,147595,53823,363
State Banks Not Me mbers of Fed'I Res've Bank.
24,7801 1,560 2,981
Greenwich Bank 1,000 2,645
State Bank.... 5,000 5.761 107,061 4,630 2,399
36,200 3,600 1,800
Colonial Bank__ 1,400 3,000
23,465 2,827
38.138 63,544
29,775 5,924
-- -_ _
168,041
9,790
7,180
91.378 72,2951 ----
Totals, actual condition Mar.19 168,864
Totals, actual condition Mar.12 169,010
Totals, actual condition Mar. 5 166,318
9,410
9,838
9,876
7,172
6,470
5.817
91.809 72,340 ____
91,989 72,406 -89,119 72,232 ----
Trust Companies Not Membe vs of Fed
65,224
Title Guar & Tr 10,000 19,506
24,142
Lawyers Trust_ 3,000 3,429
Res'v e Bank
1,800 4,215
899 2,045
Total of average
7,400 11.408
39,838
19,470
939
988
Total of averages, 13,000 22,936
89,366
2,699
6,260
59,308
1,925
Totals, actual cofndltion Mar.19
Totals, actual Condition Mar.12
Totals, actual condition Mar. 5
91.143
88,886
90,374
2,587
2,705
2,688
6,736
6,112
6,762
61.819
58.721
62.502
1.934
1,937
1,969
___.-
Gr'd aggr., avge.381,900576,0445,652,422 54,094 606,364 4,543,247672,20023,251
Comparison with prey. week_ _ +149,016-1,096 +20839 +149.522 +6,2311 +25
Gr'd aggr., acrlcond'n Mar.19 5.717,104 53,119681,612 4,574,513672,348 23,266
Comparison with prey. week__ +192,288-3,165 +36628 +161,569 +4,9511 +64
Ord aggr.,
cond'n Mar.125.524.816 56,284 644,984 4,412,944 667,397 23.202
Gr'd aggr., act'lcond'n Mar. 54,494,370 55,000 573,300 4,370,768 669,739 23,363
Gr'd aggr., dalcond'n Feb.28 5,497,097 58,006 615,731 4,389.693679,527 23,368
Gr'd aggr., act'lcond'n Feb. 19 5,417,574 55,242 564,042 4,306,904 686,412 22,467
Gr aggr., aelcond'n Feb. 11 5,412,263 64,738 600,958 4,361,691 681,911 21,441
21,237
Or'd aggr.. acticond'n Feb. 55.420,259 56.739 581.749 4,362,872 885,796
Note.-U. S. deposits deducted from net demand deposits In the general totals
above were as follows: Average total Mar. 19, $61,523,000. Actual totals Mar. 19.
$81,139,000; Mar. 12, $22,163,000; Mar. 5, $23,562,000; Feb. 26, $24,964,000:
Feb. 19, $24,963,000; Feb. 11.524,963.000. Bills payable, rediscounts, acceptances
and other liabilities, average for week. Mar. 19. $609,186,000; Mar. 12, 534,185,000.
Mar. 5, $621,780,000; Feb. 26, 5615,645,000; Feb. 19, 5622,535,000; Feb. 11, 5611.Mar. 5;
265,000. Actual totals, Mar. 19, 5696,820,000; Mar. 12, $698,354,000;
5630,917,000.
5643.573,000; Feb. 26, $648,529,000; Feb. 19,,5611,579,000; Feb. 11,
follows:
as
footings
total
In
• Includes deposits In foreign branches not included
Bankers
National City Bank, $233,054,000; Chase National Bank. $12.901,000; & Trust
Loan
Farmers
587,216,000;
Co.,
Trust Co., $34,918,000; Guaranty Trust
in
Co., $4,574,000; Equitable Trust Co., $94,983,000; Balances carried in banks
foreign countries as reserve for such deposits were: National City Bank, 537.048,000;
Trust
$2,276.000;Guaranty
Chase National Bank. $2,489,000; Bankers Trust Co.,
Co., $3,254,000; Farmers' Loan & Trust Co., 54,574,000; Equitable Trust Co.;
$7,000,000.
C Deposits in foreign branches not Included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
0 Subject to approval of stockholders.
I Payable either in cash or Class A stock at rate of $25 per share.
[voi... 124.
THE CHRONICLE
1786
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank_ _
State banks*
Trust com panics*. _ _
9.790,000
2.699,000
Total
Reserve.
Reserve
Required.
ParNUJ
Reserve.
$
$
592,924,000 592,924,000 592,657,270 75,046,730
56,380
7,180,000 10,970,000 16.525,620
50.150
6,260,000 8.959,000 9,272,850
75,153,260
Total Mar. 10....... 12,489,000 606,364,000 618.853,000 618,455,740 3,384,500
12,526,000 585,525,000 98,051,000 594,666,500
Total Mar.12_
4,003,990
598,179,010
589.688,000
602,183.000
12,495,000
5
Total Mar.
-78.130
Total Feb. 26..... 12,426,000 573.190,000 585.616.000 585,694.130
• Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits In the case of State bank/
and trust companies, but In the case of members of the Federal Reserve Dank;
follows:
Includes also amount of reserve required on net time deposIts,which was as
Mar. 19, $17,939,400; Mar. 12, 517,751,540; Mar.5, $18,118,380; Feb.26, 318,203;
160; Feb. 19, $18.428,130; Feb. 11, 318,313.110.
MAR. 26 1927.1
T-FM CHRONICLE
Actual Figures.
Cash
ReS01011
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank_ _
State banks.
Trust companies*._
$
9,410.000
2,587,000
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
$
667,704,000 667,704,000 588,972,330
7,172,000 16,582,000 16,448,040
6,736,000 9,323,000 8,898,200
$
3,951,670
521,960
82,800
Total Mar. 19.___ 11,997,000 681,612,000 693,609,000 614,316,570 4,536.430
Total Mar.12_ _
12,401,000 644,984,000 657,385.000 597,248,210 60.136,790
Total Mar. 5._ 12,562.000 573,300,000 585,862.000 591,771,970 -5.909.970
Total Feb. 26_ _ 12,504,000 615,731,000 628.235,000 594,637.180 33.597.820
•Not members of Federal Reserve Bank.
ants is the reserve requlred on net demand deposits in the ease of State banks
and trust companies, but in the cam of members of the Federal Reserve Bank includes also the amount of reserve required on net time deposits. which was as follows:
Mar. 19, 817,942,220; Mar. 12. $17,791,620; Mar. 5, 817,866.140; Feb. 26. $18,165,090; Feb. 19, 818,372,810; Feb. 11, 818,241,710.
1787
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.
Mar. 23
1927.
Changes from
Previous Week.
Mar. 16
1927.
Mar.9
1927.
$
$
$
$
Capital
72,650,000 Inc. 63,000.000
69.650,000
69.650,000
Surplus and profits.-93,448,000 Inc. 1,000,000
92,448,000
92,448,000
Loans, dise'ts a, invest_ 1,041,143,000 Inc. 23.773,000 1,017,370,000
1,009,350.000
Individual deposits.... 670,240.000 Dec. 12,329,000 682,569,000
Due to banks
147,954,000 Inc. 1,169,000 146,785,000 668,440,000
145,985,000
Time deposits
236,084,000 Inc. 2,222,000 233,862,000 232,345,000
United States deposits_
33,151,000 Inc. 16,278,000
16,873,000
9.797,000
Exchanges for Cl'g 'Pee
36,191,000 Dec. 4,708,000
40,899,000
34,258,000
Due from other banks
81,989,000 Dec. 3,370,000
85.359,000
80.504.000
Reeve in legal deposles
79,491,000 Dec. 1,043,000
80,534,000
79,260.000
Cash in bank
9,027,000 Dec.
196,000
9,223,000
9.325,600
Rea've excess In F.R.Bk
317.000 Dec.
94.000
411.000
228.000
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return for
the week ending Mar.19, with comparative figures
panies in New York City not in the Clearing House as follows: for the
two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN
GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in vaults"
Differences from
March 19.
is not a part of legal reserve. For trust companies not
Previous Week.
Loans and investments
$1,279,773,300 Inc.314,017,700
Gold
members of the Federal Reserve System the reserve required
4,717,400 Inc.
68,800
Currency notes
23,769,600 Inc.
348,200 is 10% on demand deposits and
Deposits with Federal Reserve Bank of New York_ 107,750.500 Inc.
includes "Reserve with
3,556,000
Total deposits
1,334,382,300 Inc. 18,256,100 legal depositaries" and "Cash in vaults."
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City exchange, and U.S.deposits_1.249,977,500 Inc.
8,226,100
Reserve on deposits
179,773,300 Inc. 5,188,700
Percentage of reserves, 21.3%.
RESERVE.
Banks----Trust Companies-Cash In vault
*340,343,800 17.56%
895,893,700 15.67%
Deposits in banks and trust cos..... 11,518,200 5.01%
32.017,600 5.23%
Total
$51,862,000 22.57%
5127,911,300 20.90%
Includes deposits with the Federal Reserve Bank of New York. which
for the
State banks and trust companies combined on March 19 was $107,750,50
0.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
, trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIE
S IN
GREATER NEW YORK.
Week EndedNov. 20
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 25
Dec. 31
Jan. 8
Jan. 15
Jan. 22
Jan. 29
Feb. 5
Feb. 11
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. la
Loans and
Investments.
Demand
Deposits.
Total Cash
in Vaults.
Reserve in
Depositaries.
$
6,570,297,600
0,599,992,200
6,689,295,600
6,667.713.300
6,684.332,100
6,713,433,300
6,837,671,900
6.954,175.000
6,819,657,900
6,755,555,500
6.710,870,100
8,728,899.400
6,870.129.400
6,657,735,000
8,882,585.900
6,770,284.900
6.789,161,600
6.932.195.300
$
5,551,891,300
5,550,678,300
5,716,914,900
5,586,288.800
5,630,977,600
5.636,517,700
5,741,187,400
5,898,416,700
5,789.308,200
5.801,064,500
5,714,684,400
5,721,854,900
5,842,353,800
5,545,046,000
5,549,193,800
5,645,318,300
5,635,476,400
5.793.224.500
$
84,480,000
88,468,400
76,615,500
88,536,600
96,557.700
105,590,700
95,908,300
91,552,900
91,267,300
81,093,000
85,754,700
83,192,800
86,676,800
84.366.800
86.470,300
83,732,500
83,956,400
82.551 000
8
724,021.000
728.368.600
734.203,700
726.827,700
738,221,800
734,688,400
761,848,700
786,239,700
757,056,100
746,207,200
731,499,000
731,203.50(
721,361,70(
726,327.800
715.260.100
732,128,700
731,343,200
7u7 ardi sot
New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing
House by clearing non-member institutions and which are
not
included in the "Clearing House Returns" in the foregoing
:
RETURN OF NON-MEMBER INSTITUTIONS
OF NEW TORE
CLEARING HOUSE.
(Stated in thousands of dollars, that is, three ciphers
10001 omitted.)
CLEARING
NON-MEMBERS Capital.
Loam.
DUNei
counts,
Profits. Investmanta,
etc.
Reserve
Cash
with
Net
Net
In
Legal Demand Time
Vault. Deposi- Deposits.Dep
oette.
tortes.
Two Ciphers (00)
omitted.
Capital
Surplus and profits
Loans. disets & investm'ts
Exchanges for Clear. House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Reeve with legal deposits_
Reserve with F.R.Bank..
Cash in vault*
Total reserve & cash held..
Reserve required
Excess res. & cash in vault_
Week Ended March 19 1927.
Membersof
Trust
FR System Companies
1927
Total.
March 12
1927.
$50,225,0
152,996,0
956.733,0
36,539,0
103,334,0
139,292,0
627,757,0
154,037.0
921.086,0
March 5
1927.
$5,000,0 $55,225.0 55,225,0
17,812,0 170,808.0 170,808,0
48,490.0 1005,223,0 989,638.0
575,0 37,112,0 32.231,0
16,0 103,360,0 97.116,0
1,019.0 140,311,0 136.468,0
31,098,0 658,855,0 652.861,0
2,313,0 156,350.0 155,932,0
34,430,0 955,516,0 945,261,0
6,341,0
6,341.0
4,911,0
69,808,0
89,808,0 69.782,0
*9,426,0
1,434,0 10,860,0 11,469,0
79,234,0
7,775,0 87,009,0 86,162,0
69,055,0
4,843,0 73.898,0 73.772,0
10,179,0
2.932.0 13,111,0 12.390.0
•Cash in vault not counted as reserve for Federal Reserve members.
855,225,0
170,808,0
985,447,0
40.824,0
108,184.0
138,398,0
665,730,0
156,662,0
960.790,0
3,640,0
71,031,0
11,012,0
85.883,0
73,936.0
11.747.0
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Mar. 23 1926 in
comparison with the previous week and the corresponding
date last year:
Mar.23 1927. Mar.16 1927. Mar.24 1926.
Re40147teltGold with Federal Reserve Agent
378.610,000 458,722,000 344,113,000
Gold redemp. fund with U. S. Treasury. 12,718,000
8,986,000
13,014,000
Gold held exclusively agst. F.R.notes_ 391,328.000
Gold settlement fund with F. R. Board__ 198,014,000
Gold and gold certificates held by bank_ 499,570,000
467,708.000
62,795,000
506,429.000
357,127,000
295,730,000
342,393,000
Total gold reserves
Reserves other than gold
1088.912.000 1,036,932,000
32,074,000
32,786,000
995,250,000
43,826,000
Total reserves
Non-reserve cash
Bills discountedSecured by U.S. Govt. obligations
Other bills discounted
1,120,986.000 1,089.718,000 1,039,076,000
18,017,000
19,073,000
24,789,000
_ 109,137,000
31,507,000
3.5,532,000
14,034,000
110,651,000
37,015,000
140,644,000
52,183.000
49,566,000
42,672,000
147,666,000
62,821,000
7,813,000
14,587.000
58,322,000
4,859,000
7,027,000
158,988,000
2,547,000
29,242,000
22,300,000
80.722,000
170,872,000
54,089,000
2,192,000
Total bills and securities (See Note)
273,499,000
283,110,000
266,768,000
Due from foreign banks (see Note)
Uncollected items
Bank premises
All other resources
660,000
154,456,000
16,276,000
1,979,000
659.000
214,475,000
18,278,000
1,920,000
643,000
143,128,000
16,666,000
2,910,000
Total bills discounted
Bills bought in open market
U.S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
Total U.S.Government securities-Foreign loans on gold
Total resources
1,585,873,000 1,585.231,000 1,493,980,000
LiabilitiesFed'I Reserve notes In actual circulation_
Deposits-Member bank, reserve &eel._ 413,842,000 413,986,000 369,886,000
922,319,000 865,630,000 886,287,000
Government
Members of
516,000
Average. Average. Average.
202,000
7,821,000
Foreign bank (See Note)
Average.
Fed'i Reeve Bank.
$
8
$
1,877,000
$
$
3,825,000
936,000
s
Other deposits
s
Grace Nat Bank_ _ _
1,000
1,950 13,673
10,274,000
46
10,601,000
7,931,000
1,085
7,339
3,793
State Banks.
Total deposits
Not Members of the
934,986,000 877.369,000 905,864,00e
Deferred availability items
Federal Reserve Rant
134,377.000 191,318,000 121,519,000
Capital
paid In
Bank of Wash. Hui_
400
1,028 10,437
38,173.000
38.164.000
869
33,888,000
434
Surplus
7.235
3,337
Trust Company.
61.614.000
61,614,000
59,964,000
All other liabilities
Not Member of the
2,881.000
2,780,000
2,859,000
Federal Reserve Bank.
Total liabilities
mech.Tr., Bayonn
500
860
1,585,873.000 1,585,231,000 1,493,980,000
9,284
340
187
3,740
5,848
Ratio of total reserves to deposit and
(led aggr., Mar. 19
1.900
3,640 33,394
1,255
1,706 Is18.314 12,978
Fed'l Ree've note liabilities combined_
comparison with p ev. week
83.1%
+247
-2
82.8%
81.4%
-12 +130
Contingent
liability on bills purchased
-20
for foreign correspondence
°ea agar.. Mar. 12 1,900 3.640 33,147 1.257 1,718 *18,184
40.883,000 40.315,000
18,363,000
peg aggr., Mar. 5
12,998
1.906
3,640 33.155
1,228
1,754 a18,070 12,957
NOTE.-Beginning with the statement of Oct. 7 1925,
1,900
two new items were added
3,640 33,965 -4,220
Or'd Mgr., Feb. 28
1,725 al8.086 12,943 n order to show separately the amount of balances
held abroad and amounts due to
(led mgr.. Feb. 19
1,900
3,640 34,163
1.312
1.794. a19.000 Is
ans foreign correspondents. In addition, the caption, "All other earning
wets." previously
made
of Federal intermediate credit bank debentures, was changed
•United States deposits deducted, $41,000.
to "Other
securities." and the caption "Total earning assets"
to "Total bills and securities."
Bills payable. rediscounts. acceptances, and other liabilities;
latter
The
term
was
adopted as a more accurate description of the total of the
32,921.000.
disDeficit in remove. $36,820 decrease.
counts.aeoeptances and securities acquired under the provisions of
Sections 13 and 14
of the Federal Reserve Act, which it wasstated, are the only
itemsincluded therein.
Week Ending
Mar. 19 1927.
[VOL. 124.
THE CHRONICLE
1788
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Mar.24.and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 1753 being the first item in our department of "Current Events and Discussions."
MARCH 23 1927.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
Mar.231927. Mar.161927. 3.f,r.9 1927. Mar. 2 1927. Feb. 23 1927. Feb. 10 1927. Feb. 9 1927. Feb. 2 1927 Mar. 241926.
--$
$
s
s
0
0
RESOURCES.
1,404,307,000
1,552.754,000
1.552.632,000
1,534,183,000
1.560,960,000
1,573,277,000
1,547,671,000
. 1,619,911,000 1,689,080.000
Gold with Federal Reserve agents
58,086,000
52,926.000
38.751.000
44,528,000
44.346,000
47,442,000
43.204,000
48,481,000
51,105,000
Gold redemption fund with U. S. Treas
1,462,393,000
1,605,680,000
Gold held exclusively agst• F. R. note'. 1,671,016,000 1.735,561,000 1.620,719,000 1.577,387,000 1,599.711,000 1.592.199.000 1.596,978.000 894,679,000 713,203,000
Gold settlement fund with F. R. Board_. 608,963,000 524,085,000 590,876,000 633,998,000 621,859,000 618,854.000 610,064,000
703,657,000 764,095,000 792,066,000 770.201,000 761.528.000 781,010,000 772.410,000 761.504.000 618,885,000
Gold and gold certificates held by banks
. 3,033,636,000 3.023,741.000 3,012,661,0002,981,586,000 2.983,098,000 2,990,063,000 2,980,352,000 2.961,863,000
159,644,000 161,144,000 180,619,000 162,328.000 157,938,000 168,013,000 167,906,000 166,786,000
Total gold reserves
Reserves other than gold
2,794,481.000
155,295,000
3,193,280,000 3,184,880,000 3,173,280,000 3.143,914,000 3.141,036,000 3.158,076,000 3,148,258,000 3,128,649,000 2,949,776,000
Total reserves
66,102,000
71,849.000
74,783,000
74,900,000
66,755,000
66,126,000
68,554,000
67,896,000
66,465,000
Non-reserve cash
BIM discounted:
340,564,000
203.661,000
202,048,000
210,357,000
230,054,000
240,074.000
248,505.000
175,457,000
Secured by U. S. Govt. obligations__ 268,421,000
188,716,000 155,065,000 175,865.000 186.139,000 187.572.000 165,516,000 177,017,000 189.010,000 276,983,000
Other bills discounted
457,137,000 330.522,000 415,939,000 434,644,000 397.009,000 396,470.000 379,085,000 393.271,000 617,547,000
Total bills discounted
252,228,000
231,259,000 218.870.000 264,685,000 289,023,000 080,189.000 314,985,000 302,505,000 329,072,000
Bills bought in open market
U. S. Government securities:
63,877,000
53,351,000
57,370,000
56,788,000
56.148,000
58,888,000
65,413.000
58,364,000
61,950,000
Bonds
93,320.000 121,308,000
93,008,000
94,687,000
93,075,000
94,807,000
80,251,000
61,394.000
71,733,000
Treasury notes
123,016,000
157,208,000
155,345,000
159,646,000
155,122,000
208,564,000 355,582,000 161,265.000 157,399,000
Certificates of indebtedness
Total U. S. Government securities_
Other securities (see note)
Foreign loans on gold
Total bills and securities (see note)
Due from °reign banks (see note)
Uncollected items
Bank premises
AU other resourees
342,247,000
2,000,000
075,340.000
2,000,000
1.032.643.000 1.026.732,000
659,000
660,000
644,812.000 844,454.000
58,464,000
58,471,000
11,541,000
11,688,000
306,929.000
2,000,000
310,974.000
2,000,000
989.553,000 1.030,641.000
658.000
659,000
616,499,000 693,213,000
58,381,000
58,460,000
12,730,000
12,735,000
305,208,000
2,000,000
311,823.000
2,000,000
985,326,000 1,025,278,000
658,000
659,000
610,008,000 798,547,000
58,350,000
58,351,000
12,322,000
12,577,000
304.678,000
2,500,000
303.879,000
2,500,600
308,201,000
3,810,000
8,010,000
988,748,000 1,028.722,000 1,189,796,000
643,000
657.000
658,000
581,732,000 836.827.000 635,857,000
59,406,000
58,269,000
58,329,000
14,732,000
12,195,000
12,438,000
5,008,019,0005,194,031,000 4,919.734,000 5,012,298,000 4,874,303,000 5,128,211,000 4,864,946,000 4,937,168,000 4,916,312,000
Total resources
LIABILITIES.
F. R. notes in actual circulation
DepositsMember banks-reserve account
Government
Foreign banks (see no6e)
Other deposits
1,701,642,000 1,706,227.000 1,718,893,000 1,716,456.000 1.708,330,000 1.685.431.000 1,694.120,000 1,686.515,000 1,658,996,000
2.300,454,000 2,295,305,000 2,221,149,000 2,231,271,000 2.165,653,000 2.288,588.000 2,221,130,000 2,241,46,000 2,218,007,000
68,892,000
32,768,000
27,727,000
28,521,000
23.305,000
35.265,000
15,189,000
5,700,000
2,830,000
8,420,000
4,866.000
4,959,1i i
4,707,000
5,388.000
4.650,000
4.929,000
5,759,000
4,818,000
18,313,000
18,631,000
17,610,000
19.846.000
14,116,000
16.595,000
19,767,000
17,424,000
20,079,000
2,329,337,000 2,323,032.000 2,060,755,000 2,289.581,000 2,214.682.000 2,342.343,000 2,267,046,000 2,298,211,000 2,313,632,000
608,526,000 797,302,000 572,160.000 039,340,000 584,874,000 730.963.000 538,629.000 587,680,000 588,910,000
127,567,000 127.602,000 127,700.000 126,788,000 106,509,000 126,099,000 125,825,000 105.748,000 120,404,000
228,775,000 228,775,000 228.775,000 228,775.000 228.775.000 228.775.000 228,775,000 228,775,000 220,310,000
14,060,000
10,239,000
10,551,000
10,600.000
11,133,000
10.856.000
11,451,000
12.172,000
11,603.000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
5.008,019,000 5,194,631,000 4,919,734,000 5.012,298,000 4.870,303,000 6.128.211.000 4,864.900,000 4.937,168.000 4,916,312,000
Total liabilities
italic, of gold reserves to deposit and
70.3%
74.3%
75.2%
74.2%
74.4%
76.0%
75.7%
75.2%
75.0%
F. R. note liabilities combined
Ratio of total reserves to deposit and
74.3%
78.5%
79.5%
78.4%
80.1%
78.5%
79.7%
79.2%
79.0%
F. R. note liabilities combined
Contingent liability on bills purchased
71,016,000
77,780,000
91.978,000
92,329.000
92.002.000
95,834,000
96,480,000
147,946,000 145,583,000
for foreign correspondents
,
$
$
a
$
$
$
s
$
5
Distribution by Maturities89.509,000 126,376,000 142,585,000 140,395.000 175.233,000 137,494.000 153,851.000 110,540.000
1-15 days bills bought In open market. 102,980.000
370,035,000 241,049,000 325,347.000 347.005,000 309,200,000 310.434,000 286,204,000 296.490.000 486,050,000
1-15 days bills discounted
2,884,000
9,360.000
1,829,000
9,140,000 177,500,000
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
61,546,000
03,787,000
95,699,000
61,531,000
68,623,000
57,634.000
65.828.000
58,518,000
58,439.000
113-30 days bills bought in open market
31,386,000
26,708,000
26,093,000
23.741,000
24,047,000
20,246,000
24,948,000
24.462.000
25,881,000
16-30 days bills discounted
550,000
650,000
16-30 days U. S. certif. of indebtedness.
16-30 days municipal warrants
52,619,000
60,322,000
48,816,000
49,505,000
51,039,000
55,236,000
54,832,000
52,369,000
56,206,000
31-60 days bills bought in open market_
51,259,000
38,881,000
36,305,000
35,922,000
34,118,000
35,699,000
35,088,000
32,075,000
33.445,000
31-60 days bills discounted
81-60 days U. S. certif. of Indebtedness_
81-60 days municipal warrants
22.749,000
18,810.000
15.775,000
18,734,000
23,234,000
22,587,000
01,815,000
15,563,000
11,999.000
61-90 days bills bought In open market_
35,345,000
21,560,000
21.670,000
19,498.000
17.628,000
20,976 000
18,368,000
20,252,000
21,640.000
01-90 days bills discounted
25,203,000
5.421,000
70.709,000
146,000
01-90 days U. S. certif. of Indebtedness_
01-90 days municipal warrants
4,779,000
4,302,000
9,721.000
2,800.000
3,256,000
3.561.000
3,140.000
2,090,000
1,556.000
aver 90 days bills bought In open market
13,507,000
9,502,000
8,393,000
8,679,000
8.933.000
9,870.000
9.661,000
8.894,000
9,440,000
Over 90 days bills discounted
94,929,000
157.208,000
155.286,000
140.701,000
155,570,909
155,345,000
124,165,000 177,286,000 161,265,000
Over 90 days certif. of Indebtedness
Over 90 days municipal warrants
2.054.551,9002,807,701.000
F. R. notes received from Comptroller 2,926,576,000 2,921,182,000 2,930,573,000 2,017,319,000 2.928,346,000 2,940,114.00012,948,063.000 865,848,000 827,637,000
833,073,000 828.973,000 832.818,000 845,078,000 8111,698,000 870,268,000 871,288,000
F. R. notes held by F. R. Agent
1,980,064,000
2.093,503.000 2.002.209.000 2,097,755,000 2.072,241.000 2,066.648,000 2.089.846.000 2,076,775,000 2,088,703.000
Issued to Federal Reserve Banks
Row SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
400,640.000 400.640,000 371.534,000 367.052,000 362,953.000 357.928.000 357,927,000 357,927,000
96.904,000
99.855.000 107.885,000 101,470,000 101,453,000 109,744,000
06,137,000
101,884.0001
1,117,387,000 1,190,303,000 1,101,888,000 1.058.546.000 1,096.537,000 1.088.200.000 1,084,061,000 1,007,023,000
666,442,000 532.184.000 657,734,000 700.594,000 650.539.000 689,590,000 666.719.000 694,440,000
310,498,000
105,606,000
988,203,000
827,811,000
.
• .•
3,Z21.U1i.UUU
„ .....•
„
„
of balances held abroad and amounts due
NOTE.-BegInning with the statement of Oct. 7 1925, two new items were added in order to show separately the amount Credit Bank debentures, was changed to
to foreign correspondents. In addition, the caption, "All other earning assets," previously made up of Foreign Intermediate
of the total of
"Other securities," and the caption." "Total earning assets" to "Total bills and securities." The latter item was adopted 114 a more accurate descriptionItems
Included.
the only
the discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which, It was stated, are
therein.
23 1927.
MAR.
BUSINESS
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
oa
Two ciphers (00) omitted.
Federal Reserve Bank of-
Roam
RESOURCES.
$
DoId:wIth Federal Reserve Agents 108.993,0
7,289.0
Gold.red'n fund with U.S.Treas_
Gold held excl. agst. F.R. notes 116,282,0
39,415,0
32,065,0
with F.R.Board
Bold settle't fund
certificates
Bold and gold
Total reserves
Non-reserve ash
BUIs discounted:
Sec. by U.S. Govt. obligatIons 19,777.0
12,927.0
Other bills discounted
Phila.
Cleveland. Richmond Atlanta. Chicago. St, Louis. Minneap. Kan. City Dallas. San Fran.
Total.
$
$
$
$
g
$
$
$
$
$
$
$
378,610,0 122,593,0 197,029,0 72,082,0 165,011,0 212,356,0 31,504,0 60,787,0 65,275,0 36,393.0 160,278,0 1,619.911,0
51,105,0
1,048,0 2,300,0 6.288,0 1,053,0 1,964,0 4,089,0 1,371,0 1,408,0
12.718,0 8,235,0 3,252,0
391,328,0 130,828,0 200,281.0 73.130,0 167,401,0 218,644,0 32,557,0 62,751.0 69.364,0 37,764,0 170,686,0 1,671,016,0
608,963,0
198,014,0 35,403,0 58,633,0 25.308,0 19,546,0 122,422,0 5,461,0 18,656,0 08,756,0 20,947,0 36.402,0 753,657,0
499,570,0 27,086,0 55,588,0 4,529,0 4,725,0 56,365,0 15,878,0 7,129.0 7.793,0 8,846,0 33,183,0
188,662,0 1.088,912,0 193,317,0 314,502,0 102,067,0 191,072,0 397,031,0 53,896,0 88,536,0 105.013,0 67,557,0 240,271,0 3,033,636.0
22.119,0
32,074,0 4,620.0 9,929,0 9,656,0 11,429,0 23,952,0 19,915,0 4,237,0 5,249,0 7,707,0 8,757,0 159,644,0
210,781,0 1.120,986,0 197,937,0 324,431,0 112,623,0 203,101,0 421,383,0 73,811,0 92,773,0 111,162,0 75,264,0 249,028,0 3,193,280,0
66,465,0
1,314,0 2.363,0 2,604,0 4,032,0
7,761.0
18,017,0 1.873,0 4,170,0 6,019,0 4,816,0 9,473,0 4,023,0
Total gold reserves
Reserves other than gold
Total bills discounted
BLIs bought in open market
U. B. Government securities:
Bonds
Treasury notes
CertfIcates of indebtedness
__-..__
----.•
. .
New York.
32,704,0
28.282,0
--
109,137,0 24,180,0 25,163.0 5.274.0 3,213,0 35,540.0
31,507,0 21,087,0 12.296,0 14,827,0 29,261,0 24,981,0
6.937.0
8,061,0
140,644,0 45,267,0 37,459,0 20,101,0 32,474,0 60,521,0 14,998,0
52,133,0 12,799,0 20,823,0 9,225,0 10,877,0 30,882,0 17,419,0
1,206,0
1,168,0
6.908.0
7,813,0
953,0 3,304,0
14.587,0 4.653,0 9.077,0
58.322,0 14,080,0 23,323,0
1,627,0
826,0
4.645,0
41,0 22,074,0 4,747,0
379,0 4,794,0 8.087,0
1,885,0 22,834,0 14,523,0
n 000 n
.
On 000 n
•
On (IAA n
.
•
.7 MO n
.
.
0 One n
10 non ft
•
•
0/10 n
An,
7 ART,II
0,
3,507,0
6,671,0
1,169,0 31,300,0
2,188,0 22,168,0
068,401,0
188,716.0
5,066,0 10,178,0
6,276,0 10,991.0
3,357,0 53,468,0
9,114,0 22,438,0
457,137,0
031,259,0
5,169,0 9,188,0 3,664.0 2,264,0
4,246,0 3,179,0 6,688,0 12,749,0
7.126,0 15,477,0 15,205,0 04,056,0
61,950,0
71,733,0
208,560,0
c41 11 27 844 0 2t 0470 In neon
2422470
3.224,0
2,742,0
IA
MAR. 26 1927.]
THE CHRONICLE
RESOURCES (Conduded)Two ciphers (00) omitted.
Boston.
New York.
$
$
3
2,000,0
Other securities
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
Al other resources
Phila.
1789
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
$
3
$
S
$
S
$
$
$
Total.
$
2,000,0
273,499,0 79,752,0 94,886,0 36,424,0 45,656,0 141,105,0 60,074,0 28,783,0 49,013,0 38,118,01 114,975,0 1,032,643,0
660,0
660,0
154,456,0 57,765,0 63,503,0 55,632,0 29,258,0 78,175,0 29,541,0 11,664,0 39,767,0 27,571,0 38.837.0 644,812,0
16,276.0 1,714.0 7,118,0 2,149,0 2,896,0 7,972,0 3,957,0 2,774,0 4,459,0
1,752,0 3,458,0
58,471,0
209,0 1,012,0
1,979.0
889,0 2,057,0 1,009,0 2,058,0
388,0
385,0 1,121,0
514,0
11,688,0
70,358,0
58.643,0
3,946,0
67,0
Total resources
351.556,0 1,585,873,0 339.250,0 495,120,0 213,235,0 286,616,0 660,165,0 172,415,0 139,366.0 207.278,0 145.694.0 411,451,0 5,008,019,0
LIABILITIES.
FR.notes in actual circulation_ 125,248,0 413,842,0 111,869,0 203,147,0 70,992,0 173,496,0 220,352,0. 43,435,0 64,038,0 67,530,0 40,202,0 167,491,0 1,701,642,0
Deposits:
Member bank-reserve acc't 141,177.0 922,319,0 135,159,0 191,903,0 68,801,0 69,010,0 315,133,0 80.908,0 50,676,0 88,094.0 62,282.0 174,992,0 2,300,454,0
Government
400,0
516,0
58,0
634,0
565,0
344,0
979,0
71,0
866,0
807,0
190,0
270.0
5,700,0
Foreign bank
403.0
1,877,0
515,0
569,0
279,0
741,0
220,0
231,0
161,0
199,0
376,0
188,0
5,759,0
Other deposits
160,0
10,274,0
163.0 1,101,0
112,0 1,062,0
171,0
295,0
252,0
39,0 3,561,0
234.0
17,424,0
Total deposits
142,140,0 934,986,0 135,895,0 194,207,0 69,816,0 70,321,0 317,280,0 81,505.0 51,955,0 89,334,0 62.779,0 179,119,0 2,329,337,0
Deferred availability Items
57,252,0 134,377,0 56,919,0 59,001,0 53,297,0 27,656,0 71.096,0 31,359,0 11,839,0 36,611,0 29,760,0 39,359,0 608,526,0
Capital paid in
8,889,0
38,173,0 12,915,0 13,803,0 6,178,0 5,024,0 16,985,0 5,280,0 3,009,0 4,210,0 4,274,0 8,827,0 127,567,0
Surplus
17,606.0
61,614,0 21,267,0 23,746,0 12,198,0 9,632,0 31,881,0 9,939,0 7,527,0 9,029,0 8,215,0 16,121.0 228,775,0
All other liabilities
421,0
2,881,0
385,0 1,216,0
487,0 2,571,0
754,0
897,0
998,0
534,0
464,1
564,0
12,172,0
Total liabilities
351,556,0 1,585,873,0 339,250,0 495,120,0 213,235,0 286,616,0 660,165,0 172,415,0 139,366,0 207,278,0 145,694,0 411,451,0 5,008,019,0
Memoranda.
Reserve ratio (per cent)
78.8
83.1
79.9
81.6
83.3
78.4
80.0
59.1
70.9
80.0
73.1
71.8
79.2
Contingent liability on bills purchased for foreign correspond'ts 11,106,0
40,883,0 14,216,0 15,697,0 7,700,0 6,071,0 20,435,0 6,368,0 4,442,0 5,479,0 5,183,0 10,366,0 147,946,0
/1 At. notes on hand (notes reed
from F. It. Agent less notes in
circulation)
27.032.0 117.212.0 51.924.0 29.774.0 15.935.0 31.772.0 46.952.0 3.763.0 5.713.0 12.112.0 6.561.0 43.111.0 391.861.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS MR. 23 1927
Federal Reserve Agent at-
Boston.
New York.
Phila.
3
3
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City
3
$
Dallas. San Fran.
Total.
(Two ciphers (00) omitted.)
$
F.R.notes reed from Comptroller 245,880,0
F.R.notes held by F. R. Agent__ 93,600,0
s
$
$
$
$
$
823,134,0 190,293.0 276,261,0 112,041,0 264,388,0 428,604,0 70,778,0 85,973,0 105,612,0 64,510,0 259,102.0 2,926,576,0
292,080,0 26,500,0 43,340,0 25,114,0 59,120,0 161,300,0 23,580,0 16,222,0 25,970,0 17,747,0 48,500,0 833,073,0
F.R.notes issued to F. R. Bank 152,280,0
Collateral held as security for
F.It. notes issued to F. It. Bk.:
Gold and gold certificates_ __ 35.300,0
Gold redemption fund
19,693,0
Gold fund-F.It. Board _ __ _ 54,000,0
Eligible paper
60,986,0
531,054,0 163,793,0 232,921,0 86,927,0 205,268,0 267,304,0 47,198,0 69,751,0 79,642,0 46.763,0 210,602,0 2,093,503,0
Total collateral
169.979.0
2
3
235,104,0
8,780,0 36,469,0 15,422,0
7,750,0 13,507,0
18.308,0 30,000.0 400.640,0
22,506.0 7,916,0 13,249,0 4.613,0 5,589,0 2,356,0 2,454,0 1,280.0 4,415,0 3,085.0 14.728.0 101,884,0
121,000,0 114,677,0 175,000,0 31,000,0 144,000,0 210.000.0 21,300,0 46,000,0 60,860.0 15,000,0 124,550,0 1,117,387,0
184,292,0 51,120,0 57,128,0 27,114,0 42,736.0 90,953,0 31,992,0 11,852,0 20,924,0 12,182.0 75,163,0 666,442,0
562.902.0 173.713.0 254.157.0 99.196 0 207.747.0 303.309.0 63,496.0 72.639.0 86.199.0 48.575.0 244.441.0 2,286.353.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 674 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 Dee. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 1754.
I. Data for all reporting member banks in each Federal Reserve District at close of business MARCH 16 1927
Federal Reserve District.
Boston. New York
Number of reporting banks
Loans and discounts, gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds
All other loans and discounts
37
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
92
49
$
$
7,512
58,828
342,290 2,318,470
649,006 2,837,755
71
$
9,962
406,343
379,755
$
21,103
581,781
779,565
998,808 5,215,053
796,060 1,382,449
154,129 1,075,459
260,047 1,227,784
110,391
287,835
287,757
391.051
414,176 2,303,243
398,226
678,808
Total loans and investments_ _ _ _ 1.412,984 7,518,296 1,194,286 2,061,257
Reserve balances with F. R. Bank
94,721 755,414
82.991 140,222
Cash in vault
18,208
67,129
14.893
28,805
Net demand deposits
911,134 5,721,353 783,018 1,086,086
Time deposits
428,7721,403,033 252,038 845,435
Government deposits
34,938 106,118
39,740
27,442
Due from banks
54,101 159,682
61,957 115,321
Due to banks
148,174 1,215,069 195,359 253,731
Bills pay. & redis. with F. R. Bk.:
Secured by U.S.Gov't obligations
8,775
20,700
3,045
17,712
All other
3,801
5,052
6,730
7,724
Total loans and discounts
Investments:
U. S. Government securities_
Other bonds, stocks and securities
Total Investments
(Three ciphers (000) omitted.)
Total.
97
31
5,284
152,690
361,462
$
5,531
23,462
108,778 867,439
390,455 1,264,357
$
4,279
189,372
306,411
3,157
76,698
164,489
4,441
113,028
308,722
2,526
77,234
248,764
519,436
504,764 2,155,258
500,062
244,344
426,191
328,524 1,314,190 14,385,139
76,567
122,761
63,744
56,468
107,712
97.263
204,975
S
67
35
5
a
24
$
66
55,637
63.050
308,161
468,352
146,826
118,687
776,513
199,328
120,212
666,262
42,443
13,121
384,327
214,288
12,265
56,454
116,257
623,451 2,931,771
40,203 250,724
11,259
44,280
338,543 1,792,508
234,453 1,052,313
18,508
36,598
74,852 248,343
114,171 528,498
699,390
51,863
7,314
408,071
236,406
9,709
64,570
154,118
364,556 631,166
24,865
56,497
5,384
11,622
219,292 507,568
125,263 149,129
471
4,656
44,146 134,514
94,2131 228,645
2,620
4,000
400
1,601
2,272
500
.....- .,...
74,772
72,054
2,893
5,248
2,939
14,668
28,960
14,137
$
45
a
GO
s
674
5,891
151,976
327,285 5.561,408
981,014 8,671,755
62,489
24,812
265,168 2,641,986
245,499 3,316,976
87,301
510,667 5,958,962
415,825 1,824.857 20,344,101
31,859 110.264 1,682,066
10,198
21,291
253,504
292,055 792,238 13,236,193
106,347 952,621 6,000,098
11,410
41,916
343,771
70,905 170,020 1,252,865
106,008 227,994 3,382,237
1.180
473
.
......
22,741
11,572
113,566
76,177
,......,
....- -.-
•Not available.
2. Data of reporting member banks in New York City, Chicago, and for the whole country.
AU Reporting Member Banks.
1 Reporting Member Banks in N. Y. City. 1
Reporting Member Banks in Chicago.
Mar. 16 1927. Mar. 9 1927.1 Mar. 171926, Mar. 16 1927. Mar. 91927.
Mar. 171926. Mar. 161927. Mar. 9 1927. Mar.171926.
Number of reporting banks
674
675
7121
54
541
601
45
45
46
Loans and discounts, gross:
$
5
$
$
$
Secured by U. S. Gov't oblIgatIons
$
$
151,976,000
155,647,000
163,962,000
56,061,000
58,597.000
49,942,000
16,218,000 1
16,366,000
15,036,000
Secured by stocks and bonds
5,561,408,000 5,488,220,000 5,334.348,000 1,979,149,000 1,943.752,000
All other loans and discounts
8,671,755,000 8,636,916,000 8.446,204,000 2,490,441,000 2.475,989,000 2,016,670,000 649,927,000 649,549,000 599,001,000
2,344,456,000 697,145,000 698.477,000 685,247,000
1
Total loans and discounts
14,385,139,000 14,280,783,000 13,944,514,000 4,525,651,000 4,478,338,0004,411,068,
000 1,363,290,000 1,364,392,000 1,299,284,000
Investments
U. S. Government securities
2,641,986,000 2,374.580,000 2,698,248,0001 988,454,0001 871,871,000 921,221,000
167,166,000 156,067,0013 178,158.000
Other bonds, stocks and securities. 3,316,976.000 3,293,966,000 3,001,031,000
903,612,000, 897,436,000 874,762,000 224,945,0001 225,546,000 207,306,000
Total Investments
5,958,962,000 5,668.546,000 5.699,279,000 1,892,066,0001,769,307,0001
1,795,983,000 392,111,000 381,613,000 385,464,000
Total loans and investments
20,344,101,000 19.949,329,000 19,643,793,000 6,417,717.000 6,247,645,000
6,207,051,000 1,755,401,000 1,746,005,000 1,684,748,000
Reserve balances with F. It. Bunks._ 1,682,066,000 1,634,826,000
1,662,441,0001 689,905,0001 680,559,000, 717,309,000 172,917,000 158,323,000 169,006,000
Cash In vault
253,504,000
269,757,000
271,497,0001
53,964,000
57,729,0001 62.048.000
19,202,000
20,816,000
20,155,000
Net demand deposits
13,236.193,000 12,930.967,000 13,015,857,000 5.128,805,000
000 1,188,280,000 1,192.758,000 1,140,757.000
Time deposits
6,000,098,000 6,030,738,000 5,465,926,0001 939,832,000 4,982,435,000,5,122,825.
919,983,000, 812,293.000 518,084,000 518,231,000 516,724,000
Government deposits
377,576,0001 100,153.000
25.642,000, 67,406,000
3.701,000
14,823,000
21,638,000
Due from hanks
1,252,865,000 1,182,221,000
116,196,000
90,065,000i
97,886,000 153,921,000 137,670,000 159,544,000
Due to bank
3,382,237,000 *3,332,042,000
1,153,112,000 1,122,445,000 1,101,661,000 373,510,000 369,018,00f 386,877,000
Bills payable and rediscounts with
Federal Reserve Banks:
Secured by U. S. Gov't obligations
113,566.000
174,904,000
1 74,880,000
16,300,000
72,075,000
43,587,000
8.180.000
10,605.000
15,715,000
All other
76,177,0001
91,233,000
118,145,000
4,011,000
9,515,000
14,761,000
5,260.000
3.905.000
741.000
Total borrowings from F. It. bks...
189,743,0001
266,137,000
293,025,000
20,311,000
81.590,000
13,440,000
14,510,0001
58,348,000
16,456,000
Loans to brokers and dealers (secured by stocks and bonds) made by reporting
member banks in New York City:
For own account
883,271,000 869.677,000 1,033,474,000
For account of out-of-town banks
1,139,113,000 1,110,405,000 1,174,493,000
For account of others
813,385,000 839,029,000 595,982,000
Total
2,840,769,000 2,819,111,000 2,803,949,000
On demand
2,171,797,000 2,155,605,000 1,886,365,000
On time
668.972.000 663,506.000 917,584,000
•Revised flguree•
[Vote. 124.
THE CHRONICLE
1790
New York City Banks and Trust Companies.
azettz,
'Rankers'
Wall Street, Friday Night, March 25 1927.
Railroad and Miscellaneous Stocks.-See page 1775.
Additional sales made at the Stock Exchange this week are:
STOCKS.
Week Ended Mar.25.
Sales!
for
Week.I
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par. Shares' S per share. S per share. S per share.
RailroadsMar
Feb 110
Buff Roch & P pref_ _100
5010931 Mar 24 10934 Mar 24 103
Feb
Mar 19 4434 Mar 19 41
Buff & Susq pf v t c__100
30 41
Caro Clinch dr Ohio._100
10 85 Mar 24 85 Mar 24 83% Jan
100
Stamped
70101% Mar 22101% Mar 22 9834 Feb
Chic Ind dr Lou pfd_ _100
70 7231 Mar125 72% Mar 25 7034 Jan
Jan
MaJ 3
1;
0
7084;
255e%shNIFFFa
30 101
Mar 2510331 Mar 23 01
C C C & St L pref_ _100
reeeaebbbr.
Jan 82% Mar
100
160 8231 Mar 24 82% Mar 23 80
Cuba RR pref
Mar
Detroit & Mack pref_100
0 55 Mar 21 55 Mar 21 55
734 M
Fe
ar
b
Mar 55
100 4 Mar 23 4 Mar 23 4
Duluth S S dr A pref.100
Mar
Feb 84
Green Bay & West_.100
10 83 Mar 21 83 Mar 21 80
n
Feb 826134
100 25 Mar 24 25 Mar 24 25
Havana Elec Sty rcts__*
Mar
M
100
Preferred
700 80 Mar 21 81 Mar 25 80
Jan
40 80 Mar 21 80 Mar 21 79
Ill Cent leased line_ _A00
Febr
6;4 M
Jan 81
100
50 3 Max 21 3 Mar 21 1
Iowa Central
Feb
50
N Y & Harlem
9016831 Mar 19 169 Mar 19 68% Mar 179
500 50 Mar 21 50% Mar 24 3434 Jan 50% Mar
N Y State Rys pref_ _100
Ma 82% Mar
100 8234 Mar 22 82% Mar 22 81
Northern Central_ _ _ _ 50
Feb
Jan 62
90 50 Mar 21 50% Mar 21 46
Pacific Coast let pref 100
2% Mar
St Louis-San Fr rights_ _ 2,800 2% Mar 25 2% Mar 25 2% Ma
Jan
130 98 Mar 21 98% Mar 25 97% Jan
Vicks Shrev & Pac_ _ _100
100
88
1 7/1 Feb
200 98% Mar 25 99% Mar 25 9834 Ma I0
Preferred
Indus. & Miscall.
Mar
Ma 174
400 169 Mar 21 174 Mar 24 67
All Amer Cable ctfs_ _100
Ma 53
Feb
• 620 49 Mar 24 50 Mar 24 49
Alliance Realty
Feb
200 101% Mar 2310134 Mar 23 01% Ma 108
Amalgam Leather pf_100
Mar
Jan 95
Amer Chicle prior pf_ _ _• 100 95 Mar 25 95 Mar 25 90
Amer Piano pref__ _ _100 40010634 Mar 23 11031 Mar 24 01% Jan 110% Mar
110 99% Mar 25 10031 Mar 19 94% Jan 100% Mar
American Snuff pref_100
Feb
50 109 Mar 22109 Mar 22 0734 Feb 110
Am Type Found pref.100
30 10231 Mar 22 10234 Mar 22 99% Jan 104% Mar
Am WholesaleCorp Df100
10011631 Mar 24 11631 Mar 24 16% Mar 116% Mar
Am dr For Pow 25% paid
Bamberger & Co pref.100 1,700 106% Mar 24106% Mar 24 06% Ma 107% Mar
100
200 46 Mar 23 47 Mar 24 40
Jan 59% Feb
Barnet Leather
40 106 Mar 19 107 Mar 23 01
Jan107% Mar
Bayuk Bros let pref_100
Mar
80 118 Mar 19 118 Mar 19 114% Jan 119
Beech Nut Pack pref 100
Mar
20 51% Mar 19 53 Mar 24 44
Jan 61
Blumenthal & Co M.100
British Empire Steel500 1% Mar 24 2 Mar 21 1% Mar 3% Feb
British 2d pref_ ._i00
90115 Mar 19 11534 Mar 19 115
Burns Bros prior pref.100
Mar11634 Mar
100
Feb
60106 Mar 2210634 Mar 21 106
Jan 109
Byers & Co pref
Mar
Cent Alloy Steel pref_100
10010731 Mar 25 0731 Mar 25 10631 Jan 108
Central Leather ctfs_100 1,900 931 Mar 19 95% Mar 22 734 Jan 9% Jan
Mar
Preferred certifs_ _ _100 9,900 6031 Mar 21 64 Mar 25 54
Jan 64
Mar
440 40 Mar 23 4231 Mar 21 40
Mar 45
Chicago Yellow Cab__
q Mar 21 4631 Mar 48% Mar
City Stores class A__ _• 800 4831 Mar 24
1,500 4331 Mar 21 4431 Mar 21 423.4 Mar 44% Mar
Class B
Ja 12934 Mar
Colo Fuel & Iron pref.100
12012834 Mar 21 1293.4 Mar 23 116
Mar 94% Mar
Consol Gas pref w I_ _ _•88,800 9331 Mar 19 9431 Mar 22 93
Continental Can pref.100
Jan 14831 Mar
150123% Mar 25 124% Mar 19 120
60 106 Mar 23 10734 Mar 25 103
Feb 109% Jan
Cushman's Sons pf 8% _*
Feb
100
18010631 Mar 21 109 Mar 21 10534 Jan 109
Deere & Co pref
Mar
10 104 Mar 25104 Mar 25 101
Jan 107
Devoe & Reyn 1st pf.100
Mar
70120 Mar 22122 Mar 22 115
Feb 122
Diamond Match_ _ _ _100
Jan
10122% Mar 23 1223.4 Mar 23 11934 Jan 123
Eastman Kodak pref..100
Jan 95% Feb
Mar 23 89
Eisenloin & Bros prat _• 300 9031 Mar 23 91
Mar 23 1234 Mar 21 9
Jan 12% Mar
Elk Horn Coal Corp_ _• 1,200 11
50
Feb 25% Mar
100 25 Mar 22 25 Mar 22 21
Preferred
100 3% Mar 21 334 Mar 21 3% Mar 3% Mar
Emerson-Brant class B_•
25 1,000 3% Mar 23 5% Mar 25 331 Feb 5% Mar
Fairbanks Co
Feb
• 100 1234 Mar 25 1234 Mar 25 1234 Jan 14
Fifth Ave Bus
160 112 Mar 21 11334 Mar 22 10934 Jan 114% Feb
Franklin-Simon prat 100
•
Jan
80 121 Mar 22122 Mar 25 120
Jan 125
Gen Baking pref
Jan 42% Feb
Gen Gas & Elec cl B__ _• 1,600 39% Mar 21 4034 Mar 24 39
Mar
70 107 Mar 19 107 Mar 19 8234 Jan 107
Gen Sty Signal pref... 100
Mar 93% Mar
390 92 Mar 24 93 Mar 25 90
Gilidden Co prior pref100
Guantanamo Sugar p1100
80 98 Mar 22 98 Mar 22 9531 Jan 10034 Feb
Feb
290126 Mar 19 126 34 Mar 24 11834 Ja 127
Helme(G W) pref._ _100
Jan 93% Mar
30 92 Mar 23 92 Mar 23 92
Indian Motorcycle 91100
100 1,30013534 Mar 21 144 Mar 25 13534 Mr 14635 Mar
Internat Silver
Mr 112
Mar
100
200109 Mar 21 112 Mar 24 109
Preferred
1 1,110 57 Mar 25 59 Mar 21 4834 Mr 250
Feb
Island Creek Coal
Mar
Feb 120
520120 Mar 19 12034 Mar 23 117
Jones & L Steel prat_ _100
10 1133-4 Mar 2411334 Mar 24 11331 Feb 116% Jan
Kelsey Wheel Inc pref100
100
140 81 Mar 23 82 Mar 22 80
Feb 86% Jan
Kinney Co pref
Jr.74% Mar
1,100 7234 Mar 23 74 Mar 21 59
Kress Co new.
Feb
Ja 128
20 1133.4 Mar 24 114 Mar 24 95
Laclede Gas pref._ _ _100
Feb
Ja 119
20011831 Mar 21 11834 Mar 21 118
Loose-Wiles Bis 1 p1_100
Jan
Ma 75
McCrary Stores C A__ _• 280 6331 Mar 22 66 Mar 21 55
Ma 11634 Jan
300 9734 Mar 21 97% Mar 25 97
McCrory Stores pref..100
Jo 14234 Feb
• 2,800130 Mar 19 13934 Mar 25 124
Macy Co
Mr 69
Mar
100 69 Mar 25 69 Mar 25 67
Mallinson & Co pref _100
Mr 46
Feb
100
100 40 Mar 22 40 Mar 22: 40
Manati Sugar
Jan 1% Mar
1,000 1% Mar 19 134 Mar 25' 1
May Dept Stores Rts_
Mar
200 120 Mar 19 120 Mar 19 11831 Jan 121
Montana Power prof..100
Mar
Ja 85
120 8434 Mar 25 85 Mar 25 80
Mullins Body pref._ _100
100
10 11834 Mar 21 11831 Mar 21 11434 Jan 118% Mar
Nat Supply prat
Mar
Feb256
238
100
Mar
2324734
Mar
25
4024634
Nat Surety
Jan 107% Mar
100 107% Mar 2210731 Mar 22 105
NY Steam 1st pf(7) _•
Northwestern Tele--50
130 503l Mar 21 5034 Mar 25 4731 Jan 6234 Mar
Jan
20 49% Mar 21 4934 Mar 21 49% Mr 75
Norwalk T & Rub pf_100
011 Well Supply preL100
190 10534 Mar 2310634 Mar 24 1025% M. 108% Jan
Jan
Jan 89
Omnibus pref A
100
600 86 Mar 21 86 Mar 21 81
Feb
117
Owens Bottle pref._ _100
230 115 Mar 19 115 Mar 19 115
Jan
Mr 140
Pacific Tel dr TeL _.100 715 125 Mar 19 12711 Mar 24 124
100
Preferred
100 105 Mar 21 105 Mar 21 10334 M. 1123( Mar
M. 10% Mar
Rights
3,970 9 Mar 19 10% Mar 25 7
Mr 27% Feb
Patin° Mines & Ent p125 15,600 20 Mar 23 233.4 Mar 21 20
Mar
Penick & Ford pref__100
100 104 Mar 19 104 Mar 19 10131 Jan 104
Feb
42
50
Phila. Co 5% Dire
60 415% Mar 25 42 Mar 25 40
100
200 34 Mar 25 3534 Mar 21 325% Mr 4334 Jan
Pitts Term Coal
Mar
100
Fe 83
Preferred
Mar 21 80
80 8031 Mar 19 81
Mar
Mr 166
Remington Type ctfs 100 900 16334 Mar 22 165 Mar 19 158
Mar
50 135 Mar 24 136 Mar 25 135
Ma 140
Reynolds Tobacco cl A25
Jan
Sherwin Wm S pref..100
30 107 Mar 22107% Mar 19 10534 Feb 110
Jan
100 10434 Mar 2210434 Mar 22 10431 Ma 108
Sloss-Shelf Sd.I pref 100
Mar
Jan 108
Spalding Bros let pref100
5010734 Mar 22 10731 Mar 22 103
Mar
Mr 11
330 10 Mar 19 1034 Mar 21 10
Stand Plate Glass 131-100
1 1800 Mar 221800 Mar 22 1500 Ja 2200 Mar
Texas Pacific Land Tr 10
Jr 123
Jan
50123 Mar 19 123 Mar 19 120
Underwood Typew pf100
Victor Talking Mach_ _* 6.600 35% Mar 25 36% Mar 19 333.4 Feb 38% Jan
• 2,800 9034 Mar 19 90% Mar 21 90
Ja 92% Jan
6% preferred
100 4,400 98 Mar 19 9931 Mar 22 97
Fe 9931 Feb
7% prior pref
Feb
Mr 76
100 74 Mar 23 74 Mar 23 74
Vs Coal & Coke pref.100
Feb
Mar 19 1631 Jan 27
110 2034 Mar 19 21
Vulcan Detinning _ _100
20010334 Mar 19 105 Mar 24 10034 Jan 106% Mar
West Penn Pr 6% pf.100
Mr 8534 Mar
100 82 Mar 23 82 Mar 231 82
Westinghouse El 1st p150
White Sewing Mach_ __* 3,200 2134 Mar 24 215% Mar 24 2114 Ma 21% Mar
*No par value.
New York City Realty and Surety Companies.
Alliance R'Ity
Amer SuretyBond & M G.
Lawyers Mtge
Lawyers Title
& Guarantee
48
220
324
278
287
AU prices doUars per
Bid.
As*.
63 Mtge Bond.- 148
245
225 Nat Surety
328 N Y Title &
Mortgage..z443
284
U 8 Casualty_ 325
share.
Ask.
154 Realty Ansoe's
249
(Bklyn)com 243
1st pref.._ 90
25 pref_ -__ 88
447
345 Westchester
Title & Tr_ 550
Ask.
247
93
91
Banks-N.Y. Bid. Ask.
Americas__ 295 310
Amer Unions_ 197 203
Bowery East
465
___
Bronx Soros_ 1375 1450
Bronx Nat___ 490 510
Bryant Park' 210 225
Capitol Nat_ 215 220
Cent Mercan_ 283 288
Central
138 143
Chase
443 446
Chath Phenix
NatBk &
387 393
Chelsea Exchs 260 267
Chemical_ _ _ _ 860 870
Colonials__ 975 1050
Commerce_ _ _ 448 452
Com'nwealth• 305 320
ContinentaL• 265 285
Corn Etch_ 640 544
Cosmop'tans_ 300 -__
Fifth Avenue52200 2350
First
4860 2890
Franklin
159 165
Garfield
395 415
Globe Each*. 230 250
325
Drace
Hamilton.... 197 204
1180 1190
Flanover
AU prices dollars per
Banks.
Bid.
Harriman_ _ _. 640
Manhattan'.. 271
610
Mutual.
National City 528
New Neth'ds* 320
512
Park
Penn Exch... 143
Port Morris_ 350
647
Public,
Seaboard ____ 743
175
Seventh
670
Standard
585
States
190
Trade*
188
United
United States* 330
Wash'n Htss. 700
Yorktown •
135
Brooklyn.
Coney Island* 290
225
Dewey •
385
First
Mechanics'._ 283
Montauk •_._ 360
Municipal •__ 290
320
Nassau
750
People's
share.
Ask. Trust Cos. Bid. Ask.
655
New York.
277 Am Ex Iry Tr. 826 829
...... Bank of N Y
530
& Trust Co. 775 785
330 Bankers Trust 754 760
517 Bronx Co Tr_ 338 850
153 Central Union 1000 1010 1
375 County
315 325
553 Empire
367 375
750 Equitable Tr_ 304 308
185 Farm L di Tr. 568 574
800 Fidelity Trust 298 808
590 Fulton
480 490
200 Guaranty Tr_ y429 432
198 Interstate..._ 205 213
337 Lawyers True _.
... _
900 Manufacturer 587 593
142 Murray Hill__ 215 220
Mutual(West350
cheater) __. 225 250
_._ N Y Trust_ _ _ 559 565
400 Terminal Tr_ 195 210
283 Times Square 135 140
375 Title Gu & Tr 688 693
298 U 13 Mtg & Tr 412 420
330 United States 1920 1950
__ Westchest'rTr 550
Brooklyn.
Brooklyn_ _ __ 825 835
Rings County 2100 2250
NAM mnrst1
•Banks marked (*) are State banks. I New stock.
y Ex-rights.
x Ex-clIv.
050
0,11
o Ex-stook clIv.
uotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity,
Int.
Role.
Bid.
Asked.
Maturity.
Int.
Rate.
100iir Sept. 15 1927... 334%
June 15 1927._ 314% 100
99,51, Mar. 15 1928... 33.4%
Sept.15 1927_ - - 331% 9914
Dec. 151927.,.. 434% 1001,iir 10031 Mar. 15 1930-32 334%
Bid.
Asked,
Ow,. %psis
991114
9934
99,61, 100
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
-Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond 1'1*M Ifar.19 Mar.21 Mar.22 Mar.23 Mar.24
First Liberty LoanHigh
8%% bonds of 1923-47_ ..{Low.
Close
(First3Sis)
Total sales In $1.000 units...
Converted 4% bonds of(High
1932-47 (First 4s)_..- LowClose
Total sales in $1,000 units...
Converted 434% bondsr itch
of 1932-47 (First 431s) Low
Close
Total sales in $1,000 units,..
Second Converted 4 %%Illigh
bonds of 1932-47 (First Low
Close
Second 434s
Total sales in $1,000 units.. __
iecond Liberty Loan
(High
4% bonds of 1927-42_ .....j Low.
(Second 4s)
(Close
Total sales in $1,000 units....
Converted 4)
,4% bondsrigh
of 1927-42 (second
Low.
4 34s)
Close
Total sales in $1,000 units...
Third Liberty LoanHigh
4%% bonds of 1928._ _ _{Low_
(Third 431s)
Close
Total sales in $1,000 units.....
Fourth Liberty Loan
{High
434% bonds of 1933-38_ Low.
Close
(Fourth 434s)
Total sales in $1,000 units._
Treasury
(High
4 kis, 1947-52
Low
Close
Total sales in $1.000 units...
{High
4s. 1944-1954
Low.
Close
Total sales in 31,000 units__
{High
3ti s, 1946-1956
Low
Clone
Total sales in $1,000 Units...
ar.25
101in 101iss 1011ist 101,
n 101142 10141
101iss 101,ss 101'n 10034: 100iss 100"ts
101in 101in 1013st
100181 100"so
27
16
348
93
68
79
10.8""ct 103lias
16iin 10-31i;
103"ss 103"ss 103"ss 103"ss 10314s 103in
103"st 103"ss 103"ss 103"ss 1030ss 103,st
22
32
.20
4
1
3
oii,;;
Ivo%
icon.
1001.„
-
100-4;
100,ss
100iss
1
100"ss
100";
100"ss 1001in 100"
10050,,
100nn
100lin
100"st
242
351
244
771
101,st 101in 101ist 101'n
101,s2 101,st 101iss 101iss
101in 101'ss 1011,3 101'n
103
55
223
61
104,n 104in 104in 104'ss
103"s, 104
1041n 103"st
104,31 104,ss 104,ss 103"ss
121
305
125
216
114"st 114"ts 1142812 114iin
114tou 114"ts 114"ss 114"ss
1141in 114"n 114"st 114liss
20,
263
7.
8
108"st 108"to 108iiss' 108"st'
108"st 108"ss 1081its, 108",,
108"st 108"ni 108"ss 108"ss
21
18
11
11
108in 105"ss 105"st 108
106,
n 1051551' 105iiss' 108
108ist 105"ss' 105"sti 108
1
1
11
10-0iia;
100"ss
100"ss
305
101in
101its
101'n
96
104ist
I03un
103"ss
161
114"st
114uss
11412n
11.
108"st
108"ss
108"ss
18
I
106
105iiss
108 I
41
100-14;
100"st
10017n
205
101'ss
101%
101iss
122
104
103"st
103"ss
79
114iss
114'n
114ln
73
108"ss
108"ts
108"st
6
105"n
1051kat
105"n
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
4 1st 434s
1 2d 48
227 2d 4345
103,
ss W 103",, 30 3d Ole
21 4th 4%5
to 100
100
100111, to 1001•31
to 101
101
103",, to 104
Foreign Exchange.-Sterling exchange ruled firm and
higher on brisk and sustained buying, which sent quotations
to 4.853.i, a new high point for the year. The Continental
Exchanges were irregular, declining sharply, particularly
lire, on reports of Balkan troubles, then recovering all of the
losses; pesetas and yen advanced to new highs.
To-day's (Friday's) actual rates for sterling exchange were 4.85 3-160
4.8434 for checks and 4 85 11-i6©4.8.534 for cables. Commercial on banks.
sight, 4.85 1-16©4.853.4; sixty days, 4.81 1-16(84.81%: ninety days.
4.78 15-16(84.79. and documents for payment(60 days),4.81 5-16144.81H:
cotton for payment. 4.85 1-16©4.8534, and grain for payment, 4.85 1-160
To-day's (Friday's) actual rates for Paris bankers'francs were 3.8931 for
short. German bankers' marks are not yet quoted for long and short bills.
Amsterdam bankers' guilders were 39.99 for short.
Exchange at Paris on London, 124.04. week's range, 124'0131 high and
124.04 low.
The range for foreign exchange for the week follows:
Cables.
Checks.
Sterling, Actual4.8534
4.8534
High for tbe week
4.85946
4.85 1-16
Low for the week
Paris Bankers' Francs
3.91%
3.9031
High for the week
3.91%
3.9034
Low for the week
Germany Bankers' Marks
23.73
23.72
High for the week
23.72%
23.7131
Low for the week
Amsterdam Bankers' Guilders40.02
40.01
High for the week
40.01
40.00
Low for the week
Domestic Exchange.--Chicago, par. St. Louis, 15(425c. per 81,000
Montreal.
par.
$0•625
Per
Francisco,
San
par.
discount. Boston.
81.000 premium. Cincinnati, par.
1791
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIT PAGES
For sales during the week of stocks usually Inactive,
see preceding page
111011 AND LOW SALE PRICES-PER SHARE, NOT PER
CENT.
Monday,
Tuesday,
Wednesday, Thursday,
Friday,
March 21. March 22. March 23. March 24. March 25.
Saturday,
Mare/119.
$ per share S per share
$ per share $ per share
S per share
$ per share
Sales
for
the
Weet.
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
$ Per share $ per share 3 Per share $ Per share
Railroads.
Par
17212 174
17318 17934 17512 179
17534 17734 17612 17858 17512 17778 123,400 Atoll Topeka &
Santa
Fe_100
16134 Jan 6 181 Mar 11 122 Mar 172 Dee
10118 10118 10118 10112 101 102
101 102
10058 10038 10038 101
2,200 Preferred
100 993* Jan 5 102 Mar 22 9418 Mar 102 Deo
__ ___ ____ ____ ____ ____ ____ ____
Atlanta firm & Atlantio_10
58 Jan 3
185 185
178 Feb 3
182 18512 182 185
18218 185
12May 10
185 185
Jan
185 18514 4,100 Atlantic Coast Line RR-1 0
00 182 Mar 21 205 Jan 3 18112 Mar 26212 Jan
11212 11318 112 11312 11238 1138 112 113
113 11378 11318 11378 27,700 Baltimore & Ohio
100 10612 Jan 4 11534 Feb 18 8312 Mar 10934 Sept
*75
76
757 7578 7534 76
*7512 76
*7512 76
7512 7512
500
preferred
100 7314 Jan 3 77 Feb 16 6712 Jan
604 6112 61
64
62
6458 62
7378 Aug
6234 6334 64
6312 6312 5,500 Bangor & Aroostook
50 44 Jan 6 6658 Mar 11 33 Mar 46 Feb
10812 10812 10812 109
10812 10878 10818 10812 *10712 108
108 108
1,600 Preferred
100 10112 Jan 10 10912 Mar 14 978 Feb 103 Dec
65
6578 65% 67
664 6718 6558 66% 6512 6534 66
6618 11,500 Bkln-Manh Trac v t o_No
par 65 Mar 19 70% Jan 20 5418 Mar 777 Dec
*87
8712 8634 87
87
87
8712 8734 *8634 8712 *8714 8712
600 Preferred v t o
No par 8634 Jan 27 88 Jan 4 78 Mar 8934 Dec
*1012 II
10
10
10
10
1018 1078 10% 11 18 1112 1158 1,600 Brunswick
Term & Ry Seo_100
912 Jan 25
*9612 99
1518 Jan 7
97 10514 100 105
812 Mar 1858 Nov
101 101
103 103
10334 10334 3,250 Buffalo Rochester &
PItts_100 8014 Jan 8 115 Mar 10 6934 Mar 8734 July
*5912 6012 *5919 60
*5912 60
*5912 60
*5934 60
60
60
Canada
10
Southern
100
59
Jan
18212 18312 18112 18278 18212 183
18
60 Marl
18212 18312 18312 18412 18334 18614 11,700 Canadian
58 Jan 61 *Tune
Pacific
100 165 Jan 6 19212 Feb 2
*291 300 *291 300
291 291 *285 300
14612 Jan 17014 Dec
291 296 *285 300
800 Central RR of New Jersey_100 235 Jan 4 30412 Feb
15712 15712 15658 159
159 16034 159 16134 16158 16278 16114 16212
240 Mar 305 Jan
37,100
Chesapeake
&
Ohio
100
15134 Jan 25 16278 Mar 2
7
7
*634 7
112 Mar 17838 Sept
634 634 *634 7
*634 7
7
7
.500 Chicago & Alton
100
434 Jan 8 1038 Feb
*914 934
*912 104
414 Sept 1158 Feb
934 10
934 934
914
914
94 914
1,200 Preferred
100
712 Jan 5 137 Feb
*275 300 *270 300 *270 300 *275 300 *270 300
61s May 1814 Feb
*275
300
C
C
C
&
St
Louis
100 275 Jan 31 302 Feb 1
*32
36
*32
35
17314 Mar 275 Aug
*32
36
*32
34
*3112 34
*31
34
Chic & East Illinois RR___100 3012 Jan 10 3778 Feb
46
46
46
46
46
30 Dec 37 Feb
47
*46
47
4618 47
*45
4612 1,100 Preferred
100 43 Jan 6 5114 Feb
1534 1612 1558 1614 1518 1534 15
3612 Mar 5134 Feb
1538 1512 1614
1514 1618 15,900 Chicago Great Weetern
100
812 Jan 6 2212 Feb
2734 2718 277
27
734 Mar 1218 Sept
2612 2712 2618 2718 2678 2758 2614 2758 10,900
Preferred
100 2314 Jan 7 3334 Feb
*1314 1334 13
1312 13
1614 Mar 3138 Sept
1312 1234 1312 1312 14
1358 144 3,400 Chicago Milw & St Paul__ _160
9 Jan 4 1738 Feb
13
13
117 1234
814 Dec 1412 Jan
1212 1234 1214 1234
1234 1312 1358 1334 7,200
Certificates
100
9 Jan 4 16 Feb 1
2014 2034 2018 2034 201s 2078 20
734 Dec 14
Jan
2058 2018 21 18 2034 2114 11,200 Preferred
100 1858 Jan 3 25 Feb
2018 20% 2018 2018 2018 2038 20
1412 Mar 24 Aug
2014 2012 21
2034 21
.3,900 Preferred certificates
100 18% Jan 3 2334 Feb 1
8118 8138 81
14 Apr 2338 Aug
8214 814 8214 8018 8114 80% 8134 80% 8114 16,200
Chicago & North Western_100 788* Jan 27 875s Feb 1
*12712 12814 12812 12812 12812 12812 *128 130
6514 Mar 8334 Sept
12812 12812 129 129
400 Preferred
100 12414 Jan 3 13412 Feb
85
8512 8518 8614 8414 8612 8412 85% 8578 8612 8618 864
11812 Jan 12612 Apr
27,300 Chicago Rock lel & Pacific_100 6812 Jan 4 87 Marl
•10658 10758 *10712 108 *10712 108
4012 Mar 7114 Dec
10714 10714 107 10714 10712 10712
500 7% preferred
100 10234 Jan 4 10734 Marl
9814 9814 983* 9812 9813 9834 9834 9814 983* 9858 99
96 Mar 108 Dec
99
1,400 6% Preferred
100 9514 Jan 28 99 Mar 25
*95
9712 *95
96
8314
95
Mar 98 Nov
95
*94
95
95
95
95
95
400 Colorado & Southern
100 84 Jan 3 99 Jan 15
75
75
52 Mar 9614 Oct
*72
75
*72
75
*72
75
*72
75
*72
75
300 First preferred
100 70 Jan 4 75 Feb 19
72
62 Mar 74
*68
*68
72
*68
72
*68
Oct
72
*68
71
*68
71
Second preferred
100 68 Jan 14 7112 Jan 15
59
Jan 72 Sept
7212 733* 713* 7312 7158 7214 7112 7138 7214 7214 72
7214 5.300 Consol RR of Cuba prer
1100 6912 Jan 15 7414 Mar 4
18214 18358 18212 18414 18114 18378 18112 18312 183 18534 184 185
6834 Nov 7212 Dec
11.600 Delaware & Hudson
100 17118 Jan 28 186 Mar 17 15014 Mar 18312 Sept
158 164
164 16778 163 16912 168 173
16414 1684 1608 16412 149,100 Delaware Lack
& Western_ 50 14014 Jan 27 173 Mar 23 129 Mar 15312 Jan
5314 5412 53
53
5312 5312 53
5312 5314 5314 5112 54
2,800 Deny & Rio Or West pref_100 4118 Jan 5 5834 Feb 17
371 May 47
4312 4312 4312 4334 43
4334 42
Jan
4312 4234 45
4334 4478 13,400 Erie
100 3912 Jan 3 4712 Feb 19
5514 5512 545* 55
2212 Mar 42 Dec
5334 543* 5314 5412 55
56
55
55
8,000 First preferred
100
523
8
Jan
4
5912
493* 493* .
Feb
19
3334
4914 49% 49
Mar 5514 Dec
453* 50
4914 4934 50
4912 4912 3,600 Second preferred
100
49
Jan
5414
4
86
Feb 19
86
8512 8612 8518 8612 8518 8512 8512 8612 8658 87
30 Mar 5014 Dee
8,400 Great Northern preferred_100 795* Jan 4 914 Feb 19
2118 2114 2114 2114 2114 2134 21
6812 Mar 841s Dec
2118 21
2114 21
21
5,500 Iron Ore Properties_No par
1914 Jan 13 2314
5712 5914 5634 607s 5714 6034 5718 60
18 Dec 2714 Feb
58
62% 5958 617* 43,700 Gulf Mobile & Northern_100 351s Jan 6 68 Feb 4
Mar 11
*108 10934 10834 1083 *107 10834 108 108 *10712 10834 *10712
2518 Apr 4114 Sept
10834
700 Preferred
100
105
Jan
11112Mar
14
5138 5212 5014 517
12
95
Mar 10912 Sept
5014 52
51)14 5112 513* 5138 5034 51
5,400 Hudson & Manhattan
100 4012 Jan 3 5678 Feb 24
*80
3458 Jan 4112 Dec
82
*8014 8112 *8012 8112 *81
8112 8112 8112 81 12 82
300 Preferred
100 78 Jan 6 82 Feb 21
*12512 126
6734 Mar 80 Dec
126 12612 126 126
12538 12578 126 12612 *12512 126
1,700 Illinois Central
100 12118 Jan 10 1295* Feb 18 11312 Mar 131 Sept
*124 126 *124 12614 *124 12612 *124 12614 *124 12614
12514 12514
100 Preferred
100 12078 Jan 12 12812 Feb 18 11512 Mar 12912 Sept
*77
79
7634 764 .764 78
*7634 78
*7634 7712 771s 7718
60 Railroad Sec Series A 1000 74 Jan 4 7714 Mar 3
*2314 25 '
7114 Jan 77 June
023
25
*23
25
*23
25
*23
25
*23
25
lot Rys of Cent America 100 24 Jan 18 25 Jan 15
6412 65
24 Dec 31
*6412 65
*6412 05
Feb
*64
6412 *64
643* *64
6412
60 Preferred
100 63 Jan 4 6512 Feb 9
62
*4612 47
Mar 66 June
.47
48
4612 483* 4534 4638 4558 47
*4512 46
4,700 Interboro Rapid Tran v t a_100 433* Feb 8 52% Feb 26
2412 Jan 53% Dec
508 5114 4934 507
4834 5034 484 50
50
5114 4958 504 20,700 Kansa8 City Southern
100
4114 Jan 4 5378 Feb 18
3414 Mar 5138 Sept
68
69
6878 6878 *67
6812 674 6734 67
67
*67
6812
900 Preferred
100 64% Jan 7 69 Mar 11
602's Mar 683* Sept
*117 119
11814 11814 116 11612 11412 11518 11434 11634 116 11612
4,100 Lehigh Valley
50 9934 Jan 6 126 Feb 18
*133 134
7512 Mar 106 Dec
13312 13312 13412 13512 1334 1333* 1343* 13412 13434 1343
1,600 Louieville & Nashville
100 12838 Jan 14 139 Feb 18 118 Mar 144 Sept
*88
*8714 91
91
*8712 91
*8712 01
*8714 90
*8714 90
Manhattan Elevated guar_100 85 Jan 26 90 Feb 11
84 Mar 9234 Apr
*4914 4912 4912 4912 4912 5034 49
4918 4834 4834 4814 49
5,000
Modified guaranty
100 48 Jan 6 548 Febr28
*512 6
3818 Jan 6178 May
*512 6
*512 6
*512 6
57
558 614
6% 1,600 Market Street Rallway
100
412 Feb 2
638 Mar 25
•17
*17
26
41x July
26
*17
26
10 Feb
*18
30
*20
28
*20
28
Preferred
100 18 Feb 10 20 Feb 4
*4314 4312 4314 4312 4314 4312 43
1912 Oct40 Feb
45
46
46% 46
4612
5,700
Prior
preferred
100
413
8
7
Feb
467
Mar 24
•1112 14
*1112 14
*1112 14
3918 June 513* Feb
*1234 13
14
1514 1514 1514
900
Second preferred
100 1158Mar 15 1514 Mar 24
*238 24 *234 21
1114 Oct2212 Feb
3
3
3
3
*3
34
3
3
700 Minneapolis & St Louls
100
438 Feb 3
31
31
30
13* Jan 13
*3134 33
30
118 Dec
37 Jan
30
30
30
3012 3012 3012
700 Minn St Paul & 85 Marle_100 27 Jan 6 40 Feb 4
*53
60
*52
60
*52
25%
60
Dec 5212 Feb
*50
60
*50
60
*50
60
Preferred
100 51 Jan 12 5834 Feb 8
59
59
5834 5914 *5834 5912 *5812 5912 5812 5812 5814 5812
50 Dec 79 Feb
120 Leased lines
100 5814 Mar 25 63 Jan 13
384 3712 38
38
60
3712 384 3614 3714 3714 38
Oct 6678 Feb
373* 377
7,500 Mo-Kan-Tex
RR____No par 314 Jan 8 44 Feb 18
01023* 10234 10238 10212 10134 10214 10112 102
2912 Oct 474 Feb
10218 10238 10214 1023* 4,700 Preferred as
100 9534 Jan 4 10234 Mar 17
5012 5114 50
5158 50
5112 4934 51
82 Mar 963* Dec
5034 513* 5038 513 42,500 Missouri Pacific
100 377s Jan 4 5514 Feb 17
10014 10114 9958 10114 994 1007
27 Mar 45 Sept
9918 10014 100 10034 100 101
18,800 Preferred
100 90% Jan 4 1047s Feb 18
*4
5
*4
5
71 12 Mar 95 Sept
*4
5
*4
5
*4
5
*4
5
Nat Rye of Max 1st pref _100
418 Mar 9
*134 2
134
512 Feb 3
*134 2
134
434 Apr
8 4 Jan
*134 2
*134 2
*158
2
100
Second preferred
100
134 Jan 7
142 143
141 14434 141 141
143 143
23* Feb 2
134 Oct
141 141
413 Jan
13418 140
330 New On Texas & Mexico..100 121 Jan 8 14434 Mar 22 120
14138 14214 141 143
1414 14212 14034 14234 14178 14334 143 14412
Mar 13212 Jan
67,900
New
York
Central
100 13714 Jan 27 14738 Feb 18 117 Mar 14712 Sept
190 19112 188 18914 190 190
191 191 *19014 192
191 191 12 2,000 NY Chic & St
Louis Co
100 186 Jan S 1977 Feb 21 130 Mar 20412 Sept
1045* 10438 10434 105
10412 105
10412 10434 10434 105
1047* 10478
100 102 Mar 8 105 Jan 27
4818 497
4934 505* 483* 50
03 Mar 106 July
472 4878 484 493* 4834 49% 2.700 Preferred
100 4158 Jan 4 585s Feb 16
2758 28% 2738 288 2718 2838 2638 2714 2714 2778 2718 273* 83,300 N Y N H & Hartford
3038 Mar 48% July
8,100 N Y Ontario & Western
100 2314 Jan 15 3414 Feb 18
*12
14
*12
14
14
012
*12
14
1934 Mar 2878 Feb
*11
1114 *II
1212
NY Railways pre/ ctfe_No par
1212 Jan 21
1534 Jan 14
6
Jan 2014 Feb
*1912 22
'I .19
22
*1812 21
*1812 21
*1812 21
*1812 21
New York State Rallways_1001 161s Jan 26 22 Feb 3
1 5278 5278 4914 5134 4914 4914 4914 493
13
Decf 2812 Jan
51
5114 *50
5112 2,000 Norfolk Southern
100
371
Jan
56%
14
Star
1713s 17234 17114 1753* 17214 17512 17212 175
12
2778
Apr
4438 Sept
17412 1753* 17412 176
36,700 Norfolk & Western
100 156 Jan 4 176 Mar 25 13914 Mar 17078 Oct
*8514 86
*8514 86
*8514 86
*8514 86
*851 1 86
8512 8512
100 Preferred
100 84 Feb 3 86 Jan 3
86
864 85
8512 85
8512 8478 8512 847 8578 8578 86
8312 Nov 8538 Aug
16,900
Northern
Pacific
100
78
*16
25
25
Jan
•16
*16
3
25
9112
*16
Feb 18
25
653 Mar 8212 Aug
*16
25
*16
25
Pacific Coast
58% 59
100
1514 Feb 3 2714 Feb 15
5834 5914 5838 5918 5812 587
15
Oct 48
587 593
Jan
5834 5918 16,600 Pennsylvania
50 5634 Jan 3 61 12 Feb 18
*27
27
32
27
26
*26
26
32
4858 Mar 57% Oct
29
2912 *28
29
500
Peoria
&
Eastern
100
20
Jan 25 3314 Feb 14
11512 11512 11734 11078 118 119
118 11814 118 119
157 Oct 268 Jan
11858 119
2,600
Pere Marquette
100 11412 Jan 6 1263s Mar 2
*634 94
9312 9312 9312 9312 9312 9312 *9312 94
67 Mar 122 Dec
400 Prior preferred
*9024 9112 *9014 9112 9014 9014 *9014 9112 9012 9012 9312 9312
100 93 Jan 22 9512 Jan 11
79 Mar 96 July
*9014 9112
400 Preferred
132 134'2 130 13014 131
1297 132
100 8934 Jan 4 92 Feb 3
129 129
7034 Mar 9178 July
1353* 1333* 1335* 5,700 Pittsburgh & West
Va
100 12212 Jan 18 148 Feb 8
10534 10614 10412 1073* 10412 106% 1033* 10578 10634 11012 10712 10934
85 Mar 13514 Dec
121,000
Reading
*41
4112
4112 *41
50 94 Jan 4 113 Feb 9
*41
4112 *4034 4112 *41
79 Mar 10114 Dec
4112 *41
411*
First preferred
z47
48
4718 4634 464 *46
60 4012 Jan 13 4212 Feb 16
*47
4678 47
3934 Dec 42 Apt
48
*46
4812
900 Second preferred
40 4334 Jan 12 50 Feb 16
5314 534 5214 5214 *52
55
*52
55
*52
40 Mar 4534 Dec
5434 *52
543
4
200
Rutland
RR
pref
100 43 Jan 7 5914 Feb 8
11118 1 12
11034 1127 11012 11234 11018 11114 11018 11118 111 11212 32,900
42
Apr 6114 Atli
St Louts-San Franclaco
974 97
97
100 1008 Jan 6 11458 Mar 12
*9612 07
97
97
97
97
85 Mar 10312 Dec
97
97
9714
1,600
6912 6938 6912 7114 69
100 96 Jan 26 9812 Jan 15
70
684 6912 6812 69% 6912 7012 5,300 Preferred A
8312
Apr 9712 Dec
St
Louis Southweetern
100 61 Jan 6 7414 Mar 14
821s 8218 8218 8218 82
82
8112 82
8178 827 *8134
5712 Star 74 Fet
1,400 Preferred
3312 3312 324 3312 31 12 324 3134 3314 3214 8214
100 76% Jan 8 8314 Feb 28
*3212 34
72 Mar 8014 July
3312
5,800
Seaboard
Air
Line
*3512 37
100 31 12 Mar 23 4114 Feb 17
*3514 37
3558 3612 3512 3512 3614 3614 36% 3678
2712 Mar 51
Dec
3,800
100 3512 Mar 23 433 Feb 4
11112 11318 11012 11212 11038 112
11138 113
1 115* 11314 11114 11212 65,200 Preferred
3112 Mar 481 Feh
Southern Pacific Co
100 1004 Jan 28 11412 Mar 18
9618 Star 11214 Dex
12314 12418 12318 12538 12358 12478 1233* 12438 12312 124
124 124
19,460 Southern Railway
100 119 Jan 28 127 Jan 3 10338 Mar 13114
9514 9514 9512 9512 9412 9434 9438 9438 .9414 9438 945 95
Sept
1,000 Preferred
100 94 Star 10 9512 Feb 21
63
61
6312 6058 62
824 627* 62
61 12 625* 62
8711 Apr 9512 Aug
8212 13,100 Texas & Pacific
100 537s Jan 7 675 Feb 18
38
38
38
38
374 3814 *3712 38
37
3712 *36
4218 Mar 615* Jac
38
1,400
Third
Avenue
167i2 167% 16638 168
100 37 Mar 21
16618 16834 16618 16714 16712 16834 16712 16814 12,600
41 Feb 8
1312 Jan 43 Ape
100 15012 Jan 27 172 Feb 18 14112 Mar 16838
807s 81
8112 8138 813* 8114 81 12 8158 8114 2,400 Union Pacific
81
81 3* 813
Oct
Preferred
69
100 77 Star 5 8212 Feb 11
708* 6834 71
684 703* 6834 7012 693* 705* 6912 7038 73,100
743
4 Jan 8114 Aug
Wabash
100 4012 Jan 4 7534 Feb 28
93
9418 93
924 03
94
93
9334 9312 9334 94
337 Mar 52
Jar
9434 21,300 Preferred A
100
*88
91
91
76
88
*88
88
Jan 3 95 Feb 28
*85
89
.84
68 Mar 78% Jan
88
*85
88
200 Preferred 11
100 65 Jan 15 9012 Mar 4
2412 2314 2452 2318 2334 2212 233* 233* 2538 2414 2532
23
57 Mar 72
Jan
34,300 Western Maryland
100 13% Jan 6 4434 Feb 7
32
31 18 317
3118 3038 3034 313* 3312 3134 33
31
32
11 Mar
163* Jar
3,400
Second
preferred
3338 3358 3212 33
100 23 Jan 7 4234 Feb 7
3212 3212 32
32
3218 3234 29
8
Star
163
243
2
32
Sept
11,400
Western
Pacific new
100 27% Jan 12 3912 Feb 0
2
1% 74
*6
70
70
114 70
213 *6
114 *6
6
75
134 74
66
7612
934 7018 *8
0
2712 Dec 3914 Jan
70
012 2
*6
80
5is 6
70
814 2,500 Preferred new
100 65's Mar 25 763* Feb 7
72 Dec 864 Sept
f
Ileng
rred
& Lake Erie Ry_100 274 Jan 3 130
79
8212 57912 8212 .7912 8212 79
Feb 8
7912 8212 8312 *81% 8312 3,700
18 Mar 32
Jan
WPbeere
471/ Jan 7 93 Feb 8
37 Star 5012 Jac
Industrial
& Miscellaneous.
90
9012 894 8912 8912 90
88
89
.89
8934 893 9111 2,900 Abitibi power
& Papet_No par 83 Jan 27 93 Star 12
6412 6638 63
64
*62
*62
66
6638 *62
7034 May 98 Sent
6612 *62
663*
200 Abraham & Straus
Ve par 63 Jan 18 70 Jan 21
11172 11212 11178 11212.112 11212.112 11212 112 112
1134 112
43 May 72 Dee
100
Preferred
1694 17012 17012 171
100 11012 Feb 1 11212 Feb 8 1041s Star 112 Dec
170 17012 17212 174
I6914 172
17334 17334
1.500 All America Cables
100
133 136
33 136
133 136
139
34 Feb 111 174 Star 24 131
135 135 *134 137 *134 137
Jan 155 July
200 Adams Express
100 124 Jan 5 139 Feb 25
13% 14
1378 13%
14
1419 1412
14
9978 Mar 136 Sept
14
14
123* 1314 2,500 Advance Rumely
100
94 Jan 3 1534 Feb 9
8 Dec 22 Sept
• BM Ana aat.”41
Ex-dividend
a Ex-rigkta.
New York Stock Record-Continued-Page 2
1792
For sales during the week of stocks usually inactive, see second gage preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
March 19.
Monday,
March 21.
Tuesday,
March 22.
Wednesday, Thursday,
March 23. March 24.
Friday,
March 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PI514 $.11.414IS
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
Fbit 1511A145
Range for Proton,
Year 1928
Lowest
Highest
(Can.) Par $ per Mare $ per share $ per share $ per thara
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Minnel•prof
100 3014 Jan 25 41 Feb 9 2872 Dec 6534 Sept
3514 3514 3518 3538 1,300 Advance Rumely
3518 3518 3518 3512 *3514 36
*35 36
918 Jan
424 Nov
4% Feb 16
1
512 Mar 5
1,000 Ahumada Lead
45
434 *412 48 2432 45
434
48 48 *45* 434 *45
par 13412 Jan 26 152 Mar 14 10714 May 14634 Dec
Ine----No
Air
7,100
Reduction.
14912
14812
14872
147
147
14514
14612 14714 14514 147
14512 14712
Feb
16
Oct
7%
25
Mar
1334
4
Jan
9
No par
1134 1132 1134 1332 1334 35,300 Ajax Rubber. Inc
1134 1072 1112 11
Ills 1134 11
2 Jan
214 Feb 18
72 Oct
114 Jan 6
134 18 2,900 Alaska Juneau Gold Min- 10
134 17
112 155
*112 155
152 15, *14 134
Dec
14872
25
Mar
Jan
106
131
1
Mar
14372
par
Dye-No
&
Chemical
Allied
71,400
14114
139
1395 14114 139 1403 13812 14034 13772 13952 13814 14032
100 120 Mar 11 122 Feb 16 11834 Mar 12234 Dec
500 Preferred
12034 12034 *12012 12112
121 121
12012 12058 *1204 121
121 121
7814 Mar 9452 Jan
100 88 Jan 25 973s Mar 1
95% 9614 4,500 Allis-Chalmers Mfg
941 9412 94 9434 94
9432 95
94
9512 94
100 109 Feb 9 11112Mar 2 105 Apr 11112 Dec
400 Preferred
111 111 15111 11112 *111 11112 111 111 *109 10914 *109 10914
1434 Oct 21 Sept
165* 5,800 Amalgamated Leather_No par 1534 Mar 24 24% Feb 11
*174 18
1612 1634 1632 1634 153 1634 16
*1712 18
2414 May 327 A ug
No par 3038 Mar 24 375 Feb 7
3112 3112 31
3112 305* 3114 3012 305* 3032 3012 305* 315* 11,700 Amerada Corti
9 Oct 343 Jan
934 Mar 23 1434 Feb 14
1012 4.100 Amer Agricultural Chem_100
1014 *10
10
934 10
1032
1012 1014 1012 1012 10
353 Oct 9612 Jan
100 354 Mar 23 5134 Jan 10
3612 3714 5,300 Preferred
1537
3712 3632 37
3534 3638 354 3552 355 36
Mar 46 (,c1
34%
20
Jan
48%
6
Jan
41
10
new
Note,
Bank
Amer
500
465* 47
*4612 48
*4612 48
1547 48
4712 475* *4612 48
55 Jan 5812 July
50 5612 Jan 4 595* Jan 22
60 Preferred
5812 *5734 5812 5812 5812 *5712 5834
5812 584 58
58 *58
3834 Feb
3
Sept
Mar
2012
2212
14
100
Mar
4
233
Sugar
Beet
American
100
2312
2
*225
23%
2
*225
*2234 23% *2234 2334 2234 2234 *2252 23
55 Nov 83 Feb
100 55 Mar 25 6018 Jan 3
100 Preferred
56
*54
58
*54
58
55 *54
55
'55 60 *55 61
16 May 3432 Jan
1514 1638 6,000 Amer Bosch Magneto__No par 13 Jan 20 185* Feb 28
1452 147s 1412 1434 144 1412 1418 1418 1412 16
144 15012 514313 14412 11,300 Am Brake Shoe & F--No par 134 Jan 26 15212 Mar 18 110 May 180 Feb
148 15034 14834 15212 14712 149
14734 151
100 11714 Feb 7 128 Mar 12 11014 Mar 12814 Feb
300 Preferred
124 • 124 *124 12412 124 124 *123 12412 123 123 *12112 126
3014 Mar 50 Aug
Amer Brown Boverl El-NO par 2434 Mar 25 3912 Jan 5
295* 3212 2858 3012 285* 2958 2812 2934 2834 2958 2434 2878 93,700
8612 Mar 9712 Jan
100 9134 Mar 25 98 Feb 1
300
Preferred
92
29134
9638
*9312
*9412 9638 *9412 9638 *9312 9632
94 94
387 Mar 6312 Aug
25 455* Jan 28 5034 Feb 28
4612 4714 57,100 American Can WI
4632 461 47
4612 4678 46
467 474 4612 47
Jan 1301* Dec
100 126 Jan 14 130 Mar 9 121
300 Preferred
128 128
12714 12714
128 128 *127 128
1512772 130 *12772 128
91% Mar 11472 Jan
1034 10312 1027 103 10152 10334 10114 10212 10214 10212 10212 10212 3.800 American Car & Fdy __No par 9912 Jan 28 10714 Feb 28
100 12734 Feb 10 13034 Mar 22 12012 Oct 13014 Dec
300 Preferred
15129 131 *129 13012 13012 13034 13034 1304 *12812 13012 *12812 130
2314 Mar 2614 July
32022 304 303* 30% 3032 3032 303 308 *305* 3012 30% 305* 1.600 American Chain,class A____25 2514 Jan 7 30,, Mar 1
31 Oct 51 Jan
No par 36 Jan 26 52 Mar 17
2.700 American Chicle
464 4614 4614 48
4814 4512 48
481s 4812 484 494 46
28 Oct 4714 Jan
No par 35 Jan 4 48 Mar 17
1.400 Do certificates
45 4512 4534 4534 4614 47
46
45
*4512 4634 455g 46
414 Jan 108 Aug
94 Jan 3 1112 Jan 13
95, 9% 4,600 Amer Druggists Syndicate_10
9% 934
95* 934
95, 95s
95* 93
95* 934
100 127 Jan 17 138 Feb 26 10572 Mar 140 Jan
700 American Express
12912 12912 129 1294
130 130
131 131
131 131
131 131
141
Nov 425* Jan
17
Feb
1872
24
Mar
2
253
par
new_No
Pow
Forn
Sr
Amer
113,000
7
2452
3
2314
2
2034
253
20
23
'
23
20
2034
1934 19% 2014
79 Oct 98 Feb
No par 8612 Feb 15 9412 Mar 24
5,400 Preferred
94 9412 93 94
9134 9234 92% 9212 9214 94
904 92
7 May 1712 Feb
812 Jan 20 1012 Feb 8
600 American Hide & Leather_100
*814 9
834 9
814 814 *814 9
*812 9
*84 9
100 48 Mar 1 5272 Jan 12
33'1 May 6714 Feb
5012 1,500 Preferred
*6014 61
4912 4912 495 4934 50
*4912 50
50
50
2352 Oct 3052 Dec
3214 3272 3234 3234 3272 3272 3,000 Amer Home Products_No par 303* Jan 3 34 Mar 17
333* 33% 3234 3312 33 33
100 1144 Jan 26 135 Mar 1 109 Mar 136 June
2,800 American Ice
127 12812 12714 12812 129 129
12832 1285* 1287* 12914 12832 130
Oct 8634 June
8112
7
Jan
9
Mar
8712
84
100
8712 8712
400 Preferred
8714 87% *8652 88
8634 8634 *8714 88
"8634 87
377 377
3134 July 4624 Feb
3,000 Amer International Corp_100 37 Mar 23 40% Feb 8
37 3772 373 378
3912 *3734 3834 3712 38
*38
157 Jan
97
Dec
7
3
Jan
10
23
712Mar
American
2,800
F
France
La
E-10
77
74 712
712 74
712 7
752 734
734
. 734 734
100 2014 Feb 4 304 Jan 12
255* Oct 527s Jan
2212 4,300 American Linseed
2114 2112 2052 2112 2132 2134 2114 2252 2232 2212 *22
6734 Oct 87 Jam
100 4632Mar 19 7112 Jan 3
5034 3,000 Preferred
5172 5034 5112 *50
50
50
4812 49
4838 4714 47
9014 Mar 119% Jan
11012 lll1s 8,900 American L000m new--No Par 10534 Jan 19 11514 Mar 1
10952 11012 110 111
11112 112 111 11212 110 112
100 11912 Feb 23 12278 Mar 24 116 Aug 12414 Dec
200 Preferred
12272 12272 1225* 1225,
0120 123 *1205s 123 *121 123 "121 123
654 Oct 8012 Aug
500 Amer Machine &Fdy__No par 7314 Jan 3 86 Feb 21
81
81
82
82 *81
*81
82 82
82 82
82 82
30 Preferred
100 12512 Jan 6 148 Feb 25 114 July 125 Dec
148 148 *148 149 *148 149 *148 149
*141 147 *143 145
434 Dec 573 Feb
4212 4212 4212 4212 4212 4212 423* 4234 4312 4313 1,400 Amer Metal Co Ltd_-NO par 41% Mar 8 44 Jan 20
42 42
Preferred
100 108 Jan 6 111 Mar 17 11312 Apr 120 Feb
0111 113 41111 113 *109 112 *109 112 *109 112 3109 112
5034 May 7212 Sept
3
Jan
Am
12,200
6112
27
Jan
54
par
Light___No
&
Power
5972
59
5612 584 5812 60
5814 5612 57
57
87q 58
25 11012 Jan 21 11912Mar 11 10114 May 12238 Ana
11618 11678 11634 11738 6,100 American Radiator
11712 1183g 116 11712 115 11612 1147 116
3 Mar 90 Dee
77
2
Feb
94
7
Jan
Railway
8812
Amer
Express-100
91
*89
91
*89
92
4189
92
92 *89
*90
*90 92
397 Nov 74 Jan
200 American Republios___No par 3512 Jan 4 60% Feb 9
*4114 49
*4114 46%
46
*41
*43 47
4712 4434 47
*47
42 Apr 7034 Aug
5712 57
5812 5712 59 25,700 American Safety Rasor--_100 48 Jan 28 59 Mar 25
5658 56
55
58 5718 5614 58
Mg Dec 1172 Mai
64 Jan 7
37
312 Mar 23
*41
44 3,300 Amer Ship ar Comm___No par
334 4
414 414
34 34
3714 44
45*
Apr 152 Aug
148% 14714 14512 14738 145 1475, 142 14534 144 14658 145 14632 58,800 Amer Smelting & Reflning_100 13252 Jan 25 15312 Mar 4 10952
Mar 12232 Des
11272
28
Jan
122
16
Mar
11914
100
1,100
12132
Preferred
12012
12132
12132
1218
12012
s
120
120
•119 120
120
120
Oct 165 Feb
121%
10
Mar
8
1307
17
Jan
11932
100
200 American Snuff
3128 1294 *124 128
12514 12514 125 125 15125 12934 *125 12912
40 may 47 Alla
3,200 Amer Steel Foundries_No par 44 Jan 3 4612 Feb 14
45
455 455* 45
4514 45
4514 45 4514 4412 455* 45
115 Feb
Sept
11014
13
Jan
115
7
Jan
113
100
200
Preferred
114
114
114
*11214
*1127s 11312
4111214 11312 11314 11314 *11214 1134
6514 Apr 8714 Nov
100 79 Jan 25 8812 Feb 28
3,900 Amer Sugar Refining
8312 83 83
8134 8212 83
824 8272 8112 82
82 82
110%Mar 18 100 June 11012 Nov
3
Mar
107%
100
800
Preferred
109%
*10914
110
4
*1093
11014
*
1097
11014
110
10972
11014
11014
1097
2914 Aug 44 Dec
5014 487 50
4958 8,900 Am Sum Tob new otts_No par 4112 Jan 3 515* Mar 18
49
49
49% 51
49% 51
5012 51
2512 July 4112 Fel
200 Amer Telegraph & Cable-100 27 Mar 4 29 Jan 7
28
*27
28
2712 2712 *27
28
*27% 28
275* 27% *27
June 151 Dec
13952
17
Mar
168
3
Jan
14914
100
26,000
Amer
Telep
1654
&
16232
Teleg
16414
1654
16212
161%
1614 162 16112 16214 16134 16258
2 Mar 12434 Sept
1113
Marti
12712
50 120 Jan 7
128 126
125 12632 12512 12612 12438 12514 12534 12614 12612 12612 3,600 American Tobacco
Jan 113 Ma3
10612
100 11018 Jan 4 115 Mar 8
400 Preferred
11478 11478 *11312 115 *11312 115 *11312 115
11472 11478 *114 115
50 11914 Jan 5 127 Mar 17 11012 Mar 124 Sept
12514 12572 12534 12534 5,000 Common Elan B
124 125 12314 12514 12414 12512 12332 125
135 Fel
Jan
114
18
Feb
146
7
Jan
1,800 American Type Founders_100 125
13414 13414 135 13612 138 138
134 136
134 135
135 135
4324 Apr 74 Jar
7934 78
7878 77
79'2 7714 784 44,200 'm Water Works & Elea-20 624 Jan 3 7934 Mar 23
764 7712 7738 7938 77
10814 Jar
Mar
10112
21
Jan
11072
1
Mar
10412
100
1s1
preferred
109
(7%)
*10872 110 *10872 110 *108 110 *108 109 *108 109 15108
19 June 4272 Jar
100 1834 Mar 15 333* Jan 6
2118 217g 15,400 Avaerican Woolen
2118 22
2018 22
1914 1914 1958 2012 1958 20
9014 De(
Apr
66
7
Jan
8612
15
Mar
59
100
6,100
Preferred
6234
4
623
63%
62
62
6012
61%
6012
6012 6112
60 61
55, Jar
4 Aug
15, Mar 7
1 Jan 3
138
132 •1
Amer Writing Paper pref 100
•1
13
132 *1
132 *1
*1
13* •1
518 May 124 Fel
84 Jan 3 1014 Feb 17
1.100 Amer Zino, Lead & Smelt_25
*834 9
9
9
9
9
912
9
9
9
*914 934
De(
54
Max
20
18
Feb
5114
5
Jan
42
483
25
1,900
48%
4852
Preferred
48
48
4714
47
48%
49
48
49
49
4112 Mar 5172 Aut
4612 4714 464 463* 4612 46% 463s 4655 9,300 Anaconda Copper Mining _50 45 Feb 9 494 Jan 12
463* 4634 4612 47
347 June 4414 Jar
18
Jan
Mar12
42
38
par
400
MidIrd_No
Archer,
Dairls,
39
*38
39
3812
38
38
39
*38
39
*38
39
*38
100 106 Jan 4 108 Feb 23 100 Mar 1087 Oct
30 Preferred
106 106 *10612 108 *10612 108
*106 10734 *106 1074 *106 108
9014 May 97 Jar
1,000 Armour & Co (Del) pref_100 92 Mar 18 9612 Feb 16
93% 937
*9312 94
94 94
9384 9334 9312 93'2 9352 94
1312 May 2512 Fel
1152 Mar 19 1572 Jan 7
A_.25
8.100
Armour
12
Class
1232
121
Illinois
of
1214
12
12
124
12% 12
11% 128 12
534 May 17 Jar
912 Jan 6
73
73
7 Mar 5
3,000 Class B
25
722 7's
714 71
*74 71
74 71
74 712
Apr 93 Fat
80
27
Jan
8614
18
Mar
78
100
100
85
*81
Preferred
85
*81
1*
83
.81
81
8112
8052
81
805*
07812
Apr 3134 Jar
18
20
Jan
25
25
Mar
2114
par
100
Am
No
otf
Cons Corp tern
2114 21'4
22
211 "21
*21
23
23 *21
*21
23
*21
1912 Jan 2334 Oct
300 Art Metal Construction-10 22 Jan 11 27 Mar 12
25
25
*2434 25
244 244 *2434 25
*24% 251 *2434 25
6312 Jar
548
Sept
5
Jan
4
463
8
Feb
4912
Artloom
par
No
1,000
'
51's
502
5012
.50
50
4912
.6012
51
51
51
*4914 51'z
100 113 Feb 8 113 Feb 8 108 Mar 1137 Dei
Preferred
*110 11414 *11014 11414 *11034 11414 *11014 11414 *11014 11414 *11014 11414
3714 Mar 54 Jar
16
Feb
4114
9
Feb
3912
100
3,100
Associated
4214
Goods
Dry
.42
42
*4134
42s
417
424
42
424
4112
*414 42
96 Mar 10212 Jai
100 9712 Mar 3 102 Jan 2
700 let Preferred
9814 9812 9912 991 *99 100
995* 9924 I 993* 9932 9914 993
Dec
200 2d preferred
100 105 Mar 23 10734 Feb 7 102 May 110 Ma
105 105 *105 1071 *105 107
10514 10514 *105 107
0105 107
4434 Jan 60
100 Associated 011
25 48 Mar 23 5014 Feb 19
50
348
50
48 .48
48
4935 *48
50
50 *48
1348
Jar
8e
Oct68
29
5
Jan
42
25
Mar
3032
AU
4,100
Line...100
3212
WI
&
Gulf
88
3032
33
*3134
3212 344 *3212 33's 314 325*
4132 34
3314 Oct5614 Jai
100 2934 Mar 25 3812 Jan 8
200 Preferred
2934 2972
35
*25
35
35 *25
330
35
33112 35 *30
97 Mar 12832 Ma)
1
Mar
1174
28
Jan
107
17,100
Atlantic
100
112
Refining
110
110
10812
109
107
1094 11054 109 110's 10714 109's
Juni
200 Preferred
100 11512 Feb 1 118 Mar 1 1 11518 Oct120 Noi
1174 1171 *11714 1171 *11714 1171 *11714 118 •11714 1181 11712 1174
54 Mar 64
300 Atlas Powder
No par 5812 Mar 17 6212 Jan 20
59
59
60
*59
591 *58 60
*58
60 60
*58 60
972 Del
Jan
94
15
Mar
10112
6
Jan
98
50
100
101
*10012
Preferred
100%
1005*
101 101 *10012 101
*100 101 *1004 101
8 Oct174 Jai
812 Jan 19
7's Mar 14
400 Atlas Tack
No pa
73
73
73* 73* *732 8
*714 712
*714 734
812 81
74 Oct28 Jai
512 512 4.600 Austin. Nichols&CO vto No par
414 Mar 22 1014 Jan 3
518 514
434 5
5*4
414 51
512 6
524
Nov 93 Jai
64
5
Jan
61
25
Mar
39
100
500 Preferred
39
39
47
*41
44
41
45
45 *44
45
"---- 50
4 Oct212 Fel
33 Jan 7
14 Jan 3
__
Auto Knitter Hosiery-NO Pa
Mar 1675 De,
23
Feb
5
927
4
2013
18
Jan
14318
Baldwin
_100
Wks
218,700
18338
Locomotive
18158
17612
17914
174 18034
189 19114 18412 189
17734 188
100 116 Jan 14 12014 Mar 23 105 Mar 11914 lgoi
400 Preferred
12014 12014
119 119
120 120 *11634 12034 12014 12014 *1194 121
Feb 26
3312 Jai
May
2312
3512
4
Jan
27
25
27,000
3012
A
class
Corp
Barnatiall
4
293
30
8
30
29%
293
3014
3012 3112 s3012 31
2972
224 Oct3912 Jai
26 25 Jan 4 3212 Feb 28
2814 *2812 2912 1,400 Class 13
295* 293 *2812 2834 2838 2912 2814 2814 28
39 Mar 5538 NO`
4912 Jan 25 592 Mar lil
No pa
2,900 Ba,uk Cigars, Inc
58
58
57
5832 5614 5614 57
571s 5818 57
58
58
5214 Oct717 Fel
20 5478 Mar 25 60% Feb 15
2,400 Beech Nut Packing
56
5538 5814 56
5534 5534 5514 56 r547/1 55
56
56
26 Dec395 Jai
Jan 26 2714 Jan 7
2414 2414 22312 234 2314 233* 2312 2312 2312 23% 2312 2312 1,200 Beld'g Sway Co$emotfNopar 2032
3714 May 51 18 Sep
27 5112 Mar 1
Jan
43%
100
69,390
Corp
Steel
Bethlehem
5118
60
5012
4912
14
497
4834
5038
49
5018
4914
49 4912
June 10572 De
99
18
Jan
10878
3
Jan
4
1043
100
4,100
Preferred (7%)
10724 10814 108 108
108 10812 10814 10814 10812 10812
1074 108
28 June 42 De
35% 4,100 Bloomingdale Bros__ _No par 3478 Mar 24 4138 Jan 11
35
3512 3472 35
3614 364 3512 36
35
37 37
1 10414 June 110 De
Feb
112
20
Jan
10912
100
40
111
111
Preferred
111
111
*111 112 1114 11112'111 112 *111 112
5312 Dec 5612 De
No par 534 Jan 6 58 Mar 14
55 5512 55 5512 5514 5552 5512 5512 1,700 Bon Aml. class A
5512 56
554 56
418 Mar
95* Ja
712 Feb 14
614 Jan 28
No par
614 612 1,900 Booth Fisheries
614 614 *614 7
63* 612 *632 7
10634 712
3434 Oct 514 Jo
tO Mar 17
11
Jan
45
100
let
300
preferred
46
*43
46
48
47
*46
47
1546
48
*46
47 47
Ja
4112
May
20
5
Jan
2812
25
Mar
22
A50
class
300 Botany Cons lvfills
22
22
23
2314 2314 *2312 238 *2314 235* 23% 2314 *22
24 Oct 374 Ja
23
32% 3212 3234 7.700 Briggs Manufactur1ng__No par 2832 Jan 3 3618 Feb
3154 3232 32
3212 33
33 3314 3252 33
3 Ja
10
May
Feb
12
s
13
25
Mar
100
$s
Steel
Empire
British
300
58
573
84
*% 1
*32
34
%
34
34
*34 14
100 148% Feb 11 15978 Mar 17 133 Mar 163 Bet
200 Brooklyn Edison, Inc
157 157
*16612 15712 *157 158 *155 15612 155 155 11155 157
68 Mar 98 De
No par 8934 Mar 23 938 Jun 8
1,600 Bklyn Union Gas
90
90% 0034 90
905* 908 9012 9012 8934 90
*9034 92
2912June 4852 via
3012 Feb 1 3412 Jan 5
No pa
*3112 32
500 Brown Shoe Inc
3214 *3112 3214 *3112 32
317 31% 32
32 32
Ma
100 109 Feb 7 113 Mar 14 107 June Ill Ben
Preferred
____- *110 120 15110 120 *110 120
15110 115 *110 120
2432 Mar 3924
10
Jan
21
Mar
387
2812
par
Brunsw-Balke-Collarer_No
7,400
3072
31
*3014
307
304
30%
285* -3-1-%
3012 3034 284 31
Jul
144
Mar
121
20
Jan
4
1253
18
Mar
9414
974 98
13,000 Burns Bros new clAcom No par
953* 98
971 101
99 10012 95 10014 95 97
264 Nov 44 Fe
18
19
*18
9,500 New clam B com __.-No par 1614 Mar 18 3434 Jan 27
2232 174 2114 1614 1814 17
2012 21
19
97 Mar 1034 Jun
100 9412 Mar 22 100 Jan 3
400 Preferred
9612 *94
96'2
*944 9612 *94
9612 9412 96
1096
95 95
7712 Apr 124 De
1
21,
Feb
126
92
924 (91
gz
1,700 Burroughs Add Mach_No par 290 Mar 2
92
92 9224 9218 9214 92
9224 92%
168 Mar 3414 Jul
4212 4212 42
4214 6,900 Bush Terminal new ____No par 2934 Jan 12 4414 Mar 17
425* 4314 425* 435* 4212 4354 4214 43
Apr 93 Au
86
21
Mar
2
977
5
Jan
914
100
300 Debenture
977
977 *97
975* 97% *97
9772 9734 977 *975 977
*97
994 Jan 104 No
Feb 14 111 Mar 23
10338
100
oref
Bldga,
Term
Binh
250
1103
1102
111
109%
111
110
110 110
1094
614 Fe
412 Jan 4
4 Dec
334 33
384 110
334 Mar 19
384 1094
324 110
5
318 378 v384 34 *334 34
378
1,400 Butte Copper & Zino
1734 Mar 71 Bel
100 5012 Jan 3 61% Feb 15
5414 *5314 5412 5314 5314 5312 5414 1,000 Butterlek Co
5412 53
1553
"534 56
712 May 1614 Js
7
Jan
24
Mar
115*
914
10
Mining_
Superior
,t
Butte
3,500
91
914
914
97
94
97 10
95* 934
10
1012
10
1,100 By-Products Coke--No par 66 Jan 29 8334 Mar 121 53 June 907 Bei
7514 7514 *7512 76
75
75
75% 78
*761 79 *76% 79
44 No
5778 3778 804 5934 813* 14,400 Byers & Co (A M)--__No par 42 Jan 3 6134 Feb 181 28 Mar
56
6834 57
RA
an mu. A7
Ex-dividsad
s
day.
this
on
miss
no
pthisg
*Bid sad mkgit
New York Stock Record-continued-Page 3
1793
For sales during the week of stocks usually inactive, see third page pracedln
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
March 19.
Monday,
March 21.
Tuesday,
March 22.
Wednesday, Thursday,
March 23. March 24.
Friday,
March 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
$ Per share $ per share $ per share $ per share $ per share $ per share Shares Indus.& Miscall.(Con.) Par
6434 644 648 65
6453 6434 644 6412 643 6514 65
6512 4.000 California Packing____No par
25
28
2818 2758 2818 2734 28
27
2753 2634 2734 2753 28
21,300 California Petroleum
10
178
178
178 17a
134
134 *134 178
134
134
134 134 3,400 Callahan Zino-Lead
6712 6758 68
6834 6712 6712 6614 6713 6713 6713 6618 6618 2,600 Calumet Arizona Mining_ 10
1512 1512 1514 1514 154 1514 1518 1518 *15
1512 1518 1518 1,100 Calumet & Reda
25
42
42
41
4234 42
42
4214 4212 9,300 Canada Dry Ginger Ale.No par
41
43
4278 43
100
159 15938 15612 159
4,800 Case Thresh Machine
15314 15812 15312 15678 156 15834 157 158
11312 11312
*11312 114
100
114 114 *11312 115 *11312 115 *11312 115
200 Preferred
Steel____No
par
2614
1,600
Central
Alloy
26
2614
263
2653
z2614
2612
2613
2614
2614
2614
2612
100
934 1053 1014 1014 1014 1053 2,500 Central Leather
912 95*
934 984
95* 934
6134 6134 *62
100
644 67
*65
67
6412 63
63
6412 65
2,200 Preferred
*1513 1612 16
1612 *1534 1614 16
16
15
1534 *14
1,000 Century Ribbon Milas_No par
15
*7712 80
100
*79
*77
79
*77
80
10 Preferred
80
*79
80
80
80
6234 63
6238 6278 6213 624 6212 6234 6212 6212 2,700 Cerro de Pasco Copper_No par
'
111234 64
46% 47
464 4673 4533 4653 4513 4534 4518 4572 4512 4812 7,800 Certain-Teed Products_No par
*10734 114 *10734 114
100
1st preferred
10858 11358 *10734 11358 10812 11358 10812 11358
1112 13
1212 1312 1234 14
1312 1234 13
23,700 Chandler Cleveland MotNo par
1273 1312 13
2434 x2418 2453 24
24
No par
2414 24
2413 6,600 Preferred
247
2312 2412 24
12812 12812 127 128
126 12612 *126 12614 12612 1267 12612 1298 2,500 Chicago Pneumatic Tool-100
No par
4938 4934 4933 4912 493* 493
1,800 Childs CO
50
50
50
498 4914 50
364 38
375* 3914 3712 3914 3714 3734 3712 3814 3714 3753 132,000 Chile Copper
25
*2214 26
5
*2214 26
*2214 26
2318 2313 *2214 26
100 Chino Copper
*2214 26
*37
3834 *37
3853 *37
3812 37
300 Christie-Brown certlfs-No par
3714 *36
3714 *36
37
4112 42
407 417
4014 4153 3812 4053 3934 4153 4013 4114 132,000 Chrysler Corp new___No par
*104 10414 104 10412 10418 10412 *104 10412 *10414 10412 10414 10414 1,000 Preferred
No par
5912 60
5912 5912 598 61
60
60
60
60
60
60
2,000 Cluett, Peitliodir&Co-_-__100
118 118 x11614 11614 11614 11614 11312 116
115 11514 115 115
610 preferred
100
192 19253 190 191
190 19012 18814 1897 18978 1908 *190 19053 3,400 Coca cola co
No par
7812 8012 7518 7834 7533 7634 7653 783* 78
8158 38,600 Collins dr Altman
No par
8053 80
*17014 179
155 155
_ _ *152
. _ *155 179 *160 179
100 Preferred
100
57
5734 5914 5734 5918 *1505918 56% -5812 5753 594 5814 597 47,900 Colorado Fuel & Iron
100
841s 8114 834 8112 82
8312 84
83
8214 8314 8334 838 3,700 Columbian Carbon v t a No par
84
8478 837 8413 8318 8384 84
8578 85
847 85
873* 27,800 Colum Gas& Elec new_Ne par
104 104
10334 104
104 10414 10414 10412 10414 10458 1044 10458 3,300 Preferred new
100
1812 1812 1814 1814 18
1814 174 1734 1752 1734 *1734 18
1,900 Commercial Credlt___No par
2114 2114 *21
2114 21
21
*2034 2134 *2034 2134 *2034 2114
140 Preferred
25
*2153 2212 *2112 2214
*2134 2212 *2134 2212 *2134 2212 22
22
25
120 Preferred B
8038 80% *7638 8212 *78
*8012 83
80
*7638 81
*7633 81
100
100 1st preferred
54
52
5418 5234 544 5112 5314 485 5212 14,500 Comm Invest Trust..._No par
534 5434 53
*9534 9812 *9534 9812 *9534 9812 *9534 9812 *9534 9812 *9534 9812
100
7% preferred
91
9434 948 *9333 947
9414 934 9458 93
9312 924 9338 1,300 Preferred (65i)
100
274 27734 277 285
27134 276
27014 27834 271 27814 271 276
25,900 Commercial Solvents B No par
2012 21
1958 2078 1912 20
2058 21
1934 20
1934 2014 32,400 Congoleum-Nalrn Ino_No par
No par
57
5712 5713 5914 5814 5953 58
59
5914 6053 5934 6012 31,700 Congress Cigar
Conley Tin Foil atpd---No par
*14
711
*4
72
*32
72
*as
34
*32
84
"S
34
777
7772 79
7712 78
76
77
7834 16,500 Consolidated Cigar____No par
8058 8114 57814 79
49912 100
9912 9912 99
9912 99
99
99
99
*99
100
9912 1,000 Preferred
*113 15
112 158
112 112
158 1%
14 112 *112 15*
700 Consolidated Distrib'rs No par
98
9834 9738 9938 9714 9834 9614 9734 9713 9778 9712 9838 32,400 Consolidated Gas(NY)Ns par
354 4
334 378
358 334
334 378
378 378
378 378 18,800 Consolidated Textile_ _No par
4314 48
4978 5012 4714 50
4334 47
par
z46
4634 42
46
55,600 Continental Baking clANo
458 512
6
614
513 6
434 584
No par
512 578
512 6
57,100 Class B
9284 9234 9213 944 8813 92
90
92
z90
9013 87
89
100
9,600 Preferred
624 6373 6218 64
63
6334 6312 64
6334 6478 6414 6512 17,500 Continental Can. Ino__No par
1444 14912 7,000 Continental Insurance__ _ _ 25
*140 141
140 14014 14012 14012 14034 14112 14114 144
1112 12
1158 1178 1113 1172 1113 1112 1112 1134 1112 1134 10,900 Cont'l Motors tem otfa_No par
527s 5312 5258 54
537 131,300 Corn Products Refln w L. 25
5358 5513 5312 5453 533 5418 53
100
*129 12912 *129 12912 129 12938 *129 12912 *127 130
12938 12938
400 Preferred
No par
7233 73
z72
73
71
724 70
72
7233 7278 7273 7378 6,300 Coty Inc
89
9078 90% 917 11,300 Crucible Steel of America_100
9013 9012 8912 9014 8613 894 8573 89
100
*106 110 *106 10914 106 106 •10514 108
10713 10713 10514 10514
300 Preferred
No par
3012 313* 294 3112 304 3153 30
301
30
3033 2912 3018 11,200 Cuba Co
No par
*858 878
834 834
85* 858
85* 834
853 834
873 873 2,200 Cuba Cane Sugar
100
4214 3912 414 39% 40
4112 11,500 Preferred
4212 4212 41
398 4012 41
14
24
2334 2412 2414 2412 2412 2434 2,700 Cuban-American Sugar-. 10
243* 2438 *2414 25
100
10114 104
1024 10234 10234 10234
103 104 *103 104
100 Preferred
*103 104
16
*154 16
*1518 16
1612 16
*15
16
*1513 16
*16
500 Cuban Dom'can SusnewNo par
50
5113 503 507
5133 51
5014 5012 4,400 Cudahy Packing new
5112 515* 51% 5112 51
No par
Cushman's Sons
*103 106
103 106 *103 106
103 106 *103 106 *103 106
No par
33
*3112 32
*3114 32
*31
3112 3112 3112 3112
*31
32
200 Cuyamel Fruit
2714 2712 2738 2712 2714 294 2812 2878 28
2734 28
6,800 Davison Chemical v t o_No par
28
137 137 *135 13812 138 138
100
15137 149 *137 13812 *135 137
200 Detroit Edison
38
38
38
3712 38
*38
3912 3712 3712 1,500 Devoe dr Raynolds A__No par
3812 3912 z38
2112 2012 2114 2078 2112 81,300 Dodge Bros Class A__No par
2253 2134 2213 2112 22
20
22
8114 7934 8014 804 8114 12,600 Preferred cent:
No par
811s 8112 8114 8112 8138 8158 80
858 858
834 834 *858 9
858 858
No par
834 834
834 834
800 Dome Mines, Ltd
57
57
57
5653 5634 5634 57
57
57
No par
568 5712 57
2,400 Douglas Pectin
*11512 116
11578 11573 *11512 116
11553 11553 *11512 11534 11534 11534
400 Duquesne Light 1st pref___100
140 14014 13934 140
138% 141
13812 13913 13834 13913 1384 14112 5,400 Eastman Kodak Co__ No par
2412 2473 2413 2412 244 2414 2413 2418 2414 2514 2534 273* 15,300 Eaton Axle & Spring
No par
205% 2097 20314 210
20012 205
207 210
203 20834 20614 20973 48,800 EIduPontdeNemnew_Nopar
11018 11018 110 11013 *110 11012 110 11014
*1093 11013 110 110
100
1,000 6% non-vot deb
41318 1312 1353 133* 133* 1338 13
1313 134 1314 13
13
1,300 Eisenlohr & Bros
25
74
7434 73
7418 7334 75
*73
7412 4,500 Electric Autolite
7434 7553 7412 75
No par
1538 1414 1514 1434 15
147 1638 28,100 Electric Boat
1538 1534 1518 1534 15
No par
1713 1914
1914 2014
1713 18
1913 2014 129,200 Elec Pow & Lt ct11
18
1812 1712 18
No par
107 107
107 10712
*10512 10678 106 10678 *106 10678 106 107
600 40% prod
410512 ____ 10512 ____ *10512 ____ *10513 ____ 10612 ---- *10612 --- - -----Pref full paid
99
993
9812 9812 9812 9873 *9818 9812 9813 9873 9812 99
1,900 Preferred earths
3234 3358 3213 334 33
3314 304 3338 31,500 Electric Refrigemtlon_No par
3414 35
3353 34
7134 72
4,800 Elea Storage Battery..No par
71
7114 71
7112 70
7012 695s 71
7034 72
*712 9
*712 9
*712 9
*713 9
*712 9
*712 9
Emerson-Brant ClassA.Nopar
67
*6578 6614 *657 67
*657 67
*6534
*66
6712 *66
Endlcott-Johnson Corp... 50
12012 12134 *12013 121 *12012 12134
12014 12012 *12012 12134 *12012 121
100
200 Preferred
235* 2334 2312 2334 2312 2378 2334 2378 2378 237
237 24
5,500 Engineers Public Serv_No par
100 10018 10018 10018 10018 10034 1,400 Preferred
100 100
No par
9954 1004 *100 101
2812 2813 303* 3014 3114 63,200 Erie Steam Shovel
2712 2778 2718 2734 2754 2858 28
5
104 106
106 106
10718 10712
15104 10714 *104 10634 107 107
100
BOO Preferred
122 122
122 122
12212 12318 123 124
124 12412 124 12412 1,800 Equitable...Office Bldg pfg_100
7114 714 7213 41,500 Eureka vaimim Clean_No par
7038 70
69% 7012 708 7134 7014 71
69
1853 19
19
19
*1812 1913 *1813 1912
511812 19
*1813 19
400 Exchange Buffet Corp-No par
*394 393
397 397
3934 40
40
4012 4014 4013 41
41
1,800 Fairbanks moree
No par
*108 112 *108 112 *108 112
109 109 *108 112 *108 112
100 Preferred
100
1104 11138 11013 111
10853 11014 108 10912 109 1103s 10912 111
28,900 Famous Players-Lasky_No par
*121 122
121 121
1213 12134 12012 12012 *12014 1204 1204 12014
700 Preferred (8%)
100
41
41
41
41
404 41
395* 4114 4113 414 4112 423* 9,800 Federal Light & Trae
15
96
96
*954 96
5957 9612 9578 957 *9514 964 954 9514
90 Preferred
No per
109 115
109 110
105 105 *105 115 *105 115
114 116
700 Federal Mining & Smelnr_100
9112 92
92
9012 90
9212 9312 9112 9312 91
924 4,900 Preftered
90
100
27
2712 2718 2718 2618 2653 253 2534 2412 254 2518 26
1,500 Federal Motor Truck_ No par
*95
96
95
95
9514 96
*9413 97
*9612 99
9634 99
800 Fidel Phan Fire Ins of N Y- 25
. *96 10234
*97 10234 *96 10234 *96 10234 *96 10234 *96 1021
First Nat'l Pie, 181 pre/_ - -100
26
2534 25% 4,400 First Nat'l Stores
26
264 26
2553 2553 2334 2518 2438 25
No par
175* 184 16,000 Fisk Rubber
1814 1858 1814 1811 1778 1858 1758 1818 1758 1814
No par
87
*864 87
863 87
*87
874 8658 87
*87
8712 87
500 1st preferred stamped___100
100 101
*10014-_ _ *10014 .. 10033 1003* *100 101 *100 101
100 1st preferred cony
100
50
5133 503 5138 36,800 Fleischman Co new----No par
50
5058 4912 -50-18 494 505* 4958 50
847
82
84
84
8434 8312 845
8414 8414 8314 8412 83
6,600 Foundation Co
No par
68
6638 6534 6714 6512 67
6758 6734 6512 6734 65
7073 14,100 Fox Film Claw A
No par
5614 5712 5418 564 5614 5718 5612 57 138,600 Freeport Texas Co...,._No par
63
5353 5212 56
3014 294 3014 2914 29% 4,200 Gabriel Snubber A
3012 3034 3012 3012 3013 3014 30
Ne par
812 834
812 9
812 834
812 85*
812 9
834 938 10,400 Gardner Motor
No par
4813 4834 4753 4753 4718 477
49
49
48
4858 48
48
2,600 Gen Amer Tank Car
100
108 108 *10712 1084 *10713 109 *10712 109
10712 109
*108 109
100 Preferred
100
8614 8712 8413 8634 835* 8634 8233 8433 8134 8414 834 8614 88,200 General Asphalt
100
125 130
*125 140 •120 135 *120 135 *120 125 *125 130
Preferred
100
5412 54
5412 54
54
54
5414 *54
5314 533 *54
5412 1,800 General Cigar, Inc new_No par
12088 122
12014 12014 *12014 121 *12014 121 *12014 121 *1204 122
200 Preferred (7)
100
100 Debenture preferred (7)-100
117 117 51116 11712 *116 11712 *116 1174 *11414 11712 11414 11712
56
56
5613 56
56
5614 5614 5613 5614 5534 5678 55
5,200 Gen Outdoor Ally A__ _No par
4112 4013 4218 17,800 Trust certificatee____No pox
423s 4252 3952 4232 3912 4012 3972 4052 40
84
8638 8513 8614 23,800 General Electric New__No par
8414 8534 8312 85
8512 857s 8412 85
1135 1112 113s 1112 1133 1112 1112 1112 1138 1112 1112 1153 7,500 General Electric special___10
41
41
40% 4273 42
4273 41
404 41
42
41
41
4,900 General Claa & Elea A__No par
.
-ee on tflI9
- day
SES al.laena.
and asSed 01105.; no
aEx.rtgbt.,
coo
on
PER SHARE
Range Since Jan. 1 1927
On baste of 100-share lots
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
$ per share $ per share $ per share $ per share
6614 Oct 17912 Feb
64 Feb 7 70 Jan 5
2934 Oct 3818 Feb
2634 Mar 24 3278 Jan 18
258 Jan 17
112 Mar
258 Jan
112 Jan 3
554 Mar 7358 Aug
6538 Jan 3 69 Feb 24
1413 Jan 4 1612 Jan 20
1353 Mar 1812 Aug
3212 Oct 49 Sept
36 Jan 5 4414 Feb 25
6212 Jan 176 Aug
132 Jan 27 16034 Mar 17
Jan 11812 Aug
96
111 Feb 28 117 Jan 12
2812 Oct 3314 Aug
26 Feb 23 2873 Jan 4
7 Nov 2012 Jan
832 Jan 3 1034 Jan 7
4314 Apr 6834 Jan
54 Jan 14 67 Mar 24
1014 Oct 3273 Jan
1013 Jan 26 1612 Mar 18
Jan
7814 Dec 90
70 Jan 24 82 Mar 8
574 Jan 7312 Aug
6018 Jan 29 6312 Feb 24
42 Jan 25 4914 Mar 14
3613 May 4912 Jan
106 Feb 1 11034 Mar 7 100 May 10614 Nov
813 Nov 26 Feb
818 Jan 6 14 Mar 22
2034 Dec 4514 Feb
2113 Jan 25 24% Mar 22
9412 Apr 12814 Dee
12012 Jan 3 1374 Mar 2
45% May 6633 Jan
4953 Mar 18 53% Jan 11
30 Mar 363 Jan
3438 Jan 3 394 Mar 21
16 Mar 26 Nov
2218 Jan 7 2318 Jan 6
2912 Oct 6334 Jan
3478 Jan 5 42 Jan 18
3813 Jan 28 4312 Jan 6
2812 Mar 547 Jan
93 Mar 108 Jan
103 Jan 3 105 Jan 12
60 Dec 6812 Jan
5872 Mar 17 6634 Jan 24
11114 Jan 6 118 Mar 19 1034 Jan 116 Sept
16712 Jan 4 19453 Mar 14 128 Mar 17434 Dec
3434 May 6912 Dec
63 Jan 4 8614 Feb 28
9834 May 1384 Dec
126 Jan 4 165 Mar 9
2738 Mar 4938 Oct
4258 Jan 4 6314 Mar 1
5553 Jan 7034 Dee
66% Jan 3 8512 Mar 18
8558 Nov 91 Dec
8278 Feb 11 9153 Jan 12
9912 Jan 24 10453 Mar 24
988 Nov 10158 Nov
1453 Feb 1 2013 Feb 21
164 Nov 4712 Jan
2114 Nov 2614 Jan
194 Jan 28 23 Mar 10
20 Nov 2734 Jan
1958 Feb 19 23 Jan 7
8512 Dec 994 Feb
80 Feb 9 8513 Jan 12
5412 Dec 72
Jan
4853 Mar 25 5614 Mar 14
Jan
97 June 104
964 Jan 28 9812 Jan 27
89 May 100 Jan
90 Feb 18 95 Mar 14
223 Jan 3 285 Mar 25 11814 Jan 237 Noy
1212 Ma
2933 Sept
1714 Jan 26 2153 Mar 17
47 Mar 11 6038 Mar 24
4012 May 57 Dee
38 D
1 Mar
14 Feb 1
38 Jan 5
76 Mar 24 8513 Feb 17
4514 Apr 8714 Dec
99 Mar 22 10212 Feb 2
91 Mar 107% July
14 Aug
612 Jan
113 Jan 3
212 Feb
87 Mar 1153* Aug
94 Mar 9 10912 Jan 10
114 May
414 Nov
318 Mar 14
413 Jan 15
5012 Oct 9373 Aug
42 Mar 25 7473 Jan 6
758 Oct 1518 Sept
45e Mar 22 1014 Jan 5
89
Oct 9612 Aug
87 Mar 25 9714 Jae 13
70 M
9212 Jan
624 Mar 21 7312 Jan 3
135 Jan 27 14912Mar 25 122 Mar 14434 Jan
97 May 137 Dee
11% Jan 28 1353 Jan 6
355 Mar 515* Dec
4678 Jan 12 5518 Mar 22
128 Jan 11 12912 Feb 23 12212 Jan 13014 Dee
444 Mar 62 Dee
56 Jan 3 7373 Mar 25
64 Apr 8234 Dec
77 Jan 4 9614 Mar 4
96 Mar 104 Dee
103 Jan 18 109 Mar 17
2814 0 t 5333 June
2614 Feb 2 3414 Jan 8
858 May 114 Jan
853 Mar 22 1034 Jan 5
3512 June 5038 Dec
3912 Mar 22 50% Jan 4
2014 Aug 3053 Jan
2334 Mar 17 2812 Jan 3
973 Jan 105 Nov
102 Jan 31 104 Feb 7
154 Sept 2014 June
15 Feb 15 18 Jan 21
5118 Nov 55 Dec
527
Feb
23
50 Jan 25
7712 Mar 108 Dee
104 Mar 8 112 Jan 17
Jan
32 Nov 51
304 Mar 10 34 Jan 15
2318 Oct 4653 Feb
2612 Feb 24 3212 Mar 1
13312 Jan 21 14054 Mar 17 12312 Mar 14112 Dec
31
Oct 10418 Feb
373 Jan 25 • 428 Feb 2
2114 May 474 Jan
20 Mar 23 '2713 Jan 5
7912 May 90 July
7934 Mar 24 85 Feb 14
8
Oct 20 Mar
1114 Jan 4
812 Mar 1
19 Mar 46 Nov
46 Jan 3 62 Mar 14
11414 Mar 2 1164 Jan 3 11112 Mar 11634 Aug
12614 Jan 28 14414 Mar 17 1065* Mar 13634 Dec
23 Oct 3234 Feb
2418 Mar 21 2758 Feb 24
168 Jan 25 212 Mar 17 15434 Nov 18112 Dec
10512 Feb 5 11014 Mar 25 10334 Apr 11018 Dee
1034 Oct 2012 Feb
114 Jan 3 1612 Feb 15
6134 Mar 82 Feb
6312 Jan 13 7853 Mar 4
4 Mar 16 Dec
1312 Mar 2 1654 Mar 11
162 Jan 27 2014 Mar 24 1514 Oct 3412 Feb
9912 Mar 115 Feb
10373 Jan 28 10712 Mar 25
10212 Oct 11012 Feb
8912 Mar 984 Sept
96 Jan 14 9938 Mar 1
3338 Dec 7812 June
3014 Mar 25 3738 Jan 3
6814 Mar 5 7913 Jan 6
714 Mar 944 Aug
614 Dec
84 Dec
9 Jan 25
713 Jan 4
654 Mar 7253 Feb
6434 Jan 28 69 Feb 25
Jan 120 Sept
1168 Jan 5 12012 Mar 19 114
1914 Oct 2412 July
2154 Jan 11 2412 Feb 3
9214 Nov 9612 Aug
9334 Jan 8 1008 Mar 25
2113 Oct 2553 Nov
2434 Jan 3 3114 Mar 25
Oct 102 Nov
10112 Jan 6 10712 Jan 17 100
11814 Feb 5 12412 Mar 24
9978 June 13214 July
43 May 6838 Dec
60711 Jan 25 7218 Mar 25
1434 July 17 Apr
1518 Jan 25 19 Mar 12
375* Dec 5953 Feb
384 Feb 10 427 Jan 22
10713 Feb 7 112 Mar 2 10612 Nov 115 Feb
1074 Feb 10 11434 Feb 24 10312 Jan 12712June
120 Feb 16 12438 Jan 12 115 Mar 12412 Dec
3712 Jan 17 441. Feb 28
28 Mar 4712 Dec
914 Feb 23 96 Mar 21
86 June 94 Dec
41 May 111% Jan
60 Feb 9 120 Mar 12
61 Mar 105 Jan
7512 Jan 28 97 Mar 12
2412Mar 24 301 Jan 10
23
Oct 343* Aug
9312 Feb 23 193 Jan 6 160 Apr 2004 Jan
974 Jan 13 103 Mar 4
96 May 107 Feb
2334 Mar 23 30 Feb 7
28 Nov 493* Feb
16 Jan 24 194 Mar 14
144 May 2614 Jan
81 Jan 5 8733 Mar 18
768 Apr 8414 Mar
97 Jan 24 10012Mar 7
94 June 107 Mar
3214 Mar 564 Feb
4618 Feb 1
5238 Mar 5
734 Dec 17934 Jan
75 Feb 9 867 Mar 18
5518 Mar 85 Jan
65 Jan 25 7413 Jan 6
1958 Jan 36 Dec
344 Jan 4 5712 Mar 22
255* Nov 42 Feb
2918 Jan 3 32 Feb 11
934 Jan
533 Nov
612 Jan 27 10 Mar 17
39 Mar 553* Jan
46 Jan 3 5058 Feb 25
9912June 109 Dec
1065* Mar 1 109 Mar 14
50 Mar 9414 Aug
774 Jan 27 9634 Mar 2
9472 Mar 1404 Aug
120 Jan 25 14438 Mar 2
46 Mar 5912 Feb
52 Jan 26 8978 Feb 24
116 Jan 5 134 Feb 24 109 Jan 118 Dec
116 Jan 11 117 Mar 19 10914 Apr 11812 Feb
51 Mar 5632 Aug
55 Mar 23 5812 Feb 9
2653 Mar 397 Dee
37 Jan 18 4673 Mar 2
79 June 954 Aug
81 Jan 27 8713 Feb 25
11
Jan 11% Dec
1114 Jan 3 1153 Jan 5
34 Mar 59
Jan
4018 Mar 21 4712 Feb 2
New York Stock Record-Continued-Page 4
1794
For sales during the week of stocks usually Inactive, see fourth cage preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
March 19.
Monday.
March 21.
Tuesday,
March 22.
Wednesday, Thursday,
March 23. March 24.
Friday,
March 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
rEli ZHAKIS
Range Since Jan. 1 1927
On basis of 100-share lots
_
Lowest
Highest
$ per share $ per share $ per share $ Per share $ per Male 8 per share Shares Indus. & miscall. (Con.) Par $ per share $ per share
104 104
*9912 10712 *104 108
100 Gen Gas& Elea pf A (7)No par 100 Jan 3 10712 Jan 24
104 104
39912 108
•991$ 107 '
*113 115
115 115
200 Preferred A (8)
11314 11314 *113 115 *113 115 *11312 115
No par 11314 Mar 22 11534 Jan 28
'
398 100
•98 100
100 Preferred B (7)
*98 100
99
99 '
*98 100
399 100
No par 96 Jan 13 99 Mar 8
178 17934 17514 17912 174 1782 171 1745 17258 1764 17512 17812 932,400 General Motors Corp No par 1454 Jan 25 1804 Mar 18
119 11912 11873 11912 119 11914 119 1194 11834 11918 119 11918 3,200 7% preferred
100 11812Mar 9 122 Jan 7
:31.03
_ *103
_ __ _ ___ 6% preferred
_
*103 _ __ *103
_ _ *103
- _ *1()3
100 104 Mar 7 105 Jan 3
110 1-1-1712 106 4912 106 10-834 10312 1-0i% 10612 10-933 1084 1-1-1-34 56,400 Gen Ry Signal new___No par 8218 Jan 14 116 Mar 4
543
46 :343
46
*43
45 '
4613 4612 47
600 General Rohs:flat:kg-No par 38 Jan 14 47 Mar 25
343
46
*45
3858 3912 3914 40
4012 3713 40% 383 394 9,800 Gimbel Bros
38
4012 39
No par 3712 Mar 24 444 Jan 28
*9913 102
*9912 102 •10078 101% *10073 10178 •10078 10178 *10073 10178
Preferred
100 9938 Mar 18 104% Jan 11
7
2073 214 z2Ols 2012 1934 208 191$ 19
1978 2014 1958 1914 9,200 Glidden Co
No par 184 Jan 26 22 Mar 10
457 463 •4533 46
4513 4658 8,300 Gold Dust Corp v t o__No par 42 Mar 9 4712 Feb 9
44N 454 4414 4513 4514 46
544 5414 5213 5414 53
5438 12,100 Goodrich Co (B P').---No par 4234 Jan 3 584 Mar 3
5312 524 5414 531 5414 54
*9978 10114 •9978 10114 997 997 *9913 10114 :3100 101 *100 10012
100 Preferred
100 95 Jan 3 10012 Mar 14
*1034 104 *103 104
104 104
1044 10412 .2,300 Goodyear T & Rub Df o $0_100 981s Jan 27 10512 Mar 17
1034 10412 10312 104
*107 109 *107 109
107 107 *105 10834 *104 10812 *10433 108
100 Prior preferrea
100
105 Jan 7 10834 Mar 10
6414 644 6433 6433 6412 6438 6514 6534 65
074 3,900 Gotham Silk Hosiery-Ni Par 5758 Jan 12 6778 Mar 25
6612 86
64
64
647 647
6453 6514 6412 6412 6514 687
65% 664 3,200 New
No par 58 Jan 12 6758 Feb 24
*10778 10873 *108 1084 *10814 10853 108 103
10833 10838 10814 10814
500 Preferred new
100 104 Jar 28 109 Mar 11
811 812 *8
813
84 *8
814 814
812 *8
400 Gould Coupler A
8
812
No par
8 Mar 18
953 Jan 13
36
3513 3512 3514 36
3613 3534 36% 3618 3613 3512 3638 12,300 Granby Cons M Sm & 84_100 3113 Jan 27 384 Feb 24
11114 112
11112 112% 11112 11212 1114 113
112 11278 113 11414 5,300 Great Western Sugar tem etf25 109 Jan 26 11914 Feb 28
•120 12014 12014 12014 12014 121
300 Preferred
12034 12034 120 12014 12012 121
100 1164 Feb 28 1218 Jan 17
8
38
3814 3834 3713 3811 371s 378 374 371$ 3758 3734 2,900 Greene Cananea Copper---100 2914 Jan 27 40 Mar 11
.534 9
84 S% *812 9
85* 853
1,100 Guantanamo Sugar....-No par
*853 9
9
9
8 Jan 25 10 Jan 4
60
59
5814 59
5973 *59
574 59
5913 6114 6012 6111 4,000 Gulf Statee Steel
100 53 Jan 4 84 Feb 28
64
365
*62
60 Hanna let prof due A
*63
_ _ *133
6234 6334 6334 61
6434 '
62
100 56 Jan 31 67 Jan 19
*25
•25
28
26
*25
*25 1611 *2434 26
2612 *25
26
Hartman Corp class A_No par 25 Jan 22 27 Jan 8
2514 2518 2514 25
•25
25
2512 25
25
25
2533 2512 1,500 Class B
No par 2312 Feb 9 2613 Jan 3
*1834 19
18
18
1734 1734 1814 184 1734 2034 21
2153 6,400 Hayes Wheel
NO par
1512 Feb 15 2234 Feb 25
93
92
92
92 '
92
392
92
93
95
*93
95
400 Hahne(0 W)
*93
25 7613 Jan 14 1014 Mar 17
3213 3258 3134 3134 *3014 301$ 3014 3014 *29
304
1,000
3014
3014
Hoe(R)& Co tem otts_No par 22 Jan 31 3314 Feb 14
62
6434 62
*62
6434 *62
62
62
*6173 62
500 Homestake Mining
62
62
100 60 Jan 25 8318 Jan 15
493$ 4912 *49
494 •49
49
4834 4834 49
4913 49
700 Househ Prod.Inc.tem ctfNopar 4314 Jan 3 5014 Mar 17
49
10614 11534 9712 99
92 102
94
9914 9614 9873 9714 107 191,400 Houston Oil of Tex tern 011s100 604 Jan 11 12434 Mar 8
4073 4013 4033 394 404 3934 40
40
4014 40
3,700 Howe Sound
3934 40
No par 374 Feb 14 404 Mar 21
7173 6611 7033 6714 60711 6734 6933 240,400 Hudson Motor Car--_ _No par 484 Jan 24 743 Mar 9
6914 7114 6913 7158 70
21
21% 22
2113 2173 2113 22
2114 21
2112 2114 2114 9,400 Hupp Motor Car Corp____10 21 Jan 17 2333 Jan 10
25
2578 2433 2513 2411 2478 2434 25
2512 26
245 2538 21,700 Independent Oil& Gaa_No par 2433 Mar 22 3234 Feb 1
*144 15
*1414 1514 •1414 1514 *1413 1514 14
1414 *14
200 Indian MotocycIe
15
No par
14 Mar 24 1512 Feb 7
212 2t2 10
10
913 10
913 91$
978 10
958 95, 1,400 Indian Refining
10
7es Jan 29 111$ Mar 14
•012 212
212 214
233 938 4,100 Certificated
914 10
9
10
9
9
10
75e Jan 12
1012 Mar 14
934 9214 924 924 9214 '
•9233 9312 *92
39214 93
Ingersoll
300
*9214 93
Rand now----No per 92 Jan 10 8534 Jan 3
42
42
42
42
42
•42
42
43
42
42
4234 4234 2,100 Inland Steel
No par 41 Feb 15 4334 Jan 3
*1114 11312 *114 115
100 Preferred
114 114 *11112 1134 *11114 11312'
311114 11312
100 111 Jan 3 114 Mar 113
19
1834 1914 1834 1834 1833 19
194 1813 19
19
1912 6,900 Inspiration Cons Copper-20 1812 Mar 21 254 Jan 12
1334 1373 134 1333 1334 137$ 5,300 Intercont'l Rubber___No par
1414 1334 14
1418 1414 14
1112 Jan 3 1534 Mar 12
712 713 •713 8
7
733 738
873 74
18,600
Internet
75,
713
Agricul
712
No par
638 Mar 15 107s Feb 23
*44
45
4314 4414 4414 4414 43
4313 *4113 4212 4134 4334
1,300 Prior preferred
100 4134 Mar 25 85 Feb 14
63
6533 z6213 63
6334 6333 6478 22,600 Int Business Machines_No par 534 Jan 13 6533 Mar 22
634 63
61
6173 61
4952
503
3
5014
5013
503
8
*49
*50
*49
5013 4933 50
5012
1,000 International Cement_No par 4514 Jan 21 52 Feb 17
10673 10673 *105 107 .105 107 *105 107
107 107 *10738 103
400 Preferred
100 10214 Jan 21 107 Mar 24
5414 5434 51
5413 4333 5313 484 5033 5014 53
524 5333 149,300 Inter Comb Eng Corp__No par 431s Jan 28 84 Mar 1
15813 15834 15613 15814 15211 15713 15134 155
15412 15673 z15418 156
21,800 International Harveeter
100 13558 Jan 18 1637$ Mar 1
129 129 .12813 13014 *12812 12913 12933 12933
*129 13014 *129 130
200 Preferred
100 1264 Jan 12 1293
,Mar 25
7
7
74 74
64 614
714 2,000 Int Mercantile Marine_
634 634
7
100
VS 634
614 Jan 4
858 Feb 7
3914 4034 404 404 3812 4012 3833 4034 3912 41
4034 4114 32,200 Preferred
100 374 Jan 6 4433 Feb 7
67
*644 6434 647$ 6934 1373$ 69
68
68
674 15,300 International Match pref35 62 Mar 2 6934 Mar 21
6812 z67
4034 3934 4018 3913 40
4014 41)12 40
3914 40
15,900 International Nickel (The)25 3814 Jan 3 44 Feb 21
3973 40
:105
3
___ *105
___ 106 106 *106
___
_
*106 -- -- •106 -- __
70 Preferred
100 10358 Mar 2 10614 Feb 2
5513 -56
554 5534 55 -5513 5518 56
5514 -57
5,500 International Paper
100 534 Jan 3 604 Mar 7
553* 57
•9911 100
100 10013 .10012 102
•9978 100
100 10013 9978 9973
800 Preferred (7)
100 9612 Jan 3 1004 Mar 15
•16112 166 *164 166 *164 166 *164 166 •1644 166 *164 166
International Shoe_ _No par 160 Jan 21 167 Mar 8
12914 130
1284 1303* 129 13012 1 2812 1307s 13013 132
21,200 Internal Telep & Teleg___100
1314 132
12214 Jan 25 13253 Mar 17
•2213 2234 2212 2233 22
2333 2213 221s '
1,700 Intertype Corp
322
23 :322
23
No par
1912 Jan 31 2412 Feb 23
'58
5713 5814 5712 5711 •57
534 58
400 Jewel Tea, Inc
58
58
*5713 58
100 5312 Jan 3 6034 Mar 9
*116 123 *120 121
120 120
800 Preferred
120 120 .120 122
120 120
100 117 Mar 18 12512Mar 15
•1514 1534 154 1573 16
16
1714 4,700 Jones Bros Tea, Ina,stpd_100 10% Jan 3 173sMar 1
16
1534 1578 1578 16
1873 1912 184 19
174 18
1713 18
1758 1812 174 1812 5,100 Jordan Motor Car
NO par
154 Mar 3 2212 Jan 5
___
____
Kansas Gulf
10
4 Jan 11
14 Jan 11
:5112 113
11312 11312 *11212 11434 *1124 11434 *11212 114 *11212 11378
100 Kan City P&L let p1 A_No par 112 Feb 10 11413 Jan 13
51
5012 5158 514 52
51
5113 5112 51
5153 51
514 4.300 Kayser (J) Co v t a._No par 50 Jan 4 574 Jan 31
1712 184 1712 1813 17
181s 1734 19
1813 1913 1812 1912 44,900 Kelly-Springfield The
94 Jan 27 2034 Mar II
25
60
60*60
1,600 8% preferred
60
62
*58
60
63
62
62
62
62
100 35 Feb 2 6713 Mar 14
*62
66
•62
100 8% preferred
66
68
62
*63
62
68
*63
*60
66
100 44 Jan 19 67 Mar 14
77
*77
80
r77
77
*774 80
77
73
77
71% 4,100 Kelsey Wheel, Inc
65
100 65 Mar 25 85 Jan 4
6234 63
62% 6314 624 6312 6214 63
6234 6333 625* 6278 16,800 Kennecott Copper
No par 60 Feb 9 644 Feb 24
800 Keystone Tire & Rubb_No par
*33
34
34
14
38
*58
38
*58
34
34
58
38
la Jan 3
1 Mar 11
•2514 27
•2514 29
*26
29
2812 27
200 Kinney Co
*2514 29
•27
29
45 Jan 5
NO par 2114 Feb 11
*5312 54
*5312 54
54
56
*5312 54
54
200 Kraft Cheese
•54
54
54
25 50 Feb 10 8273 Feb 25
52
50
51
50
5,900 Kresge (S El) Co new
514 51
5134 52
51
51
51
51
10 457 Jan 28 55 Jan 7
220 Preferred
11312 11313 11312 11311 *113 11313:3113 11312 *11212 1134 •1121$ 11313
100 1104 Feb 9 11312Mar 11
15
400 Kreeke Dept Storee-_-No par 1412 Jan 29 1713 Feb 8
*1414 15
154 15
15
*14
•15
15
15
*14
15
75
*6973 70
•____ 7233 •____ 7233 •-___ 723s 570
*67
70
Preferred
100 70 Mar 17 80 Jan 4
3182 184 :3182 184 *182 134 *182 184
500 Laclede Oas L (St Loule)._1(30 17314 Jan 27 1894 Feb 23
183 183 *182 184 '
2513 2513 2578 264 27% 33,000 Lago Oil & Transport.No par 2013 Jan 13 2734 Mar 25
2353 2418 244 2514 2514 2578 25
7238 717 74
7138 7273 72
73
715
, 728 13,800 Lambert Co
71
7134 z70
No par 66 Jan 23 7434 Mar 16
78, ' 8
712 74
93 Mar 14
8
833
714 8
84 814 5,700 Lee Rubber & Tire
77$ 773
No par
7 Jan 4
3533 3433 354 3438 355, 3473 3478 2,900 Lehn & Fink
354 3514 3513 3512 35
No par 3438 Mar 23 3734 Jan 19
, 2218 2213 2218 225 .2212 23
2214 2212 1.700 Life Savers
Feb 17
2213 225* •2213 225
7
244
par
22 Jan
No
25
2712 2713 9534 9733 9434 9512 9513 9512 9573 96
*27
1,400 Liggett & Myers Tob new_25 587:2 Feb 10 1027$ Jan 4
400 Preferred
129 129 *128 130
12912 12912 *128 130
100 1244 Jan 27 12912Mar 22
0129 130 *129 130
95
9512 9614 5,400 "B" new
25 .8628 Feb 10 10234 Jan 18
964 9613 9513 96% 9513 9634 9412 954 94
5812 6512 6714 694 6614 6712 65
6633 67
6712 68
6814 4,700 Lima Loa Wks
No par 82 Jan 6 7412 Feb 11
5112 2,700 Liquid Carbonic certifs_No par 4S4 Mar 15 5938 Feb 14
51
51
, 50
494 50
5073 51
5013 5134 5014 505
6111 6233 604 6173 5814 6158 5788 60% 584 60
5734 5938 96,500 Loew's Incorporated-No par 464 Jan 4 534 Mar 17
618 612
613 65
612 612
64 64
6 Feb 23
No par
833 613 4,400 Loft Incorporated
758 Jan 20
85, 65*
4213 42t2 4012 4212
4212 4212 *4013 42
_ _ *4012 42
800 Long Bell Lumber A.--No par 4012 Jan 15 43 Mar 7
___
152 15334 15134 157
1,500 Loose-Wiles Biscuit
154 154
•156 160
- 154 156
158 15814
100 150 Jan 18 17312 Feb 26
150 160 *150 160
*156 165
2d preferred
150 165 *150 160
150 165
100 157 Mar 11 1694 Feb 26
2612 28
274 28
28
26
28
2714 274 2734 28
267s 10,600 Lorillard
25 26 Mar 25 3273 Jan 3
300 Preferred
114 11513 *112 115
•111 114
111 116 *111 116
114 114
100 11133Mar la 11813 Jan 13
1312 1353 10,800 Louisiana 011 temp enfa_No par
137$ 14
134 1334 1334 134 1312 1334 134 1334
1313 Mar 23 1818 Jan 5
100 Preferred
94
*91
9212 9212 *904 94
94
*91
*9211 95
*91
94
100 92:2 Mar 21 97 Feb 5
2512 2512 2512 254 2553 26
2573 2614 2514 2718 2634 2714 26,000 Louisville 0 & El A----No par 234 Jan 3 2758/gar 24
3012 314 3014 313 129
30
3078 304 3112 16,300 Ludlum Steel
2814 31
31
No par 264 Jan 12 3314 Mar 18
*121 123
12014 121
200 Mackay Companies
120 123 *120 123 •120 123 *120 123
100 120 Jan 14 1272 Feb 25
500 Preferred
7112 *7014 7112
7014 704 7014 7114 *7012 7112 71
71 '
370
100 70 Mar 17 72 Jan 27
10488 10.514 10358 10533 1034 105
10212 10414 10314 10511 10412 10534 47,103 Mack Trucks, Inc
No par 8814 Jan 24 10813 Mar 14
110 111 :3110 112 *110 111 *110 111 *110 11113
300 1st preferred
'111 113
100 109 Jan 25 111 Jan 4
100 28 preferred,
10413 10412 1044 108 *10412 107 *10413 107 *1044 106 *10434 106
100 102 Jan 18 106 Mar 14
3458 3518 3538 3538 354 3512 1,900 Magma Copper
3514 3512 3513 3512 351
35
No par 294 Feb 9 3813 Mar 7
1212 Mar 22 16 Jan 5
14
1312 1,100 Mallinson (H R)& C,o_No par
1234 1234 13
1314 1314 1212 1314 *12
*13
14
*67
73 .67
74
73
73
•87
73
Mania Sugar toraf
568
100 72 Jan 18 77 Feb 23
75
*68
*73
6212 633* 22,300 Manb Elea Supply----No par 534 Jan 25 72 Mar 14
6214 04
66
674 z6353 668 5914 63's 6114 64
700 Manhattan Shirt
27
2618 2618 2613 2618 *2614 2634 *26
Ms
27
25 2414 Jan 18 2833 Feb 28
27
•26
*45
48
*45
46
Manila Electric Corp-No par 4() Jan 22 46 Mar 10
46
46
*45
*45
46
*45
46
*45
1614 1714 1614 1012 1612 1718 2,000 Maracaibo Oil Expl---No par 184 Mar 23 22% Jan 18
1712 171
*1712 18
18
•17
5O4 4933 5038 4973 5053 50
No par 49% Mar 23 5813 Jan 17
5058 76,000 Harland OU
505s 5114 5012 513* 50
344 347k 3434 354 354 3513 z35
3512 2,200 Marlin-Rookwell
No par 27 Jan 10 38 Feb 2
344 3434 3434 35
2114
2112
.20
214
2112
20
2114
1,000
20
Martin-Parry CorpNo par 20 Mar 18 24% Feb 24
2113 204 2113
*20
1024 10434 102 10614 10112 10314 10212 10334 10212 10778 12,309 MatbleeonAlkaliWks-temotf50 82 Jan 6 109 Mar 15
10313 105
707
70
6912
s
70
717
10.900
3
7014
703
4
70
70
1
4
May
25 6714 Jan 27 717 Mar 22
69
Dept Stores new
71
6913
264 2612 2613 264 5,000 Maytag Co
2614 2614 261
2613 26
No par 23's Jan 15 28 Feb 3
264 2613 26
671 *64
67
6712 *64
67
800 McCrory Stores Claes B No Par 50'2 Mar 4 7512 Jan 3
6712
664 67
66
*66
67
254 2514 2478 2472
600 McIntyre Porcupine Minee...5 241$ Mar 14 2713 Feb 28
2534 2514 2514 •2514 253
25
•2513 27
2513 251
2512 2513 *25
2512
600 Metro-Goldwyn Pictures 0_27 244 Jan 3 2614 Feb 21
2513 2512 2512 2512 2512 251
900 Mexican Seaboard 011 No par
712 74
94 Feb 18
74 713 •71s 71$
8
658 Feb 10
8
•714 74 •74 778
1558 1573 154 152* 2,400 Miami Copper
1573 1573 1534 16
1612 Feb 28
5 1134 Feb S
1578 16
18
18
344 34% 33% 3413 337 344 46,700 Mid-Continent Petro.-Ne Par 334 Mar 24 395* Jan 21
3434 3553 3458 3534 3458 35
100 Mid-Cont Petrol prof
s40212 10412 10312 10334 *10213 10312 •10212 1034 *10212 10312 *10213 10313
100 1028. Mar 16 05 Feb 3
2
213
218 214 9,500 Middle States OU Corp----10
24 214
314 Feb 8
24 214
153 Jan 3
218 24
2
24
112
112
112
112 1,800
112 112
Certlflcates
2:4 Feb 8
113 112
10
14 Jan 25
13$ 158
:516$ 114
300 Midland Steel Prod oref-.100 10733 Mar 23 11912 Feb 17
10733 1084 *10913 112 •1093.1 112
0111 116 *107 114 *107 112
112;0411•14401.
Ibis
6•11.
s
Ex-rights.
•Bld and asked WNW lie WM OD
PISS oreAurs
Range for Previous
Year 1926
Lowest
Mohan
8 per share $S Per share
95 May 100 Dee
10512 Aln 113 Sept
9214 Apr 96 Jan
11314 Mar 22558 Aug
1134 Jan 12214 De*
9814 Apr 105 June
604 Mar 937 Aug
36 May 49 Jan
4114 Nov 78% Jan
100 Nov 1113$ Jae
153$ June 2514 Jan
4112 Mar 567$ Feb
3911 Nov 7034 Feb
9411 Dec 100 Feb
9612 Dec 1097 Aug
10414 Dec 109 Sept
3314 Mar 6911 Nov
4712 July 68% Nov
___-__. --- ---8 Oct 214 Jan
161$ Mar 367 Dec
89 Apr 11313 Dec
1084 Mar 11814 July
934 Apr 3434 Dec
1073 Feb
54 Jan
5133 Oct 9358 Jan
45 June 6013 Dee
Oct 2812 Nov
25
2458 Dec 30 Sept
171$ Dec 46 Jan
68 Mar 88 Dec
1711 May 354 Atli
4713 Jan 63 Oct
40 Mar 4858 Jan
5014 Mar 71
Jan
27 Jan 45 Sept
4014 Oct 1234 Jan
17 Mar 28312 Jan
We Mar 34 Jan
144 Dee 2414 Feb
734 Oct 13:4 Feb
713 Oct 1213 Feb
8014 Mar 104 Jan
3412 May 4334 Dee
10834 Mar 115 Feb
2034 Mar 2833 Nov
12 Dec 2134 Feb
94 Dec 2614 Jan
5838 Dec 95 Jan
3813 Mar 5678 Dec
443 Oct 717$ Jan
Jan
1014 Oct 106
3312 Mar 6413 Jan
11214 Mar 1584 Dec
118
Jan 129 Dec
8 Sept 1238 Feb
27 Mar 4633 Feb
5313 Mar 6633 Feb
3233 Mar 4614 Jan
10113 Jan 1041$ Dec
444 Apr 6334 Aug
89 May 100 Dec
135 May 175 Jan
Jan
111 Mar 133
1813 July 29 Jan
25 Jan 564 Dec
115:2 Jan 1274 Nov
1913 Feb
9 Dec
12 Nov 66 Feb
14 Mar
34 Jan
1074 Mar 115 Nov
3314 May 5158 Dec
9 Oct 2111 Feb
434 Oct 7414 Feb
45 Dec 734 Feb
7634 Nov 126 Feb
491g Mar 644 Nov
24 Jan
12May
39 Nov 8213 Jan
5653 Dec 68 Nov
4234 Mar 82 Jan
11212 Nov 11414 Feb
1518 Mar 3333 Jag,
7014 Mar 9314 Feb
146 Mar 19614 Dec
1918 May 2413June
394 May 72 Nov
614 Dec 14 Jan
3084 Mar 414 Jas
1714 May 25 Dee
724 Mar 103 Dec
1194 Jan 12934 May
71 Mar 7234 Dec
534 Mar 6934 Jan
4311 Oct 5878 Nov
344 Mar 48% Dec
Oct 1114 Feb
6
4134 Dec 5013 Feb
88 Mar 17713 Deo
12014 Mar 175 Dec
2734 Oct 4214 Feb
11118 Apr 120 Aug
12 Mar 1973June
93 Dec 98 Deo
2214 Mar 2613 Feb
225$ Oct 5814 Feb
122
Oct 138 Feb
68 Mar 7313 Feb
Jan
89% Nov 159
10711 Nov 113 June
102
Oct 108% Sept
34 Apr 4474 Feb
12% Nov 281$ Jan
85 June 82 Feb
Oct 8734 July
44
2173 Oct 321e Jan
274 Mar 454 Sept
Feb
1614 Oct 28
494 Mar 632* June
2412 Oct 33 Mar
17 May 23 June
6212 May 10613 Jan
6912 Dec 70 Dec
19 Mar 241$ Sept
Jan
72 Mar 121
224 Oct 30 Feb
224 Jan 2513 Nov
134 July
6 Feb
17% Oct
11 Mar
Jan
274 July 37
90 Mar 10414 Dee
212 Jan
Ss Nov
Is Octlis Dec
107 Mar 1334 Feb
1795
New York Stock Record-Continued-Page 5
Foe sales during the week of stocks usually inactive, see Mtn page Preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
March 19.
Monday,
March 21.
Tuesday,
March 22.
Wednesday, Thursday,
March 23. March 24.
Friday,
March 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
FISK EliAKS
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
PICK &WAKE
Range for Prates,
Year 1926
Loma
Mewl
$ per share S per share $ per share $ per shore $ per share $ per share. Shares Indus.& Miscall.(Con.) Par 5 per share $ per share $ per share $ per share
30 May 4434 Feb
/
4 Jan 25 3638 Feb 14
Miller Rubber otfs____No par 311
3512 •3412 35
3412 *34
*3312 3412 0334 3434 *3312 3412 *34
/
4 Jan 28 91 Mar 25
100 811
69/
1
4 Mar 8612 Nov
85
8758 8658 87/
12,500 Montana Power
1
4 91
1
4 87/
84 85
8412 85
85 85
56 May 82 Jan
1
4 Feb 8 6814 Feb 24
6678 51,800 Montg Ward & Co Ill eorp--10 60/
6712 66
1
4 66
65/
1
4 6778 6614 6814 6534 66/
6512 66
9/
1
4 Nov 3738 Feb
812 Mar 12 124 Jan 5
No par
812 812
812 812
812 8/
1
4
5,200 Moon Motors
858 9
812 834
85, 8/
1
4
4 Nov
712 Feb
4/
1
4 Jan 3
4
44
4
4 Feb 9
418 414 6,800 Mother Lode CoalitIon_No par
418 418
4
4
4
4
4
1034 Dec 2312Juna
978 Feb 17 1658 Mar 18
1334 1378 1378 3,700 Motion Picture
1
4 1334 13
No par
15
1534 1438 1514 1438 1438 13/
3384 May 53/
1
4 Feb
No par 3318 Jan 31 3718 Feb 3
1
4 3334 334 3334 3312 3334 3312 3334 *334 3384 1,400 Motor Meter A
3312 3358 33/
194 Nov 3378 Feb
No par 2034 Jan 3 2478 Mar 18
24 245s 2414 2412 2418 2412 234 2418 2314 2412 2438 2458 9,400 Motor Wheel
*12
13
1378 1312 16
1312 *12
8 Nov 1934 Feb
*12
13 *1218 13 *12
2,600 Mullins Body Corp....No par 10 Jan 5 16 Mar 25
3712 3711 374 *37
374 3712 *37
34/
1
4 AM 3834 July
38
No par 36 Feb 25 3978 Jan II
200 MunsIngwear Co
*37
38
*3712 38
No par 2918 Mar 23 43 Feb 23
31
3114 304 3118 2913 2912 304 3112 3114 314 4,300 Murray Body new
3212 33
8 Dec
No par 6218 Mar 23 7312 Jan 5 -52 -Mar -7071
4 6514 6334 65 36,500 Nash Motors Co
644 6478 634 6434 6218 6378 63/
6418 65
*512 6
*512 6
6
5e4 *5
512 *5
512 512 *5
5 Nov 124 Jan
6/
1
4 Jan 7
5 Feb 15
300 National Acme etamped___100
74 Jan 102 Dec
10734 1094 16,600 National Biscuit
1
4 10712 107 108
25 9434 Jan 27 10978 Mar 25
105/
107 10712 10714 10878 10534 108
100 130 Jan 10 134 Mar 17 126 Jan 13112 Apr
100 Preferred
- 13312 13312 •13212 134 *13212 13412 *13212 134 *13212 134
3712 Oct54 Jan
1
4 4314 4234 43 52,900 Nat Cash Regieter A wl No par 3978 Jan 3 454 Mar 21
1
4 4478 43/
*1334378 4534
- - 4412 4573 43/
1
4 4334 42/
33 34
335, 34
18 Nov 57 Jan
3312 33
331, 3312 33
33
3334 34
4,600 National Cloak & Suit__ 100 18 Jan 22 3512 Feb 21
1
4 91
584 Nov 9218 Jan
*91
92
9114 92
1
4 894 904 9014 90/
100 61 Jan 31 9312 Feb 21
1,700 Preferred
8912 894 89/
1
4 74
7334 7412 x7212 7352 73/
53 Apr 80 Jan
1
4 Jan 3 7834 Mar 4
76
7712 12,400 Nat Dairy Prod tern WEIN° par 70/
73
7312 7412 757
24 octl 4238 Jan
2538 4,000 Nat Department Stores No par 247,8 Eeb 7 2738 Mar 1
251, 25
25
2518 25
25
25
25
2514 2514 25
1
4 OctI 97 Jan
89/
100 91 Feb 17 9414 Jan 10
100 let preferred
91
9112 91
9214 *91
9214 *91
9214 *91
*91
9214 1191
1212 May 34 Jan
2312 2458 13,000 Nat Distill Prod otte___No par 17 Feb 8 2712 Feb 16
2012 20/
1
4 1912 2012 1912 23
204 204 2034 21
3712 Aug 7318 Jan
47
494 3,000 Preferred temp otl__No par 43 :Mar 22 5512 Feb 21
434 45
43
43
44 *42
457, 4573 45 45
214 July 4012 Jan
100 2412 Jan 11 3014 Feb 28
1,900 Nat Enam & StampIng
1,24
25
25
2518 2412 25
26
2518 *25
2514 2514 25
76 July, 8934 Jan
100 8014 Mar 14 83/
*80 82 *80 82 *80 82 *80 82
1
4 Jan 28
100 Preferred
*80
82
*80
82
100 160 Jan 27 19934 Mar 17 138 AprI 181 Dec
194 195
193 193
19134 19334 19234 196
191 1921
/
4 192 196
7.400 National Lead
1
4 *12612 129
128 128
129 130
100 11714 Feb 3 130 Mar 21 116 Jan 120 May
128 128
900 Preferred
128 129/
128 128
/
4 2114 2134 2114 2238 224 2378 2214 2338 83.300 National Pr & Lt etlii_No par 1918 Jan 28 237 Mar 24
2138 2134 2114 211
1
4 Jan
1634 Mar 38/
5512 Jan 88 Dec
1
4 Feb 18
*881
/
4 90
89 891, 8712 89
8812 90
. *8912 9012 8912 90
50 824 Jan 3 95/
6,300 National Supply
1
4 Jan 11 122 Mar 15 11612 NovI 238 Jan
No par 114/
11118 12014 *117 120 *117 11934 *117 11912 1,117 11912 *117 11814
National Tea Co
/
4 1438 1412 9.500 Nevada Consol Copper
1412 1412 1414 1438 1414 1438 1412 1412 1412 141
113*Junel 1614 Nov
,Feb 10 15 Jan 3
6 137
4414 44 4414 4314 44/
3612 JanI 4612 Sept
No par 4038 Jan 8 4778 Feb 11
1
4 4312 4358 4318 4478 5,400 N Y Air Brake
4412 4412 44
154 1534 1518 1518 1478 154 •1478 15/
1578 16
2018 NovI 8434 Jan
1534 16
1
4 3,400 N Y Canner- ,emp otfe-No par 1334 Feb 16 2178 Jan 3
7014 DecI 85 Apr
No par 4314 Mar 24 72 Jan 13
*44
45
1144
47
47
*43
47
431
/
4 44
44
44
1144
300 Preferred
32 OctI 454 Feb
4114 4312 10,800 New York Dock
100 34 Jan 14 437 Mar 25
39
*3834 3912 39
39
394 394 404 4012 42
69 May 77 Dec
100 7218 Feb 9 7734 Mar 25
75/
1
4 7614 7612 77/
*74
76
*74
76
76
800 Preferred
1
4
*74 76 *74
1
4 Dec
27/
1
4 Marl 29/
1
4 Jan 31 29 Jan 5
1
4 2812 2812 *2838 2858 1,100 Niagara Falls Power pf new_25 27/
2834 28/
1
4 •2812 2834 2814 2812 *2814 28/
42 Marl 67 Jan
10 453* Jan 14 5078 Feb 25
4812 48
4811 48
, 4754 483* 47
48/
1
4 48/
1
4 477 485
4912 24.700 North American Co
52
49 Jan 52/
5158 511
52
511
/
4 511
/
4 *517 52
1
4 Aug
50 50 Jan 10 52 Mar 23
/
4 5112 5112 1.400 Preferred
*5112 52
9118 Marl 97 Dee
*9938 10018 *9978 10018 *9978 10018 994 100
100 100
1
4 Jan 6 10014 Jan 25
600 No Amer Edison prat _No par 96/
9912 9912
44 Octi 1518 Jan
5/
1
4 Feb 10
4 Jan 31
414 414 4,500 Norwalk Tire & Rubber___ _10
41
/
4 41
/
4
41
/
4 4/
1
4
418 414
414 434
1
4
412 4/
1234 Dec 174 Jan
Nunnally Co (The)--No par 12 Mar 10 13 Jan 19
*10
12
*10
12
1212 *--.. 1434 •--_. 12
010
12 *10
30 July 36/
/
4 Feb 7
251 3114 Jan 28 401
34
34/
1
4 34% 36
3258 324 3314 35
33
33
36
3734 9,400 011 Well Supply
1
4 ON
1112 1112 11
12 Oct 2214 Feb
No par 11 Mar 25 1438 Jan 6
1158 12
12
12
12
12
111
12
12
3,400 Omnibus Corp
47 Jan 6358 Sept
2,600 Oppenhelm Collins & CoNo par 5812 Feb 8 67% Feb 28
1
4 641 6334 65
6334 6334 63/
64 65
6412 65
*6412 65
2712 Mar 3318 Nov
3212 3212 3212 3212 3238 3284 3234 3284
/
4 33
33 33 *321
ii 3018 Jan 4 3458 Jan 24
800 Orpheum Cirault. Inc
1034 10312 51102 108 *101 108
Jan 105 Apr
100 10312Mar 23 107 Feb 10 101
*921: 95 *9312 98 •10312 108
100 Preferred10834 10834 10712 10812 10812 10812 *108 1084 108 108l2 108 108
501z103 Feb 2 131 Jan 18 106 May 138 Dee
1,500 Oda Elevator
11512 11814 111 111 *11112 114 *11112 114
115 115
100 108 Feb 16 11814 Mar 22 10234 Jan 10912 Aug
210 Preferred
115 115
8 Oct 1412 Jan
714 Feb 10 10 Mar 11
858 83
812 8/
1
4
812 858
No par
83* 8'±
812 858
58 8s 1,600 Otis Steel
69
69
63 Nov 74 Sept
6834 6834
6914 7012 69 69
*6914 71
*691
/
4 72
1001 6112 Feb 8 744 Mar 9
500 Prior pref
5334 Mar 9034 Dec
7934 791 *7934 81
82
1180 82
82
821 1581
1580
81
25 7518 Jan 18 8412 Mar 14
1,200 Owens Bottle
44 May 5514 Des
*57
59
59
584 5812 *57
59 59
59 59
*5912 61
No part 5234 Jan 24 61 Feb 23
400 Outlet Co
9712 Apr 1071
/
4 Dec
10714 1071 *105 107 *106 108 *106 10712
*107 110 *107 110
300 Preferred
1001 107 Jan 27 109 Mar 17
3238 3238 3238 3212 3212 2.300 Pacific Gas & Eleo new
3214 32/
1
4 3214 3214 317 3238 32
251 31 Feb 18 33 Jan 19
n-1- May i318 -Feb
178 Jan 7
138
138
*138 11
13s Feb 28
No par
11
/
4 138 4,700 Pacific 011
13s I3
311
/
4 Mar 4514 July
10 34 Jan 25 3712 Mar 14
3538 36
3558 361
354 19,800 Packard Motor Car
1
4 3518 3514 35
354 3578 3434 35/
9 Nov 2812 Jan
778 Mar 22 1178 Jan 6
12,400 Pales Del Motor Car__No par
834 9
9
94
834 94
778 9
8
918
94 91
5618 Mar 761
501 60 Mar 7 657 Jan 19
61
61
/
4. Jan
156112 82
61
611
/
4 611
/
4 61
81
61
1,300 Pan-Amer Petr & Tran._
61'2 61
567, Mar 783, Jan
1
4 Jan 20
611
/
4 6212 19,400 Class B
6138 62
6112 6214 6118 62
6134 62
6138 62
501 605s Mar 7 66/
30 Oct 46 Jan
2778 27% 2813 2812 5,200 Pan-Am West Petrol B_No par 2758 Mar 16 3778 Jan 24
27/
1
4 2812 2734 28
28 281
2734 29
412 Jan 32 June
1014 1012 11
1112 1112 11
11
111
/
4 3,000 Panhandle Prod & Ref_No par 1014 Mar 15 1878 Jan 17
11
111
/
4 1014 11
51 Jan 9938 June
100 6812 Mar 15 8134 Jan 17
Preferred
1160
66
•60
66
*60
66
70
1560
70 *61
71
18/
1
4 Oct 28/
1
4 Jan
2018 2012 203* 2012 2012 2112 2114 2112 1,800 Park & Tilford tern etfs_No par 20 Jan 27 25 Feb 28
•201, 21
•2018 21
nal 712
8 Mar 4
15 Jan 3
1
712 71
811 Feb
54 Sept
718 718
7/
1
4 738 1,100 Park Utah C M
714 712
73* 74
3214 Nov 83 Jan
44
22,200 Path, Exchange A____No par 37 Feb 14 48 Mar 14
4512 4314 47
4414 4414 4312 444 434 4413 4314 44
23/
1
4 Nov 3112 Nov
50 2512 Mar 23 32 Jan 8
26
2614 2614 2612 2612 1,300 Peerless Motor Car
2512 26
*2612 2658 2612 2658 26
1678 Jan 24 Dee
No par 21 Jan 17 24 Feb 15
2338 2212 23
2314 2338 2338 23
2212 2234 2,500 Penick & Ford
*2212 23
23
14
7 Aug 19 Oct
*131
/
4 1438 *1314 1438
/
4 Jan 19 1118 Mar 22
50 101
134 1378 1418 14
700 Penn Coal & Coke
*1212 137 *13
38 Dec 41 Dee
3414 35
3412 35
341
3418 3414 2,400 Penn-Dixte Cement_ __No par 34 Mar 22 3958 Jan 13
3414 3413 3414 3414 34
99 Nov 10012 Nov
100 981
9914 9914 *9914 9912 9912 994
99
9914 99
/
4 Mar 8 994 Jan 13
*99
99
99
700 Preferred
34
34
/
1
4 Oct2/
is Jan 3
1
4 Jan
I Is Feb 14
34
34 10,800 Penn-Seaboard SO vto No par
4
8
7
78
34
78
78
34
129 129 *12912 130
13012 13012
129 129
*12912 13034 *129 131
500 People's 0 L & C (Chle)...100 128 Jan 14 13114 Feb 28 117 Jan 131 Dee
99 10084 10034 1074 10712 110
591,Mar 91 Dec
98 10214 98 10212 *95 100
8,900 Philadelphia Co (111ttsb).-50 8514 Jan 18 110 Mar 25
5113
5112 514 5112 514
5112
*51
52
*5112 53
45 Oct51/
1
4 July
6514 53
600 6% preferred
50 50 Jan 6 53 Feb 10
4218 43
4238 4338 4234 4338 19,900 Phila & Read C & INo par 411
4318 4334 4212 4358 4212 433
3614 Apr 4838 Feb
1
4 Mar 4
/
4 Jan 28 47/
431 *42 432 4212 424 *42
44 *42
*43
*4212 44
36/
1
4June 4612 Jan
44
100 CertIfIcatee of Int___No par 4138 Jan 26 47 Mar 4
•49
*49
50
50
491
/
4 4912 *49
50
*4912 51
45 Dec 5534 Jan
*49
50
100 Phillips-Jones Corp___ _No par 47 Jan 3 52 Mar 7
34
34
33/
1
4 35
18 Apr 41 Dee
*34
35
3512 3614 354 353
513614 37
/
4 Mar 23 411s Jan 10
9.900 Phillip Morris & Co, Ltd...10 331
4912 50
494 497
4912 5058 174,200 Phillips Petroleum..__.No par 4918 Mar 23 60/
40 Mar 5738 Dec
1
4 Feb 16
5012 5114 504 504 4958 501
53 5078 50 5014 4934 4934 4934 4934 4914 50/
31 Mar 46/
50/
1
4 61
1
4 3,800 Phoenix Hosiery
1
4 Nov
5 42 Jan 7 51 Mar 17
1
4 10412 *102/
1
4 10412
*10234 10412 *10234 10412 10412 1041 *10234 1041 *102/
94 Mar 103 Oct
Preferred
100 103 Jan 5 106 Mar 7
100
194 2038 2014 2118 21
1
4 20/
1
4 1934 201
1934 20/
1
4 19/
19 May 43/
2158 19,900 Plerce-Arrow Mot Car NO par I818 Jan 25 231
1
4 Jan
/
4 Mar 8
8512 8614 87
1
4 8612 86 80
8714 89
85/
7612 Apr 12714 Aug
891
/
4 3,100
85 86
Preferred
100 84 Mar 18 10212 Jan 3
34 Jan 4
*12
58
/
1
4
55
58
58
4 Oct178 Jan
12Mar 25
12
12 1,400 Pierce 011 Corporation
/
1
4
58
*5s
/
1
4
26
*1312 14
*1312 14
*1312 14
1312 1312 31312 14
Ills Nov2718 Jan
1334 14
1
4 Jan 24
Preferred
100 1312 Mar 24 17/
400
37 Jan 13
24 212
212 2/
1
4
212 258 3,000 Pierce Petrol'm tern etfallo pa
212 23
1
4
214 Aug7 Jan
2/
1
4 2/
27
278
212 Mar 22
3314 3234 323 *33
35
33
3312 3312 *33
35
29 June 424 Jan
33 33
600 Pittsburgh Coal of Pa....100 3214 Mar 22 3612 Jan 3
70/
1
4 703 157078 72/
72
1
4 *71
71
72
71
73 *71
70 June 85 Jan
Preferred
300
*71
1
4Mar 10 7412 Jan 7
100 70/
*9712 99
*9712 99 *9712 99
*9713 99
*95
99
*95
99
94 Mar 10018 Dec
Pittsburgh Steel pref
100 9838 Mar 15 101 Jan 18
9358 947
94/
1
4 95/
/
4 941
1
4 944 96/
1
4 15,400 Post.'m Cer Co Inc new_No par 92/
7512 Mar 12478 Feb
944 94/
1
4 93 9414 931
1
4 Mar 16 10234 Jan 14
5712 5834 58
1
4 574 61
5912 5712 59/
6178 6612 35,700 pressed Steel Car new
6034 63
100 3612 Feb 5 8812 Mar 25
341
/
4 May 44 Nov
86 87
88
8712 8878 89
8778 8814 87
8978 5 700 Preferred
8738 88
774 Dec 95/
1
4 Jan
100 7612 Feb 5 8978 Mar 25
2218 2234 22
23
231
23
2234 24
11 Mar 20/
*2334 2414 2312 24
1
4 Oct
11,100 Producers di Refiners Corp_50 1634 Jan 5 32 Feb 10
4118 4118 41
*4118 4278 *4118 42
4114 41
3034 May 411
4412
•427, 43
/
4 Oct
360 Preferred
50 364 Jan 6 50 Feb 9
34
34
/
1
4
3412
34
3434 3512 35
3438
35/
1
4 16,300 PubServCorpofNJnewNopar 32 Jan 6 35/
3418 3412 34
3114 Oct 3338 Nov
1
4 Feb 25
/
4 1005* 10018
*100 101 *100 101 *100 1001 *100 1001 *100 1001
9612 Apr 101
10(, 8% preferred
100 9812 Feb 19 101 Mar 11
Oct
1
4 115/
1
4 114 114 *114 115
1
4 115/
/
4 *11118 115/
1
4 *111 1151
200 7% preferred
*11118 115/
100 10812 Jan 5 11558Mar 23 1031g Jan 110 Nov
1
4 127/
151264 12818 •12618 12818 *12618 1281 126 1261 *127 12818 127/
1
4
800 8% preferred
100 125 Jan 10 12758 Mar 25 115 Mar 12414 Nov
105 105
105 105
10412 10412 105 105
104/
1
4 10434
*10412 105
97 Jan 10418 Sept
900 Pub Serv Eleo & Ose pfd_100 102 Jan 4 1055* Mar 16
_ •11534 - 1511534 116
-- *11514
116 116
*11534- *11534
100 Pub Service Elea Pr pref_100 1135, Jan 18 116 Mar 18 106 Jan 114 Aug
1751
/
4 1-78
17518 1761
- 17612 180
176 1-77
17814 179
17612 1-77
1
4 Mar 1994 Sept
9,300 Pullman Company
100 17518 Mar 23 1894 Jan 3 145/
3812 3912 3418 382 3738 391
3812 38/
1
4 3812 39
*3912 40
33 Apr 491
5,400 Punta Alegre Sugar
/
4 Dec
50 3418 Mar 22 464 Jan 3
284 287
2818 2858 2812 2878 28/
1
4 2914 26.100 Pure Oil (The)
2858 2914 2858 29
2514 Oct 31
25 274 Jan 3 3312 Mar 4
Jan
10112 113 15112 113 15112 113 *112 113 *112 113 *112 113
8% preferred
100 1111
/
4 Jun II 113 Feb 24 106 Apr 112/
1
4 June
5118
511
•514
52
52
511
/
4
5178 517s 1,500 Purity Bakeries class A_ _ _ _25 46/
*52
5212
52
52
47 Oct4938 Nov
1
4 Jan 20 54 Feb 21
5212 594 58
1
4 5758 574 58/
574 587s 56/
59
1
4 571s 58
7,000
Class B
/
4 Mar 18
No par 4134 Jan 3 611
4112 Nov 44 Dec
*10312 10512 *10312 1054 *10312 1051 *10312 1041 *10312 1051s *10312 10518
Preferred
100 10114 Jan 8 105 Mar 10
99 Oct103 Dee
4938 511
4912 5114 4834 511
5114 53
/
4 53
/
4 75,000 Radio Corp of Amer_No par 474 Jan 24 561
5134 5212 511
/
4 Mar 1
32 Mar 8158 Nov
511
/
4 511
*51
/
4 *504 5038 511
/
4 517s 5178
*5178 52
*5178 52
Preferred
300
53 Feb 28, 4458 Mar 5378 Dec
50 501 s Feb i
43
4214 4214 042
*4212 43
42
*4258 43
42
44
*42
40 Rand Mines. Ltd
No par 40 Jan 5 4514 Mar 71 3234 Apr 411
/
4 Oct
1514 144 144 *144 15,s 154 154 1518 1518
•151, 1514 *15
900 Ray Consolidated Copper.101412 Feb 7 1512Mar 1
1012 Mar 1634 Nov
4.512 4612 4614 464 8,800 Real Silk Hosiery
45
46
4512 47
4418 4434 47
*44
5014
Oct
Nov
374
Jan
25
48/
1
4 Feb 23
391s
11
9812 *9514 981 1,95
9812 *95
984 *98
*9514 9812 *95
Preferred
9812
100 91 Jan 29 99 Mar 2
9314 Dec 100 Nov
4112 4112 *4034 4178
*41
4178 .4134 417
*4012 42
42
*41
200 Reid Ice Cream
No par 3812 Jan 24 4312 Mar 15
39/
1
4 Dec 56 Jan
*6
6
6
6
612
6
614
614 6/
6
614
1
4 2,000 Reis (Robt) & Co
6
7/
1
4 July 1814 Feb
No par
9 Jan 10
6 Mar 19
165 167/
1
4 *161 167
*162 170 *____ 165 *1634 16918 *160 165
200 Remington Typewritar----100 1124 Jan 12 17012 Mar 11
1
4 Apr 127 Feb
83/
115 1155 115 115 *115 1153*
115 115
115 115
780 7% 1st preferred
115 115
100 110 Feb 18 11712 Feb 10 106 Apr 118 Oct
115 115
/
4 115
115 115 *1141
115 115
11412 11412 114 114
2,070 8% 24 preferred
100 III Jan 8 119 Feb 10 105 Apr 11514 Aug
11
11
11
1114 1078 1114 11,800 Replogle Steel
1034 1114 1012 10% 10% 11
8 Oct 1578 Jan
1012 Jan 2S 1312 Jan 10
No Pa
7114 73
7138 6912 72
71
734 12,400 Republic Iron & Steel-----100 5812 Jan 4 754 Mar 11
1
4 70
714 7112 7012 71/
1
4 Jan
44 May 63/
510312 10334 10312 10312
10334 1033 '
/
4 *10312 104 *10312 104
*10312 1041
911
/
4 Mar 99 Sept
Preferred
300
/
4 Mar 11
100 9658 Jan 3 1041
*4
4
4
414 *3/
4
4
4
1
4 4
4
4
4
1
4 Jan
414 Oct 10/
No par
1,700 Reynold, Spring
434 Jan 13
4 Feb 21
/
4 109 10938 10,400 Reynolds (RJ) Tob Class B 25 98 ,, Feb 24 124 Jan 14
90 Mar 12178 Nov
109 11012 109 10978 109 10934 10512 10938 109 1091
*75
774 •75
*7612 777s *761.7 7718 *7612 7718 77 77
80
7618 Dec 100 Jan
100 Roasts Insuranoe Co
25 74 Jan 13 8358 Jan 21
/
4 50/
1
4 50 504 5014 5038 501
5014 50/
50
4738 Oct 5738 Jan
1
4 2,700 Royal Dutch Co(N Y shares)
50
51114 50
50 Mar 18 541s Feb 9
4114 4134 3,409 St JoaePh Lead
4018 407s 404 4012 401
42
/
4 41
4012 4012 *40
3658 May 4818 Feb
10 4018 Mar 22 4378 Mar 4
60
/
4 6238 5934 6134 5934 60
6012 605s 611
611
/
4 623s 611
4218 Mar 5512 Nov
/
4 6.600 Safety Cable
1
4 Jan 3 6412 Mar 9
No par 52/
85 65
6412 65
*65
66
67
*63
68 •66
67
6714 Nov 10212 Feb
600 Savage Arms CorporatIon_100 611
68
/
4 Jan 28 7212 Mar 5
2/
1
4 255 *212 234 *212 234 *212 2/
24 Dec 1014 Jan
2% 234 *212 3
334 Jan 10
1
4
212 Mar 15
200 Seneca Copper
No pa
6012 60/
1
4 01
6112 6034 61
61
61
61
52 Mar 70/
6114 1,700 Shubert Theatre Corp_No par 5612 Jan 12 66 Mar 10
1
4 July
6114 62
4818 4812 4838 484 4812 49
48/
1
4 49
4212 Mar 13812 Jan
48,2 49
4838 49
20,800 Schulte Retail Storea
No par 47 Jan 18 5012 Mar 4
117 117 *115 120 *116 120 *11612 120 *116 120
*115 117
200 Preferred
100 11614 Jan 22 119 Feb 7 11212 Jan 120 Sept
1
4 13
*12/
1
4 13 •12/
1212 Mar 1434 Mar
1258 1258
*1212 13
1
4 Jan 3
1258 1258 *124 13
300 Seagrave Corp
1214 Feb 19 13/
No par
• Bid and asked mires: no MN on this day z Es.dividead a Es-rights n Ca-dividend one share of Standard Oil of California new
1796
New York Stock Record-Continued -Page 6
Foe sales during the week of stocks usually inactive, see sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
March 19.
Monday,
March 21.
Tuesday,
March 22.
Wednesday
March 23.
Thursday,
March 24.
Friday,
March 25.
Sa1es
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
PER SHARE
Range for Previous
Year 19213
Lowest
Highest
Lowest
Highest
per share
per share
Per share $ Per share $ per share $ per share Shares Indus. & ',flare'''. (Con.) Par
per share $ per share $ per share $ per share
1
4 5413 557s 54
54
5453 53% 55/
54/
1
4 54% 55
31,500 Sears,Roebuck & Co newNopar 51 Jan 17 5638 Feb 25
55
55
4414 Mar 5833 Sept
*81
8214 *8014 8134 *6012 6134 6034 6034 6058 61
400 Shatuck (F 0)
61
61
No par 58% Jan 17 6633 Feb 23
47 Mar 6953 Jan
*4512 41332 *4434 4713 4512 4513 *44% 4633 4514 4514 *44% 4612
200 Shell Transport & TradIng-C2 4413 Jan 4 47/
1
4 Feb 10
July 4858 Jan
404
2912 2912 2914 2933 29
2933 28
1
4 2833 2834 291
2853 28/
No par 28 Mar 23 311
/
4 23,100 Shell Union Oft
/
4 Feb 7
24 Mar 31 Nov
*10813 10834 *10812 108/
1
4 •10812 10912 *10813 108/
1
4 *10813 10834 *10812 10834
Preferred
100 1074 Jan 27 10833 Mar 17 103 Mar 114 July
*1914 1913 1914 1933 19
18/
1
4 19
1
4 1918 19
19/
1
4 18/
194 8,600 Simma Petroleum
1
4 Mar 23 2234 Feb 16
10 18/
1513 Aug 2853 Jan
3734 38
3734 38
3713 378s 37
37/
1
4 37
37/
2,700 Simmons Co
38
1
4 38
No par 334 Jan 6 40 Feb 25
2833 Oct 5413 Jan
*109 109/
1
4 *109 10914 *109 10914 109 109 *109 10914 109 109
110 Preferred
100 10714 Jan 4 110 Feb 10 10512 Nov 10912 July
1784 1813 1753 18
1712 1734 1713 1734 174 17% 17% 18
41,600 Sinclair Cons 011 Corp_No par 1712 Mar 22 2233 Jan 20
1634 Oct 24/
1
4 Feb
*99
9958 99
*99
99
9914 *99
9913 *99
100 Preferred
9912 *99
9912
100 97 Jan 6 10314 Jan 31
90 Mar 9913 June
31
311
/
4 3118 3114 3053 3114 3018 3034 301
3012 3112 16,900 Skelly 011 Co
/
4 31
25 3018 Mar 23 37% Feb 21
26
/
1
4
June
Mar
3718
*124 131 *125 131
12334 127 *125 130
127 127
128 12912 1,300 Sloss-Sheffield Steel & Iron 100 12314 Jan 20 13212 Feb 24 103 Apr 1424 Aug
*16514 167
162/
1
4 1854 158 162
155 1584 155/
1
4 159
16034 161% 6,700 South Porto Rico Sugar_ .. _ 100 154 Jan 25 17834 Feb 23 92 Apr 18912 Dec
•11912 12334 12334 12334 12334 12334 *123/
1
4 12413 12534 125/
60 Preferred
1
4 124 12414
100 11812 Mar 4 12534 Mar 24 110 Oct 121 Dee
3313 3334 3314 3314 3314 3314 33
33
33
33
33
2,800 Southern Calif Edison
33
25 315a Jan 3 3412 Feb 23
30 Dec 33 July
2518 2534 22
2112 2238 2112 2253 22
25
2258 233s 20,000 Southern Dairies al A_No par 2112 Mar 22 45% Jan 13
23
41
Oct 5512 July
818 8/
1
4
94 912
712 9/
734 8/
814 8/
1
4
1
4
1
4
914 912 11,000 Class B
712 Mar 22 20 Jan 7
No Par
1713 Oct 3534 Mar
•1018 12
•1018 12
11
*104 12
11
*1018 12
*1013 12
100 Spear & Co
1033 Feb 4 13 Jan 20
No Par
10
Dec
1734 Feb
7813 7812 *75
80
7714 77/
*74
80
80
1
4 *74
*74
200 Preferred
80
100 73 Feb 24 80 Feb 14
72 Apr 8212 Jan
2434 2513 25
2533 244 253a 2414 24/
1
4 2458 25
25
267s 18,300 Spicer Mfg Co
No par 201t Jan 27 2738 Mar 9
18/
1
4 Apr 311
/
4 Feb
109 110
10914 11012 *10914 110 *10914 10978 10914 10914 *109 10912
500 Preferred
100 104 Feb 21 110 Mar 19 101
Jan 10714 Dec
56/
1
4 56
5813 5833 58
56/
5634 5612 5733 20,600 Standard Gas & El Co_No Par 54 Jan 25 58 Mar 11
1
4 5534 56/
1
4 56
51
Mar
Feb
69
1
4 59
5833 5853 58/
59
1
4 59
5912 5914 mpg 58/
59
2,575 Preferred
59
50 5713 Jan 3 60 Feb 16
5384 Mar 5733 Feb
•7515 7734 *74
7512 74
74
7433 741s 74
74
*74
300 Standard Milling
75
100 7014 Jan 4 7814 Feb 28
Feb
8718
9212
Oct
*8812 90
*8918 90
*8812 00
*8913 00
*8912 90
*891
. 90
Preferred
100 84 Jan 5 91 Mar 15
80 Mar 90
Feb
5553 5534 5512 56
5534 561
5514 56
55% 56/
1
4 5638 57
42,400 Standard 011 of Cal new.No Dar 5514 Mar 23 8034 Jan 19
5253 May 63% Sept
3738 3712 374 3712 374 3733 37
37/
1
4 374 3714 37
3733 53,400 Standard 011 of New JerseY-25 37 Mar 23 4138 Feb 5
3733 Dec 46% Jan
Pref non-vothog
100 11453 Feb 25 11614 Feb 11 115 Nov 11918 May
-3114 3153 -511-4 3113 -5118 3133 -31- -114 3113 3114 -5ifs 3114 19:R6 Standard 011 of New York...25 31 Mar 23
3413 Jan 18
3213 Dec 3314 flea
2/
1
4 253 3.26g 234 *253 234
212 2/
1
4
212 212
213 212 2,100 Stand Plate Glass Co_ _No par
212 Mar 8
41
/
4 Jan 3
313 Nov 1013 Feb
101 101
1
4 10012 100 160
100/
99 100
9834 9834 99 100% 2,600 Sterling Products
No par 9012 Jan 4 10314 Mar 12
75 Mar 964 Nov
5732 6014 584 8014 5713 58533 5814 5912 5813 5934 41,000 Stewart-Warn So Corp_No par 5114 Mar 15
5714 59
8734 Jan 6
61 Nov 92/
1
4 Jan
3614 36% 3714 3714 3714 3712 36/
1
4 3718 *3612 37
37
1,700 Stromberg Carburetor_No par 33 Mar 10 5412Mar 1
37
4734 Dec 7714 Jan
4933 49% 4914 5034 4933 5052 49/
1
4 504 4914 5012 5013 5134 79,800 Studeb'rCorp(The) new No
Pr 4914 Mar 18 5612 Jan 7
47 May 62 Sept
*119 12112 12112 12112 *119 12112 *119 12112 120 120 *119 12112
200 Preferred
100 118 Feb 10 122 Feb 23 11412 Feb 12212 June
27
234 2/
258 2/
1
4 '
1
4
3234 278
212 212
273 278 1,500 Submarine Boat
212 Feb 28
No Par
334 Jan 8
113 July • 334 Feb
301
/
4 30
3012 3014 3058 3013 30% *3012 3034 3,100 Sun Oil
3014 3012 30
No Par 30 Mar 21
34/
1
4 Jan 17
/
4 Jan
3018 Mar 411
413 434
412 4/
413 453
1
4
413 458
413 4%
4% 4% 12,700 Superior 011
433Mar 25
No par
514 Dec
6'2 Feb 18
1 July
224 2213 *21
23
*2118 23
*2118 23
2214 2214 2238 2233
300 Superior Steel
100 1953 Jan 25 2514 Jan 21
1912 Apr 3418 Sept
1118 111
12
12
/
4 *11
*11
10/
1
4 10/
1
4 *1013 1113 •1013 1113
300 Sweets Co of America
1
4 Mar 23 13/
1
4 Feb 3
50 10/
8% Apr 1753 Sept
*412 5
434 434 *44 5
*44 5
*413 5
*413 5
200 Symington temp ctfsNo par
412 Feb 8
6 Jan 14
4 Nov 1413 Jan
$12 853
8/
1
4 9
•812 558
*8/
1
4 9/
1
4
834 834
834 834 1,700 Class A temp ctfs___ _No par
812Mar 1
1333 Jan 14
10% Oct 2018 Feb
•12
*121a 13
*1218 13
13
*1213 13
121
/
4 1278 *1234 13
100 Telautograph Corp__ _No par
1112Mar 9 13% Jan 22
14/
1
4 Jan
11
AP
1114 1133 1114 1133 1114 1133 1114 1114 11% Ills 1114 111
/
4 2,300 Tenn Copp & C
No par 1053 Jan 4 134 Jan 13
16 Feb
1058 De
*52
55
55
*52
*51
*51
55
54
*51
54
Texas Company (The)
*51
54
26 54 Mar 15 58 Jan 17
48 Mar 58 Aug
9814 4834 4838 4812 48
4812 4734 4814 48% 4813 4814 481 18,700 Texas Corporation
25 47% Mar 16 58 Jan 17
1
4 Dec
6313 Nov 57/
1
4 5812 60
5914 59/
5953 6114 5933 6073 6118 6238 6214 63 210,100 Texas Gulf Sulphur new NO
Par 49 Jan 3 63 Mar 25
Oct 5233 No,
39
134 1314 1314 1314 13
1318 13
131
/
4 13
1314 134 1314 10,100 Texas Pacific Coal & Oil__ -10 13 Mar 15 1638 Jan 12
Jan
12
Oct
1912
18
1813 1734 1853 18
1878 1734 1812 1813 19
1814 191s 27.200 Texas Pac Land Trust new..J
154 Jan 25 2184 Mar 1
22814 2814 2913 3014 2913 2912 *2914 29% 30
28
28
2,200 The Fair
30
No par 2414 Jan 11 3118 Feb 24
Dec 34" Jan
28's
4953 4953 *49
4934 4934 4934 *49
4912 49
49
4834 487s 1,200 Thompson GI 10 Co
25 47 Jan 26 50 Feb 24
424 May 504 Sept
26/
27
1
4 *26
26
*26
27
*26
27
*25
27
•25
400 Tide Water 011
27
100 2513 Mar 17 294 Jan 13
27 Nov 3914 Jan
*88
88
88
8712 8712 88
884 8712 88
88
88
883s 1,900 Preferred
100 874 Feb 2 894 Jan 19
Nov 103 Jan
8714
85% 8653 844 8614 84
8653 83
85
8315 8434 84/
1
4 863s 62,900 Timken Roller fsearing.No Par 78 Jan 3 9534 Feb 18
8533 Nov
/
1
4 Ma
44
10784 10734 10553 10784 10414 10812 10414 10512 105 107 210333 10434 42,400 Tobacco Products Corp-100
1033* Mar 25 11033 Jan 5
9514 Apr 116/
1
4 Sept
11312 11433 *11312 114
112 114 *11213 11333 11313 11312 113 113
1,600 Class A
100 112 Mar 22 11612 Jan 18 103 Ma 118% Sent
433 412
433 413
414 4/
1
4
414 433
418 4%
414 4% 16,800 TranscTI 011 temott newNopar
418 Jan 13
5 Feb 14
3 Ma
513 JulY
•1233 13
•1253 13
•1233 13
*12% 12/
1
4 *1258 12/
1
4 *1258 12/
1
4
Tranome & Williams St'l No par 13 Feb 28 1514 Jan 6
15 Aug 27
Jan
•461s 47
4673 46/
1
4 464 47 .4618 4612 4614 4612 46% 464
1,600 Underwood Typewriter _ _ __25 45 Jan 29 48/
1
4 Feb 28
4314 Nov 6334 Jan
45% 48
4514 4612 454 47
454 4534 46
48/
1
4 48
4953 8,600 Union Bag & Paper Corp_ _100 3812 Jan 25 52 Mar 7
35 May 7114 Jan
11314 11312 11212 11454 112 11433 112% 11788 11733 11914 11713 12033 102,100 Union Carbide & Carb_No par 9918 Jan 28 12038 Mar
7712 Ma 10034 Dee
25
444 4434 43/
1
4 4434 4414 4513 424 4384 44% 44% 4414 45% 35,900 Union 011 California
25 42.8 Mar 23 564 Jan 6
3714 Jan 58% Sent
•9813 100
9934 9934 *9812 100
*99 100
9913 10084 101 10234 1,900 Union Tank Car new
100 94 Jan 3 102/
1
4 Mar 25
93 Dec 9514 Dee
92 93
9012 92/
8934 894 9112 89/
1
4 87
9034 87
1
4 897s 20,300 United Cigar Stores
Feb 109/
87 Mar 22 100 Jan 6
25
8313
1
4 Aug
•12713 132
132 132 *12712 132
132 135 *130 137 *130 137
810 Preferred
100 125 Jan 5 135 Mar 23 11413 Ma 126 June
166 16612 165 186
16234 165
163. 16414 184 185
165 165
2,800 United Drug
100 159 Jan 25 17114 Jan 10 134 Ma 174 Dee
60
594 5912 5913 5914 5934 5934 60
59/
1
4 60
*5912 60
1,100 1st Preferred
59 July
50 5812 Jan 6 60 Jan 12
554 Ma
•120 122
12014 121 *12014 12213 •120 121
120 122
12012 12134 1,200 United Fruit new
No par 11312 Jan 28 12314 Feb 26
Apr 128 Nov
98
*16
19
*18
19
*16
*16
18
18
*16
18
*16
18
United Paperboard
100 1612Mar 2 17 Feb 2
17 Dec 38':May
*100 10312 *101 104 *102 10312 *102 10312 *102 10312 *102 10312
Universal Pictures lit pfd. 100 98 Jan 14 10112 Feb 3
90 Mar 9812 Dec
3112 3013 3114 3012 31
3034 3114 31
311
/
4 345
3314 3512 89,600 Universal Pipe & Rad_ _No par 2712 Jan 25 3512 Mar 25
13% Mar 3412 Dee
86
84
8314 834 83% 8312 *8313 8414 8414 87
86
1,400 Preferred
86
100
813
4
Jan
Jan
27
11
90
52
Mar opts Dec
212 215/
215 218
1
4 209 215
207 211
207 21434 213/
1
4 21434 14,900 US Cast Iron Pipe & Fdy_100 202 Jan 25 22813 Jan 3 150 May 24812 Aug
•113 11312 113 113
11234 11234 *110 113 *110 113 *110 113
200 Preferred
100 112 Mar 14 115 Jan 5 10014 Mar 118 Dee
55% 5534 56
56'4
55
561a 545 55% 5412 5534 5514 5512 4,300 U SDistrib Corp tern oil No par 514 Feb 14 6078 Jan 12
39 Mar 6112 Feb
53
*5314 534 5314 5314 5314 5314 53
527s 53
53
53
800 U S Hoff Mach Corp vicNo pal 5153 Feb 1
587s Jan 19
45/
1
4 Jan 59% Feb
74/
1
4 7534 7212 7453 69/
1
4 73
6934 7178 7153 7212 72
75,000 U 13 Industrial Alcohol__ -100 6934 Mar 22 89 Feb 28
73
45%
Mar 8412 Dee
10814
110 110
10978 109 109 *10833 10958 *109 10933 *10912 109533
400 Preferred
100
10814
Mar
Mar
21
15
11012
1
4 Nov
Apr 114/
9914
*5512 5612 *56
56/
1
4 5534 56
56
564 56
5612 56
1,500 US Realty & Impt new.No Par 55 Mar 8 8653 Feb 7
56
484 Mar 7113 Jan
6212 6314 6134 63
6014 6212 6018 62
6012 6158 6034 611
/
4 51,600 United States Rubber
804 may 8814 Jan
100 5814 Jan 25 6713 Feb 28
*10933 10934 10913 10934 .310933 10934 1093s 10933 10933 110
1094 10912 1,300
1st Preferred
100 10718 Jan 27 11114 Mar 4 10112 Mar 109 Jan
38
4018 3913 4033 3834 404 38/
1
4 39
40
42
40
4112 9,500 US Smelting, Ref & Min---60 3333 Jan 13 42 Mar 24
/
4 Jan
Oct 491
30
4812 4812 48,z 4812 *4734 4812 *48
49
4814 4814 4813 4812
400 Preferred
ao 4558 Jan 18 49 Mar 4 42 Oct 50 Jan
18214 18318 16114 16353 16112 16358 16134 16333 16273 16518 163/
1
4 16514 232,600 lJnIted States Steel Corp... 100 15313 Jan 28 18514 Mar 25 117
Apr 16012 Deo
11733 11814 11714 11812 11714 11834 11733 11853 1181a 11958 118/
1
4 11934 66,600
New w I
11138 Jan 28 11934 Mar 25 113/
1
4 Dec Ily Dec
130 130
130 13014 130 13033 13014 13014 129/
130 13014 2,100 Preferred
1
4 130
100 129 Jan 28 13053 Jan 5 12412 Mar 13084 Dec
*8212 95
824 8212 81
81
*78
81
*78
817s '80
80
700 U S Tobacco
No par 67 Jan 4 8212 Mar 21
Jan 67 Dec
564
•123 128 *12312 128 *12312 128 *12312 128 *12312 128 *12312 128
Preferred
100 123 Jan 14 125 Feb 18 112 Mar 123 Dee
*112 120 *112 120 *112 120 *112 120
112 112 •112 120
40 Utah Copper
10 111 Feb 11 11313 Jan 4
93 Apr 116 Nov
29
*27
2812 29
2814 2814 27/
1
4 2833 2838 3014 29% 301
: 5,400 Utilities Pow & Lt A___No par 27 Jan 8 30/
1
4 Feb 28
27% Dee 37 Feb
45
45
451
4634 45
4734 5012 49
4634 4511 47
24,000 Vanadium Corp
50
No Par 37 Jan 20 5013 Mar 24
29 Mar 43 Aug
5353 5453 53
5412 53
53
5313 5312 53/
5353 53
1
4 53% 3,300 Vick Chemical
No par 48 Jan 3 58 Feb 11
4314 July 52 Aug
'84 81
814 814
8
8
8
81a
8
8
*8
818 2,500 Virg-Caro Chem new.. No par
9 Oct 2512 Feb
734 Mar 1
1034 Feb 14
*2834 29
29
29
2914 2914 29
29
29
29
*29
400 6% pref w 1
2913
100 2758 Mar 11 36/
313$ Oct 69 Jan
1
4 Feb 14
75
75
7514 7514 7512 7512 7514 7513 *7513 80
7512 7512 1,000 7% pref w 1
83 Oct 984 Jan
100 74 Mar 18 8734 Feb 11
*40
50
*40
50
*40
340
*40
50 '
44
44
*40
50
Virginia Iron Coal& Coke_100 43 Feb 9 51 Jan 4
40 May 604 Nov
3414 3414 34
3414 3413 3413 33/
3334 344 34
1
4 34
34
2,200 Vivaudou (V) new____No par 3212 Jan 24 3534 Jan 31
26 Mar 3612 Dee
*106 108 •106 108
10612 10613 *104 10634 •I05 10734 104 10712
100 Preferred
100 10433 Jan 27 108 Feb 3
943
4 Jan 11012 Dee
*2234 2314 2253 2234 2253 2233 2134 225
22
22
*2133 22
1,400 Waldorf System
No par 2134 Mar 23 25 Feb 7
17 Jan 23 Deo
21
22
211
/
4 2134 2114 2113 2034 211
211
/
4
211
/
4
2118
5,300
2118
/
4
Walworth Co ars
No par
18 Jan 14 22 Mar 19
1214
June 234 Jan
*100
*103 105 .103 106
103 103 *10014 --10014 _ _ _
100 Ward Baking Class A_ _No par 103 Mar 23 10512 Mar 17
99 June 195 Jan
234 24/
1
4 2414 25
2318 24% 22/
1
4 2418 2313 24
10,200 Clain B
2313 24
No par 2218 Mar 18 334 Feb 18
2114 Oct 8534 Feb
90
90
*90
9112 90
90
*9018 92
*9012 91
901s 90%
800 Preferred (100)
No par 90 Mar 19 9534 Feb 3
884 Oct 11014 Jan
3314 23/
28
1
4 2853 26
2834 2814 3153 3014 3l7
2834 3034 96,700 Warner Bros Pictures A. -10 2353 Mar 21 454 Jan 6
12 June 6914 Bent
82
82
*78
82
80
80
*77
500 Warren Bros
80
80
*77
7812 801s
No par 65 Jan 14 9014 Feb 18
43
/
1
4 Apr 69 Dec
58
/
1
4
61
•58
59%
•58
8012 *58
1,900 Weber & Hellbr, new c.No par 564 Jan 5 82 Mar 14
6012 61
6014 60
61
Apr Ws Jan
53
152 152
152 152
14712 15014 14812 14813 151 152 215013 15034 3,200 Western Union Telegrapb.100 14413 Jan 8 15418 Feb 23 134131 Mar 15733 Sent
15212 153
15014 153
1494 152
149 15153 150 152
19,600 Westinghouse Air Brake__.59 13313 Jan 4 157/
15014 152
Mar
Mar
12
1
4
10514
146 Dec
7312 74/
1
4 7353 7484 74
7573 744 75
74% 754 7414 7513 43,800 Westinghouse Flee & Mfg_ _50 6753 Jan 4 7574 Mar 22
05 May 794 Feb
•1612 1734 17
17
17
17
*1613 17
*1612 1673 *1612 17
1,000 Weston Eleo Instrument
Jan 8 1838 Feb 15
13
/
1
4
May
15
1912 July
3412 *34
3433 *34
*34
3412 *34
3412 *34
3412 .3312 3413
Class A
3014 Jan 6 3453 Jan 28
274 Jan 3213 Oet
101 103
100 100
101 101
100 100 •10012 10112 39712 10112
250 West Penn Elea el A YU No Par 97/
Jan 9813 Oct
1
4 Jan 4 103 Feb 8
8812
1
4 106 10653 106 106
1010614 10612 10614 10612 108 106/
260 Preferred
10614 10612
100 102 Jan 4 10753 Jan 31
9513 May 1024 Dec
114 11453 1144 11535 11412 11411 11413 11412 11414 1144 11412 11413
230 Weat Penn Power pref._ _100 111 Jan 15 115 Mar 21 108 Mar 115 Sent
2538 2512 2514 2514 2514 2514 2518 2514 2514 2514 2514 2514
1,600 White Eagle Oil
No par 2553 Mar 23 2712 Feb 15
2518 Apr 2984 Feb
5014 504 501s 5034 504 5034 50
504 50
5034 50
503s 10,900 White Motor
5113 Apr 90 Feb
50 4914 Mar 16 5838 Feb 28
2934 304 *29/
291s 2913 2933 30
1
4 3012 3013 31
23114 31% 3,700 White Rock Mtn Sp Of_No par 26 Jan 26 3212 Feb 28
22 Oct 38/
1
4 Feb
/
4 4753 4733 474 47/
4733 471
4734 48
1
4 4734 4734 4718 4734 1,400 White Sewing Macb pt.No par 48 Feb 18 59 Jan 17
4612 Oct 844 Oct
78
78
34
%
*34
34
/
1
4
78
34
34
34
34 1,700 WiekwIre Spencer Steel Inf.-Feb 14
53 Dec
26
Jan
1
12
Jan
3%
12
2134 2214 2114 2214 2112 2212 2114 22
2113 211
/
4 2012 2112 141,600 WIllys-Overland (The)
18 May 34 Jan
5 1912 Jan 24 2434 Mar 3
*8912 9012 *8912 9012 *8913 9012 8913 8934
9153 9234 *921
/
4 93
700 Preferred
100 8912 Mar 25 95 Jan 11
Feb
99
Oct
8812
1312 13/
1
4 1333 1358 1312 1312 13
1334 1334 1334 14
1312 6,700 Wilson & Co.Ina, new.No par
1114 Jan 17 1758 Feb 21
1441 Deo
6 May
2453 2453 24
25
25
24
25
2512 25
2458 2312 23/
1
4 4,200 Class A
14 May 30% Deo
No par 2312 Mar 25 32/
1
4 Feb 23
7514 7534 73
76
576
7612 7612 7612 75
75/
1
4 72
73
6,600 Preferred
42 May 811
100 72 Mar 25 8434 Feb 23
/
4 Des
1
4 126 12714 124% 12658 125% 12634 19,100 Woolworth Corp new w I
125 125/
1
4 125 1271
/
4 12512 126/
11734 Jan 11 12938 Feb 23 12014 Dec 128 Dee
2813 27
2734 2734 28/
1
4 2813 30/
1
4 29
27
3012 2912 3031 12,900 Worthington p & Nt
2013 Jan 27 3114 Feb 28
19 Nov 444 Jan
100
53
5313 *50
5313 5312 4.52
*50
5312 *50
5312 *50
5313
Preferred A
100 46 Jan 22 5412 Mar 1
44 Nov 80 Feb
*41
44
44
44
44
*41
.41
*41
44
44
*41
42
200 Preferred B
100 40 Feb 2 45 Feb 28
3714 Nov 85 Feb
*3034 3112 3012 3133 3053 31
302g 3053 3014 3012 30% 30% 3,100 Wright Aeronautical-No par 30 Feb 3 354 Jan 8
2412 Mar 39/
1
4 July
•5158 52
*5114 511 *51 13 52
*5158 52
*51 18 52
*515a 52
Wrigley(Wm Jr)
No par 501
/
4 Jan 4 5234 Jan 21
47 Apr 5934 Feb
*7412 75
*7414 75
*7414 75
*7414 75
*7414 75
7434 75
400 Yale & Towne
6012 Mar 7212 Aug
25 7014 Jan 8 76 Mar 9
254 2518 25% 35,900 Yellow Truck & COacb....100 25 Jan 14 29/
1
4 25
25/
1
4 2614 254 26
2512 25/
1
4 254 25/
1
4 Jan 6
20 May 3953 Sept
9513 9512 *9414 9612 *9414 95
95
95
9514 *9514 98
95
400 Preferred
100 94 Jan 8 99 Jan 3
9112 Apr 10712 Sept
92
9514 9714 96
93
9134 95
923a 9113 924 92
9714 24,400 Youngstown Eiliest & T_No par 5514 .1an 20 971 1 Mar 24
titl May 0514 Aug
•Bid and asked prices; no sales on this day.
Es-dividend and ex-rights. x Ex-dividend.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Zzebangs method of quoting bonds was changed and prices are now "and
interest--except for income and defaulted boats
BONDS
R. Y.STOCK EXCHANGE
Week Ended March 25.
Price
Friday,
Mar. 25.
Week's
Range or
Last Sale
Range
1
:4
4
40 4Q
811308
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 25.
Price
Friday,
Mar. 25.
Week's
Range or
Last Sale
caFa
1797
Range
Since
Jan. 1.
U. S. Government.
Bid
Ask Lots
Riot No. Low
High
Bid
Ask Low
High No. Low
VIM Liberty LoanHigh
Leipzig (Germany) a f 7s_ _ __1947 FA 101% Sale 101% 102
19 10014 10278
J D 100311z Sale 1001131101732 639 10011
934% of 1032-1947
3110121n Lyons (City of) 15-year (Is_ _1034 MN 97 Sale 9612
43
97
Cony 4% of 1932-47
9312
J
977a
00.31101,n 101',,Mar'27
100143101 2n Marseilles(City of) 15-yr 6s_1034 MN 97 Sale 964
Cony 434% of 1932-47
45
97
9314 97741
J D 10311o, Sale 103331 1033833 82 1022
4310322n Mexican Irrigation 4Si a_ _ _ _1943 MN
30 Mar'26
26 cony 434% of 1932-47
JD 1021,33 ---- 1021332Mar'27
10213
331021,33
Assenting a f 44s_ _ _ _ _ _.1943
-55E8 11-- 30% 31
Second Liberty Loan16 -55; -3-6-14
Mexico(U 8) extl 55 of 1899 £'45 Z1- j 40
50 Feb'27
1927-1942
MN 100232100233 100333 100433
48
50
50
2 100333101
Assenting be of 1899
1945
3938 Sale 39%
Cony 434% of 1927-1942
41
3938 50
MN 1001131 sale 1001,33100242 2128 1001
Assenting 58 large
43101%i
4112 Mar'27
Third Liberty Loan—
39% 4112
Assenting
bs
small
3712 May'25
&X% of 1928
Si S 101,33 Sale 101233 101,32 630 1012
3110123n
Gold deb 45 of 1904
1054 J o 24
34 July'26
Fourth Liberty LoanAssenting 45 of 1904
2612 2714 2678
434% of 1933-1938
2484 141
AO 1033033 Sale 103"12 104'11 1017 10312
2712 40
;
3310413n
Assentitor
4s
of
1904
large
_____
Treasury 434s
27 Dee'26
1947-1952 AO 114133 Sale 1141032114303s 388 110,331112131
Assenting 43 of 1904 small.....
Treasury 45
253* Sept'26
1944-1954 J o 1081,33 Sale 1081,321082,33 185 106.331082333
Assenting
4
01
1010
JJ
2714
261
2
Treasury 3348
27%
Jan'27
1946-1956 MS 1052333 Sale 10522331063n
273* 2738
47 103,33106333
Assenting 40 of 1910 large.....
State and City Securities.
2712 15
2714
2618 314
Assenting 43011910 small
2378 Sale 23%
N Y City-4 is Corp stock _1960 MS 101
2414 50
2238 26%
10118 Mar'27
1003
8
10118
So
Tread
assent
of
'13
(large)
33
'33
41 Sale 41
Ms Corporate stock
5
41
1064 MS 10312
4618
41
1027s Mar'27
10212 102%
Small
4112 Sale 4112
434 Corporate stock
4212
2
4112 4812
1966 A 0 10312 __
1025 Mar'27
10258 10258 Montevideo (City of) 78_ ___1952 3D
Aka Corporate stock
25
9978 102
1972 AO 10358
10258 Feb'27 -- 10258 102% Netherlands fis Was p06004) _.1972 MS 10134 Sale 10114 102
10614 10612 10638 10612
4348 Corporate stock
4 106 10812
1971 J D 10738
10712 10712
2 10712 107',.
30-year external 8s(flat)_l954 A0 10312 Sale 10312 10334 46 10314 10374
048 Corporate stock _July1967 J J 10718
10658 Jan'27 -- 106% 106% Norway 20-year extl 65
1943 FA 103 Sale 102% 103
litia Corporate stock
30 10114 10314
1965 ID 107
10658 Jan'27
1065e
10658
20-year external 68
1944 FA 10234 Sale 10212 103
36 10114 103
£34e Corporate stock
1963 MS 107
107 Mar'27
106% 107
30-year external 68
1952 AO 10314 Sale 10318 10314
4% Corporate stock
8 100 10314
1059 MN
9914 Jan'27
09
0934
40-year s f 550
D 10034 Sale 10038 101
1965
4% Corporate stock
50
98% 101
1958 MN 100
9914 Feb'27
99
9914 Oslo (City) 30-year 8 f 6s
MN 10134 Sale 10134 10214 23 100% 10214
1955
fi% Corporate stock
1957 MN
9958 Jan'27
9878 100
Sinking fund 534,
1946 FA
9958 Sale 9912
4% Corporate stock
1956 MN
9934 52
97 100
_-_- 9812 Nov'26 Panama
(Rep) ext1
- -1953 in 10218 10212 10212 10258 26 10218 102%
Corporate stock
1955 MN _-_.
987 Oet'26 - Peru (Rep of) extl Ss (of'24)_1944 AO 104% Sale 104
4% Corporate stock
10478
0 10312 107
1936 MN
99 Mar'26
Extl Ss (ser of 1926)
1944 AO 104 105 103%
434% Corporate stock _ _1957 MN
39 10338 105
105
10612 Mar'27
105%
10678
Extl sink fd 7 34s
N 10112 Sale 10012 10112 80 100% 10134
1940
654% Corporate stock. _ _1957 MN 10634
10612 Mar'27 _- 10534 107
Extl s f sec 759s (1926) _ _ A956 51
99,
834% Corporate stk_May 1954 MN
4 Sale 98%
9934 59
9814 9912
9012 Mar'27 - 89% 9012 Poland (Rep of) gold 68
1940 AO 825s Sale 82%
83,4% Corporate stk_Nov 1954 MN
76
84
7612 85
89% Jan'27
8978 89%
Extl sink Id g 88
1950 3J 97% Sale 97
9314 9814
83.4s Corporate stock
N
973
4 346
1955
89 Apr'26 -Alegre
Porto
(City
8e__1961
JO
of)
10478
105 105 Mar'27
New York State Canal 1m 48.1961 J J
10314 105
10212 Oct'26 _Queensland (State) extl sf78 1941 AO 11258 Sale 11212 113
de Canal
24 111 113
1960
10258 Mar'27
ioti;
25-year external 68
1947 P A 10538 106 10514 10514
43,4s Canal impt
1 104 10614
1984 J
102 Apr'26
_-_- Rio Grande do Sul esti s I 86_1946 AO 10512 10614 106
as Highway impt regisrd_1958
36
10614
103% 10612
10178 Mar'25
_-_.
Rio de Janeiro 25-yr 51 88
1946 AO 104 10434 104
Highway improv't 43.4s...1963 MS
10412 14 10214 106
111
Dee'26
---88
extl
25-yr
AC
1947
103%
Virginia 2-3a
Sale
10312 10418 28 10214 10434
1991 J J
7612
Feb'26
---.
Rotterdam (City) extl 65. ...i964 M
10414 Sale 103% 104% 12 103% 105
Foreign Gov't and Municipal's
Sao Paulo (City) sf 8s__Mar 1952 M N 10834 Sale 10834
Antioquia (Dept) Col 7e A 1945 J J 9612 Sale 9612
10
34
97
94
9712 San Paulo (State) calls f 8s.1936• J 104% Sale 10434 10914 40 1074 10914
External f 78 ser 13
10412 10512
10514
1945 J 3 97 Sale 9612
104
9712
94
9712
External sees f Ss
1950 1 3 10514 Sale 105
Argentine Govt Pub Wks 6s..1980 AO 0912 Sale 99
17
10512
105 1074
99% 129
97% 9934
External s f 7s Water L'n_1956
9812 Sale 0878
Argentine Nation (Govt of)—
9912 61
9858 10012
Santa Fe (Prov, Arg Rep) 7s 1942 M
95 Sale 95
Sink find 68 of June 1925_1959 J
9538 53
93% 9614
99% Sale 9914
99% 88
471/4 99% Seine, Dept of (France) extl 7s '42
J 101 Sale 10034 10138 88
Ext1 a f 6s of Oct 1925
1950 AO 9958 Sale 99,4
97% 192%
77
973
4
9
93
99
4
3
4
Croats
Serbs,
Mill
&
Slovenes
88_1962
10034 Sale 100
Sink fund es Series A__ .1957 NI S 10012 Sale 9912
101%
195
974
10234
149
10012
97-8 10078 Soissons (City of) extl 6s
1936 Mill 96 Sale 9518
External 68 series 13_ _Dee 1958 J O 09% Sale 9914
96
25
914 97
100
45
97% 100
Sweden 20-year 65
1039 313 1044 Sale 103% 10414
Esti f 88 of May 1028
1960 M N 9914 Sale 9914
4 10312 104%
9934 58
973
4
997
8
External loan 53.48
1954 M N 104 Sale 10312 10418 17 10258 104
Extl 6s Sanitary Works...1961 FA 9938 Sale 99
9934 171
98
9934 Swiss Confed'n 20-yr of 8a _1940 J
Argentine Treasury 58
11314 Sale 11314 11314 16 113
M
89 Sale 89
9018 25
80
02
Switzerland Govt ext 5348..i946 AC 104 Sale 10312 10334 24 102% 113%
Australia 30-yr 55_ __July 15 1955 J J 98 Sale 9758
104
105
98
9714
9812 Tokyo City 5s loan of 1912 1952 MS 784 Sale 77%
Austrian (Govt) 8 f 78
79% 63
1943 J D 10312 Sale 10312 10414 66 10114 105
7558 79%
Ext1 s f 534s guar
1961 AO 8978 Sale 89s
Bavaria (Free State)6 yi s
9012 383
1945 FA
8912 90%
99;8 Sale 0934 100
106
9818
10014
Trondhjem (City) ea! 645_1944 ii 10114 10112 10114 10
Belgium 25-yr ext s f 734s g_1945 J D 11212 Sale 112
5
9912 10134
134
11234 132 111 114
Upper Austria (Prov) 78
20-year e t 88
1945 3D 9658 Sale 9658
9758 19
1941 P A 10812 109 109
94
9738
10914 42 108 10912 Uruguay (Republic) esti 88....1946 FA 108%
25-year external 6348
Sale 108% 100
13
1949 MS 10118 Sale 10038
108%
112
10114
40
96% 10212
External s f 65
External s 1 6s
1960 MN 9534 Sale 95,4
1955 J J 9658 Sale 96%
95
95% 201
9612
119
97
92% 98
Yokohama
(City)
earl
es1961
3D
External 30-year s f 7s
953
4 Sale 95
9614
9314 9712
1955 1 D 104% Sale 104% 105% 167 10212 10534
Railroad
Stabilization loan 7o
1958 M N 10312,Sale 102% 10312 256 101% 104
Ala Co Sou let cons A 58
1943 J o 10234 103 103% Feb'27
Nergen (Norway) a f 88
102% 10318
1945 MN 11312 Sale 113%
11312 12 11218 11334 Ala Mid 181 guar gold 58
MN
1928
10012 101 10012 Jan'27
25-year sinking fund (is_ 1949 AO 101 101% 101
10038 1001,
10138 13
9914 10138 Alb & SUBQ cony 33.58
1946 AO 87%
Berlin (Germany) 634s
8734 Mar'27
1950 AO 100 Sale 0934 100
8738 8734
0818 10034 Alleg & West 1st g gu 4s
69
1998 AO 8614
Bogota (City) ext'l a f 88. _1945 AO 10412 Sale 104
8478 Jan'27
8478 85
10412
102%
7
10412
Alleg
Val gen guar g 4s
1942 MS
Bolivia (Republic of) 85. _ 1947 MN 10414 Sale 10418 10412
9512
Mar'27
9514
96
36 1033* 105,2 Ann Arbor 1st g 48
July 1995 Q J 95%Bordeaux (City of) 15-yr 68_1934 MN 9612 Sale 9638
7934 8112
3
8012
7912 8112
97
93% 97% Atoll Top & 13 Fe—Gen g 45-1995 AO 9534 Sale 8012
61
Brazil(US of) external 88_ 194I J D 10612 Sale 106
9534 193
95
923
4
953
4
1065
104
23
8
10812
Registered
AO
Externals f 634s of 1028 1957 AO 934 Sale 92%
_ 93 Mar'27
92
93
9312 252
89
9c,
Adjustment gold 48_ _July 1995 Nov 8912 Sale 8018
713 (Central RallwaY)
1052 3D 9634 Sale 9614
11
8914
8714 914
97
51
9.42
0412
Registered
734s (coffee secur) (flat)_1952 AO 9614 9612 107
Nov _
89
8412 Sept'26
107
1 10378 107
Stamped
July 1995 MN i9T4 Sale 8814
Bremen (State of) esti 78....1935 MS 104% Sale 104
871 91
8912 77
105
45 10218 105
Registered
Buenos Aired (City) WI 61481955 J
SIN
87
85
101 Sale 10012 101
Jan'27
85 85
11
9914
101
Cony gold 48 1909
Bulgaria (Kingdom) s f 7s 1967 J J 91% Sale 9178
3D
1955
88
883
4
89
89
1
8812 8912
9234 55
91
9414
Cony 4s 1905
Calda.s Dept of(Colors bl a)
3D
1955
s'46 ii 9712 Sale 97
88
89
8834
88%
8734 89
0734 27
97
9834
Cony g 4s issue of 1910
Canada(Dominion of) be _ 193I AO 10134 Sale 10158 102
1960 3D 877
8714 Mar'27
86
87%
10 10014 102
East Okla Div 1st g 4e
10-year 5345
1928 M
09581929 FA 101% 102 10134 10214 21 10138
8 993
__-4 9912
5
9934
9914 99%
10214
Mtn
Rocky
Div
1st
be
4s
1965 3J 88
91
1952 MN 10434 Sale 104% 105
8912 go
8934 Mar'27
148
104
10512
Trans-Con Short L 1st 411_1958 J 1
11}in
1936 FA 9918 Sale 9812
9914 144
9218
9134
6
9012 9212
984 9914
Cal-Ariz let & ref 43.4a A...1962 ▪ S 9834_ _ _ 98
Carlsbad (City) ef Se
1954 J J 106% -10512 Mar'27
0812 10
97,8 9914
10312 1051 2 Atl Knoxv & Nor 1st
Chile (Republic) ext'l RI 8,.._1941 FA 108 Sale 10712 108
g 5s
1946 J O 10478 106 1043 Mar'27
10434
104%
10712
19
10914 Atl & Cheri A List A 434e.1944• J 98
20-year external s f 7s__ _1942 MN 100 Sale 9934
9934 99
99
5
9834 100
100
99% 101
64
1st 30-year 58 series B
25-year external s f 83._ 1946 MN 107 Sale 107
1944• J 104% Sale 10412 104% 17 10334 105
10712
107
2
109
Atlantic City 1st cons U.__ _1951
External sinking fund 6a 1980 AO 9212 Sale 924
J 8512 90
86% Dec'26
93
141
924 9312 All Coast Line 1st cons 48July '52•
External of Os
MS 9618 Sale 95%
1061 FA 92% Sale 9214
9014
9
9212 276
116-1.4
9214 93%
10-year secured 75
Chile Mtge Ilk 634s June 30 1957 3D 9412 Sale 9412
1930 MN 10312 Sale 10338 10378 56 10314 10512
95
36
9412
9612
General unified 4548
f 634s of 1026_ _June 30 1961 3D 96% Sale 9612
1984 in 9818 Sale 98
9814 13
97
97
9834
63
96
9814
L & N coil gold 4a____Oct 1952 MN 92% Sale 9214
Chinese (Hultuang fly) be_ _1951 3D 26 Sale 26
92% 18
9112 93
27
2418 30
26
All & Dan,
/ 1st g 48
Christiania (Oslo) 30-yr 51 631954 MS
1948 J
7912 28
794 Sale 79
71)
10112 10134
8112
9934 102
3
2d48
Cologne (City) Germany6tis1950•S 99% Sale 9938
ii
1945
73
Sale
7312
7114
8
7114 7514
9912 19
97% 10012 All & Tad let g guar 48
Colombia (Republic)6ti a_.1927 AO 101 Sale 9912 101
19441 AG 834 8312 8312
5
8312
8218 84
9912 10114 Aufitin & N W let
11
Copenhagen 25-year sf5tis_1944 J J 10034
gu g 68...1194i J 3 10214 103 10312 Mar'27
10014
10212 10134
10114 24
9914 101
Balt & Ohio 1st g 48____July 1948 AO 0512 Sale 94
Cordoba (Prov) Argentina 781942
J 08 Sale 98
9512 143
93% 9512
9818
6
9712 9912
Registered
Cuba 58 01 1904
July 1948 Q J 9114
1944 MS 10014 Sale 10018 10014
- - 92 Feb'27
92
92
20-year cony 414s
External hoof 1914 ser A.1049 FA 10112 102 102 Mar'27 29 10018 10112
1933 M
99 Sale 9838
9914 139
97
9914
10114 102
Registered
External loan 434eser C._1941) F A 94 Sale
MS
96% Nov'26
93%
17
4
95%
Refund & gen be series A._1995 J O 10212 Sale 10134 102% 240
Sinking fund 534e
1953 J J 103 Sale 10214
103
look, 16/5-8
34 101 18 103%
1st g 58
Cundinamarca (Dept-Col) 78 '46 JO 9412 Sale 9414
1948 AO 10634 Sale 106% 10718 87 104% 10718
9434 18
9414 96
10-year 68
Csechoslovakla(Rep of) 88...1951 AO 10834 Sale 1083s 109
1929 33 102% Sale 10258 103
118
105
100
67
34 10318
110
Ref & gen 65 series C
Sinking gund 88 ser B
1995 J o 10912 Sale 10914 110
1952 AO 108% Sale 1083s 109
54 107% 110
70 10434 109
External s 73-Za series A 1945 AO 105% Sale
pLE&WVatiye ref 4s_ _1941 1111 N 9514 Sale 95
10512 106
9512 53
92%
1043
84
4
95,2
10814
Southw Div let 58
Danish Cone NlunIcip 8s A _ _1946 P A 11014 11012 11014
1950 J
10314 Sale 102% 10314 51 101% 10314
11012
5 10938 111 12
Tol & Cin Div 1st ref 4s A.1959 J
Series 11 a1 88
1046 FA 11014 Sale 110
8412 Sale 8334
11014 11 10914 11138
8434 60
82
84%
Denmark 213-year 621
Ref
&
gen
5s
series D_ _2000 MS 102% Sale 102
1942 J J 105 Sale 104%
10514 76 10338 10514 Battle
1024 155 100% 10234
Dominican Rep CUL Ad 534s '42 MS 99
Crk & Stur let gu 3s 1989 J O 653s- 65
9912 99
Jan'27
9912 18
99 10012 Beech Creek let gu
64
65
Dresden (City) external 70.._1945 MN 10278 Sale 10234
g 4e_
1936 J J 9512 -9-6-14 9512 Jan'27
1031
22
4
10012
954 954
10412
Dutch East 101(.8 extl 6e
Registered
J
1947 J J 103 10314 103
9412
9412 Mar'27
10314
14 102% 10418
9412 0512
2d
guar
413-year (is external
g
be
ii
1962 MS 10318 Sale 103
1936
99%
99
103% 25 10214 103% Beech
99
99
Crk Ext let g 3348_1951 AG 82 if 81% Jan'27
80-year external 6348
1953 MS 10134 102 10112 10178 12 10038 102
Mar'27
8158 81%
Big Sandy 1st 4s
30-year external 51.48
1953 MN 102% Sale 10238 10212
1944 3D 9118 92
9112 Mar'27
8 100% 10212 Bost & N Y Air Line
91
9112
El Salvador (Repub) 88
let
J
J
1948
4E1_1055 FA 81
10814 Sale 10734 10878 41 10614 108%
82
81%
81%
1
7858 8178
13runs & W let gu gold
Finland (Republic) ext1 6s_ _1945 M S 96% Sale 96
07
9612
9634 45
0612 10
93
9634 Buffalo It & P gen gold 413.._ _1938 3J 96
95% 9612
External sink fund 78...._1950 M
be__ _1937
S 10278-._ 10212 Mar'27
10014 10012 9814
09
9814 102
65
1034
101
Consol
External a f 1334s
4348
1058 MS 9858 Sale 08% 10078 18
1957 MN 9614 963-4 96,4
96 10078
9412 9634
96% 26
Registered
Finnish Mun Loan 634e A._1954 AO 9834 Sale 98
MN
90 Dee'26
96
9834 20
9834 Burl C R & Nor 1st be
External 634s series IL..1954 AO 9814 0812 98
1934 AO
101 Mar'27
9814 23
95% 99
101 101
Canada Sou cons gu A 5a
French Repub 25-yr ext'll 88_1945 51 5 110 Sale 109% 110
1962 AO 101-1T4
_ 106
211 1084 110
10638 24 105 1063s
Canadian Nat 434e_Sept 15 1954
20-year external loan 7148_1941 3D 112 Sale 11112 11214 250
S 9672 0712 9658
105 11234
4
0714
95
9714
-year
gold
5
External 78 of 1924
Feb
15 1930 FA 9934 Sale 9958
43,4s.
1940 J O 103 Sale 0212 10318 538
99 10418 Canadian North
99% 24
9918 100
German Republic ext'l 78._ _1940 AO 107% Sale 0838
deb a f 78_1940 J O 115% Sale 115%
107% 132 10612 10912
116
21 11434 116
20-year a f deb 61413
German Cent Agile Bank 711_1950 NI 5 103 Sale 02% 103
1946 J J 118% Sale 11812 119
36 101 103%
16 11738 11914
10-yr gold 4 yin__ _ _Feb 15 1935 FA
Gras (Municipality) 88
1954 MN 10212 Sale 0218
9714 Sale 9814
103
9834 28
8 10112 103
9712 9834
Canadian Par fly 4% deb stock.. J
GS Brit & Irel (UK of) 5148_1937 FA 10458 Sale 04% 105
85 Sale 8478
8514 35
80 1044 10534
8318 8512
10-year cony 53411
Col
tr
43.45
1920• A 118 Sale 1714
1946 MS 9678 Sale 9612
118
147
9712
96
39
1163
9712
4
11818
Carb & Shaw lot gold 48.. .1932 M
Greater Prague(City)7)48 1952 MN 10614 Sale 06
9512 9714 9538 Jan'27
10634 28 103% 10634 Caro Cent
9558 95%
lot eons g 48
Greek Government 71
1964 MN 9478 Sale 9478
1949 3D 841
85
9612 20
85
831s
1
86
9314
961
2
Caro
Clinch
0 1st 3-yr 50_1938 3D 10234Haiti (Republic) a f 63
1052 AO 10014 Sale 9912 10012 55
4 1034 10314 Mar'27
10238 10338
99 10014 let & con g&68
Heidelberg (Germany) ext 734850 ii 10412 Sale 0412 106
series A. 1952 J o 10814 Sale 0814
108% 17 108 109
11 10312 106
Cart & Ad 1st gu g 4s
Hungarian Muffle Loan 730.1945 J J 10014 Sale 0014
1981 J O 90% 93
9138 Mar'27
10034 38
9012 9138
97%
101%
Cent Branch U P let g 4s_ 1948 3D 8418 8512 83 Mar'27
External f 7s
Sept 1 1946 J J 9612 Sale 9614
9,94 99
83
86
974 48
Central of Ga 1st g 58_Nov 1945 F A 105 10534 05 Mar'27
Hungary (Kingd of) 811 7tie_1944 F A 10212 Sale 0212 10312
10412 10518
48
10014
105
Consol
gold
55
Ind Bank of Japan 6% notes.1927 FA 10014 Sale 0014
1945 MN
10312 04% Mar'27
10012 40 100 10078
10312
104%
10-year secured 13e_ _June 1929 3D i55
Italy (Kingdoni of) ext'l 73..1951 JO 96 Sale 9558
;
. Sale 10212 10212 11 102 10234
9234 97
96,4 016
Ref & gen 6S49 series 8_1959 AO 10212 10512 10558 105%
Japanese Govt loan 45____1931 .1 .1 0112 Sale 9112
1 10415 10614
9178 17
90
9212
Cbatt Div pur money g 48_1951 3D 8812 92
50-year f(1M
1954 FA 101 18 Sale 0034 101% 332
8858 Mar'27
881,8 8914
9978 102
Mae & Nor Div let g be 1946 ii 1001
Oriental Development 68_1953 MS 9634 Sale 96
97
-- 10214 Dee'26
88
94
98
Mobile Division 5s
1948
4 104 103 Mar'27 _
J 102341-61iEdia
Cent New Eng 1st gu 48....1961 3J 85 Sale 8238
85
15
7812 8.5
S
1798
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 25.
New York Bond Record-Continued-Page
f.
Central Ohio reorg 454s_ _ _ _1930 MS
Central RR of Ga coil g 58..1937 MN
Central of NJ gen gold Es -1987 J J
1987 Q J
Registered
1949 LA
Cent Par 1st ref gu g 45
LA
Registered
Mtge guar gold 33.48. Aug 1929 JD
Through St L let gu 4s___1954 AO
1960 LA
Guaranteed g 5s
Charleston & Savannah 58_ A936 J J
Chee & Ohio fund & impt 55_1929 J J
1939 MN
let consol gold Es
1939 MN
Registered
1992 MS
General gold 455s
MS
Registered
1930 FA
20-year cony 455s
' 19401 .1
Craig Valley 1st 59
Potts Creek Branch 1st 4e_1948 ii
1989 J J
R & A Div lat con g 4s
1989 ii
2d consol gold 48
Warm Springs V let g 5s._1941 MS
Chic & Alton RR ref g 38- _1949 AO
Ctf dep stpd Apr 1928 Int_ _
/railway first lien 33.58_ _ 1950
Cite dep Jan '23 & sub coup
Chic Burl & Q-III Div 3558_1949 3
Ii
Registered
1049 .1 .1
Illinois Division 48
MN
4s..A927
Extension
Nebraska
MN
Registered
1958 MS
General 48
MS
Registered
1971 FA
1st & ref 58 series A
1934 AD
Chicago & East III 1st 6s
o & Ill Ry (new co) gen 5a 1951 M
N
1982
Chic & Erie let gold 50
Chicago Great West 1st 48_ _1959 51 S
Chic Ind et Louisv-Rel 68_1947 1 .1
1947 1 .1
Refunding gold 58
Refunding 4s Series C___ _1947 J J
1968 M N
A
General 58
May 1968 J 1
General 65 B
Chic Ind & Sou 50-year 4s__1958 3 J
Ohio L & East 1st 4 e-1969 3 D
0;M & Puget Sd let gu 4s_ __1949 J J
II S Tr centre of deposit__________
Oh M & St P gen g 4s Ser A.e1989 J J
Registered
General gold 355s Ber 13__e1989 J
Gen 45is Series C_ __May 19891 J
Registered
Gen & ref Fier A 4(,), _Jan 2014 A 0
Guar Tr certife of deposit__
Gen ref cony eer 13 5s.Jan 2014 F- -A
Guar Tr certifs of deposit_______
1934 3-3
let sec Os
1932 J I)
Debenture 4515
Bankers Tr centre of deposit _ _
1925 J- D
Debenture 44
U S Mtge & Tr Ws of dep__
1934
95-year debenture 4s
Farm L & Tr ctfi of dep___
1926
Chic & Mo Rly DI 5s
Ohio & N'west gen a 3558.-1987 M N
Q F
Registered
1987 M N
General 48
Q F
Registered
Stud 45 non-p Fed in tax '87 M N
Gen43s5tpd Fed Inc tax_1987 Si N
General 56 stamped__ __1987 51 N
1879-1929 A 0
Sinking fund Os
A 0
Registered
1879-1929 A 0
Sinking fund 58
1879-1929 A 0
Registered
1933 IS N
Sinking fund deb 58
MN
Registered
1930 J D
10-year secured 786
1036 M S
15-year secured 6555 g
May 20371 D
lst & ref g 58
Chic R I & P.-Railway gen 481088.8 J
J J
Registered
1934 A 0
Refunding gold 48
A 0
Registered
eh St L & N 0 Mem Div 48.1951 J D
St L & P lst cons g Es_ ___1932 A 0
Cbic St P M & 0 cons ds___1930 J D
Cons 6s reduced to 315s_ -1930 J D
1930 M
Debenture 58
Stamped
CbicTH&SoEastlStSe..1060J D
Dec 1 1060 M S
Inc gu 53
Chic Un Sta'n 1st gu 4558A-1963 J D
1963 J J
let 55 series B
10441 D
Guaranteed g 58
10631 J
let 65,25 series C
Chic & West Ind gen g 68_0932 Q M
10521 J
Consol 50-year 45
1962 M S
lst ref 55is ser A
1952 M N
Choc Okla & Gulf cons 5a
H & D 2d gold 455e_1937 J J
I St L & C 1st g 4s,,.. _Aug 1936 Q F
Aug 1936 Q F
Registered
1942 M N
Cin Leb & Nor gu 4e g
1928 J J
Cln 8 & CI cons 1st g 5s..
Cleve CM Ch & St L gen 48_1993 J D
19311 J
20-year deb 4548
1993 J D
General 50 Series B
Ref & inapt 65 series A__ _1929 J J
1941.8 J
6s series C
1963 1 J
Os series D
Cairo Div 1st gold 4s_ _ _..l939 J .1
Cin W & M Div let g 4s_1991 J J
St L Div let coil tr g g 48 1990 M N
Id N
Registered
Spr & Col Div let g 48_1940 M S
W W Val Div 1st g 4s____1940 J
COC&I gen cons g 68___1934 J J
Clem Lor & W con 1st g 56-1933 A 0
Cleve A Mahon Val g 5a___-1938 .1 J
1935M N
CIA mar let gag 455e
Cleve & P gen gu 4555 ser 13_1942 A 0
1942.1 J
4558
Series
1948 MN
Series C 3555
1950 F A
Series D 3558
Cleve Shot Line 1st gu 4558_1961 A 0
1972 A 0
Cleve Union Term 55513
1973 A 0
let a f 5s ser B
D
1945
Coal River Ry lst gu 45
Colorado & Bouth 1st g 45_1929 F A
N
M
4558_1935
Refunding & eaten
1948 A 0
Col & 11 V 1st ext g 48
A
F
1955
45
ext
1st
Tol
Col A
Conn & Passum Riv 1st 48_1943 A 0
1930 F A
Consol Ry deb 48
.1
1954
Non-cony 49
J D
Registered
Non-conv debenture 4s___1955
Non-cony debenture 4s__ _1958 J J
Due Feb. •Due May
Price
Friday.
Mar. 25.
Week's
Range or
Last Sale
4,2
Range
Since
Jan. 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 25.
Price
Friday.
,Var. 25.
Week's
Range or
Last Sale
No. Low
High
BM
Ask Low
High
tiba RR 1st 50-year 58 6-1952
95%
9912 9912
9558 Sale 9514
let ref 75.5e
19361 D 10912 Sale 109
10912
9912 101 12
5
let lien & ref 68 ser B
9934
1 112 11414
9934 100
9934
fis_ _ 19
Mos Northern By
D 10318 Sale 10234 10314
1J
61
36
96
112% 113
9114 92% Day & Mich lst eons 4;2'8_1931 J J 98% 9934 99 Mar'27
56
9038 901 2 Del & Hudson let & ref 48_1943 MN 95 Sale 9434
9512
30-year cony 58
1035 A 0 12212 Sale 12112 12312
3
9754 9814
15-year 5.125
1937 M N 10434 Sale 104% 104%
8912 9234
2
10-year secured 75
10738
104 101,2 103
10714 Sale 107
D RR & Bilge lst gu 4s g_1
A 96
91 D
938F
19
_ _ 96 Mar'27
9238
34 101315 102 Den & R 0 -1st cons g 45...1938 J J 92 Sale 92
Consol gold 455s
95 Sale 9434
95
3 10338 10434
1 100 Sale 9934 100
J 1:1
81
26
93
Improvement gold 50...A19
10212 10212
8014
23
9718 98% Den & RD West gen 5s_Aug 1955 MN 7834 Sale 7812
Des M & Ft D let gu 4s_ __ _1935 J J 35% 3712 35 Mar'27
35 Feb'27
113
34
8
35
Temporary ctfs of deposit-------5618 I9-7_
9612
Dee Plaines Val let 455s
1947
9634 Aug'26
10034 101
Dot & Mack-let lien g 40._1995 J
-- 7312 Mar'27
7015 -7312
1995 .1 D 65
Gold 48
6518 Mar'27
68
8734 88
8534 8712 Detroit River Tunnel 4558_1981 IS N 9812 9912 9812
99%
_ 10334 Jan'27
9078 10018 Dul Slissabe & Nor gen 5a 1941 J J
1937 A 0 102
7338 Dul & Iron Range 1st 5s_
- -4 10212 Mar'27
1023
124
1041471
1937 J J 8214 Sale 82
82%
71% 7178 Dul Sou Shore & Atl g 5s
236
8114 6814
9212 Dec'26
East Ry Minn Nor Div 1st 48..'48 A 0 9314 94
67
5
60
101
101
17
10178
86% 88% East T Va Ian Div g 58-1030
_ _ _ _ 10612 Mar'27
106
Cons let gold 58
_
N 10434 Sale 10434 10431
1 MN
30
2 -5--f53 -9612 Elgin Joliet & East 1st g 5a 194
1965 A 0 105 10512 10514 Mar'27
9934 1004 El Paso & B W 1st 58
Erie let consol gold 78 ext 1930 M S 10614 10634 10612 10612
J 8218 Sale 8134
1996
lot cons g 4a prior
68 -6572 16-34
8212
1997 J J
79
Registered
Jan'27
1996 J J 77 Sale 76%
7 10512 106%
let consol gen lien g 4s
77
1996 J J
72 Mar'27
Registered
106 106
1951 F A "oiiis 14.- 9814
135
Penn coil trust gold 45
8038 8334
98%
8112
82
5 105 10734
50-year cony 48 series A 1953 A 0 8112 82
3 JA
8114 82
55
198
,
8114
Series B
119
82
6914 72,2
ins t 88_ _1
1953 A 0 9118 Sale 89
9144
Gen cony 45 serles D
112% Sale 11212 112%
11434___ 11518 Mar'27
11378 115%
Erie & Jersey
s
100 1-0312 10358 103)
2 10338 103,
Genesee River 1st 8 f 68_1957 J .1 112% 113 11212 112%
1940 J J 8834
Erie & Pitta gu g 33-4e 11
9012 ____ 9038 Dec'26
8812 Nov'26
19401 J 89
_ _ _ _ 88% Sept'26
101
657s 1-61-7i,
10034 10114 15
Series C 3551)
1954 M N 9912 Sale 9914
10658 10718 10634 10634
100
5 10634 10753 Est RR eat' 5 f 78
935
9358 94% 935
9218 935s
1
9638 9712 9658 Feb'27
06% 9638 Fla Cent & Penn lst ext g 58_1930 J J 10014 10038 10153 Mar'27
10158 Sale 101%
Consol gold 5.9
5934 6034 5914
10158
55% 6012
6019 31
.1
11 .13
31
49
195
983 Mar'27
60 Sale 5934
6012 53
55% 6012 Florida East Coast 1st 4558_1
99%
83
98
lst & ref 5s series A
8534 864 8614
85
8678 25
S
IN
M
2S
74
95
Sale 63
19
831
8314 8314 Fonda Johns & Glov 4558.-1
___ 8314
64
6
8314
943
9414 Feb'27
4 77
753476 Mar'27
3
75% 7612 Fort St U D Co 1st g 4558_1941 J
196I I D 1096990438711:48442
Ft W & Den C let g 555s
955
111634 Jan'27
9478 98
1
9553 Sale 9558
Ft Worth & Rio Gr let g 4a 1928 J J
98
98
9234 Dee'26,___ _
Frees Elk & Mo Val let68-1933 A 0 10
07
811s Sale 6118 6134 48
107%
812
107%
6114 Sale 6012
62
366
56' 6
5
6
-2 -0
714
53
i
8
16t :
114
2:
0
II ASAM&P lat 58_1931 MN 100% 1011* 10034 10034
5934 6012 5934
7
6012 52 '
10014
1931 J J 10018 10012 100%
2d extens 55 guar
60 Sale 5934
6014 34
104 Sale 10334 104
2 Daly llous & Rend let 5e__ A933 A 0 9812 9834 08 Mar'27
012
06
311 16
56
6 10
9812 9934 99% Mar'27
Da & Ala Ry bacons 5e_Oct 1945.2
6014 61
6038
15
61
10018
Gla Caro & Nor let gu g 5s 1929 J .1 10018 10058 10018
6112 Sale 6018
6118 83
56
6
612 60
1946 A 0 7314 7512 75 Mar'27
2 Georgia Midland let 30
1112
6014 Sale 60%
8012 166
5612 61
Orli& Text Mt gug 4 11
97% _ _ _ 9712 Mar'27
6012 Sale 6Q1
1941
199
61
6018 61
5612 8034 Grand Trunk of Can deb 78_1940 A 0 11558 Sale 11558 11578
60
604 74
1938 M S 10714 Sale 10712 1081p
15-year s f Os
6018 61
56% 601
60
6012 139
1947 J D 9818
_ _ 9514 Oct'26
Grays Point Term 1st 5s
9912 June'26
_
82 278's Great Nor gen 78 series A......1936 J J 114 Sale 114
11414
8134 ____ 8134
82
43
J J
11338 Nov'26
Registered
74% 7612
7412 Jan'27
1st & ref 451s series A__1961 J .1 0814 Sale 9814
9958
9318 94
9234
0012 9312
8
9314
8912
1952 J J 110 Sale 109%
General 554s series B
11012
87 Aug'26
_
937
1073 J J 10434 Sale 10353 10434
General 5s series C
9378 B.ale 9314
3 -917112 937
General 455s eerie,D
9638 Sale 9534
96
10712 Sale 10634 10712
5 105 10712
1 85 Sale 85
_ Feb
_61
Green Bay & West deb Ws Ar..7
85
111 113 112
2 10814 113
113
Feb 22
Debentures ctts B
23% 24% Mar'27
10318 10358 10318 10318
1 10114 103%
101 101
_ 92 Dec'26
Greenbrier By let Cu 48_ ___1940 MN
10214
_ 101
Jan'27
4 107- 10614
931210912
10034 1-01-14 10114
1 100 101% Gulf Slob & Nor let 358_ - _1950 A 0 1061
10114
10018 Mar'27
_ _ 10018 10214 Dull & S I lst ref & ter g 5a _11I952 J J 10634 -- 107 Mar'27
15214 Sale 10214 10212
2 101 10212
Hocking Val 1st cons g 4558_1999 J J 9914 Sale 99%
:01115818
9912
_ 10118 Jan'27
1999
J
Registered
9534 Mar'27
11-1614 1-6653 10614 10638
9 106
11911
1
1937 M Pt 9884 1612 9912 Mar'27
61%1182 Housatonic Ry cons a 58
12
112 Sale 11178 11212 80
19371 J iouss -- 10158 Mar'27
07142 H AS' C Iota Int guar
1 18
:
21
06
10712 Sale 10553 10714 31 18
1930 M N 10134 -- 10134 Mar'26
Waco & N W 1st 6e
87% 9012
40
89% Sale 8912
897
100 Mar'27
Houston Belt & Term let 58_1937 J J 10012
8658 ____ 8712 Jan'27
10153 Feb'27
9214 9434 Houston E A W Tex lat g 58_1033 M N 10018
9458 Sale 9412
943 155
1933 M N 10034 10114 10012 Slar'27
let guar 5.8 red
92% 93%
93% Mar'27
Hud & Manhat 58 series A._11)57 F A 9934 Sale 9858
9978
8914 90
1
8914 903 8914
8914
F A
97
Registered
Apr'26
10114 10218
10218 ____ 10218 Jan'27
Adjustment income 58 Feb 1957 A 0 8914 Sale 8834
8934
10318 Sale 103%
10353 13 10318 104
9612 95 Nov'26 -95
6- Illinois Central let gold 44___1951 J J 94%1____ 9412 Mar'27
"iir2 10995 998 9958 Mar'27
1951 J J
03 Mar'28
Registered
8858 9934
3
995
993
998
1951 J J 874
7438 Jan'27
let gold 315»
9358 9712
9712 Sale 97
971* 61
J J 8734 93
Registered
-- 8234 Jan'25
48
9214 Sale 9214
93
87 Mar'27
Extended let gold 3548___1951 A 0 8714
9714 98%
985 9834 981*
984 20
_ 73
1951 M S
Jan'27
let gold 38 sterling
4 10418 10534
105 Sale 10458 105
1952 A 0 9218
0214
7518-923
- 8 9218
Collateral trust gold 4e
10334 104 10314
10314
9 10112 10538
8912
0
8912
A
Registered
4
1183
11718
29
11712 11838 11734 118
1055 M N 96 Sale 95
9614
1st refunding 45
_ 10512 106
10512 ____ 10534 Mar'27
1952 1 J 86% 88% 86%
8678
Purchased lines 33-45
86% 8814
874 Sale 8712
8814 96
J
8412 July'25
Registered
32 10312 105
105 Sale 10434 105
88%
8912
Collateral trust gold 45___1953 Id N -AA 89
10358 Sale 10314 • 10358
3 10314 10414
N
M
8512 Oct'26
Registered
4
973
2k
97%
97 --_- 978 Mar'27 _ _ _
1955 MN 10734 dia-e" 10754
Refunding be
107%
9514 9714
9678
9714 Mar'27
1934 1 J 10314 Sale 10234
10312
15-year secured 534e
9512 9518
96 ____ 9518 Jan'27
11214
9014 9212
11 11214 Sale 11214
1936
15-year secured 83ie g
9214 ____ 9212 Feb'27 A 9814 Sale 08
Aug 1 1968
40-year 4348
9812
1 100 10038
10038 Sale 10038 10053
19501 D 9318
94%
9338 Mar'27
Cairo Bridge gold 45
89
9212 30
9212 Sale 9212
Litchfield Div let gold 38_1951 J J 7658 18
7634
7634
98% 992
1
9912
9914 9958 9912
8312
Louisv Div & Term g 3555_1953 J J 83% 8412 83%
107% 107%
11012 112 10718 Mar'27
.2J .1
id_ 81% Aug'26
Registered
21 102% 10314
10278 Sale 10234 103
7712 Mar'27
1951 F A r 755.8 old 35
Omaha Div
1 106 10734
106
105 ____ 106
_ 7714
7714
Bt Louis Div &'Perna g 3a_1951 J J
104 10412 10414 1002 41 10314 105
1951 J J 8514
- - 87 Mar'27
76%-87
Gold 3555
9312 9434
94 ____ 9434 Mar'27
84 Sept'26
Springfield Div let g 3558_1951 .1 J 8814
8712
86
8718 __ 8738 Mar'27
90% Jan'27
Western Lines let g 4&.._A951 F A
87% 91
91 Mar'27 8812
84 Aug'25
1951 F A
Registered
8512 ---_ 8314 Feb.26 --__
-Hi; 9178 III Central & Chic St L & N
94 ____ 917 Jan'27
1(163 J D 10412 Sale 13418 105
Joint
9314
Do t 1st ref 56 series A
91
9278 ____ 9314 Jan'27 - 1951 1 D 104% 106 10512 Jan'27
10714 108
109 _
108 Mar'27
10312 10312
10312 _
Registered
102
____ 1023 Jan'27
_ 10238 10238
1951 J D 7958 ____ 7812 Feb'26
Gold 3555
10014 ____ 9958 Sept'26
93% Dec'26
985 9934 9858 Jan'27 -- - 8E8 9828 Ind Bloom & West 1st est 48_1940 A 0 9318
1950 1 J 94. 94 Mar'27
Ind III & Iowa 1st g 48
10038 10214 9918 Aug'26 _1956 J J 86 -if 8814 Mar'27
Ind & Louisville let gu 4e
10038 10214 101 Mar'27
100 101
Ind Union By gen 55 sec A 1965 J J 1021s 103 102% Mar'27
8714 ---- 8514 Oct'26
10218 103 10218 Mar'27
191151
86
Gen & ref 56 wiles 13
8458 Sept'26 _
10712
10218 ____ 10214 10214
5 101% 10214 Int & On Nor 1st Baser A 1952 J J 10714 Sale 107
0718
110 Sale 110
Adjustment 88 set A July 1952 Aprl 9634 Sale 9812
11018
5 108% 11038
8712 87 Mar'27
APrl 86
10414 Sale 10414 10412 17 10312 105
Stamped
7534
7614
8918 ____ 885 Jan'27
88% 88% Int Rye Cent Amer 1st 58...._1972 M N 7534 76
9312
93
9314 9312
991 4 99
99
1st coil tr
notes
9834 9912
9914
8
521 1
51%
D -___ 57
MN
9713 9712 971s
1 .1
48
96% (i9
93
19
Iowa Central let gold 5a
9714 19
51%
5112
Sale
)5112
92 ____ 9212
9178 9212
9212
1
Certificates of deposit__
18
18
20
18
0012 9012
Refunding gold 45
9012 -- 9012 Mar'27
9212 Mar'27
93% 94
.P
__
96% ____ 88 Nov'26
14
39
95
19
James Frank & Clear let 4a_1
9312
9238 Dec'26
"75i's 18-1-s KaA &OR lat gu g 5a
19381 J 10212 1051 101 Apr'26
7512 7614 77 Feb'27 _
8814
8614
Kan & M 1st gu g 4e
70 Sept'26 _
1990 A 0 8614 87
1927 1 J 1110 10014 100 Mar'27
2d 20-year 5.5
6918 7714
7538 7612 76 Mar'27
1015s
KCFt5&5teonsg6,1928MN 101% Sale 101%
6915 77
7538 7612 7614 Mar'27
Bid
Ask Low
98% ____ 9912
9912 Sale 9912
11414 Sale 11414
11258 116 11258
9212 Sale 92
90
9012 9012
_ _ 9818
98
9012 Sale 9012
102% Sale 102%
118
11812
10112 Sale 100%
1043s
10438
10212
9812 Sale 98
94%
9934 Sale 99%
1007 ____ 10078
87 ____ 8712
88
8734
85% ____ 8712
10018 __
10018
73% Sale 7212
7234 73
7134
6514 Sale 6512
64
65
8812 Sale 88
5
8614
9558 9614 9614
99% 100
9934
_ _ 9912
99%
9638 Sale 96
92%
91%
106 Sale 106
106
8212 Sale 8178
107
107%
7114 Sale 71
L Due Dee.
High
Slar'27
10114
11414
Mar'27
9278
Feb'27
9818
9114
10234
Oct'26
10112
10434
Mar'27
9812
Oct'26
99%
Feb'27
Dec'26
Mar'27
Mar'27
Feb'27
7338
Jan'27
66
65
8812
Dec'26
9612
Mar'27
Nov'26
9634
Mar'27
10612
Mar'27
8212
10734
7112
&me
SWA
Jan. 1.
No Low
High
43
9412 96
8 107 10912
3
9912 101
75
9934 10314
98% 99
47
9318 9512
257 11412 124
38 103 105
39 106% 10778
96
96
66
9118 9212
32
94
9534
20
9912 100
277
7358 81 12
36
34
33% 35
10
11
4
2
50
167
13
14
19
816
12
5
80
3
559
' 8
1
7
25
1
15
26
65
97%
10334
10154
75%
65%
9914
10.184
103
82%
10034
106
102
10454
106
8118
79
73%
72
9814
78%
79
84%
11112
11138
1-62
10612
10434
10512
10712
84
79
7734
75
10014
83
8214
9412
11358
11312
-9554 16114
101%
101%
9734
08
6114
94
10638
9758
10712
101%
101%
98,2
101%
65
044
10634
98%
10818
100,2 101
10018 10012
9612 98,2
9812 991,8
99 100%
7212 75
0713 9712
1151g 116
10678 10814
73
31878 flif;
8
67
48
209
3
"9714 19-5i
5
108
102%
9418
8318
21
11012
10434
96
85
2512
i()E8 106
106', 107
8
9732
95%
9812
100%
9912
9584
9912
10158
68
1-0-cr
10158 101%
1001s 10034
997,3
98
144
4
11 -14-0-394
15
1
32
14
95
743
748
87
73
8753
74%
0 3 81:42
99112
8
9314 9814
85
8678
48
-ill
WTI
3
21
1
344
15712
101%
11218
96%
9211
7612
8314
168ii
10312
11312
9812
93%
7634
8418
3
2
5
77 -7-7
2
7
7612 7714
87
86
-5572
32
3
28
241
8
1
3
2
2
7
10
10318 105
10512 10512
10312 10312
524 94
84
884
1024 10311
10218 102%
105% 10734
83% 97%
8112 884
7512 771s
93% 95%
5112 58,2
6112 56
1718 21%
91% 927s
"8528
87
100 1003s
101% 1017s
New York Bond Record—Continued—Page 3
BONDS
Y.STOCK EXCHANGE
Week Ended March 25.
Price
Friday.
Mar. 25.
K C Ft S & M fly ref g 4s__1936 AO
EC&MR&B 1st gubs1929 AO
Kansas City Sou 1st gold 38_1950 AO
Ref & inapt 55
Apr 1950 J J
Kansas City Term 1st 4s___1960 J J
Kentucky Central gold 48_ A987 J J
Kentucky & Ind Term 4148_1961 J J
1961 J J
Stamped
Lake Erie & West let g 58 1937 JJ
1941 2J
211 gold 58
Lake Slat & Mich S g 314t3_ A997 J D
Registered
1997 J D
Debenture gold 48
1928 M S
1931 MN
25-year gold 48
Registered
1931 MN
Leh Val Harbor Term 55_ 1954 FA
Leh Val NY let gu g 414s 1940 J J
Lehigh Vol (Pa) cons g 48_2003 MN
MN
Registered
General cons 4 145
2003 MN
Lehigh Val RR gen 5s series_2003 MN
Leh V Term fly 1st gu g bs_ _1941 AO
Leh & NY let guar gold 48 1945 M S
Lox & East 1st 50-yr 58 gu 1965 AO
1952• N
Little Miami 45
Long Dock consol g 68
1935 AO
Long laid 1st con gold 5sJuly1931 Q J
let coneol gold 4s__July1931 Q J
General gold 45
1938 J D
Gold 45
1932 ID
Unified gold 4e
1949 M
Debenture gold 55
1934 J D
1937 MN
20-year p m deb be
1949 MS
Guar refunding gold 48
Nor Sh B let conga 58_0c.'32 Q J
Louisiana & Ark 1st g bs
1927 MS
Lou & Jeff Bdge Co gu g 423_1945 MS
Louisville & Nashville Ss_,1937 MN
Bullied gold 422
1940 J J
Lollateral trust gold 68._ 1931 SON
1930 MN
10-year secured 78
1st refund 514e series A,2003 AO
1st & ref 513 series 13
2003 AO
2003 AO
let & ref 411s series C
1930 J
N 0 & M lst gold 633
2d gold 68
1930 J
Paducah & Mem Div 48_1946 P A
St Louis Div 2c1 gold 38_1980 MS
Mob & blontg 1st g 4 1431_ _1945 M S
South fly joint Monon 48_1952 2i
Atl Knory & Clii Div 4s 1955 MN
Lousy Clii & Lax Div g 41533'3 i SIN
Mahon Coal RR let be
1934 J J
Manila RR (South Lines) 48_1939 MN
let 45
1959 MN
Manitoba S W Colonizain 55 1934 ID
Man G 13 & N W 1st 355s_ 1941 J J
Mich Cent Dot & Bay City 58_'31 • M
Q St
Registered
Mich Air Line 45
1940 .2 .1
Registered
ii
J L & S let gold 3148
1951 MS
let gold 33:is
1952 MN
20-year debenture 48
1929 AO
Mid of NJ latest be
1940 AO
Milw L S Jr West imp g 5s_1929 P A
MS & Nor 1st ext 415a(blue)1934 JD
Cone ext 41513 (brown)__ _1934 J D
MS Spar Sr N W 1st gu 422_1947•S
22111w & State List gui 3146_1941 J J
Munn & St Louis 1st 78
1927 J D
let guar g 78
1927 .1 I)
let consol gold be
1934 • N
SIN
Temp Ws of deposit
1st & refunding gold 48_ __IOC) MS
Ref & ext 50-yr bs ser A __1962 Q F
if St P&SSM con g 423Int gu'38 J J
let cons be
1938• J
let cons 55 gu as to Int__ 1938 .1
1931 M S
10-year roll trust 6555
1st & ref 68 series A
1946• J
25-year 5 1,5
1949 M
let Chicago Term e f 45
1941 SI N
822081343Ippl Central 1st bs__ _1049
Mo Kan & Tex—lst gold 45_1990 J D
0-K-T RR—Pr 158 ser A_ A962 J J
40-year 48 series B
1962 J J
1032 J J
10-year 68 series C
Cum adjust bs set A Jan_1967 AO
tis5ouri Pacific
let & refunding 55 set A 1965 FA
1st & refunding 6e set D 1949 FA
let & refund 60 ser E
1955 M N
General 45
1975 M B
1st & ref 5s ser F
1977
o Par 3d 75 ext at 4% July 1938 MN
Week's
Range or
Lost Sale
Bid
Ask
02,
8 93
10914 - 7434 Sale
100 Sale
8978 Sale
8912 90
86 Sale
9012 Sale
10214 - 101 10414
83 Sale
Low
High V o.
9234
32
93
10014
4
10138
731.2
16
75
99,
8 10038 74
47
8914
90
8112 Mar'27
86
13
86
9012
1
9012
10214 Mar'27
10014 Mar'27
8214
8
83
8112
8112 15
-9684 Sale 9814 9934 46
98'4 Sale 9818
9814 26
96 Dec'25
10514
- 105 Feb'27
9914 ____ 9918
9938 14
8878 Sale 88,
8
8878 15
84
Jan'27
9914 Sale 98,
8
991 2 30
105 106 105
3
19633
103 Sale 103
5
103
9058 ____ 9358 Feb'27
113 Sale 11012 113
42
90
90,4
Jan'27
10834 110 108 Feb'27
101
10034 Feb'27
9614
08 Feb'27
93
9312 9334 Mar'27
9438 97
9438 Mar'27
8912 ____ 8912 Mar'27
100 10012 100
1
100
9818 9834 9838
933/3
8918 8912 8914
2
8914
9912 10014 100 Mar'27
100 10014 100 Mar'27 _
9014 9073 90
2
91
ion% ---- 10658 10658 5
9738 sale 9714
9734 24
10112 10134 10114 Mar'27
10514 Sale 104
10512 30
108 109 108
10814
5
10612 ___ 10612 10612
1
10118
10118
10112 17
9
10334 10412 10378 10378
10334 10412 10334 10334
5
9558 _ _ 95 Mar'27
6712 68 68
68
10078
10038 Feb'27
88 Sale 88
8818
2
9512 Sale 9514
8
96313
10012 Sale 10014
10012 GO
10318
_ 103 Dec'26
6312 69 6312
69
36
7718
_ _ 7718
5
7718
100 10012 10012 DeC26
8718
8312 Oct'26
10112
10158 Jan'27
101 Dec'26
9514 Feb'27
9512
92 Nov'26
79 Nov'26
851s
8614 Jan'27
8612
99
9914 99
99
10
9614 9818 98 Feb'27
_
101 Mar'27
101
9412 Dee'25
9678 98
9658 9712 97
97
1
9414 93
93
93
7
81% Dec'26
10038 10078 98
98
99 10038
5312 Sale 5314
52
55
5238
1912 Sale 1912
1314 13% 1378
88 Sale 88
9712 9734 9712
9712 Sale 9712
10112 Sale 10114
100 10012 10058
8612 87
8712
9634 ____ 9734
9614
8753 88
8778
10314 Sale 10234
8712 Sale 8658
10258 Sale 10234
10212 Sale 10158
10012 Sale
10734 Sale
10712 Sale
7678 Sale
100% Sale
9278 ____
100
10712
10712
7678
00
9278
Mar'27
Mar'27
5312
3
5238
1
19533
5
Mar'27
8818 36
93
4
9814
14
10112 16
101
5
Mar'27
Jan'27
Mar'27
8812 17
10314 42
8714 25
103
3
10234 255
10014 62
11778 144
10734 74
7734 312
10018 198
9278
1
ob dr Dir prior lien g 55_ __1045 J J
Mortgage gold 48
1945 J J
Small
1945 Si
°bile & Ohio new gold 65..1927 J D
1st extended gold 05__July1927 Q
General gold 421
1938 SI S
Montgomery Div 1st g 55.1947 P A
Louis
be
Division
1927 J D
St
oh & Mar 1st gu gold 48_1991 M S
1937 J J
Orit C let gu g lis
J J
Registered
let guar gold be
1937 Si
lords & Essex lot gu 33,28_.2000 J O
ashy Chatt At St L let be 1928 AO
Fla & S 1st gii g 65
1937 FA
at fly of Mex pr lien 4 Seas_ .1957 J J
July 1914 coupon off
Assent cash war ret No 3 on
Guar 70-year a I 413
1977 AO
Assent cash war ret No 3 on
at RIt Mex prior lien 4148_1926 ii
J J
July 1914 coupon on
Assent cash w..r ret No 3 on _
1951 AO
1st consul 45
AO
April 1914 coupon on
Assent cash war ret No 3 on.
10018
_ 99 Scorn
8678 8714 87
87
8212 8578 82
Jan'27
101 10114
10014 10038 10014 Mar'27
101P7
9312 9518 9414
9414
10058 10238 0118 Feb'27
9978 100
9978 Feb'27
9214
_ 9214
9214
11158 11212 11134 11134
10914 Dec'26
1037.8
104 Mar'27
8012 Mar'27
101 10112 10058 Mar'27
103 10312 10318 Jan'27
:30 Sept'24
19 Apr'25
1614 1-d31612
4 1612
8712 Aug'25
-2014 -211-2 24 Sept'27
3812 July'25
24 Sept'25
23 -2-3-7 23
2312
28 Apr'25
1812 June'26
j43 1434 1412
1412
ow England cons be
1945 J
Consul guar 4s
1945 ii
jJune RR guar 18t 48
1986 FA
0& NE 1st ref&imp 448 A'52 J J
ew Orleans Term let 4s__ _1953 .1
0Texas & Max n-et Inc 5d 1935 AO
1954 AO
18t 58 series B
1954 AO
let 5%2 series A
& C 13dge gen guar 4,148 1945 J J
Y D & M B 1st con g bs 1935 AO
Y Cent RR cony deb 68_1935 M N
M N
Registered
10018
10034 Feb'27
8778
89 Mar'27
85
8512 Jan'27
96
98
9712 Mar'27
8838 Sale 8814
8838
100,
8
10012 101
103 113035 101
10118
1053s Sale 10538 10512
9814 Sale 93
9834
10078 102 10078 101
10714 Sale 10718
10714
10814 May'26
Range
Since
Jan, 1.
5
2
2
5
7
21
6
35
23
16
8
24
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 25.
Low
fligh N Y Cent (Cont).
92
93
Consol 413 series A
1998 P A
9913 10133
Ref & inapt 415e • A"
2013 AO
7315 75
Ref & Inapt 5.3 series C
2013 AO
9914 10012
Registered
AO
88
90
N Y Central & Hudson River—
81 12 8812
1997 J J
Mortgage 3
8518 86
Registered
1997 J J
8812 9012
Debenture gold 48
1934 MN
10214 10214
Registered
MN
10043 10012
30-year debenture 434
1942 J J
8012 83
Registered
8112
80
Lake Shore coil gold 3146_1998 P A
983s 9934
Registered
1998 P A
9738 9878
Mich Cent coil gold 3148._1998 FA
Registered
1998 FA
10412 10514
Y Chic dr St L let g 4s
1937 AO
9812 9938
Registered
1937 AO
8614 8878
25-year debenture 48
1931 MN
84
84
2d 613 series A B C
1931 MN
97
9914
Refunding 5158 series A 1974 AO
10312 10612
Refunding 514s series B 1975 J J
10212 10312 NY Connect let gu 414s A1953 FA
90
9058
1st guar 58 series B
1953 FA
10934 113
N Y & Erie let ext gold 48..1947 MN
8658 90
3d ext gold 4 Sis
1933 M
10834 109
4th ext gold 55
1930 AO
10034 10034
5th ext gold 48
1928 J D
98
98
N Y & Greenw L gu g 58_1946 MN
9258 9438 N Y & Harlem gold 3148- - _2000 MN
9438 9438
Registered
MN
90
89
99 10034 N Y Lack & W let & ref 513_1973 MN
9818 99
First & ref 41413
1973 MN
8834 897s N Y LE&W ast 7s ext
1930 St S
100 10034 N Y & Jersey 1st 531
1932 P A
100 10034 N Y & Long Branch gen g 401941 MS
8938 91
NY&NE Bost Term 4s_ _1939 AG
10618 10638 NYNH& 11 n-c deb 4s_1947
S
9578 9734
Registered
MS
10118 10112
Non-cony debenture 3148_1947 MS
10318 106
Non-cony debenture 3146.1954 AG
105 109
Non-cony debenture 4s___1955 ii
10534 10634
Non-cony debenture 413___1956 MN
9934 102
Cony debenture 3145
1956 J J
10334 10378
Cony debenture 68
1948 J J
10358 10334
Registered
.1 .1
9378 95
Collateral truet Be
1940 AO
6612 68
Debenture 4s
1957 MN
10033 10012
Harlem R & Pt Ches 1st 48 1954 MN
8712 8834 NY & Northern 1st g bs___ _1927 AO
9312 96% N Y 0& W ref 181 g 48_June 1092 M
100 10012
Registered 85.000 only
MS
General 45
1955 J D
66
6958 N Y Providence &Boston 48.1942 AO
7312 77% N Y & Putnam lot con gu 4131993 AO
NY&RB let gold 5s
1927 M S
Y Susq & West let ref 58_1937 J J
ioiEs 1-613-4 N 2d
gold 4 145
1937 P A
General gold be
1940 FA
-5514 9514 Terminal
let gold 531
1943 MN
NY Wiches & B 1st ser I 4145'46 J J
863s Nord Ry ext'l f 3232
1950 AO
9838 9914 Norfolk South let & ref A 58_1961 P A
95
98
Norfolk & South let gold 58_1941 MN
100,
8 101
Norfolk dr West gen gold 68_1931 MN
Improvement & ext 6s
1934 P A
-9512 97
New River lot gold 68_ _ _ _1932 Ac
9214 93
N & W Ry 1st cons g 4s__ _1996 AO
Registered
1996 AO
DWI hat lien & gen g 48.1944 J J
98
9834
10-yr cony. 61929 SI S
100 100,
3
Pocah C & C Joint 48
1941 J o
53
57
North Cent gen & ref 58 A 1974 MS
5114 55
North Ohio let guar g 58
1945 AO
1713 23
North Pacific prior lien 433
1997 Q
13
1514
Registered
1997 @
87
8875
Gen'l lien gold 3s___ _Jan 2047 Q F
97
98%
Registered
Jan2047 Q F
9712 9858
Ref & inapt 4145 series A2047 J J
10038 102
Registered
J J
10018 102
Ref & impt 65 series B___2047 J J
86
89
Registered
S i
9734 9734
Ref & impt 55 series C ___2047 J
9512 97
Ref & Impt be series D___2047 S i
86% 8812 Nor Poe Term Co 1st g 6s__1933 J
101 10314 Nor of Calif guar g 5s
1938 AO
85,, 8734 North Wisconsin let ge
1930 is
10258 10378
96 10234 Og & L Chem 1st gu 48 g___1948 J J
Ohio Connecting Ry 1st 45..1943 M S
9934 101
Ohio River RR let g be
1936 J D
10612 10814
General gold be
1937 A 0
106 108
Oregon & Cal let guar g 5s .1927 J J
76
Mg Oregon RR & Nay con g
100 10018 Ore Shore Line let cons 45_1946 J D
555.1940 J J
9278 93
Guar cons 55
1946 J J
Guar refunding 45
1929 J D
Oregon-Wash let & ref 424._ _1961 J J
-iars 87 Pacific
Coast Co 1st g bs_
D
1046
82
82
Par RR of Mo let extl g 4s 1938 F A
10014 10134
26 extended gold be
1938 J J
9934 100,2 Paducah & Ills 181 s f 4)58 1955 J J
93
9414 Paris-Lyons-Sled RR 6s
1958 F A
10033 10118
Sinking fund external
9978 10014 Parls-Orleans RR s f 76 7s 1958 M S
1954 M S
91,4 9712 Paultsta Railway 75
M N
11,48..1104
S
942
3 si
11112 112
Peniasylvania RR cons
Consul gold 43
'la; 104
48 sten stpd dollar-May 1 4
48M
M N
948
80,2 8118
Consolidated
F A
10014 10114
General 414s 414s60
series
A
_
_
_
J D
_1
1
985
0
10258 10318
General be series II
199360
8J D
10-year secured 75
A 0
15-year secured 655e
14
20
1936 F A
40-year goldbe
1812
Pa Co gu 3148 coil It A reg 196
37
4N
Af
fN
S
Guar 3555 coll trust ear 13_1941 F A
Guar 314s trust ctfs C
1942
J
D
"ET 2812 Guar 35513 trust etfe D__1944 J D
Guar 15-25-year gold 413_1931 A 0
Guar 4s series E
1952 M N
"52 4 1812 Peoria
dr Eastern let cons
A 45
1(1190
40
0 Apr
0
Income
45
Apr.
9912 10034
Peoria & Pekin Un let 5145_1974 F A
88% 89
Pere Marquette let set A 5e_1956 J J
8513 8512
1st 48 series B
1956 J J
9613 9712 Plana Bait & Wash 1st g
48..1943 SI N
87% 8833
General bs series B
1974
F A
100 101
Philippine Ry lot 30-yr
10018 10112 Pine creek registered if 14a 1937J J
6a
1932
J
D
10434 10534 PCC&StLgu49(sA
1941) A 0
9714 9834
Series B 414e guar
1942 A 0
10034 101
Series C 455e guar
1942 SIN
10638 los
Series D 48 guar
Series E 3 1413 guar gold
MN
A
1949
51F
Series F 48 guar gold
1953 .1 D
Series Cl 45 guar
1957Id N
-2-6--
1799
r.
Prtre
Friday,
Mar. 25.
Bid
.41k
9314 Sale
101 Sale
10634 Sale
Week's
Range or
Last Sale
Rang.
Since
Jan. 1.
Lou
Mob No. Low
High
13
9218
9314
90
9314
10012 10114 36
0778 10114
10634 10738 237 10514 10738
10512 Jan'27
10512 10518
8212 Sale
47
8118
83
81
12
81
97
97% 104
96 Feb'27
9612
9512 Mar'27
93 Feb'25
81
82 8012
34
82
8078 Sale 8012
8078 25
8114 82
30
8078
82
82
8214 15
9434 95% 95
9514
_ 9314 May'26
97
9712 9712 Mar'27
103 Sale 10278 10318 28
106 10614 10534 10612 39
106 Sale 10578 10658 16
9778 16
97,4 9734 9714
10414 10412 10434 10478 20
9134 Oct'26
9812
9878
987s 10
10018
9858 Feb'27
9814 - - -- 99 Mar'26
100 Sale 150
100
2
8258 _
82
82
1
80 Dec'26
978 Sale
10278 __
80 July'25
10118
10278 Mar'27
10558
106 Feb'27
10112 Sale 10118 10112
90 Dec'26
89,
8 ____ 9138 Oct'26
8012 8212 8012 Mar'27
60 June'26
743 7614 74 Feb'27
7214 73
73 Mar'27
80 Sale 7912
80
7958 Sale 7958
80
7238 Sale 7214
7234
10738 Sale 107
10734
10412 Sale 104'8 10412
10412 Sale 104
10414
7434 Sale 7434
75
8914 Sale 8918
8914
9978 1003s 100 Mar'27
7812 Sale 7838
79
7218 Dec'26
-7612 /64 7653 7634
89,2
8612 Dec'26
8978
90
99% 100
9978 Mar'27
8912 90
90
89
7418 80
74 Feb'27
74% 75
74%
75
9914 --- 9918 Jan'27
8278 Sale 8258
83
41
8018
78
,
8
9612
96
9412
83
81
98
96
9634
7918
78
,
4
7932
7878
9414
82
80%
82
8214
96
-68T8
10218
104,8
10418
94%
10333
WI;
10314
106%
10633
97%
10478
9S1 98s
98% 1004
6512 fobii
8134 8212
10214 1027g
106 106
100% 10112
74
13
14
5
17
29
26
8
6
60
WI;
7212 74
6934 73'2
76
8014
7714 8012
6934 73,4
10512 10912
103 10512
10314 10514
6912 76
89
90
9978 100
7614 7912
18
73
781
7
89
99%
8713
72,
4
71%
98,8
7812
9014
100
9112
75
77%
9912
8314
9314
9034
10010
10534
10834
107
9212
92%
93
158
9273
105%
9412
9114
90%
6558
63,
8
96
97%
93%
10112
10614
10834
107
96
95
93%
170
98
106
9812
94,
8
91,
8
6812
6514
99
6
2
57
9634 Sale 9612
96% 112
9218 Sale 92
9234 21
9218 9212 10012 Feb'27
10512 106 10614 Mar'27
10812 110 10834 10834
9
10478
107
107
2
96 Sale 9533
96
44
95
1
95
9312 Sale 9312
9334 69
170 Mar'27
9412 Sale 94
94% 27
106
__
106
Jan'27
97
9914 96
981
45
94 Sale 9318
9438 43
91
98
91 Mar'27
6734 Sale 67%
681
57
6434 6634 6358 Feb'27
9834 Sale 9812
983
30
9234
8534 Feb'2'
11458 Sale 11412 115
155
11158
11014 Mar'26
10512 Sale 10512 1061
11
10512 Sale 10512 106
10
10934 -- 10934 Mar'27
10278
10518 Jan'27
1027s ---- 103% Mar'27
8312 8434 84
84
4
9458
9514 -- 9455
5
10218
10278 1027s
1
10134 -- 10218 Feb'27
10018 10014 10014 Mar'27
9234
9233
9234 21
10734 110 108
108
3
108 Sale 108
108
5
9918 Sale 987
9918 72
00 Sale 8914
90
82
9118 91% 9078 Mar'27
94%
9434 Jan'27
102
102
10218
2
9818 99
9814 Feb'27
9312 Sale 9318
94
177
100 Sale 9938 100
86
9912 Sale 9912
997
43
102 10214 102
10214
2
96 Sale 96
96
1
9558 9578 9558
9578
6
9558 Sale 96 Mar'27
10378 Sale 10312 1037 113
101 Sale 10034 101% 85
10958 Sale 10958 10934 27
10612 Sale 10638 10634 95
112 Sale 112
11214 31
11118
11114 Oct'26
10318 Sale 103
10338 94
89 Mar'27
86
89
8912 Mar'27
8558
8612 Jan'27
8458
8412 Jan'26
9734 -- 9734
98
9
8918 9334 8912 Mar'27
8718 8818 8734
88%
8
43 Sale 4234
43
6
105 Sale 105
105
1
10458 10434 10412 10434 48
9014 Salo 9014
9014 14
9512 9618 9512 Mar'27
11012 11012
11058
2
4212
4212 43
43%
6
10658
0634 Feb'27
10114
00% Mar'27
101
0014 Mar'27
101
00 Dec'26
_
96,4 -- 9614 Mar'27
9614 ____ 9312 Nov'26
1003s Feb'27
96,4 --__ 97
Jan'27,____
Hi- III'
ioi;
10318
10934
105%
102%
10634
10934
10518
103,8
8188 84
94,
8 94,
8
102 10278
10114 10218
100 10012
8858 93
107 108
107% 108%
9814 9918
86% 90
9014 93
9334 94%
102 10212
98
9814
8712 95
9612 101
9514 10114
102 103
9512 96,4
9414 96
9453 96
102 1037€
9914 101%
106% 10984
10614 10752
11114 113
102
89
86
85
1031
;
89
8912
8612
97I 9815
88
8912
8514 8838
41% 4712
104 105122
103
,
8 105
89
9014
95% 97
11013 111
4313
42
10612 10634
8 10112
99,
10014 10112
98
9614
105176 1-664
97
97
1800
BONDS
E. Y.STOCK EXCHANGE
Week Ended March 25.
New York Bond Record Continued Page 4
h
t
Price
P'rtday.
Mar. 25,
4141
FUR Cin Chic & St L (Concluded)
Series H 4s
1980 FA
Series I cons guar 4541
1963 FA
1964 MN
Series J 4 Sis
General M 5s seem A.- 1970 J D
Registered
J D
Gen mtge 55 series B
1975 AO
Pitts & L Erie 2d g 5s_ __Jan 1928 AO
Pftta McR & Y 1st go as__ _1932
2nd guar 65
1934 .1
1940 AO
IntteBb &LE lstg 56
.1
1943
1st consol gold 59
1943 MN
Pitts Va & Char let 48
Pitts Y & Ash let cons 58___ _1927 MN
1948 in
1st gen 48 aeries A
1962 FA
1st gen Se series 13
Providence Secur deb 48.._ 1957 MN
1958 MS
Providence Term 1st 45
Range
Sines
Jan. 1.
Week's
Range or
Last Sale
Ask Low
Price
Prick's
Mar. 25.
1
43
35
1
7
1
12
38
6
22
50
23
1
5
41
8
44
86
_
294
82
14
89
123
212
9
3
15
2
37
42
39
3
5
31
3
1
35
71
1
2
J
S A & Ar Para let gu g 4a__1643
Santa Fe Pres & Phen 5a__1942 MS
1934 A 0
Say Fla & West lst g 68
let gold 58
1934 A 0
Scioto V & N E let gu g 48_1989 M N
Seaboard Air Line g 43
1950 A 0
Gold 45 stamped
1950 A 0
Adjustment 5e
Oct 1949 F A
Refunding 43
1959 A 0
let & cons fis series' A
1945 M S
AU & Blrm 30-yr ist g 48_61933 M S
Seaboard All Fla 1st go (Ss A1035 F A
1931 J J
Seaboard & Roan 56 extd
So Car & Ga let est 5$88_1929 MN
1936 F A
B&NAlaconegug 5e
1963 A 0
Gen cons guar 60-yr 53
So Pac coil 4s(Cent Pac coil) k.49 J D
.1 D
Registered
June 1929 M
20-year cony 46
1934 I)
20-year cony 5s
20-year gold 5e
1944 M N
Ban Fran Terml lit 49.-1950 A 0
A 0
Registered
1937 MN
So Pac of Cal-Gu g 58
So Pao Coast let go 9 4s_ __ _1937 J
1958J J
Bo Pac RR Ist ref 48
9078 Sale 9034
102 _ _ _ _ 10218
1084
-- 10834
1024 _- 10234
9338 -95 9212
8338
8218
82 8212 8238
8618 Sale 86
73 Sale 73
9858 Sale 9812
9212 9234 9212
974 Sale 9712
10058
101
10158
10158
104 __ 104
11112 Sale 111
.. _ 8958
8978
8634 -8-9 87
98 Sale 99
101 Sale 10118
10218 -- 101
9134 Sale 9034
87
105
9514 „ 9512
9538 Sale 95
1994 J J
Southern-1st cons g 58
J J
Registered
Devel & gen 4s series A1956 A 0
Develop & gen 6s
1956 A 0
Devel & gen 63.s
1950 A 0
Mem Div let g Cse
_1998J J
St Louis Div let g 48
1951J J
East Tenn reorg lien g 5e-1938 M S
Mob & Ohio colt tr 4s
1938 M S
Spokane Internet 1st g 58-1955 J J
Sunbury & Lewiston 1st 48_1936 J J
Superior Short Line lit 58_81930 M
Term Assn of St L let g 4)58-1939 A 0
1944 F A
let cons gold 58
1953J J
Gen refund f g 42
Texarkana & Ft let 5)18 A 1950 F A
1943 J J
Tel & NO con gold 58
2000 J D
Texas & Pac lit gold 5s
1931i J
La Div B L let g 6e
Tex Pac-Mo Pac Ter 538_1964 M S
Tol & Ohio Cent let go 5s_1935 J J
1935 A 0
Western Div let g58
1935 J D
General gold fa
1917 J J
Toledo Peoria & West 4s
1951) A 0
rol St L & W 50-yr g 4s
1931 J J
ToIWY&Ogu415e4
let guar 43.88 series B____1933 3 J
S
1942M
C
series
4e,
lit guar
1946 J D
ror Ham & Buff let g 4e
10714 Bale 1074 13734 48
104 Jan'27
109
88
8712 Sale 8712
1144 Sale 114% 11478 22
39
12112 Sale 121% 122
3
10718
10718 Sale 1067
9114
6
9034 95 6014
10112 _ _ 1004 Nov.26 _
_
9234 9312 9234 Mar'27
2
8518
85 8514 8518
0212 Jan'27 - 99% _--- 10012 Sept'26 _
9858 Feb'27
10212
10238 10238 • 5
_
8818 89 8834 Mar'27
40
10434 Sale 10438 105
9934 wal4 10118 Jan'27 _ _
10658 Sale 10638 1.(658 20
10038 Sale 1004 10012 15
1
106
106 Sale 106
6
10038 10118
101
1
102
10012 -- 102
10014 101 1014 Mar'27
15 Jan'27 _
9034 30
9034 Sale 9018
_
99 Jan'27
994 - - 9858 Dee'26
94 Jan'27
9314
904 9112 9012 Mar'27
Ulster & Del let cone g 5s-1928 J D
1952 A 0
let refunding g te
Union Pacific let RR & Id gt 4617 3 J
3 J
Registered
19213 J
30-year cony 4s
J J
Registered
let lien & ref 48._ __June.2008 M
June 2008 M
let lien & ref 58
10-year perm secured 6s..1928 J J
4 Due May. e Due June. k Due
5812 Sale 564
5834
7
42 40 Mar'27
40
102
97
97 Sale 9618
9334 9534 9434 Mar'27
10018 Sale 9978 10018 40
_- 9414 Dee'26 -9434 31
9414 Sale 9334
11058 112
2
113
10134 Sale 1014 13178 27
Aug.
9118
10218
10834
Jan'27
Feb'27
8312
8258
8714
734
9834
9212
9734
Jan'27
10158
Feb'27
11118
8978
Feb'27
994
10134
Mar'27
9134
Mar'27
Feb'27
Mar'27
9534
4
5
302
83
302
5
80
4
_ _
7
16
288
8
_
16
_ _
132
Week's
Range or
Last Sate
HOD No.
45* Low
Rid
High
LT N J RR & Can gen 4s___ _1944 MS 9418 9614 9418 Jan'27
10012 10012 Utah & Nor let ext 4e
1933 J J 97 9834 97 Mar'27
01)38 102
Vandalla cons g 48 series 4 1955 P A 95
9212 Jan'27
Consol 48 series B
9012 Oct'26
1957 MN 95 _
100 10312
10834 11014 Vera Cruz & P let gu41481934
Ii
July 1914 coupon on
24 Apr'26
5
Assenting let 455e
_ 24 W725
1934
8 25
10634 110
9978 1004 Virginia Mid fie series F
10034 ____ 101 Sept'26
1931 M
1
General re
1936 MN 10238 Sale 10238 10238
10578 1054
Va & Southw'n let gu 58_2003 J
102 ____ 102 Feb'27
1
9672
let cone 50-year fse
1-0:1
1958 AG 957k Sale 9572
Virginian let 5e eeriest A._1962 MN 105% Bale 105% 10618 98
Wabash let gold 58
1939 MN 10314 10312 10312 Mar'27
2d gold 55
10214 13
1939 P A 10038 Sale 102
Ftef f 5148 series A
9258 141975 MS 10434 Bale 10434 10514 140
10458 10058
8314 Feb'28
Debenture B tle regletered_1939 3'
let lien 50-yr g term 4e
Mar'27
75
72
87
1954 J J 99Del & Chi ext let g Rt.__ _1941 ii 10312
Mar'27
8
103's 105 10364
Dee Moines Div let g 48_1939 J J 8912 ____ 89 Jan'27
6
Om Div 1st g 3345
100 10018
1941 A0 8412 ____ 8412
844
Tol & Ch Div g48
_ 904 Feb'27
1941 MS 9114
82 Mar'27
92 100 Warren let ref go g 3)4e__2000 FA
__- 8758 Feb'27 _
98 10012 Wash Cent let gold 4s
1948 Q
8734 8812
8143
86
Wash Term 1st go 33
100 100
1945 FA 864 ___ 86
-Is
7912 8238
let 40-year guar 48
1945 FA 9158 ____ 9114 Feb'27
10212 10212
6
9938
10058 100% W Min W & N W let go 58-1930 ✓ A 9878 100 9914
50
81
West Maryland 1st g 4s__1952 AO 8038 Sale 8018
10218 17
West N Y& Pa let g 5s
1937 J J 102.._ 102
8814
1
Gen gold 411
- 8814
"aari 93
1943 AO 8814 8834
_
8634
84
Feb.25
Apr 1 1943 Nov
Income g 56
Western Pao let tier A 58-1948 MS -1554 Sale 9914
9458 97
9934 28
8212 6312
let gold 65 series B
10314 32
1946 MS 103 10318 103
9118 9414 West Shore let 4e guar
8838 13
2361"3 8958 ____ 8658
9714
6
Registered
2361 J J 8714 --__ 8714
884 89
100 100 Wheeling & Lake Erie
2
10518 10518
Wheeling Div let gold 58_1928 J J 100 10014 10012 1001g
6614 071.
1
9912
Ext'n & impt gold 56
1930 P A 9912 100 9912
9212 10
9212 Sale 92
Refunding 430 series A..1968 M
10014 10134
4
89
RR lit consol 48
1949 MS 8818 9012 8812
973 9858 Wilk & East 1st go g 5e__1942 in 80 Sale 78
6
80
1
W111 & B F let gold 58
10452 10452
1938 in 10458
93% 947 Winston-Salem SB let 45__ _1960 3' 88 8812 88
2
88
loo 101
8312 15
Wle Cent 40-yr let gen 48_ _1949 3' 8312 Sale 8312
8412 8718
_
91 Mar'27
Sup & Dul dlv & term let 4e '36 MN
89 Jan'27 _
Wor & Con East 1st 43-1s...1943 ii
995 l0Is
100 1024
INDUSTRIALS
9158 11
10112 10234 Adams Express coil tr g 48..1948 MS 9158 Sale 9012
Ajax Rubber let 15-yr if 88.1936 J O 107 Sale 10658 1074 34
99 101
9514 9914 Alaska Gold M deb 65 A____1925
_
314 312 312 Feb'27
_
34 312 34 Mar'27
105 10578
Cony deb (ia series B
1926
lop% 10is Alpine-Montan Steel 76.--1955
9518 44
954 Sale 9412
103 Oct'26
105 10512 Am AgrIo Chem 1st 5e
1928 A
10334 Sale 10334 10414 42
let ref s f 7Sis g
9618 9718
1941
8612 8812 Amer Beet Sug cony deb 66_1935
8
95
9314 Sale 9314
83 American Chain deb e f Si..1933 A
10212 Sale 10214 10278 18
81
9412 9632 Am Cot 011 debenture 55._ _1931
10
97
N 9738 9712 9634
1936 3' 10534
Am Dock & Impt go 6s
95 99
- 10534 Mar'27
5
1939 *0 10312 1-64 4 10312 10312
Am Mach & Fdy s 65
927s 96
9912 10
102 102
Am Republic Corp deb 65_1937 *0 994 9912 9918
1024 80
93 Am Sm & R let 30-yr 58 ser A '47 AO 10214 Sale 102
92
let M 6s series B
1947 AO 10814 10834 10814 10834 19
98
98
9734 9812 Amer Sugar Ref 15-yr 6s__ A937 J J 10518 Sale 10434 10518 86
9914 212
10'778 108 • Am TeleP & Teleg coll tr 48.1929 3' 9912 Sale 99
9434 11
Convertible 4e
1930 MS 9434 9612 9434
"9e34 1-6658
20-year cony 438s
1933 MS 10012 Sale 10012 10012
30-year cull tr 58
1946 3D 10412 Sale 10358 10458 68
103 June'26
S D
Registered
95'2 9658
9512 95'2
10238 230
3 ioire Sale 102
'
35-yr s I deb Ite
1960
9214
91
20-year if 53-4e
1943 MN 10634 Sale 1084 10712 170
1054 10812 Am Type Found deb (Se
1940 AG 106 Sale 10538 10614 32
9912 82
Am Wat Wks & El col tr 58_1934 AG 99% Sale 9858
-- - 10138 1014 81
13838 9118
Deb g 6e ser A
1975 MN
1
62
6212 6118
1024 10218 Am Writ Paper s I 7-6e__1939 J J 62
3
6112
10834 10834
604 6212 6118
Temp interchangeable ctfe dep.
10234 10234
9258 Anaconda Cop Min let 6e-1953 P A 10412 Sale 10414 10434 130
91
10434 Dee'28
8114 84
Registered
81% 8778
15-year cony deb 7e
1938 P A 109 Sale 107% 10914 iai
107
8318 8812 Andes Cop Min cony deb 7s.1943 ii 108 Sale 107% 108
8812 164
7634 Anglo-Chilean 75 without war-'45
73
88 Sale 8718
9518 16
971e 99% Antilla(Comp (Asue) 791i_.1939 3-3 9412 Sale 9412
4
9114 94
10138 10214
Ark & Mem Bridge & TO 58_1964 MS 10138
964 98% Armour & Co let real est 4345'39 J D 9212 Sale 9214
9234 162
Dv% 1005s Armour & Co of Del 5389_ _1943 J J 94% Sale 944
9434 151
33
10114 10138 Associated 011618 gold notes 1935 MS 102% 103 10234 104
10378 104 Atlanta Gas L 1st 58
1947 3D 10034 10314 9958 Mar'25
11014 11118 Atlantic Fruit 78 ctfe dep
1934 3D 153g-- _ 1538 Dee'26
8814 90
1778 24
18 Jan'27
Stamped We of deposit
87 AU Gulf& W 255 L col tr 58-1959
86
7234 70
3 71 Sale 71
'
98% 99% Atlantic Refit deb 56
1937 ▪ J 10138 Sale 0112 10234 38
10014 10212
2
100 102 Baldw Loco Works let 6e-1940 M
10634 Sale 0614 10634
eels 6134 Baritone(Comp Az) 73-8e._ _1937 3' 10734 -- 07% Mar'27
245
87 87
10212
10134
Sale
Hermitian Corp 88 with warr_1940 J D 10214
92% 71
10412 105
Deb 68(without warrant)-1940• D 9214 Sale 91%
9531;
9514 9512 Belding-Hemingway Oa
1930 ii 9814 954 9514
22
934 9534 Bell Telephone of Pa 5s
3 10378 104 10312 104
'
1948
1st & ref fa serlee C
1960 A0 10412 Sale 10418 10412 26
106% 1084 Beth Steel 1st & ref 58 guar A '42 M
10112 Sale 10034 10112 10
69
10358 104
30-yr p m & Imp s f 5s._ _1936 3' 60t2 Sale 9912 100
86 8812
Cons 30-year 6s series A 1948 ✓ A 1034 Sale 10234 10312 78
88
113% 115%
Cons 30 year 518e series B_ 1943 P A 100 Sale 9938 100
9414 934 Mar'27
11914 122
93
Bing & Bing deb 634i
1950 M
106% 10712 Booth Fisheries deb 5 I 68...1926 AG 10214 - - 10118 Feb'27
8934 92 Botany Cons Mille 6)4s
864 19
1934 * 0 9614 gale 85
104% 12
Brier Hill Steel let 634i_...1942 AG 104,8 1004 104
7612
5
92 -972-34 B'way & 7th Av let cg 5e
1943 3D 7614 Sale 7614
8412 8534
7314 Sale 7314
7314
CUB of den etmpd Dec.'26 lot
944 15
9212 924 Brooklyn City RR 5e
9478 Sale 94%
1941
Bklyn Edison Inc gen 58 A 1949 J J 105 10514 10378 10514 12
1034 16
4
.
"tiais 118
General tie series B
1930'3 10378 Sale 103
9918 157
102% 103 Bklyn-Man R T sec Os
1968 ii 99 Sale 9834
1
87% 8834 Skins Qu Co & Bub con gt41 5e'41 MN 6338 6512
7914 84 7912 Mar'27
10334 105
1941
let 541
884 Aug'26
10118 1011g Brooklyn Ft Tr let cony g 411_2002 ii
13612 Nov.25
10534 10782
8-yr 7% secured notes_ _1921 3,
12812 Mar'25
100 100%
Cite of deposit stamped
9434
3
10414 105
Bklyn Un El let g 4-55
1950 P A 9478 Sale 9434
4
95
160 10212
1950 P A 94% 95% 947
Stamped guar 4-5e
10014 102 Bklyn Lin Gas let cons g 541 1945
N 10578 Sale 10558 10578 29
5
100% 10114
let lien & ref 6e series A...1947 MN 11412 1154 11412 11412
20
15
15
3 16712 160 15812 159
'
Cony deb 534s
1936
9214 Jan'27
8958 9034 Butt & Sum Iron
1932 in
5s
2
9134
99 Bush Terminal let 48
-- 9134
99
1952 AO 914
7
974
1955• J 97 -1;74 97
Consol 6e
14
8
1007
10018
10078
94 Bush Term MO 511n 543-15x'
100
94
0
*
60
904
90
7
N 10112 Sale 10112 10134
Cal()& E Corp unit& ref 56_1937
1933 AO 10338 10358 10312 Mar'27
561z 64 Cal Petroleum if g 34e
9612 83
3934 414
1939 P A 96 Sale 9514
Cony deb f 58
1004 190
9478 97
Cony deb 5 f 5148
1938 MN 100 Sale 100
9978 11
9379 9434 Camaguey Slug lets I g 7s
1942 AG 9912 Sale 994
1
103
9958 10018 Cent Diet Tel let 30-yr
_ _1943 3D 10258 _ -- 103
5
97
Cent Foundry let if(ULM ay1931 F • 97 Sale 97
14
102 Sale 10158 102
'ail. WI; Cent Leather let lien e I 61..1945 .1
108% 112
101% 102%
High No, Low
- 10012 Jan'27
9614
102 ____ 102 Mar'27
10218 10312 10312 10312
11014
10912 Sale 109
102 Oct'26
10958 Sale 10914 110
100
100 Sale 100
106 107 10558 Jan'27
10334 ____ 10134 Nov.26
102 10312 10178 Mar'27
10012 - --- 10134 June'26
9114 May'25
9212 10018 _
1004 Dee'26
94
9312 9358 9358
10658 Jan'27
106
74
74 Sale 74
8434 ---- 8458 Aug'26
100 Jan'27
1997 J J
Reading Co gen gold 48
4478 May'25
ii
Registered
9412
Jersey Central coil g 4s1951 AO 93 Sale 93
Gen & ref 4tis series A ___1997 J J 9934 Sale 9912 100
Mehra & Danv deb 5s tamed 1927 AO ____ 9978 100 Jan'27
824
1948 MN 8112 8312 82
Rich & Meek 1st g 4a
3 102 __ 1024 Feb'27
'
BJchm Term Ry 1st go 59_ _ _1952
Rio Grande June 1st go 5s 1939 J O 10058 161- 10078 Mar'27
12 7g
718 Dee'26
J
Rio Grande Sou 1st gold 48....1940
_ 6 May'25
Guaranteed (Jan 1922 coup on)ii
_- 9214
9-9218
924
Rio Grande West lift gold 48A939 ii 9134
8618
1949 AO 8578 Sale 8538
Mtge & coil trust 49 A
97
It I Ark & Louis let 4 As_ 1934 MS 97 Sale 9638
8312
J 824 8334 8312
Rut-Canada 1st go g 4e_1949
9414
1941 J .1 9414 Sale 9312
Rutland let con g 4 si s
88
St Joe & Grand Isl let g 4e.._1947 ▪ J 88 89 8712
1996 ii 100 _ _ _ _ 100 Feb'27
St Lawr & Adlr lat g 59
1996 AO
2d gold 135
- 10518 Mar'27
-- 974 Mar'27
9718 9712
1931 ii 10534BS & Cairo guar g 40
St L 1r Mt& S gen con g 59_1931 *0 10058 10078 10058 10034
10038 Sept'26
1931 AO
Stamped guar Se
9834
1929 ii 984 Sale 984
Unified & ref gold 4e
9814 93 Sept'25
.1
Registered
9434
Riv o Div lat e 48• - 1933 N 9458 Sale 9438
It L M Bridge Ter gu g 5e _1930 AO 1004 101 10014 Feb'27
8718
St L & San Fran (reorg co)481960 ii 864 Sale 8633
8212 Oct'26
ii
Registered
1950 ii 10118 Sale 10058 10114
Prior lien Belles B re
1928 ii 10138 10112 10138 10134
Prior lien series C 611
Prior lien 53.18 series D . A942ii 10212 Sale 10214 10234
Cum adjust ser A 6s_ _July 1955 A0 10078 Sale 10,112 101
9812
Income series A 65_ _July 1960 Oct. 9778 Sale 9734
105
10514
▪ Louis & San Fr Ry gen 68_1931 ii 105
101
1931• .1 1014 1-0114 101
General gold be
10514 Feb'27
St L Peor & N W 1st gu 5e 1948 3' 1034
193l M S 9631 9734 9614 Mar'27
St Louie Sou 1st gu g 4e_
8814
St L W lat g 48 bond ctfs_1989 MN 8712 Sale 8712
8212
2d g 4s Inc bond etfa_Nov 1988 J J 8214 8212 824
954
1932 J D 9578 Sale 9558
Consol gold 4e
99
let terminal & unifying 55_1952 J J 9834 99 9818
9514
St Paul & K C Sh L 1st 4580_1941 P A 9514 Sale 9434
102
St Paul & Duluth let fa
1931 FA 10112 __-- 102
93 Mar'27
1st consol gold 48
1968 J D
- 98 Jan'27
St Paul E Or Trunk 4 1i9_ _ _1947 ii
gm
9734
8 98
95.4St Paul Minn & Man con 48_1933 ii 975
lit consol g as
1933• J 10818 10814 108 Mar'27
108 Aug'26
ii 106
Registered
Os reduced to gold 4Sie_ _ _1933 3" 10018 Bale 10018 10038
1933 J J 99 10014 9812 Aug'26
Registered
9638
Mont ext let gold 4e
1937 J D 9838 Sale 9638
9512 Jan'27
J D 944
Registered
9158
Pacific ext guar 48 (sterling)'40• J 9158 9214 9158
1064
It Paul Union Depot 5s..„.1972 ii 106 Sale 106
BONDS
N '(STOCK EXCHANGE
Week Ended March 25.
-1
Range
Jingo
Jan. 1.
Low
9411
97
92%
High
944
97
92%
23
27'i
16.78
102 102
94% 97
10212 10612
103 10412
10038 10212
1031s 10514
iffa
10312 105
88% 89
83% 8412
91
90
80 8212
8714 87be
8558 8614
9114 98111
9814 99%
7614 8284
101% 1021s
89
88
9914
103
861s
80
11
111;
10412
88%
8714
994 101
9912 100
004 93
8714 89
7214 80
104 10458
86% 88
82% 8614
89 92
89
89
89 92%
105% 107%
358
3
318 3%
92% 9712
jai" ilia;
9314 98
101 10312
95 98%
1054 1054
10312 104
99$8
99
10012 10214
1073, 10834
104 10518
9814 9914
9314 98
98% 10012
10284 104%
101 fa;
105% 10712
10312 10814
9912
98
10014 10212
58% 6214
5878 6338
1037s 1044
10615 1-gli
106 10872
8812 90
9412 9714
10014 10214
9134 931e
9412 9534
10034 104
18
"ii
70t2
1004 10234
106 1074
10612 108
9813 10634
9178 9412
9514 984
10234 104
102% 10412
100 102
984 1004
1014 10312
974 100
92 9414
1011. 101%
84% 92
103111 105
72% 791e
73 76
93% 95
1031s 10534
102% 10424
9912 9974
63% 66
7918 7912
96'i
94
94 95%
102% 1957s
11358 11434
156 162
924 9214
9072 914
9518 9718
9914 101
101% 10218
103% 10414
954 96711
100 10214
9534 10014
1024 1084
96% 97
101 102
New York Bond Record-Continued-Page
•
BONDS
Y STOCK EXCHANGE
Week Ended March 25.
Prica
Friday.
Mar,25.
Week's
Range or
Lou Bale
Range
Since
Jan, 1.
Bid
Ask Low
High No. Low
High
Central Steel let g e f 88-1941 MN 11912 12014 120
12034 13 1183s 12034
Ceepedee Sugar Co lst s f 7 He 39 M
109/
99 Sale 99
1
4 49
9812 10034
Chic City & Conn Rye feJanI927 A 0 61 Sale 5812
8
61
53
61
Ch
L & Coke 1st gu g 58_1937 J 1 192
_ _ 102 Mar'27
102 103
Chicago Rye let fa
1927
8712 Sale 77
7434 7812
7812 57
hile Copper cony 58eer A.1932
82 1097s 110/
C 110 Sale 10978 110
1
4
Mein Gm!'& Elm let & ref fte '58 A 0 10178 _ _ 10134 10214 17 101 10212
13348 tier B due
3 10438 104%
Jan 1 1961 A 0 104/
1
4 Sale 10434 10434
Citles Seco Pow & L s f es1944 MN 100% Sale 10014
10114 172
97/8 10,4
Clearfield Bit Coal let 48_1940
1
8513
854
8512 8512
Colo F & I Co gen 1 514_ _ _1943 F A 9884 Sale 9834
97/
9834 10
1
4 9834
Col Indus let & coil 513gu.- -1934 F A 96 Sale 9512
35
96
9312 911
Col & 9tb Av ist gu g fe_ __ _1993 NI S
10
Oct'25
Columbus Gas let gold 5s___1932 J J -664
9638 Mar'27
96's 97l
Commercial Cable let g 45_2397 Q
8
82
77
8134 Bale 8034
82
Commercial Credit e f 68_1934 M N 96 Sale 96
4
97
95H 97
Col tr t 5H % notes
8
/
4 92
1935 J J 911
9134
9134
9012 92
Commonwealth Power es_ _ _1947 M N 10478 Sale 10438 104/
1
4 32 10438 10512
Computing-Tab-Rea e f 68..1941 J
5 10434 10614
10614
106 Sale 106
Conn Ry & L 18t& ret g 4Hs 1951 .1 J 9512 98
9618 964
9618 Feb'27
Stamped guar 430
7
9434 9812
9638
9638 Sale 9614
Consolidated Cigar e 65.
60
9811 113138
j
A
100 Sale 99% 100
Consolidated Hydro-Elec Works
of Upper Wuertemberg 75.19563 /
11
9958 100
9958 101
Cone Coal of Md 1st & ref 58.1950 .1 D 79% Sale 7914
76
83/
7934 15
1
4
Consol Gas(NY)deb 5 He..1945 F A 10578 Sale 10534
10618 157 10512 10614
Cont Pap & Bag MIlle13348..1944 F A 75 Sale 75
75
7514 27
8l'8
Consumers Gas of Chic go 58 1936 J D 9912 10214 10214 Feb'27
101 14 102
Consumers Power let 5s._1952 M N 10338 Sale 10318 10312 53 102 10338
Copenhagen Telep ext 68_1950 A 0 1001,Sale 10014
1
994 101
101
Corn Prod Refg let 25-yr e f 58'34 M N 10114 1024 10112 Mar'27
10118 103
Crown Cork & Seal let et 68_1942 F A 9812 98/
36
1
4 9938 100
9334 10012
Crown-Willamette Payee_ _1951 J
10012 16
9938 101
1013 Sale 10014
Cuba Cane Sugar cony 78_ _ _1930 / 1 9712 Sale 97
95
9812 le
9934
Cony deben stamped 817
0 _1930 1
9814 102
9978 Sale 98% 10014 107
Duban Am Sugar let coil 8e.1931 M
7 10712 10834
108% Sale 10818 10838
Cuban Dom Bug let 7148..J944 M N 10078 Sale 9914
101
67
99 101
Cumb T & T let & gen 513_1937
10134 Sale 10158 101% 19 10013 10214
Cuyamel Fruit let e f 6e A _1940 A 0 94
8
94
94
943 94
95
Davison Chemical deb 8348_1931 1
93% 11
92
97
92 Sale 92
Dom City Tramw let con 681933 A 0
9218 Aug'25
Den Gas & E L let & ref afg form M N 9834 Sale 9814
4
98 Ii1-3
9914
Stamped m to Pa tax
M
4
9814 994
99
9914
9914 9838
Dery Corp(DO) 1st 8 1711_1942 M S 7878 Sale 7878
4
7878
7612 81
Detroit Edison let soil IT 58_1933 1
5 1018* 10234
102 Sale 10158 102
'let & ref 544 series A_July 1940 M
10258 Sale 10258 102% 16 102 2 103/
1
4
Gen & ref 5e series A
10 10218 10438
1949 A 0 10258 Sale 10258 103
let & ref es series 13_ -July 1940 M S 107% Sale 107% 108
10 10711 10812
Gen & ref 55 eer II
10338 14 1011
/
4 1034
1955 1 D 102% 10338 102%
Get United 1st cone g 43.0_1932 1
94
2
93
94 Sale 93%
9513
Dodge Bros deb ee
9318 313
92
1940 M N 92 Sale 92
96
Gold (Jacob) Pack 1st (is_ A942 M N 86 Sale 86
86
8938
8614 12
Dominion Iron & Steel 58_1939 M S 53
541
11
55 53%
48
67
Certificates of deposit
4114 5514
551 t Mar'27
5214 54
_
Donner Steel let ref 7e
9578 98
7
734
96% 97% 1334
1942 J
Duquesne Lt let & coil es_ _ _1949 J
38 105 10612
105% Sale 10512 106
let coil trust 534s series 2L1949 I J 10512 Sale 10512 10538
5 10478 10534
:A
BONDS
N.Y.STOCK EXCHANGE
Week Ended March 25.
Kings County Elev let g 46_1949 F A
Stamped guar 48
1949 F A
Kings County Lighting 5e--1954 J 1
First & ref 834e
19543 1
Hinney(GR)& Co 734% notes'383 D
Kresge Found'n coil IT es._ 1936J_
D
Lackawanna Steel let 58 A_ _1950 M 8
Lac Gas L of St L ref&ext 58_1934 A 0
Coil & ref 534e series C_1953 F A
Lehigh C & Navel 434e A_ _1954 J J
Lehigh Valley Coal let a 5e_ _1933 J J
7
4 _1933 J J
let 40-yr ICU lot red to 4,
1st & ref s I' 5s
1934 F A
let & ref s f 58
1944 F A
1st & ref 5s
1954 F A
1st A ref 5s
1964 F A
let & ref s 1 55
1974 F A
Lex Ave & P F let gU g 58_1993 M S
Liggett & Myers Tobacco 76.1944 A 0
Registered
A 0
68
1951 F A
Registered
F A
Liquid Carbonic Corp 66-1941 F A
Loew's Inc deb tis with warr_1941 A 0
Without stock pun warrants_
warrants----Lorillard (P) CO 78
1944
Registered
A 0
59
1951 F A
Registered
F A
Louisville Gas & Elec (Kv) 58 52 MN
Louisville Ry let cone 5e_ _ _ _1930 J .1
LowerAuetrian Hydro Elea Powlet e 1634e
1944 F A
Menet!Sugar 1et f 7348_1942 A 0
Manhat Ay(NY)cone g 48_1990 A 0
45
20.
2013 1 D
ManilaElec Ry & Lt e f 544_1953 M
Market St Ry 75 ser A Apr111940 Q J
Mete Ed let & ref g es ear 13_1952 F A
let & ref 513 series C
1953 J
Metropolitan Power 1st 65 A1953 J D
Metr West Bide El(Chic) 46_1938 F •
Mid-Cont Petrol 1st 6348_1940 M 5
Midvale Steel &0cony f 581936 M 5
Mew Elec Ry&Lt ref&ext 4548'31 J J
General & ref 58 A
1951 J D
let & ref 55 B
1961 J D
Milwaukee Gas Light let 48.1927 M N
Montana Power let te A_I943 J J
Montreal Tram 1st & ref 5e _1941 I .1
Gen & ref 8168 series A 1955 A 0
Morris & Co let s f 4 He_ _ _1939 J .1
Mortgage-Bond Co 48 ear 2.1966 A 0
10-25-year 58 series 3
1932 .1 .1
Murray Body let 6348
19343 D
Mutual Fuel Gas 1st gu a 53_1947 MN
Mut Un Tel gtd b ext 4% _1941 M N
1801
Price
Friday.
Mar. 25.
Week's
Range or
Las/ Sale
Renpo
Sinai
Jan, 14
Bid
Ask Low
Low
HOS
High N
8313 84
8313 Mar'27
82
86
8312 Sale 834
81
SS
8372 28
1
4 10418
9 10112 1044
1037s Sale 103/
117 11712 11612 117
3 11214 11714
10512 Sale 10512 10512
1 100/
1
4 1054
103 Sale 103
10334 26 102 1034
100 10012 10013 101
5
/
4
9914 1011
10012 10112 10012 10112
6 10012 10214
10484 Sale 104/
1
4 10538 31 10334 105/
1
4
9818 10014 9834 Mar'27
9713 9834,
10114 10134 10114 10134
3 10114 10152
9512 ____ 97
Jan'27 97
97
101 Sale 101
1 101 104
101
997 10012 100 Feb'27 99/
1
4 10011
9934 ____ 100 Feb'27 99% 1004
9934 10012 10012 1004
1
99/
1
4 1004
9912 10012 10014 Mar'27
100 10012
____ 42
401: Feb'213
1204 123 12013 12134 33
11711 _ _ _, 10212 May'28
104 Sale '10314
25 10212 104
104
9914
10114 Feb'27
10114 10114
10612 Sale 105
80 104 119
1061
10438 Sale 104/
1
4 105
328 101 10572
9714 9734 963g
34
973
9655 99
11838 Sale 117
33 117 120
118
____ ____ 11812 June'26
9812 Sale 9734
22 -6614 icii;
981
--------9634 Mar'27
953., 97/
1
4
1001 Sale 10014
1003
46
99/
1
4 10034
95
96
1
96
96
94
964
12012238
9412 Sale
933
9
8978 9612
10614 Sale 10578 1061
15
69 Sale 6838
32
69
55
61
61 Mar'27
9512 9612 9612
1
961
9/1
9712 Sale 9612
67
108 10812 108
108
1
100/
1
4 10034 10013 101
4
10532 Sale 10512 106
11
737 784 78
78
1
105 Sale 104/
1
4 105
50
opt 182
90 Sale 98/
1
4
9812 Sale 9814
4
981
100 10012 99/
1
4 10012 18
9878 Sale 98/
1
4 100
59
997
99% 100
3
9978
102 Sale 10134 1024 40
9918 9912 99/
1
4 Mar'27
9618 ___ 9914
9934
7
88 Sale 88
8918 63
83- 81 Dec'26
98 1812 9714 Mar'27
971
/
4 Sale 9718
9734 10
10112 102 10112 10112
1
10134 103 10134 Jan'27
10412 108
6714 7184
60 63
9334 97
9613 9712
10513 10838
100 101
10514 106
76
80
104/
1
4 10514
9714 994
9818 99
9914 10012
98 100
9812 100
10112 1024
9558 9955
96.% 10034
8814 894
941
-
gaud Cuba Bug 15-yr e I g 7346'37 MS 10578 Sale 10578 106
39 10534 108
Ed El III Bkn let con g 48_ _1939'3 9512 96
94% 954 Nassau Elec guar gold 413
95 Mar'27
1951 1 .1 6112 Sale 61
6112 23
Ed Elec III let cone g 5e_ _ _1995 Ii 10853
_ 10812 Mar'27
1013/
1
4 10812 National Acme 1st a f 734s_ _1931 J 0____ 99
99
8
99
Elec Pow Corp (Germany)6 Awe° M
99 Sale 9814
97
99
35
9912 Nat Dairy Prod 6% notes_ _1940 M N 10212 Sale 10212 103
81
elk Horn Coal 1st & ref6lis.1931 3D 991. Sale 9912
9813 100
7
Nat Enam & Stampg 1st 55_1929 J D 10234 103 10212 Mar'27
9934
Deb 7% notes (with warets'31 3D 9714 9734 97
95
4
9714 Nat Starch 20-year deb 58_1930 J 1 10034 103
9912 Oct'26
971k
Empire Gas & Fuel 7He.
1
4 10912 National Tube 181 5 1 53.._ _1952 M N 10418 10412 104
1937 MN 10838 Sale 108
10812 49 105/
7
10418
let & re/ 6)4e(with warr'te)'41 AO 1033 Sale 10312 10334 57
98 11034
M N
Registered
0- 1 24 &pt'26
0078 10058 100
Equip Gas Light let con 5e_ _1932 M
9934 101
100
i6
1
.2i4 Ili 102% H)258
Newark Consol Gas cons 5s 1945 J
12
3
Federal Light & Tr let 514.__1942 M
9514 9534 9518
4
95
Ms New England Tel & Tel 5e A 1952 J D 10334 Sale 10314
10378 11
958
ist lien SI 59 stamped._ _ _1942 M
9512 Sale 9512
95
1
4 Sale 9614
9
1961 M N 96/
9558
let g Ole series B
80
9614
97
let lien ee stamped
95
9512 10312 10312
1942 M
2 103 10334 New Orl Pub Sery let 58 A 1952 A 0 9534 Sale 9514
9534 33
30-year deb ee ear B
99
1954 3D 99 Sale 983
97
6
99
First & ref es series B
44
1955 J 13 t'6 Sale 9538
96
Federated Metals.!7e
90
1939 ID 89
89
89
67
89
91
4
101
N Y Air Brake let cony 68..1928 M N 10034 Sale 10034
Flat deb 75 (with warr)
313
1946 3' 10738 Sale 10614
108
9212 10812 NY Dock 50-year 1st g 4s_1951 F A 8512 Sale 9512
9534 11
Without stock porch warrants
9534 Sale 9514
136
96
91/
1
4 9614 N Y Edison lst & ref Olio A.1941 A 0 11512 Sale 11514
34
116
MS
Flak Rubber let e f 85
115
Sale
1941
115
11614 16 115 11814
First lien & ref fe B
1944 A 0 104 Sale 10334
10438 73
Ft Smith Lt & Tr 1st g Se_ _ _1936
8814 90
89
89
2
8713 9014 NY Gas El Lt & Pow g 514_1948 J D 10613 Sale 10612 106/
1
4 19
Frameric Ind & Dev 20-yr 714e'42'3 10312 Sale 103
10358 63
9812 10534
93
1
4
53
Purchase money gold 48_1949 F A 93 Sale 92/
Francisco Sugar let at 7148_1942
N 10234 10314 10812 10812
1 10634 10912 NYLE&WC&RR5Sis 1942 MN 10118
French Nat Mall 55 Lines 78 1949
9915 266
9878 Sale 9812
9434 10014 NYLE&WDock&Imp 5519433
10
9178
"
1
10
'
1276
8
Gas & El of Berg Co cone g 551949
99
9914 10278 Feb'27
10278 102% N Y &Q El I.& P let g 55...1930 F A Ii1034 1-0i loot, look,
Gen Asphalt cony es
1939 A 0 108 Sale 10612 10812 61 10614 11212 N Y Rye let R F A ref 4e__ _1942 1--------6712 Dec'26
A 9238 027 9212
Gen Electric deb a 3He_-_1942
9234
4
91 .93
Certificates of deposit
--------63 Feb'27
10412 Sale 10438 105/
Gen Elec(Germany)78 Jan 15.'45
1
4 18 103 10512
52 934 8 Dec'26
30-year lull Inc 5e. _Jan 1942 A 0
deb 6348 with war
19411 3D 11312 Sale 11312 11412
6 11313 119
Certificates of deposit
512 7
7 Dec'26
Without wants attach'd '40 3D 10112 Sale 101
10112 11
9914 102
21338 Sale 2613
N Y Rye Corp Inc es_ _Jan 1965 Apr
2734 150
Deal Petrol let e t be
1940 FA 10034 Sale 10034
10111 45 10012 102
Prior lien 6s series A
8334 8334
5
1965 1 J 83
84
Gen Refr let 81 g 68 ser A
1952 PA 103 Sale 103
103
1 1014 10312 N Y & Riches Gas 1st 6s
_ _ 104
10418 10
1951 M N 104
Good Hope Steel & I sec 7e_ _1945 AO 10214 10258 10214 103
31
994 10312 NY State Rye lilt cons 4)0_1962 MN 58 Sale 5734
75,
59
Goodrich (B F) Co let 13145_1947 II 10714 Sale 107
10714 20 10578 108
let cone 634s series B
1962 MN 7914 Sale 7814
131
7914
Goodyear Tire & Rub let 86_1941 MN 1215s Sale 12078
12134 25 12034 122
N Y Steam 18t 25-yr(le ser A.1947 MN 10614 10653 106
51
10614
10-year Cf deb g 88.81H y 1931 FA 11078 Bale 11038 1108 30 1101
/
4 110/
1
4 NY Telep let & gen 51 4345_1939 M N 995 hale 9538
52!
997
8
Gotham Silk Hosiery deb (4_1936 JO 8912 99/
1
4 9912
9938 47
9914 10012
30-year deben 5165_--Feb 1949 F A 1107s Sale 110/
1
4 11118 131
Gould Coupler lets I 68_ _1940 FA 8512 Sale 84
8314 87
8534 11
20-year refunding gold 68.1941 A 0 10814 Sale 10814
108/
1
4 72
Granby Cone M S& P con 68 A'28 MN 101 10134 10134
1 101 102
10134
Niagara Falls Power let 5s_ _1932 J J 101 Bale 101
102
14
Stamped
1928 MN 101 111512 102 Mar'27
101 102
7
_ 10534 106
Ref & gen 6e
Jan 1932 A 0 10438
MN
145
Cony deb 7e
Sale 132
14512 45 127 15313 Nlag Lock &0 pr let Sa A._1955 A 0 10112 Sale 10078
1930
16
1011
CH Cons El Power(Japan)78.1944 FA 99 Sale 99
43
9778 9912 No Amer Cement deb(3348 A.1940 81 S 9012 Sale 9038
998
14
91
Great Falls Power 1st ef 58._1940 MN 10334 10412 10378 Mar'27
10234 10612 Nor Ohio Tree & Light 6s_ _ _1947 M S 9678 Sale 913/
17
1
4
97
Hackensack Water let 48._ _1952 31 8712 8814 8712
8612 8/12 NorM States Pow 25-yr 58 A.1941 A 0 10034 Sale 10
8712 13
00:8 100
057
12 54
Hartford St Ry let 48
1930 MS 9312 ____ 9312 Mar'27 - -9312 931,
Registered
99/
A 0
1
4 Sept'26
Havana Elec consol g 5e___ _1952 FA 96 Sale 96
9712 34
9512 9734
Ist & ref 25-yr Ils series B_1941 A 0 iE1K 1-0g14
2
Deb 5Hs series of 1951_ 1951 M S 893* Sale 8834
8834 90/
8934 45
1
4 North W T let fd g 434s gtd_1934 1 J 98
9812 98 Mar'27
Hershey Choc let & coil 53461940 31 103 Sale 10234 10334 39 10134 10334
Hoe(R)& Co let6 He ser A_1934 AO 10114 Sale 1001
/
4 10113 44
98 10112 Ohio Public Service 734e A_ _1946 A 0 11418 Sale 114
11434
7
Holland-Amer Line 6e (flat).1947 MN 99 Sale 99
9912 17
9112 994
let & ref 7e series II
1947 F A 11438 11434 11434 11512 17
Hudoon Co Gas let g 5s_
10238
1940 MN 10218 ____ 102
6 102 103
Ohio River Edison let es
1948
106
J
J
106
10612
10612
8
Humble Oil& Refining 5348_1932 3' 10238 Sale 1021
/
4 10212 31 1021e 10234 Old Ben Coal 1st 65
1944 F A 9014 Bale 50
9038
5
Illinois Bell Telephone 5s
D 103/
1
4 Bale 10338 103/
1
4 33 10234 10414 Ontario Power N F let 58_1943 F A 10154 1017s 1017
19513
10178
1
Illinois Steel deb 4 He
1940 AO 9914 Sale 9818
9914 53
9634 994 Ontario Transmission 5e
1945
m N 10114 102 1011g
10114
6
[leader Stee'Corp e f 7s
4 10038 10234 Otis Steel let 81 69 ear A
1946 AO 10112 Sale 10112 10234
1941 M S 9334 9412 9418
25
95
Ind Nat Gas & Oil 65
MN
Sale
98
98
98
5
1936
98
98 Pacific Gas& El gen & ref 53_1942 J I 10014 Sale loo
100
74
Indiana Steel let 5e
1952 MN 10418 Sale 104
10413 25 10312 10412 Pee Pew & Lt let&ret 20-yr 56'80 F A 10018 10038 10018
10038 12
Ingersoll-Rand let Se Dee 311935 J J 10018 ___ 9934 Dec'26 Pacific Tel & Tel let 5e
102
Sale
102
3
1937
J
102
8
Inland Steel deb filis
25 1614 gal;
1945 MN 10212 Sale 10212 103
Ref mtge 68 series A
1952 M N 10214 Sale 101/
1
4 102
16
Ineptrat1on Con Copper8 a. 931 MS 10118 10113 10114 10138 11 lova loos Pan-Amer
P & T cony f 66_1934 M N 10414 Sale 104
1043
2
28
Interboro Metrop coil 434e_ _13.56 AO
11 Apr'26
_
let lien cony 10-yr 75
1930 F A 105 1054 105
105
4
Guaranty 7'r Co Ws dep ______
13 Nov'26 _
Pan-Am Pet Co(of Callcony 68'40 J D 974 Sale 97
9778 56
Ctf dep istpd aset4 10 7
1012 May'25
4 sub _
Paramount-Bway let 534e_1951 J J 100 Sale 99/
1
4 10014 47
Interboro Rap 'Fran let 513_1966
7612 Sale 76H
7714 95 "ii2
72 Isis; Park-Lex st leasehold 634el953J J 894 Sale 3812
8972 14
ii 76/
Stamped
1
4 Sale 7611
7714 163
7612 7914 Pat & Passaic G & El cone 58.1949 M S 8934 90 103 Mar'27 --_10-year 65
1932 AO 8034 Sale 80
814 257
824 Penn-Dixie Cement es A_ _ _ _194 I 81 S 10012 Sale 1004 10038 81
8°
10-year cony 7% notes_ _1932 MS 9713 Bale 9713
9778 107
97
99
Poop Gee & C let cons g 63_1943 A 0 11312
2
11317 11312
Int Agile Corp let 20-yr fts_ _1932 MN 8612 Sale 8612
89
12
8612 90
Refunding gold ea
1947 M s 10134 Sale 10134 102
7
Stamped extended to 1942._ -- MN 7012 Sale 6713
7413 28
671/ 83
Philadelphia Co coil IT tle A_1944 F A 10413 Sale 104
10434 30
Inter Mercan Marine is 1 6e 1941 AO 102 Sale 987
10278 653
9514 102%
15-year cony deb 534e
1938 M 5 10118 Sale 1003a 10112 23
International Paper Ifte
72
1947'3 98 Bale 9738
9814
97
9912 Phlbt& Reading C & I ref 58_1973 J J 10112 102 100/
1
4 10212 10
Ref s t es tier A
102 Sale 101
10138 115
1955 M
9938 10234 Pierce-Arrow
Car deb 881943 M B 105 Sale 1044 105
28
Int Telep & Telco cony 5 He 145 M S 10912 Sale 10918 10934 278 10878 1101 Pierce Oil deb Mot
s f 8s_ _Dec 15 1931 J D 103 10012 100
2
100
2
9412 Sale 9412
Italian Public Utility ext 76_1952 1
256
95
905e 9812 Pillsbury Fl Mille 20-yr 6s_ _1943 A 0 103 10734 103
104
5
Pleasant Val Coal Istget513_1928
994 Mar'27
/urgent' Works 6e(fiat price)-1947 I J 106% Sale 10614 10638 40 10434 1094 Pocab Con
Collieries 1st 51682957 J J 9138 91/
1
4 9114
9114
1
10414 24 103 10578 Port Arthur
Kansas City Pow & 1.4 58_1952 M S 10418 Sale 104
Cane Dk 66 A.1953 F A 103 10434 105
105
5
105 10514 105
Kansas Gee & Electric 8s.._ _1952 M
10512 12 10334 10534
1st M 6e sertes B
105
105
2
Kayser (Julius) & Co let a I 76'42 F A 108 Sale 107%
108
le 10634 10812 Portland Elec Pow let 6s B.1
05 102 10112 102
A 10112
3
19
953
47 M
F N
1
4
Keith (B F) Corp let 68._ _1946 M S 9938 Sale 99/
98
9934 19
9934 Portland Gen Elea let 58_1935 J J 10032 10013 10014
10012
8
10412 22
Kelly-Springf Tire8% notee_1931 M N 10414 Sale 104
99 10512 Portland Ry let & ref 5e__ _1930 M N 95/
1
4
97
9514
953
8
4
93
93 Sale
Heyeton Telep Co 1st Ete.-1935 3
93
1
93
93/
1
4 Portland Ry L & P let ref 58.1942 F A 944 Bale 9412
9412
6
1
4 103%
Hinge County El & P g lis
1937 A 0 103% Bale 103/
2 10312 103/
let lien & ref es seriee B__ _1947 MN 10114 102 10112 1011
1
4
/
4
2
126
Purchase money 65
1997 A 0 126 Bale 126
3 12414 126
let & refund 7348 @erica A.1948 M N 10714
108
108
3
963498
9
61, 981.
1002 10112
10134 101114
49334 6212
9812 102
100 1034
10132 10212
MIAs fat;
ioiis 103
103 104
95/
1
4 97
95
9613
95
9614
10034 10234
844 8572
11518 1113
102/
1
4 1043s
106 1074
9214 93
1614 1617
;
10012 10112
"ii
63
834 854
102 10418
5384 5912
71
82
10514 108/
1
4
9838 9978
11014 111/
1
4
10778 109
10013 102
1044 106
10014 10112
90
9814
954 974
100 10114
106
989811
114 118
11334 11512
1054 10614
90
91/
1
4
101 102
10044 1014
9313 9612
9934 1004
99/
1
4 10114
10114 10218
10112 103
10334 1061
.
10484 10514
97 10012
98 10012
8613 9312
10214 103
9913 101
11313 115
1013e 10215
10314 100
1004 102
100 10212
1041s 10714
100 10342
10214 10412
9912 9912
911• 9218
10434 10532
10438 105
1004 102
100 101
9412 97
915
. 96
10012 10134
10612 108
[vol.. 124.
THE CHRONICLE
1802
New York Bond Record-Concluded-Page 6
Quotations of Sundry Securities
All bond prices are "and Interest" except where marked
BONDS
If. Y.STOCK EXCHANGE
Week Ended March 25.
1.3
r
Z.
J
Pressed Steel Car conv g 58__1933
Prod A Ref 5/85(with war'ta)'31 1 D
Without warrants attached__ J D
Pub Sere, Corp of NJ eec 68_1949 F A
Pub Serv Eleo Gas ls t 53551969 A 0
1964 A 0
lat & ref 53511
Pub Serv El Pow s 1 lot 6s_ .194,. A 0
Punta Alegre Sugar deb 75. _1937 J J
Rand Kardex 5s(with wan')'31
Without stock our warrants_ _
1937
Remington Arms 68
Repub 1 & 8 10-30-yr 68 f 1940 A 0
.:ir series A _ _ _1953 J J
,
Ref & gen 53
Rhelnelbe Union 78 with war 1948 1 J
Without ark porch war'ts_1948 JJ
Reine-al al u-Danube is A_ MO M
Rhine-Westphalia Mee Pow 7850 M N
_1955 F A
Elms Steel 1st s f 75
Robbins & Myers let sf 75.1952.1 D
Rochester Gas dr Ella ser 13_1946 fla S
Gen rutge 5 '511 series C._ _1948 M S
Rock & Pitts C&Ipm be_ _19411 P4 N
Rogers-Brown Iron gen&ref 75'42 M N
M N
Stamped
Price
Friday.
Mar. 25.
Range
Since
Jan, I.
Week's
Range or
Last Sale
High
High We Low
.40 Low
510
9412 96,8
9534 Sale 9534
96,4 15
_
11158 ____ 11012 Dec'26
HO 11112
_
110 11012 11012 Mar'27
10512 Sale 10412 105,2 39 10334 10512
18 10434 106
105 Sale 10478 105
10434 Sale 10434 10518 10 104 1051z
10733 10712 10738 10712 10 10634 10734
8 10712 11112
107 108 10712 108
4 10212 170
170
168 Sale 168
54
10112 Sale 10112 101; 67 100 101,
9
95,8 97 3
9634 Sale 96,4
11718
20 100,8 103
10234 Sale 102
103
98; 101 12
53
10114 10112 101
1011
120; Sale 11918
121..; 94 11812 126,4
9918 101 12
100; Sale 10038 10138 74
27 102 1044
104 Sale 10278 104
12
1013
4 105
Sale
103
10212 10312
93; 94
14
96 Sale 9514
96
65
60
8
61
59
60
60
5 111 18 11214
11114 1111211114 111 12
5 105 106,4
1054 106 10514 10514
9212 92 2
90
9212 9212 Jan'27
4
39 12 49;
40 Sale 3912
40
50
38
4
39 Sale 39
40
1
St Jos Ry Lt & Pr lst bri____1937 MN
St Jueeph titk Yds let 4+s e_ _1930 j
St L Kock Mt & P58 etmpeL 19592 .1
St Paul City Cable cone 65. _1937 I J
J
BM) Antonio Pub Sere let 65.1952
Saxon Pub Wks(Germany) 7e '45 F A
4
1951 5/1 N
Ge• ref goer 414.:
1946 J
&Mile° Co guar 834a
Series 18. __ _1940 A 0
uur s f
Sharon Steel Hoop let 88 ser A 41 M S
Sheffield Farms let & ref 6 3411'42 A 0
Sierra & Ban Fran Power 56_1949 F A
Silesia Elec Corps I 634s_ _ _1946 F A
Exp col tr le__ _1941 F A
11)29 M N
Sim me Petrol 6% notesSinclair Cone 011 15-year 75_1937 M S
1st l'n col tr 6a C witirwar.1927 J D
1938
D
28 series 13
1
let lien 6/
Sinclair Crude 0113-yr as A.1928 F A
1942A 0
Sinclair Pipe Line a f 58
N
Smith (A 0) Corp let 6 3,15._1033
South Porto Ftico Sugar 7s 1041 J D
South Bell Tel & Tel let 51551941 2J
Southern Colo Power Ss A..,.1947 J I
[Tweet Bell Tel let & ref 58 1954 F A
1943 M N
Spring Val Water let g E5
1930 M N
Standard Milling let 65
1945 M S
let & ref 5 as
Stand Oil of NJ deb 5n.Dee 1546 F A
Stand 011 of N Y deb 430_1951 .1 D
Stevens Hotel isles ear A ._ _1945 J
Sugar Estates (Ortente) 7,1_1942 M S
1929 F A
Superior 011 let a fie
Syracuse Lighting let g be_ _ _1951 J D
Tenn Coal Iron dr RR gen 58_1951 .1
Tenn Copp & Chem deb 6s_ .1941 A (3
Tennessee Elec Pow let 6s__ 1947 1 I)
1960 2.1
Third Ave let ref 45
Adj Inc Ile tax-ex N Y Jan 1960 A 0
1037 J .1
Third Ave Ry 1st g 5e
1955 M
Toho Elec Pow let 78
6% gold notes ._July lb 1929 .1 I
Tokyo Elec Light 8% noten_1928 F A
1941 M
Toledo Edison 1.1 75
Toledo Tr LA P53-5% notes 1930 JJ
& El let g 6s_ _ 1949 M S
Trenton
Trumbull Steel 1st 5 f 68_ ,,j940 M N
Twenty-third St Ry ref 5a_ _ _196'2 IJ
Tyrol Hydro-Elec Pow 7355-1955 MN
9618 9634 9618
9618
-1 9734 Feb'27
9778
8014 8014
81/
8012
__.- 9014 9514
9514
106 Sale 106
10613
103 Sale 102; 103
9914
99 Sale I 9812
10014 Sale 10014 1014
10014 1001
; 9912
9978
108 Sale 108
10812
10714 Sale 10714 10814
9618 Sale 1 Ms
9614
97 Sale 1 9634
97
10012
10012 Sale 100
10112 Sale 101
10112
10034 Sale 9914
10034
100 Sale '100
10018
99 Sale 9712
99
10078 Sale 100; 10078
9438 Sale 94;
9478
102 Sale 102
10212
10812 Sale 10734 10812
103; 10312 16314 10314
103 10334 103
10312
10312 Sale 10312 10334
100 10018 100 Mar'27
101
10114
4 101
10213 Sale 10214
10212
10214 Sale 102
102;
9578 Sale 9518
96
9934 Sale 9934
9978
9912 9934 9912
9934
100 _ _ 100; 100;
103; ____ 10314
10314
103 10414 104; 104;
100 Sale 100
100
10612 Sale 10612 10712
6534 Sale 65
6534
6214
6134 Sale 61 12
98 Sale 08
98,2
9834 Sale 9834
9914
9818 Sale 98
99
9914 Sale 9834
9914
Sale
10818
108
10814
99
9912 9914
9912
1024
10218 Dee'26
9978
9958 Sale 9958
6712 6712 Mar'27
jai- Sale 101
10178
1945 M S
°News El Pow s f is
Underged of London 4348_ _1933
J
1948
Income Se
Onion Elec Lt & Pr(Mo)58_1932 M S
1933
N
Ref dr ext 5a
Un E L&P(III)lag 534s ear A1959 J J
Union Elev Ry (Chic) 55_ _ 1945 A 0
J
Union Oil let liens 5s
May 1942
1930-yr
6seerles A
3
let lien s / 5a series C Feb.1935 A 0
United Drug 20-yr(is_Oct 161944 A 0
United Fuel Gas let 5 f 65.....1936 J J
United Rye St L let g 4s____1934 J .1
1037 M N
United SS Co I5-yr 65
United Stores Realty 20-yr 139 '42 A 0
19472 J
A
ser
5s
ref
&
1st
US Rubber
J J
Registered
10-yr 7 34% secured notes. 1930 F A
US Steel Corp 1 coupon Apr 1963 MN
10-60-yr beiregist.. Apr 1963 MN
Universal Pipe & Ftad 6s___1936 2 D
Utah Lt & Trac let & ref 55_1944 A 0
1944 F A
Utah Power & Lt 1st 58
195111 J
Utica Elec L& P let 5a
Utica Gas dr Elec ref & ext 5a 1957 J 1
Vertientes Sugar let ref 7a_ _1942 J D
1953J J
Victor Fuel lets ISa
Vs Iron Coal & Coke 1st g 55 1949 M
1934 J J
Vs Ay Pow let & ref 58
Walworth deb 6 018( with war) '35 A 0
let sink fund 6s aeries A_.1945 A 0
Warner Sugar actin let 75_1941 .1 D
Warner Sugar Corp let 78_ _1939 J J
J J
Wash Water Power a
Wenches Ltg g 55stinpd gtd 1950 J D
1041 M N
West Ky Coal let 75
1946 M
West Penn Power ear A 5s
1963M S
1st be eerlee E
1953 A 0
F
series
-,s
s'
let
19961
I st sec 5s aeries 0
19501
West Va C & C 1st 68
994 Sale 99
9914 24
9634 9714 9534 Mar'27 _
96; Mar'27
974 102 101; 102
10
13
10238 Sale 102
102;
9
22
10212 Sale 10212 103
8212
81 18 82
8258 10
10112 10112
1
10112
10812 109 10812 10834 25
11
99 Sale 99
99
107 Sale 107
10758 17
10418 Sale 104
10412
6
764 77 , 7634
7714 15
95
29
94; Sale 9438
5
10478 Sale 10478 10514
96 1 121
9614 Sale 9618
94; Feb'27 _ _ _ _
10612 22
.106
106 tiZe
107 Sale 10678 10718 137
106 Mar'27
_
8934 13
8938 90
8918
71
95
9412 Sale 9412
9814 32
98 Sale 9758
10212 10234 0278 Oct'26 _ _
2
10314 104141 03; 10314
15
9912 Sale 9912 100
571, 83
5714
2
5714
__
9412
9458 Jan'27
9934 26
9918 Sale 9918
5
9512
9512 Sale 9512
33
06
9514 Sale 9434
10612 Sale 10618 10712 241
9814 345
9734 Sale 9434
103
5
102; 10312 103
103; __ _- 103 Feb'27 - _
1
10134
10134 Sale 10134
10114 27
101 Sale 10078
10312 Sale 10114
10312 13
10512
10512 10512 17
9
101 101-12 10078
10114
79 Sale 79
7912 15
1944 A 0
Western Electric deb 513
Western Union coil tr cur 58.19382 J
MN
Fund dr real est g
1936 F' A
15-year 63513 g
1951 J D
25-year gold 58
Wee'bouse E & M 20-yr g 55_1946 M S
Westphalia Un El Pow 6149.1950 J D
Wheeling Steel Corp let 534e 1948 J
White Sew Mach 68(with war)'36 J J
Wickwire Span St'l let 78._ _1935 J J
Wickwire 00 St'l Co 7s Jan 1935 MN
Willys-Overland sf6 )55_ _ _ _1933 M
Wilson & Co let 25-yr a 1138.._1941 A 0
A 0
Registered
1941 A 0
Winchester Arms 7348
Toung'n Sheet dc T 20-yr 86_1943 J 1
10234 Sale 102
39
103
103 Sale 10338 Mar'27
08 Sale 9712
9818 13
11214 Sale 112
11214 41
10234 Sale 10214 103
114
10278 Sale 10214 103
179
9712 Sale 97
27
08
9812 54
9812 Sale 98
10114 10112 10012 10114 68
50 Sale 50
54
11
3934
3912 42
411N 19
2
10212 Sale 10212 102121
10112 Sale 101
10112 27
93 Feb'25
6
10614 Sale 106
10612
108
105 Sale 10438 105
6
10
29
56
9
13
3
8
27
25
137
74
152
215
141
90
141
3
28
1
5
27
7
255
495
17
17
1
1
2
7
58
26
49
7
61
39
84
16
15
95% 9712
9734 9734
75; 81 14
9514 9534
10512 10758
101 14 104
98 2 9912
9938 101 18
99 1(11,4
10712 109
10718 108,4
5
96,
95
9634 9814
9834 1014
105
101
9734 10234
99 14 102,4
9214 1023h
1003s 1014
924 953'.
101; 10234
107 109
1024 10334
10018 103
10234 103b;
9812 lo0
100 102
,10334
1017
10134 1024
95, 96
99 1004
9812 100
0914 102'4
10234 103'4
103 10558
100 101,4
105'8 10 12
66
63
61 1 2 654
0812
97
9758 99'4
9104
98
981s 99i,
10734 10934
9834 9934
-6672
44
15
67
99
6712
102
9834 100
9534 96
9678 96,8
10114 1023s
101,4 102%
10184 103 2
:
81 2 841
1 102
101:
10812 109
98 12 99%
10612 107;
10212 104-2
7714
76
95
90
103'8 105 2
9434 9612
9138 94;
106 10634
10618 108
10534 1067,
87.4 110
93; 95
9738 9914
1.52
9814 100
5614 5738
94; 94;
98:52 100
9512
92
9314 06
91; 107,4
7818 9814
102; 103
10235 103'2
1012 10212
1
10014 101:
100 14 103 2
1042 103'2
100 1011:
80
79
101,8 103
10138 10514
97,2 9934
1 1 I,4 I12,4
ICI 103
101 103
96; 9912
9634 100
9734 1002
58
50
391s 52
101; 1022
1(11 102s
10472 11)6-1-4
10334 105
Pere, Bast
Ad.!
Public Utilities
Standard 011Stocks Par
844I 1934' American Gas & Electrio_t "7234 73
Anglo-Amer Olivet eitock_il •1914
*984 9912
•1812
t
6%
new
preferred
18%
Non-voting stock
MAN 10334 104
Atlantic Refining
100 1101211112' Deb 6,2014
2'
232
4
117,
WO
Amer
corn_
1171
&
Light
Trac
23012
Preferred
100
100 114 115
Preferred
Borne Scrym..er Co new,.,... •534 56
5014 Amer Pow & Light pref _ _100 99'2 100
Buckeye Pipe Line Co____50
m&s 10218 10238
Deb 6s 2016
Chesebrough Mfg
25 78
10 :1912 1958 Amer Public Utll corn. __iO4) - - -- 70
Continental 011 v to
92
7% prior preferred_ _100 90
Crescent Pipe Line Co
50
84
4% partic preferred._ _100 82
CuroberlandPipe LIne_100 If" 13.53
52
Eureka Pipe Line Co,,_.,,.100 50
Misr:related Gas& Elec pref./ 051
1112
100
1014
illackstoue Val Gdr E com_50 *Ins
Galena Signal 011corn_ _ _100
*46
4614
53 Com'w'Ith Pow Corp new__
100 50
Preferred old
50
Preferred
P eferre new
100 964 97
100 45
Humble 011,4 Refining .25 5812 59 Consul Gas 6% prof
50 *56'9 56;
Elec Bond ‘14 Share prof _100 108 10612
1111nole Pipe Line
100 13712 138
*4234 4278 Elec Bond &Share Secur._ f 6912 6934
Imperial Oil
1912
Indiana Pipe Line Co_ __ _50 *6612 6712 Lehigh Power Securities_ _ t *19
Miselsalppl illy Pow pref.100 9812 100
International Petroleum__ _1 *3034 31
First mtge 55 1951._.Jdri 101 109
National Transit Co_ _12 50 *1414 14,2
34
S Fe deb 7s 1935_ _MAN 102
New York Transit Co... 100 32
73
National Pow & Light pref. *105
Northern Pipe Line Co...100 76
25 *5814 5858 North States Pow corn..100 112 11312
Ohio 011
-.100 10312 105
26 *1612 17
Preferred
Penn Mex Fuel Co
33
25 *4812 4814 Nor Texas Elea Co corn _100 31
Prairie Oil & Gas new
7212
100 70
Preferred
Prairie Pipe Line new_ 100 1494 14914
100 185 189 Ohio Pub derv. 7% prof. 10)1 )04,4 1115
Solar Refining
*18 1 13,2 Pacific Gas dc El let pref__25 *24; 254
Southern Pipe Line Co
*5
25 *351* 37
Power Securities corn
South Penn 011
62
.28
30
Second preferred
Southwest Pa Plpe Lthes.100 *61
*5612 5634
Coll trust 68 1949. __IAD 90 93
Standard Oil (Cal(fornia)._
86
Incomes June 1949....F&A *84
Standard 011 (Indiana).. _25 .6738 67;
30
Standard 011 (Kamm's) _ _ _25 51718 171z Put. t Sound Pow & Lt 100 29
87
100 85
6% preferred
Standard 011 (KentrickY)_95 11412 115
09
25 84512 464
100 107
7% preferred
Standard 011 (Neb)
let dr re/ 5348 1949_ -MD 100 101
Standard 01101 New Jet._ _25 374 3714
37
11)11
Preferred
South Cal Edison 8% pf_ .26 *35
10712 10812
14
31
18
*31
York.26
New
01101
SantJO&E7%prpf..100
Standard
100 308 313
Tenn Elec Power let pre17% 10514 106
Standard 011(01310)
100 11812 119
Toledo Edison 7% prof._100 10734 10814
referred
1712
100 16
8% preferred
100 11512 11612
Swan dr Finch
100 9912 10112 Western Pow Corp pref.100 9912 102
Union Tank Car Co
25 10412 105
Vacuum 011 new
10
Chic Jt Stk Id Bk Bonds
Washington 011
5145 Nov 1 1951 opt 1931. 10012 10134
9914 100;
68 Nov 1 1951 opt 1931.
Other 011 Stocks
.1181 114 58 May 1 1952 opt 1932
99,2 101
Atlantle Lobos 011
984 9934
50 11,278 4 432s Nov 1 1952 opt 1932
Preferred
98 1 09
25 *92 I 93 4345 Nov 1 1952 opt 1932
Gulf 011
9814 10012
Ii *2614 27 4345 May 1 1963 opt 1933
Mountain Producers
9912 101
101 233 237 5s
Nov 1 1963 opt 1933
National Fuel Gas
24
2312
97 100
4 3-4* Nov I 1964 opt 1934.
New WI
714 434e Oct 1 1965 opt 1035.
*7
97 1100
Salt Creek Cense] OIL. _ 11
3014 Pac CO940 of Portland. Ore*30
Salt Creek Producers__ _
5a 1955 opt 1936___MAIN 10114 103
Railroad Equipments
5. 1954 opt 1934___MAN 101,8 102N
5.00 4.80
Atlantic Coast Line 6s.___
4.75 4.65
Sugar Stocks
Equipment6 i•is
01 I 3
5.05 4.90 Caracas Sugar
Si
Baltimore d• Ohio 65
4.75 4.60 Cent Aguirre Sugar corn_ _21 *101 102
Equipment 434s & as_
5.00 4.80 Fajardo Sugar
101 151 11,54
Buff Roch & Pitts equip (18
35 1 45
4.95 4.65 Federal Sugar Ref coin..10'
Canadian Pacific 4 He A Sc
- 75
5.00 4.85
101
Preferred
Central RR of NJ 68_
4
4.83
4.90
*1- 1 3
Inc
Godschaux
65
Ohio
Sugar,
Chesapeake&
17 I 20
4.8(1 4.70
IfX
Preferred
Equipment6345
4.70 4.62 Holly Sugar Corp corn.....' *31 1 34
Equipment 5e1
5.0)1 4.90
t' 80 ' 85
Preferred
Chicago Burl dr Quincy 65
5.05 4.90 National Sugar Refining_ 101. 123 127
Chicago & North West 65
65 I 70
4.75
4.90
104.
Sugar
Niquero
New
Equipment 6348
4 8J 4.65 Santa Cecilia Sue Corp Pf li)
Chic R 1 & Pac 434e & 58..
°l38 142
5.15 5,00 Savannah Sugar corn
Equipment65
5.20 5.00
10(r 116 120
Preferred
Colorado As Southern 6e
73
70
5.(a) 4.91) Sugar Estates Oriente p1 101
Delaware & Iludeon 68.._ .
5.01) 4.75
Tobacco Stocks
Erie 434e & 5s
5.25 5.00 American Cigar coin._. _100 120 124
Equipment 68
5.05 1.95
100 100
Great Northern 8s
Preferred
25
4.65 4.55 British-Amer'robe° ord..Li *24
Equipment 58
25
4.75 4.65
£1 *24
Hocking Valley 58
'tearer
5.05 4.110 Imperial 'l'ob 010 13 dr herd *25 • 27
Equipment fls
4.85 4.55 int Cigar Machinery._ _100 137 140
Illinois Central 434e & Se,.
5.0 4.85 Johnson Tin Foil di Mei..100 60 1 75
Equipment 68
43
1.75 4.05 MacAndrews & Forbes...100 40
Equipment 7s&
_5.20 5.00
100 101 104
Kanawha & lailchigari de
Preferred
32
5.10 4.85 Mengel Co
101, 28
Kansas City Southern 53411
48
5.00 4.8 Universal Leaf Tob corn.1 *46
Louisville & Nashville Be
1.75 4.65
100 103 106
Preferred
Equipment6198
4.95 4.75 Young (J S) Co
100 108 116
Michigan Central 5e dr 65..
IOU 105 108
Minn St PA SSM 434e & be 5.10 4.85
Preferred
5.111 4.80 Rubb Stk.(Cleve'el anotarn)
Equipment 6199 & 79*212 4
6.20 4.90 Falls [tubber coin
I
Mlsaouri Pacific 68 & 6348__
13
4.90 4.70
25 *
Mobile & Ohio 58
Preferred
New York Central 4345 & be 4 65 4.55 Firestone Tire A Rub corn.10 *125 ,130
I(X 10512
4.95 8.85
6% preferred
Equipment Os
101, 100 10315
4.75 4 6.i
7% preferred
Equipment la
4.65 4.55 General Tire& Rub com_25 •150 1155
Norfolk A Western
101) 10212 110,2
4.80 4.75
Preferred
Northern Pacific 75
Pacific Fruit Express 75..... 4.80 4.71 Goody'r R& Rot Can p1.100 c10013 10112
41 6. 4.95 4.60 India Tire & Rubber new _ _1 •l78 28
Pennsylvania RR erl 5s ‘
2
Pittah & Lake Erie 6345,.--. 4.90 4.70 Mason Tire & Rubber corn.1
1912
18
101
5.04 4.80
Preferred
Equipment 68
4.65 4.55 Miller Rubber preferred _100 10214 10212
Reading Co 4348 & 511
15
100
St Louis & San Francisco 58. 4.80 4.711 Mohawk Rubber
45
Preferred
Seaboard Air line 534s & Os 5.25 4.95
25
Southern Pacific Co 4348... 4.65 4.56 Selberling Tire dr Rubber._1
100
100
4.75 4.65
Preferred
Equipment 7a
Water Bonds.
Southern Ry 434a & ba..._. 4.85 4.70
5.05 4.95 Arkan Wat Ist 58'56 A Adr0 9534 964
Equipment fis
Toledo A Onto Central Se... 5 10 4.95 Birm WW let 634115.34.A&0 103; 1041!
let M 58 1954 ear II..J&0 994 100
4.70 4.65
Union Pacific 7s
Butler Wat Co A f be '27.J&J 100
Short Term Securities
96121 98
Mdr5 i
58 Sept 2 1031
Anaconda Cop Min 68'211.1&J 102 1.0212
Chic It 1 & l'ac 512 1929.J&J 10058 100; City W(Chatt)5348'64 A .10,0 10312 10412
JAI) 98 I 99
10012 10078
let M 5s 1954
M
5% tioie- 1929
44% notes 1928_ ___J&D 99; 10012 City of New Castle Water
93
95
_J&D 1
83 1 86
be Dec 2
Federal Sug Ref Oa'33.MAN
95
tat W39.FA A
Missouri Pacific 55 '27_ _J&J 100 110014 Clinton WW 194I__Slose-Sheff S & 1 68'29,FAA 102; 10238 Com'w'th Wat let 53.48A '47 103 104
9312
9814i 084 Connellev W 680et2'39A&01 92
Wise Cent 5145 Apr IS 11)27
97
E St LA lot Wat 55 '42.21*2 96
Indus. & Miscella
103
.8312
2A1
104
85
1042
Ss
M
let
25
Hardware
American
100 118 122 Huntington let 6854..M&8 104
Babcock A Wilcox
1959 9712 9814
•21l2 2212
55
1311814(E W)Co
60 Mid States WW 6536 MAN 100
51 *56
Preferred
MonmCouW 1st 58'56A1A13 95 ikti"
50
Borden Conipany corn
21
Monni V a Wt 534u '50 J&J 9912
100 19
Celluloid Company
72 Muncie WW 5ti Oct 2'39 501 92
100 68
Preferred
Childs Company prof. _100 118 120 St Joseph Water 5e 1941A&0 96
-- Shenango Val War 58 56A&O 944 95
100 192
Hercules Powder
98
100 11512 11712 So Pitts Wat 1813e 1961/140 97
Preferred
99
FAA 98
let al be 1955
Internet Silver 7% pref _100 :109 112
99 Ter II WW 6s '49 AJ&D 102
Lehigh Valley Coal Sale8.50 •9g
95
95
let M 5s 1956 ser II_ _F&A
100 125 128
Phelps Dodge Corp
Itoyal Baking Pow com_1011 168 175 WIchita Wat let de'49_M&S 103
let M 55 1956 ear 13_ _F&A 95 96
100 101 102
Preferred
Singer Manufacturing__ _100 372 376
£1 "5,4 6
/Mover Mbr 1.td
1
d Purchaser also pays accrued dividend.
Per share. t No par value. 8 Basle
'New stock. f Flat price. k Last sale. n Nominal. s Ex-dividend. y
r Canadian quotation s Sale price
BOSTON STOCK EXCHANGE-Stock Record
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
March 19.
Monday,
March 21.
Tuesday,
March 22.
Wednesday, Thursday,
March 23. March 24.
Friday.
March 25.
Sales
for
the
Week.
1803
STOCKS
BOSTON STOCK
EXCHANGE
Railroads.
Shares
100
177 177
17412 176
177 177
177 177
*1175 177
177 177
90 Bo8ton & Albany
10(1
88
8878 8734 89
88
8812 87
8712 8812 8612 8812 88
1,822 Boston Elevated
100
101 101
101 101
../102
__ 101 102 *101 102
+101
91 Preferred
100
let preferred
*____111-7 *____ 116 11512 11512 *1114 116 *1115 116 115 115
21
100
100 100
10412 10412 105 105
104 104
105 105
•2104 105
127 20 preferred
100
5312 54
5212 54
*54
5434 55
5412 2,192 Boston & Maine
55
5612 553 56
100
60
60
----------------100 Preferred
100
83
85
;Si- -iii- ;83- IS- -Aii- 8454 *83
--------28 Serlee A let pref
100
____ 130 130
*125 ____ *125 ____ *125 ____ *125
--------10 Series B let pref
____
*103 ____ *103
Series C let pref
100
_ _ ____ ____ ____ __
•1(13 ____ *103
*155
*103160 160 --------10 Series D 1st pref
_ _ *155
100
•155
..... *155
10812 10812 10814 10812 108
0812
10812 1-0812 10813 1-0812 108 fos
422 Prior preferred
•196 -- __ •196
_ •196
*219814_ __ *10814
Boston & Providence
100
ns 29 *2712 -2-9 .28 29 2712 27,2 ---- --__
28
2-8
160
80 East Mass Street fly Co
66
66
100
*6512 67
6514 6514 *6514 68
*6514 68
--------20 1st preferred
*60
*60
61
Preferred B
100
____ ____ ___ ___
*60
61
*60
61
*60
61
62
43
4212 4212 *142
4212 43
43
100
4214 4214 --------22.9 Adjustment
43
651
100
6414 65
6434 65
65
65
6312 6414 65
65
850 Maine Central
65
100
4934 4734 49
49% 5038 4834 5018 48
4878 4958 4918 4934 4,260 N l' NB & Hartford
9712 9712 *19712
9712 9712
*.z9734
*x9712 .___ *z9712
23 Northern New Hampshire_100
935
_ *135 139 *135 139 *13514 139
____
__ ____ __ Norwich & Worcester pref_100
*1135
100
12614 120C14 12514 12514 *112514 __ 12614 12614 12514 126
83 Old Colony
-*112414126
*111 11238 11238 11238
_110 110 *110 112
*108 112 *108 111
72 Vermont & Massachusetts_100
Miscellaneous.
*312 334 *358 378
312 338
*314 334
314 314
115 Amer Pneumatic Service___25
1912 1912 1913 1958 *x1912 21
21
50
20 20
2058 2038 *20
160 Preferred
161 16234 16112 16278 16138 16212 16214 16512 164 16512 3,631 Amer Telephone & Teleg100
16114 162
Amoskeag Mfg
No par
6312 6212 6312 3941
6312 62
6412 62
63
6434 6312 6512 62
,
No par
+80
85
80
80
85
*80
*80
85
--------12 Preferred
*80
5814 *57
5812 *57
584 *57
5814 ____ ____ ____ __ Atlas Plywood tr We
•57
5914 .57
No par
07
734 *714 734 *714 8
--------57 Atlas Tack Corp
---- ---- ---- ---17 *____ 17 *___ 17 *__ 17
•____ 17 *__
____
_ ___ ___ Beacon 011 Co corn tr Mfg_ _
79
80
791i 7914 7813 7934 7838 79
79 --7912
*7812 80
329 Bigelow-Hartf Carpet.. No par
134 2
*134 2
2
2
*134 2
*134 2
--------260 Old .k Co, v., clAss AT C___
76
7612 75
76
76
7.5
76
--------455 DOMInfon Stores. Ltd...No par
78
75
75
212 234 *212 3
212 212
10
212
*212 3
*2
--------1,945 East Boston Land
5
64 61
'1 6
712
714 '
714 *6
*614 74 *6
135 Eastern Manufacturing
6
6
5612 56
51
5612 55
53
25
58
1,145 Eastern SS Lines. Inc
57
57
5612 5712 56
No par
39
3938 *3812 39
39
39
*3814 39
*3814 39
--------182 Preferred
94
94
/92
*93
95
94
*93
9412 *93
100
92
2
92
115 lat preferred
13
13
12
*12
14
*12
14
12
14
*13
--------130 Economy Grocery Stores__
23212 233
233 238
231 232
2'.1 232
100
238 23812
231 232
927 Edison Electric Ilium
29
29
2918 1,385 Federal Water Semi corn
2912 2858 2918 2918 2818 2812 2814 2814 29
Range S•nce Jan. 1.
•
.55
714
*4312
1535
•.11
134
*218
• .35
•.50
•1512
•.80
*358
58
*10512
•10
*24
•.95
171 Jan 7
83 Jan 4
99 Jan 4
11012 Jan 4
101 Jan 20
51 18 Mar 7
56 Jan 22
7634 Jan 15
125 Jan 8
104 Feb 15
155 Jan 15
105 Jan 13
196 Jan 18
25 Feb 4
64 Feb 8
60 Mar 14
4214 Mar 24
4712 Jan 13
41 18 Jan 6
9212 Jan 13
127 Jan
122 Jan
107 Jan 6
•.75
*138
•.35
*.50
*39
*22
4..05
•16
*6538
8%
178
• .95
12
*11 13
1712
*2312
*214
•.25
•.20
618
*12
.90
•(14
1
2
.50
.65
40
2212
.15
20
67
8%
2
114
1214
1212
1734
2412
3
.40
.40
614
112
.90
.13
*.75
*112
'
3.35
+.50
39
22
'
3.05
+16
*6514
5734
Ds
•.95
1238
511 12
17
*2312
*214
'3.25
*.20
+612
1341
*.80
*(14
1
2
.50
.70
39
22
.15
20
67
814
2
112
1212
1212
1734
2378
3
.40
.40
65
112
.90
.00
•.75
112
'
3.35
.50
3934
224
*.05
*15
*63
713
134
•.95
*1212
1134
17
*2313
*214
.1..25
*.20
612
138
.90
.011
1
113
.50
.50
40
221s
.15
18
66
712
2
138
13
1 134
1714
23%
234
____
.40
612
18
.90
ma
130 Mar 22
95 Feb 2.'
4612 Feb 23
4311 Jan 7
4258 Jan 3
16,2 Feb 10
158 Jan 11
11012Mar 21
120 Feb 24
70 4 Feb 23
938 Jan 31
18.2Nfar 22
1412 Jan 21
55 Feb 23
29 Mar 11
89 Jan 3
82 Feb 4
2712 Feb 23
4912 Mar 25
65 Mar 24
115 Fel) 21
22 Star 2
91 Feb 18
50
Feb 16
Jan 5
Jan 17 5134 Star 1
Jan 12 1714 Mar 15
11512 Jan 4
90 Jan 5
40 Jan 6
39 Mar 25
20 Feb 5
15 Mar 17
1 Mar 4
10512 Jan 5
115 Jan 3
66 Jan 3
4 Mar 3
1658 Jan 4
11 Jan 4
SO Jan 3
28 Jan 3
86 Mar 24
79 Jan 21
2134 Mar 23
4012 Jan 21
61 Jan 3
110 Mar 14
1734 Jan 18
6518 Jan 13
44
45
14
Highest
183 Jan 26 159
Jan 17512 Dee
94 Jan 15
77 Slay 8512 July
102 Mar 22
89 Feb 103 Dee
117 Mar 17 11212 Dec 122
Jan
10712 Feb 23
9812 Jan 112
Jan
61 Feb 7
35 Mar 5813 July
32 Apr 6112 Dee
6112 Jan 8
86 Feb 5
59
Apr 86 Dee
130 Feb 28
84
Apr 130 Dec
74 Apr 110 Sept
113 Feb 4
164 Feb 4 105
Jan 165 Dec
04
Apr 10712 Dec
108% Mar 19
2110 Jan 28 217512 Mar 20712 Dec
28
30 Feb 26
Oct 61
Jan
71 Jan II
5912 Apr 71
Jan
67 Jan 5
56 May 69
Jan
4814 Jan 4
40
Apr 4914 Jan
654 Mar 21
49 Sept 60 Feb
3178 Mar 4838 July
5,3,4 Feb 16
10114 Mar 9
81
Apr 9812 Des
140 Feb 15 120 Apr 132 Dec
Jan 125 Sept
130 Mar 7 Ill
9934 Mar 107 Dec
116 Jan 31
.05 Jan 14
.50 Jan 28
61 2 Slur 24
30 Jan 3
1438 Jan 7
.10 Jan 7
1212 Jan 28
2 Feb 9
.05 Feb 1
.35 Feb 19
1534 Mar 9
.75 Feb 9
19712 Jan 3
47 Feb 26
105 Feb 1,
912 Feb 19
112 Jan 8
.80 Jan 7
.65 Feb 17
112 Mar 15
.25 Feb 2
.41 Mar 16
37 Feb 18
2178 Star 25
.06 Feb 1
.20 Feb 10
.89 Jan 15
1014 Jan 6
48 Feb 2
1634 Jan 25
.20 Feb 2
1434 Jan 19
25 Jan 4
.80 Mar 17
.75 Jan 13
18 Jan 7
.85 Jan 6
246 Feb 18
61 Mar 16
106 Jan 21
115 Jan 19
238 Feb 4
118 Star 18
.80 Jan 24
2 Jan 4
.85 Jan 3
112 Jan 11
4114 Jan 13
24 Jan 20
.06 Feb 1
63% Jan 19 75 Feb 8
7 Mar 15 1018 Feb 2
32 Jan 5
13r4Mar 24
1,4 Jan 26
.80 Jan 18
1412 Jan 3
12 Feb 18
11 Jan 4 13 Feb 4
1734 Mar 19
1414 Feb 17
2014 Feb 17 2514 Jan 6
312 Jan 14
28 Mar 24
.20 Jan 8 .40 Jan 12
.15 Mar 23 .40 Feb 23
77
Feb 24
578 Jan 3
2 Feb 2
1 Jan 3
.51 Feb 11 .90 Mar 12
al Nlar 0 21 .1un 17
•Bid and asked prloes; no cade on 4bla day, a Assessment paid. 0 Itx-dcooi dividend. 1 New Moak. s Ex-dlyldend. p Ex-rights.
Lowest
418 Mar 1
2 Nov
214 Jar 3
18 Dec
1512 Jan 12 21 Star 17
14912 Jan 3 16814 Mar 17 13912 June
4812 July
70 Mar 14
48 Jan 1
73.3 Jan 10 85 Mar 7
7213 Nov
5212 Apr
54 Jun IS 51.) Feb 10
8 Jan 22
814 Oct
812 Jan 31
1418 May
2012 Jan 3
17 Mar
77 Feb 17 8612 Jan 7
74 Nov
134 Mar 3
5 Jan 3
57 May
67 Jan 26 771 2 Mar 3
334 Feb 3
112 Dec
1 1 2 Jan 26
734 Mar 17
312 Mar
311 Jan 11
44 Nov
45 Jan 4 60 Mar 18
3938 Mar 23
35 Feb 1
34 Nov
874 Feb 17 94 Mar 22
9014 Oct
1434 Jan 18
12 Feb
14 Nov
217 Feb 18 238 2 Mar 25 /207
Jan
2712 Feb 26 2934 Jan 26
14 June
2512 Jan 14 30 Jan 31
11 Dec
14 Feb 3
1134 Jan 11
19 Feb 2 21 12 Jail 4
35 1 1 Jan 24 38 Mar 15
344 Apr
8812 Mar
8412 Star 22 9514 Jan 11
12 2 Mar 2
11 Jan Ill
10 May
12 Jan 17 13 Mar 14
4012 Mar 3 47 Jan 3 4514 -Dec
95 Jan 10 951 2 Feb 3 /93
Apr
612 Aug
014 Mar 24 1012 Jan 6
6 July
6 Jan 3 10 Jan 18
80 Apr
84 Mar 25 8913 Jar 5
65
70 Jan 3 75 Jan 25
Jan
108 Feb 18 112 Jan 21 1104 June
89
Apr
1/5 Jan 22 98 Mar 10
43
2 Aug
Jan 211
24 Mar 24
1512 Jan
23,2 Feb 14 29 2 Mar 18
.20 Feb I .20 Feb 1
.20
Jan
4 Jan 4
3 July
312 Jan 11
91 Jan 18 9614 Feb 8
9714 Jan 211 103 Mar 18 -9-5 Sept
314 Feb 23 .50 Dec
.80 Jan 7
2 Dec
878 Feb 28
4 Jan 5
Mining.
.25 *__ __
Adventure Consolldate5---_25
.25 *--__
.25
.70
.110 .60 ..55 .70
630 Arcadian Consolidated.-- 25
7
612 7
5
612 638 2,095 Arizona Commercial
43
4212 •:42
4213 4234
10
3711 litrigham Mines
1514
15
1538 1518 1538 1,383 Calumet & Heels
25
.30 4..11 .30 ____
Carson 11111 Gold
1
1334
137 13% 1358 1-35,,
25
920 Copper Range Co
23s
213 213 *2
238
50 East Butte Copper Mining_ 10
.65 ____
32 5(2.50 .75
200 Franklin
25
.75 *.50 .75
.50 .60
100 Hancock Consolidated
25
1612 *1512 1612 *1512 1612
Hardy Coal Co
1
*.80
1
1
*.80
1
Fleivetta
25
_ _ ____
- _ ____
1
Island Creek Coal
3
-583
- 4 25734 -5957
59
New stock w 1
5,175
10612 105 105 *105
__
1
58 Preferred
10
1014 1014 *10
11
25
505 Isle Royale Copper
214
2
214, *2
214
25
265 Keweenaw Copper
.95
.90 .90
1
1
25
389 Lake Copper Co
'3.75
1
5.75
1
*.75
1
La Salle Copper
25
*113 2
*113 2
*112 2
50 Manors Valley Mine
5
.35 .3' ..35 .50
*.35 .50
10 Mass Consolidated
25
*.50 .70
.45 .45 *.50 .60
30 Mayflower-Old Colony
25
39
39
39
39
39
39
220 Mohawk
25
23
22
2214 22
2178 22
5
755 New Cornelia Copper
*.05 .15 *.05 .1' ____ ____
New Dominion Copper
*15
18
*15
18
.18
__
New River Company
100
*63
*62
66
67
*64
Preferred
_ ___
100
*738 814
*73
814
738 _-8ii NIpissing Mines
5
134
Ds
1./2 11,-(
*134 2
2,125 North Butte Mining
10
*.95
112
112 5.95
*.95
011bway Mining
112
25
1212 14
*1212 13
1312 14
2,675 Old Dominion Co
26
1134 115
1134 1134
12
1214
170 Pd Crk Pocahontas Co No par
17
1714 *17
18
+17
1713
761 Quincy
25
023
23
23
24
52314 232
25 St Mary's Mineral Land
25
27
*214 3
278 *212 253
50 Seneca Stifling
.26 .30 *.25 .40
*.25 .40
800 Shannon
10
.15 .15
.20 .20 *.20 .40
45 Superior e. Boston Copper_ 10
612 61,
613 612
61s
5
613 1,002 Utah-Apex Mining
14
3
112 *138
11
1
*1
'
XIS 112 2,925 (Rah Metal & Tunnel
*.85
1
•.90 .95 *.85
1
25,
250 Victoria
.04 5101 * nn
•04 .11
an7 ,,...,,,..
95
is
---------35 *---.25 •____
.60 .60 .3.60
.55 .55
.60
714
7
7
713
7
714
42
43
1%242
44
4212
4413'
1512 1514 1533 1513 157* 1518
.30 *.11 .30 *Al .30 *.11
1312
1334 1312 1412 1313 1414
253 *15
2% *24 23s *2
.65 • 35
.65 • .35
.65 • .35
.75 *.50 .75 950 .75 *.50
1612 *1512 1612 *1512 1612 *1512
+.80
1
•.80
1
*.80
1
5812 ---- --- ---- ---- 585812 5814 -5818 5812 59
10612 *10512 10612 1011 106 *10534
10
10
10
934 10
11
214
.21s 23s
238 5238 23
.95
.99 .99
114
1 18 •.95
Highest
Lowest
140 Galveeton-Houston Elee._100
2612 ____ ____
2612 2612 26
*2612 27
*2613 27
27
General Pub Serv Corp cow_
___ ____ ____
14
14 *113
14 *x13
14 *113
1312 *x13
*1914 1912 *1914 1912 *1914 1912 -------19
19
20
- Gem Cred & Inv 1st pref
10
38
38
No par
3778 3778 3712 3778
38
38
373 38
38
400 Gilchrist Co
8714 8712 2,158 011ette Safety Rasor.....No par
8412 8712 8634 874 8634 87
8812 84% 87
25
1212 *11
1213 *11
1212 1112 1112 *11
12,2 --------25 Greenfield Tap & Die
12
1212 12
1212 *12
*12
*12
12
1212 -------350 Hathaway 111151111; COM
41
41 0:40
No par
41
42
42
42
41
4314 z42
4113
465 Hood Rubber
1
_ _ *9514 .. _ *9514 _ _ *95 4 - - *95,4 - - __,.. _ _ ____ _ _ Kidder. Peab Accep A pref _100
938 -9,4 -914
912 -612. *912 1-1/
71 Libby. McNeill & LIbby____10
934
CO.
938 V%
612 612 *614 612
25
634 *612 64 *612 64
120 Loew'a Theatres
614 614
8618 8612 8612 86
86
86
86
8612 86
84
84
165 Massachusetts Gas Cos___100
100
74
74
7312 7212 7312 7313 7312 *7312 7412 74
403 Preferred
75
108 10812'
108 108
3:108 109
265 Mergenthaler LInotyPe_Ns par
10812 108 10812 108 109
_ *.r98
*108
_ _ *x98
__
Mine Riv Pow stpd pref___100
_ _ *19712
10
23,
214 234
212 -2-12
*212 234
894 National Leather
238
2% -.2-32
_-213
5
382 Nelson (Herman) Corp
2634 2634
2634 2634 2612 2634 2634 27
27 •1263.4 27
New Eng 011 Ref Co tr ate__
.20 *.15 .30 ____ ____
.20 •____
.20 *___
.20 *____
100
Preferred tr ctfs
____ ____ ____ _ _
4
4 *____
4 •____
4 C.
4 5_
---- *.r97 ------------25 New England Pub Serv $7 pref
97 *19612 __-- 31:96
9614 9614 *z96
_ 100 10014 --------55 Prior preferred
10014 10014 *10014 10212 *.0014 __ _ •I0014
New Eng South Mills_ _No par
13 ____ ____ ____
3.60
1-34 *.60
1-34 '
3.60
134 *.65
134 '
•.60
100
412 65
*412 6
5
20 Preferred
*412 6
5
5
---- -100
128 12912 128 12812 1,555 New Eng Telep & Teleg
123 130
12612 130
12478 126
12334 124
No Amer Util 1st of full paid_.
____ ____ ___
*91
93
*91
93
93
_ _ *92
.
*91
45 *.r45
4512 --------100 let pref 50% pald
4512 *245
-4512 *34434 -4313 45
•./45
100
3912 3934 3912 3912 3912 3913 3913 3912 3912 3912 39
345 Pacific Mills
39
___ 25
.25 _ __
*25
30 *__ 25
_ Plant (Thos G). lot prof..... 100
30
*25
1512 1512 1518 15,2 */15,2 16 *215 ---10
1513 15% --------105 Reece Button Hole
11s --------911
1 18 911
Reece Folding Machine__ 10
14 *.xl
*21
1 18
108 10812 10812 11012 10812 10834 109 109
1,293 Swed-Amer Inc part pref__100
109 10914
10812 109
11714 11714 11712 118
100
11714 118
215 Swift & Co
11812 118(2 118 11812 118 118
69 *16814 -----------__ 69
70 *.:6812 70 016812
25
•268
50 Torrington Co
47
47
514
.514 534
47
5 .-514
514
5
434 434
603 Tower Manufacturing_
1818 1812 18
18
18
1814
18
1814 1814
18
18
18
875 Traveller Shoe Co T C
1212 1212 1212 *12
1238 *12
1212 *12
1212 --------115 Union Twist Drill
*12
6
5234 53
5258 53
5258 53
5258 53
5253 53
25
5234 5313 1,685 United Shoe Mach Corp
2814 2814 2812 2812 2812 2812 2812 2812
28 *32814 29
28
25
367 Preferred
8712 86
8712 8712 87
8712 87
*8734 88
87
--------150 U S & Foreign Sec let pref f pd
8034 80
80
80
80 *.r80
-------80 *.z7912 SO
80
190 let pref 75% paid
2213 2213 2234 2214 2234 2134 2238 2134 22
22
22
22
1,590 WaldorfS76.1ne. new sli No par
*44
46
*44
46
48
49
47
47
46
46
475 Waltb Watch cl B com_No par
4834 4912
*63
64
*63
64
64
563
64
65
65
+63
100
64
64
55 Preferred trust Ws
-13*.z2
*,211212_ _ 41:11212_ _ *111212_ _ *I11212_ _
100
113
10 Prior preferred
21
if 2153 178 -------2
21 12 21-34 2112 2112 02034 2113
20
663 Walworth Company
7912 80
81
7814 7912 78
83 z81
79
82
7834 8014
50
940 Warren Bros
4714 *14514 47 *14514 4712 ____ ____
4612'3/45% 48 '3:46
*46
1st preferred
50
____
•____ 52 *1-- -- 52 *z____ 52 *14518 52 *z4518 52
26 preferred
50
*1612 17
*1612 17
*1612 17
•1612 17
____
*1612 17
Will dr Balmier Candle own__
*2612
*213
•19
38
8712
+11
12
42
*9514
*93
*614
8612
724
10812
*29712
212
27
•____
PEE SH ARE
Ranse for Previous
Year 1926
5
Jan
2414 June
15034 Feb
71
Jan
78
Feb
6334 Jan
1714 Jan
2012 Jan
9812 Jan
-71
312
73%
8812
45
9913
26
250
Dec
Jan
Oct
Jan
Jan
Jar
Feb
Feb
27
17
Om
Jar
40% Jar
11312 Fet
14 Seta
-683; jet
96 Jul)
1034 Del
1218 Jac
9413 Not
7018 Fel
1110 Mai
96
Jul
412 Jul
2912 juij
.95
Ap
1012 Jai
11078 Apr
89 Feb
1434 Dec
3512 July
40 Mar
15 Feb
14 Dec
98 May
111
Apr
54 Mar
1-111- Sep
8 Fel
28
Jai
11834 Fel
98 Fel
27 Fel
55
Jai
6814 Jai
1714 Au,
2 No,
110 Au,
11814 De
72 Set)
7 Jan
1512 Fel
47 Mar 5314 Au,
28
Jan 30 Jun
82 Nov 135 Fel
60 May 90 Ap
17
Jan
2234 Oc
29
Jan 41 De
4818 Nov 61
De
101 Sept 112 De
Ja
1238 May 23
44 Mar 69 De
39
Apr 46 De
42
Apr 47 Fe
1034 Aug
1712 Ja
.05 Mar .40 Jul
.25 Mar
138 Au
914 May
1234 la
29 June 5534 Ja
1314 June
1838 Au
.10 Dec 50
Ja
13 May 20
Ja
214 Oct
4 Fe
.25 Nov
114 Ja
.27 Dec
114 Jul
14 Mar 2114 Ja
2
Ja
.75
Oct
141 Mar 19912 De
9912 Jan
912Juoe
.50
Jan
Oct
.60
.80 June
134 Jan
.15 Dec
.40 Dec
30 Star
1811 May
05
Jan
18 Dccl
45 July
5 July
2
AprI
.50
JanI
13 Dccl
1012 Marl
1512 Mayl
25 Dccl
25 Dee
.15 Dec
.20 Nov
4% Octi
.25 Dec
.40 May
in s,ol
106 Jul
14 At
2% Bel
138 Jul
212 MI
258 Set
.75 Jul
112 Ja
46
01
24 At
.20 Jut
25 Fe
72 Fe
101/ DI
37g Sel
2 tic
20 Jul
15
Jo
25 Jul
3812 Fe
958 Jg
.80
Js
14
1 M
11% Fe
2% M,
.75 Fs
n r..
et Ex-divIdand and right'.
1804
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Mar. 19 to Mar. 25, both inclusive:
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
,
Range Since Jan. 1.
BondsLow.
AUG dz W I SS L 55_ _1959 71
71
71
$5,000 72
Jan
Chic Jet Ry & US Y 45'40
90
90
1,000 8934 Feb
Copper Range Ry 55_ A949
85
85
5,000
85
Mar
East Mass Street RR4545 Ser A
1948
86
66
8,000 65
Jan
58 Ser B
1848 70
70
70
6,000 69
Jan
68 Ser D
1948
8354 8354 3,000 82
Feb
Robert Gair 5515
1942
9734 9754 5,000 9734 Mar
Gmton & Knight 5%5_1947
97
97
10,000 97
Mar
Hood Rubber 7s
1937
102 103
6,000 103
Feb
K CM dz Bridge 5s__ _1929
100 100
1,000 100
Mar
Mass Gas 434.
1929
9931 99% 2,000 9934 Jan
434s
1931
9834 99
7,000 9734 Feb
5545
1946 10334 10334 10334
1,000 10334 Mar
New Engl Tel di Tel 58 1932 10151 10134 101% 7,000 10034
Jan
Series A 55
1952
10434 10434
1,600 10434 Mar
New River 58
1934
93
93
2,000 90
Jan
P C Pocah Co 75 deb_ _1935
104 104
1,000 102
Jan
Swift & Co 55
1944
101% 102
11,000 10034
Western Tel & Tel 55_1932 10034 10031 10134 6,000 10054 Feb
Jan
High.
75
90
85
Jan
Jan
Mar
69
75
85
9754
9734
104
100
Feb
Feb
Jan
Mar
Mar
Jan
Mar
Jan
Mar
Feb
Jan
Mar
Mar
Feb
Mar
Jan
wog
99
10354
10134
10434
93
10434
10234
10134
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Mar.19 to Mar. 25, both
inclusive, compiled from official sale lists:
Friday
Last Week's Range Sales
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Stocks-
Range Since Jan. 1.
Low.
High.
Almar Stores
1234
12
1354
1,740 12
Mar 1734 Jan
Alliance Insurance
10
5034 51
110 48
Feb 5454 Jan
American Stores
• 69
6.5
7151 12,412 65
Mar 7335 Jan
Baldwin Locomotive_ _100
18154 18234
20 147
Jan 19734 Feb
Bell Tel Co of Penns, pref. 11334 113 11331
396 11254 Jan 114
Mar
Congoleum Co Inc
•
2034 2034
100 1734 Jan 2134 Mar
Cense''Fraction of N J_100
3834 3835
70 3534 Jan 42
Jan
Electric Storage Batt'y 100
7034 7034
25 6834 Mar 7934 Jan
Fairmount Park Transp___
7
125
7%
534 Mar
734 Mar
Fire Association, new_ _ _10 5154 51
130 51
Mar 55
5134
Jan
General Asphalt
100
8334 8334
10 8054 Jan 9531 Mar
Giant Portland Cement_50
63
63
20 63
Mar 93
Jan
Preferred
50
45
45,
45 34
Jan 4834 Jan
Horn & Hardart(Phila)com
220 232
60 220
Mar 261
Jan
Horn & Hardart(N Y) corn
5154 5234
370 51
Mar 55
Jan
Huntington & Brd Top...50
2
2
25
Jan
134
2
Feb
Insurance Co of N A__ _ _10 5531 55
5531
964 5134 Jan 5531 Mar
Keystone Telephone---50
3%
334 3%
110
3% Mar
5
Jan
Preferred
---50 18
18
18
68 18
Jan 1934 Mar
Keystone Watch Case- •
79
79
92 76
Jan 80
Mar
Lake Superior Corp_ _100
I% 234 1,040
151 Jan
234 Mar
Lehigh Navigation
50 10954 10654 10954
1,165 106% Mar 11934 Jan
Lehigh Pow Sec corn
•
1834 19% 26,882 1534 Jan 19% Mar
Lehigh Valley
50
109 11834
310 100
Jan 125
Jan
Lit Brothers
10
2434 25
1,012 2454 Mar 28
Jan
Louis Mark corn
•
13
1334
390 13
Mar 1334 Mar
7% preferred
100 10034
50 100
Mar 101
Mar
Man Rubber
10
134
50
134
134 Feb
154 Jan
Minehill & Schuyl Hay_ _50
53
53
10 53
Mar 54
Jan
North Pennsylvania_ __ _50
8234 8255
5 82
Feb 83
Mar
Penn Cent L & P cum pf..*
7234 72%
25 7134 Jan 72% Mar
Pennsylvania RR
50
5854 5954 17,900 5634 Jan 6834 Jan
Pennsylvania Salt Mfg__50 77
7554 7734
71 7534 Jan 7934 Feb
Philadelphia Co (Pitts)_ _50
100 105
44' 8734 Jan 105
Mar
Preferred (cumul6%)-50
5134 52
80 4934 Jan 52
Feb
Phila Electric of Pa
25 48
4654 4951 24,012 4654 Feb 54
Jan
Stock allott
1231
1251 1234
1,001
9
Jan 12% Mar
Full paid receipts
4631 4754 2,404 4651 Mar 4731 Mar
Phila Insulated Wire__ •
65
65
20 63
Jan 66
Jan
Phila Rapid Transit
_50
52
5234 2,406 52
Feb 5434 Jan
Philadelphia Traction_ _ _50 53
53
5634
143 53
Mar 60
Mar
Phila St Western prat__ _50
38
38
25 3634 Mar 3834 Mar
Reading Company
50
10434 10834
705 9434 Jan 11154 Feb
Shreve El Dorado Pipe L 50
zzg 2354
605 2134 Jan 2434 Jan
Scott Paper Co pref..100
08
110 9734 Feb 99% Jan
9834
Ei E Pow Light com
*
3051 3034
200 3034 . Mar 3134 Mar
Stanley Coot America_ _ _* 8031
7934 82
5.665 7931 Mar 9051 Feb
Rights
2%
2% 334 10,44
2% Mar
454 Mar
Tono-Belmont Devel__ -1
2
316
234
134 Feb
234 Mar
T onopah Mining
1
354
334
805
3
Jan
334 Mar
Union Traction
50 3754 3754 3934 2,560 36
Jan 3954 Mar
United Gas Impt
50 9334 9054 9434 1,845 8934 Feb 0434 Mar
United Lt & Pow com_
*
13
14
1,100 1254 Mar 1554 Jan
US Dairy Prod "A"
•
30
30
10 2854 Jan 30
Mar
Victor Talking Mach_ _1
149 149
15 146
Feb 15934 Jan
New
3534 3634
380 33% Feb 3934 Jan
7%
9731 9834
131 97
Jan 9954 Feb
6%
9034 9054
50 8734 Jan 9254 Jan
West Jersey & Sea Shore_ 50 4654 433 4751 2,721 40
Jan 4734 Mar
Westmoreland Coal new 50
5134 53
107 51
Mar 53
mar
BondsAdv Bag & Paper 7s_.1943
10454 10434 $4,000 10434 Mar 10454 Mar
Amer Gas & Elec 523_2007 9954 9934 100
13,000 95
Feb 100
Jan
Consol Trac NJ 1st 581982 73
7031 73
24,000 62
Jan 76
Jan
Elec & Peoples tr ctfs 4s'45 56
56
57
8,800 54
Jan 5854 Jan
Keystone Telep 1st 58_1935
9354 9351
1,000 93
Feb 0354 Feb
Leh C hc Nair cons 4545'54
99
9934 12,000 9834 Mar 100
Jan
Lehigh & New Eng 55_1954
10334104% 35,000 10354 Mar 10434 Mar
NY Phila & Nonf 1st 4s '39
9451 9434 3,000 9134 Jan 9451 Mar
Peoples Pass tr ctfs 48_1943
69
71
12,000 66
Jan 71
Jan
Plana Co cons & coil trust 55
Stmpd sk fd & red_ _1951
10031100% 73,000 9954 Jan 10034 Mar
Phila Elec (Pa) lst s f 45'66
8934 8954 20,000 8754 Feb 8951 Jan
58
1960
10351 10434 14,000 103
Jan 104% Mar
1st 55
1906 10551 10434 10551 11,200 10334 Feb 10534
Mar
1953
5555
107 10734 12,000 105
Feb 10734 Mar
6s
1941 107% 10734 10734 4,000 107
Jan 10731 Mar
Phila Elec Pow Co 534572 104
10434 104% 4,000 103
Jan 10534 Feb
Reading Terminal 5s_ _1951
10434 10434 1,000 10434 Feb 105
Feb
United Rye gold tr etf 45'49
64% 69
13,900 63
Jan 69
Mar
York Railways let 55_1927
95
9534 3.000 9354 Jan 95% Mar
•Do par value.
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Mar.
.19 to Mar. 25, both inclusive, compiled from official lists:
Stocks-
Frway
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Amer Wholesale new stk100
Arundel Corp new stock_ •
Atlan Coast L(Conn)_ _50
Baltimore Trust Co
50
Preferred
50
Benesch (I) preferred_ _25
Central Fire Ins
10
Central Teresa Sufi, pref_10
Ches&Po Tel of Bait pf 100
10234 10234
:3451 3554
240 240
133 13334
28
28
2634 2634
30
30
.75
.75
117 117
5
1.598
28
79
85
4
10
50
14
Range Since Jan. 1.
Low.
102
3134
230
12934
28
2631
26
.75
115
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Jan
High.
105
46
240
13434
3634
2731
37
.90
117
Mar
Mar
Feb
Mar
Jan
Feb
Mar
Feb
Jan
[Vox.. 124.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Pal Price. Low. High. Shares
Commerce Trust
50
Commercial Credit
•
Preferred
25
Preferred B
25
634% preferred
100
Consol Gas, EL & Pow_ •
654% preferred
100
7% preferred
100
8% preferred
100
Consolidation Coal__ _100
Preferred
100
Continental Trust
100
Eastern Roll Mill new stk •
Equitable Trust Co
25
Fidelity & Deposit
50
Finance Co of America _25
Finance Service, class A.10
Houston Oil pref v t c _100
Manufacturers Finance_25
2d peferredi
25
Maryland Casualty Co. 25
Maryland Mtge Co corn.*
March & Miners new... •
Monon Valley Trac pref_25
MtV-WoodMills pf v t r100
New Amsterdam Caw Cob0
Northern Central
50
Penna Water & Power_100
Silica Gel Corporation_ __•
United Railway & Elec_ t0
US Fidelity & Guar_
50
West Md Dairy, prof_
•
BondsAlabama Co gen 65_ _ _1933
General4 Ms
1954
Consol 0,EL&P 4545_1935
6% notes, Ser A _ _ _1949
Elkhorn Coal Corp 6%s'32
Fair & Clarks Trac 55_1938
Ga Sou & Florida 5s_ _1945
Macon Dub & Say 55
Nord & Ports Trac 55.1C36
Titusville Ir Wks 1st 75.'29
Un Porto Rican Sug 7% '31
United Ry & E 45
1949
Income 45
1949
Funding 55
1936
6% notes
1927
65
1930
6s, when Issued_
1949
Wash Balt & Annan 55 1941
Wash & Vandemere 4 545'47
West Md Dairy 65_1946
Range Raw Jan. 1.
Low.
High.
56% 56%
40 56
Jan 5754 Jail
1734 18
60 1434 Feb 20
Feb
21
21%
100 20% Feb 2234 Jan
2134 22%
42 20
Feb 23
Jan
81
30 81
8234
Jan 87
Jan
5231 5334 1,005 51
Jan 54
mar
112 112
145 111
Jan 112% Mar
113 114
54 11254 Mar 115% Feb
127 12731
15 126
Jan 129
Mar
31
3231
371 3034 Mar 3734 Jan
86
86
3 86
Mar 86
Mar
240 240
4 240
Mar 250
Jan
22% 2334
110 2234 Mar 28
Feb
74 34 7434
10 71
Feb 75
Feb
175 18251
250 1353.4 Jan 185
Mar
10
10%
35 17
941
1031 Feb
n
1751 17%
75
Jan
1851 Jan
90
9151
181 86
Jan
3234 32%
75 3234 Mar 44
Jan
20
2034
105 20
Mar 22
Jan
106 10634
56 98
Jan 116
Mar
24
24
63 1734 Feb 24
Mar
393( 40
485 38% Mar 43
Jan
2334 24
383 2334 Mar 25
Feb
81
82
386 7834 Jan 85
Jan
59
59% 1,005 5234 Jan 63% Mar
8234 8234
12 81
Jan 82% Mar
179% 182
32 176
Jan 185
Feb
16
16
10 15
Jan
19
Mar
2054 2254 2,326 20
Jan 22% Mar
254 259
92 205
Feb 262
Mar
5251 5251
10 50
Feb 52% Mar
101 101
$5,000 101
Mar
9034 9934 1,000 99
Jan
9954 99% 2,000 10
97
%54 Jan
107% 107% 11,000
9951 9934 1,000 98
Jan
95
95
3,000 93
Feb
10154 10134 2,000 10134 Mar
8634 8634 9,000 8634 Mar
Mar
19
09
14 10
99
14 6
1,99
'
000
9 109814
101 101
3,000 10051 Mar
76
77
47,000
53
5351 36,000 7
57
" laaa
n
79
7954 6,100 7554 Jan
10034 10034 3,000 100
Jan
9934 9934 2,000 0934 Mar
99
9954 15.000 9734 Jan
7334 7334 12,000 65
Jan
97
97
2,000 9634 Feb
103 103
1,000 10034 Jan
101
Mar
9954 Mar
10
97
9%
A Mar
99%
95
10151
8654
Feb
Mar
Feb
Mar
Mar
109914
10151 Feb
77
Mar
8
79
454
10034
9934
9934
77
97
103
Feb
Feb
Mar
Feb
Jan
Mar
Mar
•No par value. z Ex-dividend.
Chicago Stock Exchange.-Record of
ons at
Chicago Stock Exchange Mar.19 to Mar 25,transacti
both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Adams Royalty Co corn _ • 2731 2734 2854 2,060
Jan 3254 Pet,
2534
All America Radio el A_ _5
9
954
220
734 Mar 10% Mar
Amer Igultigraph corn_ _ _•
1954 19 34
100 1951 Mar 20 ' Jan
American Pub Seri,pref 100
9834 99
100 94
Jan 100
Feb
Am Pub Util Co par pfd 100 82
8051 82
477 73
Jan 83
Mar
American Shipbuilding_100
8451 85
50
7931
Jan
86
Feb
Amer States Secur Corp A •
334
354 354 1,000
334 Jan
434 Jan
Claw B
•
334 354
470
334 Feb
434 Jan
Warrants
31
34 4,200
51 Mar
1
Jan
Armour & Co (Del) pref 100 94
9331 9454
575 9234 Mar 9634 Feb
Armour & Co prof
100 8134 79
82
2,900 7734 Mar 8634 Jan
Common Cl A v t e..25 1234
12
1234
631
12
Mar 16
Jan
Associated Investment Co•
3634 3751
100 3634 Jan 3834 Feb
Auburn Auto Co corn_ _25 9834 96 10054
7,085 6834 Jan 10334 Mar
Bababan & Katz v t c _ _ _25
6051 6154
270 60
Mar 63
Jan
Beaver Board v t certifs.. _•
3
234 3
150
234 Mar
4
Jan
Prat vot tr Ws
100 3834 38
3834
220 38
Jan 39
Mar
Bendix Corp cl A
10 44
4234 4434 2,840 3651 Jan 4634 Feb
Borg & Beck com
10 55
55% 5734 3,050 53
Jan, 615.1 Feb
Brach & Sons(E J) corn_ _• 27
26
27
575 24
Feb 3534 Jan
Butler Brothers
20 2334 22% 2354 1,725 17
Jan
2334 Feb
Celotex Co corn
• 75
72
75
740 70
Jan 8331 Jan
Preferred
100
88
8834
210
88
Mar
9154
Mar
Central Ill Pub Say pref.•
91
92
107 8834 Jan 92
Mar
Central Ind Power pref_100 90
8951 90
165 8534 Jan 90
mar
Certifs of deposit_._ _100 90
8834 90
83 8534 Jan 90
Mar
Central Pub Sent (Del)..• 18
1731 18 34 1,985 17
Jan
1834 Mar
Central S W Utll corn_
•
59
6034
195 5651 Jan 6734 Feb
Preferred
• 9534 9434 9534
375 0334 Jan 0634 Jan
Prior lien pref
* 100
99 100
590 9834 Jan 10134 Jan
Chic City & Con Ry prt pf*
534
554 534
800
3.54 Jan
6
Feb
Chicago Elea Mfg "A"._.• 2434 2434 25
850 2434 Mar 26
Mar
Chic Fuse Mfg Co corn_ •
3334 3334
40 30
Jan 343.4 Feb
Chic N S & Milw corn_ _100
34
3454
105 3354 Jan 36 34 Jan
Prior lien pref
100 100
9954 100
180 99
Jan 10131 Mar
Chic Rap Tran pr pf A.100
10234103
33 10234 Feb 10434 Feb
Chic Rys part etfs ser 2_100
34
34
250
51 Feb
51 Mar
Commonwealth Edison.100 143% 14234 144 34
780 138
Jan 14434 Mar
Consumers Co corn
5
654
6
634
560
6
Mar
734 Jan
Preferred
100
70
70
50 6934 Feb 78
Jan
Continental Motors corn.• II%
113.4 113.4
25 111.4 Mar 1334 Jan
Crane Co con
25
49
493.9
124 40
Mar 52
Jun
Preferred
100 118
118 11834
111 117
Feb 118 34 Jan
Cuneo Press A pre:
50 5034 50
5034
245 4951 Mar 61
Jan
Decker (Alf)& Cohn,Inc_* 25
25
226 25
2534
Mar 28
Jan
Deere & Co pref
100
10734 10754
40 106
Jan
109
Feb
Diamond Match corn..100
130 116
11834 120
Jan 12134 Mar
El Household Util Corp_10 1234 1234 1234
565 11
Jan
1434 Jan
Elea Research Lab, Inc..•
034
9
934
700
9
Jan
1234 Jan
Empire G & F Co 7% pf100 9654 9634 97
565 9234 Mar 97
Mar
8% preferred
100
102 10354
332 10054 Mar 1033,4 Mar
Evans & Co, Ina, Cl A...5 32
3131 3234
695 283.4 Jan 3434 Feb
Class B
5 30
29% 3054 1,170 2474 Jan 325-4 Feb
Fair Co (The) corn
• 2951 28
3034 3,150 2234 Mar 3151 Feb
Preferred
100
107 107
40 105
Feb 107
Jan
Gill Mfg Co
10
434 431
434
400
434 Mar . 534 Feb
Gossard Co(H W)corn_ •
195 3334 Mar 46
3334 3434
Jan
Great Lakes D & D..,.100
140 140
35 140
Mar 152
Jan
Greif Bros Coop'ge A corn • 30
39
39
25 3834 Jan 40
Jan
HammermIll Paper Co_ _10
3051 3031
50 30
Feb 35
Jan
Hupp Mot CM Corp com10
2151 2134
35 21
Jan 2354 Jan
Illinois Brick Co
25 5454 5354 5.554 11,140 49
Jan 5534 Ma
Illinois Nor Utilities pf_100
95
95
15 92
Jan 97
Feb
Ill Wire& Cable Co corn _10 2434 2451 2431
650 2431 Jan 2534 Feb
Indep Pneum Tool v't c_ _• 51
51
5151
80 51
Mar 55
Jan
Kellogg Elwitchb'd com._10 1534 1534
395 1354 Jan
16
1934 Mar
Ky II i.dro-Elec pref___100 9454 94% 9454
50 945-4 Jan 9754 Feb
Kentucky Util Jr cum pf.50
51
51
60 51
Jan 5134 \Jar
Keystone St & Wire pf_100 8834 8834 5834
36 8834 Mar 92
Jan
Kraft Cheese Co corn_ _25
53
54
75 51
Feb
Feb 63
La Salle Ext Univ com _ _10
654
654 734 1,700
Mar
9
Jan
654
Libby, McNeill & Libby _10
931
9
934 3,710
9
Mar 10% Jar
McCord Radiator Mfg A_• 3954 3951 3954
28 38
Jan 40
Jar
McQuay-Norris Mfg
•
18
19
12
17
Jan 21
Jar
n.12
0
,
11Z
10IC
RTIL
Ma
'11
Tnr
THE CHRONICLE
14%
33%
10%
113
144
51%
25%
25%
40%
Feb
Feb
Jan
Jan
Mar
Mar
Feb
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Jan
91
5134
14
97
11634
17
3434
104
68
114
14%
5
5%
52%
2655
26
424
145 87
35 50
89
1254
1.83
924
36 115
13
14%
400 2731
57
851
40
6051
70 112%
650 14%
250
5
200
5
880 51
2,850 2434
1,810 254
5.160 38
Jan 93
Jan 52%
Mar 1534
Jan 109
Ma 118
Feb 17
Jan 37
Jan 434
Jan 68
Ma 117
Ma
164
Feb
7
Feb
Jan 53
Ma
274
Mar 294
Mar 553.4
BanksFifth-Third Union units100
325% 329
12 3204
Jan 330
Mar
Jan 98
Jan 974
Mar 92%
Jan 73
Jan 114
Mar
Mar
Mar
Jan
Mar
Public UtilitiesCincinnati & Sub TeL _ _50
Cincinnati Gas & E1ec_100 96
C N & C Lt dr Tr corn_ A00
Preferred
100
Ohio Bell Tel, pref
100 113
9634
96
91
72
11234
97
974
92%
72 34
11334
84 904
618 934
27 91
151 70
107 1103(
TractionsCincinnati Street Ry ....50
42
414 43
867
38%
404 Mar
Jan
BondsFay & Egan 68
1943
Richardson 6% notes_1938
Cincinnati Street Sty
Mar 96
96
96
Mar
$1,000 96
105 105
Mar
Mar 105
40,000 105
100% 1004 5,000 10(14 Mar 100% Mar
* No par value.
St. Louis Stock Exchange.-Record of transactions
at St. Louis Stock Exchange Mar. 19 to Mar. 25, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Saks
Last Week's Range for
Sale
Week.
ofPrices.
Par. Price. Low. High Shares.
Bank StocksBoatmen's Bank
Nat'l Bank of Comm_
100 151
100
151
156
151
156
32
5
Mercantile Trust
100 429
Mississippi Valley Trust100
429
285
430
285
15
15
Range Since Jan. 1.
I
Low.
High.
Cg
96%
904
51
1334
954
115
144
33
10%
66
1124
14%
5
551
51%
25%
25%
38
Mar
Feb
Feb
Mar
Feb
Star
Mar
Mar
Trust Co. Stocks-
gg
90%
5154
95,;(
7834
10054
100%
29
65
10034
115
act
40
6%
3%
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
00
109
47
19%
27%
96%
59
11735
184
49
High
Low.
413 85%
47 75
76 924
135 9934
4 254
25 61
7 99
21 115
X
104
115
374
U S Playing Card
94
20 94
953(
US Print & Litho, col:Q.100 75
75
75
Preferred
100 99% 97
994
Vulcan
10034 1004
•
Western Paper
25% 254 254
Whitaker Paper, Corn. _.* 613.4 61 34 62
Preferred
994
994 99
Wurlitzer, 7% pref
115 115
13 115
88
1954
2134
Feb
Feb
Feb
Feb
Mar
Feb
Feb
Mar
Mar
Jan
Mar
Jan
Mar
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Mar
Mar
Feb
Jan
Mar
Feb
Jan
mar
Jan
Feb
Mar
Feb
Feb
Jan
44
44
254
324
294
984
108 34 1094 2,715 108% Feb 114%
108 108
900 105.14 Jan 11334
118 118%
777 11734 Jan 120
414 44
833 41
Feb 4734
100 1024
Jan 102%
405 98
964 98%
150 964 Mar 9934
62
61
Jan 63
1,200 58
16 34 1654
30 11
Jan 163i
13534 13534
21 13034 Feb 13734
244
24
985 2334 Feb 254
96
96
10 934 Jan 9654
778
234 234
234 Jan
44
32% 34% 1,250 30 34 Jan 354
294 2934
250 224 Jan 30
98
110 974 Mar 101
984
25
300 25
26
Mar 274
132 19
19% 1954
Jan 21
2034 214
840 194 Jan 214
42
450 41
4234
Feb 51%
1334 134
143 13034 Jan 136
133% 13334
25 132
Jan 136
104 1044
41 102
Jan .105
114 115
75 11334 Jan 116
550 324 Jan 3934
3631 38%
189 190
45 180
Jan 190
109 10934
222 107
Jan 10934
46
610 394 Jan 484
474
19% 20
615 1934 Mar 23%
26% 2731
726 254 Jan 28
96
97
75 944 Jan 98
5734 60
10.500 544 Mar 67%
117% 118
1,375 115% Jan 120%
184 194 6,260 184 Mar 23
549
49%
405 47
Jan 50
118 119
125 99
Jan 119
40
40
300 39% Jan 44
551 6% 18,050
2% Jan
64
3% 4
234 Jan
100
4%
Range Since Jan. 1.
44
44
244
High.
Street Railway Stocks.
St Louis Pub Serv corn_
4
4
108%
108%
118%
4134
1024
98
61%
Low,
28
Middle West Utilities_ ___*
Preferred
100
Prior lien preferred...100
Midland Steel Prod corn...*
Midland 1.411 prior lien_100
Preferred A
100
Morgan Lithograph corn.*
Mosser Leather Corp corn *
National Carbon pref__100
Nat Elec Power A part_ _ _*
7% preferred
100
National Leather com _10
National Standard corn...*
North American Car corn •
Nor West Util pr In prof 100
Novadel Process Co pref_ _•
Penn Gas& Elec"A"corn •
Pick, Barth & Co part pref*
Pines Winterfront A com_5
Pub Serv of Nor Ill corn_ *
Pub Serv of Nor III com.100
6% preferred
100
7% preferred
100
Q-R-S Music Co com _ _•
Quaker Oats Co corn
•
Preferred
100
Real Silk Hos Mills corn 100
Reo Motor Car Co
10
So Colo Pr Elec A com_ _25
Southw 0& E Co 7% pf100
Stewart-Warner Speedom.*
Swift & Co
100
Swift International
15
'Thompson (J R) com_ --25
Union Carbide & Carbon.*
United Biscuit class
United Iron Works corn_ _s
Common v t c
United Light & PowerClass "A" preferred_ _•
Class "B" preferred_ _ _a
Common class A new_ _•
U S Gypsum
20
Preferred
100
Utilities Pow & Lt cl B vte•
Vesta Battery Corp corn. 10
Wahl Co corn
Ward(Montgomery)&Co 10
Class A
•
Williams Oil0 Mat corn....'
Wolff Mfg Corp corn
•
Wolverine Portland Cem 10
Wrigley(Wm Jr) Co corn.*
Yates Machine Part Pref-a
Yellow Tr& Coach Mfg B 10
Yellow Cab Co Inc (Chic).*
Range Sinew Jan. 1.
1805
Friday
Sales
Last Week's Rang4 for
Sale
ofPrices.
geek.
Stocks (Concluded) Par Price. Low. High. Shares
4
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (CorwAuded) Par Prk4, Low
High. Shares.
X
MAR. 26 1927.]
page 1779.
4
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Ma
974
Jan 7934
Jan 61
Jan 7834
Jan 77
Jan 58
Jan 3834
Jan 33
Jan 105
Jan 111%
Mar 103
8328
973.4 $10,000 96
7934 51,000 75
61
12,000 52 34
7855 22,000 7454
77
26,000 744
15,000 52
58
38% 4,000 35
5,000 29
33
1044 9,000 103
1114
1,000 10274
103
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44
3734
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60
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77
5734
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•
184 1834
150
Feb
Miscellaneous Stocks.
Mar
Mar
Amer Credit Indemnity.25
53
53
60
Mar (A
5) Alde Co corn
100
60
loom 10034
Feb
Sternberg
&
Baer,
Cohen
Mar
1st preferred
110
98
98
100
Mar
•
41
40
220
Mar Boyd-Welsh Shoe
Shoe common__100
80
3134 32
Mar Brown
Preferred
11234 113
45
100
Mar
Equip
Chicago
corn_
29
50
34
_25
Ry
2934
Mar
40
Como Mills Co
40
100 40
154
324
425
32
100 100
3,00
994 Jan 100
Jan Ely & Walker D G corn_ _25 32
11234 11234
let preferred
25
100
1004 104 107,00
96
Jan 104
Mar
Fred Medart Mfg com_ •
304 3034
1
10
200
10
964 96% 3.00
96% Ma
97 34 Feb Fulton Iron Wks corn.....'
Preferred
55
2
100
55
55
854 85% 3,000 8454 Jan 87
Mar
14
40
39
102 102
1,000 101% Jan 1024 Mar Hamilton-Brown Shoe_ 25
Hussman Refr common_ _• 3254 323.4 3234
20
Hydraulic Pr Brk 0°131_100
• No par value. x Ex-dividend
44 434
30
Independent Pack corn_ •
23
150
23
Preferred
110 110
4
100
Cincinnati Stock Exchange.-Record of transactions International
164 165 34
Shoe com_ *
110
10834 10835
Preferred
45
100
.at Cincinnati Stock Exchange Mar. 19 to Mar. 25, both
Johansen Shoe
*
30
30
25
inclusive, compiled from official lists:
Johnson-S dr S Shoe
•
6234 6234
20
Laclede Gas Light pref_100
1144 115
30
Friday
Sales
Laclede Steel Co
5
166 166
100
Last Week's Range for
Mo-Ills gores common_ •
Range Since Jan. 1.
143.4 144
20
Sale
of Prices.
Week.
Mo Portland Cement__ _25 4934 4854 53
2,235
StocksPar. Price. Low. High. Shares.
Low.
Moloney Electric pref_ 100 101
101 101
100
High.
Nat Candy corn
222
8934 9034
100 90
111 34 113%
800 110
Am Laundry Mach com_25 112
1st Preferred
Jan 11534 Jan
113 113
17
100
Preferred
100 1254 1254 126
91 125
a
Feb 126% Mar Pedigo-Weber Shoe
32
40
32
25
Amer Products
715 214 Feb 254 Mar Polar Wave I & F "A"__ _a 33
24% 2554
33
150
33
Amer Rolling Mill corn_ _25 504 50
Jan 51
5054 2,251 44
872
Mar Rice-Stix Dry Goods com.• 1934 1934 20
100
Preferred
112% 113
149 1104 Feb 114
1st Preferred
110 110
255
100
Feb
7
10
Amer Thermos corn
10
950
7
Mar 1054 Feb Scruggs-V B D G let pf 100 84
84
83
25
37 34 35
Preferred
30 34
3734
Feb 3754 Mar Securities Inv pref
105 105
10
100
Baldwin corn
190 190
100
20 190
Mar 198
135
• 2734 27
2734
Jan Sheffield Steel corn
5, 1064 Jan 108
New preferred
108 108
100 108
110
• 4334 4334 434
Mar Skouras Bros "A"
Burger com
204 204 204
565 134 Feb 204 Mar Southw Bell Tel pret_ _ _100
114 34 1154
156
Preferred
183 5054 Feb 56
56
56
45
15
46
Mar St Louis Amusement"A"' 46
Buckeye
49
47% 5054 2,697 44
Jan 5054 Mar St Louis Car corn
16
16
25
10 16
Carey (Philip) corn_..100
206% 20634
6 190
Jan 2064 Mar
Preferred
• 294 294 2934
187
Champ Fibre pref
103% 10354
3 103
100
Jan 1054 Feb Union 131scult pref____ 100 105
105 105
10
Churngold Corporation_ _* 41
40% 41
25 344 Feb 45
21
• 21
408
2254
Mar Wagner Electric com
Cincinnati Car
23
23% 2,697 2154 Feb 24
Preferred
261
Jan
733.4 7654
100 74
Cln Postal Term prof _ _100
50 90
904 0054
Jan 9054 Mar Wm Waltker Co corn __. 8234 73
413
863.4
City Ice & Fuel
•
2454 2454
170 2254 Jan 25
Feb
Cooper Corp (now)
1 63
_100
7054 7034
Jan 73
Mining StocksFeb
•Cooper Corp new pref.. _100
1024 102%
139 1004 Mar 103
Jan
Dalton Add Mach com..100
16 50
85
85
Jan 85
30c.
30c
750
10
Mar Granite Si-Metallic
Dow Drug Prof
4 1124 Jan 115
115 115
100
Mar
Eagle-Picher Lead corn._20 27% 2754 27%
1.158 2634 Feb 2854 Jan
Street Railway Bonds
Daniel
corn
Early &
103 103
9 102
*
Jan 10334 Feb
Fleischmann pref
1134 1134
5 1134 Feb 1134 Mar East St L & Sub Co 5s1932
100
90
90
2,000
Formica Insulation
110 22
•
22
22
Feb 25
84
Jan St L & Sub Ry g mtge 5s'23
8454 10,000
French Bros.-Bauer pref100
10 904 Jan 95
91
91
Gen mtge 58 C-D_ _1923
8234 82%
Feb
1,000
Giant Tire
240 41
50
504
Jan 55
Feb United Railways 4s_ _1934
764 774 46,000
Gibson Art corn
• 404 40
41
618 40
Mar 44
48 D-C
1934 76
Feb I
76
764 26,000
Globe Wernicke com_ __100
89
24 85
90
Jan 89
Feb
100 904 90
Preferred
187 8734 Mar 904 Mar
9054
Miscellaneous Bonds*
Gruen Watch corn
444 45%
92 45
Mar 54 34 Jan
Preferred
19 109.54 Feb III
1094 111
100 111
Mar Ktnloch Long Dist 58_1929 10034 10034 1004 5.000
154
Hatfield-Reliance corn_• 15%
150 15
Feb
1534
18
1935
Jan Houston 0116348
103% 1034 11,000
Hobart Co
370 2634 Feb 2954 Jan
28% 284
do
do
994 994 4,000
1935
Jaeger Mach
40 2754 Feb 2934 Jan
28% 29
do
do
1941
10054 1004 4.000
Hahne let
105% 1054
10 99
Jan 1054 Mar
Participating
•No par value.
25 40
Jan 45
4434 4434
Mar
Kemper-Thomas coin_ _ _20
10 48
48
48
Mar 48
Mar
Kroger com
1,184 12454 Jan 1294 Mar
127 129%
10 127
*
McLaren & Cone
17
29 164 Jan 174 Feb
17
• 9934 9934 9931
Mead Pulp
25 9934 Mar 105
Feb
Pittsburgh Stock Exchange.-For this week's record of
• 1024 1004 102K
Nash A
62 9854 Jan 10254 Mar
64 6%
Paragon Refining corn_ ..25
100
6% Feb
734 Jan transactions on the Pittsburgh Stock Exchange see page 1779.
Preferred
30 704 Mar 734 Mar
100
7054 7054
Procter & Gamble arm _ _20 182% 18231 183
814 177
Feb 19154 Feb
preferred
100 1134 114 34 116
200 112
Feb 116
Mar
175 97
100 984 974 99
Pure
'
011 6% prof
Feb 994 Mar
San Francisco Stock Exchange.-For this week's record
113 113
40 111
100 113
Jan 113
8% preferred
Mar
Richardson corn
1474 14754
2 14754 Mar 150
100
Jan of transactions
on the San Francisco Stock Exchange se
105 384 Feb 42
414 42
a
U S Can corn
Mar
inn
Gel( 11111
20
OR
May. inn
14..
BondsCent West PS con deb6s'36 974
Chicago City Ry 5s__ _1927 79
Chic City & Con Rys 5s '27 61
Chicago Railways 58. _ 1927
1st M ctf of dep 5s_ _1927
58, series A
1927 58
5s, series B
1927
Purchase money 5s_1927
Commonw Edison 5s.1943
let M 6s
1943
let M 58 series "B"_1954
Crown Willamette Paper1951
lstM 688 fgb
HousGGCosfg 6481931 104
La Ice & Util IncCony g b 60 "A"..A946
Northwestern Elev 55_1941
Swift & Co let of g 58_1944
1806
TELE CHRONICLE
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from Mar. 19 to
Mar. 25, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilatious below.
Prtaay
Sot's
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Per Price. Low
High Shares
[VOL. 124.
Range Since Jan. 1.
Low.
High.
Empire Pow Corp part stk. 37% 32% 37% 12,800 26
Jan 37% Max
Estey-Weite Corp clam A.•
8
7,4 12
18,300
7% Mar 4894 Jan
Class B
•
4% 434
500
3;4 Mar 1834 Jan
Evans(ES)Inc cl A com-5
32
32
100 32
Mar 34% Feb
Clam B common
30
30
100
2944
Feb 32% Feb
Fageol Motors Co com._10
2% 2% 1,500
2%
2% Mar
4% Jan
Fajardo Sugar
100
153 153
151%
10
Feb 164
Jan
Fall River Elec Light_ _25
60
6234
300 48
Mar 6234 Mar
Friday
Sales
Fanny Farmer Candy St.'
27
2734
400 25
Mar 33
Jan
Week Ended March 25.
Last Week's Range for
Range Since Jan. 1.
Federal Purch Corp CIA..'
6
6
7
400
6
Feb 2734 Jan
Sale
ofPrices.
Week.
Class B
•
25e 250
1,000
25c Mar
Stocks634 Jan
Par. Price. Low. High. Shares.
Low.
High.
Federated Metals
1356 1334 1334
300
12%
Jan 14% Jan
Firestone T & R,6% p1.100
12534 12531
30 115
Feb 130
Indus. & Miscellaneous.
Mar
7% preferred
100
10034
10035
50 99
Jan 10246 Feb
Aeolian Web Plano &
Ford Motor Cool Can.100 444
439
454
220
410
Jan
Feb
Planets,
500
100 5094 5034 504
Feb 50% Mar Forhan Co, class A
100 84
• 1741 1741 18
500 174( Jan 19
Ma Gt Sou RR com_ .50
Jan
128 128
200 124
Jan 130
Feb Foundation CoMabama Power 37 pref.... 1114 1114 1114
180 10844 Jan 112% Mar
Foreign shares, class A..• 18% 17% 1934 4,100 16
Jan 2044 Mar
Allied Pack corn
50c 51c
500 503 Mar
1% Jan Fox Theatres Cl A com • 2434 20% 25%
11,600 2041 Mar 2594 Mar
Aluminum Co common__ _• 6944 69% 71
900 6944 Mar 73
Feb Franklin(H H) Mfg corn.' 1354 1334 1494
400 13% Mar 194 Jan
Preferred
100
102 10234
400 10144 Mar 103
Mar
Preferred
100 79
79
79
75 79
Jan 80
Feb
American Arch Co
100 90
Mar 109
85 101% 1,175 85
Jan Freed-Elsemann Radio__•
3%
344 3%
700
34 Jan
Am Brown Boverl El Corp
7% Jan
Freshman (Chas) Co
14
•
13%
5,600
1631
13%
23% Jan
Mar
Founders shares
16
Mar 21
16
100 16
Jan Fulton Sylphon Co
•
43
4231
4431
1,000 3934 Jan 48% Mar
Founders shares t a_ _• 1534 15
1734 5.300 15
Mar 21
Jan Galv-IIous Elec corn. _ _100 26
26
240 26
2631
Jan 30% Jan
Am Cellulose dr Chem corn* 100
70 74
100 100
Jan 107
Feb Garland Steamship
a
600
1% 1%
824 Feb
134 Max
Amer Cyanamid cl B com20 2834 2836 3234 4,200 28% Mar 35% Jan Oared Corp
•
13( 134
100
75, Jan
3% Jan
PreferreJ____ ______ 100 87
87
8844
170 86% Feb 89
Jan General Baking 01 A
• 55% 55% 5831 12,400 5544 Ma
83%
Jan
Amer ElectrIce Corp•to.•
3% 4%
334
3
900
Feb
Clam B
Mar
5
•
534
4% 5% 35,800
4% Ma
Jan
Amer Gas & ElecGeneral Electric(Germany)
Corn (new ox-elk dly)_ .• 72
7034 7234 7,200 68% Jan 74% Jan
Warrants
114 114
1 110
Ma 170
Feb
Preferred
• 9941 98
9951 1,200 9544 Feb 994 Mar Gen') Fireproofing corn
1,100 51
6231 72
Jan 8434 Mar
American Hawaiian SS.AO
1031 11
200
9
Jan 1154 Mar General Ice Cream Corp..' z69%
49%
49
49%
500
4034
Feb
49%
Mar
Amer Lt & Trate corn_ .100 23034 230 231
400 22234 Jan 235
Feb General Pub Serv corn. •
13
13% 1,300 1144 Jan 14% Feb
Preferred
114 115
100 115
175 11244 Feb 115
Mar Ga Pow (new carp)86 p1..' 9434 94
300 94
9441
Mar 94% Mar
Amer Pow & Lt pref _100 10041 9934 10031
320 97% Jan 10094 Feb Gillette Safety Razor....* 87
86%
7,900 8634 Ma
8844
95
Jan
Amer Pub HUI partic pf 100
81
10 74
81
Jan 82
Feb CO Spring dr Bump coin.* 10% 1034 1056
200
9% Jan 11% Mar
American Rayon Products.
25.100
334 M rr
354 7
7
9
Feb Gleasonite Prod corn. .10
1,000
8%
944
8%
Mar
1234
Jan
Amer Rolling Mill Coln. 25
50345034
44%
50
Feb 50% Mar Glen Alden Coal
•
165 16634 1,300 185
Ma 179
Jan
Preferred
100 11244 11234 11234
20 110
Jan 11231 Mar Gobel(Adolph) Inc corn...' 16644
3051 30
800 25% Jan 3034 Max
30%
Amer Seating Co y t e_.• 42
42
4434 2,900 42
Feb 4644 Mar Goodyear T & R corn_ .100 3854 36
37,200
41%
2834
Jan 414 Mar
Amer Superpower Corp A_• 2934 29
30
900 27% Jan 30
Mar Great All Pac Tea 1st p1100
10
11754 117%
118
Feb 117% Mu
Class B
• 31
2934 3144 7,500 2834 Jan 3144 Mar Greif (L) Bros Inc 7% Pre
Panic preferred
28
25
28
200 2641 Jan 2834 Feb
with corn stk our warr100 10634 10634 108
100 104
Jan 110
Mar
American Thread pref....5 31216
300
31114 316jr
341 Jan
3lir r Mar Habirshaw Cable & Wire.. 17
15% 17
400 15
Jan 20% Jan
Amer Writ Paper y t o...
10% 10% 1031
900 10
Jan 11
Feb Hall(CM) Lamp Co_
•
10
700
10%
8%
Jan
1034
Mar
Preferred v t c
2741 2834 1,300 274 Mar 3144 Mar Happiness Candy St Cl A.•
100
6%
634 8,4 1,400
6
Jan
7
Jan
Amoskeag Co
• 63
61
63
575 81
Mar 68% Mar
Founders shares
•
6
6
6
6% 5,700
Jan
Anglo-Chili Nitrate Corp.
834 Jan
17% 164 1734 3,400 14
Feb 1741 Mar Hazeltine Corporation_
11
100 11
11
13
Ma
Jan
Arizona Power corn_ _ _100
24
25 22
24
Jan 24% Jan Heilman (Richard) CoArkansas Lt dr Pr pref__100 104
102 104
60 97% Jan 104
Common
Mar
•
13% 13%
100 13% Mar 13% Mar
Assoc Gas dr Elee chum A.• 41
4034 41
8,500 35
Jan 4134 Feb
Panic pref with warrle.• 3234 32
800 28% Jar, 33
33
AU Birm & AU Ry pref.._ _ 9354 9335 9334
Mat
50 93
Feb 93% Mar Hercules Powder, com.100 192
190 192
70 178
Ma 200
Atlantic Fruit & Sugar...'
Mar
1
3,100 953 Mar
950
1
Preferred
194 Jan
100
1164 1164
10 114
Ma 11734 Jan
Atlas Portland Cement.. •
424 4235
100 40
Jan 44
Jan Hayden Chemical
14
100
1% Jan
134
Auburn Automobile corn 25 9931 9534 100
Mar
134
125 69
Jan 10334 Mar Hires(ChasA) Co Cl A corn"
22
300 21% Jan 22% Feb
224
Bamberger (1.)694% 01100
500 105
10834 10834
Feb 106% Feb Hood Rubber Co corn.....' 42
42
200 42
42
Mar 46
Bancitaly Corp
Feb
25 110% 110 11034
300 85% Jan 114% Mar Horn & Hardart cam- •
514 52%
500 81% Ma
Beaver Board Cos, pref.100
55
Jan
3841 3834
100 38
Jan 3934 Mar
Preferred
100
107
107
107
10
Jan 109
Mar
BellTelepof Pad %/0.100
10 11244 Jan 113% Mar Imperial Tob 01 GB & I_ _ 1
11334 11334
24%
700
254
24%
Ma
30
Bendix Corp class A corn.10
Jan
44
44
100 40
Jan 4444 Mar Industrial Rayon class A.*.
64 7% 1,900
7
4% Jan
834 Feb
Bigelow-Hartf Carpet corn* 7941 7934 7934
50 713
Mar 79% Mar Insur Cool North Amer.10
55
800 51
55%
Feb 55% Feb
Bliss(E W)& Co, com_• 21% 21% 23
500 20
Jan 23% Mar Internat Tel at Tel new_100
130 130
500 125% Ma 130
Mar
Blyn Shoes Inc con
10
8%
34 Jan
834 84 7,900
Internat Utilitie,, clam A • 3434 34% 3434 1,300 28
894
Mar
Jan 354 Mar
Bohn Aluminum & Brass.
1534 1534
210 13
Feb 194 Feb
Class B
•
4
3% 4% 8,800
3
Jan
694 Jan
Borden Co cornmonEC 106
10534 10634
800 101
Jan 108% Feb Jaeger Machine
•
2841 29%
150 28
Jan 29% Mar
Bridgeport Machine corn.*
54 534
4% Feb
400
5% Mar Johns-Many. new corn w I.* 69
6631 89% 10,000 5544 Jan 73% Mar
Brill Corp class A
4034
4044 40
30
40
Mar 474 Jan
New preferred w 1___100
11534 115%
125 114% Jan 118
Mar
Clam B
• 16% 1634 1734 1,00
1634 Mar 2234 Feb Kawneer Co
•
2934 2934
500 29
Jan 294 Mar
BrIllo Mfg corn
8
8%
734 Feb
30
9% Jan Lackawanna Securities Wi. 8734 8734 91
3,100 8734 Ma
91
Mar
Class A
2134 2134
100 20
Jan 22% Mar Land Co of Florida
•
20
400 20
23
Ma
36
Jan
Brit-Amer Tob ord bear_t1 24% 2434 25
2,20
23% Feb 2534 Mar Landay Bros, Inc. class A.*
3141 32
200 30
3434 Jan
Fe
Ordinary registered_il
24% 24%
10
2341 Feb 24% Mar Landover Holding Corp_
Brooklyn City RR
10
5
534 2,400
5
5
Jan
Class A stamped
6% Jan
1
1541 1634
200 14
Jan 16,4 Mar
Bucyrus Co old corn_ _100
203 210
5 203
Mar 235
Jan Larrowe Milling
• 1974 18
2,600 18
22
Mar 22
Mar
Budd (Edw G) Mfg corn.' 29% 28
575 28
29%
Mar 32
Feb Lehigh Power Securities...* 1914 18% 1954 44.700 15
Jan 1934 Mar
Buff Nlag dr East Pr Corn..'
2794 2734
300 25% Jan 28% Feb Lehigh Val Coal Ws new.. 39
38%
10,300
38%
46
4046
Mar
Jan
Preferred
25
254 254
100 2531 Jan 2534 Jan Lehigh Valley Coal Sales.50 97
97
310 96
98
Jan 100
Mar
Bullard Machine Tool •
40
414
550 3541 Feb 414 Mar Libby. McNeil dr Libby.10
9%
100
934
941
Mar
10%
Jan
Butler Bros
23
20
23
100 2244 Feb 28
Jan Libby Owens Sheet Glaas25 129
129 135
309 129
Mar 15934 Jan
Canada Cement, Ltd _ _100
134 136
20 131
Jan 13834 Feb Liberty Radio Chain SUL..
120 12e
MOO 120 Feb 200 Jan
Canadian Indus Alcohol
2634 2694
100 22
Jan 2734 Feb Long Island Ltg corn. •
14041 145
75 140% Mar 150
Jan
Case (J I) Plow Wks cl B
Preferred
100 110
110 110
60 10744 Jan 110% Mar
t
104
3,900
394 Feb 13
854 13
Mar MacAnd & Forbes. coin-• 43
42% 43
300 4031 Jan 43 Mar
Caterpillar Tractor
•
28% 29
200 2736 Feb 31
Jan Madison SO Gard Coy to. 1694 16% 17
900 1834 Mar 18% Jan
Celluloid Co corn
50 17
20
100 20
20
Feb 204 Mar Mandel Brothers, Inc_ _ _ _* 4844 4834 48%
2,300 483.4 Mar 48% Mar
Preferred
_._100
100 6531 Jan 72
714
71
Jan Manning, Bowman & CoOelotex Co common
450 72
75
• 74% 74
Feb 83
Class A
Jan
1944 20
325 194( Mar 2034 Mar
7% preferred
150 8744 Mar 91
100 8834 8734 8834
Mar Marconi Wirel Tel of Can.!
96c
1
Mar
2,000 79c Jan
1
Central Aguirre Sugar...50 100
501 97% Jan 104% Mar Marc Wirel Tel of Loud.31
100 10291
434
494
500
3% Jan
434 Jan
Cent Leath (new)el A vtc.• 23% 22
2391 2,900 19% Jan 23% Mar Marmon Motor Car corn.'
50
51
1,100 47% Jan 6234 Jan
Prior pref v t e
1,400 73% Jan 86
100
8234 86
Massey
Mar
-Harris Co, Ltd.100
116 119
Mar
75 66
Feb 119
Central Pub Service corn.'
300 1734 Jan 1831 Feb
18%
18
New w I
29
29
Mar
500 29
Mar 29
Cent States El Co8% pt100
20 92% Jan 9531 Feb McCall Corporation
94
94
• 55
Mar
55
60
100
55
52
Jan
Centrifugal Pipe Cor p_ ...._• 15
2.400
13%
1434 16
Mar 1834 Jan McCord Had & Mfg v t c..• 17
Jan
1641 17
300 1641 Mar 21
CM&StP(newco)WL. 20
20
2034 2,100 20
Ma
20% Mar McLellan Stores B corn..' 163
Mar 163
163 163
Mar
3 163
New preferred w I
8,800 27% Ma
29
2734 29
29
Mar Mend J.ainaon at CO corn.' 40% 40
30% Jan 43% Feb
4044
50
Chicago Nipple Mfg CIA 50
500 4314 Jan 454 Mar Melville Shoe corn
454 453'4
• 72
59
Feb 72
72
Mar
2
72
Childs Co preferred.. -100 120
30 11894 Ma 121
11834 120
Feb Mengel Company
100
50 28% Feb 31
29
Jan
20
Cities Service common_20 51% 51% 5234 88,600 4034 Ma
5841 Feb Mesabi Iron
80e
Ma
990
800
Jan
•
90c
1,10
0
Preferred
9034 4,700 87
100 9034 90
Ma
92% Jan Metrop Chain Stores...." 31% 30
400 30
Feb 3331 Jan
31%
Preferred B
8
834 1,400
8
7% Ma
834 Pb Middle West HUIcoax. •
500 108
10844 10934
Feb 11444 Feb
Preferred BB
200 8141 Jan 11544 Mar
100
8254 8234
7% preferred
800 105% Jar 113% Feb
100 10841 108 10894
Bankers shares
700 25% Jan 29% Feb Midland Steel Producto_ •
25% 26
200 40
Feb 4536 Jan
4034 4034
ClInchfield Coal corn_..100
30
200
Ma
30
30
30
• 264 25
Mar Midvale Co
400 23% Jan 284 Mar
2694
Cohn-Hall-Marx Co
•
100 1834 Ma
20
20
20
Jan Miller Rubber pref. _100
40 101
Jan 1054 Feb
10254 10434
Colombian Syndicate
234 Ma
234
234 234 14,600
37r, Jan Mohawk & Bud Pow corn• 25% 2434 2534 3,600 20% Jan
27 Feb
Com'wealth-Edison Co_100
70 139
143 14441
Jan 144,4 Mar
First preferred
150
10131
10334
105
•
Jan
105
Jan
Com'svealth Power CorpMohawk Valley Co
4134 3.400 37
• 4131 40
Feb 41% Mar
Common
• 46
18,300
42%
46
48
Jan 48
Mar Monon W Pa P S 7% pf.25
50 24
Feb
25
24
Mar
24
Preferred
100 96% 95
97
600 91% Jan 97
Mar Municipal Service
951 Ma
11
100
93i 94
Feb
Conde Nast Publications
324 3034 3234 16,100 30% Ma
3234 Mar National Baking com_
200
9
Jan 10% Mar
9% 9%
Consol Dairy Products_ •
2
1,100
1% 2
146 Jan
National Casket corn '
Jan
234
50
67%
Jan
77
78%
Mar
77
Con Gas E LA P Bait cons' 5354 53
5354 3,700 aosi Jo
5354 Mar Nat Elec Power,class A
2434 1.700 23% Feb 25% Feb
24
24
Consol Laundries
• 2031 20
2031 2,600 20
Fe
8,4 8%
22% Jan National Fireproofing _._50
200
814 Ma
8% Mar
894
Courtiands, Ltd
LI
900 24% Jan 28% Feb Nat Food Prod class B ..-•
2554 2594
714 Jan
544 Mar
846 1,000
541
Crane& Co
.50
100 50
50
Mar 50
Mar National Leather
2% Jan
800
244 244
434 Jan
10
Crocker-Wheeler corn....100
29
150 26
35
Jan 374 Feb Nat Power dr Light, prof...' 105
10644
101
Jan
500
Mar
105
106
Curtiss Aaron!& M corn. •
2454 1,200 19
23
Jan 254 Mar Nat Pub Serv corn class A.* 22
7,800 1814 Jan 22
2134 22
Mar
Preferred
100
93
93
100 8441 Jan 94
Common,class B
Mar
14
17,500
Jan
2054
2034
Mar
•
20
1734
Curtis Pub Co com
• 177% 177 178
135 17034 Jan 180
Warrants
Feb
14 Mar
800
334 Jan
14( 2%
• 116
37. preferred
116 117
140 114
Nat
Jan 118
Sugar
25 126
Refining.. .100
Jan
Mar 139
Jan
120 126
De Forest Radio Corp. •
8
894 951 3,100
7
Feb 1034 Jan Neisner Bros. Inc. corn...
3034 40
700 86% Feb 40% Mar
40
Vol tr els of deposit__8
8
400
8
734 Jan 1014 Jan
Preferred
ao 98 Jan 98 Jan
9834 9634
100
Dixon (Jos) Crucible...1N 155
151 170
1,710 151
Mar 17234 Feb Neptune Meter class A_ -.• 2331 2341 2331
100 2234 Feb 2434 Feb
Doehler Die-Casting
3,200 18
• 21% 2134 22
Jan 22
100 25
Feb Nev-Calif El Corp corn.100
Feb 26% Jan
2541 2534
Dominion Stores, Ltd
975 66
76%
• 76% 75
Jan 78% Mar Newberry (J J) pref. .100
100 85
Jan 103
Mar
9934 10244
Donner Steel new com- *
6%
6%
100
634
8,4 Mar
7% Feb New Eng Telep & Teleg 100
30 115
130
128
Jan 130
Mar
Dubllier Condenser Corp_•
3,400
334 5
34 Feb
534 Mar New Mex & Aria Land._ A
1141 1,400 11
Mar 1344 Feb
11% 11
Dunhill international ' 27
264 2794 1,30
22
Jan 28
Mar New Or! Gt Nor RR-100
3434 1,300 1934 Jan 3541 Mar
31
• 11%
Durant Motors Inc
734 1134 120.200
534 Jan 11% Mar N Y Telep 6)4% pref..100 114% 11494 11474
42 1134 Jan 115% Mar
Duz Co, class A
•
6% 6,4
200
13% Mar
934 Jan Niles-Bement-Pond. corn.* 23
2294 2394 1,100 18% Jan 2334 Mar
ClassA t c
200
6
Mar 11
734 73.4
Jan North American Cement.•
300
814 954
8% Mar 12
Mar
Eastern Rolling Mill
200 21
22
21
Mar 27
• 21
1654 10,000 15
Jan Northeast Power, cow.-• 1634 15
Ma
18% Jan
Eltingon-Schild Co earn...* 33% 33% 3434
700 334 Jan 34% Mar Northern Ohio Power Co... 1134 1034 1134 8.200
Jan
13%
Feb
994
Elec Bond & Shure pfd_100 106% 10634 107
2,260 loos Ma 109
Nor Ont Lt dr Pow pref.
Jan
90
25 84
90
_100
Mar
Jan 90
Klee Bond & Share Seety.• 6954 6694 70
10,100 8634 Ma
7244 Jan Nor States P Corp.com.100 1124 112 114
1,700 109% Jan 114
Mar
Elea Invest without war.' 3541 3334 354 13,000 32% Feb 37
Preferred
10334 10341
Jan
ao 100% Jan 103% Mar
100
Elm Pr & Lt 2d pf A
650 89% Mar 92% Mar No Tex Elec Co com 100
• 92% 9094 9234
100 27
32
32
Feb
Jan 36
Option warrants
700
834
8,4 Jan
7
734
834 Mar Ohio Bell Telep 7% pf_100
30 111
113 113
Mar
Jan 113
Electric Railway Secure_ _•
600
7%
8
Feb
7
9% 934
100
7% Mar Oyington Bros panic pref.'
0
Jan
Feb 10
Sales
Friday
Last Week's Range for
Week
Sate
ofPrices.
Stocks (Concluded) Par Prim. Low. High Shares.
Pacific G & E let prof ___25
25;4
25
Pacific Steel Boller
•
11
1154
63
Palm Olive Co, class A_
63
61
Pander(David )Groc cl B_• 2594 2834 2594
Pent-Ohio Edis new corn...
28
28%
7% prior preferred_-100 10034 100% 101%
$6 preferred
• 8034 8044 81
Warrants
10% 11 34
Fenn Ohio Secur Corn_ ___•
954
934 934
Pa G & E cl A part stk__ •
1934 1931
Penn Water & Power_ _100 18254 178 183
New w 1
•
46
4654
Peoples Drug Stores
• 29
30
29
Phelps-Dodge Corri____100 127
127 129
Phan Elee common
25 4834 47
4834
Phillip-Morr Cone Inc coin. 17
1634 1844
Class A
25
19% 1994
Pick (Albert) Barth & CoPref al A (part pref)_' 14
133( 14
Pillsbury Flour M1118.---50 67
6334 67
Pitney Bowes Postage
Meter Co
7% 8
Pittsb & Lake Erie com-50 176
176 178%
• 60
Pratt & Lambert
48% 50
Proc & Gamble6% pfd _100 11334 1139-1 11334
Puget Sound P&L. corn 100
29% 2934
Pullman Co(new corp) wi
7134 7094 7194
Pyrene Manufacturing_ _10
99-4 9%
Rand-Kardex Bureau.--.• 7234 7054
73
Warrants
660
660 660
Realty Associates corn •
246
245
Remington Arms Co
83,4
7% 834
Rem Noise] Typew corn A •
3534 3534
Remington-Rand coin w I • 3854 35
3794
First preferred
100
100%
Ego Motor Car
10 1934 9/331
194 20
Republic Motor Truck •
334 4
Richmond Radiator com_•
2334 24
Preferred
100 6134 51
519-4
Ricker+ backer Motor
•
17e' 170
Royal Bak Powd corn_ _100
170 183
Preferred
100
101 34 102
Safety Car Heats & Ltg 100 135
12894 141
Safeway Stores corn
• 276
272
277
St Regis Paper Co
•
303,4 40
Schulte R E Co
15% 15%
Seeman Brothers com_ •
27% 2734
Serval Corp (Del) corn__.•
734
7% 9
Sherwin-Williams corn-25 50
4831 5034
Sierra Pac Elm Co corn _100
2.314 27
Silica Gel Corp corn v t c.•
1534 1834
Singer Mfg Ltd
5% 534
Bina Vlscosa ord (200 lire)Dept recta Chase Nat Bk
834 834
Sou Calif Edison pref A.25
2734 2734
SOU Cities UM corn A.•
389-4 40
Preferred
100 91
92
South Colo Pow,class A.26 273,4 89
26% 2754
Sou Gas Jr Pow class A•
19
19
Southern Groc St's el A__• 34
34
eastern Pow Jr Lt coal _• 3234 34
30% 32%
Corn vot trust ctfs
• 3034 29% 30%
67 preferred
•
10344 10334
Participating preferred.•
73
72
Warrants to pur corn stk
844 9
S'west Bell Tel pref_100 11434 113
34 115 34
ETweetern P & L 7% pf _100
106 106
Sparks-Withington
•
1734 1734
Stamford Gas & Elec_ _100
436 440
Stand Comml Tobaoco. •
27
28%
Stand Gas& Elea 7% pf 100
109 109
Stand Pow & Lt com25 23
23
23
Preferred
9934 9934
Stand Publishing Cl A _ _26
454
434 434
Stanley Co of America_ *
80
84
Stern Brothers class A_ _
453,4 44
47
Stroock (El) &'Co
•
41 34 4134
Stutz Motor Car
• 19
19
20
SNOB & Co
100 11734 117 117%
Swift International
16 1834 1834 1834
Tampa Electric Co
•
61
62
Thatcher Mfg cony pref__• 4434 4441 45
Timken-Detroit Axle. _10
1134 12%
Tobacco Prod Exports...-.
334
3
394
Todd Shipyards Corp_* 49
49
493.4
Trans-Lux Day Pict Screen
Class A common
•
534
5
644
Trum buiI Steel corn
25 1034 10)4 10%
Trusoon Steel
25 25
25
25
Tub's° Artificial Silk el II.• 180
180 185
Tung-Sol Lamp Wks cont.*
931
Class A
• 1934 19
19%
Union & United Tob com-• 8134 81
8134
United Artists Theatre Co
Allot elf for corn & pref
99
99
United Biscuit class B.. ._•
894
844 9
United Elea Coal Cos v L()• 2234 2234 25
United Gaa knot
50 9334 90% 95
United Light at Power A..
1344 13
14
Preferred A
• 91
9034 91%
Preferred B
• 52
52
52
United Profit Sharing com•
11
11
United Shoe Mach,con).25 53
52% 53 34
US Distributing corn_ • 1534 14% 15%
7% conv pref
8434 84% 85%
U S Freight Co
• 7134 70
719-4
U S Gypsum com
III
97
97%
Preferred
100
117 117
S Light & Heat corn_ Iii 49
4534 4934
Preferred
10
8
8
8
Univ Leaf Tobacco cum .• 43 34 4334 46%
Universal Pictures
40% 4244
Utah Pow & Light pref._100
10534 105%
Utilities Pr & Li class 11..• 1434 14
14 34
Utility Shares Corp corn_ •
10
10
Option warrants
1% 154
Van Camp Packing pref •
13% 1334
Warner Bros Pictures ___• 20
1594 2294
Warner-Quinlan Co
•
26% 26%
Weenon 0&El D cum v to..• 8834 5634 58%
Preferred
• 973.4 97% 9834
Western Auto Supply....' 2234 22% 23
West Dairy Prod,class A'
4934 4934
Class B vt a
17
1734
West Md Ry 1st pfd-100 11031 110 111
Western Power pref.-100 10154 99 10134
W Jersey & Beath RR_ .50
46% 46%
Wheeling Steel com
_100
38
38
White Sewing Mach com.•
2034 21%
Rights.
334 4
Am Cellulose Chem Mfg__ ......
Bancitaly Corp
3
3
33(
Borden Co
43.4 454
494
Commonwealth Power_
55e
60c 62c
Internat Gt Nor bond rt.& 27
27
27
Former Standard 011
Subsidiaries.
Anglo-Amer 011(votsh)-El 1934 1834 19%
Non-voting stock _ -t1 1834 1834 18%
66
67
Borne-Seryrnser Co__ -100
5034
Buckeye Pipe Line- - -50 5054 47
iv
ioo
1807
THE CHRONICLE
MAR. 26 1927.]
400
500
125
500
800
90
190
700
3,400
100
400
300
400
50
175
7,000
600
6,000
1,050
Range Since Jan. 1.
High.
Low.
2494
11
6034
22
27
97%
8034
1034
8%
19
175%
45
29
116
4694
16%
193(
Feb 2634 Jan
Mar 1234 Jan
Mar 63
Mar
Jan 2714 Feb
Feb 28% Feb
Jan 101% Mar
Jan 82
Jan
Jan 1134 Feb
Feb 1034 Jan
Jan 21% Feb
Jan 185
Feb
Mar 46% Mar
Mar 3134 Jan
Feb 132% Mar
Mar 53
Jan
Mar 2034 Jan
Jan
Feb 22
12% Jan
6234 Jan
14
76
Feb
Mar
Mar
Feb
Jan
Mar
Jan
Feb
Jan
Mar
Mar
Feb
Jan
Feb
Mar
Mar
Jan
Jan
Mar
Mar
Feb
Feb
Mar
Mar
Mar
Jan
Jan
Jan
Mar
Feb
Jan
Feb
Mar
Feb
Feb
Mar
Mar
Mar
Jan
Feb
Mar
Jan
Mar
Mar
Jan
Jan
Mar
Mar
Feb
Mar
Mar
Jan
Mar
Jar,
Feb
Mar
Jan
Mar
Mar
Jan
Feb
Mar
Jan
Jan
Jan
6
167%
48
111
28%
70%
9
57
400
225
7
34
3334
98 34
1934
334
20%
46
Ile
161
x9934
125%
232
3934
15%
27
744
44
26%
1434
6
Jan
Jan
Ma
Mar
Mar
Ma
Feb
Jan
Jan
Jan
Ma
Jan
Feb
Feb
Ma
Mar
Eel
Feb
Feb
Mar
Jan
Feb
Mai
Jan
Jan
Mar
Feb
Jan
Jan
Jan
854
18144
5334
11334
33%
76%
14%
7334
660
255
11%
3954
37%
10034
23
5%
25%
64
141
194
102
141
284
46
17
28
10
51%
2734
19
534
5
600
100 2734
300 23%
925 82)4
300 26
100 18%
50 34
24,800 29%
1,000 28
100 101%
600 6734
834
2,500
250 11335
20 104
100 15%
20 428
800 19 H
25 104%
100 22
25 98%
43,4
70C
220 80
200 42
150 40%
1,500 14
350 11534
3.100 18%
500 49
1,100 44%
300 1134
3
1,300
1,000 , 4634
Jan
Mar
Jar
Mai
Feb
Mar
Mar
Mar
Jan
Jan
Jar
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Mar
Mar
Feb
Jan
Jan
Jan
Mat
Jai
Mar
Mar
Mar
Jan
934
2834
4234
92
27%
2254
3534
32%
31
10534
73
9
118
106
18%
443
2854
101
24%
9934
34
90
47
44
21
120%
23
62%
46
12%
3%
50
300
550
700
10
400
1,900
200
1,600
3
120
200
100
60,100
1,500
1,400
1,000
800
300
1,000
80
20
190
420
400
50
100
9,800
775
500
300
100
7,300
9%
1,400
100 24
130 145
834
400
2,000 1734
200 di
8% Jan
Mar
Jan 1134 Feb
Jan 26% Jan
Jai 201
Feb
Feb
934 Mar
Jan 1934 Mar
Mar 90
Feb
100 934
7
1,500
500 23%
9,500 89
22,400 12%
650 86
125 50%
100 10
625 51
6.600 12%
1,800 84%
900 6934
276 94
10 115
3,700 29
734
200
1,900 37H
600 2954
20 107%
1,100 1314
9%
200
134
700
100 1335
20,000 15%
200 2634
1,146 5254
96
50
200 22
400 4794
900 15
100 98
540 98
200 46%
26 34
10.300 15%
Jan
Jan
Mar
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Ma
Jan
Jan
Jar
Jan
Jai
Jar
Ma
Jai
Feb
Ma
Mar
Mar
Jan
Jan
Mar
Feb
Feb
Feb
Jan
Jan
Ma
Feb
Jan
200
1,960
13,900
32,700
100
334
560
3%
580
27
Mar
Jan
Mar
Ma
Mar
4
334
4%
62c
27
Mar
Ma
Mar
Mar
Mar
2,400
500
450
1.890
1834
48%
66
45
Mar
Ma
Mar
IJan
21%
2034
69
6054
Jar.
Jan
Feb
Mar
99
Mar
13
Feb
2634 Jan
95
Mar
1534 Jan
93
Feb
52
Feb
11
mar
5454 Feb
17
Feb
90% Jan
71% Mar
110
Jan
117
Mar
4934 Mar
834 Feb
48
mar
45% Mar
107% Mar
1.044 Feb
1034 Jan
214 Jan
16% Jan
310t Jan
2754 mar
511% Jan
9954 Jan
25% Jan
61
mar
184 Mar
123
Jan
102
Feb
46% Mar
38
Mar
22% Feb
Friday
Last Week's Range for
Former Standard 011
Week.
Sale
ofPrices.
Subsidiaries
(Continued)
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
100 76 34 Jan 8244 Feb
79
79
Chesebrough Mfg Con..25
Continental Oil v t c____10 19% 1934 19;4 13,800 1934 Mar 22% Jan
Jan
Mar 137
70 090
89
9034
Cumberland Pipe Line_100
Jan 51
Feb
200 47
51
100
49
Eureka Pipe Line
200 10% Jan 13% Feb
Galena-Signal Oil, corn 100 1054 10% 1034
50 4534 Jan 5944 Jan
100
New preferred
4554 46%
Jan 60% Jan
20 50
51
Old preferred
100
51
Mar 62% Jan
Humble Oil& Refining_ _25 58% 6554 61% 31,700 54
Mar
400 12394 Jan 141
13734 140
Illinois Pipe Line
100
Feb
42% 41% 42% 5,200 3734 Jan 46
Imperial Oil (Canada)._
Jan 6934 Feb
600 61
60
Indiana Pipe Line
64% 6744
National Transit_ _ __12.50 14% 13% 143-4 2,100 1334 Jan 14% Mar
Jan 80
Mar
50 70
78
Northern Pipe Line_ __100
78
Ohio 011
25 58% 58% 58% 1,500 5734 Mar 6434 Feb
19
Jan
100 1534 Ma
Penn-Mex Fuel
25
15% 15%
Prairie Oil& Gas
25 483,4 48% 49% 24,600 48% Mar 5554 Jan
Mar
Jan 151
100 14934 147 149% 3,200 132
Prairie Pipe Line
Mar 20134 Feb
30 186
Solar Refining
100
186 186 34
Mar 4134 Jan
25 35% 35
South Penn Oil
353,4 1,000 35
Feb 2731 Feb
SOO 16
50 18% 16
Southern Pipe Line
18%
100 553.4 Jan 643.4 Feb
So West Pa Pipe Lines_100
60
62
Standard 011(Indiana)_ _25 6734 6694 6794 28,700 6634 Mar 7434 Jan
Standard 011 (Kansas)_ _25 1734 15% 1734 4,000 1534 Mar 2034 Jan
1,500 11434 Ma 12234 Jan
Standard Oil(Ky)
25
11434 115
600 4634 Mar 4934 Feb
Standard Oil(Neb).
25
4754
46
Jan
Ma 354
80 308
Standard 011(0) corn..100
308 31894
81
Mar
150 7734 Ma
New stock
7731 7934
Vacuum 011
25 104% 10334 10534 7,300 9534 Jan 11034. Mar
Other Oil Stocks.
21is Jan
82c Mar
Amer Contr 011Fields._ _5 900
82c 90e 45,200
4
Mar
734 Jan
Amer Maracaibo Co
•
4
4% 16,100
Feb
8%
7
Mar
300
Arkansas Natural Gas_ _10
73-4 754
1% Jan
100
134 Jan
Atlantic Lobos 011 com_ •
1% 194
434 Jan
234 Mar
100
Preferred
•
2% 27-4
Barusdall Corp ink purch
7% Feb
4% Mar
warrants (deb rights)...
4%
4% 434 3,100
•
20% Jan
500 lb% Ma
Beacon 011 Co corn
15% 16
British-Amer 011 new
2434 2634 2,000 2034 Jan 2634 Mar
Carib Syndicate
21
2094 2231 19,200 2044 Mar 2834 Jan
Jan
Mar 28
Certificates of deposit_
2131 2034 213.4 2,300 20
944 Mar
600
Censolidated Royalties__ 1
8%
8;4 9
Creole Syndicate
• 1354 11;4 133.4 70,700 1144 Mar 14% Jan
Jan
3
1% Ma
Crown Cent Petrol Corp_.•
144
1% 134 1,400
Mar
25 51 34 Jan 56
Crystal 011 Ref pref..
100
56
56
Mar
404 Jan 12
2.800
834
Darby Petroleum
•
8
10
8% Mar 1134 Mar
700
Voting trust certificates_
894 10
254 Jan
131 Fe
300
Derby Oil St Ref com_
•
1% 2
Jan
Jan 12
200 10
11
Preferred
11
11 34
134 Mar
331 Jan
Gibson 011 Corporation_ _1
134 134 13,500
151
2
Mar
81c Mar
Gilliland OIL coca, v t c__•
81c
1% 2,900
Gulf 011 Corp of Penna-26 93% 9134 93% 4,900 9134 Jan 9634 Jan
16,300 3034 Mar 3434 Feb
International Petroleum __• 3034 30% 31
l54 Jan
294 Jan
5,200
Kirby Petroleum
•
134
19-4 2
734 Mar 1034 Feb
834
Leonard 011 Developl_26
744 83.4 9,400
24
Jan 2754 Feb
1,000
•
Lion Oil Refining
25% 26 34
Jan 4634 Mar
1,800 37
44
Lone Star Gas Corp
41
43
1% Jan
214 Jan
Magdalena Syncileate____1
13-4
154 154 4,000
Mar 12% Jan
100 12
•
Margay Oil
12
12
Jan
134 Mar
8
Mexican Panuco 011___10
154
154 1% 3,700
800 10% Mar 123.4 Jan
Mexico Ohio 011 Co
•
1034 11 34
3,000 20e Feb 38c Jan
Mexico 011 Corporation.10 200
20e 200
1% Jan
134 Jan
900
Mountain Jr Gulf 011
1
154 1%
Mountain Producers_ __10 2434 2434 2594 8,600 24% Mar 263-4 Jan
Mar
90 192
Jan 250
100 236
Nat Fuel Gas
230 238
Mar
600 23% Mar 24
New w 1
23% 24
544 Mar
5
Jan
New Bradford 011
5
5
594 1,100
934 Mar 11
Feb
200
9
New York Oil
25
9
931
200 1134 Jan 12% Feb.
North Central Texas 011..• 11% 11% 11%
40 Jan
50 Feb
3,000
40
Northwest 011
40
1
8% Jan
5% Mar
Paudem Oil Corporation.•
634
534 644 3,700
1134 Jan 12% Mar
4,70
1134 12
Pantepec Olio! Venesuela.• 12
400
934 Mar 1344 Jan
Peunok Oil Corporation_ •
931 10
Mar 24% Jan
100 18
18
18
Red Bank Oil
25
744 Mar 15% Jan
2,200
8
Reiter.Foster 011 Corp_ __•
754 9
5,200 1534 Mar 273.4 Jan
Richfield 01101 Calif....25 1734 1534 21
2,000 21c Jan 35e Feb
Royal-Can 011 Syndicate.' 22e
220 220
Jan
Jan
5
7
100
531
Ryan Consol Petroleum..'
53( 534
Jan
744 Mar
8
Salt Creek Consol OIL_ _10
75,4
7% 731 1,100
Feb
Mar 32
Salt Creek Producers_ _10 30
30
3031 3,100 30
3
Jan
100
Feb
Savoy 011
5
7
544 5%
Jan 2634 Feb
500 21
Tidal Osage voting stock_• 2334 2294 2394
Mar 2344 Mar
1,700 19
Non-voting stock
• 2034 19
20
Tide Water Associated 011. 18% 1834 18% 31,400 1734 Mar 2344 Jan
Ma
95% Jan
Preferred
100 92% 92
9234 1,800 92
Feb
Transcontinental 6% pref_ 71% 70
675 6334 Jan 80
7254
Mar
7% Jan
6
Venezuela Petroleum...-6
6
6
634 4,000
Mar 32% Jan
Wilcox (H F)011 Jr Gaa__• 2414 2231 25% 2.400 22
8
Jan
Woodley Petroleum
•
634 Mar
641 7% 2,000
2% Mar
6
Jan
"It" 011 & Gas
25,4
254 2% 1,000
Mining Stocks8e Mar
Sc
Jan
Amer Com'i Mm Jr
70
80 29,100
Sc
134 Mar
Amer Exploration Co_ ___1 600
51c
134 5,400 51c Jan
4o Mar
50 Jan
Arizona Globe Copper...1
50 16,000
40
4c
Bunker Hill Jr Sullivan__1 74% 74
350 67% Feb 77 34 Mar
7634
2.16 Jan
Calaveras Copper
13-4 Mar
134 2110 .5,900
1
211,
Jan 13% Jan
Carnegie Metals
300 12
10
1234 12 34
334 Jan
254 Feb
Chief Consol Mines
200
1
2% 2%
344 Mar.
Congo' Copper Mines..._1
294 Feb
3%
2% 334 7,300
7c Jan 300 Feb
Cortez Silver Mines
190 250 26,800
220
2% Mar
Cresson Consol GM Jr M 1
2111, Jan
234 2311 1,100
be
Jan
Divide Extension
7c Jan
8,000
60
6c
1
50
Dolores Esperanza Corp_ _2
100 35e Mar 45c Feb
35e 350
3
Mar
Engineer Gold Mines, Ltd 5
634 Jan
334
334 33' 4,300
50 Jan
Eureka Croesus
70 Feb
5,000
6c
6c
.50
1
Falcon Lead Mines
Jan
68e 71e 20,200 68c Mar 78c
2a
First Thought Gold Mine_l
Jan
20
2c
40 Jan
2,000
2e
Sc
Forty-Nine Mining
1
70 Jan
Jan
2,000
50
5c
1% Feb
Golden Centre Mines---5
1,100
2
1%
Mar
13,4
Golden State Mining _ _10c
3c Jan
2,000
30
30
80 Feb
Gold field Consolidated_ ,.1
Sc Feb 19e Mar
16e 170
5,000
Goldfield Florence
1
fro Feb
Sc
Sc
tic
8o Mar
3,000
Hawthorne Mines, Inc...
Sc
30 Mar lbe
Sc 60,000
3e
Jan
Heels Mining
25e 14% 14% 1454 1,100 12% Feb 15% Jan
Hollinger Cons Gold Min _5
20% 21
300 2031 Jan 22% Feb
Jerome Verde Havel _..50c
38c 380
100 35c Feb 410 Feb
Kerr Lake
5 800
Jan 954) Feb
100 76e
80c 80e
Mason Valley Mines
5
1% 15-(
234 Jan
300
134 Mar
New Cornelia
Jan
6 22
Mar 24
22%
22
300 22
New Jersey Zinc
100
188% 19334
360 18194 Mar 193% Mar
Newmont Mining Corp 10 74% 73% 75
Mar
6,800 6704 Jan 75
Nipissing Mines
6
7% Mar 103( Feb
734 8% 6,300
Nomads Minas, Ltd
* 2234 22% 24
8,500 1914 Jan 24% MarNorth Butte
10
1% Mar
334 Jan
200
134 174
Ohio Copper
1 450
42e 480
9,200 40c Mar 490 Jan
Portland Gold Mining_ _1
600 530 Feb 53c Feb
53e 530
Premier Gold Mining_ _ _1
2414 Feb
144 Jan
2
2118 1,100
Kett Warrior Mining
23c
210 26e 22,000 16c Jan 390 Feb
60 Jan
le Feb
Reorg West Divide Mining
4,000
40
30
San Toy Mining
60 Jan
be
Jan
2,000
Sc
Sc
Shattuck Dann Min Corp.'
6
Jan
4% Mar
6,300
4% 5
454
3% Jan
334 Jan
So Amer Gold at Plat_ __ _1
600
334 3%
33(
Standard Silver-Lead.,.
Jan 270 Feb
2,000 16c
240
22e 240
6% Jan
534 Jan
6% 694 1,000
Deck-Hughes1
344 Jan
Tonopah Mining
2% Mar
31,e
100
1
70 Jan 100 Jan
TM-Bullion Stn & Dev_10e
3,000
tic 10c
Jan
United Eastern Mining_ _1
2,000 450 Feb 53c
450 450
Feb
United Verde Extenslon-56e 25% 253,4 26
2,800 229-4 Jan 28
54i Jan
Utah
754 Feb
63( 6% 1,400
631
At Jan
2% Feb
Utah Metall Jr Tunnel__ _1
1% 134 1,200
Wenden Copper Mining I
2% Mar
14,300
334 Jan
231
254
Sc Jan 150 Mar
Went End Consolidated-6
3,000
14c 150
1808
Bonds-
THE CHRONICLE
Friday
Last Week's Range Sales
Sale
OfPrices.
for
Price. Low. High. Week.
Range Singe Jan. 1.
Low.
High.
Bonds- (Concluded)
[vol.. 124.
Friday
Last Week's Range Sales
Sale
for
of Prices.
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
Alabama Power 5s____1956 9934 9934 9935 $2,000 9851 Mar 9934
Mar Nor Cont't Util 6355_1942 10031 10034 10034
5,000
643
100
Feb
10031
Feb
1951
105 105
4,000 104
Mar Ohio Power 78 series A.1951
Eeb 105
106% 10651 4,000 105
Allied Pack deb 8s......-1939 5434 4934 5431 49,000 47
Jan 108% Jan
Jan
Mar 76
5s series B
1952 9835 98,1 9831 36,000 97% Feb 9951 Mar
Debenture 88
1939 4951 4531 50
81,000 43
Mar 66
Jan
434s series D
12,000 8934 Feb 9051 Jan
Aluminum Co 78
1933
105 10534 8.000 105
Mar 105% Jan Ohio River Edison 55.1
195
66
1 99% 9
Sinking fund deb 50_1952 10031 100 1
98
9,1 9
98
951 7.000 97
Jan 9934 Feb
Feb 10055 Mar Okla Natural Gas 613_1941 10234 102
0034 96,000 100
10231 85.000 99
Amer G & El Os
Jan 1034 Mar
2014 10331 10334 104 201,000 1013( Jan 104
Mar Oswego River Pow 65_1931
100 100
American Power & Light5,000 99
Jan 10054 Mar
Park
Ave
Bldg
Mayfair
13s, without warr---2016 10234 102 10231 162,000 100
Mar 10334 Jan
House N Y 68
1940
99
1,000 99
Amer Roll Mill 8e____1938 104
99
Feb
Feb 99
104 104
7,000 103
Feb Park & Tilford 69._ 1931 96
Jan 104
96
3,000 95% Mar 97% Feb
Amer Seating Os
97
1938 103
10231 10334 74.000 101% Jan 105,4 iFeb Pa Ohlo & Det RR 454e
'77 9634 9551 9731 333,000 95
American Thread 89_A928 10131 10154 10154 3,000 101%
Mar
9751
Mar
Jan Penn-Ohio Edison 66....1950 119
Jan 102
118 119
17,000 115% Jan 121
Am Writing Paper 619-1947
Jan
84
8434 56,000 82
Jan 86% Feb
Without warrants
Anaconda Cop Min 65_1929 10234 10234 10231 14,000 10154
9734 9751 9734 120,000 9534 Jan 97% Jan
Jan 102% Feb Penn Pow & Light 59_1952 10031
10051
101
Appalachian El Pr 59_1956 96
38,000
101
Mar
99
Jan
9534 9634 38,000 95
Feb
ba series D
1953 1003-4 10031 10134 25,000 9931 Jan 10051 Mar
Arkansas Pr & Lt Ss.A956 9534 9536 9531 98.000 9434 Feb 96% Jan
Jan Phila Elec Pow 5%0_1972
96
54,000 102% Feb 104% Mar
Associated 0 & El 65_1955
10534 10531 10.000 10254 Jan 10534 Mar Plana Rap Transit 69._1962 10434 104 10434
1,000 9954 Jan 102
10151 10154
Assoc'd Sim Hardw 6349'33 95
Feb
95
Feb 97% Jan Porto Rican Am Tob 69'42
9534 19.000 93
74,000 9854 Feb 100
Atlantic Fruit 85
Mar
993.4 9951 100
1949 1811 1834 19
35,000 18% Feb 20
Jan
Potomac Edison bs_ _ _1956 9634 96
51,000 95
Batavian Petr deb 4360 '42 9434 9334 95 380,000 9351 Mar
Mar 97
Jan
34
96
96% Jan Pub Serv Corp N J 551s'56 10251 10111 103 119,000 99% Mar 103
Beacon Oil 6s. with warr'36 1013.4 101
Mar
10131 61,000 101
Mar 10354 Jan Pub Serv Elec & 50.1965
Beaverboard Co 88._.1933 97
10054 10034101 506,000 99% Mar 101
Mar
9634 97
Mar 99
6,000 96
Jan
Pure 011 Co 6545
1933
Beaver Products 7340_1942
10331 10334 15,000 103
Jan 10354 Feb
109 109
Mar Richfield Oil of Calif 691941 10335
1,000 109
Mar 109
98
98
Bell Tel of Canada 59_1956 10134 10134 10134 28,000 101
Mar 9934 Mar
9854 41,000 98
Feb 10134 Jan Banda Falls Co Ss,,..i955
24,000
100
Berlin City Elec 6349_1951 98
100% Mar
97%
10034
Jan
9751 9831 179,000 9734 Feb 99% Jan Schulte RE Co 6s__....1935
9454 9334 9431 13,000 9251 Mar 9555 Jan
Berlin Electric 634s_._i929
10034 10051 4,000 100
Mar
Jan 101
(is without corn stock1935 86
Jan
Berlin Elm Elev 6345_1956 98
Mar 87
85
9731 98 130,00
Jan 99% Jan Seaboard Air Line 6s_ _1945 9854 8531 8635 54,000
964
8,000 .9731 Mar 99
Boston Consol Gas 59_1947 103
Mar
103 103
Feb 103
Feb Scab-All Fla Ry 65 B.1935 9754 9834 99
5.000 103
9734 9731 16.000 9751 Mar 98,5 Mar
Boston & Maine RR 68 '33
10234 10231 6,00 10031 Jan 102% Mar Servel Corporation 85_1931
7971 7934 8534 158,000 7051 Jan 8531 Mar
Brunner Tur & Eq 7555 *55 85
0254 Jan Shawsheen Mills 78_ ..1931
8434 8534 48,000 8431 Ma
46,000 9435 Mar 101% Feb
Buffalo Gen Elec 511_ _1956
9434 97
103 10334 20,000 102% Mar 10331 Jan Siemans & 119/ske 70_1935 97
10251 10231 10,000 1014 Jan 103
Burmeister & Wain Co of
Jan
filemans & Halske SS
Copenhagen 15-yr 60.'40
95
9531 11,000 94
Jan 9534 Mar
63-1s with warrants_1951 10536 10434 10551 255,000 98
Canadian Nat Rye 75_1935 11134 11134 11154 24,000 111
Jae 106% Feb
Feb 111% Mar Skelly 011 5559
1939 9834 9834 9854 63.000 9851 Mar 98% Mar
Carolina Pr & Lt 50_1956 10154 10134 10151 71,00 100
Jan 10154 Mar Sloss-Shelf S & I 6s_ ..1029 10231
10234 10234 8,000 101% Jan 102% Jan
Chic Burl dr Quincy 434517
9731 9736 237,00
9734 Mar 97% Mar
Purchase money 68_1929
10235 10234 2,000 10234 Jan 102% Feb
Chic 5411w & St P (new co)
Solvay
-Amer invest 5s 1942 9974 9854 9935 52,000 9851 Mar 99% Jan
50-year 53 w I
9231 9251 93 230,000 92% Mar 93
Mar Southeast P & L (is_ _2025
Cony ad) w 1
5431
5434 5534 687,00
54% Mar 55% Mar
Without warrants
98% Jan 9954 Mar
Chic & N W Ry 455s_ _2027 9754 96
Mar 97,4 Mar Sou Calif Edison bs___1951 9934 ossi 995-4 244,000
9754 588,000 95
99
Chile Copper 58
9834 9954 105,000 9754 Jan 9951 Mar
1947 95
95
9435 Feb 9674 Jan
225,00
9531
New
98% 9831 9954 66,000 98
Cities Service 5s
Jan 99% Mar
1956 9131 9151 9154 41,000 9151 Mar 91% Feb
55
10154 101% 28,000 101
Jan 102% Jan
Cities Service 6s
1968 10131 101 10134 346.000 98% Jan 10334 Feb Southern Gas Co
6%0-1993454
19,000 102
Feb
Jan 103
Cities Service 78. ser D 1966 12334 12334 125
67,000 120% Ma 13354 Feb Southwest'n P & L 6s.2022 102
33,000 9954 Jan 102
10
10
93
93
1
2
Mar
Cleve Elec Illum 55 A_1954
10431 10434 2,000 104% Mar 104% Mar Stand Invest 59 with war'37
100
3,000
1003-410034
Mar
10034
Mar
bs, series B
1961
10434 10434 17,000 103% Jan 105
Feb Stand 011 of N Y 6%8_1933 105
10434 105 114,000 104% Mar 106)4 Feb
Cleve Term Bldg 65_1941 99
99
9951 16,000 98% Mar 100
Jan Stinnes (Hugo) Corp 7%
Commander-Larabee 85 '41 9731 97
9734 10,000 95,5 Jan
Jan
notes Oct 1 '36 with wary 10015 100 10031 400,000 99% Jan 10034 Mar
Cons0 El & P 6s. sex A*49 10731 1073410731 10,000 10731 Jan 98
78 1946 with warrants.-- 10036 100 10054 277,000 9931 Jan 100% Mar
10831 Jan
55. series F
1965 1024 10234 10231 7,000 101% Feb 10235 Jan
Stutz hiotor 7.315
95
1937
9735 4,000 88
Feb
Jan 100
be, series F. new
1965
10251 10234 4.000 101% Feb 10254 Jan Sun Maid Raisin 6315 1942 95
9834 9855 2,000 98% Feb 9834 Feb
531s series E
1952
106 10634 12,000 106
Mar 10654 Jan Sun 011 5349
1939 100
19,000 9951 Jan 10034 Jan
100
100
Consol Publishers Ms '36 98
98
98
21,000 0754 Feb
Jan Swift & Co 50 Oct 15 1932
99
50,000 99
Jan 10034 Mar
9974 100
Consol Textile 89
1941 95
9434 9534 28.000 8954 Jan 96% Jan Texas & Pac Ry 5913_ _1977 9934 9934
100 196,000 99% Mar 100
Mar
993-4
Container Corp Os__ _ _1946
9834 9834 6,000 9731 Feb 98% Jan Texas Power & Light 5s'SO 96
96
9634 24,000 9554 Feb 97% Jan
Cosg-Meehan Coal 634854 98
9554 9634 11,000 93% Jan 9731 Feb Thyssen (Aug)I & S 761930
10234 10234 10234 34,000 10234 Mar 10334 Jan
Cuba Co 6% notes_1929 97
9654 9734 24,000 96% Jan 98
Trans-Cont'
Jan
l
Oil
7s...1930
99
9874 9934 50,000 9734 Jan 99% Feb
Cuban Telephone 7348 '41 11131 1114 11154
9,000 110% Jan 11114 Feb Ulen & Co 6559
1936 100
27,000 9954 Jan 100
9934 100
Jan
Cudahy Pack deb 5%01937 9731 9734
59,000 94% Jan 98
Jan United El Serv (Unes)70'56 9951 99 10034 383,000 93
98
Jan 101% Mar
bs
1949 10054 1003.4 10055 6,000 97% Jan 10034 Mar United Industrial
8%9.1941 9751 9655 9734 26.000 9634 Mar 99
Jan
Detroit City Gas 819_1947 10651 10631 107
21,000 106% Jan 107%
United Oil Prod 85_ _ _1931 8974 8131 8974 50,000 13034 Jan 8914 Mar
58. series B
1950 9935 9951 9931 31,000 9951 Ma 100% Mar Unit Rye(Havana)7
30'36
Jan
9,000 10954 Ma 112
110 110
Jan
Duke-Price Pr 1st 60_1986 105
10454 105
84.000 10454 Jan 105% Feb
S Rubber 654% notes'28
10131 10174 11,000 101,4 Fel 102
Feb
E Term Off Bldg 6%8.1943
99
99
Jan 99
6,000 99
Jan
Serial
631%
notes_
_1929 102
5,000 101% Ma 103
Jan
102 102
Eltingon-Schild 68.. _ _ _1938 97
97
97
97
5,000
Mar
Serial
631%
97%
notes_
Jan
_1930
Feb 103
Jan
10234 1023.4 4,000 102
Elec Refrigeration 60.1936 9354 9334 9634 9,000 92
Jan 9731 Jan
Serial 631% notes__1931
10231 7,000 102
Jan 103
Feb
10231
Europ NItge & Inv 735s '50
10035 10034 2,000 99;1 Jan 101
Mar
Serial 654% notes_ _1932
Jan
Jan 103
1023.4 10234 4.000 102
Federal Sugar 69
1933
9234 9251 2,000 85
seri
Seria
Jan 93% Feb
l6
84
54% nottr
s____ 1935
Mar
3
Fe
103
10234 10234 2,000 102
First Bohemian Glass Wks
Jan
6,000 102% Jan 103
10234
10231
lst 7s with stk our war'57
9734 9734
1,000 9754 Feb 9734 Mar
Serilal 0
6 51
4%
tesi :
% notes
Jan
93
936
8
1024 10234 27,000 10251 Jan 103
Flak Rubber 5345. _.1931
9751 98
19,000 9736 Jan 98
Serial 631% notes_ _1937
Jan
Feb
10234 10234 3,000 10231 Jan 103
Florida Power & Lt 59_1954 94
9334 9434 139,000 9334 Jan 9474 Jan
Se
r
a
l
Jan
Jan 103
102% 10234 10231 1,000 102
Gab (Robert) Co 70_1937 10734 10751 10834 40,000 10431
10835
Jan
Mar
Serial
654% notes. _1939
Mar
2,000 10251 Jai 104
104
103
Galena-Signal 011 7s_ _1930 9155 9136 92
35,000 90
Serial 634% notes _1940
Feb
• 10334 10434 6,000 102,4 Feb 104% Mar
Gatineau Power 59_ _ _1956 9634 9631 9634 52,000 9451 Jan 93
Jan 9734 Jan US Smelt & Ref 5368.1935
12,000 101% Jan 102% Feb
102 102
69
1941 9931
993.4 9931 32,000 9831 Jan 100
Jan
United Steel Wks Buriacb
Gen Amer Invest 5s_ _ _1952 10034 10034 10054 54,000 100
Feb 10051 Mar
Luxemburg 7s
1951
Genl Motor Accept 80_1937 10011 10055 10051 311,000 100
103 1033.4 71,000 98% Jan '10354 Jan
Feb 10054 Mar U 8Steel Works A 8501951
General Petroleum 65_1928
10031 101
9,000 10054 Feb 10134 Jan
With stk pur warr eer A. 105
10451 105 596,000 10234 Jan 1104 Jan
Georgia & Fla RR 6s_ _1946 9751 9734 98
12,000 974 Mar 98
Jan
Withoutstock our. wary
Georgia Power ref 59 1967
9954 99% 4,000 964 Jan 1004 Jan
97
97
43,000 97
Series C
Jan
10434 1033-4 104 34 336,000 102% Jan 110
Goodyear T & R 50_1928 9834 9734 9831 14,000 9731 Mar 9734 Mar
Mar 98% Mar Van Camp Packing 85_1941
Mar 8854 Feb
5.000 85
87
Goodyear T&R Cal 55011
87
9731 9731
5,000 96
Jan
974
Mar
Wabash
Railway 5s.1976
100 100% 86,000 97% Jan 100% Mar
Grand Trunk Ry 6349_1936
10834 10834 11,000 10831 Jan 109
Jan Warner Bros Pic 6349_1928 10154 9854 1023-4 173,000 9834 Mar 111% Feb
Great Cons Elec 6Sis.1960 9635 955-4 9651 243,000
9334 Jan 97
Feb Webster Mills 6349_1933 9234 9134 9234 33,000 9154 Mar vU
Jan
Gulf 011 of Pa Ss
1937 10034 10034 10054 24,000 100
Feb 1003-1 Jan Western Power 534s. _1957 9734 9734
Jan
31,000 9754 Mar 99
98
58
1947 100
100 10034 176,000 9934 Feb 10074 Jan Westvaco Chlorine
534s'37 993'1 9834 995-4 58,000 9854 Mar 9951 Mar
Serial 5358
1928
10051 10054
1.000 10034 Jan 101
Mar
Wise
Cent
Ry 55
Jan
1930
Gulf Statee Utlis 5s_-_1966 9534 9534 9551 32,000 9451
9831 98,1 11,000 08% Mar 09
Jan
Hamburg Elec Co 79._1935 10151 101 10151 28,000 10031 Mar 9634 Feb
103
Feb
Foreign Government
Hood Rubb 535ii_Oct 15'38 95
95
9531 13,000 95
Mar 98% Jan
and Municipalities
70
1936
102 10254 18,000 102
Mar 104
Indep Oil& Gas 635s. _1931 10351 10334 10355 22,000 101% Jan 1043.1 Feb Agricul Mu/ Bk Rep of Col
Feb
20-year sink fd 75_ 1946 97
96% 97
7,000 9,554 Mar 97
Indiana Limestone 69_1941
Mar
9855 9831 11.000 973.4 Feb 9954 Jan
20-year 78_ _Jan 15 1947
9754 9751 20,000 9751 Feb 9774 Mar
Indian'p's P & L Is ser A'57 98
9734 9831 318,000 9734 Mar 9834 Jan Antioquia (Dept
of) Co
Diternat Gt Nor 58 13_1956 10034 99% 100% 91.000 9734 Jan 10051
Mar
78
series C
1945 9634 96% 9634 6,000 9634 Feb 9654 Mar
lnternat Paper 6s..__1941
98
9834 189,000 9734 Feb 987-4 Mar Baden (Germany)
Jan 10234 Jan
8,000 99
70-1951
lot Rys Cent Am 6349.1947
92
92
15,000 92
Feb 9254 Mar Bk of E Prussia Landown- 100% 10034 10031
Interstate Nat Gas 65_1936
127 127
10,000 124
Jan 130
Feb
ers Assn 6% notes _ _1930
Mar
994 Mar
15,000
9934
0934
9931
Without warrants
10031 10035 101
28,000 10034 Jan 1023.4 Feb Bolivia (Renut)ext
Feb 99
Feb
781958 983.4 9851 98% 61,000 98
Jeddo-Highland Coal 60 '41 10254 10134 10236 25,000
Mar 103
Jan Brisbane (City) 59.-1957 9031 96
Mar 9634 Mar
8,000 96
Kayser(Julius)& Co531a47 9655 9636 9634 295.000 10134
96%
9631 Mar 97
Feb Buenos Aires(Prov)754s '47 9931 9934 100
Jan 100
Mar
52,000
9774
Keystone Telep 535s_ _1955 9031 9031 9035 20,00
90
Mar 91
Jan
78
9551 Jan 9834 Mar
1938 9734 97% 9831 17,00
Krupp (Fried) Ltd 70_1929
1025-4 102% 10,000 9934 Jan 10234 Jan
78
9454 Feb 9731 Feb
1952 9551 95% 95% 32,00
Laclede Gas Light 555s '35 10031 10074 10034 4,000 10051
7s
154,000 9434 Mar 98t, Jan
98
Lehigh Pow Secur 69_2026 9851 9851 99 161,000 9534 Feb 10151 Jan
9534
Jan 99
Mar Costa Rica (Rep) 75_ 19
Felt 9514 Feb
95
61 9
Leonard Tletz Inc 734s '46
954 133,000 96
95
531 95
Danish Cons Muni° 551955 9831 98% 100
9734 Jan 100
52,00
Mar
With stk pur warrants.
108 10834 7,000 108
Mar
1144
Jan Denmark (King'm) 5145'55 10131
67,00
9954 Jan 1023.4 Feb
Without stk pur warrants
loot 101
101 10131 9,00
100
Mar
10131
Mar
65
100
Mar
14,001
1014
Libby hicN & Libby 7531
1970
Jail
100
10011
10034
104 10455
7,000 10334 Jan 10434 Mar German Cons Munk)75
Liggett Winchester 78-1942
Jan
'47 10134 10051 10154 83,000 9914 Jan 102
10835 10834
1,000 108
Feb 109
Jan Hamburg (State) Ger Os'48 99
82,000 9534 Jan 994 Jan
Lombard Elec Co 70..1962 9736 9734
98%
99
9851 201,000 9454 Feb 9951 Mar Hungarian Land Mtge lust
Long bild Ltg Co 6/3_ _.1946
104
2,000 10234 Jan 10434 Feb
7%a series A
Manitoba Power 540_1961 994 10334 9935
1961 10054 100% 100% 15,000 984 Jan 10054 Mar
47,000 98
9934
Jan 10054 Jan Indus Mtge Bk of Finland
Mansfield Min & Smelting
1st mtge coil s f 7s..1944 1003.4 10055 101
18,000 9954 Jan 10111 Jan
(Germany)7e
@FedFRASER